Considerations about the values|at|/ion\ of Gold & Silver in proportion to one another.

In|A| Spain|in|isa|n| Pistole is recconed a was coyned for 33 Reaus or four Pieces of Eight Reaus, \{illeg}/, & is the 16th part of the weight \thereof/ & of equal\like/ allay

A Doppia Mœda or Moyder of Portugal was coyned for 4000 Res or ten Crusados & in the 16th part of the weight \thereof/ & of Equal\like/ allay.

Gold is therefore of sixteen times the valu\by the standars/ of Spain & Portugal of sixteen times more value then silver of equal weight & \like/ allay. according to their Standard. And at this rate a Guinea is of equal value with so much fine silver as is conteined in 21|2|s. 1d English money of just weight & allay. & And\Now/ this high value of Gold carries away the{illeg} silver \from Spain/ as fast as it comes from the west Indies, & \the scarcity of Silver in Spain that kingdom./ put them upon making their paymts \at home/ in Gold & refusing to pay in silver without a premium of 5 or 6 per cent: at wch rate a Guinea is worth about 20.s 9.d or 10d.

In France \by the Edict of May 1709/ a new Lewidor is|wa||s| coyned for 20 livers or 4 new Lewises & is the fifteenth part of the weight \thereof/ of equal allay \And {And} by the same Edict fine Gold is valued at 15 times its weight of fine Silver./ . At wch rate a Guinea is worth 20s 8d12. |And by the same Edict fine Gold is valued at fifteen times its weight of fine silver.|

A Ducat of Holland & the Empure {not a Hungary Ducat \of Cremnitz/) is current \in Holland/ at 5 Guilders & 5 stivers, that is, at so much fine silver as is conteined in 9s 114d English. At wch rate a Guinea is worth 20s 7d12. In Ita

\According to the rates of Gold to Silver/ In Italy Germany & the northern Kingdoms, {illeg}w[the fine Gold in ] a Guinea may be worth so much fine Silver as is conteined in 20s 4d/, 5d 6d, 7d 7d or {illeg}/8\ for the proportion varies a little in the\a little in the/ several Principalities\governments/ of those regions of{illeg}\within/ those regions counties.

In England therefore, that Gold & silver may keep\keep/ the same proportion to one another as in the neighbouring parts of Europe, a Guinea should be valued at 20s 7d{illeg} or 20d or 20s 8d or thereabouts. | And if sixpence|

\Quare. I. Is it not the Interest of England to take of 6d from the Guinea, {illeg} or about?/ NB. 1 The sixpences coyned 18 years ago are lightned about 4 per cent by wearing. The shillings \then coyned/ are lightned about 212 per cent, the half crowns about 114, & the Crowns about 34 per cent. And thereby the old six pences & shillings are pretty well secured from the melting pot, & from \being/ exportaled{illeg} by the Merchants

2 The new French Gold moneys are coyned coarser then they ought to be by about 116 by their standard\the Kings Edict/ by about 115 per cent. |And this is \so much/ loss to the subjects of France who export Gold into England. But the high price of Gold in England makes them a tripple {reia} or pence.|

Qu. 2. If this be not done; Whether ought\will/ not men that have silver, to begin \to/ \soon to refuse to/ make payments therein without a premium of |3,| 4\5|| or 7|8|/ per cent ot an half penny in the shelling?

In Italy & Germany \& Italy & Poland/ about 14 years ago, the Gold was to silver of equal weight & fineness as 1434 or 1478 to 1 or thereabouts. And at this rate a Guinea was worth about 20s 6d12 or 20s 112d\there worth about/ 20s 5|6|d or within 2d over or under

In Germany & Italy Gold is valued something lower the in France & Holland.

✝And if 6d were taken from the Guinea, yet Gold would be still higher in England in proportion to silver then in any other part of Europe.

© 2024 The Newton Project

Professor Rob Iliffe
Director, AHRC Newton Papers Project

Scott Mandelbrote,
Fellow & Perne librarian, Peterhouse, Cambridge

Faculty of History, George Street, Oxford, OX1 2RL - newtonproject@history.ox.ac.uk

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