to one but this Guest and his Friend for few drink alone if he calls for a Role or two but he has some Cheese or Butter and two Tankards of Ale which makes 6 d. in all which Trade there is no Copper Money used and I think all these Cases may and do happen every day And as for Books there 's scarce a bound one in any Volume bought under 6 d. And where one pounds worth is bought with Copper Money 1000 l's worth are bought with Gold and Silver All which is sufficient to shew that it is with Silver Money and not Copper as the Doctor says that our Inland Trade is managed and consequently that Silver is the Measure thereof And after the same manner is the Traffique of other Nations their Money being for the most part made of Silver contrary to what the Doctor says page 14. viz. That the Merchants both in their Bills of Exchange and in their Accounts do as often reckon by the Copper Money as the Silver Money This I utterly deny and will prove it a Mistake in the Doctor by shewing what Money other Nations keep their Accompts in And in what Money they exchange with London That all Trading Nations that have Commerce with England do keep their Accompts in and buy and sell with and for Silver Money for the most part will appear as follows 1. In the Netherlands viz. at Amsterdam Rottordam and Antwerp Accompts are kept in pounds shill and pence Flemish or in Guilders and Stiver there is likewise current the Holland Dollar Duccatoon and other pieces all of Silver some 9 some 10 and some 11 ounces fine 2. In France Accounts are kept in Livres or Franks Souze and Deniers and there are Curant the Crown of 3 Livres and other pieces all made of silver some 10 ounces some 10 ounces 18 pw fine 3. In Spain Accounts are kept in some places viz. Valentia Saragota and Barselona in pounds shill and pence and there are currant the Ducats of 10½ 11 and 12 Ryalls which is silver Coin of 11 ounces 3½ pw fine and at Cadix are Currant the piece of 8 Sevill and Mexico the first 11 â„¥ 4 pw the latter 11 ounces fine As also the Pattacoon c. 4. In Portugal their chief Money used in Traffique are Milrees Crusado's and Testoons And they in some parts keep their Accounts in these and some in Rees which is Copper But the Exchange is made with London upon the Mill-Ree which is Par with 6 s. 4 d. Sterling All these Denominations of money except the Rees are Silver some 10 ounces 7 pw and some of 11 ounces fine 5. In Germany the Coins of silver are too tedious to mention here the most usual of which in Trassique are the Rix Dollar above 11 ounces fine Creutzers of 10 ounces 10 pw fine of Silver and at Hamburgh Accounts are kept in pounds shill and pence in which they likewise exchange with London 32 shill being Par there with one one pound Sterling 6. In Italy as at Leghorn and Genoa Accounts are kept in pounds shill and pence De Ovo the Testoons of Mantua and Milan of 11 ounces 5 pw fine also Ducats Tary and many other silver Coins too tedious to relate here but we exchange with Venice and places thereabout upon the Ducat de Banco which is Par with 52 pence Sterling and with Legorn upon the Crown de Ovo which is Par with 67½ d. Sterling 7. The Money of Ireland in which Accounts are kept are Pounds Harps and Obbs the Harp is 9 â„¥ 6 pw fine the Obb is half the Harp and 20 Harps is their pound and Exchange at London with Dublin by the 100 pound Irish which is Par with 75 English 8. The Money of Scotland is Pounds Marks Nobles and small Pieces the former of 11 â„¥ 2 pw or Sterling fine And in short all other Trading Countrys except Sweedland have their Commerce carryed on chiefly by silver Coin as the Rupee and ½ Rupee of East India all sine the piece of Eight Mexico and Peru in the West Indies fine as abovesaid The 8 s. Danzick Guilders c. in Poland 10 â„¥ 12 pw fine The Deghen c. of Russia 11 â„¥ 13 pw fine The Danish Dollar 10 â„¥ 12 pw fine And in Sweeden besides their Copper Dollars they have the Sweeds Dollar of the same fineness with the Rix Dollar of Germany and half its value tho' I confess a great part of their Trade is carryed on with the Copper Money but the like is not done as appears by the foregoing Account in any other Nation and no doubt but the Sweeds would glad enough be rid of it for Silver were it not the Product and Manufacture of their own and that they are very poor for as the Learned and Ingenuous Malynes says on the same Subject Necessitas non habet Legem And thus I think I have sufficiently proved from matter of Fact That more Bargains are made with Silver than Copper Money since there is abundantly more of the