Holograph draft of <ref target="/catalogue/record/MINT00272">MINT00272</ref> (Mint 19/2/142) Isaac Newton c. 976 words Newton Project London 2019 Newton Project, University of Oxford

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 Late January 1701?, c. 976 words. MINT 19/2/148, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/148 Late January 1701? England English Holograph MintEconomic Theory and Legislation Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young Catalogue exported to teiHeader by Michael Hawkins Transcribed by Kees-Jan Schilt
To the Rt HonbleRight Honorable the Lords CommersCommissioners of his MajtsMajesties Treasury

May it please yoer LordpsLordships

In obedience to yoer LordpsLordships ordermmands that we should give oer opinion about yethe whether Pistoles should be valued in Englan oe markets by their proportion to oer standardaccording to yethe standard gold & silver conteined in thertheir moneys or by their proportion to oer current mo current money after it is wchwhich by wearing is become lighter then the standard: we humbly represent that in adjusting the Par of exchange between yethe monies of several nations the moneys of both nations are to be considered as bullion & their /intrinsic values of the monies of both nations are considered are to be compared without regarding the standard of either nation. According to this way of recconing the Par between Guineas & Pistoles is to recconvalueor stamp of the monies. [And thus Pistoles may be valued one with another ast 17.s 2d12 or thereabouts when Guineas are recconned at 21.s 6d.But thus to adjust the Par between the monies of England & Franceother nations is the business of the Ex Merchants & Exchangers & not of the Government.

The Question is now how Pistoles ought to be valued not in the Exchange between usEngland & France but in one the Markets of England. Therealone. And there oer own money is always valued as standard by virtue of its stampis never considered as bullion but by virtue of its stamp is current as if it were standard altho by wearing it be grown lighter then standard but forreign money has no being not current by itsin oer Markets by their itits stamp haths no other value then the intrinsic. A Pistoles are therefore are to be valued in oer Market as Bullion with respect. And Bullion has no i is always valued by the standard [wchwhich is certain & never by yethe intrinsic value of oer money wchwhich is va] According to its weight & finesses. What Pistoles What P What Pistoles are worth for melting that they are worth in oer Market & no more. And this value I thus compute It is Theythere to be valued in oer Markets as bullion without any regard to theiritits Stamp. So much as they areit is worth for melting so much they areit is worth in oer Markets & no more. Its valued by the standard without considering oer own money as bullion or makeing any allowance for the wearing thereof And this value I thus compute. A Pistoles one wthwith one another weigh not more then 4dwt 7gr14 & are at least 12leg worse then standard. Sus Pistoles one with another weigh 4dwt 714 gr & are half a grain wors then standard. Whence the standard weight of a Pistole is 4dw 615 I sau As 2880 a pound Troy or 5760gr 956216 11481 1912 1921 therefore / As a pound Troy or 5760 grains to 4412 gGuineas or 47.l 16s. 9d 11481 pence so is 4dwt 714 the 10314215 the standard weight of a Pistole to 20335 By weighing several parcells of French Pistoles & throwging out only those that are 3 or 4 grains lighter then yethe rest I find that one with another they weigh more then 74dwt 7gr & less then 4dwt 71213gr & by the Assays of Pistoles made heretofore in the Mint they have proved 14 of a grain worse then standard & something more but by many Assays wchwhich I ordered to be made in the Mint the last week & this it appears that yethe oldest Pistoles 148 Pistoles are at least 14 of a grain was then standerd but these coyned of late years are sometimes 12 a grain wors then standard & some most commonly 34 of a grain worse then standard. So that one with another I reccon them above 12 a grain wors then standard. If Pistoles one wthwith another weigh be supposed to weigh 4dwt 7gr13 & to be 12 a grain worse then standard they will be worth 17s & 45 of a penny. a piece. But if they be supposed to weigh 4dwt 7gr18110 & to be 23ds of a grain worse then standard they will be worth 1 17 shillings. And between these two limits I 17s & 17s0d45 I take their placeis their true value as nearly as I can reccon. Certainly they are not worth 17s 1d & & therefore I beleive In yethe memorial we lately presented to yoer LordpsLordships they we valued them at 17s 1d but the findin by yethe assays since made we finddiscover that these Guineas Pistoles newlthose lately coyned are coarser then the old ones so as to bring down their value one wthwith another to 17.s 0d25 or thereabouts. The price of standardforeign silver is raisedraised above yethe standard value by yethe daemand in trade for exportation. But there is no demand of Pistoles are not demanded for exportation. Their price seemes raised above yethe standard value by the Exchangers & Bankers imposing upon the nation for their private advantage, The French When yethe French receive Bills of Exchange to be paid in their crowns they pay it in gold recconing a crown at three Livers according to yethe old value & pay us in Pistoles and Pistoles at 13 Livers according to yethe King of Frances latehis new edicts that is at 413 crowns or 19s. 6d, & And bBy this trick the Exchangers in England have Pistoles put upon them at an over value & lose 2s 6d in every Pistole & lower yethe price of Eaus in & French crowns in yethe Exchange from 4s 6d (their just value) to 3s 812 recconing a French crown in yethe payment of Bills of Exchange at no more then 3s 8d12 or thereabout If