Report on exchange rates in American colonies

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Considerations about ye state rates of the coyns

Cross Dollars Wt .
Old Sevil pieces of 8.	wo 1dwt.	Wt	17. 12	value	54.d
New Sevil p. of 8	wo 1$\frac{\mathrm{1}}{\mathrm{2}}$	Wt	14.		43∟11
Ecu	wo 1		17. 12		54
Old Rix Dollers	wo 10		18. 69		54∟4
Crusado of Portugg>l	wo 2		11. 4		34∟31
Ducaton of Flanders	be. 4$\frac{\mathrm{1}}{\mathrm{2}}$		20. 22		66∟15
Cross Doller {illeg}	wo 12		18. 1		52∟91
Peruillar piece of 8	be 2		17. 16
Mexico p. of 8	wo. 1		17. 162.
Peru piece of 8	wo. 15$\frac{\mathrm{1}}{\mathrm{2}}$		17. 12

Sevil, Mexico, & Peru & Pillar pieces of eight old Plate, {illeg} & French Ecus, or Silver Lewises {illeg} weighing 17$\frac{\mathrm{1}}{\mathrm{2}}$dw - 4.s 6d. - 6ds     NB Pillar pieces are 1d better, Peruse $\frac{\mathrm{1}}{\mathrm{2}}$d worse. Pieces of eight new Plate new plate weighing 14dw-3s. 7d.       4. 9$\frac{\mathrm{3}}{\mathrm{5}}$

Sevil & Mexico pieces of eight old plate weighing 17dwt 12gr	4.s 6d
Mexico ditto	4 6
Pillar pieces of eight weighing 17dwt 146gr	4s 7$\frac{\mathrm{1}}{\mathrm{4}}$
MexicoPeru pieces of eight of due allay weighing 17dwt 142gr. {illeg}	4. 5 4. 5$\frac{\mathrm{1}}{\mathrm{2}}$
The halfs & quarter pieces of eight in proportion & the pieces
The The {sic} french Lewis weighing 17. 12	4.

And we further lay before your Lordp that the Pillar pieces of 8 ared better then the Sevil & Mexico by about 1d 1d{illeg} oror 1d ob per piece, but considering that in ye Colony of Massachusets Bay by vertue of an Act passed there they {illeg}& confirmed by the Royal authorty {sic}, wch cannot be altered but by an Act to be passed byin the same manner, the Pillar pieces {illeg} passare current at the same rate with the Sevil & Mexico pieces, the same

And we further lay before yoer Lordps that pieces of eight of Sevil & Mexico of just weight & allay are worth 4s 6d per piece intrinsic value & that Pillar pieces of eight are finer silver & on that account better by by three farthings {illeg}per piece then more valu worth then the others of the same weight by ab three farthing in the piece: but considering that by vertue of an Act passed in Massachusets Baythat the differenc {sic} is but small & that all forreign coyns are already rated for the Colony of ye Massachusets Bay by vertue of an Act there passed & confirmed by the Royal authority, wch cannot be altered but by a newl Act to be all forreign coynes are rated for thpassed byin the same manner as their Lops mention, the Pillar pieces areof eight are there current at the same rate with the Sevil & Mexico pieces of eight: we are humbly of opinion that if her Majty shall think fit to issue out her Royal Proclamation in the mannerto the purpose proposed by their Ldps {illeg} for Tradethe coyn & be rated {illeg} {illeg} it0may be done for all her Majtys Plantations in Am. after the same manner proposed by theirm without as in this Act without making a difference between the Pillar pieces & the other pieces of eight. But con Which And we are humbly of opinion being allowed we are humbly of opinion

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We do not think it {illeg} the rate of forreign coyns any further then their Lordps have done, but if the value of moreleast the just intrinsic value of coyns coyns of themof any coyns of just weight & allay should be desiredwanted, we have subjoynedset them down in the following Table. of

l

Sevil Piaeces of eight ild plate	Wt	17dwt 12g	value	4s. 6
Sevil pieces of eight new plate	Wt	14.		3. 7$\frac{\mathrm{1}}{\mathrm{4}}$
Mexico pieces of eight		17. 12		4. 6
Pillar pieces of eight		17. 1{illeg} 12		4. 86$\frac{\mathrm{3}}{\mathrm{4}}$
Peru pieces of 8 old plate		17. 12		4. 5$\frac{\mathrm{1}}{\mathrm{2}}$
Cross Dollers		18.		4. 4$\frac{\mathrm{3}}{\mathrm{4}}$
Ducatons of Flanders		20. 21		5. 6
Ecus of France or Silver Lewises		17. 12		4. 6
Crusados of Portugal		11. 4		2. 10
R{illeg} DollersThree Guilder pieces of HollandThree Guilder Piece of Holland		20. 7		5. 2$\frac{\mathrm{1}}{\mathrm{4}}$

The halfs, & quarters & other pieces parts in proportion of their weight according to their denominations. And InAnd light pieces an abatement in proportion of to their ward of weight

Three Guilder piece of Holland or piece of 10 Schellings or 60 Styvers

20. 7

5. 2$\frac{\mathrm{1}}{\mathrm{4}}$

Considering that ye Coyn most of her Majts Plantations in Am. have already raised their coyns & that Pieces of 8 are raised from 4. 6 to 6 in New England by a law ratified by ye Royal authority I hu humbly conceive it adviseable to limit the raising it further by such a her Majtys issuing such a Proclamation as the Lds Commers for Trade propose.