former than of the latter and consequently that Silver is the measure of Commerce And I have likewise proved That Merchants do not either in their Accounts or Bills of Exchange reckon any thing near so much in Copper Money as in Silver For whereas the Doctor says pag. 13. As in Portugal the Merchant often draws his Bills of Exchange to be paid in Rials of 400 Rees and says he And so in Spain he draws his Bill to be paid in Rials of 372 Malvadies He is in this very much out as well as in his Copper Money bargains for our Exchange to Lisbon is in Milrees of 6 s. 4 d. Sterling per Millree to 7 s. c. in Circa to Cadiz The Par is 54. d. sterling for one piece of Eight and the course now 60 d. and upward to which two places are the principal Exchange of that Country with London made and what they do among themselves is nothing to us And therefore it does not appear that the Doctor has any more Experience in these matters than Mr. Lock nor indeed so much notwithstanding his great Profession in condemning Mr. Locks definition of the Par of Exchange page 19. which with the Doctors Notion Iâ—ll incert as follows and leave it to those that have long known the Practick part whether of the two is the most true and genuine Mr. Lock 's Definition of the Par. The Par of Exchange pag. 18. of his Considerations is a certain number of Pieces of the Coin of one Country containing in them an equal quantity of Silver to that in another number of pieces of the Coin of another Country The Doctor 's Definition The Par of Money is made by computing the valuation that the several Governments set on their Coins which is not from the equal quantity of silver in each piece of Money Now I take the Doctors Notion of the Par of Exchange to be very false and what
Bullion to the King to gain 3 d. or 4 d. per ounce that was formerly bought of him That all Bullion thus bought of the King shall after it is manufactured be carry'd to Goldsmiths-Hall and vouched by the Mark as it is now to be Sterling Silver to prevent putting a greater quantity of Alloy therein by the Owner That the Gain of Workers or Sellers of silver Utensils shall be charged to the Buyer in the Fashion and if any Goldsmith shall take or require above 5 s. per Ounce for Plate of 11 ℥ 2 pw fine and 18 pw of Alloy he shall forfeit the same ◠to the King and ½ to the Informer or such other Penalties as the Wisdom of Parliament shall think fit That no Bullion be Exported before the Exporter make Oath That not any of the Current Money of England is contained in it as is by Law provided to that purpose And if any one shall discover any Persons offending in any of these Cases their Estate shall be confiscated ½ to the King and ½ to the Informer These and such like Rules and Methods tho' here laid down rough and imperfect may I doubt not if polished and improved by a prudent Government wholly cure us of that mischievous practice of melting down our Coin And tho' many Objections may by prejudiced or self-interested People be brought against them yet if they prove only Motives to induce this sort of men or any others to rectify what I have said amiss or compleat what I have Essayed I have my desire But I am fully perswaded That if ever our Coin be reduced to a state in which it may continue to be for the interest of the English Nation it must be effected first by having it coined according to the present Standard and secondly by taking such measures as will certainly secure it to us in that State by making it mens interest neither to Hoard Export or Melt down 3. To prevent Exporting or carrying our Coin out of England The occasion of carrying away our Coin is taken to be 1. To pay the Ballance of our Trade 2. To supply our Army in Flanders 3. To buy Foreign Commodities where we have no Exchange 4. To maintain Gentlemen in their Travels abroad till they can receive Money in Exchange The first and third of these are reckoned the most material the other two more inconsiderable the second being only while the War lasteth and may wholly or for the most part be avoided by our agreeing with the Dutch to take so much of our English Commodities as shall be equivalent to the Expence of our Army in Flanders and the English Merchant to be paid out of the Exchequer for such Commodities and the fourth which is very inconsiderable may be salved by the same method the first and third are As to the first The paying the Ballance of our Trade The Reader is to know That if England Export not as many Goods as it imports from all places in the World reckoning the prime cost of the Foreign Goods imported