some considerations of the lowering of interest-第17章

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readily　observe　it。　lf　it　be　good　to　raise　the　Crown　Piece　this　way　One　twentieth　this　Week；　I　suppose　it　will　be　as　good　and　profitable　to　raise　it　as　much　again　the　next　Week。　For　there　is　no　reason；　why　it　will　not　be　as　good　to　raise　it　again　another　One　twentieth　the　next　Week；　and　so　on；　wherein；　if　you　proceed　but　10　Weeks　successively；　you　will　by　New…Years…Day　next　have　every　Half…Crown　raised　to　a　Crown；　to　the　loss　of　one　half　of　Peoples　Debts　and　Rents；　and　the　King's　Revenue；　besides　the　Confusion　of　all　your　affairs：　And　if　you　please　to　go　on　in　this　beneficial　way　of　raising　your　Money；　you　may　by　the　same　Art　bring　a　Penny…weight　of　Silver　to　be　a　Crown。　　　　　Silver；　i。e。　the　quantity　of　pure　Silver　separable　from　the　Alloy；　makes　the　real　value　of　Money。　If　it　does　not；　Coin　Copper　with　the　same　Stamp　and　denomination；　and　see　whether　it　will　be　of　the　same　value。　I　suspect　your　Stamp　will　make　it　of　no　more　worth；　than　the　Copper…Money　of　Ireland　is；　which　is　its　weight　in　Copper；　and　no　more。　That　Money　lost　so　much　to　Ireland；　as　it　passed　for　above　the　rate　of　Copper。　But　yet　I　think　no　body　suffered　so　much　by　it　as　he；　by　whose　Authority　it　was　made　current。　　　　　If　Silver　give　the　value；　you　will　say　what　need　is　there　then　of　the　charge　of　Coinage？　May　not　Men　Exchange　Silver　by　Weight；　for　other　things；　make　their　Bargains；　and　keep　their　Accounts　in　Silver　by　weight？　This　might　be　done；　but　it　has　these　inconveniencies。　　　　　1。　The　weighing　of　Silver　to　every　one　we　had　occasion　to　pay　it　to；　would　be　very　troublesome；　for　every　one　must　carry　about　Scales　in　his　Pocket。　　　　　2。　Scales　would　not　do　the　business。　For；　in　the　next　place；　every　one　cannot　distinguish　between　fine　and　mix'd　Silver：　So　that　though　he　received　the　full　weight；　he　was　not　sure　he　received　the　full　weight　of　Silver；　since　there　might　be　a　mixture　of　some　of　the　baser　Metals；　which　he　was　not　able　to　discern。　Those　who　have　had　the　care；　and　government　of　Politick　Societies；　introduced　Coinage；　as　a　remedy　to　those　two　inconveniencies。　The　Stamp　was　a　Warranty　of　the　publick；　that　under　such　a　denomination　they　should　receive　a　piece　of　such　a　weight；　and　such　a　fineness；　that　is；　they　should　receive　so　much　Silver。　And　this　is　the　reason　why　the　counterfeiting　the　Stamp　is　made　the　highest　Crime；　and　has　the　weight　of　Treason　laid　upon　it：　Because　the　Stamp　is　the　publick　voucher　of　the　intrinsick　value。　The　Royal　Authority　gives　the　stamp；　the　Law　allows　and　confirms　the　denomination：　And　both　together　give；　as　it　were；　the　publick　faith；　as　a　security；　that　Sums　of　Money　contracted　for　under　such　denominations；　shall　be　of　such　a　value；　that　is；　shall　have　in　them　so　much　Silver。　For　'tis　Silver　and　not　Names　that　pay　Debts　and　purchase　Commodities。　If　therefore　I　have　contracted　for　Twenty　Crowns；　and　the　Law　then　has　required；　that　each　of　those　Crowns　should　have　an　Ounce　of　Silver；　'tis　certain　my　Bargain　is　not　made　good；　I　am　defrauded　（and　whether　the　publick　faith　be　not　broken　with　me；　I　leave　to　be　considered）　if；　paying　me　Twenty　Crowns；　the　Law　allows　them　to　be　such　as　have　but　Nineteen　twentieths　of　the　Silver；　they　ought　to　have；　and　really　had　in　them；　when　I　made　my　Contract。　　　　　2。　It　diminishes　all　the　King's　Revenue　5　per　Cent。　For　though　the　same　number　of　Pounds；　Shillings；　and　Pence　are　paid　into　the　Exchequer　as　were　wont；　yet　these　Names　being　given　to　Coin　that　have　each　of　them　One　twentieth　less　of　Silver　in　them；　and　that　being　not　a　secret　concealed　from　Strangers；　no　more　than　from　his　own　Subjects；　they　will　sell　the　king　no　more　Pitch；　Tarr；　or　Hemp；　for　20　Shillings；　after　the　raising　your　Money；　than　they　would　before　for　19：　or；　to　speak　in　the　ordinary　phrase；　they　will　raise　their　Commodities　5　per　Cent。　