A Proposal concerning the Coin
A Proposal concerning the COIN.
THE best Expedient to hinder (as the Proposer conceives) the going out of our Silver whilst we have any Gold, is to make it the Interest of those that deal in them, both to melt down and export as well the one as the other, (if they may not be Exported in Coin) for melted down and Exported they'l {sic} be, let what Law soever be made to the contrary, unless the Occasions beyond Sea can otherwise be better supply'd. For the Explaining whereof, such Gentlemen as do not yet know it, may by this be informed, that in the Spanish Dominion, whence most of the Gold and Silver does come, and where for that Reason the Proportion in value is originally set, and must through the rest of the World be allowed, is as 16 to 1, and so 4 Guinea's coined at 20s. each, (as they are in this Kingdom) comes to 4l.
Sixteen Crowns coin'd at 5s. each comes to 4l.
So 16 Crowns is equal to 4 Guinea's.
Now suppose 4 Guinea's coin'd of the same weight they now are, should by Authority be reckon'd at 1l. 4s. apiece, they come to 4l. 16s.
Sixteen Crowns coin'd at 5s. if made by Authority to pass for 6s. then 16 Crowns comes to 4l. 16s.
Which makes the Par equal betwixt Silver and Gold, which always will have, as it ever has had for convenience 18d. or 2s. still running upon it, so Guinea's as aforesaid, set at 24s. will have the Currency of 25s. 6d. or 26s.
Now against this 'twill be said,
Tis Raising the Standard setled {sic} by an Act of this Sessions upon mature Reasons.
'Tis not altering the Standard, for that however continues; 'tis only giving a Currency to Silver and Gold, as above exprest, for Publick Convenience, 'till otherwise provided by Parliament.
And as to the Reasons ('tis confessed) that have been strongly urged to the contrary, they are to be answer'd by common Convenience, and the word Necessity, against which no Law ever did or ought at any time at all to prevail.
As to the Convenience the Publick will reap,
Note, 100000l. this way pays 120000l. at present, of which the Publick will have the Advantage, and if at any time hereafter it should be found needful to Reduce the same Crowns to 5s. again, 'twill be then but paying 12d. apiece to every Person possest of such Crowns of which the Publick as had the use in the mean time, so it may the better by the Publick be repaid. And note also, The Re-payment of the Shilling so to be hoped for on the Crowns, will hinder their either being melted down or Exported, it being to be lost if they be.
As to the Necessity,
'Tis agreed on all Hands, that whilst Gold goes for more than 'tis worth, and Silver for less, the one will be hoarded or carried away, and the other left to go by it self.
This further Satisfaction 'twill give,
To Farmers and others actual Possessors of Land in the Country, 'twill keep up the Price of their Commodities, viz. of Wooll {sic}, Cattle, Corn, Tinn, Lead, &c. to their general Satisfaction, because they will be thereby enabled the better to pay their Rents to their Landlords, who for that Reason 'tis hoped and believed, will have very little Cause to complain.
Note, What is before Proposed is no way Repugnant to the late Vote, That Guinea's shall not be taken or paid at above 28s. and may yet be Enacted this Sessions (as 'tis humbly conceived) if so be that it is but approved.
T. N.
Source
A Proposal concerning the Coin ([London]: [1695]).1695, c. 618 words.