and Charges and the selling price of those Exported with Charges it must be in debt and in this case the Ballance of Trade is said to run against us That this Ballance of Trade if it continue to run against us runs us still farther into debt and if the course of Trade does not alter that we pay this debt or Ballance with Commodities we must pay it with Gold or Silver for we cannot pay it with Bills of Exchange because that implies a Debt both ways as if I owe a Dutch Merchant 100 l. and another Dutch Man oweth me 100 l. I can draw a Bill on the Dutch Man that oweth me 100 l. to pay it to the Dutch Merchant to whom I am indebted But if I have no 100 l. owing me in Holland nor any other place to which they Exchange then I must pay this 100 l. in Specie because I cannot draw a Bill This is the common notion of the Ballance of Trade and of carrying our Money over to pay it but I must confess that unless the several Countries we trade with kept an account of the Trade in the Gross Bulk thereof by all the Merchants comparing Accompts of their Imports and Exports I cannot see how this Ballance should upon any certain grounds be known So that tho' we may pay dear for the Ballance of Trade running against us by its being and cause of Exchange running against us which is caused by our having occasion to pay more Sums in Foreign Parts than they have to pay here yet the Sums carryed over to Ballance Trade withal are very inconsiderable if any at all The chief occasion then of carrying away our Coin is to buy Foreign Commodities with not to pay Debts in places where we have no Exchange as chiefly in the East Indies And this is done either because the Goods we carry thither are more bulky in proportion to their price so that the value of the Ships Cargoe outward will not lade her home in Goods whose value lye in a little room unless Silver be taken to make it up for in such long Voyages the Merchant is very unwilling to come home without a full Cargo or else it is done because the Merchant can go out supposing the Goods of like value Bulk for Bulk without a full Cargo and make up what is wanting by taking Bullion or Coin privately which saves a great deal both in Custom outward and in Freight But however let the design of taking away our Coin be what it will it is agreed on all hands that much of it is taken from us and especially to carry to the East Indies which is one great reason why I believe that Trade does us more damage than it does us good And tho' I am a great Admirer of every thing the Ingenious and Accomplished Merchant Sir Josiah Child says in his Discourse concerning Trade yet I must except this of the great advantage that occurs to the English Nation by the East India Trade and my chief reason for not fully conforming to his opinion in this matter is First Because the Trade to the East Indies robs us of our Coin without which 't is impossible the Nation should subsist as we have too great proof of at this time when no man can get 10 per Cent. of Bankers tho' his necessities are never so pressing And Secondly Because the Commodities we import from India are fully manufactured as Silks Muslins and Callico's whereby our own Artificers have no Advantage as they have by the Turky Hamburgh and most other Trades But this being partly a Digression from my Subject I shall return to shew That this Exportation of our Coin will be prevented by the aforesaid reducing the value of Bullion below that of our Coin For As when our Coin is Richer than Bullion i. e. a 5 shill piece is worth as much Bullion as 5 s. 4 d. or upward and then our Coin is
of the same Weight out Then as to his Second Part I dare Appeal to all the world Whether it is absur'd to Barter Silver for Silver I am sure it s a thing done every day and no doubt but Sir R. has done it himself unless he always paid for his Plate with Farthings and Halfpence which few Goldsmiths would take unless the quantity bought were inconsiderable so that its just as absur'd to say that an Ounce of Silver will buy an Ounce of Silver of the same Fineness as it is to say an Ounce of Sterling Plate is sold for a Sterling Crown Piece and that 's no Absurdity at all for the Plate bought is an Ounce of Silver and the Crown that paid for it is near 1 ℥ of sterling Silver of the same Fineness which Barter is very proper and practicable and therefore his Reason since there is no occasion for any Barter is vain and frivolous since nothing is more true than that Silver Coin and Old Plate are daily Bartered for New Plate His Second Remark is That the intrinsick Value of Silver