as　you　have　rais'd　your　Money　5　per　Cent：　And　'tis　well　if　they　stop　there。　For　usually　in　such　changes；　an　out…cry　being　made　of　your　lessening　your　Coin；　those　who　have　to　deal　with　you；　taking　the　advantage　of　the　allarm；　to　secure　themselves　from　any　loss　by　your　new　Trick；　raise　their　price　even　beyond　the　Par　of　your　lessening　your　Coin。　　　　　I　hear　of　two　inconveniencies　complained　of；　which　'tis　proposed　by　this　project　to　Remedy。　　　　　The　one　is；　The　melting　down　of　our　Coin：　The　other；　The　carrying　away　of　our　Bullion。　These　are　both　inconveniencies　which；　I　fear；　we　lie　under：　But　neither　of　them　will　be　in　the　least　removed　or　prevented　by　the　proposed　alteration　of　our　Money。　　　　　1。　It　is　past　doubt　that　our　Money　is　welted　down。　The　Reason　whereof　is　evidently　the　cheapness　of　Coinage。　For　a　Tax　on　Wine　paying　the　Coinage；　the　particular　Owners　pay　nothing　for　it。　So　that　100　Ounces　of　Silver　Coin'd；　comes　to　the　Owner　at　the　same　Rate；　as　100　Ounces　of　Standard　Silver　in　Billion。　For　delivering　into　the　Mint　his　Silver　in　Bars；　he　has　the　same　quantity　of　Silver　delivered　out　to　him　again　in　Coin；　without　any　Charges　to　him。　Whereby；　if　at　any　time　he　has　occasion　for　Bullion；　'tis　the　same　thing　to　melt　down　our　mill'd　Money；　as　to　buy　Billion　from　abroad；　or　take　it　in　Exchange　for　other　Commodities。　Thus　our　Mint　to　the　only　advantage　of　our　Officers；　but　at　the　publick　cost；　Labours　in　Vain；　as　will　be　found。　But　yet　this　makes　you　not　have　one　jot　less　Money　in　England；　than　you　would　have　otherwise；　but　only　makes　you　Coin　that；　which　otherwise　would　not　have　been　Coin'd；　nor　perhaps　been　brought　hither：　And　being　not　brought　hither　by　an　over…ballance　of　your　Exportation；　cannot　stay　when　it　is　here。　It　is　not　any　sort　of　Coinage；　does；　or　can　keep　your　Money　here：　That　wholly　and　only　depends　upon　the　Ballance　of　your　Trade。　And　had　all　the　Money　in　king　Charles　the　II。　and　King　James　the　II。　time；　been　Minted　according　to　this　new　proposal；　this　rais'd　Money　would　have　been　gone　as　well　as　the　other；　and　the　remainder　been　no　more；　nor　no　less　than　it　is　now。　Though　I　doubt　not　but　the　Mint　would　have　Coin'd　as　much　of　it　as　it　has　of　our　present　mill'd　Money。　The　short　is　this。　An　over…ballance　of　Trade　with　Spain　brings　you　in　Bullion；　cheap　Coinage；　when　it　is　here；　carries　it　into　the　Mint；　and　Money　is　made　of　it；　but　if　your　Exportation　will　not　Ballance　your　Importation　in　the　other　parts　of　your　Trade；　away　must　your　Silver　go　again；　whether　Monied　or　not　Monied。　For　where　Goods　do　not；　Silver　must　pay　for　the　Commodities　you　spend。　　　　　That　this　is　so　will　appear　by　the　Books　of　the　Mint；　where　may　be　seen　how　much　mill'd　Money　has　been　Coin'd　in　the　two　last　Reigns。　And　in　a　Paper　I　have　now　in　my　Hands；　（supposed　written　by　a　Man　not　wholly　ignorant　in　the　Mint）　'tis　confessed；　That　whereas　One　third　of　the　Current　Payments　were　some　time　since　of　mill'd　Money；　there　is　not　now　One　twentieth。　Gone　then　it　is。　But　let　not　any　one　mistake　and　think　it　gone；　because　in　our　present　Coinage；　an　Ounce　wanting　about　16　Grains　is　denominated　a　Crown：　Or　that　（as　is　now　proposed）　an　Ounce　wanting　about　40　Grains；　being　Coin'd　in　one　piece；　and　denominated　a　Crown；　would　have　stop'd　it；　or　will　（if　our　Money　be　so　alter'd）　for　the　future　fix　it　here。　Coin　what　quantity　of　Silver　you　please；　in　one　piece；　and　give　it　the　denomination　of　a　Crown；　when　your　Money　is　to　go；　to　pay　your　Foreign　Debts；　（or　else　it　will　not　go　out　at　all）　your　heavy　Money；　（i。e。　that　which　is　weight　according　to　its　Denomination；　by　the　Standard　of　the　Mint）　will　be　that；　which　will　be　melted　down；　or　carried　away　in　Coin　by　the　Exporter；　whether　the　pieces　of　each　Species　be　by　the　Law　bigger　or　less。　