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2. I ask, How a penny over-value can be set upon it by the ounce, so that it cannot be sold?" This is so mysterious, that I think it near impossible. For an equal quantity of standard silver will always be just worth an equal quantity of standard silver. And it is utterly impossible to make sixty-four parts of standard silver equal to, or worth, sixty-five parts of the same standard silver; which is meant by "setting a penny over-value upon it by the ounce," if that has any meaning at all. Indeed, by the workmanship of it, sixtyfour ounces of standard silver may be made not only worth sixty-five ounces, but seventy or eighty. But the coinage, which is all the workmanship here, being paid for by a tax, I do not see how that can be reckoned at all: or if it be, it must raise every 5s. 4d. coined to above 5s. 5d. If I carry sixty-four ounces of standard silver in bullion to the mint to be coined, shall I not have just 64 ounces back again for it in coin? And if so, can these sixty-four ounces of coined standard silver be possibly made worth sixty-five ounces of the same standard silver uncoined, when they cost me no more; and I can, for barely going to the mint, have sixty-four ounces of standard silver in bullion turned into coin? Cheapness of coinage in England, where it costs nothing, will indeed make money be sooner brought to the mint than any where else; because there I have the convenience of having it made into money for nothing. But this will no more keep it in England than if it were perfect bullion. Nor will it hinder it from being melted down, because it cost no more in coin than in bullion: and this equally, whether your pieces of the same denomination be lighter, heavier, or just as they were before. This being explained, it will be easy to see whether the other things said in the same paragraph be true or false, and particularly, whether "it will be the interest of every exporter to buy plate to send out before money."

Rem." It is only barely asserted, That if silver be raised at the mint, that it will rise elsewhere above it; but can never be known till it be tried."

Answ. The author tells us, in the last paragraph, that silver that is worth "but 5s. 2d. per ounce at the mint, is worth 5s. 4d. elsewhere." This, how true, or what inconvenience it hath, I will not here examine. But, be the inconvenience of it what it will, this raising the money he proposes as a remedy: and to those who say, upon raising our money, silver will rise too, he makes this answer, that "it can never be known whether it will or no, till it be tried." To which I reply, That it may be known as certainly without trial, as it can, that two pieces of silver that weighed equally yesterday, will weigh equally again to-morrow in the same scales.

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"There is silver (says our author) whereof an ounce (i. e. 480 grains) will change for 5s. 4d," (i. e. 496 grains) of our standard silver coined. To-morrow you coin your money lighter; so that then 5s. 4d. will have but 472 grains of coined standard silver in it. Can it not then be known, without trial, whether that ounce of silver, which to-day will change for 496 grains of standard silver coined, will change to-morrow but for 472 grains of the same standard silver coined? Or can any one imagine that 480 grains of the same silver, which to-day are worth 496 grains of our coined silver, will to-morrow be worth but 472 grains of the same silver, a little differently coined? He that can have a doubt about this till it be tried, may as well demand a trial to be made, to prove that the same thing is equiponderant, or equivalent to itself. For I think it is as clear, that 472 grains of silver are equiponderant to 496 grains of silver, as that an ounce of silver, that is to-day worth 496 grains of standard silver, should tomorrow be worth but 472 grains of the same standard silver, all circumstances remaining the same, but the different weight of the pieces stamped: which is that our author asserts, when he says, That it is only barely asserted, &c. What has been said to this may serve also for an answer to the next paragraph. Only I desire it may be taken notice of, that the author seems to insinuate, that silver goes not in England as in foreign parts, by weight: which is a very dangerous, as well

as false position; and which, if allowed, may let into our mint what corruption and debasing of our money one pleases.

Rem. "That our trade hath heretofore furnished us with an overplus, brought home in gold and silver, is true but that we bring home from any place more goods than we now export to it, I do not conceive to be so. And more goods might be sent to those parts; but by reason of the great value of silver in this part of the world, more money is to be got by exporting silver than by any other thing that can be sent, and that is the reason of it. And for its being melted down, and sent out, because it is so heavy, is not by their paper denied."

Answ. "That we bring home from any place more goods than we now export, (the author tells us) he doth not conceive."

