Draft of MINT00322 (Mint 19/2/111-16)

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To the R^t Hon^ble the L^ds Comm^ers of his Maj^ts Treary

May it please yo ^rLor^ps

In the end of King{illeg} Will

In obedience to yo^r Lor^ps Order of Reference of Aug. 12. 1717, that I should lay before yo^r Lor^ps a state of the Gold & Silver Coins of this kingdom in weight & fineness & the proporti value of gold in proportion to silver with any observations & opinion & what method may be most effectual for preventing & discouraging the meting down of \or exporting/ the silver Coin: I humbly lay before\represent/ yo^r Lor^ps that for informing my self about the|i|se matter, I did in the end of the reign of King W^m & the first year of the \late/ Queen when forreign coins were plentifull in England cause many of them to be assayed in the Tower Mint & found thereby |& by other observations|

That one pound weight of fine gold is worth\valued at/ sixteen pounds weights of fine silver in Spain & Portugal, fifteen pounds i\at/ 14^£wt 6^oz 17^dwt 5^gr in England, |at| 15^£wt in France |at|\about/ 14^£wt 11^oz 5$\frac{1}{2}$^dwt in Holland|,| ,|&| at 14^£wt 11^oz in Italy & Germany, or there abouts. for For the several Mints in Italy & Germany do not perfectly agree with one another. And according to these \{illeg}/ valuations \the fine gold in/ a Guinea which in England is valued at 21^s 6^d, is worth in Spain & Portugal 21|2|^s 1^d, in France 20^s 8$\frac{1}{2}$, in Holland 20. 7$\frac{1}{2}$, in Italy & Germany 20^s 7^d{illeg}|&| in S|D|enmark & Sweden it is worth about 20^s 4^d.

{illeg} The high price of Gold in Spain & Portugal carries away {illeg} their\keeps it at home & carries/ away their silver into all Europe, so that they make their payments in gold & will not pay in Silver unless for a premium of 5 or 6 per cent. | Which being abated a Guinea is wirth 1|2|o^s 9^d in Spain.|

The high price of {illeg}|G|old in England carries away our Sibrings it to us & carris away our silver into all Europe except Spain & Portugal & enables the Merchant to give two pence\5^s 4^d/ per ounce for silver in bullion more then it is worth when coined\w^ch in coin is worth but 5^s 2^d/ & encourages those that want silver to melt down the coin rather then buy bullion at 5^s 4^d per ounce.

In China & Japan one pound weight of \fine/ gold is worth but 9 or 10 pounds weight of fine silver, & this low price of gold carries away the silver from all Europe into th & makes silver \in/ bullion worth 5^s 6^d or 5^s 8^d per ounce as often as it |is| wanted for exportation to the Indies|ships are lading for the E. Indies: but the excessive price in these cases I do not have consider in this Paper.|

And because silver in bullion is worth for these reasons constantaly worth more in bullion then when coined, there has no forreign silver come to the mint these many years last past.

For To prevent the exportation {illeg}|&| melting down of our silver money \(except to the Indies)/ & to bring silver to the Mint I can think of no better means then to make silver worth as much in coyn as it is \usually/ in bullion. And to this there are b I know of but t And to do this I know but two methods. Either silver the value of the silver money must be raised, or that of the gold lowered, so that \in England/ Gold may & silver moneys may \in value/ beare the same proportion to one another in value England which they do in France Holl Italy Holland & Germany. F A{illeg} pounds \weight/ of Standard silver is now cut into sixty & two shillings. It if were cut into 64^s or {illeg}|6|s^s 6^d an oun{illeg}|c|e of Silver money would be worth 2^d or 2^d$\frac{1}{2}$ more then it is at present, & so be equal in value to the an ounce of bullion of the same allay \except when there is a great demand for silver to go to the east Indies/. But there is no need of altering the standard of silver money {illeg} The same thing may be done by lowering the price of gold in the same proportion. A|B|y the Indentures of the Mint under the broad seale a Guinea has been coined for twenty Shillings ever since the coinage of the mill & press was set up. And we sti accordingly \in the Mint/ we still call in the Mint\it/ a twenty Shillings piece. It now goes for 18^d more then th{illeg} legal\this/ value. If it was lowered to 20^s 8^d (or in a rounder number to 20^s 6^d) the mischief would be cured except so far as it \{illeg}/ aris{illeg}|es| from the \extraordinary/ demand of silver for the east Indies when ships are l{illeg}ading to go thither.