For　whilst　Coinage　is　wholly　paid　for　by　a　Tax；　whatever　your　size　of　Money　be；　he　that　has　need　of　Bullion　to　send　beyond　Sea；　or　of　Silver　to　make　Plate；　need　but　take　mill'd　Money；　and　melt　it　down；　and　he　has　it　as　cheap；　as　if　it　were　in　pieces　of　Eight；　or　other　Silver　coming　from　abroad；　the　Stamp；　which　so　well　secures　the　weight　and　fineness　of　the　mill'd　Money；　costing　nothing　at　all。　　　　　To　this　perhaps　will　be　said；　That　if　this　be　the　effect　of　mill'd　Money；　that　it　is　so　apt　to　be　melted　down；　it　were　better　to　return　to　the　old　way　of　Coining　by　the　Hammer。　To　which　I　answer　by　no　means。　For；　　　　　1。　Coinage　by　the　Hammer　less　secures　you　from　having　a　great　part　of　your　Money　melted　down。　For　in　that　way　there　being　a　greater　inequality　in　the　weight　of　the　Pieces；　some　being　too　heavy；　and　some　too　light；　those　who　know　how　to　make　their　advantage　of　it；　cull　out　the　heavy　pieces；　melt　them　down；　and　make　a　benefit　of　the　over…weight。　　　　　2。　Coinage　by　the　Hammer　exposes　you　much　more　to　the　danger　of　false　Coin　。　Because　the　Tools　are　easily　made　and　concealed；　and　the　work　carried　on　with　fewer　Hands；　and　less　noise　than　a　Mill；　whereby　false　Coiners　are　less　liable　to　discovery。　　　　　3。　The　pieces　not　being　so　round；　even；　and　fairly　Stamp'd；　nor　Mark'd　on　the　Edges；　are　expos'd　to　Clipping；　which　mill'd　Money　is　not。　　　　　Mill'd　Money　is　therefore　certainly　best　for　the　Publique。　But　whatever　be　the　cause　of　melting　down　our　Mill'd…money；　I　do　not　see　how　raising　our　Money　（as　they　call　it）　will　at　all　hinder　its　being　melted　down。　For　if　our　Crown…pieces　should　be　Coin'd　One　twentieth；　lighter。　Why　should　that　hinder　them　from　being　melted　down　more　than　now？　The　intrinsique　value　of　the　Silver　is　not　alter'd；　as　we　have　shewn　already：　Therefore　that　temptation　to　melt　them　down　remains　the　same　as　before。　　　　　But　they　are　lighter　by　One　twentieth。　That　cannot　hinder　them　from　being　melted　down。　For　Half　Crowns　are　lighter　by　half；　and　yet　that　preserves　them　not。　　　　　But　they　are　of　less　weight；　wnder　the　same　denomination；　and　therefore　they　will　not　be　melted　down。　That　is　true；　if　any　of　these　present　Crowns　that　are　One　twentieth　heavier；　are　current　for　Crowns　at　the　same　time。　For　then　they　will　no　more　melt　down　the　new　light　Crowns；　than　they　will　the　old　Clip'd　ones；　which　are　more　worth　in　Coin；　and　Tale；　than　in　Weight　and　Bullion。　But　it　cannot　be　suppos'd　that　Men　will　part　with　their　old　and　heavier　Money；　at　the　same　Rate　that　the　lighter　new　Coin　goes　at；　and　pav　away　their　old　Crowns　for　5　s。　in　Tale；　when　at　the　Mint　they　will　yield　them　5　s。　3　d。　And　then　if　an　old　Mill'd　Crown　goes　for　5　s。　3　d。　and　a　new　Mill'd　Crown　（being　so　much　lighter）　go　for　a　Crown；　What　I　pray　will　be　the　odds　of　melting　down　the　one　or　the　other？　The　one　has　One　twentieth　less　Silver　in　it；　and　goes　for　One　twentieth　less；　and　so　being　weight；　they　are　melted　down　upon　equal　terms。　If　it　be　a　convenience　to　melt　one；　it　will；　be　as　much　a　convenience　to　melt　the　other：　Just　as　it　is　the　same　convenience；　to　melt　Mill'd　Half　Crowns　as　Mill'd　Crowns；　the　one　having　with　half　the　quantity　of　Silver；　half　the　value。　When　the　Money　is　all　brought　to　the　new　rate；　i。e。　to　be　One　twentieth　lighter；　and　Commodities　raised　as　they　will　be　proportionably；　What　shall　hinder　the　melting　down　of　your　Money　then；　more　than　now；　I　would　fain　know？　If　it　be　Coin'd　then　as　it　is　now　Gratis；　a　Crown…piece；　（let　it　be　of　what　weight　soever）　will　be　as　it　is　now；　just　worth　its　own　weight　in　Bullion；　of　the　same　fineness。　For　the　Coinage；　which　is　the　manufactury　about　it；　and　makes　all　the　difference；　costing　nothing；　what　can　make　the　difference　of　value？　And　therefore；　whoever　wants　Bullion；　will　as　cheaply　melt