Draft of MINT00270 (Mint 19/2/139)

<143r>

To the Right Honorable the Lords Commissioners of his Majesties Treasury

May it please yo^r Lordships

The great value put upon French & Spanish Pistoles in England has made them of late flow plentifully hither above all other sorts of Gold especially the French Pistoles which are better sized & coyned & less liable to be counterfeited & by consequence of more credit then the Spanish. For Pistoles pass amongst us for 17^s 6^d a piece whereas one with another they are worth but abiut 17^s 0$\frac{1}{2}$^d or 17^s. 1^d at the rate that Guineas of due weight & allay are worth 21^s. 6^d. And if allowance be made for the lightness of o^er silver monies by wearing , yet Pistoles will be worth between 17^s 2^d & 17^s. 3^d.

About four years ago by the English putting too great a value upon Scotch money the Northern borders of England were filled with that money & Scotland with o^ers the Scots making about 8 or 9 p^r cent profit by the exchange untill yo^r Lordships were pleased to put a stop to the mischief. The case being now the same (but of much greater consequence) in the reputed Par of the Exchange between English money & Pistoles, whuch runs 3^d or 4^d in a Pistole too high to the nations loss in the course of Exchange; we therefore thought it o^er duty humbly to represent it to you^r Lordships in order to such a remedy as yo^r Lordships shall think fit,

We presume also to lay before yo^r Lordships that by reason of the great demand of silver for exportation in Trade, the price of Bullion exceeds that of silver monies 3^d or 4^d and sometimes 6^d or 7^d p^r ounce, whereas monies ought to be of as great or greater value then Bullion by reason of the workmanship & certainty of the standard. And this high price of Bullion has not only put an end to the coynage of silver is a great occasion of melting down and exporting what has been already coyned. All which is most humbly submitted to yo^r Lordships consideration & great wisdome.