T{illeg}|ho|se that import Gold represent that their profit is but small & if by lowering the price of Gild & \their profit/ be taken way, we shall have\there will be/ whither Gold nor silver imported. But must the nation pay \38 or/ 40 shillings too much for every pound weight of Gold imported? & is there no remedy? Must all our silver be exported to enrich the merchant? & is there no remedy?

In the last year of king William the Dollars of Scotland were worth about 4^s 6^d$\frac{1}{2}$ were put away in the north of England for 5^s & all this price begā <96v> to flow in upon it|u|s. I gave notice thereof the to the Commissioners of the Treary & they ordered the receivers of Taxes to forbear taking of them at that price & thereby put a stop to the mischief.

At the same time the Lewidors of France \w^ch were worth but 17^s {&$\frac{3}{4}$} $\frac{3}{4}$^d/ passed in England at 2|1|7^s 6^d I gave notice thereof to the Comm^ers of Treasury & his \late/ Maj^ty put out a proclamation that they Should go but at 17^s & thereupon they came to the Mint & a Million & about 400 thousand pounds {illeg} were coyned out of them And of the advantage 5$\frac{1}{4}$ in a Lewidor did at that time bring \into the Mint England/ {illeg} so great a quantity of French moeny, the advantage of 9$\frac{1}{2}$ or above in a Guinea must have was\may have been/ sufficient to bring in the great quanty {sic} of the gold which has been coined in these last 18 or 20 years without any forreign silver.

Some years ago the Portugal Moiders were received in the west of England at 28^s a piece. Upon notice from the Mint that they were worth about 27^s 7^d, the L^ds Comm^ers of the Treary ordered their {illeg}|R|eceivers \of Taxes/ to take them at no more \then/ 27^s 6^d. Afterward the \{many}/ Gentlemen of Devonshire\the West/ & those parts sent up to y^e Treasury a Patition that the Receivers might take them again at 28^s & promised to get returns for the R\ec/eives|d|s at that rate, a{illeg}|l|ledging that t|w|hen they went at 28^s, the country was full of gold which they wanted very much. But the Comm^ers of the Treary considering that the nation {illeg} at 28^s the nation would lose 5^d a piece by them did not think fit to grant\rejected/ their petition. And if an advantage of 5^d o to the Merchant of 5^d a piece\in 28^s/ did npower that money in upon us, much more will\hath/ an advantage to him of {illeg}|9|$\frac{1}{2}$^d or 10^d in guiena \been able to {illeg}/ pound in gold upon us & carry out slver & by consequence carryd out \our/ Silver. [An0d the proper remedy must be to bring down the price of gold in relation to silver \so much/ that it may be as much the merchants interest to import silver as to import gold & to export gold as to export silver, & as much the goldsmiths interest to bye buy by forreign silver as to melt down the money unless at such times as ships are lading Whether Gold Shall be lowered at once or by steps, by an Order to the Receivers of Taxes or by Proclamation, or first by an Order to the Receivers & then by a Proclamation for the East Indies

All which &c For the proportion of Gold to Silver in bullion is settled by the Merchant according to the markets of Europe & the bringing down the price of the one will bring down the price of the other in proportion untill silver in bullion be other of the same value with silver coyned, except {illeg}|wh|en ships are lading to the east Indies       the demand of silver bullion for the East Indies raises the price. It seems to me that the proportion of gold to silver & the prices\value/ of each should be the same in money as in bullion, & f by consequence that Guineas Gold should be lowered till it beare the same proportion to silver in coin that it doth now to silver in bullion when ships are not lading or the or till silver in bullion be of equal value with silver in coin.\I mean/ when ships are not lading for the Indies. &\And/ that this may be effected by bringing down g|G|uineas to 20^s 8^d, or if a rounder number, \be required/ to 20^s 6^d, whether at once or by steps, by Proclamation or by Order to the Receivers of Customes, Excise & other Taxes. {illeg} If only six pence should be taken off from the Guinea at present: it would 22^s All w^ch is most humbly submitted) & to y^e nation in every pound weight of Gold imported, & retard the going decreasing of o^er silver money. I speak this without relation to y^e East India Trade. For the exportation of siver {sic} to those parts is not to be remidied by the means here proposed.] - & will/may\ do it till the cause be removed.

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And this may be done either [by diminishing [Either the weight of the siver {sic} moneys or] the value of the Guineas without altering & bringing it nearer to the]\by bringing the value of the Guineas/ the value of the Guineas nearer to the Standard. For by By the legal standard a|A| Guinea is coyned or 20^s, but goes for 21^d 6^d, & by the proportion of gold to silver in bullion it ought to only for ab go not for more then 20 9^d nor for less then 20^s 6^d. About 10^d may be therefore taken off from the Guinea & if \at present/ only 6^d were taken from it at present, this would save

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I humbly represent to your Lord^ps that a pound weight Troy \of ☉/ eleven ounces fine is cut into 44$\frac{1}{2}$ Guineas, & a pound weight of silver eleven ounces two penny weight fine is cut into 62 shillings, & according to this rate a pound weight of fine gold is worth 15 pound weight six ounces seventeen penny W^t & five-grains of fine silver, recconinga guinea at 1^£ 1^s 6^d sterling.

