Draft of MINT00281 (Mint 19/2/78-9)

<71r>

Myay L it pl. yr Lp

According to yr Lordps Direction we have examined the values of several forreign coyns & h {illeg} endeavoured to inform oer selves of the proportion of the value of gold in proportion to silver in several nations. PAnd by ye accts thereof in the paper hereunto annexed we find that we can yet meet with Gold is higher in England then in FHolland Holland & in France by about 9d or 10d in the Guinea then in Holland by about 102d in ye Guinea, then at Hamborough by about 18d in the Guinea, then at Dantzigck by about then at Frankford by about                      then in France by a 8d The {illeg} then at Venice by then at Le Florence & Leghorn by then at then in Germany by above 12d in the Guinea. The proportion in Italy we cannot yet learn for want of a sufficient number of pieces of their money to assay for determining the value of their lire{illeg}s & soldi & in by which they reccon in their several {illeg} Principalities. Only at Naples the Tarin is Gold seems to be lower then in England by 8d in the Guinea or above Genoua by                 in the Guinea. But ain Spain & Portugal it is higher then in England by by about 8d in the Guinea. An acct of all wch is set down in the paper hereunto annexed. By reason of the great number of Mints in Europe, the frequent alterations of the standards, the ambiguous names of m usage ambiguous usage of the same names ofor the money of several nations several values & also for paper bank paper money of a different value frō specie money & the difficulty of procuring some sorts of coyns for kno for knowing their just value by the assay, has the difficulty of informing oer selves wth sufficient assurance of the value of gold money the change between gold & Silver in several nations haves made if difficult for us to.

The Merchants bid higher for silver then according to these rates. In China Japan & ye Indies the gold in a Guinea is gold is much In the Indies gold is much cheaper then in Europe & in china & Japan it is still cheaper. WHich makes the East India Merchants {illeg}give higher more for for silver then the market priceaccording to the rates above. So in England they give at least 5s 6d pr oz or above (Whence at wch rate a Guinea is worth but about 19s 6$\frac{\mathrm{1}}{\mathrm{3}}$ & in Spain they ad give {illeg} 5, 6 or 8 pr cent above the legal rate.

In Spain & Portugal gold is higher then in England by about 8d in the Guinea the For {illeg} For the great quantity of Silver brought thither coming from ye West Indies & flowing from thence into all Europe has of later yeares brought down the price of silver in all Europe in proportion to gold & more in Spain then in any other country where the principally in Spain where the bullion first arrives. In

The high low lower the price makes the best market for sale of silver of silver make the best market for silver the better the Market for si & this carries {illeg}silver from Spain into all Europe & from all Europe into the Indies & China. [And therefore our way to preserve our silver is to bring down the price of Gold {illeg}] The Merchants bidding more for it then it goes for among the natives value it at And therefore one way to preserve oer silver is to lower the price of gold. Were gold lowered For Wt {illeg} 6 or 7 may beAnd for that end we are humbly of opinion that 6d at leasr should may should may should be taken from ye price of the Guinea. And by the

<71v>

In the last warr when the Lewidors wereas {illeg}r{illeg}aised to 14 livres the ecu was raised to 7 ony {sic} to 72 liv sols but now it is raised to 76 sols. gold being only tho the Lewidor be raised only to 14 livers as before. So that gold in proportion to Silver respect if Silver. So that gold is lower in France now then then in the last war in the proportion of 72 to 76 or 18 to 19, that is by a{illeg}above{illeg} {illeg}13$\frac{\mathrm{1}}{\mathrm{2}}$d in the Guinea.

There is yet another cause of the

The licensing the exportation of forreign Bullion & the bann prohibiting whilst the exportation of money is prohibited is another cause of ye decrease of oer Silver coyn for this sets the price of B makes silver worth more uncoyned then coyned & thereby stops the coynage & causes the melting down of t{illeg}he money in private for exportation On the contrary care should be taken to bring bullion throught the Mint that set the price of Bul oney above that of Bullion & to bring Bullion through the Mint, for the increase of the coyn. For wch end it would be better part of what is coyned being apt to stick stay in the nation silver being more apt to stay in with us in the form of money then in the form of Bullion, & encreasing the coyn so long as it stays wth us. And therefore [If the Ballance of trade be against us the money will be melted down & exported to pay debts the Merchants debts debts & carry on trade in spight of laws to the contrary & if the & if the & if the ballance of trade be for us such laws are needless Care] For wch reason it would be better toon the contrary to check the exportation of bullion & licence the exportation of money, or else to license the exportation of both, But at or at least to license the exportation of so much money as its coyned out of forreign bullion, after some s wch may be conveniently done after some such manner as is expresse din {illeg}the {illeg}scheme hereunto annexed.

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 [ are s [Let trade be so ordered as as tends most as to make as to make it profitable that no as to make every branch of it may be hurtfull to the nation in all it parts & the money will be safe. I am ] The only way to Let trade be so ordered that no branch of it may be hurtful detrimental to the nation & the money will be safe. For wch end luxury in forreign commodities as to be checkt, && the exportation of our own encouraged. And If to ye Act of Navigation a law were addedmade & welle executed against exporting more gold or silver by any ship or company of Merchants then in a certain proportion to ye value of the goods exported, such an addition to ye Act of Navigation would {illeg}put Merchants upon finding ways out new ways to vend oer commodity abroad & be more effectual for preserving the coyn then an{illeg} absolute prohibition of the exportation thereof.                                         All wch is most humbly submited &c

<72r>

Among the Merchants Gold is w Silver is worth 45s 6d pr oz while& gold is worth but 4£ pr oz at wch rate a Guinea is worth but 20.s 2d$\frac{\mathrm{33}}{\mathrm{44}}$.