Would he had told us a reason for his conceit! But

since the money of any country is not presently to be changed, upon any private man's groundless conceit, I suppose this argument will not be of much weight with many men. I make bold to call it a groundless conceit; for if the author please to remember the great sums of money are carried every year to the East Indies, for which we bring home consumable commodities; (though I must own it pays us again with advantage) or if he will examine how much only two commodi ties, wholly consumed here, cost us yearly in money, (I mean Canary wine and currants) more than we pay for, with goods exported to the Canaries and Zant; besides the over-balance of trade upon us in several other places, he will have little reason to say, "he doth not conceive we bring home from any place more goods than we now export to it."

As to what he says concerning the "melting down and exporting our money, because it is heavy:" if by heavy he means, because our crown-pieces (and the rest of our species of money in proportion) are 23 or 24 grains heavier than he would have them coined: this, whoever grants it, I deny upon grounds which, I sup pose, when examined, will be found clear and evident.

Indeed, when your debts beyond sea, to answer the over-balance of foreign importations, call for your money, it is certain the heavy money, which has the full standard weight, will be melted down and carried away; because foreigners value not your stamp or denomination, but your silver.

"He would do well to tell us what he means by "the great value of silver in this part of the world." For he speaks of it as a cause that draws away our money more now than formerly, or else it might as well have been omitted as mentioned in this place and if he mean, by this part of the world, England; it is scarce sense to say, that the great value of silver in England should draw silver out of England. If he means the neighbouring countries to England, he should have said it, and not doubtfully this part of the world. But let him, by this part of the world, mean what he will, I dare say every one will agree, that silver is not more valued in this than any other part of the world, nor in this age more than in our grandfathers' days."

I am sorry, if it be true, what he tells us, That more money is to be got by exportation of silver than by any other thing that can be sent." This is an evidence that "we bring home more goods than we export." For till that happens, and has brought us in debt beyond sea, silver will not be exported; but the overplus of people's gain being generally laid up in silver, it will be brought home in silver; and so our people will value it as much as any other, in this part of the world.

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The truth of the case in short is this. Whenever w by a losing trade, contract debts with our neighbours, they will put a great value on our silver, and "more money will be got by transporting silver than any thing

ing can be sent:" which comes about thus: Suppose that by an over-balance of their trade (whether by a sale of pepper, spices, and other East India commodities, it matters not) we have received great quantities of goods, within these two or three months from Holland, and sent but little thither; so that the accounts the inhabitants of England and the

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United Provinces, we of England were a mlllion in their debt: what would follow from hence? This; That these Dutch creditors, desiring to have what is due to them, give orders to their factors and correspondents here, to return it to them. For inquiring as we do, what are the effects of an over-balance of trade, we must not suppose they invest their debts in commodities, and return their effects that way. A million then being to be returned from England to Holland in money, every one seeks bills of exchange; but Englishmen not having debts in Holland to answer this million, or any the least part of it, bills are not to be got. This presently makes the exchange very high: upon which the bankers, &c. who have the command of great quantities of money and bullion, send that away to Holland in specie, and so take money here to pay it again there, upon their bills, at such a rate of exchange as gives them five, ten, fifteen, &c. per cent. profit: and thus sometimes a 5s. piece of our milled money may truly be said to be worth 5s. 3d. 4d. 6d. 9d. in Holland. And if this be "the great value of silver in this part of the world," I easily grant it him. But this great value is to be remedied, not by the alteration of our mint, but by the regulation and balance of our trade. For be your coin what it will, our neighbours, if they over-balance us in trade, will not only have a great value for our silver, but get it too; and there will be "more to be got by exporting silver to them than by any other thing can be sent.'

Rem." The alterations of the coins in Spain and Portugal are no way at all like this. For there they altered in denomination near half, to deceive those they paid, with paying those, to whom they owed one ounce of silver, but half an ounce for it. But in the alteration here designed, to whoever an ounce of silver was owing, an ounce will be paid in this money; it being here only designed, that an ounce of money should equal an ounce of silver in value, at home as well as abroad, which now it does not."

Answ. In this paragraph the author confesses the alteration of the coin in Spain and Portugal was a cheat;