begun to be coined another piece, which was called a three guilders piece, and was ordered to pass for three guilders, or sixty stuyvers. But 21 three guilders pieces, which were to pass for 63 guilders, not having so much silver in them as 20 ducatoons, which passed for the same sum of 63 guilders, the ducatoons were either melted down in their mints (for the making of these three guilders pieces, or yet baser money, with profit) or were carried away by foreign merchants; who, when they carried back the product of their sale in money, would be sure to receive their payment of the number of guil-. ders they contracted for in ducatoons, or change the money they received into ducatoons: whereby they carried home more silver, than if they had taken their payment in three guilders pieces, or any other species. Thus ducatoons became scarce. So that now, he that will be paid in ducatoons, must allow half per cent. for them. And therefore the merchants, when they sell any thing now, either make their bargain to be paid in ducatoons; or if they contract for guilders in general, (which will be sure to be paid them in the baser money of the country) they raise the price of their commodities accordingly.

By this example, in a neighbour country, we may see how our new milled money goes away. When foreign trade imports more than our commodities will pay for, it is certain we must contract debts beyond sea, and those must be paid with money, when either we cannot furnish, or they will not take our goods to discharge them. To have money beyond sea to pay our debts, when our commodities do not raise it, there is no other way but to send it thither. And since a weighty crown costs no more here than a light one, and our coin be yond sea is valued no otherwise than according to the quantity of silver it has in it, whether we send it in specie, or whether we melt it down here to send it in bullion, (which is the safest way, as not being prohi bited) the weightiest is sure to go. But when so great a quantity of your money is clipped, or so great a part of your weighty money is carried away, that the foreign merchant, or his factor here, cannot have his

price paid in weighty money, or such as will easily be changed into it, then every one will see (when men will no longer take five clipped shillings for a milled, or weighty crown) that it is the quantity of silver that buys commodities and pays debts, and not the stamp and denomination which is put upon it. And then too it will be seen what a robbery is committed on the public by clipping. Every grain diminished from the just weight of our money, is so much loss to the nation, which will one time or other be sensibly felt; and which, if it be not taken care of, and speedily stopped, will in that enormous course it is now in, quickly, I fear, break out into open ill effects, and at one blow deprive us of a great part (perhaps near one fourth) of our money. For that will be really the case, when the increase of clipped money makes it hard to get weighty: when men begin to put a difference of value between that which is weighty, and light money; and will not sell their commodities, but for money that is weight, and will make their bargains accordingly.

Let the country gentleman, when it comes to that pass, consider, what the decay of his estate will be? When, receiving his rent in the tale of clipped shillings, according to his bargain, he cannot get them to pass at market for more than their weight. And he that sells him salt, or silk, will bargain for 5s. such a quantity, if he pays him in fair weighty coin, but in clipped money he will not take under 5s. Sd. Here you see you have your money, without this new trick of coinage, raised five per cent. But whether to any advantage of the kingdom, I leave every one to judge.

Hitherto we have only considered the raising of silver coin, and that has been, only by coining it, with less silver in it, under the same denomination. There is another way yet of raising money, which has something more of reality, though as little good in it as the former. This too, now that we are upon the chapter of raising money, it may not be unseasonable to open a little. The raising I mean, is, when either of the two richer metals, (which money is usually made of) is by law raised above its natural value, in respect of the

other. Gold and silver have, in almost all ages and parts of the world (where money was used) generally been thought the fittest materials to make it of. But there being a great disproportion in the plenty of these metals in the world, one has always been valued much higher than the other; so that one ounce of gold has exchanged for several ounces of silver: as at present, our guinea passing for 21s. 6d. in silver, gold is now about fifteen and an half times more worth than silver: there being about fifteen and an half times more silver in 21s. 6d. than there is gold in a guinea. This being now the market-rate of gold to silver; if by an established law the rate of guineas should be set higher, (as to 22s. 6d.) they would be raised indeed, but to the loss of the kingdom. For by this law, gold being raised five per cent. above its natural true value, foreigners would find it worth while to send their gold hither, and so fetch our silver at five per cent. profit, and so much loss to For when so much gold as would purchase but 100 ounces of silver any where else, will in England purchase the merchant 105 ounces, what shall hinder him from bringing his gold to so good a market; and either selling it at the mint, where it will yield so much, or having it coined into guineas? And then (going to market with his guineas) he may buy our commodities at the advantage of five per cent. in the very sort of his money; or change them into silver, and carry that away with him.

