Variant and apparently earlier holograph draft of MINT00281 (Mint 19/2/78-9): the note 'writt in 1701' has been added in another hand, though it seems likely this is a mistake

<74r>

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May it pl. yo^r Lo^p

According to yo^r Lo^ps direction we have drawn up an acc^t hereunto annexed of the {illeg} weight assay & value of \dives/ forreign coyns. And we have also \in another annexed paper we have also/ compared the values set upon gold in several nations so far as at present we have been able to get intelligence. By that\which/ acc^t your Lord^p w{illeg} it seems to us that gold is valued higher in Eng{illeg}|l|and then in Holland & France by about 6^d 7^d or 8^d in a Guinea & that in Spain Italy & the north (so far as we can yet informe o^rselves) it is valued much \lower then in England/ after the rate as in France.

Were the melting down of forreign monies \& bullion/ for exportation prohibited in private shops, & licensed only in the Mint it would give us opportunity of knowing more exactly & more generally the intrinsic values of forreign cons of several nations & the prizes of gold in the markets abroad \from time to time/ & how trade goes w^th respect to gold & silver & prevent the it would\might/ also prevent the melting down of o^r money in private for exportation.

In comparing

Exchangers reccon 1^lib sterling at a par w^th {illeg} 444$\frac{4}{9}$ styvers Dutch styvers w^ch recconing is grownded on a supposition that a Patagon or Dutch Rixdoller w^ch is 2$\frac{1}{2}$ {illeg}|5|0 styvers equals in value 54 pence {illeg}|E|nglish a Rixdollar of y^e Empire or Ecu of France or spanish Piastre w^ch is \worth/ 4^s 6^d of o^r money w{illeg}|h|ereas a Patagon is worth but 4^s 4^d$\frac{1}{2}$. And tho we are told {illeg}|t|hat a Patagon in this recconing is Bank paper money w^ch is 3, 4 or 5 p^r cent better then \{their} their/ specie money, yet the putting a par {illeg}|b|etween o^r specie money & their paper money seems improper & may make the exchange more liable to tricking then if the Par were \put/ between specie money & specie moeny, as it ought to be. For {illeg} between specie money w^ch has\is of/ a certian intrin{illeg}|s|ic value & paper money w^ch is \of no intrinsic value &/ of \no intrinsic va/ an uncertain extrinsic value without any \|& has of no| intrinsic value/ intrinsic value there can be no par {illeg} assigned.

The coynage of

{illeg}\The {illeg}/ Gold in \China Iapan &/ the East Indies is at a much lower value then in Europe b{illeg}|eing| in China & Iapan but about 9 or 10 times of more value then the same\its/ weight of silver whereas here it is above 15 times th{en}|e| |value.|of its weight of silver\of silver/. {sic} Which is the reason why the Merchants carry silver to the East Indies & China & leave y^e gold at home, & that of late years \as the trade of India has increased/ there has bee{illeg}|n| much more|less| gold\silver/ coyned in pr{illeg}|o|portion to silver\Gold/ then formerly. In the first twelve years after the enact{illeg} Act for encouragement of coynage there was coyned \more silver then Gold viz^t/ 1669826^li 8^s 3^d in Gold & 1896338^l. 10^s. 8^d in silver In the next ten years there was coyned much \above three times/ more gold then silver viz^t <74v> 4363776^li. 4. 10 in gold & 1337730^li. 5. 9 in silver. In the last 13 years there {illeg}|h|as \bin/ coyned out of forreign Bullion above|ut| 3|1|5 times more gold monies then silver monies. And this in|de|crease of gold money\the coynage of silver/ in proportion to silver \that of gold/ & the decrease of the silver {much} exportation \decrease also/ of silver monies|ey| \by melting it down for exportation/ while the gold stays with us tends to |[|bring down the price of gold monies \by its plentifulness/ in proportion to that of silver|]| raise the value of silver monies by its scarceness in p{illeg}|r|oportion to y^e gold. Which is a further argument for lowering the price of Guineas|.| in respect of silver. For y^e more plentiful gold {grows as} in\grows/ in respect of silver the more apt its p{illeg}|r|ice will be to fall.

{illeg}

Laws against exporting money are seldom effect{illeg} may sometimes do go may upon some extraordinary occasions do some good but usually do more hurt. The\Such/ Laws cannot hinder money from getting abroad to answer where it is wanted to ballance trade: but on the contrary they hinder it|\Bullion/| from flowing freely into the Market of England & from y^e Market into the Mint for increasing the coyn. For y^e more Bullion\Gold & Silver/ flows through into through the Market \of England/ & the Mint the more will stick among us. The best way of preserving & encreasing the coyn is to take care of y^e ballance of trade & encourage the flowing of gold & silver through the Market & Mint of England.

Trade is ballanced by \promoting the/ exporting \of/ our own pro\native own/ product & manufactur \as / & checking luxury in forreign commodities especially from countries w^ch must be paid in money. The old East India company was obliged to export yearly {manu} our\English/ manu{illeg}|f|actures to y^e value of 100000^li. Were the p^rsent company obliged to export our|Eng|lish commodities not of a certain value yearly but of a certain value in proportion to y^e silver they exp{illeg}|o|rt & care taken to make them do it: it might\would/ put them upon finding out new ways of vending our commodities whereby much money would in the for answer the price o{illeg}|f| Indian goods.

Were The prohibiting the exportation of Bullion\money/ & licensing that of forreign Bullion has a very raises the price of Bullion above that of money w^ch is of very ill consequence. T|I|f would be much better on the contrary to prohibit the exportation of money Bullion & licence that of money. For this would set the price of money above that of {illeg}|bu|llion as it ought to be, & increase the coyn \bringing \much/ silver through y^e Mint &/ by y^e new coynd money running amongst us till exportation & be of honour to y^e nation by the circulating\passing/ of o^r money {above} in|to| forreign countries. |For o^r money being of {illeg}|b|etter standarded & better coyned then| /pieces of eight would in {illeg} time be of more credit abroad then pieces of 8 & {illeg}make us appear more rich & potent then we for at present\

And some of these effects would be had by licensing the Merchat|n|ts to coyn out of f export so much money only as they coyn out of forreign Bullion|.|t|hey paying \for/ the coynage upon shipping it for exportation|

If any alteration were to be made in the standard we would propose to have the silver 11 ounces fine as the gold is & {illeg}|as| both gold & silver are in France \& Spain & the/ & the pound weight be do cut into 61^s 6^d, that the value of y^e coyn may remain y^e same. For \the silver would weare something better &/ in valuing o^r money in Forreign countries the \old/ 2^dwt is apt to be neglected

And it may be considered whether i{illeg}|t| would not be of some advantage to us to coyn Rix dollers {illeg}\some/ pieces of the same value & name with Rix Dollers Ecus or Pistoles for the advantage of travellers who are sometimes abroad con{illeg}|st|rained to putt off o^r crowns at y^e same value w^th forreign crowns {illeg}\or/ Dollers {&} for want for {illeg}^{s} 6^{d pieces} crowns or Dollers of the same value with th{illeg}|o||se| {for} w^ch are current in other countries/abroad\

<75r>

Silver pence & two pences as so small as easily to be lost & {sewe} for little else then curiosities& toys for ch for children to play with & if they be in use they quickly weare away. {illeg}|I|t may be considered therefore whether it would not be better to coyn copper pence in their stead. And to make the {Groat} three pences groats & so six pences \a little/ narrower & thicket that they may wear longer

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