Draft of MINT00270 (Mint 19/2/139)

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The great value put upon French & Spanish Pistoles in England has made them of late flow plentifully hither \above any other sort of Gold/ Especially the French Pistoles w^ch are better sized & coyned & less liable to be counterfeited & by consequence of more credit then y^e Spanish. For Pistoles pass amongst us for 17^s 6^d a piece whereas one w^th another they are worth but about 17^s 1^d at y^e rate that Guineas of due weight & fineness are worth 21^s. 6^d. And if allowance be made for y^e lightness of o^er silver mone|i|es by the wearing & melting down of the heaviest pieces & wearing of the rest yet Pistoles will be worth but between 17^s 2^d & 17^s 3^d.

About four years ago by the English putting to great a value upon Scotch money, the northern borders of England were filled with Scotch that money & Scotland was filled with o^ers the Scots making a{illeg}|b|out 8 or 9 p^r cent profit by y^e exchange untill yo^er Lord^ps put a stop to the mischief. The case being now the same in y^e \reputed/ par of y^e Exchange between o^er money & Pistoles |w^ch runs 3^d or 4^d in a Pistoles to y^e nations loss| we humbly represent it to yo^er Lord^ps beleiving it proper to be laid before in order to such a remedy as your Lord^ps shall think f{illeg}|it|, so that when y^e Exchange w^th forreign nations runs on o^er side as at p^resent we may not lose o^er advantage by it, & when it runs against us we may not lose more \by it/ then is necessary. All w^ch

We presume also to lay before you Lo^ps that by reason of the great demand of Silver dor exportation to y^e Indies the price of Bullion exceeds y^t of Silver for {illeg}\of silver/ monies by 3^d or 4^d & sometimes by 6^d or 7^d p^r ounce, whereas the monies ought to be of f \as as great\great/ or/ greater value \then bullion/ by reason of the workmanship. And this high price of Bullion \has/ not only puts an end to y^e future coynage of Silver {illeg}monies but is a great temptation to y^e melting down clandestine\melting down &/ exportation|ing| of what is already coyned. A mischief of such consequence as may deserve yo^r Lo^ps consideration of a remedy

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For M^r. Newton