WhilstBullionmaybehadforasmallpricemorethantheweightofourcurrentCash，theseExchangersgenerallychooserathertobuyBullion，thanruntherisqueofmeltingdownourCoin，whichisCriminalbytheLaw。Andthusthematterforthemostpartwent，whilstmill’dandcliptMoneypassedpromiscuouslyinpayment：ForsolongacliptHalf—crownwasasgoodhereasamill’done，sinceonepassed，andcouldbehadasfreelyastheother。ButassoonastherebegantobeadistinctionbetweencliptanduncliptMoney，andweightyMoneycouldnolongerbehadforthelight，Bullion（aswasnatural）rose；Anditwouldfallagaintomorrowtothepriceitwasatbefore，iftherewerenonebutweightyMoneytopayforit。Inshort，wheneverthewholeofourForeignTradeandConsumptionexceedsourExportationofCommodities，ourMoneymustgotopayourDebtssocontracted，whethermelted，ornotmelteddown。IftheLawmakestheExportationofourCoinPenal，itwillbemelteddown；ifitleavestheExportationofourCoinfree，asinHolland，itwillbecarriedoutinspecie。Onewayorothergoitmust，asweseeinSpain；butwhethermelteddown，ornotmelteddown，itmatterslittle：OurCoinandTreasurewillbebothwaysequallydiminished，andcanberestor’donlybyanover—balanceofourwholeExportation，toourwholeImportationofconsumableCommodities。LawsmadeagainstExportationofMoneyorBullion，willbeallinvain。Restraint，orLibertyinthatmatter，makesnoCountryRichorPoor：AsweseeinHolland；whichhadplentyofMoneyunderthefreelibertyofitsExportation；andSpain，ingreatwantofMoneyundertheseverestpenaltiesagainstcarryingofitout。ButtheCoining，ornotCoiningourMoney，onthesamefootitwasbefore，orinbiggerorlesspieces，andunderwhatsoeverdenominationsyouplease，contributesnothingto，oragainstitsmeltingdownorExportation，soourMoneybeallkepteachspeciesinitsfullweightofSilver，accordingtotheStandard：Forifsomebeheavier，andsomelighterallow’dtobecurrent，so，underthesamedenominationtheheavierwillbemelteddown，wherethetemptationofprofitisconsiderable，whichinwellregulatedCoinkepttotheStandard，cannotbe。ButthismeltingdowncarriesnotawayoneGrainofourTreasureoutofEngland。ThecomingandgoingofthatdependswhollyupontheBalanceofourTrade；andthereforeitisawrongConclusionwhichwefind，p。71。ThatcontinuingeitheroldornewCoinsonthepresentfoot，willbenothingelsebutfurnishingaSpeciestomeltdownatanextravagantprofit，andwillencourageaviolentExportationofourSilverforsakeofthegainonly，tillweshallhavelittleornoneleft。Forexample；LetussupposeallourlightMoneynewCoin’d，uponthefootthatthisGentlemanwouldhaveit，andallouroldmill’dCrownsgoingfor75Pence，asheproposes，andtherestoftheoldmill’dMoneyproportionably；IdesireittobeshewedhowthiswouldhindertheExportationofoneOunceofSilver，whilstourAffairsareinthepresentposture。Again，ontheotherside，supposingallourMoneywerenowmill’dCoinuponthepresentfoot，andourBallanceofTradechanging，ourExportationofCommoditieswereaMillionmorethanourImportation，andliketocontinuesoyearly’。whereofonehalfwastoHolland，andtheothertoFlanders，therebeinganequalBallancebetweenEnglandandallotherpartsoftheWorldweTradeto；Iask，whatpossiblegaincouldanyEnglishManmake，bymeltingdownandcarryingoutourMoneytoHollandandFlanders，whenaMillionwastocomethencehither，andEnglishMenhadmoretherealreadythantheyknewhowtousethere，andcouldnotgethomewithoutpayingdearthereforBillsofExchange？IfthatwerethecaseofourTrade，theExchangewouldpresentlyfallhere，andrisetherebeyondtheParoftheirMoneytoours，i。e。AnEnglishMerchantmustgiveinHollandmoreSilverfortheBillsheboughtthere，thanheshouldreceiveuponthoseBillshere，ifthetwoSumswereweigh’doneagainsttheother；orruntherisqueofbringingithomeinspecie。AndwhatthencouldanyEnglishmangetbyExportingofourMoneyorSilverthither？
ThesearetheonlytwoCases，whereinourCoincanbemelteddownwithprofit；andIchallengeanyonelivingtoshewmeanyother。TheoneofthemisremovedonlybyaregularjustCoinkeptequaltotheStandard；bethatwhatitwill，itmattersnot，astothepointofmeltingdownoftheMoney。TheotheristoberemovedonlybytheBalanceofourTradekeptfromrunningusbehind—hand，andcontractingDebtsinForeignCountiesbyanover—consumptionoftheirCommodities。
TothosewhosaythattheExportationofourMoney，whethermelteddown，ornotmelteddown，dependswhollyuponourConsumptionofForeignCommodities，andnotatallupontheSizesoftheseveralSpeciesofourMoney，whichwillbeequallyExported，ornotExported，whetherCoin’dupontheold，ortheproposednewFoot：Mr。Lowndesreplies，p。72。
First，ThatthenecessityofForeignexpenceandExportationtoanswertheBalanceofTrade，maybediminished，butcannotinanysensebeaugmentedbyraisingtheValueofourMoney。
Ibeghispardon，IfIcannotassenttothis。BecausethenecessityofourExportationofMoneydependingwhollyupontheDebtswhichwecontractinForeignParts，beyondwhatourCommoditiesExportedcanpay；theCoiningourMoneyinbiggerorlesspiecesunderthesameordifferentdenominations，oronthepresentorproposedFoot，initselfneitherincreasingthoseDebts，northeExpencesthatmakethem，canneitheraugmentnordiminishtheExportationofourMoney。
2。Herepliesp。72。ThatMeltersoftheCoinwillhavelessprofitbyFourteenpencehalf—pennyintheCrownwhentheMoneyisCoineduponthenewFoot。
TothisItakelibertytosay，thattherewillnotbeafarthingmoreprofitinmeltingdowntheMoney，ifitwereallnewmill’dMoneyuponthepresentFoot，thanifitwereallnewCoin’d，asisproposedOnefifthlighter。Forwhenceshouldtheprofitarisemoreintheone，thantheother？ButMr。Lowndesgoesuponthissupposition；ThatStandardBullionisnowworthSixShillingsandfivePenceanOunce，ofmill’dMoneyandwouldcontinuetosellforsixShillingsfivePencetheOunce，ifourMoneywereallweightymill’dMoney：BothwhichItaketobemistakes，andthinkIhaveprovedthemtobeso。
