to count but by current money) a part of its legal value, whilst it passes for the satisfaction of legal contracts, as if it were lawful money. As long as the king receives it for his taxes, and the landlord for his rent, it is no wonder the farmer and tenant should receive it for his commodities. And this, perhaps, would do well enough, if our money and trade were to circulate only amongst ourselves, and we had no commerce with the rest of the world, and needed it not. But here lies the loss, when foreigners shall bring over gold hither, and with that pay for our commodities at the rate of thirty shillings the guinea, when the same quantity of gold that is in a guinea, is not beyond sea worth more silver than is in twenty, or one and twenty and sixpence of our milled and lawful money; by which way of paying for our commodities, England loses near one-third of the value of all the commodities it thus sells; and it is all one as if foreigners paid for them in money coined and clipped beyond sea, wherein was one-third less silver than there ought to be; and thus we lose near one-third in all our exportation, whilst foreign gold imported is received in payment for thirty shillings a guinea. To make this appear, we need but trace this way of commerce a little, and there can be no doubt of the loss we suffer by it.

Let us suppose, for example, a bale of Holland linen worth there one hundred and eighty ounces of our standard silver; and a bale of serge here worth also the same weight of one hundred and eighty ounces of the same standard silver; it is evident these two bales are exactly of the same value. Mr. Lowndes tells us, p. 88, "That at this time the gold that is in a guinea (if it "were carried to Spain, Italy, Barbary, and some other

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places) would not purchase so much silver there, as " is equal to the standard of twenty of our shillings,' i. e. would be in value there to silver scarce as one to fourteen and an half: and I think I may say that gold in Holland is, or lately was, as one to fifteen, or not much above. Taking then standard gold in Holland to be in proportion to standard silver as one to about fifteen, or a little more; twelve ounces of our standard

gold, or as much gold as is in forty-four guineas and an half, must be given for that bale of Holland linen, if any one will pay for it there in gold: but if he buys that bale of serge here for one hundred and eighty ounces of silver, which is forty-eight pounds sterling, if he pays for it in gold at thirty shillings the guinea, two and thirty guineas will pay for it; so that in all the goods that we sell beyond sea for gold imported, and coined into guineas, unless the owners raise them onethird above what they would sell them for in milled money, we lose twelve in forty-four and an half, which is very near one third.

This loss is wholly owing to the permitting clipped money in payment; and this loss we must unavoidably suffer, whilst clipped money is current amongst us: and this robbing of England of near one-third of the value of the commodities we send out will continue, whilst people had rather receive guineas at thirty shillings than silver coin (no other being to be had) that is not worth half what they take it for; and yet this clipped money, as bad as it is, and however unwilling people are to be charged with it, will always have credit enough to pass, whilst the goldsmiths and bankers receive it; and they will always receive it, whilst they can pass it over again to the king with advantage, and can have hopes to prevail, that at last when it can be born no longer, must be called in, no part of the loss of light money, which shall be found in their hands, shall fall upon them, though they have for many years dealt in it, and by reason of its being clipped, have had all the running cash of the kingdom in their hands, and made profit of it. I say, clipped money, however bad it be, will always pass whilst the king's receivers, the bankers of any kind, and at last the exchequer, take it; for who will not receive clipped money, rather than have none for his necessary occasions, whilst he sees the great receipt of the exchequer admits it, and the bank and goldsmiths will take it of him, and give him credit for it, so that he needs keep no more of it by him than he pleases? In this state, while the exchequer receives clipped money, I do not see how it can be stopped from

passing. A clipped half-crown that goes at the exchequer, will not be refused by any one, who has hopes by his own or others hands to convey it thither, and who, unless he take it, cannot trade, or shall not be paid; whilst therefore the exchequer is open to clipped money, it will pass, and whilst clipped money passes, clippers will certainly be at work; and what a gap this leaves to foreigners, if they will make use of it, to pour in clipped money upon us, (as its neighbours did into Portugal) as long as we have either goods or weighty money, left to be carried away at fifty per cent. or greater profit, it is easy to see.

