Draft of MINT00499 (Mint 19/2/236v)

<225r>

According to yoer Lordships Order signified to me by Mr Secretary Harley's Letter of Feb 26 instant I have considered the Letter of his Grace the Duke of Ormond her Majesties Lewtenant General & General Governour of Ireland sent to your Lordship, with the Representation sent to his Grace from the Lords of her Majestys most humble honorable privy Council of that Kingdom proposing the making current there by proclamation several pieces of forreign Gold therein named in order to precent the counterfeiting thereof. And humbly represent that the Moyders of Portugal one with another weigh 16 $\frac{\mathrm{1}}{\mathrm{2}}$ grains & are $\frac{\mathrm{1}}{\mathrm{4}}$ of a graind better then standard, the Lewid'ors & Spanish Pistoles weigh 10 2$\frac{\mathrm{1}}{\mathrm{2}}$gr one with another or so are $\frac{\mathrm{1}}{\mathrm{2}}$ a grain worse Standard, & at the rate that a Guinea is valued at 1£ 1s 6d a The Quadruple Pistole of Spain weighing 410gr is worth 3£ 8s - The double Pistole of Spain weighing 205gr is worth 1.£ 14.s. - The Spanish Pistole weighing 102$\frac{\mathrm{1}}{\mathrm{2}}$ gr is worth 17s. The half Spanish Pistole weighing 51$\frac{\mathrm{1}}{\mathrm{4}}$ gr is worth 8 s 6d - The quarter Spanish Pistole weighing 25$\frac{\mathrm{5}}{\mathrm{8}}$ is worth 4s 3.

The double French Louis weighing 205gr is worth 1.£ 14.s -

The French Louis weighing 102$\frac{\mathrm{1}}{\mathrm{2}}$ gr is worth 17s.

The half Louis of France weighing 51$\frac{\mathrm{1}}{\mathrm{4}}$ gr is worth 8s 6d.

The quarter Louis of France weighing 25$\frac{\mathrm{5}}{\mathrm{8}}$ gr is worth 4s 3d.

The Moyder of Portugal weighing 165$\frac{\mathrm{1}}{\mathrm{2}}$ gr is worth 1. 8. 8

The half Moyder weighing 82$\frac{\mathrm{3}}{\mathrm{4}}$ gr is worth 14s 4d.

The quarter Moyder weighing 41$\frac{\mathrm{3}}{\mathrm{8}}$ gr is worth 7s. 2. But if the value of the forreign gold coins be raised in Ireland in such a proportion that a double Spanish Pistole & a double French Louis may pass there fore 1£ 17s & other pieces in proportion as is desired in the memorial, then the value of the Spanish & French pieces may stand as in the memorial

<225v>

exceting that the Moyder weighing 165 grains must be valued only at 30s, the half Mpyder weighing 32$\frac{\mathrm{1}}{\mathrm{2}}$ at 15s & the Quarter Moyder weighing 41$\frac{\mathrm{1}}{\mathrm{4}}$ at7s 6 - .

In the reign of K. William, the Scots put of their Crown pieces in the northern borders of England at 5s sterling & their other silver coins in proportion tho a Scots Crown was worth but 4s 6d. By this means the northern borders of England began to abound with Scots money & Scotland with English money; which afforded profit of about ten per cent by recoining the english money in Scotland till the Officers of the Mint gave notice thereof to the Lords Commissioners of the Treasury who thereupon put a stop to the currency of Scots money in England.

At that time Lewid'ors passed here at 17s 6d a piece which overvalue brought in so great a number of those forreign gold coins that when the Officers of the Mint gave notice thereof the Lords Commissioners of the Treasury & the King issued out a proclamation that those pieces should go but at 17s a piece in the last year of his reign & the first year of her Majesties reign there were coined above twelve hundred thousand Guineas out of those forreign coins. And this gold came in by the encouragement given to the Merchant to but & pay debts in England with forreign gold & abroad with English silver If in Ireland a double Pistole be raised in value from 34s to 37s & other pieces in proportion the Merchant may make a profit of 8 per cent by turning English silver < insertion from > into forreign gold coins to be put off in Ireland. The too high value put upon Guineas in England in proportion to silver conduces to carry out our silver & bring in gold. in its room, & the raising it higher in Ireland in proportion to silver then is done any where else in the world must increase this effect.

There being considerable quantities of forreign gold moneys in Ireland, I am humbly of opinion that they should be all made current by proclamation, (as is desired) so that it may be death to counterfeit them.

provided the same value can be set upon gold in Ireland as in England. But [I am afraid of the consequences of setting a higher value upon gold in Ireland in proportion to silver then is done any where else in the world. The too high value put upon Guineas in England conducing to carry out our silver & overstock us with gold] but if that be disputed I humbly propose that the opinion of the Council of Trade be had in this matter.

All which &c

I do not fully know the present state of the coins in Ireland, but I am humbly of opinion that this matter be well examined by the Commissioner of Trade & whom else yoer Lordship shall think fit, before any thing be done in it.

<226r>

a Guinea ought to pass in Ireland for 1. 3s 3$\frac{\mathrm{1}}{\mathrm{2}}$