Variant and apparently earlier holograph draft of <ref target="/catalogue/record/MINT00281">MINT00281</ref> (Mint 19/2/78-9): the note 'writt in 1701' has been added in another hand, though it seems likely this is a mistake Isaac Newton c. 1,341 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 1701?, c. 1,341 words. MINT 19/2/74-5, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/74-5 1701? England English Holograph Unknown Hand MintEconomic Theory and Legislation Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young Catalogue exported to teiHeader by Michael Hawkins Transcribed by Will Scott
74

writt in 1701.

May it pl.please yoryour LopLordship

According to yoryour LopsLordships direction we have drawn up an acctaccount hereunto annexed of the weight assay & value of dives forreign coyns. And we have also in another annexed paper we have also compared the values set upon gold in several nations so far as at present we have been able to get intelligence. By thatwhich acctaccount your Lordp w it seems to us that gold is valued higher in England then in Holland & France by about 6d 7d or 8d in a Guinea & that in Spain Italy & the north (so far as we can yet informe orourselves) it is valued much lower then in England after the rate as in France.

Were the melting down of forreign monies & bullion for exportation prohibited in private shops, & licensed only in the Mint it would give us opportunity of knowing more exactly & more generally the intrinsic values of forreign cons of several nations & the prizes of gold in the markets abroad from time to time & how trade goes wthwith respect to gold & silver & prevent the it wouldmight also prevent the melting down of orour money in private for exportation.

In comparing

Exchangers reccon 1lib sterling at a par wthwith 44449 styvers Dutch styvers wchwhich recconnning is grownded on a supposition that a Patagon or Dutch Rixdoller wchwhich is 212 50 styvers equals in value 54 pence English a Rixdollar of yethe Empire or Ecu of France or spanish Piastre wchwhich is worth 4s 6d of orour money whereas a Patagon is worth but 4s 4d12. And tho we are told that a Patagon in this recconing is Bank paper money wchwhich is 3, 4 or 5 prper cent better then their their specie money, yet the putting a par between orour specie money & their paper money seems improper & may make the exchange more liable to tricking then if the Par were put between specie money & specie moeny, as it ought to be. For between specie money wchwhich hasis of a certian intrinsic value & paper money wchwhich is of no intrinsic value & of no intrinsic va an uncertain extrinsic value without any & has of no intrinsic value intrinsic value there can be no par assigned.

The coynage of The Gold in China Iapan & the East Indies is at a much lower value then in Europe being in China & Iapan but about 9 or 10 times of more value then the sameits weight of silver whereas here it is above 15 times thene value.of its weight of silverof silver.. Which is the reason why the Merchants carry silver to the East Indies & China & leave yethe gold at home, & that of late years as the trade of India has increased there has been much moreless goldsilver coyned in proportion to silverGold then formerly. In the first twelve years after the enact Act for encouragement of coynage there was coyned more silver then Gold vizt 1669826li 8s 3d in Gold & 1896338l. 10s. 8d in silver In the next ten years there was coyned much above three times more gold then silver vizt 4363776li. 4. 10 in gold & 1337730li. 5. 9 in silver. In the last 13 years there has bin coyned out of forreign Bullion aboveut 315 times more gold monies then silver monies. And this indecrease of gold moneythe coynage of silver in proportion to silver that of gold & the decrease of the silver much exportation decrease also of silver moniesey by melting it down for exportation while the gold stays with us tends to [bring down the price of gold monies by its plentifulness in proportion to that of silver] raise the value of silver monies by its scarceness in proportion to yethe gold. Which is a further argument for lowering the price of Guineas. in respect of silver. For yethe more plentiful gold grows as ingrows in respect of silver the more apt its price will be to fall. Laws against exporting money are seldom effect may sometimes do go may upon some extraordinary occasions do some good but usually do more hurt. TheSuch Laws cannot hinder money from getting abroad to answer where it is wanted to ballance trade: but on the contrary they hinder itBullion from flowing freely into the Market of England & from yethe Market into the Mint for increasing the coyn. For yethe more BullionGold & Silver flows through into through the Market of England & the Mint the more will stick among us. The best way of preserving & encreasing the coyn is to take care of yethe ballance of trade & encourage the flowing of gold & silver through the Market & Mint of England. Trade is ballanced by promoting the exporting of our own pronative own product & manufactur as & checking luxury in forreign commodities especially from countries wchwhich must be paid in money. The old East India company was obliged to export yearly manu ourEnglish manufactures to yethe value of 100000li. Were the prresent company obliged to export ourEnglish commodities not of a certain value yearly but of a certain value in proportion to yethe silver they export & care taken to make them do it: it mightwould put them upon finding out new ways of vending our commodities whereby much money would in the for answer the price of Indian goods. Were The prohibiting the exportation of Bullionmoney & licensing that of forreign Bullion has a very raises the price of Bullion above that of money wchwhich is of very ill consequence. TIf would be much better on the contrary to prohibit the exportation of money Bullion & licence that of money. For this would set the price of money above that of bullion as it ought to be, & increase the coyn bringing much silver through yethe Mint & by yethe new coynd money running amongst us till exportation & be of honour to yethe nation by the circulatingpassing of orour money above into forreign countries. For orour money being of better standarded & better coyned then pieces of eight would in time be of more credit abroad then pieces of 8 & make us appear more rich & potent then we for at present And some of these effects would be had by licensing the Merchatnts to coyn out of f export so much money only as they coyn out of forreign Bullion.t they paying for the coynage upon shipping it for exportation If any alteration were to be made in the standard we would propose to have the silver 11 ounces fine as the gold is & as both gold & silver are in France & Spain & the & the pound weight be do cut into 61s 6d, that the value of yethe coyn may remain yethe same. For the silver would weare something better & in valuing orour money in Forreign countries the old 2dwt is apt to be neglected And it may be considered whether it would not be of some advantage to us to coyn Rix dollers some pieces of the same value & name with Rix Dollers Ecus or Pistoles for the advantage of travellers who are sometimes abroad constrained to putt off orour crowns at yethe same value wthwith forreign crowns or Dollers & for want for s 6d pieces crowns or Dollers of the same value with those for wchwhich are current in other countriesabroad 75 Silver pence & two pences as so small as easily to be lost & sewe for little else then curiosities& toys for ch for children to play with & if they be in use they quickly weare away. It may be considered therefore whether it would not be better to coyn copper pence in their stead. And to make the Groat three pences groats & so six pences a little narrower & thicket that they may wear longer 1666 12 16988 13 1701