3。Hesays，’TishopedthattheExchangetoHollandmaybekeptatastand，oratleastfromfallingmuchlower。Ihopesotoo。ButhowthatconcernsthisArgument，ortheCoiningoftheMoneyuponanewFoot，Idonotsee。
4。Hesays，p。73。ThereisagreatdifferencewithregardtotheseriveanddisserviceofthePublick，betweencarryingoutBullionorCoin，fornecessartuses，OrforprohibitedCommodities。ThegaintotheExporters，whichisthatwhichmakesthemmeltitdownandExportit，isthesameinbothCases。AndthenecessityofExportingitisthesame。For’tistopayDebts，whichthereisanequalnecessityofpaying，whenoncecontracted，thoughforuselessthings。TheyaretheGoldsmithsandDealersinSilverthatusuallyExportwhatSilverissentbeyondSea，topaytheDebtstheyhavecontractedbytheirBillsofExchange。ButthoseDealersinExchangeseldomknow，orconsider，howtheytowhomtheygivetheirBills，haveorwillemploytheMoneytheyreceiveuponthoseBills。ProhibitedCommodities，’tistrue，shouldbekeptout，anduselessonesImpoverishusbybeingbroughtin。ButthatisthefaultofourImportation：Andtherethemischiefshouldbecured，byLaws，andourwayofLiving。FortheExportationofourTreasureisnotthecauseoftheirImportation，buttheconsequence。VanityandLuxuryspendsthem：Thatgivesthemventhere：ThatventcausestheirImportation：AndwhenourMerchantshavebroughtthem，ifourCommoditieswillnotbeenough，ourMoneymustgotopayforthem。ButwhatthisParagraphhasinitagainstcontinuingourCoinuponthepresentFoot，orformakingourCoinlighter，I
confesshereagain，Idonotsee。
’TistruewhatMr。Lowndesobserveshere，theImportationofGold，andthegoingofGuineasat30s。hasbeenagreatprejudiceandlosstothekingdom。Butthathasbeenwhollyowingtoourclip’dMoney，andnotatalltoourMoneybeingCoin’datfiveShillingstwoPencetheOunce；noristheCoiningourMoneylighter，thecureofit。Theonlyremedyforthatmischief，aswellasagreatmanyothers，istheputtinganendtothepassingofclip’dMoneybyTale，asifitwerelawfulCoin。
5。HisfifthHeadp。74。istoanswerthose，whohold，thatbythelesseningourMoneyonefifth，allPeoplewhoaretoreceiveMoneyuponContractsalreadymade，willbedefraudedof20perCent。oftheirdue：AndthusallMenwillloseonefifthoftheirsettledRevenues，andallmenthathavelentMoneyonefifthoftheirPrincipalandUse。ToremovethisObjection，Mr。
Lowndessays，thatSilverinEnglandisgrownscarce，andconsequentlydearer，andsoisofhigherprice。Letusgrantforthepresent，itisofhigherprice（whichhowhemakesoutI
shallexaminebyandby。）This，ifitwereso，oughtnottoannulanyMan’sBargain，normakehimreceivelessinquantitythanhelent。HewastoreceiveagainthesameSumm，andthePublickAuthoritywasGuaranteethatthesameSummshouldhavethesamequantityofSilverunderthesameDenomination。Andthereasonisplain，whyinjusticeheoughttohavethesamequantityofSilveragain，notwithstandinganypretendedriseofitsvalue。
ForifSilverhadgrownmoreplentiful，andbyconsequence（byourAuthor’sRule）cheaper，hisDebtorwou’dnothavebeencompelledbythePublickAuthoritytohavepaidhim，inconsiderationofitscheapness，agreaterquantityofSilverthantheycontractedfor。CacaoNutsweretheMoneyofapartofAmerica，whenwefirstcamethither。SupposethenyouhadlentmelastYear300，orfifteen—scoreCacaoNuts，toberepaidthisYear：Wou’dyoubesatisfiedandthinkyourselfpaidyourdue，ifIshou’dtellyou，CacaoNutswerescarcethisYear，andthatfour—scorewereofasmuchvaluethisyearasanhundredthelast；andthatthereforeyouwerewellandfullypaidifI
restoredtoyouonly240forthe300Iborrow’d？WouldyounotthinkyourselfdefraudedofonefifthofyourRightbysuchapayment？norwoulditmakeanyamendsforthistoJustice，orReparationtoyou，thatthePublickhad（afteryourcontract，whichwasmadeforfifteenScore）alter’dthedenominationofScore，andapplyedittosixteeninsteadoftwenty。Examineit，andyouwillfindthisjusttheCase，andtheLossproportionableinthemboth：Thatis，arealLossof20perCent。AstoMr。
Lowndes’sproofs，thatSilverisnowonefifthmorevaluethanitwas，andthereforeamanhasrightdonehim，ifhereceiveonefifthlessthanhiscontract，IfearnoneofthemwillreachMr。
Lowndes’spoint。Hesaithp。77。Bydailyexperiencenineteenpennyweight，andthreetenthsofapennyweightofSterlingSilverwhichisjusttheweightofaCrownpiece，willpurchasemorecoinedMoneythanfiveunclip’dShillings。Iwishhehadtolduswherethisdailyexperiencehespeaksofistobefound：
ForIdaresaynobodyhathseenaSumofunclip’dShillingspaidforBullionanywherethistwelvemonths，togonofurtherback。
Inthenextplace，Iwishhehadtoldushowmuchmorethanfivelawfulmild’dShillings，BullionoftheweightofaCrownpiecewillpurchase。IfhehadsaiditwouldpurchasesixShillingsandthreePenceweightyMoney，hehadprovedthematterinquestion。AndwhoeverhastheweightofaCrowninSilverpaidhiminMr。Lowndes’snewCoin，insteadofsixShillingsandthreePenceofourpresentMoney，hasnoinurydonehim，ifitwillcertainlypurchasehimsixShillingsandthreePenceallunclip’dofourpresentMoney。Buteveryoneatfirstsightperceivesthistobeimpossible，asIhavealreadyprovedit。AndIhaveinthistheconcurrenceofMr。Lowndes’snewScheme，toproveittobeso。
Forp。62。heproposesthathisSilverUnitehavingtheweightandfinenessofapresentunclip’dCrownpiece，shouldgofor75
Perce；andthatthepresentShillingshouldgofor15pence；bywhichestablishmenttherewillbe75PenceinhisUnite，and93
