Draft of MINT00281 (Mint 19/2/78-9)

<71r>

My|a|y L it pl. y^r L^p

According to y^r Lord^ps Direction we have examined the values of several forreign coyns & h {illeg} endeavoured to inform o^er selves of the proportion of the value of gold in proportion to silver in several nations. P|A|nd by y^e acc^ts thereof in the paper hereunto annexed we find that \we can yet meet with/ Gold is higher in England then |in FHolland Holland & in France by about 9^d or 10^d in the Guinea then| in Holland by about 10|2|^d in y^e Guinea, then at Hamborough by about 18^d in the Guinea, then at Dantzigck by about then at Frankford by about                      then in France by a 8^d The {illeg} then at Venice by then at Le Florence & Leghorn by then at \then in Germany by above 12^d in the Guinea. The proportion in Italy we cannot yet learn for want of a sufficient number of pieces of their money to assay for determining the value of their lire{illeg}|s| \&/ soldi & in \by which they reccon in their/ several {illeg} Principalities. Only at Naples the Tarin is Gold seems to be lower then in England by 8^d in the Guinea or above/ Genoua by                 in the Guinea. But a|i|n Spain & Portugal it is higher then in England by by about 8^d in the Guinea. An acc^t of all w^ch is set down in the paper hereunto annexed. By reason of the great number of Mints in Europe, the frequent alterations of the standards, the ambiguous names of m \usage/ ambiguous usage of the same names ofor \the/ money of several nations several values & \also/ for paper bank paper money \of a different value frō specie money/ & the difficulty of procuring some sorts of coyns for kno for knowing their just value by the assay, has the difficulty of informing o^er selves w^th sufficient assurance of the value of gold money the change between gold & Silver in several nations have|s| made if difficult for us to.

The Merchants bid higher for silver then according to these rates. In China Japan & y^e Indies the gold in a Guinea is gold is much In the Indies gold is much cheaper then in Europe & in china & Japan it is still cheaper. WHich makes the East India Merchants {illeg}|give| higher \more for/ for silver then the market price\according to the rates above/. So in England they give \at least/ 5^s 6^d p^r oz or above (Whence at w^ch rate a Guinea is worth but about 19^s 6$\frac{1}{3}$ & in Spain they ad give {illeg} 5, 6 or 8 p^r cent above the legal rate.

In Spain & Portugal gold is higher then in England by about 8^d in the Guinea the For |{illeg}| For the great quantity of Silver brought thither /coming\ from y^e West Indies \& flowing from thence into all Europe/ has of later yeares brought down the price of silver in all Europe in proportion to gold & more in Spain then in any other country where the principally in Spain where the bullion first arrives. In

The high low \lower the/ price makes the best market for sale of silver of silver make the best market for silver \the better the Market for si/ & this carries {illeg}\silver/ from Spain into all Europe & from all Europe into the Indies & China. [And therefore our way to preserve our silver is to bring down the price of Gold {illeg}] The Merchants bidding more for it then \it goes for among/ the natives value it at And therefore one way to preserve o^er silver is to lower the price of gold. Were gold lowered For W^t {illeg} 6 or 7 may be|And for that end we are humbly of opinion that 6^d| at leasr should \may should may should/ be taken from y^e price of the Guinea. And by the

<71v>

In the last warr when \the/ Lewidors were|as| {illeg}r{illeg}|ai|sed to 14 livres the ecu was raised to 7 ony {sic} to 72 liv sols but now it is raised to 76 sols. gold being only tho the Lewidor be raised only to 14 \livers as before. So that gold in proportion to Silver respect if Silver/. So that gold is lower in France now then then in the last \war/ in the proportion of 72 to 76 or 18 to 19, that is by a{illeg}|above|{illeg} {illeg}|13$\frac{1}{2}$|^d in the Guinea.

There is yet another cause of the

The licensing the exportation of forreign Bullion & the bann prohibiting \whilst/ the exportation of money is prohibited is another cause of |y^e| decrease of o^er Silver coyn for this sets the price of B makes silver worth more uncoyned then coyned & thereby stops the coynage & causes the melting down of t{illeg}|h|e money in private for exportation On the contrary care should be taken to bring bullion throught the Mint that set the price of Bul oney above that of Bullion & \to/ bring Bullion \through/ the Mint, for the increase of the coyn. For w^ch end it would be better part of what is coyned being apt to stick stay in the nation \silver/ being more apt to stay in with us in the form of money then in the form of Bullion, & encreasing the coyn so long as it stays w^th us. And therefore [If the Ballance of trade be against us the money will be melted down & exported to pay debts the Merchants debts \debts & carry on trade/ in spight of laws to the contrary & if the & if the & if the ballance of trade be for us such laws are needless Care] For w^ch reason it would be better to||\on the contrary to check the exportation of bullion &/ licence the exportation of money, or else to license the exportation of both, But at or at least to license the exportation of so much money as it|s| coyned out of forreign bullion, after some s w^ch may be conveniently done after some such manner as is expresse din {illeg}\the/ {illeg}|sch|eme hereunto annexed.

If the Ballance of trade be against us the money will be melted down & exported to pay debts \abroad/ & carry on trade in spight of laws to the contrary: and if the ballance of trade be for us such laws are needless [ are s [Let trade be so ordered as \as/ tends most as to make as to make it profitable \that no as to make every branch of it may be hurtfull/ to the nation in all it parts & the money will be safe. I am ] The only way to Let trade be so ordered that no branch of it may be hurtful detrimental to the nation & the money will be safe. For w^ch end luxury in forreign commodities \as to/ be checkt, &\&/ the exportation of our own encouraged. And If to y^e Act of Navigation a law were added\made & welle executed/ against exporting more gold or silver by any ship or company of Merchants then in a certain proportion to y^e value of the goods exported, such an addition to y^e Act of Navigation would {illeg}\put Merchants upon finding ways out \new/ ways to vend o^er commodity abroad &/ be more effectual for preserving the coyn then an{illeg} absolute prohibition of the exportation thereof.                                         All w^ch is most humbly submited &c

<72r>

Among the Merchants Gold is w Silver is worth 4|5|^s 6^d p^r oz while\&/ gold is worth but 4^£ p^r oz at w^ch rate a Guinea is worth but 20.^s 2^d$\frac{33}{44}$.