On differences between the customary par and the current rate of exchange between English and French money at Dunkirk, and what proportion of the loss should be born by the Crown

Author: Isaac Newton

Source: MINT 19/2/172, National Archives, Kew, Richmond, Surrey, UK

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<172r>

In the course of Exchange, nine pounds sterling are recconed at a par with 100 Gilders specie money of Holland, or 1^li with 11 Gild^rs 2 $\frac{2}{9}$ Styvers. But 1^li sterling lately passed in Holland only for 10 Gilders & 9 or 10 styvers, or at a medium for 10 Gild^rs 9 $\frac{1}{2}$ Styvers. The defect is 12 $\frac{13}{18}$ Styvers, whereof her Maj^ty allowed to the forces in Flanders 5 $\frac{1}{2}$ Styvers, w^ch is a{illeg}|lm|ost one half o{illeg}|f| the defect or loss by the exchange.

The par between English & French money is|of| not|th||e| new species is not yet setled by the course of the Exchange: but by weight & assay I find that an unworn French crown piece of the new species w^ch passes at Dunkirk & in France for five Livres is worth 5^s 1^d sterling. And at this rate 20^s sterling are worth 19 livres 13 $\frac{27}{61}$ sous. But 20^s sterling pass at Dunkirk for only 17 livres. The defect or loss is 2 l{illeg}|i|vres 13 $\frac{27}{61}$ sous to be divided between her Ma^ty & the forces. And as 12 $\frac{13}{18}$ styvers to 5 $\frac{1}{2}$ styvers, so are 2 livres 13 $\frac{27}{61}$ sous to 23 sous, her Maj^ts proportional part of the defect: w^ch added to 17 livres the current value of 20^s sterling at Dunkirk, makes her Maj^ts allowance {illeg}|18| livres 3 sou{illeg}|s| for 20^s sterling, recconing a French crown new species at 5 livres. But her Maj^ty may alter the proportion at pleasure & make the allowance in a rounder number.

When nine pounds sterling are recconed at a par w^th 100 Gilders as above the specie money of Holland is overvalued by about 3 $\frac{1}{4}$ per cent:|.| For the thre– Gilder piece unworn is worth only 6{1}|2|| $\frac{3}{4}$ | pence sterling by the weight & assay. And thence nine Gilders pounds sterling are worth intrinsecally worth ab{illeg}|o|ut 103 $\frac{1}{4}$ Gilders. And one pound {illeg}|st|erling \which lately passed at about 10 G 9 $\frac{1}{2}$ st/ is worth 11 {illeg} $\frac{}{}$ Gilders 9 $\frac{4}{9}$ styvers. And \then/ the loss by the exchange is about a Gilder, whereof her Ma^ty bare only 5 $\frac{1}{2}$ styvers, w^ch is about a quarter of the whole loss. And according to this proportion her Ma^ty should beare but about a qu{illeg}|a|rter of the loss by the exchange at Dunkirk|.|, w^ch is about 14 or 15 sous. But the rules of the Exchange where they are setled being\are/ \being/ generally followed, I {illeg}|p|r{illeg}|e|sume it might be her Ma^ts intention to beare about one half of the loss by the exeange {sic} \in Holland/|,| as in the recconing first set down in this paper.