Holograph draft of MINT00272 (Mint 19/2/142)

To the Rt Honble the Lords Commers of his Majts Treasury

May it please yoer Lordps

In obedience to yoer Lordps ordermmands that we should give oer opinion about ye whether Pistoles should be valued in Englan oe markets by their proportion to oer standardaccording to ye standard gold & silver conteined in ther {sic} moneys or by their proportion to oer current mo current money after it is wch by wearing is become lighter then the standard: we humbly represent that in adjusting the Par of exchange between ye 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 {illeg}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 {illeg} 17.s 2d$\frac{\mathrm{1}}{\mathrm{2}}$ 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 {illeg}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 it {sic} 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 [wch is certain & never by ye intrinsic value of oer money wch 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 They{illeg}there to be valued in oer Markets as bullion without any regard to theirit {sic} 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 wth one another weigh not more then {illeg}4dwt 7gr$\frac{\mathrm{1}}{\mathrm{4}}$ & are at least $\frac{\mathrm{1}}{\mathrm{2}}$leg worse then standard. Sus Pistoles one with another weigh 4dwt 7$\frac{\mathrm{1}}{\mathrm{4}}$ gr & are half a grain wors then standard. Whence the standard weight of a Pistole is 4dw 6$\frac{\mathrm{1}}{\mathrm{5}}$

I sau As 2880 a pound Troy or 5760gr 956216 {illeg} 11481 1912 1921 therefore / As a pound Troy or 5760 grains to 44$\frac{\mathrm{1}}{\mathrm{2}}$ gGuineas or 47.l 16s. 9d 11481 pence so is 4dwt 7$\frac{\mathrm{1}}{\mathrm{4}}$ the 103$\frac{\mathrm{1}}{\mathrm{4}}$2$\frac{\mathrm{1}}{\mathrm{5}}$ the standard weight of a Pistole to 203$\frac{\mathrm{3}}{\mathrm{5}}$

By weighing several parcells of French Pistoles & throwging out only those that are 3 or 4 grains lighter then ye rest I find that one with another they weigh more then 74dwt 7gr & less then 4dwt 7$\frac{\mathrm{1}}{\mathrm{2}}$$\frac{\mathrm{1}}{\mathrm{3}}$gr & by the Assays of Pistoles made heretofore in the Mint they have proved $\frac{\mathrm{1}}{\mathrm{4}}$ of a grain worse then standard & something more but by many Assays wch I ordered to be made in the Mint the last week & this it appears that ye oldest <148v> Pistoles are at least $\frac{\mathrm{1}}{\mathrm{4}}$ of a grain was then standerd but these coyned of late years are sometimes $\frac{\mathrm{1}}{\mathrm{2}}$ a grain wors then standard & some most commonly $\frac{\mathrm{3}}{\mathrm{4}}$ of a grain worse then standard. So that one with another I reccon them above $\frac{\mathrm{1}}{\mathrm{2}}$ a grain wors then standard.

If Pistoles one wth another weigh be supposed to weigh 4dwt 7gr$\frac{\mathrm{1}}{\mathrm{3}}$ & to be $\frac{\mathrm{1}}{\mathrm{2}}$ a grain worse then standard they will be worth 17s & $\frac{\mathrm{4}}{\mathrm{5}}$ of a penny. a piece.

But if they be supposed to weigh 4dwt 7gr$\frac{\mathrm{1}}{\mathrm{8}}$$\frac{\mathrm{1}}{\mathrm{10}}$ & to be {illeg}$\frac{\mathrm{2}}{\mathrm{3}}$ds of a grain worse then standard they will be worth 1{illeg} 17 shillings. And between these two limits {illeg} I 17s & 17s0d$\frac{\mathrm{4}}{\mathrm{5}}$ I take their placeis their true value {illeg}as nearly as I can reccon.

Certainly they are not worth 17s 1d & & therefore I beleive

In ye memorial we lately presented to yoer Lordps they {illeg}we valued them at 17s 1d but the findin by ye assays since {illeg}made we finddiscover that these Guineas Pistoles newlthose lately coyned are coarser then the old ones so as to bring down their value one wth another to 17.s 0d$\frac{\mathrm{2}}{\mathrm{5}}$ or thereabouts.

The price of standardforeign silver is raisedraised above ye standard value by ye daemand in trade for exportation. But there is no demand of Pistoles are not demanded for exportation. Their price seemes raised above ye standard value by the Exchangers & Bankers imposing upon the nation for their pri{illeg}vate advantage, The French When ye French receive Bills of Exchange to be paid in their crowns they pay it in gold recconing a crown at three Livers according to ye old value & pay us in Pistoles and Pistoles at {illeg}13 Livers a{illeg}ccording to ye King of Frances latehis new edicts that is at 4$\frac{\mathrm{1}}{\mathrm{3}}$ crowns or 19s. 6d, & And bBy this trick the {illeg} Exchangers in England have Pistoles put upon them at an over value & lose {illeg} 2s 6d in every Pistole & lower ye price of Eaus in & French crowns in ye Exchange from 4s 6d (their just value) to 3s 8$\frac{\mathrm{1}}{\mathrm{2}}$ recconing a French crown in ye payment of Bills of Exchange at no more then 3s 8d$\frac{\mathrm{1}}{\mathrm{2}}$ or thereabout If