To the Rt HonbleRight Honorable the Lord High Treasurer
of England.
May it please yor Lordpyour Lordship
According to yor Lordpsyour Lordships direction we have examined the values of several
forreign coyns and endeavoured to inform oer selves of the values of gold in
proportion to silver in several nations & considred the ways of preserving the coyn. And by the Accompts we have met
with Gold is higher in England then in France by about 9d or 10d in the
Guinea, then in Holland by 11d or 12d in the Guinea, then in Germany & Italy by
12d in the Guinea or above. For determining the proportion in Italy
we cannot yet procure a sufficient quantity of their money, but Ex
changes reccon it there much the same as in France & Germany. In Spain
& Portugal Gold is higher then in England by about 160d in the Guinea. For the great
quantity of silver coming from the West Indies has brought down the
price of Silver in all Europe in proportion to gold & principally in
Spain where the bullion first arrives. The lower the price the bettermends
the Market, & this carries silver from Spain into all Europe & from
all Europe to the East Indies & CHina, the Merchant biddng more for it
then it goes for among the natives. In Spain the Merchants advance
about six ꝑper cent for silver & sometimes above at wchwhich rate a Guinea is worth about
2s.
Gold is therefore at too high a rate in England by about 10d or 12d in the Guinea. And this tendsing to the decrease of the silver coyne & we humbly conceive that one way of preserving this coyn is to lower the price of gold, suppose by taking 6d, 9d or 12d from the price of the Guinea so that Gold may be of the same value in England as in France the neighbouring parts of Europe. France has set us an Example: for in the last warr when the Lewid'or was raised there to 14 livres the Ecu was raised only to 72 sols, but is is now raised to 76 sols tho the Lewid'or be raised only to 14 livres as before. So that Gold in respect of silver is lower in France now then in the last warr in the proportion of 76 to 72 that is by above 13d in the Guinea.
The licensing the exportation of Bullion whilst the exportation of money is prohibited isseems to be another cause of the decrease of oer silver coyn. For this makes silver worth more uncoyned then coyned & thereby stops the coynage & causes the melting down of the money in private for exportation. On the contraryWe are therefore therefore humbly of opinion that care should be taken rather to set the price of money above that of bullion & to bring bullion through the Mint, silver being more apt to stay with us in the useful form of money then in the useless form of bullion and enreasing the coyn76 coyn whilst it stays with us in the form of money. For wchwhich reason it we humbly conceive that itwould be better on the contrary to check the exportation of bullion & licence the exportation of money or else to license the exportation of bothit may be better to license the exportation of money then that of Bullion or at least to licence the, or at least to licence the exportaionto license the exporation of so much money as shisall be coyned out of forreign bullion: { wchwhich whe ever it shall be thought fit may be conveniently done after some such manner as is expressed in the scheme hereunto annexed ].
For the safety & increase of the money consistsdepends ion the ballance of trade. If the ballance of trade be against us the money will be melted down & exported to pay debts abroad & carry on trade in spight of laws to the contrary: and if the ballance of trade be for us such laws are needless & even hurtfull to trade. If trade can be so ordered that no branch of it be detrimental to the nation the money will be safe without such laws prohibiting its exportation. For wchwhich end luxury in forreigh commodities should be checkt & the exportation of oer own commodities encouraged. If IfShould a law werewere made & well executed against exportingtrading with more gold & silver by any Merchant or company of Merchants then in certain proportiones to go the evalue of the goods exported such an addition to the Act of Navigation would mig would might put Merchants upon finding out sufficientsearching out sufficient ways of vending oer commodities abroad & as we humbly conceive be more effectual for preserving the coyn then the absolute prohibition of the exportation thereof. Upon some extraordinary occasions for carrying but the money a law against exporting of money itmoney may during thatsuch an All which is most humbly submitted occasion be sometimes of advantage: but such a standing law crampisng trade trade tends more in oer humble opinion) & thereby may more be more effectual to keep out soll ver the to keep it inprevent hinder the importation of silver then to keep keep in the money.
As for the alteration of the standard we are humbly of opinion that if the value of the several species to be hereafter coyned be diminished without changing the denomination it will occasion the melting down & reconyning the species already coyned for the profit that may be made thereby. And if the value be encreased the people will value their goods by the old money already coyned in wchwhich they are to be paid, & the new money of greater value (if any shall be coyned) will be pickt out for exportation & the Importer who coyns it will lose the overvalue to the discouragement of the coynage & in payments made by tale to foreigners the nation will also lose the overvalue.
But if it be proposed to retain the value of the several species and to alter only to increase or diminish or quantity of fine silver therein & only to alter the aAllay, we are humbly of opinion that [i would h be more uniform to coyn the silver eleven ounces fine ast he gold is coyned here & as both gold & silver are coyned abroad in France Spain & Portugal, Pistoles For this is readier for computation & where the money goes abroad the odd two - penny - weight above eleven ounces fine is apt to be lost in recconings And] if small money ( wchwhich by continual use weares away fast & is apt to be lost ) (suppose pence two pences three pences & groats & perhaps sixpences were coyned of coarse allay as isfter is done in the example ofas sevall money is coyned in Several ountries aborad, provided it were well coyned to prevent counterfeiting, such money would b weare longer & be less apt to be lost or melted down or exported. By small money we understand groats three pences two pences & penceniies, unless the penny by reason of it's smallness should be coyned of copper make make it fitter for use.