I will suppose the king receives clipped money in the exchequer, and at half, or three-quarters loss, coins it into milled money. For if he receives all, how much soever clipped, I suppose the clipper's shears are not so squeamish as not to pare away above one-half. It will be a wonderful conscientiousness in them, no where that I know to be paralleled, if they will content themselves with less profit than they can make, and will leave seven penny-worth of silver in an half-crown, if six pennyworth and the stamp be enough to make it pass for half a crown. When his majesty hath coined this into milled money of standard weight, and paid it out again to the bankers, goldsmiths, or others, what shall then become of it? Either they will lay it up to get rid of their clipped money, for nobody will part with heavy money whilst he has any light; nor will any heavy money come abroad whilst there is light left; for whoever has clipped money by him, will sell good bargains, or borrow at any rate of those who are willing to part with any weighty, to keep that by him, rather than the clipped money he has in his hands; so that, as far as this reaches, no milled money, how much soever be coined, will ap→ pear abroad; or if it does, will it long escape the coiners and clippers hands, who will be at work presently upon it, to furnish the exchequer with more clipped money at fifty, sixty, seventy, or I know not what advantage? Though this be enough to cut off the hopes of milled money appearing in payments, whilst any clipped

is current, yet to this we may add, that gold imported at an over-value, will sweep it away as fast as it is coined, whilst clipped money keeps up the rate of guineas above their former value. This will be the circulation of our money, whilst clipped is permitted any way to be current; and if store enough of clipped money at home, or from abroad, can be but provided, (as it is more than probable it may now the trade is so universal, and has been so long practised with great advantage, and no great danger, as appears by the few have suffered, in regard to the great numbers it is evident are engaged in the trade, and the vent of it here in England is so known and sure) I do not see how in a little while we shall have any money or goods at all left in England, if clipping be not immediately stopped; and how clipping can be stopped, but by an immediate, positive prohibition, whereby all clipped money shall be forbid to pass, in any payment whatsoever, or to pass for more than its weight, I would be glad to learn. Clipping is the great leak, which for some time past has contributed more to sink us, than all the forces of our enemies could do. It is like a breach in the sea-bank, which widens every moment till it be stopped; and my timorous temper must be pardoned, if I am frighted with the thoughts of clipped money being current one moment longer, at any other value but of warranted standard bullion: and therefore there can be nothing more true and reasonable, nor that deserves better to be considered, than what Mr. Lowndes says in his corollary, p. 90.

Whoever desires to know the different ways of coining money by the hammer and by the mill, may inform himself in the exact account Mr. Lowndes has given of both under his second general head; where he may also see the probablest guess that has been made of the quantity of our clipped money, and the silver deficient in it; and an account of what silver money was coined in the reigns of queen Elizabeth, king James Ist, and Charles Ist, more exact than it is to be had any where else. There is only one thing which I shall mention, since

Mr. Lowndes does it here again under this head, p. 100, and that is melting down our coin; concerning which I shall venture humbly to propose these following questions:

1. Whether bullion be any thing but silver, whose workmanship has no value?

2. Whether that workmanship, which can be had for. nothing, has, or can have, any value?

3. Whether, whilst the money in our mint is coined for the owners, without any cost to them, our coin can ever have any value above any standard bullion?

4. Whether, whilst our coin is not of value above standard bullion, goldsmiths, and others, who have need of standard silver, will not rather take what is by the free labour of the mint, already essayed and adjusted to their use, and melt that down, than be at the trouble of melting, mixing, and assaying of silver for the uses they have?

5. Whether the only cure for this wanton, though criminal melting down our coin, be not, that the owners should pay one moiety of the sixteen-pence halfpenny which is paid per pound troy for coinage of silver, which the king now pays all?

6. Whether by this means standard silver in coin will not be more worth than standard silver in bullion, and so be preserved from this wanton melting down, as soon as an over-balance of our trade shall bring us silver to stay here? for till then, it is in vain to think of preserving our coin from melting down, and therefore to no purpose till then to change that law.

7. Whether any laws, or any penalties, can keep our coin from being carried out, when debts contracted beyond seas call for it?

8. Whether it be any odds to England, whether it be carried out, melted down into bullion, or in specie ?

9. Whether, whilst the exigencies of our occasions and trade call for it abroad, it will not always be melted down for the conveniency of exportation, so long as the law prohibits its exportation in specie?