PencethreeFarthingsinsixShillingsthreePence，weightyMoneyofthepresentCoin；whichisanundeniableconfession，thatitisasimpossibleforhisSilverUnite，（havingnomoreSilverinitthanapresentunclip’dCrown）tobeworth，andsotopurchasesixunclip’dShillingsandthreePence，ofourpresentMoney，asitisfor75Pencetobeworth93ofthesamePence，or75tobeequalto93。
Ifhemeansbymore，thathisSterlingSilveroftheweightofaCrownpiecewillpurchaseaPenny，ortwoPencemorethanfiveunclip’dShillings，whichisthemost，andwhichisbutaccidentaltoo；Whatisthisriseofitsvalueto15Pence？AndwhatamendswillOnesixtieth（alittlemoreorless）riseinvalue，makeforOnefifthdiminishedinweightandlostinthequantity？whichisalloneastosay，thataPenny，orthereabouts，shallmakeamendsforfifteenPencetakenaway。
AnotherwaytorecommendhisNewCoin，tothosewhoshallreceiveitinsteadofthepresentweightierCoin，hetellsthem，p。77。itwillpayasmuchDebtandpurchaseasmuchCommoditiesasourpresentMoney，whichisOnefifthheavier：WhathesaysofDebtsistrue。ButyetIwouldhaveitwellconsideredbyourEnglishGentlemen，thattho’CreditorswillloseOnefifthoftheirPrincipalandUse，andLandlordswillloseonefifthoftheirIncome，yettheDebtorsandTenantswillnotgetit。Itwillbeasked，Whothenwillgetit？Those，Isay，andthoseonlywhohavegreatSumsofweightyMoney（whereofoneseesnotapiecenowinPayments）hoardedupbythem，willgetbyit。TothosebytheproposedchangeofourMoneywillbeanincreaseofonefifthaddedtotheirRiches，paidoutofthePocketsoftherestoftheNation。ForwhatthesemenreceivedforFourShillings，theywillpayagainforFive。ThisweightyMoneyhoardedup，Mr。Lowndes，p。105computesatOneMillionandSixhundredthousandPounds。SothatbyraisingourMoneyonefifth，therewillThreehundredandtwentythousandPoundbegiventothosewhohavehoardedupourweightyMoney；whichhoardingupofMoneyisthoughtbymanytohavenoothermeritinitthantheprejudicingourTradeandpublickAffairs，andincreasingournecessities，bykeepingsogreatapartofourMoneyfromcomingabroad，atatimewhentherewassogreatneedofit。IftheSumofunclip’dMoneyintheNation，beassomesuppose，muchgreater；thentherewillbythiscontrivanceoftheraisingourCoin，begiventotheserichHoarders，muchabovetheaforesaidSumofThreehundredandtwentythousandPoundsofourpresentMoney。Nobodyelse，buttheseHoarders，cangetaFarthingbythisproposedchangeofourCoin；unlessMeninDebthavePlatebythem，whichtheywillCointopaytheirDebts。Thosetoo，I
mustconfess，willgetOnefifthbyallthePlateoftheirown，whichtheyshallCoinandpayDebtswith；valuingtheirPlateatBullion：ButiftheyshallconsiderthefashionoftheirPlate，whatthatcostwhentheyboughtit，andthefashionthatnewPlatewillcostthem，iftheyintendevertohavePlateagain，theywillfindthisOnefifthseemingpresentprofitinCoiningtheirPlatetopaytheirDebts，amounttolittleornothingatall。NobodythenbuttheHoarderswillgetbythisTwentyperCent。AndIchallengeanyonetoshewhowanybodyelse（butthatlittleinthecaseofPlateCoin’dtopayDebts）shallgetaFarthingbyit。ItseemstopromisefairesttotheDebtors；buttothemtooitwillamounttonothing。ForhethattakesupMoneytopayhisDebts，willreceivethisnewMoney，andpayitagainatthesameratehereceivedit，justashedoesnowourpresentCoin，withoutanyprofitatall。AndthoughCommodities（asisnatural）shallberaisedinproportiontothelesseningoftheMoney，nobodywillgetbythat，anymorethantheydonow，whenallthingsaregrowndearer。OnlyhethatisboundupbycontracttoreceiveanySumundersuchadenominationofPounds，ShillingsandPence，willfindhislosssensiblywhenhegoestobuyCommodities，andmakenewBargains。TheMarketsandtheShopswillsoonconvincehim，thathisMoney，whichisOnefifthlighter，isalsoonefifthworse；whenhemustpaytwentyperCent。moreforalltheCommoditieshebuyswiththeMoneyofthenewFoot，thanifheboughtitwiththepresentCoin。
ThisMr。Lowndeshimselfwillnotdeny，whenhecallstomindwhathehimself，speakingoftheinconvenienceswesufferbyourclip’dMoney，says，p。115。Personsbeforetheyconcludeinanybargains，arenecessitatedfirsttosettlethepriceorvalueoftheveryMoneytheyaretoreceivefortheirGoods；Andifitbeinclip’dorbadMoney，theysetthepriceoftheirGoodsaccordingly：WhichIthinkhasbeenonegreatcauseofraisingtheprice，notonlyofMerchandizes，butevenofEdibles，andothernecessariesfortheSustenanceofthecommonPeople，totheirgreatGrievance。ThateveryonewhoreceivesMoneyaftertheraisingourMoney，onContractsmadebeforethechange，mustlosetwentyperCent。inallheshallbuy，isDemonstration，byMr。Lownds’sownScheme。Mr。LowndesproposesthatthereshouldbeShillingsCoin’duponthenewFootOnefifthlighterthanourpresentShillings，whichshouldgofor12Penceapiece；andthattheunclip’dShillingsofthepresentCoinshouldgoforfifteenPenceapiece，andtheCrownforseventy—fivePence。AManwhohasaDebtofanhundredPoundsowinghim，uponBondorLease，receivesitinthesenewShillings，insteadoflawfulMoneyofthepresentStandard：HegoestoMarketwithtwentyShillingsinonePocketofthisnewMoney，whicharevaluedat240Pence；andintheotherPocketwithFourmill’dCrownpieces，（orTwentymill’dShillingsofthepresentCoin）whicharevaluedatThreehundredpence，whichisOnefifthmore：’TisDemonstrationthenthathelosesOnefifth，or20perCent。inallthathebuys，bythereceiptofthisnewMoney，forthepresentCoin，whichwashisdue；unlessthosehedealswithwilltakefourforfivePence，orfourShillingsforfiveShillings。Hebuys，forexample，aQuartofOylforfifteenPence：IfhepayforitwiththeoldMoneyinonePocket，oneShillingwilldoit；ifwiththenewMoneyintheother，hemustaddThreepencetoit，oraquarterofanotherShilling；Andsoofalltherestthathepaysfor，witheithertheoldMoneywhichheshouldhavereceivedhisDebtsin，orwiththenew，whichhewasforcedtoreceiveforit。