is the true Instrument or Measure of Commerce he says is partly true and partly false for the Money of every Country is the Measure of Commerce there To this I Answer That tho' the Money of a Country is the Instrument of Commerce yet the intrinsick value of Silver is nevertheless the true Measure thereof by being the measure of that Money for by how much the more there is of Silver in any Money by so much the more it is valuable and by how much the more is is valuable by so much the more of any Commodity it will purchase And in all Buying Selling and Bartering tho' the Persons concerned were guided as to the Worth of the thing Bought Sold or Bartered by the Coin of the place where such Bargains are transacted Yet all or the greatest part of the Coin in all Countries being either Silver or Gold whose value is computed by that Silver To say That because Coin is the Instrument of Commerce that Silver is not so as the Doctor does positively and Sir R. in part affirm is to say That the Coin of all Trading Nations is no Silver which is false and the Remark very weak But the Doctor says pag. 24. That if Men made their Bargains only for the Quantity of Silver to what purpose is there any Copper Money Coined which reckoning one Country with another is ⅓ part of the Money in Europe To which I Answer That Copper Money is in all places except Sweedland designed only for conveniency in paying small Sums which cannot so well be paid in Silver because the quantity thereof being very small wou'd be and is as we see in our Silver ½ pence pence two pences c. in danger of being lost And as to there being ⅓ of the Coin in Europe made only of Copper I dare affirm and appeal to all the Merchants and Travellers in England that not one hundredth part of the Coin in all the Traffiquing Nations in the world except Sweedland is any thing but Gold or Silver And I am farther confirmed in this Opinion not only because I have some knowledge of the several Coins but from this computation of it in our own Nations Coin The most ingenious Calculator Sir William Petty has told us That 50000 l. in Farthings and Half pence is a sufficient quantity of Copper Money for England But I am of opinion that we have not so many now because we want And the Running Cash of Gold and Silver is computed modestly at 6,000,000 il which divided by 50000 l. quotes 120 so that at that rate instead of ⅓ there is but a one hundred and twentieth part of the Running Cash of England made of any thing but Gold and Silver And we have great reason to believe That Copper Money in other Countreys being but for the same use we make of it in England viz. for Change and paying small Sums as is said above is near the same proportion to their Gold and Silver Cash And therefore as to what the Doctor says page 15. ' That there are more Bargains made with Copper Money than either with Gold or Silver and would make good this Assertion by an instance of half penny Loaves being bought and sold which by the way is a ridiculous one I say it is egregiously false to instance in some useful things for the Body and Mind as the Doctor has it page 2. In a Whole-sale Trade where the Commodities bought and sold are not cutt or divided into lesser parts than they were brought in Daily Experience tells us there is no such thing as paying in Copper Money for it is a small Whole-sale Parcel that is not worth 6 d. and all or most Parcels above not to say some below that price are paid for in Silver and tho' the Copper Money has the King's stamp on it which the Doctor lays such stress on pag. 13. ' yet so prudent and wise were our Law-makers that no one can be forced to take this Money for Rent or Debt because it has not a Universal Value nor was intended to be receiv'd or pay'd in large Sums in the way of Trade by reason of its being far less portable than Silver 3 farthings weighing 14 grains more and taking up as much room as half a Crown in Silver and consequently omitting the Grains 100 l. in Copper as much as 4000 l. in Silver and at this rate how troublesom would it be for a Man to be obliged to receive Copper Money for Packs of Sheeps Wool or Sacks of Cotton Bales of Silk Hogsheads of Sugar Wine Brandy c. nay if this mony were paid for the greatest part of Bargains as the Doctor says it is it would cost less money to carry most sorts of Goods to a Fair or Mart than the Money those Commodities were sold for home again but to come nearer the Doctors half penny Loaves how few are there that pay for either Victuals Apparel or Lodging in this sort of Money For does any Man pay for a