A Spanish Pistole was coyned for 32 Reaus or four pieces of Eight & |Reaus usually called pieces of Eight &| is of equall allay & the sixteenth part of the weight thereof.

A Doppio Me|a|eda of Portugal was coyned for 4{illeg} ten Crusados \of silver/ & is the 16^t of equal allay & the sixteenth part of the weight thereof,

In France /Gold is theref\ \T/ They Gold is therefore in Spain & Portugal of 16 times more value then silver of equal weight & allay. At w^ch rate a Guinea is worth 22^s 1^d|But this high price keeps their gold at home & carries away their silver into all Europe so that they make their payments in gold & will not pay in silver unless for a premium of six per cent. Which being abated a Guinea becomes worth 20^s 9^d in Spain & portugal|

In France the SIlver in four new Lewisses is

In France \by the Edict of May 1709/ a new Pistole is coyned for four new Lewisses & is of equal allay & the fifteenth part of the weight thereof \and generally fine ☉ has in France been valued at fifteen times its weight of fine silver/. At w^ch rate a Guinea is worth 20.8$\frac{1}{2}$

In Holland a|A| Ducat of Holland & the Empire was lately valued\current in Holland/ at 5 Guilders & 5 styvers. At w^ch rate a Guinea is worth 20^d 7$\frac{1}{2}$^d

According to the rates of God|l|d to silver in Italy Germany, & Poland \Denmark & Sweden/ a Guinea a may be|is| worth 20^s |&| 3|7|$\frac{1}{2}$, 4|7|^d, 6^d, 5^d or 4^d/ For the proportion varies a little in the several governments within those countries.

{illeg}|In| the end of kings Williams reigns & the first year of the late Queens when forreign coyns abounded in England I {illeg}|ca|used a great many pieces to be assayed in the Mint & found by those assays that fine gold was to fine silver in Spain, Portugal, France Holland Italy Germany & the northern kingdoms in the proportions above mentioned.

The high price \of ☉/ in Spain & portugal

In France, fine Gold is to fine silver a pound weight of fine Gold is valued\recconed/ worth fifteen pounds weight of fine silver. In raising & falling their money they have sometimes in the kings edicts varied a little from this proportion in excess or defect: but the variation|s| has|v||e| been so little that I do not here consider it. By the Edict of May 1709 a new Pistole was coyned for four new Lewisses & is of equal allay & the fifteenth part of the weight thereof, except the errors of their Mints. And at this rate a Guinea is worth 20.^s 8$\frac{1}{2}$^d.

The H|h|igh price of Gold in England brings it in to us, & \raises the price of silver in bullion & thereby/ carries away our silver into all Europe except perhaps Spain & Portugal & by the demand for exportation raises the price of thereof to 2^d or 3^d an ounce in bullion above what it is worth in money. For the proportion of Gold to silver in bullion is setled by the Merchants according to the Markets of Europe. Elnd {sic} thereby hinders its coming to the Mint & encourages those that want silver in bullion to melt down the coin rather then buy bullion \at so high a price. For the/ For the {sic} proportion of Gold to silver in bullion is sel|t|led by the Merchants {illeg}|a|ccording to the Markets of Europe. And where the proportion is not the same in the money \as in the Bullion/, the Merchant & Goldsmith will make their advantages will make their of the difference. And the proper remedy is to mend the proportion in the money, & make it the same as in the bullion. And this may be done either by [raising the price of the silver or by the money \suppose about/ 2$\frac{1}{2}$^d in the ounce or \better/ by lowering the price of the gold about 10^d in the Guinea. The first is|r|equires an alteration of the standard] by altering the standard of the silver money & cutting an ounce of bullion into about 5^s 4^d$\frac{1}{2}$ or by brin better by bringing the Gold moneys nearer to the legal standard by 10 ^d about 10^d in a Guinea {sic} For by the st legal standard a Guinea is coined for 20^s, & now \but/ goes \now/ for 2{4}^d 6^d 21.^s 6^d, & by the proportion of Gold to silver in bullion ought to go only for 20^s 8^d or thereabouts\only for about 20^s 8^d: or certainly/ not for more then 20^s 9^d nor for less then 20^s 6^d. & Yet if only 6^d should be taken off from the Guinea at present: it would save the nation 22|4|^s {5}^d in every pound weight of silver\fine/ and Gold imported, & diminish the {illeg}gs temptation to melt down or export the silver money & sometimes bring a littele\perhaps \it/ may|ig|ht bring some/ forreign silver to the Mint.