ThusfaritisDemonstration，helosesTwentyperCent。byreceivinghisDebtinanewMoneythusraised，whenheusesittobuyanything。Buttomakehimamends，Mr。Lowndestellshim，Silverisnowdearer；andallthingsconsequentlywillbeboughtcheaperTwentyperCent。Andyetatthesametimehetellstheminthepassageabovecitedoutofp。115。thatallotherthingsaregrowndearer。IamsurethereisnoDemonstrationthattheywillbesold20perCent。cheaper。AndifImaycreditHouse—keepersandsubstantialTradesmen，allsortsofProvisionsandCommoditiesarelatelyrisenexcessively；andnotwithstandingthescarcityofSilver，begintocomeuptothetrueValueofourclip’dMoney，everyonesellingtheirCommoditiessoastomakethemselvesamendsintheNumberoflightPiecesforwhattheywantinWeight。ACreditoroughttothinkthenewlightMoneyequivalenttothepresentheavier，becauseitwillbuyasmuchCommodities。Butwhatifitshouldfail，as’tistentoonebutitwill，whatSecurityhasheforit？Heistoldso，andhemustbesatisfied。TheSalt，Wine，Oyl，Silk，Naval—Stores，andallForeignCommodities，willnoneofthembesoldusbyForeignersforalessquantityofSilverthanbefore，becausewehavegiventhenameofmorePencetoit，isIthinkDemonstration。AllourNames（iftheyareanymoretous）aretothembutbareSounds；
andourCoin，astheirstous，butmeerBullion，valuedonlybyitsWeight。AndaSwedewillnomoresellyouhisHempandPitch，oraSpaniardhisOyl，forlessSilver；becauseyoutellhimSilverisscarcernowinEngland，andthereforeriseninvalueOnefifth；thanaTradesmanofLondonwillsellhisCommoditycheapertotheIsleofManbecausetheyaregrownpoorer，andMoneyisscarcethere。
AllForeignCommoditiesmustbeshutoutoftheNumberofthosethatwillfall，tocomplywithourraisingourMoney。Cornalso，’tisevident，doesnotriseorfallbythedifferencesofmoreorlessplentyofMoney，butbytheplentyandscarcitythatGodgives。ForourMoney，inappearance，remainingthesame，thePriceofCornisdoubleoneYeartowhatitwastheprecedent；
andthereforewemustcertainlymakeaccountthatsincetheMoneyisOnefifthlighter，itwillbuyOnefifthlessCornCommunibusannis。AndthisbeingthegreatExpenceofthePoor，thattakesupalmostalltheirEarnings；ifCornbeCommunibusannissoldforOnefifthmoreMoneyinTale，thanbeforethechangeofourMoney，theytoomusthaveOnefifthmoreinTaleofthenewMoneyfortheirWages，thantheyhavenow；andtheDay—Labourermusthave，notonlytwelve，butfifteenPenceofthenewMoneyaday，whichisthepresentShilling，thathehasnow，orelsehecannotlive。SothatallForeignCommodities，withCornandLabour，keepinguptheirvaluetothequantityofSilver，theysellfornow，andnotcomplyinginthefalloftheirrealpricewiththenominalraisingofourMoney；thereisnotmuchleftwhereinLandlordsandCreditorsaretoexpecttherecompenceof20perCent。abatementofpriceinCommoditiestomakeuptheirlossinthelightnessofourMoneytheyarepaidtheirRentsandDebtsin。’TwouldbeeasietoshewthesamethingconcerningourothernativeCommodities，andmakeitclear，thatwehavenoreasontoexpecttheyshouldabateoftheirpresentprice，anymorethanCornandLabour。Butthisisenough，andanyone，whohasamindtoit，maytracetherestathisleisure。
AndthusIfearthehopesofcheaperPenny—worths，whichmightbeguilesomeMenintoabelief，thatLandlordsandCreditorswouldreceivenolessbytheproposednewMoney，isquitevanished。ButifthepromiseofbetterPenny—worthsandafallofallCommoditiesTwentyperCent。shouldholdtrue，thiswouldnotatallrelieveCreditorsandLandlords，andsetthemonequaltermswiththeirNeighbours：BecausethecheapPenny—worthswillnotbeforthemalone；buteverybodyelse，aswellasthey，willshareinthatadvantage；sothattheirSilverbeingdiminishedOnefifthintheirRentsandDebts，whicharepaidthem，theywouldstillbeTwentyperCent。greaterlosersthantheirunhoardingneighbours，andFortyperCent。greaterlosersthantheHoardersofMoney；WhowillcertainlygetTwentyperCent。intheMoney，whateverhappensinthepriceofthings；AndTwentyperCent。moreinthecheapnessofCommodities，ifthatpromisedrecompencebemadegoodtoCreditorsandLandlords。FortheHoardersofMoney（ifthepriceofthingsfalls）willbuyascheapasthey。SothatwhateverissaidofthecheapnessofCommodities，’tisDemonstration，（whetherthatprovestrueorno）
ThatCreditors，andLandlords，andallthosewhoaretoreceiveMoneyuponBargainsmadebeforetheproposedchangeofourCoin，willunavoidablyloseTwentyperCent。
OnethingMr。LowndessaysinthisParagraphveryremarkable，whichIthinkdecidestheQuestion。Hiswordsp。78。arethese，ThatifthevalueoftheSilverintheCoins（byanextrinsickdenomination）beraisedabovethevalueorMarketpriceofthesameSilverreduc’dtoBullion，theSubjectwouldbeproportionablyinjuredanddefrauded，astheywereformerlyinthecaseofbaseMoneysCoin’dbypubliqueAuthority。Itremainsthereforeonlytoshew，thattheMarket—priceofStandardBullionisnotonefifthaboveourCointhatistoberaised，andthenwehaveMr。Lowndesofoursidetooagainstitsraising。Ithinkitisabundantlyprovedalready，thatStandardBullionneitheris，norcanbeworthonefifthmorethanourLawfulweightyMoney：
Andifitbenot，byMr。Lowndes’sconfession，thereisnoneedofraisingourpresentlegalmill’dMoneytothatdegree；and’tisonlyourclip’dMoneythatwantsamendment：Andwhenthatisrecoin’dandreducedalltomill’dandlawfulMoney，thatthentoowillhavenoneedofraising。ThisIshallnowproveoutofMr。Lowndes’sownwordshere。
