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

<102r>

So then Silver flows to those places where its value is highest in proportion to gold \as {to} all Europe from Spain & to the ea China & the east Indies from all Europe/ & gold /flows\ to those where its value is highest in proportion to silver, & the

So then Silver flows to those places where its value is highest in proportion to Silver \Gold/, & \And p going/ to all Europe from Spain, & to the East Indies & China from all Europe. And for the same reason silver flows\Gold/ to\abounds in/ those places \& states in their/ where its value is highest in proportion to silver, as {illeg} in Spain where it stays & \by reason of its plenty it/ is their standard money while silver rises & fr goes from them as fast as it comes from the Indies & rises & falls in its price like a commodity; & in E\n/gland where {illeg}/its\ value is higher then in any other part of the Europe &\&/ Asia, & Africa &\& where it/ is of late by its plenty become the standard money \of the nation/ while silver flows from us as fast as it comes from Spain & rises & falls in its price as in Spain like a commodity, as it doth in Spain.

The high price of gold in England tends therefore to bring it in to us & to carry away o^er silver into all Europe & by the demand of silver /For where price of gold is lowest in proportion to silver there the price of silver is highest in proportion to Gold, & th\

So then \it appears by experience as well as by reason that/ silver flows to those places where its value is highest in proportion to Gold; g\o/ing to all Europe from Spain & to y^e East Indies \& China/ from all Europe. And its value in proportion to gold being higher in France Hollan in {sic} France, Holland & all{illeg} Europe then in Spain & England, this is a except spain & Portugal, then it is in England, this is a reason why it should go from incline to go from England into all Europe except Spain & Portugal. {an there} then from th And then So by And so Gold flo is apt to abound in those places where its value is highest \in proportion to silver/, & for that reason abounds in Spain & is their standard money while silver goes from them as fast as it comes from the America & rises & falls in its price like a commodity, being lowest upon the coming in of a plate fleet & rising in its price as it goes away & becomes scarce till the arrival of another \plate/ fleet. And so in England where its value is higher then in any other part of the world except Spain \Portugal/ & the \West/ Indies {illeg} by its plenty it is become the standard money of the nation while Silver flows from us {illeg} as fast as it comes from Spain, & rises & falls in its price like a commodity according to the demand {illeg}|o|f the Merchant for bullion. And because there is a constand|t| demand of bullion either for exportation or for other uses, thence it is that the value of silver is constantly higher in bullion then in coin, by 2^d or 3^d in an ounce. And this is a standing temptation to turn s|m|oney into bullion rather then bullion into money. |And because the value of Silver in proportion to gold is lowest where the value of Silv|Gold|er in proportion to Gold\Silver/ is highest, ther{illeg}|efore| the high price of Gold doth not|

[So then it appears by experience as well as by reason that Gold is ap to flow to those places where its value is highest in proportion to silver & to stay there, & because \in those places/ the value of silver is lowest whe in proportion to gold where the value of g therefore silver is apt to flow from them to other places where its value is highest|r|. And on the contrary Go The Silver flows from Spain into all Europe & from all Europe into Spa the East Indies because its price its lower] only tend to bring in Gold but also to carry away silver.\{illeg}/ As|n|d the more Gold is overvalued the faster silver will go out.

In the last year of King William

For where the price of Gold is lowest in proportion to silver there the price of Silver is highest in proportion to Gold, & on the contrary. And this makes silver flow to those places where the price of gold is highest lowest & from those places where the price of Gold is highest {illeg}\And So/ Because Gold is higher in Spain & Portugal then in Spain & Portugal the rest of Europe therefore silver fl & in Europe then in the East Indies & China, therfore Gold\Silver/ flows from Spain into all C|E|urope & from all Europe into China the East Indies & China. And for the same reason, gold because \since/\so because/ gold is higher in England then in the rest of Europe except Spain & Portugal, therefore silver will incline to go from England \into all all {sic} Europe/ except Spain & Portugal. And this I take to one great reason of our want of Silver

In the last year - - - be removed. For a Guinea is valued at 9$\frac{1}{2}$ more in England then in any other part of Europe except Spain & Portugal.