Years Board or so much as a Joint of Meat at the Market in farthings Does any man pay for a Hatt Coat c. or so much as Gloves or Thread Stockings in Farthings Does any one pay their House-rent or so much as for a half Peck Loaf in Copper Money Nay to come to the Doctors own instance of the vast number of Half penny and penny loaves that are bought I dare Engage ¾ thereof are paid for in Silver Coin for the Baker I 'le warrant never buys a Bushel of Wheat and pays for 't in Farthings or Copper Money nor the Victualler in whose House most of the Bakers Half Penny Loaves are spent pays for a dozen or two than which he has seldom less in Copper Money no nor even the Person who buys these of the Victualler for his own Eating comes to his House only to eat for 't is a hundred
of these Assertions depend on this That raising the value of Coin by denomination will not inhance the price of any Commodity I shall therefore first prove That the raising the denomination of the Coin and making the 5 s. piece to pass for any Sum more will analogically at least advance the price of all things 2. Shew how the Landlords and other Persons having Annuities or Stypends will become losers by such advance of Coin and Commodities We have sufficient matter of Fact to prove That the raising the denomination of Coin does also advance every Commodity proportionable for that which was worth but 20 pence in Edward the first 's time is now worth 5 s. and that all Commodities did rise near ⅓ from July 94. when Guinea's began to rise to the time they were at 30 s. is also matter of Fact and that since Guinea's have been setled at 22 s. all Commodities have fallen is also true Wool and Woolen Cloth the chief of our Commodities is a Proof thereof and is that I choose for instance the first being fallen 8 s. per Tod the second 4 or 5 s. per Yard Which advance of Commodities according to the advance of Coin made the wise and good Q. Eliz. in the Declaration Anno 1559. concerning the amending the Coin debased by H. VIII express these words Also by continuance of this sort of base Moneys altho' Almighty God hath given now of late Years plentiful increase by the Earth yet the Prices of all things growing or coming from the Earth hath daily risen as Grain Fruit Cattel Victuals Wool Leather and such-like and no remedy could be devised to amend the same but to cause that the same base Monies should be currant for no more than they were in just value And the reason of the Rise or Fall of Commodities as Money does is plain because Money is that which measures every thing and therefore if Money rise Commodities must rise if it falls they must fall And the chief reason of this is our being so deeply engaged in Commerce with Foreigners who will never take our Money for what we are pleas'd to call it but what it is really worth with them and will be taken from them for in other places Thus if an Ironmonger buyeth of a Dutch-man Chimney-backs to the value of 825 pounds Flemish he might have paid for them before the advance or debasing of our Coin the Exchange being at least 33 s. Flem. per pound Sterl with 500 l. Sterling but our pound being advanced to 24 s. the Dutch-man lowers his Exchange proportionable as they always do Witness the extream low Exchange just before the Regulation of our Coin and the advance of it since which is to 27 s. 6 d Flem. for 1 l. Sterling at which Rate 600 l. will but pay the pounds Flem. 825. So that here is evidently ⅕ lost to the English-man who must fetch it up by selling his Goods ⅕ dearer than formerly Or if he Barters for Goods of our own Product or Manufacture as suppose Iron in the Bar the seller of this Iron will advance it proportionable to what the Chimney Backs are advanced which ⅕ And thus 't is plain the raising our Coin advances Forreign Exchange that raiseth Foreign Commodities and Foreign Commodities rising does many ways advance the Product of our own Country for if Chimney Backs Sword Blades c. coming from Holland should by raising our Coin grow dear our English would generally content themselves with English Blades and Grates and Chimneys of our own make which would much advance the price And tho' I have only instanced in one or two Commodities from Holland yet the same consequence would happen by the raising our Coin to all other Goods or Merchandize not only of that Country but all others with whom we have any Commerce And thus I have proved That raising our Coin would necessarily advance the price of all things and shall therefore proceed to shew 2. That by this advance of Coin and Commodities