Mr。LowndesintheforecitedwordscomparesthevalueofSilverinourCoin，tothevalueofthesameSilverreduc’dtoBullion；whichhesupposingtobeasfourtofive，makesthatthemeasureoftheraisingourMoney。IfthisbethedifferenceofValuebetweenSilverinBullion，andSilverinCoin；anditbetrue，thatfourOuncesofStandardBullionbeworthfiveOuncesofthesameSilverCoin’d；Or，whichisthesamething，thatBullionwillsellbytheOunceforsixShillingsandfivePenceunclip’dMoney；IwilltaketheboldnesstoadviseHisMajestytobuy，ortoborrowanywheresomuchBullion，orratherthanbewithoutit，meltdownsomuchPlate，asisequalinweighttoTwelvehundredpoundsSterlingofourpresentmill’dMoney。Thislethimsellformill’dMoney。AndaccordingtoourAuthor’sRule，itwillyieldFifteenhundredpounds。LetthatFifteenhundredpoundsbereduc’dintoBullion，andsoldagain，anditwillproduceEighteenhundredandsixtypounds：WhichEighteenhundredandsixtypoundsofweightyMoneybeingreduc’dtoBullion，willstillproduceOnefifthmoreinweightofSilver，beingsoldforweightyMoney。AndthusHisMajestymaygetatleastThreehundredandtwentythousandpoundsbysellingofBullionforweightyMoney，andmelringthatdownintoBullion，asfastashereceivesit；tillhehasbroughtintohishandstheMillionandSixhundredthousandPounds，whichMr。LowndescomputesthereisofweightyMonevleftinEngland。
Idoubtnotbuteveryonewhoreadsit，willthinkthisaveryridiculousProposition。Buthemustthinkitridiculousfornootherreason，butbecausehesees’tisimpossible，thatBullionshouldsellforOnefifthaboveitsweightofthesameSilverCoin’d；Thatis，thatanOunceofStandardSilvershouldsellforsixShillingsfivePenceofourpresentweightyMoney。
Forifitwill，’tisnoridiculousthingthattheKingshouldmeltdown，andmakethatprofitofhisMoney。
IfourAuthor’sRule，（p。78。wherehesays，ThattheonlyjustandreasonableFootuponwhichtheCoinsshouldbecurrent，istheverypriceoftheSilverthereof，incaseitbemolteninthesameplacewhereCoinsaremadecurrent）betobeobserved；
OurMoneyistoberaisedbutanHalfpenny，oratmostaPennyinfiveShillings；forthatwastheordinaryoddsinthepricebetweenBullionandCoin’dSilver，beforeClippinghaddeprivedus，inCommerce，ofallourmill’dandweightyMoney。AndSilverinStandardBullionwouldnotbeinvalueonejotabovethesameSilverinCoin，ifclip’dMoneywerenotcurrentbyTale，andCoin’dSilver（asMr。Lowndesproposes，p。73。）aswellasBullion，hadthelibertyofExportation。Forwhenwehavenoclip’dMoney，butallourcurrentCoinisweight，accordingtotheStandard，alltheoddsofvaluethatSilverinBullionhastoSilverinCoin，isonlyowingtotheProhibitionofitsExportationinMoney；Andneverrises，norcanrise，abovewhattheGoldsmithshallestimatetherisqueandtroubleofmeltingitdown；whichissolittle，thattheImportersofSilvercouldneverraiseittoaboveaPennyanOunce，butatsuchtimesastheEastIndiaCompany，orsomeForeignSale，callingforagreatquantityofSilveratatime，madetheGoldsmithscrambleforit；
andsotheImportersofBullionraiseitspriceuponthem，accordingtothepresentneedofgreatquantitiesofSilver，whicheveryGoldsmith（eagertoingrosstohimselfasmuchashecould）wascontenttopayhighfor，ratherthangowithout：Hispresentgainsfromthosewhomhefurnish’d，andwhomotherwisehecouldnotfurnish，makinghimamends。
ThenaturalvaluethenbetweenSilverinBullion，andinCoin，is（Isay）everywhereequal；batingthechargeofCoinage，whichgivestheadvantagetothesideoftheCoin。TheordinaryoddshereinEngland，betweenSilverinBullion，andthesameinourCoin，isbyreasonthattheStamphindersitsfreeExportationaboutaPennyintheCrown。Theaccidentaldifference，byreasonofsuddainoccasions，issometimes（butrarely）twopenceinfiveShillings，orsomewhatmoreingreaturgencies。Andsincetheordinaryrateofthingsistobetakenasthemeasureoftheirprice，andMr。Lowndestellsus，p。78。
ThatifthevalueoftheSilverintheCoinsshouldberaisedabovethevalue，OrMarketPrice，ofthesameSilverreducedtoBullion，theSubjectwouldbeproportionablyinjuredanddefrauded；IleavehimtomaketheInference，whatwillbetheconsequenceinEngland，ifourCoinberaisedhereOnefifth，orTwentyperCent。
Mr。Lowndessaysfarther，p。80。ThatSilverhasaprice。I
answer；SilvertoSilvercanhavenootherprice，butquantityforquantity。Iftherebeanyotherdifferenceinvalue，itisorcanbenothingbutoneofthesetwo：First，Eitherthevalueofthelabourimploy’daboutoneparcelofSilvermorethananother，makesadifferenceintheirprice；andthusfashion’dPlatesellsformorethanitsweightofthesameSilver；andinCountieswheretheOwnerspayfortheCoinage，SilverinCoinismoreworththanitsweightinBullion；buthere，wherethePublickpaystheCoinage，theyareofverynearequalvalue，whenthereisnoneedofExportation：ForthenthereisnomoreoddsthanthetroubleofcarryingtheBulliontotheMint，andfetchingagain，isworth；orthechargeofrefiningsomuchofit，aswillbringittoStandard，ifitbeworsethanStandard。
OrSecondly，SomePriviledgebelongingtooneparcelofSilverwhichisdeniedtoanother，viz。HereinEnglandalibertyofExportationallowedtoSilverinBullion，deniedtoSilverStamp’d。This，whenthereisneedofExportationofSilver，givessomesmalladvantageofvaluetouncoin’dSilverhere，aboveCoin’d；butthatisordinarilyveryinconsiderable；andcanneverreachtoOnefifth，norhalfOnefifth，ashasbeenalreadyshewn。AndthisIthinkwillanswerallthatissaidaboutthepriceofSilverinthatplace。
’TistruewhatMr。Lowndessaysinthenextwords，p。81。
ThatfiveShillingscoin’dupontheFootproposed，willactuallycontainmorerealandintrinsickvalueofSilverbyagreatdeal，thanisinthecurrentMoneynowcommonlyappliedtothePaymentofthesaidRents，RevenuesandDebts。Butwillhehenceconclude，becausethereisnowlostinthoseRents，RevenuesandDebts，agreatdealmorethanTwentyperCent。underthepresentirregularityofourCoin，andtheRobberyinclip’dMoney，withoutanytheleastneglectormiscarriageintheOwnerthatintitledhimtothatloss，thatthereforeitisjustthatthelossofTwentyperCent。beestablish’donhimbyLawforthefuture，inthereformingofourCoin？