<102v>

The proportion of gold to silver in Bullion is settled by the Merchant & comm in the Markets of Europe. And according to this pr{por}tion the gold in a Guinea is worth not more then\about/ 20^s 9^d stirling in Spain & {illeg} 20 & or 20.^s 7$\frac{1}{2}$ in Spain, 20^s 8$\frac{1}{2}$ in France, 20^s 7$\frac{1}{2}$ in Holland & {illeg} 7^d, 6^d 5^d or 4^d in Germa\in/ Italy Germany \Hungary/ & the northern kingdoms. [And where the proportion is not the same in money as in bullion the Merchants \& Goldsmith will be apt to/ will make their advantage of the difference. And the proper remedy is to make it the same in the money as in the bullion. S] & in England & {illeg} where s{illeg}|i|lver in Bullion is {illeg}\usually valued at/ 5^s 4^d an ounce or 5^s 4$\frac{1}{2}$^d an ounce, if it be recconed\valued/ {illeg}|at| 5^s 4{illeg}^d$\frac{1}{2}$ an ounce, a {illeg} [a pound weight of \fine/ Gold will be {illeg}|w|orth 14.^£w 11,^oz 18^dwt$\frac{1}{4}$ or in a round number\of fine silver/ {illeg} [5^dwt &] a Guinea will be worth 20.^s 8^d$\frac{1}{2}$ - 2^d = 20^s about 20^s {illeg}^d {sic}\20^s 8.^d/ as in France. And when Silver ships are going to the E lading for the East Indies & siver the demand raises silver in bullion to {illeg}|5| {illeg}|6| or 5 8^d an ounce |or above| A Guinea will not be wor at that rate will not be worth {illeg}|20|^s {illeg}|2|^d per ounce.

THat Gold & silver may therefore answer to one another\may therefore beare the same proportion to/ silver in the Engl{illeg}|lis|h moneys which Gold bullion b|d|oth to silver bullion in the M{illeg}|ark|ets of Europe, a Guinea ought to be valued at no more then 20^s 9^d. And it would be better to value it at {illeg}|20|^s {illeg}|8|^d oe 20^d 6^d. But because the lowering of |y^e| Gold monies is against the interest of those who make a profit by the present value \or have hoards of gold moneys/, it may be better to lower it by steps & begin with taking off 6^d from the present value of the Guinea. // To do this cannot affect the course of exchange. For that course depends \not/ on the b|l|aws of particular countries but ont he course of trade \between nation & nations & on the/ &{illeg}|&| proportional value of Gold & silver in the Mar{illeg}|k|ets of Europe between nation & nation\between nation & nation/ w^ch will not be allowed by wh the value {illeg} put upon gold & silver between the kings subjects. This value \at {lowe}/ ought to be as just as the {illeg} may be that the kings Subjects may not prey upon one another . And if gold be not lowered it will fall of it self so soon as the silver money {illeg}|b|egins to be so scarce that people will not gol given silve\give silver for gold nor/ make payments \any longer/ in silver without a premium.

Nor can the lowering of Gold \at home/ affect the course of Trade between abroad nation any firther then that course depending only on the proportional value of gold & silver {illeg} in bullion between nation & nation which will not be altered by what we do at home amongst our selves. It can only take off \something/ from the profit w^ch {the} may be made by {illeg}|b|ringing in gold & carying out or melting down the silver money w^ch profit is a dammage to the publick

So then one pound weight of fine gold i{illeg}|s| worth about fourteen\in betwe fifteen/ pounds weight & {illeg} ten or eleven ounces or 15 pounds weight of fine silver in all Euro{pa} or or {sic} a little less \suppose 14 & 10 or 11/. And according to this rate a Guinea is \worth/ 20^s . 8$\frac{1}{2}$^d or a little less And this the value of a Guinea

So then according to the Markets of all Europe {illeg} gold\& by consequence according to the course of Exch./ one pound weight of fine Gold is worth fifteen pounds weight of s|f|ine silver or fifteen pounds weight wanting two or three ounces. And a Guinea is worth 20s & 8$\frac{1}{2}$^d or 20^s a penny or two \or/ less, & therefore is overvalued in our coin by 10^d or above a about 10^d, or\or/ 11^d, or Now And it appears by experience as well as by reason that silver will be apt to flow to those places where Gold is lowest in proportion t silver & to|from| those places where Gold is highest. For where Gold is higest {sic} in proportion to silver there silver is lowest in proportion to gold & where Gold i{illeg}|s| lowest there Gold is highest. For this reason G|S|ilver flows from Spain into all Europe \upon the coming in of /every\ Silver plate fleet/ & from /all\ Europe to the Indies & Chine|a| & Gold stays in Spain & is their standard money while silver rises & falls like\s/ a commodity And for the same reason while Gold moneys are over valued in England there is a temptation to send \our/ silver moneys into all Europe {neither there b} except Spain & portual {sic} & to send gold from all Europe to be turned in Gold moneys in England & |{w}here silver is wanted for manufacturee there is the same temptation| to melt down the silver moneys rather then t{illeg} give 2^d or 3^d p^r ounce more for bullion for forreign silver. &

In the last year of K. W^m - be removed.

