Variant and apparently earlier holograph draft of MINT00281 (Mint 19/2/78-9): the note 'writt in 1701' has been added in another hand, though it seems likely this is a mistake
May it pl. yor Lop
According to yor Lops direction we have drawn up an acct hereunto annexed of the {illeg} 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 acct your Lordp w{illeg} it seems to us that gold is valued higher in Eng{illeg}land 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 orselves) 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 wth respect to gold & silver & prevent the it wouldmight also prevent the melting down of or money in private for exportation.
In comparing
Exchangers reccon 1lib sterling at a par wth {illeg} 444 styvers Dutch styvers wch recconing is grownded on a supposition that a Patagon or Dutch Rixdoller wch is 2 {illeg}50 styvers equals in value 54 pence a Rixdollar of ye Empire or Ecu of France or spanish Piastre wch is worth 4s 6d of or money w{illeg}English{illeg}hereas a Patagon is worth but 4s 4d. And tho we are told {illeg}that a Patagon in this recconing is Bank paper money wch is 3, 4 or 5 pr cent better then their their specie money, yet the putting a par {illeg}between or 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 {illeg} between specie money wch hasis of a certian intrin{illeg}sic value & paper money wch is of no intrinsic value & of no intrinsic va an uncertain extrinsic value without any there can be no par & has of no intrinsic value intrinsic value{illeg} assigned.
The coynage of
{illeg}The {illeg} Gold in China Iapan & the East Indies is at a much lower value then in Europe b{illeg}eing 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. {sic} Which is the reason why the Merchants carry silver to the East Indies & China & leave ye gold at home, & that of late years as the trade of India has increased there has bee{illeg}n much moreless goldsilver coyned in pr{illeg}oportion to silverGold then formerly. In the first twelve years after the enact{illeg} 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 <74v> 4363776li. 4. 10 in gold & 1337730li. 5. 9 in silver. In the last 13 years there {illeg}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 p{illeg}roportion to ye gold. Which is a further argument for lowering the price of Guineas. in respect of silver. For ye more plentiful gold grows as ingrows in respect of silver the more apt its p{illeg}rice will be to fall.
{illeg}
Laws against exporting money are seldom effect{illeg} 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 ye Market into the Mint for increasing the coyn. For ye 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 ye 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 wch must be paid in money. The old East India company was obliged to export yearly manu ourEnglish manu{illeg}factures to ye value of 100000li. Were the prsent company obliged to export ourEnglish commodities not of a certain value yearly but of a certain value in proportion to ye silver they exp{illeg}ort & 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 o{illeg}f 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 wch 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 {illeg}bullion as it ought to be, & increase the coyn bringing much silver through ye Mint & by ye new coynd money running amongst us till exportation & be of honour to ye nation by the circulatingpassing of or money above into forreign countries. For or money being of {illeg}better standarded & better coyned then pieces of eight would in {illeg} time be of more credit abroad then pieces of 8 & {illeg}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.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 & {illeg}as both gold & silver are in France & Spain & the & the pound weight be do cut into 61s 6d, that the value of ye coyn may remain ye same. For the silver would weare something better & in valuing or money in Forreign countries the old 2dwt is apt to be neglected
And it may be considered whether i{illeg}t would not be of some advantage to us to coyn Rix dollers {illeg}some pieces of the same value & name with Rix Dollers Ecus or Pistoles for the advantage of travellers who are sometimes abroad con{illeg}strained to putt off or crowns at ye same value wth forreign crowns {illeg}or Dollers & for want for {illeg}s 6d pieces crowns or Dollers of the same value with th{illeg}ose for wch are current in other countriesabroad
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. {illeg}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
Source
MINT 19/2/74-5, National Archives, Kew, Richmond, Surrey, UK1701?, c. 1,341 words.