Mr。Lowndes’sSecondreasonforlesseningourCoinwehavep。
82。inthesewords，ThevalueoftheSilverintheCoinoughttoberaised，toencouragetheringingofBulliontotheMinttobeCoin’d。ThisraisingofMoneyisineffect，ashasbeenseen，nothingbutgivingadenominationofmorePencetothesamequantityofSilver，viz。ThatthesamequantityofSilvershallhere—afterbecalledSeventy—fivePence，whichisnowcalledbutsixtyPence。Forthatisallisdone：Asismanifest，whenaCrownpiecewhichnowgoesbutforsixtyPence，shallbemadetogoforseventy—fivePence；for’tisplain，itcontainsnothingofSilverorworthinit，morethanitdidbefore。Letussuppose，thatallourSilverCoinnowinEnglandwereSix—pences，Shillings，HalfcrownsandCrowns，allmill’dMoneyfullweightaccordingtothepresentStandard；Andthatitshouldbeordered，thatforthefuture，theCrown—pieceinsteadofgoingforsixtypence，shouldgoforseventy—fivepence，andsoproportionablyofalltheotherPieces；Iaskthen，howsuchachangeofdenominationshallbringBulliontotheMinttobeCoin’d，andfromwhence？Isupposethischangeofnames，orascribingtoitmoreimaginarypartsofanydenomination，hasnoCharmsinittobringBulliontotheMinttobeCoin’d：ForwhetheryoucallthepieceCoin’dtwelvepence，orfifteenpence，sixtyorseventy—five，aCrownoraScepter，itwillbuynomoreSilk，SaltorBreadthanitwouldbefore。ThatthereforecannottemptPeopletobringittotheMint。AndifitwillpaymoreDebt，thatisperfectDefrauding，andoughtnottobepermitted。Next，Iask，fromwhenceshallthisraisingfetchit？ForBullioncannotbebroughthithertostayhere，whil’sttheBalanceofourTraderequiresalltheBullionwebringin，tobeExportedagain，andmoreSilveroutofourformerStockwithit，toanswerourexigenciesbeyondSeas。Andwhilstitisso，theGoldsmithsandReturnersofMoneywillgivemoreforBulliontoExport，thantheMintcangiveforittoCoin；andsononeofthatwillcometotheMint。ButsaysourAuthor，p。83。AnHalf—pennyanOunceprofit，whichwillbeintheproposedCoin，abovethepresentpriceofSterlingBullion，willbeanencouragementtothosewhohaveEnglishPlate，tobringitintobeCoin’d。Idoubtwhethertherewillbeanysuchprofit；forIimaginethatStandardBullioncannotnowbeboughtperOunceforSixShillingsandfivePenceofourclip’drunningCash，whichistheMeasurewherebyMr。LowndesdeterminesofthepriceofSterlingSilver。ButtakingthisHalf—pennyanOunceprofitforgranted，itwillnotbringtotheMintanyPlate，whosefashionisvaluedbytheOwnerataboveanHalf—pennyperOunce；andhowmuchthenitisliketobringtotheMint，iseasietoguess。
ThetrueandonlygoodreasonthatbringsBulliontotheMinttobeCoin’d，isthesamethatbringsittoEnglandtostaythere，viz。Thegainwemakebyanover—balanceofTrade。WhenourMerchantscarryCommoditiesabroad，toagreatervaluethanthosetheybringhome，theover—pluscomestotheminForeignCoinorBullion，whichwillstayhere，whenwegainbytheBalanceofourwholeTrade。ForthenwecanhavenoDebtsbeyondSeatobepaidwithit：InthisthrivingpostureofourTrade，thosetowhosesharethisBullionfalls，nothavinganyuseofitwhil’stitisinBullion，choosetocarryittotheMinttohaveitCoin’dthere，wherebyitisofmoreusetothemforallthebusinessofSilverinTrade，orpurchasingLand；theMinthavingascertainedtheweightandfinenessofit：Sothatonanyoccasion，everyoneisreadytotakeitatitsknownvalue，withoutanyscruple；aconveniencethatiswantinginBullion。
ButwhenourTraderunsontheotherside，andourExportedCommoditieswillnotpayforthoseForeignonesweconsume，ourTreasuremustgo；andthenitisinvaintobestowthelabourofCoiningonBullionthatmustbeExportedagain。TowhatpurposeisittomakeitpassthroughourMint，whenitwillaway？Thelesspainsandchargeitcostsus，thebetter。
HisThirdreasonp。83。is，thatthisraisingourCoinbymakingitmoreintalewillmakeitmorecommensuratetothegeneralneedthereof，andtherebyhindertheincreaseofhazardousPaper—credit，andtheinconveniencyofBartering。
JustastheBoycuthisLeatherintofivequarters（ashecalledthem）tocoverhisBall，whencutintofourquartersitfellshort：Butafterallhispains，asmuchofhisBalllaybareasbefore。IfthequantityofCoin’dSilveremploy’dinEnglandfallsshort，thearbitrarydenominationofagreaternumberofPencegiventoit，orwhichisallone，totheseveralCoin’dpiecesofit，willnotmakeitcommensuratetothesizeofourTrade，orthegreatnessofouroccasions。Thisisascertain，asthatifthequantityofaBoardwhichistostopaLeakofaShipfifteenInchessquare，bebuttwelveInchessquare，itwillnotbemadetodoit，bybeingmeasuredbyaFootthatisdividedintofifteenInchesinsteadoftwelve，andsohavingalargerTaleornumberofInchesindenominationgiventoit。
ThisindeedwouldbeaconvincingReason，ifSoundswillgiveweighttoSilver，andthenoiseofagreaternumberofPence（lessinquantityproportionablyastheyaremoreinnumber）werealargersupplyofMoney，whichourAuthorp。84。saysouroccasionsrequire，andwhichhebyanincreaseofthetaleofPencehopestoprovide。ButthatMistakeisveryvisible，andshallbefurthershewninthebusinessofBartering。
ThenecessityofTrustandBarteringisoneofthemanyinconvenienciesspringingfromthewantofMoney。Thisinconvenience，themultiplyingarbitrarydenominationswillnomoresupply，noranywaysmakeourscarcityofCoincommensuratetotheneedthereisofit，thaniftheClothwhichwasprovidedforclothingtheArmy，fallingshort，oneshouldhopetomakeitcommensuratetothatneedthereisofit，bymeasuringitbyaYardOnefifthshorterthantheStandard，orchangingtheStandardoftheYard，andsogettingthefulldenominationofYards，necessaryaccordingtothepresentmeasure。ForthisisallwillbedonebyraisingourCoin，asisproposed。Allitamountsto，isnomorebutthis，viz。Thateachpiece，andconsequentlyourwholeStockofMoney，shouldbemeasuredanddenominatedbyaPennyOnefifthlessthantheStandard。