For t|T|he proportion of Gold to silver in Bullion is setled by the Merchant according to the course of e Markets of Europe & course of Exchange & will not be alter'd by what we do in England amongst our selves, & therefore the lowering the |The price of forreign Gold has been raised in England too high by raising the price of Guineas & the way {t}o bing {sic} down to its just value is with to lower the price of the Guinea & of by this means the price of {f}orreign Gold shall be lowered, the price of forreign silver will be lowered at the same time| price of the Guinea if it lowers the price of Gold {illeg} forreign \Gold/ in our own Mar rket {sic} , w^ch has been raised too high by over valuing the Gold moneys, it will also lower the price of the sil forreign silver & bring it nearer to the 5^s 2^d per ounce which is its price in the Mint. If a pound weight of forrei standard silver should be cut into 3.^£ 4. 6^d it would make an ounce of silver moneys worth 5^s 4$\frac{1}{2}$^d & by consequence equal in value <103r> to an ounce of forreign silver & thereby take away the temptation to exporto or melt down the silver money. But there is no need of altering the standard. The same thing may be done by bringing the value of the Guinea in silver money nearer to the standard. For by the standard of England setled by the Indenture of the Mint under the broad Seal, a Guinea is coyned for 20^s {&c} in the Mint is cal still called a twenty shillings piece \& is now raised by private interest to {illeg} 1^s or above the standard/. It was gradually raised by the Goldsmiths selling Guineas to Gentlemen for {illeg} for 2^d a piece more then they were worth \their current value/ to Gentlemen for convenie\who wanted them upon journeys for/ lightness of carriage. It was private interest without regard to the publick which \at first/ {illeg}|b|raised the price of Guineas too high {illeg} were \it/ not for private interest there would be no difficulty in bringing them down to the price which they should have by the course of trade & exchange. This price I reccon between\about between/ 20^s 8^d &|o||r| 20^s 6^d. And if at present \But if at/ If at present only 6^d \sho/ were taken from the Guinea. But if at present only 6^d should be taken from the Guinea the Guinea should be reduced only to 21^s, it would bring forreign silver nearer to the Mint price & thereby diminish the temptation to export or melt down our silver money, & by the effect of such a regulation \reduction/, it would better \appear/ then at present, what further reduction would be proper\requisite/ to bring down forreign silver to the price of silver in the English c coyn, or which is the same thing, to bring up the price of silver in the Mint\Coin/ to that of forreign silver, & thereby bring forreign silver to the Mint.

If silver things be let alone till {illeg}|sil|ver money be a little scarcer the gold will fall of it self. & the sil For people \are already unwilling to give silver for gold &/ will in a little time refuse to \make/ pay|m^t| in silver or {illeg} give silver for gold \{}or toma/ without a premium, & this premium is||\will be/ an abatement in the p|v|alue of the gold. And so the Question \is whether Gold/ shall be lowered by the government &|o||r| let alone till it falls of it self by the want of silver money /& then kept down to its just value by the government.\

If {illeg} It may be said that there are great quantities of silver in plate & if the p|P|late were coined there would be as much\no want of/ silve money: as ever.\But/ I allow that the luxusry of the nation in Plate is {illeg} considerable reccon that silver is safer from exportation in the form of PLate them in the form of money {illeg} because of the \greater/ value of the fashion \2/ & silver together. And therefore I cannot am not for coining the Plate till the temptation to export the \silver/ money (w^ch is a profit of 2^d or 3^d in the ounce) be taken away. A [And least it should be pretended If it that th{illeg}|is| temption {sic} has \had/ no effect nor will have any,] For as often For as often as men are necessitated to send away money for answering debts abroad they will \be tempted to/ send away silver rather then Gold because silver \{illeg}/ is worth more abroad & as off often as for exportation. And as often as of the profit of And as often as men are necessitated to bring Go which amounts to w^ch is almost 4 p^r cent. And for the same reason forreigners will send hither \their/ Gold rather then \their/ silver as often as they are to pa necessitated to pay debts here in their \own/ money.