all such as have made Contracts before this advance must necessarily be losers till such time as they can advance the Terms of their Contracts proportionable to the advance of things Thus 1. All Landlords whose Estates are let out by Lease 2. All Persons having certain yearly Stipends or Sallaries 3. All Creditors whose Debts were contracted before the advance of our Coin and not paid till afterwards must all unavoidably be at a loss by the advance of Coin 1. As to Landlords whose Estates are lett out by Lease for 7 11 21 31 or 40 years the usual terms Leases are granted for will be so much the greater losers by how much the longer the Leases they have granted are because here is an advance of Coin that has advanced the price of things and still the Landlord has but the same Rent For instance if I have 500 l. per Ann. let out by Lease for 40 years to be paid in currant English Money after this the Coin of the Nation is advanced ⅕ and other things proportionable yet I received but 500 l. per Ann. of this New Money so that if I expended yearly before the advance of Coin 300 l. and laid up 200 l. now the Coin is advanced that which cost me 300 l. will cost me 360 l. so that I can lay by me but 140 l. per Ann. The interest of which at 6 l. per Cent is but 8 l. 8 s. Whereas it is plain the interest of my 200 l. which I laid up before the advance of Coin is 12 l. So that here is evidently a loss of 3 l. 10 s. in 12 l. which is above ¼ loss to the Money'd Man But it may be said That this Landlord or Money'd Man must be suppos'd to have Money by him when this change of Coin happens which will be ⅕ more as if he had 1500 l. of the Old Money it would be 1800 l. of the New which is 300 l. gain to him To this it may be answered That this Gain will be more than lost in a short time after when much Money by the dearness of things is drawn out of the Landed or Monyed Man's into the Trades-man's hands And the Money of the Nation being thus encreased ⅕ does naturally encrease the number of Userers and Purchasers and the number of Userers and Purchasers encreaseth the value of Land and lowers the Rate of Interest So if with this Money he would purchase Land is advanced or if he would lend it on Usury Interest is lowered so that he must necessarily Iose by this means notwithstanding 2. As the Landlord whose Estate is lett out by Lease must lose until his Leases are expir'd and he can advance his Rents proportionable to the price of all other things So likewise it will go with such as have Employments whose Sallaries are certain and cannot be suddennly if ever advanced in proportion to Victuals Cloaths c. on which they live so that they
must also be great losers by this advance of things which is occasioned by the rise of our Coin 3. All Creditors whose Debts were contracted before the rise of Coin and not paid till afterward must lose because the Debt was contracted before the rise of things and according to the value of Money then but now Money is raised and Commodities likewise this when paid the Creditor in the New Money will not purchase so much by ⅕ as if it had been paid him before this Revolution of Coin besides had the Debt been in the Creditors hands before the alteration of Coin it would of it self encreased ⅕ which he also loseth But on the other hand 1. All Day-Labourers And 2. All Landed-men having Tenants at Will need not lose by this Alteration of Coin because they may advance the Prices of their work and Income proportionable to the advance of Money and Commodities which loss must therefore fall 1. On such as have occasion to employ these Labourers as Builders c. 2. On these Tenants at Will who must advance the Rent of the Houses or Lands they hold so that I think nothing can be made more apparent than that advancing the currant value of Money will be a loss not only to Landed-men but to most others What is material in Sir Richard's Fifth Remark is already Answered I shall therefore say no more to it but consider Sir Richard's Sixth Remark To keep up an old Standard under an old Denomination below the value of Bullion is the greatest Folly imaginable and for which we have paid dear for it first carryed away all our Gold and Broad Money and lastly all our Mill'd Money c. And the Doctor says in the Eighth of his contrary Propositions That it is the Practice of all the Governments in Europe to raise their Money as the price of Silver rises To Sir R. I answer That nothing can be greater Folly than to alter the Standard of our Coin as the price of any Commodity is altered for Money being the Measure of Commerce as both Sir R. and the Doctor say it is to alter Money is to alter the Measure of all things and that I am sure unless there is absolute necessity is both Folly and Injustice and is as tho' the Buyer of Timber or Deal Boards should have his two Foot Rule made longer in proportion to what the seller advanceth the price of his Wood. 