WherethereisnotCoin’dSilverinproportiontothevalueoftheCommoditiesthatdailychangeOwnersinTrade，thereisanecessityofTrust，orBartering；i。e。changingCommoditiesforCommodities，withouttheinterventionofMoney。ForExample，letussupposeinBermudosbutanhundredpoundsinreadyMoney；butthatthereiseverydaythereatransferringofCommoditiesfromoneOwnertoanother，tothevalueofdoubleasmuch。WhentheMoneyisallgotintohandsthathavealreadyboughtallthattheyhaveneedofforthatday，whoeverhasneedofanythingelsethatday，musteithergoontick，orbarterforit；i。e。
givetheCommoditieshecanbestspare，fortheCommoditieshewants，v。g。SugarforBread，&c。Now’tisevidenthere，thatchangingtheDenominationoftheCointheyalreadyhaveinBermudos，orCoiningitoveragainundernewDenominations，willnotcontributeintheleasttowardstheremovingthisnecessityofTrustorBartering。ForthewholeSilvertheyhaveinCoin，beingbutfourhundredOunces；andtheexchangeoftheCommoditiesmadeinadistanceoftime，whereinthisMoneyispaid，notaboveonce，beingtothevalueofEighthundredOuncesofSilver；’tisplainthatonehalfoftheCommoditiesthatshifthands，mustofnecessitybetakenuponCredit，orexchangedbyBarter；thosewhowantthemhavingnotMoneytopayforthem。NorcananyalterationoftheCoin，orDenominationofthesefourhundredOuncesofSilverhelpthis：BecausethevalueoftheSilver，inrespectofotherCommodities，willnottherebybeatallincreased；AndtheCommoditieschanged，being（asinthecase）doubleinvaluetothefourhundredOuncesofCoin’dSilvertobelaidoutinthem；nothingcansupplythiswantbutadoublequantity，i。e。eighthundredOuncesofCoin’dSilver；howdenominateditmattersnot，sotherebeafitproportionofsmallpiecestosupplysmallpayments。
SupposetheCommoditiespassingeverydayinEngland，inMarketsandFairs，betweenstrangers，orsuchastrustnotoneanother，weretothevalueofaMillionofOuncesofSilver；andtherewasbuthalfaMillionofOuncesofCoin’dSilverinthehandsofthosewhowantedthoseCommodities；’tisDemonstrationtheymusttruckforthem，orgowithoutthem。IfthentheCoin’dSilverofEngland，benotsufficienttoanswerthevalueofCommoditiesmovinginTradeamongstus，CreditorBartermustdoit。WheretheCreditandMoneyfail，Barteralonemustdoit：
WhichbeingintroducedbythewantofagreaterplentyofCoin’dSilver，nothingbutagreaterplentyofCoin’dSilvercanremoveit。TheincreaseofDenominationdoes，orcandonothinginthecase：For’tisSilverbyitsquantity，andnotDenomination，thatisthepriceofthings，andmeasureofCommerce；and’tistheweightofSilverinit，andnotthenameofthepiecethatMenestimateCommoditiesby，andexchangethemfor。
Ifthisbenotso，whenthenecessityofouraffairsabroad，orillhusbandryathome，hascarriedawayhalfourTreasure；andamoietyofourMoneyisgoneoutofEngland；’tisbuttoissueaProclamation，thataPennyshallgoforTwo—pence，Six—penceforaShilling，halfaCrownforaCrown，&c。andimmediatelywithoutanymoreadoweareasRichasbefore。Andwhenhalftheremainderisgone，’tisbutdoingthesamethingagain，andraisingtheDenominationanew，andwearewherewewere，andsoon：WherebysupposingtheDenominationraisedfifteensixteenths，everyManwillbeasRichwithanOunceofSilverinhisPurseashewasbeforewhenhehadsixteenOuncesthere；andinasgreatplentyofMoney，abletocarryonhisTrade，withoutBartering；hisSilver，bythisshortwayofraising，beingchang’d，intothevalueofGold：ForwhenSilverwillbuysixteentimesasmuchWine，Oyl，andBread，&c。todayasitwouldyesterday（allotherthingsremainingthesamebuttheDenomination）ithaththerealworthofGold。
ThisIguesseverybodyseescannotbeso。Andyetthismustbeso，ifitbetrue，thatraisingtheDenominationOnefifthcansupplythewant，oronejotraisethevalueofSilverinrespectofotherCommodities；i。e。makealessquantityofittoday，buyagreaterquantityofCorn，OylandCloth，andallotherCommodities，thanitwouldyesterday，andtherebyremovethenecessityofBartering。ForifraisingtheDenominationcanthusraisethevalueofCoininexchangeforotherCommoditiesOnefifth，bythesamereasonitcanraiseitTwofifths，andafterwardsThreefifths，andagain，ifneedbe，Fourfifths，andasmuchfurtherasyouplease。SothatbythisadmirablecontrivanceofraisingourCoin，weshallbeasRichandaswellabletosupportthechargeoftheGovernment，andcarryonourTradewithoutbarteringoranyotherinconvenienceforwantofMoney，withsixtythousandOuncesofCoin’dSilverinEngland，asifwehadsixorsixtyMillions。Ifthisbenotso，Idesireanyonetoshewme，whythesamewayofraisingthedenominationwhichcanraisethevalueofMoneyinrespectofotherCommodities，Onefifth，cannotwhenyoupleaseraiseitanotherfifth，andsoon？Ibegtobetoldwhereitmuststop，andwhyatsuchadegreewithoutbeingabletogofarther。
Itmustbetakennoticeof，thattheraisingIspeakofhere，istheraisingofthevalueofourCoininrespectofotherCommodities（asIcallitallalong）incontradistinctiontoraisingtheDenomination。TheconfoundingoftheseinDiscoursesconcerningMoney，isonegreatcause，Isuspect，thatthismatterissolittleunderstood，andsooftentalkedofwithsolittleInformationofthehearers。