- And it appears by reason\experience/ as well as by experience reason that silver flows to|from| those places where it|s| is over \under/ valued \is lowest/ in proportion to Gold &|a|s from Spain to all Eur Europe & from all Europe to I|E|ast India China & Japan as to East India China & Japan & to all E from all Europe & to E all Europe & from Spain as from Spain to all Europe & from all Europe to East India China & Japan: And \that/ gold is most plentiful in those places in w^ch silver flows its value is highest in proportion to silver as in Spain: & England And that Gold is over valued in England, {illeg} \the Guinea/ being valued at 21^s 6^d w^ch is 10^d about at least 10^d \or 12^d/ above the price w^ch it ought to have by the course of Trade & exchange. // And whether the be not\this seems to me to me/ one reason \of/ the plenty of Gold moneys deserves to be considered.\& scarcity of silver moneys in this Island, &/, & why Gold will still increase & moneys will still The {illeg} increase & silver moneys decrease untill Gold be brought down to the value which it ought to have by the course of Trade & Exchange. For by valuing Gold too high, the value of silver in bullion hath been \also/ ras|i|sed in proportion so as to be worth 2^d or {illeg}|3|^d per ounce more in bullion\uncoyned/ then \it is worth/ in coyn. For the proportion of gold to silver in bullion is settled by the course of trade & exchange so \that/ the one cannot be raised without raising the other nor lowered without lowering the other. [ The high price high low pr high price of gold for exportation in proportion to silver is the same thing with{illeg} the low price of silver in proportion to gold, & \this low price/ creates a demand of silver for exportation \to better markets/, & this demand raises the price of bull forreign\exportable/ silver above the price of silver in coyn. ] And therefore the high price of silver gold tends to carry out our silver. And on the contrary: if the value of gold were too low it would tend to carry out gold to better Markets & bring in silver. And if it were the same in proportion to silver w^ch it is in the course of Trade & Exchange it would keep {our} our gold silver

<103v>

Upon the coming in of a plate fleet, the premium ceases or is but small but as their silver goes away & becomes scarce the premium increses & is most commonly about six per cent. Which being abated, a Guinea becomes worth \about/ 20^s 9^d in Spain & Portugal

{illeg}|B|ut silverin bullion exportable is \usually/ worth 2^d or 3 5^d more {illeg}|th|en in coyn by 2^d or 3^d per ounce. And of at a medium we value at\such bullion be fine elven oz {illeg}/ be valued at 5^s 4.^d$\frac{1}{2}$ per ounce, a pound weight of fine gold will be worth but 14^lb 11^oz 12.^dwt 9^gr of fine silver in bullion. And at this rate a Guinea is worth |but| 20^s 8^d. And \at/ this I reccon the value thereof according to the course of exh|c|hange when I forreign silver \of standard allay/ is at 5^s 4$\frac{1}{2}$ per ounce. When ships are lading to the East Indies an ounce of standard fo the demand of silver for exportation may raise the prise to |5^s| 6^d or 8^d\or 8^d/ p^r ounce or above b & the a guinea in but I considered not those extraordingy cases.

The proportion of Gold to silver \in bullion/ is setled by the Merchant {illeg} \according to/ the Mercats of Europe & therefore course of exchange & will not be altered by wa|h|at wee do in England amongst our selves. It will not be altered by lowering the price of the Guinea. The value of forreign Gold in England having been raised too high by about 10^d or 11^d in the raising the Guinea value of the Guinea \in our silver moneys/ the way to lower it is to lower the price\value/ of the Guinea \in our silver moneys/, & if this will lower the price of forreign Gold \in proportion to our silver moneys/ it will also lower the price of forreign silver \in proportion to our silver moneys/ & bring it neare|r| to the the price of silver in the Mint because\For/ the price\proportional value/ of forreign Gold to forreign sig silver is setled by the trade & course of exchange between nation & nation & will not be altered by what we do amonst o^er selves - [And by bringing the price of forreign silver nearer to the price of the silver in o^er coyn,] in England alone. And to speak more properly, the what I here call the the If a pound weight lowering the value of the Guineas is nothing else then\more truly/ {illeg} the raising the prise of our silver money \in propor/ so that 20^s & 6^d or 8^d in such money may be \amongs {sic} our selves as well as abroad/ of the same /value\ with a Guinea & by consequence wi||\or/th so much forreign silver as in the course of Trade & Exchnage is equal in value to a Guinea.

So then Gold in by the \ordin/ course of Trade & Exchange beween nation & nation in all Europe \fine/ Gold is to \fine/ silver as 14$\frac{3}{4}$|$\frac{4}{5}$| o{illeg}|r| 15 to one & a Guinea {illeg} at the same rate is worth between 20^s 5^d & 20^s 8$\frac{1}{2}$^d, except in the extraordinary cases when a plate fleet is just arrived at|in| Spain or ships are lading \{have}/ for the East{illeg} Indi{es} which \cares/ I do not here consider. And silver will go|es| to those places where gold is of the lowest value in proportion to silver.

The value of the Guinea having been raised to 21^s 6^d which \is/ 10^d or 12^d t{oo} much, & the {illeg} too much, & thereby the value of forreign Gold being ras|i|sed as much in proportion to the {illeg} silver moneys in E\n/gland, the way to lower the values of forreign Gold in proportion to these monies is to lower the price of a Guinea. w|A|nd if this will lower the price of forreingn {sic} Gold in proportion to our silver moneys it will also lower the price of forreign silver in proportion to the same moneys, & it nearer to the price of silver in the Mint