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

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May it pl. Yor Lordp

According to yor Lordps direction we have examined the values of several foreign coyns & endeavoured to inform oer selves of the value of gold in proportion to silver in several nations. And by the Accts we have meet with Gold is higher in England then in France by about 9d or 10d in the Guinea, then in Holland by 11d or 12d in the Guinea, then in Germany by 12d in the Guinea or above. 1 The proportion in Italy we cannot yet learn for want of a sufficient number of pieces of their money to assay for determining the values thereof. Only at Naples Gold seems to be lower then in England by 8.d in the Guinea &or above 1. / In Spain Gold is higher then in England by about 8d in the Guinea. For the great quantity of silver coming from the West Indies has brought down the price of Silver in all Europe in proportion to gold & principally in Spain where the bullion first arrives& from whence it flows into other countries. The lower the price the better the Market & this carries silver from Spain into all Europe & from all Europe into the Indies & China: the Merchansts bidding more for it then it goes for among the natives. /And therefore 12 In Spain the Merchants advance 5 or 6 or& sometimes 8 ꝑ cent for Silver about 6 or cent for silver at wch rate a Guinea is worth {illeg} 20s. 10g∟9 In England they advance 3d or 4d pr oz {illeg} & sometimes above & at wchthe rate a Guinea is worth bet of 2d pr oz advance a Guinea is worth but 20.s 6d{illeg}$\frac{\mathrm{1}}{\mathrm{6}}$. Gold is therefore at too high a rate in England by about 10d or 12 d in the Guinea. And this tendisng the proportion decrease of the Sithe Silver &coyn, & one way of preserving this coyn is to lower the price of Gold suppose by taking 6, 9d or 12d from the value price of the Guinea, so that Gold may be of the same value in England as in the neightbouring parts of Europe, The King of France has set an Example for oOne way Therefor preserving oer silver is to lower the price of gold [suppose by taking 6d, 9d or 12d from the price of the Guinea so that Gold may be of the same value in England as in other nighethe neighouring {sic} parts of Europe except Spain & Portugal.

21 In the last warr when the Lewidor was raised in France to 14 livres the Ecu was raised only to 72 Sols, but now it is now raised to 76 sols tho the Lewidor be raised only to 14 livres as before So that gold in respect of silver is lower in France now then in the last warr in proportion of 72 to 76 or 18 to 19 that is by above 13$\frac{\mathrm{1}}{\mathrm{2}}$d in the Guinea.

12 Among the Merchants silver is worth about 45d, 6d ꝑ ounce in England & Gold 4£. Ast wch rate a Guinea is worth but 20.s 2d$\frac{\mathrm{33}}{\mathrm{44}}$.

The licensing the exportation of Bullion whilst the exportation of money is prophibited is another cause of the decrease of oer silver coyn. For this makes silver worth more uncoyned then coyned & thereby stops the coynage & causes the melting down of the money in private for exportation. On the contrary care should be taken to set the price of bullion above that of money above that of bullion & to bring Bullion though the Mint, silver being more apt to stay with us in the form of money then in the form of bullion, & encreasing the coyn so long as it stays with us in the form of money. For wch readson it would be better on the contrary to check the exportation of bullion & licence the exportation of money or else to license the exportation of both, or at least to license the exportation of so much money as is coyned out of forreign bullion: wch may be conveniently done after some such manner as is expressed in the 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 & even & hurtfull to trade LetIf trade can be so ordered that no branch of it be detrimental to ye nation & the money will be safe. For wch end luxury in forreign commodities should {illeg} be checkt & the exportation of our own commodities encouraged. If a law were made & well executed against exporting more gold & silver by any ship orMerchant or company of Merchants then in a certain proportions to the goods value of the goods exported, such an addition to the Act of Navigation would put Merchants upon finding out newsufficient ways of vending oer commodities abroad & be more effectual for preserving the coyn then {illeg}the absolute prohibition of the exportation thereof.

All wch &c