Were the

And considering that the difficulties of reducing them coyns to ye Same rate as in England [ by reason that they are already raised in most of ye Plantations almost all theo Dominionsher Majts PlantationsDominions & that in New England these are raised by an law established by royal authority in the colony of Massachusets Bay cannot be lowered by Act without a new repealing an Act established by the Royal authority : we humbly conceive the rate proposed & limited by their Lordps to be a convenient limit for putting a stop to the raising of forreign coyns at pleasure beyond it, namely that pieces of eight or [Sevil Mexico & Pillar Pieces of 8 doshould not pass for more then six shillings] forreign such coyns do not pass at a higher rate there that already appointed in the Colony of Massachusets Bay by an Act establi established by ye

The Pillar Pieces are finer then the Sevil & Mexico & on that acct better more worth by about three farthings in ye piece, beside some advantage in the weight, but but considering that the difference is but small Royal authority so established by by that Actin any of those her Majts dominions then they do at present in the said ColonyNew England by vertue of ye Said Act

And con{illeg}sidering the difficulties of reducing them to the same rate as in England by reason that they are already raised in almost all those her Dominions & that in the colony of Massachusets bay cannot be loweredthey are raised by an Act established by the royal authority wch cannot be repealed by by the a like Act: we humbly conceive that thateir Lops have fit by proposed a limit their Lordps have fitly proposed the rate at wch by ye Sd Act they pass b in that Colony, by ye said Act. as a limit above wch sthey shall not be pass in any other Colony.

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May it pl. yoer Lop

According to yoer Lops - - - - Dominions in America.

And for ye rate proposed by their Lops, namely that Sevil Mexico & Pillar pieces of 8 do not pass for more then six shillings a piece we rely upon their Lops judgment it depending on ye laws & c{illeg}ustomes of ye Plantations & circumstances of Trade.

The intrinsic value of those coyns in proportion to English specie money is {illeg}set down in ye followingannexed Table but considering that the rate at wch they are now taken in England is uncertainat higher rates at ye discretion of the Merchant, that they are already already raised in almost all her Majts Dominions in America & cannot be lowered without danger of disgust & that the in ye Colony of Massachusets Bay they are raised by an Act confired by Royall authoriry wch cannot be repealed by by another Act to be passed after the same manner we are humbly of opinion that the most pactible & safest & convenient way of bringing them to the same rate in all those Dominions is to put a limit above wch they shall not be ratedpass & {illeg}we conceive that the rate at wch they {sic}by the said Act V Act above mentioned they now now pass in ye said Bay by is a fitfit limit to be appointed by her Majesties Proclam [fit [to be appointed by her Majesties Proclamation.

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May it please yoer Lordp

According to yoer Lordps order of Reference signified to us by Mr Lowndes his {illeg} of Dec 2d we have considered the matter conteined in the Representation from the Lds Commers for ye Council of Trade for setling the rates {illeg} of Forreign coyns in the Majts Plantations in America & humbly agree wth their Lordps that the in their opinion that the taking a liberty of altering the rates of the coynes {illeg} at pleasureat ye discretion of those governments doesmust incourage an indirect practises of drawing the money from one Plantation to another to the undermining of each others trade & that the proper way to remedy this mischief is to reduce all forreign coynes to one & the same rate in all her Majesties Plantations Dominions in America.

We have therefore suppbjoined a Table to the just value of suchthe principla forreign coyns that upon acced in in proportion to current coyns in money current in English specie money, that upo whereby it may be known upon that upon statingEgland in English money, that by her Majesties appointing by appointing the rate at wch any one species shall pass it may be known at what rate any all the other species are to pass. But appointing that rate it self in asser the assign the rate to state that rate at wch the mo to be appointed depends upon such considerations circumstances of Trade & laws & customes of ye Plantations of wch the Lords Comms of Trade wch have no certain knowledge wch do not lye before us.of wch we are not informed But the rate to be appointed depends upon laws & customes of the Plantations wch we are not acquainted All wch wth    All wch &c

The value of forreign coyns according to their weight

Sevil, Mexico

And since     {illeg}Their L And w

The Lordps pro

Pieces of 8 are worth of

For this end their Lordps propos

The rate proposed by their Lordps is that pieces of eight do not goe in any part ofpass in there for more then six shillings, wch is 1s 6d above their intrinsic valuejust value in England, & for this limitation their Lops give this reason, that in wch we must su we must rely upon their Lops judgmt not having it depending on ye laws & customes of the Plantations & circumstances of Trade.

The Pillar Pieces of 8 are of finer silver then ye rest & on that acct more valuable then ye rest those of Sevil & Mexico of the same weight by three farthing in the piece by about three farthings in ye piece besides some advantage in thei{illeg}r weight. But considering {illeg} other pieces of 8 that the difference is but small & that it is neglected in the Act passed in the Province of Collony of ye Massachusets Bay wch wch their Lops mention & conformed by Royall authority wch appoints the rate of forreign coyns for that Prov Provincewch appoints ye rate of forreign coyns for that Province we are humbly of opinion that it may be neglected in vtrating the coyn for ye rest of ye Plantations so that all the Plantations in America may be upon the same {illeg} & that & weColonies, as in their Lordps Representation that Act being made ye rule for rating the coyn for all her Mats Plantations in America, because already ratified by ye Royal authority.