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

<71r>

May it please your Lordship

According to your Lordships Direction we have examined the values of several forreign coyns & endeavoured to inform oer selves of the value of gold in proportion to silver in several nations. And by the accompts we can yet meet with Gold is higher in England then in France by 9d or 10d in the Guinea then in Holland by about 12d in the Guinea, 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 the lires & soldi in by which they reccon in their several Principalities. Only at Naples Gold seems to be lower then in England by 8d in the Guinea or above

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.

The lower the price the better the Market & this carries 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 ] The Merchants bidding more for it then it goes for among the natives And therefore one way to preserve oer silver is to lower the price of gold. And for that end we are humbly of opinion that 6d at leasr should be taken from the price of the Guinea.

<71v>

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

The licensing the exportation of Bullion whilst the exportation of money is prohibited 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 oney above that of Bullion & to bring Bullion through 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. [If the Ballance of trade be against us the money will be melted down & exported to pay debts & carry on trade in spight of laws to the contrary & if the ballance of trade be for us such laws are needless Care] For which reason 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, which may be conveniently done after some such manner as is expresse din 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 Let trade be so ordered that no branch of it may be detrimental to the nation & the money will be safe. For which end luxury in forreign commodities as to be checkt, & the exportation of our own encouraged. If a law were made & well executed against exporting more gold or silver by any ship or company of Merchants then in a certain proportion to the value of the goods exported, such an addition to the Act of Navigation would put Merchants upon finding out new ways to vend oer commodity abroad & be more effectual for preserving the coyn then an absolute prohibition of the exportation thereof.                                         All which is most humbly submited &c

<72r>

Among the Merchants Silver is worth 5s 6d & gold 4£ pr oz at which rate a Guinea is worth but 20.s 2d$\frac{\mathrm{33}}{\mathrm{44}}$.