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On the other side, if by a law you would raise your silver money, and make four crowns, or 20s. in silver, equal to a guinea, at which rate I suppose it was first coined, so that by your law a guinea should pass but for 20s. the same inconveniency would follow. For then strangers would bring in silver and carry away your gold, which was to be had here at a lower rate than any where else.

If you say, that this inconvenience is not to be feared; for that as soon as people found, that gold began to grow scarce, or that it was more worth than the law set upon it, they would not then part with it at the statute rate, as we see the broad pieces that were coined in

king James the first's time for 20s. nobody will now part with under 23s. or more, according to the market value; this I grant is true, and it does plainly confess the foolishness of making a law, which cannot produce the effect it is made for: as indeed it will not, when you would raise the price of silver, in respect of gold, above its natural market value: for then, as we see in our gold, the price of it will raise itself. But on the other side, if you should by a law set the value of gold above its par; then people would be bound to receive it at that high rate, and so part with their silver at an under value. But supposing, that having a mind to raise your silver in respect of gold, you make a law to do it, what comes of that? If your law prevail, only this; that, as much as you raise silver, you debase gold, (for they are in the condition of two things, put in opposite scales, as much as the one rises the other falls) and then your gold will be carried away with so much clear loss to the kingdom, as you raise silver and debase gold by your law, below their natural value. If you raise gold in proportion to silver, the same effect follows.

I say, raise silver in respect of gold, and gold in proportion to silver. For when you would raise the value of money, fancy what you will, it is but in respect of some thing you would change it for; and is done only when you can make a less quantity of the metal, which your money is made of, change for a greater quantity of that thing which you would raise it to.

The effect indeed, and ill consequence of raising either of these two metals, in respect of the other, is more easily observed, and sooner found in raising gold than silver coin; because your accounts being kept, and your reckonings all made in pounds, shillings, and pence, which are denominations of silver coins, or numbers of them; if gold be made current at a rate above the free and market value of those two metals, every one will easily perceive the inconvenience. But there being a law for it, you cannot refuse the gold in payment for so much. And all the money, or bullion, people will carry beyond sea from you, will be in silver; and the money, or bullion, brought in, will be in gold. And.

just the same will happen, when your silver is raised and gold debased, in respect of one another, beyond their true and natural proportion: (natural proportion or value I call that respective rate they find, any where, without the prescription of law.) For then silver will be that which is brought in, and gold will be carried out; and that still with loss to the kingdom, answerable to the over-value set by the law. Only as soon as the mischief is felt, people will (do what you can) raise the gold to its natural value. For your accounts and bargains being made in the denomination of silver money; if, when gold is raised above its proportion, by the law, you cannot refuse it in payment (as if the law should make a guinea current at 22s. 6d.) you are bound to take it at that rate in payment. But if the law should make guineas current at 20s. he that has them is not bound to pay them away at that rate, but may keep them if he pleases, or get more for them, if he can: yet, from such a law, one of these things will follow. Either, 1st, The law forces them to go at 20s. and then being found passing at that rate, foreigners make their advantage of it: Or, 2dly, People keep them up, and will not part with them at the legal rate, understanding them really to be worth more, and then all your gold lies dead, and is of no more use to trade, than if it were all gone out of the kingdom: Or, 3dly, It passes for more than the law allows, and then your law signifies nothing, and had been better let alone. Which way soever it succeeds, it proves either prejudicial, or ineffectual. If the design of your law takes place, the kingdom loses by it: if the inconvenience be felt and avoided, your law is eluded.

Money is the measure of commerce, and of the rate of every thing, and therefore, ought to be kept (as all other measures) as steady and invariable as may be. But this cannot be, if your money be made of two metals, whose proportion, and, consequently, whose price, constantly varies in respect of one another. Silver, for many reasons, is the fittest of all metals to be this measure; and therefore generally made use of for money. But then it is very unfit and inconvenient that gold,