'T is great Folly to advance the value of our Coin in proportion to Bullion or any other Commodity because it will never answer the end for which it is raised I have sufficiently proved That raising the Coin will inhance the price of all Commodities and therefore to advance the value of Money to bring it to the same price with Bullion instead of that it would advance the value of Bullion that being a Commodity as well as other things and is indeed beginning at the wrong end as if we should bring the Cart to the Horses Not that I can see that Bullion before the Regulation of our Coin was advanced properly speaking to 6 s. 3 d. per ounce as some fancy altho' it was frequently sold for that price yet if we consider that that 6 s. 3 d. of Clipt Mony was bona fide worth but 5 s. of our true Mill'd Coin it then follows That Bullion was not advanced so much as other Commodities but was all along at the old price of 5 s. per ounce if you would pay for it with Money of full weight and fineness And to confirm this truth I have discoursed with several Eminent Goldsmiths who have great dealing in Plate and they tell me That what I have here asserted is true and I am sure it is reasonable For as the ingenious Mr. Lock observes it is impossible there should ever be 15 d. difference between an ounce of Sterling Silver coined and an ounce uncoined tho' there may be 2 d. 3 d. or 4 d. per ounce difference because Bullion may be exported and coined Silver may not And because a Crown Piece wants 2 d. of being 1 ℥ of Silver And as the ill Policy of coining our Money lighter or making it go for ¼ or 〈◊〉 more than it is worth in other Nations would appear so would it be great injustice because it would injure several sorts of people The King for Example must lose ⅕ of what he takes over to bear his Expences in Holland and so must the Officers and every private Souldier which would fall especially very heavy on the latter who out of their 3 s. a week Allowance must but have ½ a Crowns worth at most of the Dutch Victuals Drink c. and so would it likewise be a manifest Injury to all persons concerned in Foreign Affairs as I have sufficiently proved before so that instead of being the greatest Folly imaginable to keep our Coin to the old Standard for Weight and Fineness I think if rightly consider'd it will appear to be the most prudent and advantagious thing the Government can do to keep it where it is and that more especially considering we are so deeply engag'd in Foreign Concerns And as to out Domestick Affairs many I have shewed will be losers by this advance of Coin but none can be gainers the truth is our Inland Trader's purely living upon that will lose the least tho' they 'l gain nothing for what they will gain by the advance of their Stock and Cash just upon the Revolution thereof they will in short time lose by paying dearer for Manufacturing their Goods and all Necessaries But on the contrary tho' we can gain nothing but loss by advance of Coin yet we shall be great Gainers by continuing the present Standard because Foreigners will take out Money upon occasion at the same price we take it at and it will keep all Commodities both Foreign and Inland at a reasonable price Besides the Honour and Esteem the Nation would justly gain thereby in the eyes of Foreigners for as the ingenious Sir William Betty says of raising the Denomination of Coin That it 's like compounding to pay a Debt and is an infallible sign of a Bankrupt and poor Nation so on the other hand the keeping the Coin to its Primitive Weight and Purity is an Indication of its Wealth and Riches As to the continuing our Coin on the present foot being the cause of carrying away all our Broad and Mill'd Money I answer That of the three parts viz. what is Exported Hoarded and Melted down I really believe the part carryed away to be the least and the part Hoarded the greatest And this will appear by considering in whose Hands the greatest part of this Cash lyeth It cannot be deny'd but that the Nobility Gentry and Inland Traders together are Richer and have more Money than either the Merchants actually Trading beyond the Sea on the Manufacturers of Plate called Goldsmiths and therefore 't is most certain the greatest part of our