78-9)

Author: Isaac Newton

Source: MINT 19/2/101, National Archives, Kew, Richmond, Surrey, UK

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  Recommendations on currency regulation and devaluation of the guinea [MINT 19/2/78-9]

<101r>

May it pl. Yo^r Lord^p

According to yo^r Lord^ps direction we have examined the values of several foreign coyns & endeavoured to inform o^er selves of the value of gold in proportion to silver in several nations. And by the Acc^ts we have meet with Gold is higher in England then in France by about 9^d or 10^d in the Guinea, then in Holland by 11^d or 12^d in the Guinea, \then/ in Germany by 12^d in the Guinea or above. \1/ The proportion in Italy we cannot yet learn for want of a sufficient number of pieces of their money to assay for determining the values thereof. Only at Naples Gold seems to be lower then in England by 8.^d in the Guinea &|o|r above \1/. / In Spain Gold is higher then in England by about 8^d in the Guinea. For the great quantity of silver coming from the West Indies has brought down the price of Silver in all Europe in proportion to gold & principally in Spain where the bullion first arrives\& from whence it flows into other countries/. The lower the price the better the Market & this carries silver from Spain into all Europe & from all Europe into the Indies & China: the Merchans|t|s bidding more for it then it goes for among the natives. /And therefore \1/|2 In Spain the Merchants advance 5 or 6 or\& sometimes/ 8 ꝑ cent for Silver about 6 o^r cent for silver at w^ch rate a Guinea is worth {illeg} 20^s. 10^g∟9 In England they advance 3^d or 4^d p^r oz {illeg} & sometimes above \&/ at w^ch\the/ rate a Guinea is worth bet of 2^d p^r oz advance a Guinea is worth but 20.^s 6^d{illeg} $\frac{1}{6}$ . Gold is therefore at too high a rate in England by \about/ 10^d or 12 ^d in the Guinea. And this tendi|s|ng the proportion \decrease/ of the /Si\\the/ Silver &|c|oyn, & one way of preserving this coyn is to lower the price of Gold suppose by taking 6, 9^d or 12^d from the value price of the Guinea, so that Gold may be of the same value in England as in the neightbouring parts of Europe, The King of France has set an Example for| o|O|ne way \Therefor/ preserving o^er silver is to lower the price of gold [suppose by taking 6^d, \9^d/ or 12^d from the price of the Guinea so that Gold may be of the same value in England as in other {nighe}\the neighouring {sic}/ parts of Europe except Spain & Portugal.

|2|1|| In the last warr when the Lewidor was raised in France to 14 livres the Ecu was raised only to 72 Sols, but now it is \now/ raised to 76 sols tho the Lewidor be raised only to 14 livres as before So that gold in respect of silver is lower in France now then in the last warr in proportion of 72 to 76 or 18 to 19 that is by above 13 $\frac{1}{2}$ ^d in the Guinea.

|1|2|| Among the Merchants silver is worth \about/ 4|5|^d, 6^d ꝑ ounce \in England/ & Gold 4^£. As|t| w^ch rate a Guinea is worth but 20.^s 2^d $\frac{33}{44}$ .

The licensing the exportation of Bullion whilst the exportation of money is prop|h|ibited is another cause of the decrease of o^er silver coyn. For this makes silver worth more uncoyned then coyned & thereby stops the coynage & causes the melting down of the money in private for exportation. On the contrary care should be taken to set the price of bullion above that of money above that of bullion & to bring Bullion though the Mint, silver being more apt to stay with us in the form of money then in the form of bullion, & encreasing the coyn so long as it stays with us \in the form of money/. For w^ch read|s|on it would be better on the contrary to check the exportation of bullion & licence the exportation of money or else to license the exportation of both, or at least to license the exportation of so much money as is coyned out of forreign bullion: w^ch may be conveniently done after some such manner as is expressed in the scheme 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 needle{ss} \& even & hurtfull to trad{e}/ Let\If/ trade \can/ be so ordered that no branch of it be detrimental to y^e nation & the money will be safe. For w^ch end luxury in forreign commodities shou{ld} {illeg} be checkt & the exportation of our own \commodities/ encouraged. If a law were made & well executed against exporting more gold & silver by any ship or\Merchant or/ company of Merchants then in a certain proportions to the goods value o{f} the goods exported, such an addition to the Act of Navigation would put Merchants upon finding out new\sufficient/ ways of vending o^er commodities abroad & be more effectual for preserving the coyn then {illeg}|the| absolute prohibi{ti}on of the exportation thereof.

All w^ch &c