Report on exchange rates in American colonies

<188r>

Considerations about y^e state rates of the coyns

Sevil, Mexico, & Peru & Pillar pieces of eight old Plate, {illeg} & French Ecus, or Silver Lewises {illeg} weighing 17$\frac{1}{2}$^dw - 4.^s 6^d. - 6^d|s|     NB Pillar pieces are 1^d better, Perus|e| $\frac{1}{2}$^d worse. Pieces of eight new Plate new plate weighing 14^dw-3^s. 7^d.       4. 9$\frac{3}{5}$

And we further lay before your Lord^p that the Pillar pieces of 8 ared better then the Sevil & Mexico by about 1^d 1^d{illeg} or\or/ 1^d ob per piece, but considering that in y^e Colony of Massachusets Bay by vertue of an Act passed there they {illeg}\& confirmed/ by the Royal authorty {sic}, w^ch cannot be altered but by an Act to be passed by\in/ the same manner, the Pillar pieces {illeg} pass\are current/ at the same rate with the Sevil & Mexico pieces, the same

And we further lay before yo^er Lord^ps that pieces of eight of Sevil & Mexico of just weight & allay are worth 4^s 6^d per piece intrinsic value & that Pillar pieces \of eight/ are finer silver & on that account better by by three farthings {illeg}\per/ piece then more valu worth then the others of the same weight by ab three farthing in the piece: but considering that by vertue of an Act passed in Massachusets Bay|that the differenc {sic} is but small & that all forreign coyns are \already/ rated for the Colony of y^e Massachusets Bay by vertue of an Act there passed| & confirmed by the Royal authority, w^ch cannot be altered but by a newl Act to be \all forreign coynes are rated for th/passed by\in/ the same manner \as their Lo^ps mention/, the Pillar pieces are\of eight are there/ current at the same rate with the Sevil & Mexico pieces of eight: we are humbly of opinion that if her Maj^ty shall think fit to issue out her Royal Proclamation in the manner\to the purpose/ proposed by their L^dps {illeg} for Trade\the coyn & be rated {illeg}/ {illeg} it0may be done \for all her Maj^tys Plantations in Am./ after the \same/ manner proposed by their|m| without \as in this Act/ \without/ making a difference between the Pillar pieces & the other pieces of eight. But con Which And we are humbly of opinion being allowed we are humbly of opinion

<188v>

We do not think it {illeg} the rate of forreign coyns any further then their Lord^ps have done, but if the value of more\least the just intrinsic value of/ coyns \coyns of them/|of any coyns of just weight & allay| should be desired\wanted/, we have subjoyned\set them down in/ the following Table|.| of

l

The halfs|,| & quarters \& other pieces parts/ in proportion of their weight according to their denominations. And \In//And\ light pieces an abatement in proportion of to their ward of weight

Considering that y^e Coyn most of her Maj^ts Plantations \in Am./ have already raised their coyns & that Pieces of 8 are raised \from 4. 6 to 6 in New England/ by a law ratified by y^e Royal authority I hu humbly conceive it adviseable to limit the raising it further by such a her Maj^tys issuing such a Proclamation as the L^ds Comm^ers for Trade propose.

Were the

And considering that the difficulties of reducing the|m| coyns to y^e Same rate as in England [ by reason that they are already raised in most of y^e Plantations almost |all| the|o| Dominions \her Maj^ts Plantations//Dominions\ & that in New England these are raised by an law established by royal authority |in the colony of Massachusets \Bay/ cannot be lowered by Act without a new repealing an Act established by the Royal authority| : we humbly conceive the rate proposed \& limited/ by their Lord^ps to be \a/ convenient \limit for putting a stop to the raising of forreign coyns at pleasure beyond it/, namely that pieces of eight or [Sevil Mexico & Pillar Pieces of 8 do\should/ not pass for more then six shillings] forreign \such coyns/ do not pass at a higher rate there that already appointed in the Colony of Massachusets Bay by an Act establi established by y^e

The Pillar Pieces are finer then the Sevil & Mexico & on that acc^t better \more worth/ by about three farthings in y^e piece, beside some advantage in the weight, but but considering that the difference is but small Royal authority so established by by that Act\in any of those her Maj^ts dominions then/ they do at present in the said Colony\New England/ by vertue of y^e Said Act

And con{illeg}|s|idering the difficulties of reducing them to the same rate as in England by reason that they are already raised in almost all those her Dominions & \that/ in the colony of Massachusets bay cannot be lowered\they/ are raised by an Act established by the royal authority \w^ch cannot be repealed by by the a like Act/: we humbly conceive that that|eir| Lo^ps have fit by proposed a limit their Lord^ps have fitly proposed the rate at w^ch \by y^e S^d Act/ they pass b in that Colony|,| by y^e said Act. as a limit above w^ch s|t|hey shall not be pass in any other Colony.

