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A33407 A Dialogue between a countrey gentleman and a merchant concerning the falling of guinea's wherein the whole agrument relating to our money is discuss'd. Clement, Simon. 1696 (1696) Wing C4637; ESTC R35647 12,238 23

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but if we spend more than we export in Goods we must send out our silver as long as we have any because Forreigners will not furnish us with what we want longer than we pay them to the full Gent. But now Sir since the Guinea's are so largely dispers'd into the Hands of the Common People thro' the Nation will it not be very hard upon them to bear so great a loss and may it not be reasonable for the Parliament to give a recompense for this loss Merch. I would have all the Tenderness possible for the People but if they will foolishly run themselves into a loss that they had warning to have avoided seeing the King's Receivers did all along refuse to take them at the advance they are the less to be pitied and 't was their easie giving way to it that made it possible for the ill Men that contriv'd it to put this abuse upon the Nation whereas if all had been of my Opinion not to distinguish my self from many others who were always of the same Mind they would never have made them pass currant for 23 s. for 't was long before I would take any and never after but when I knew where to put them away again presently I could wish indeed that the Persons who invented and promoted this Trade could be found out and made to repair the loss so far as they were able and it being said the Parliament are passing an Act by which they will appoint Commissioners to be named through the Kingdom who shall take in all the clipt and silver Money though of a baser allay which hath not been paid into the King for Taxes and give the People broad or new Money in Exchange for it I think every one is much to blame who will not rather choose to take what is due to him in any sort of silver Money by which he cannot lose than in Guinea's at the present rates because he may well expect to lose whatsoever he takes them at above 21 s. 6 d. And upon these Considerations there may be good reason to believe that the Parliament will not at this time lay an Additional Tax upon the Nation to make good the deficiency of Guinea's which the People that have them have brought upon themselves when they find so much difficulty to raise Money enough to supply the unavoidable necessity of the Government And I must farther give you my Opinion that I think the People in whose hands they now are may best bear the loss For as to the meaner sort of People their stock seldom reaches so high as to be Possessors of Guinea's the middle sort of People such as Farmers or Tradesmen have commonly as much occasion to pay as receive and therefore it must be a fault in them if they have many upon their hands and what loss may befall them they may the more contentedly bear because 't is not to be doubted but that generally speaking they have gotten more by the raising the prices of their Goods in consideration of such pay The greatest Quantities then I should think to be now in the Hands either of such who have kept them out of a Covetous Design of gaining by them through a send imagination that they would rise to 35 s. or more by the scarcity of the Silver Money whilst it was passing through the Mint or of such who have been the Traders in them neither of which deserve Consideration Gent. But pray Sir have we not indeed reason to fear that we shall not have Money to answer our Necessary Payments whilst the silver is in coyning Merch. Truly Sir I can have no such fearful apprehensions of it for there 's nothing to hinder any Man from keeping the possession of his own proper Cash till he can change it for better and therefore all People that have now Money enough to serve their Occasions will have no need to want the Bills and the Guinea's which will circulate quicker than before when the shall pass at 21 s. 6 d. and no body fear to lose by them will continue as they have for some Months past to supply us in the larger Payments and for Market-money Labourers Wages c. a small Quantity will serve that occasion it being always in Motion so that there 's not the least reason to doubt but that enough of the present Money will be kept for that use 'till better comes out to change it Gent. I heartily thank you for the great satisfaction you have given me in these difficult matters and shall not presume to detain you with further Questions Merch. I shall be very glad Sir if I have been able to make you so far Master of the Argument as that you can convince your Neighbours that there is a Necessity for the falling of Guinea's if we ever desire to see the New Money plenty amongst us and that they were better contentedly to submit to the loss which will befall them when they have but ten than to be subject to the greater loss which they must bear if through the importation of greater quantities they should come to be Possessors of fifteen as also that the raising the denomination of our Money must have a direct tendency to begger the Nation FINIS Some Books lately Printed for Samuel Crouch AN Essay on the State of England in relation to its Trade its Poor and its Taxes for carrying on the War against France By John Cary Merchant in Bristol A Letter from an English Merchant at Amsterdam to his Friend at London concerning the Trade and Coin of England Sir Thomas Row's Speech at the Council-Table about the Alteration of the Coin in July 1640. With some Observations thereon Some Thoughts concerning the better Security of our Trade and Navigation and carrying on the War against France more effectually Humbly offered to Consideration Some Remarks on a Report containining an Essay for the Amendment of the Silver Coins By Mr. William Lownds Considerations requiring greater care for Trade in England and some Expedients proposed A New Discourse of Trade wherein is recommended several Weighty Points relating to Companies of Merchants the Act of Navigation Naturalization of Strangers and our Woolen Manufactures the Balance of Trade and the Nature of Plantations and their Consequences in relation to the Kingdom are seriously discussed And some Proposals for Erecting a Court of Merchants for determining Controversies relating to Maritine Affairs and for a Law for Transferring of Bills of Debt are humbly offered The Second Edition By Sir Josiah Child