{illeg}|B|ut this is to tell us that the trade for gold is \{illeg} not/ worth the having upon a par. That the nation must still pay \lose/ 38 or 40 ^s {illeg} for\either mlose it or still pay {illeg} for/ every pound weight of gold imported more th\38 or 40 more then it is worth more/ {illeg} that our silver must still be exported to enrich the Merchant. And that\is/ there is no remedy.

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I consider not t|h|ere the {illeg}|co|nfusion made in the moneys in France by frequent Edicts to send them to the Mint & give the king a Tax out of them. I consider only the proportional value of ☉ & ☾ in proportion to one another.

The Ducats of Holland Hungary & the Empire were lately current in Holland among the \common/ people at five Guilders & five Stivers \in Markets &/ & in their \Markets &/ ordinary affairs &\at/ five Guilders in specie & five Guilder pieces & give styvers, & commonly changed for so much silver money in three Guilder pieces & Guilder pieces, as Guineas are \changed/ with us at\for/ 21^s. 6^d {illeg}|St|/erling\ Steling pur silver moneys {illeg}|An||d| at this rate a Guinea.

- In Sweden their Gold is lowest in proportion to silver moneys & this has fuelled made Sweden of late abound with Silver which formerly was\made that Kingdom which formerly was content with copper moneys abound of late with Silver,/ sent thither for (I suspect) for naval stores. w^ch formerly

Forreign silver is rated in its price by the demand for exportation

It is the demand for exportation w^ch raises hath raised the price of Bullio of exportable bullion above\silver/ about 2^d or 3^d in the ounce above that f{illeg} of the silver moneys\in coyn/. And this demand aris from the low\higher/ value of the Silver in England aborad\in other places/ then in England in proportion to gold, [or which is the same thing, from the higher value of gold in England then in Egland abroad,] & is [a \standing/ tempation to melt down down or export the mone silver coyn as well rather then be at the charge of buying forreign bullion for the melting pot or exportation, & not to be remedied with out bringing down the Price of the Guinea d in proportion to silver money to what it ought to be in proportion to the silver money {illeg}\2/\in proportion to the silver coyns/ by the course of Trade & e|E|xchange in ⁺ proportion to \the/ silver coyned. That is from 21^s 6^d to 20^s 8^d or 20^s 6^d perhaps \to / 20^s 6. For the proportion between of Gold to silver in value is setled by the course of Ex Trade & Exchange between nation & nation & cannot be altered by what we do amongst our selves alone in England \alone/. And therefore \the/ lowering of Gold in proportion to \our/ silver money will lower also lower forreign bullion\silver/ in proportion to \the our|sa|me/ silver money\coyn money/. Or to speak more truly, it will raise the price\value/ of \our our coin/ bullion to that of \forreign/ silver bullion [ For [ Gold is now become our standard money & \the/ silver \money/ is become a commo.] the lowering of Gold in proportion to \our/ silver money is the raising same thing with the raising of our silver money in proportion to Gold. And Gold is now become st our standard money as in Spain & silver rises & falls in its value as a commodity.

- & \hath/ thereby created a temptation \sometimes/ to export or melt down the silver coyn \sometimes/ rather then be at the {illeg} charge of give 2^d or 3^d more for forreign silver. And the demand for exportation arises from the higher value of Silver in other places then in England in proportion to gold, that is, from the higher value of gold in England then in other places in proportion to silver, & \therefore/ may be diminished by lowering the value of gold in proportion to silver. in England If Gold could be brought down so low in England or silver in En East India as to beare the same proportion to one another in both places, there would be no greater demand for silver then for gold to be exported thither to India. And if gold would were brought down {illeg} \in/ England to have the same proportion to |y^e| silver \money in England/ w^ch it hath \to silver/ in the rest of Europe w^ch it hath in Spain except Spain & Portugal there would be no temptation to export {illeg}\silver rather then ☉/ to any other part of Europe. rather then Gold And to compass this last, there seems nothing more requisite then to take off about 10d or 12d from the \price of the/ Guinea. But if only 6^d were taken off at pre\se/nt, it would b{illeg} diminish the temptation to export or melt down the silver \coin/, & {illeg}|by| the effect it would shew what hereafter better then can appear at present, what further reduction would be most convenient for the public.

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