<189>

May it pl. yo^er Lo^p

According to yo^er Lo^ps - - - - Dominions in America.

And for y^e rate proposed by their Lo^ps, namely that Sevil Mexico & Pillar pieces of 8 do not pass for more then six shillings a piece we rely up{on} their Lo^ps judgment it depending on y^e laws & c{illeg}|u|stomes of y^e Plantations & circumstances of Trade.

The \intrinsic/ value of those coyns in proportion to English specie money is {illeg}\set down/ in y^e following\annexed/ Table but considering that the rate at w^ch they are \now/ taken in England is uncertain\at higher rates at y^e discretion of the Merchant/, that they are \already already/ raised in almost all her Maj^ts Dominions in America \& cannot be lowered without danger of disgust/ & that the in y^e Colony of Massachusets Bay they are raised by an Act confired by Royall authoriry w^ch cannot be repealed by by another Act to be passed after the same manner we are humbly of opinion that the most pactible \& safest & convenient/ way of bringing them to the same rate in all those Dominions is to put a limit above w^ch they shall not be rated\pass/ & \{illeg}\we/ conceive/ that the rate at w^ch they {sic}\by the said Act V Act above mentioned they now/ \now/ pass in y^e said Bay by is a fit\fit/ limit to be appointed by her Majesties Proclam [fit [to be appointed by her Majesties Proclamation.

<189v>

May it please yo^er Lord^p

According to yo^er Lord^ps order of Reference \signified to us by M^r Lowndes his {illeg}/ of Dec 2^d we ha{ve} considered the matter conteined in the Representation from the L^ds Comm^ers for y^e Council of Trade for setling the rates {illeg} of Forreign coyns in the Maj^ts Plantations in America & \humbly/ agree w^th their Lord^ps that the in their opinion that the |{t}aking a liberty of| altering the rates of the coynes {illeg} at pleasure\at y^e discretion of those governments/ does\must/ incourage an indirect practises of drawing the money from one Plantation to another to the undermining of each others trade & that the proper way to remedy this mischief is to reduce all forreign coynes to one & the same rate in all her Majesties Plantations Dominions in America.

We have therefore supp|bj|oined a Table to the just value of such\the principla/ forreign coyns that upon acced in \in proportion to current coyns in money current in/ English specie money, that upo whereby it may be known upon that upon stating\Egland in English money, that by her Majesties appointing by appointing/ the rate at w^ch any one species shall pass it may be known at what rate any all the other species are to pass. But \appointing that rate it self/ in asser the assign the rate to state that rate \at w^ch the mo to be appointed/ depends upon \such/ considerations \circumstances/ of Trade & laws & customes of y^e Plantations of w^ch the Lords Comm^s of Trade w^ch have no certain knowledge w^ch do not lye before us.\of w^ch we are not informed/ But the rate to be appointed depends upon laws & customes of the Plantations w^ch we are not acquainted All w^ch w^th    All w^ch &c

The value of forreign coyns according to their weight

Sevil, Mexico

And since     {illeg}Their L And w

The Lord^ps pro

Pieces of 8 are worth of

For this end their Lord^ps propos

The rate proposed by their Lord^ps is that pieces of eight do not goe in any part of\pass in there/ for more then six shillings, w^ch is 1^s 6^d above their intrinsic value\just value in England/, & for this limitation their Lo^ps give this reason, that in w^ch we must su we must rely upon their Lo^ps judg^mt not having it depending on y^e laws & customes of the Plantations & circumstances of Trade.

The Pillar Pieces of 8 are of finer silver then y^e rest & on that acc^t more valuable then y^e rest \those of Sevil & Mexico/ of the same weight by three farthing in the piece by about three farthings in y^e piece besides some advantage in thei{illeg}|r| weight. But considering {illeg} other pieces of 8 that the difference is but small & that it is neglected in the Act passed in the Province of Collony of |y^e| Massachusets Bay w^ch \w^ch their Lo^ps mention/ & conformed by Royall authority w^ch appoints the rate of forreign coyns for that Prov Province\w^ch appoints y^e rate of forreign coyns for that Province/ we are humbly of opinion that it may be neglected in vt|ra|ting the coyn for y^e rest of y^e Plantations so that all the Plantations in America may be upon the same {illeg} & that & we\Colonies, as in their Lord^ps Representation/ that Act being made y^e rule for rating the coyn for all her /Ma^ts\ Plantations in America, because \already/ ratified by y^e Royal authority.