Holograph draft of MINT00272 (Mint 19/2/142)

To the R^t Hon^ble the Lords Comm^ers of his Maj^ts Treasury

May it please yo^er Lord^ps

In obedience to yo^er Lord^ps |o|rder|mm|ands that we should give o^er opinion about y^e whether Pistoles should be valued in Englan o^e markets by their proportion to o^er standard\according to y^e standard gold & silver \conteined/ in ther {sic} moneys/ or by their proportion to o^er current mo current money after it is w^ch by wearing is become lighter then the standard: we humbly represent that in adjusting the Par of exchange between y^e monies of several nations \the moneys of both nations are to be considered as bullion/ & their /intrinsic values of the monies of both nations are considered {illeg}\are to be/ compared without regarding the standard of either nation. According to this way of recconing the Par between Guineas & Pistoles is to reccon\value/\or stamp of the monies. [And thus/ Pistoles |may be valued| one with another as|t| {illeg} 17.^s 2^d$\frac{1}{2}$ or thereabouts when Guineas are recconned at 21.^s 6^d.But thus to adjust the Par between the monies of England & France\other nations/ is the business of the Ex Merchants & Exchangers & not of the Government.

The Question is now how Pistoles ought to be valued not in the Exchange between us\England/ & France but in {one} {illeg}|the M|arkets of England. There\alone. And there/ o^er own money is always valued as standard by virtue of its stamp\is never considered as bullion but \by virtue of its stamp/ is current as |if it were| standard/ altho by wearing it be grown lighter then standard but forreign money has no being not current by its\in o^er Markets by their it {sic}/ stamp hath|s| no other value then the intrinsic. A Pistoles \are/ therefore are to be valued in o^er Market as Bullion with respect. And Bullion has no i is always valued by the standard [w^ch is certain & never by y^e intrinsic value of o^er money w^ch is va] According to its weight & finesses. What Pistoles What P What Pistoles are worth for melting that they are worth in o^er Market & no more. And this value I thus compute |It is They{illeg}\there/ to be valued \in o^er Markets/ as bullion without any regard to their\it {sic}/ Stamp. So much as they are\it is/ worth for melting so much they are\it is/ worth in o^er Markets & no more. Its valued by the standard without considering o^er own money as bullion or makeing any allowance for the wearing thereof And this value I thus compute.|

A Pistoles one w^th one another weigh \not more then/ {illeg}|4|^dwt 7^gr$\frac{1}{4}$ & are at least $\frac{1}{2}$^leg worse then standard. |Sus Pistoles one with another weigh 4^dwt 7$\frac{1}{4}$ gr & are half a grain wors then standard. Whence the standard weight of a Pistole is 4^dw 6|$\frac{1}{5}$

I sau As 2880 \a pound Troy or/ 5760^gr 956\{216}/ {illeg} 11481 \1912 1921/ therefore / As a pound Troy or 5760 grains to 44$\frac{1}{2}$ g|G|uineas or 47.^l 16^s. 9^d 11481 pence so is 4^dwt 7$\frac{1}{4}$ the 103$\frac{1}{4}$|2$\frac{1}{5}$| the standard weight of a Pistole to 203$\frac{3}{5}$

By weighing several parcells of \French/ Pistoles & throwg|i|ng out only those that are 3 or 4 grains lighter then y^e rest I find that one with another they weigh more then 7|4|^dwt 7^gr & less then 4^dwt 7$\frac{1}{2}$|$\frac{1}{3}$|^gr & by the Assays \of Pistoles/ made heretofore in the Mint they \have/ proved $\frac{1}{4}$ of a grain worse then standard & something more but by many Assays w^ch I ordered to be made in the Mint the last week & this it appears that y^e oldest <148v> {Pistoles} are \at least/ $\frac{1}{4}$ of a grain was then standerd but these coyned of late years are sometimes $\frac{1}{2}$ a grain wors then standard & some most commonly $\frac{3}{4}$ of a grain worse then standard. So that one with another I reccon them above $\frac{1}{2}$ a grain wors then standard.

If Pistoles one w^th another weigh be supposed to weigh 4^dwt 7^gr$\frac{1}{3}$ & to \be/ $\frac{1}{2}$ a grain worse then standard they will be worth 17^s & $\frac{4}{5}$ of a penny. a piece.

But if they be supposed to weigh 4^dwt 7^gr$\frac{1}{8}$|$\frac{1}{10}$| & to be {illeg}\$\frac{2}{3}$^ds/ of a grain worse then standard they will be worth 1{illeg} 17 shillings. And between these two limits {illeg} I 17^s & 17^s0^d$\frac{4}{5}$ I take their place\is/ their true value {illeg}|as| nearly as I can reccon.

Certainly they are not worth 17^s 1^d & & therefore I beleive

In y^e memorial we lately presented to yo^er Lord^ps they {illeg}|we| valued them at 17^s 1^d but the findin by y^e assays since {illeg}|mad|e we find\discover/ that these Guineas Pistoles newl\those lately/ coyned are coarser then the old ones so as to bring down their value \one w^th another/ to 17.^s 0^d$\frac{2}{5}$ or thereabouts.

The price of standard\foreign/ silver is raised\raised/ above y^e standard value by y^e da|e|mand in trade for exportation. But there is no demand of Pistoles are not demanded for exportation. Their price seemes raised above y^e standard value by the Exchangers & Bankers \imposing upon the nation/ for their pri{illeg}|v|ate advantage, The French When y^e French receive Bills of Exchange to be paid in their crowns they \pay it in gold/ reccon|ing| a crown at three Livers according to y^e old value & pay us in Pistoles and Pistoles at {illeg}\13/ Livers a{illeg}|c|cording to y^e King of Frances late\his new/ edicts that is at 4$\frac{1}{3}$ crowns or 19^s. 6^d, & And b|B|y this trick the {illeg} Exchangers in England have Pistoles put upon them at an over value & lose {illeg} 2^s 6^d in every Pistole & lower y^e price of Eaus in & French crowns \in y^e Exchange/ from 4^s 6^d \(their just value)/ to 3^s 8$\frac{1}{2}$ recconing a French crown in y^e payment of Bills of Exchange at no more then 3^s 8^d$\frac{1}{2}$ or thereabout If