Draft of MINT00270 (Mint 19/2/139)

<145r>

The great value put upon French & Spanish Pistoles in England has made them of late flow plentifully hither above any other sort of Gold Especially the French Pistoles which are better sized & coyned & less liable to be counterfeited & by consequence of more credit then the Spanish. For Pistoles pass amongst us for 17s 6d a piece whereas one with another they are worth but about 17s 1d at the rate that Guineas of due weight & fineness are worth 21s. 6d. And if allowance be made for the lightness of oer silver monies by the melting down of the heaviest pieces & wearing of the rest yet Pistoles will be worth but between 17s 2d & 17s 3d.

About four years ago by the English putting to great a value upon Scotch money, the northern borders of England were filled with that money & Scotland was filled with oers the Scots making about 8 or 9 pr cent profit by the exchange untill yoer Lordships put a stop to the mischief. The case being now the same in the reputed par of the Exchange between oer money & Pistoles which runs 3d or 4d in a Pistole to the nations loss we humbly represent it to yoer Lordships in order to such a remedy as your Lordships shall think fit, so that when the Exchange with forreign nations runs on oer side as at present we may not lose oer advantage by it, & when it runs against us we may not lose more by it then is necessary. All which

We presume also to lay before you Lordships that by reason of the great demand of Silver dor exportation to the Indies the price of Bullion exceeds that of of silver monies by 3d or 4d & sometimes by 6d or 7d pr ounce, whereas the monies ought to be of as great or greater value then bullion by reason of the workmanship. And this high price of Bullion has not only put an end to the coynage of Silver but is a great temptation to the melting down & exporting what is already coyned. A mischief of such consequence as may deserve yor Lordships consideration of a remedy

<145v>

For Mr. Newton