APennyisadenominationnomorebelongingtoeightthantoeighty，ortoonesinglegrainofSilver：AndsoitisnotnecessarythatthereshouldbesixtysuchPence，nomorenorless，inanOunceofSilver，i。e。twelveinapiececalledaShilling，andsixtyinapiececalledaCrown；suchlikedivisionsbeingonlyextrinsicaldenominations，areeverywhereperfectlyarbritrary。ForhereinEnglandtheremightaswellhavebeentwelveShillingsinaPenny，astwelvePenceinaShilling，i。e。thedenominationofthelesspiecemighthavebeenaShilling，andofthebiggeraPenny。Again，theShillingmighthavebeenCoin’dtentimesasbigasthePenny，andtheCrowntentimesasbigastheShilling；wherebytheShillingwouldhavehadbuttenPenceinit，andtheCrownanhundred。Butthis，howeverorder’d，altersnotonejotthevalueoftheOunceofSilverinrespectofotherthings，anymorethanitdoesitsweight。Thisraisingbeingbutgivingofnamesatpleasuretoaliquotpartsofanypiece，viz。thatnowthesixtiethpartofanOunceofSilvershallbecalledaPenny，andtomorrowthattheseventyfifthpartofanOunceofSilvershallbecalledaPenny，maybedonewithwhatincreaseyouplease：AndthusitmaybeorderedbyaProclamation，thataShillingshallgofortwenty—fourPence，anHalfCrownforsixtyinsteadofthirtyPence，andsooftherest。
ButthatanHalf—Crownshallbeworth，orcontain，sixtysuchPenceasthePencewerebeforethischangeofdenominationwasmade，thatnoPoweronearthcando：NorcananyPower（butthatwhichcanmaketheplentyorscarcityofCommodities）raisethevalueofourMoneythusdoubleinrespectofotherCommodities，andmakethatthesamepiece，orquantityofSilver，underadoubledenomination，shallpurchasedoublethequantityofPepper，WineorLead，aninstantaftersuchProclamation，towhatitwoulddoaninstantbefore。Ifthiscouldbe，wemight，aseveryonesees，raiseSilvertothevalueofGold，andmakeourselvesasRichaswepleased。But’tisbutgoingtoMarketwithanOunceofSilverofOnehundredandtwentypence，tobeconvinc’dthatitwillpurchasenomorethananOunceofSilverofsixtyPence。AndtheringingofthepiecewillassoonpurchasemoreCommoditiesasitschangeofDenomination，andthemultipliednameofPence，whenitiscall’dsixscoreinsteadofsixty。
’Tispropos’d，thatthetwelvePenceshouldberaisedtofifteenPence，andtheCrowntoseventy—fivepence，andsoproportionablyoftherest：ButyetthatthePoundSterlingshouldnotberaised。Iftherebeanyadvantageinraising，whyshouldnotthatberaisedtoo？AndastheCrownpieceisraisedfromsixty，toseventy—fivePence，whyshouldnotthePoundSterlingberaisedinthesameproportion，fromTwohundredandfortypence，toThreehundredpence？
Farther，IfthisraisingourCoincansostretchourMoneyandenlargeourparedremainderofit，astomakeitmorecommensuratetothegeneralneedthereof，forcarryingonthecommonTraffickandCommerceoftheNation，andtoanswerOccasionsrequiringalargersupplyofMoney，asMr。LowndestellsusinhisthirdReasonp。83。Whyarewesoniggardlytoourselvesinthistimeofoccasion，astostopatOnefifth？WhydowenotraiseitonefullMoiety，andtherebydoubleourMoney？
IfMr。Lowndes’sRulep。78ThatifthevalueoftheSilverintheCoin，shouldberaisedabovetheMarketpriceofthesameSilverreduc’dtoBullion；theSubjectwouldbeproportionablyinjuredanddefrauded，mustkeepusfromthisadvantageandthepublickcareofJusticestoptheraisingoftheMoneyatOnefifth，becauseifourMoneyberaisedbeyondtheMarket—priceofBullion，itwillbesomuchdefraudingoftheSubject：IthensayitmustnotberaisedOnefifth，norhalfOnefifth，thatis，itmustnotberaisedfifteenpenceintheCrown；nonorfivepence。
ForIdenythattheMarket—priceofStandardBullioneverwas，orevercanbefiveShillingssevenPenceoflawfulweightyMoneytheOunce：Sothatifourpresentmill’dMoneyberaisedOnefifth，theSubjectswillbyMr。Lowndes’sRule，bedefraudedSixteenperCent。nay，aboveEighteenperCent。FortheMarket—priceofStandardBullionbeingordinarilyunderfiveShillingsfourPencetheOunce，whensoldforweightyMoney（whichisbutOnethirtieth）whateverourpresentmill’dMoneyisraisedaboveOnethirtieth，itisbyMr。Lowndes’sRulesomuchdefraudingtheSubject。FortheMarket—priceofanything，andsoofBullion，istobetakenfromitsordinaryratealltheYearround；andnotfromtheextraordinaryriseoftwoorthreeMarket—daysinaYear。AndthattheMarket—priceofStandardSilverwasnotfound，norpretendedtobeabovefiveShillingandfourPencetheOunce，beforeClippinghadleftnonebutlightrunningCashtopayforBullion，oranythingelse，isevidentfromaPaperthenpublish’d，whichItookthelibertytoexamineinmyConsiderationoftheconsequencesofraisingthevalueofMoney，&c。Printed1692。TheAuthorofthatPaper，{who，}’tismanifest，wasnotignorantofthepriceofSilver，norhadadesigntolessenitsrate，setdownthehighestpriceitthenbore。
Ifthen，Mr。Lowndes’sRuleofJustice，andcareoftheSubject，betoregulatetheriseofourmill’dMoney，itmustnotberaisedaboveOnethirtiethpart。Iftheadvantageshepromises，ofmakingourMoney，byraisingitOnefifth，morecommensuratetothegeneralneedthereof，betobelaidholdon，’tisreasonabletoraiseithigher，tomakeityetmorecommensuratetothegeneralneedthereisofit。WhicheverofthetwoMr。Lowndeswillprefer，eitherreasonofState，orruleofJustice，Onefifthmustnotbehismeasureofraisingourpresentmill’dMoney。IftheadvantageofmakingourMoneymoreproportionatetoourTrade，andothernecessities，betogovernitsproposedraising，everyonewillcryouttoMr。Lowndes，Ifyourwaywilldowhatyousay，theraisingitOnehalfwillbemuchbetterthanOnefifth，andthereforeprayletaHalfCrownberaisedtoaCrown，andaSix—pencetoaShilling。Ifequity，andtheconsiderationoftheSubjectsPropertyoughttogoverninthecase，youmustnotraiseourmill’dCrowntoabovefiveShillingsandfourPence。
Ifitherebesaidtome，thatIdothenallowthatourMoneymayberaisedOnethirtieth，i。e。thattheCrownpieceshouldberaisedtofiveShillingsandtwoPence，andsoproportionablyoftheotherspeciesofourCoin；Ianswer，hethatinfersso，makeshisInferencealittletooquick。
ButletusforonceallowtheordinarypriceofStandardSilvertobefiveShillingsfourPencetheOunce，tobepaidforinweightyCoin（forthatmustalwaysberemembred，whenwetalkoftherateofBullion）andthattherateofBullionisthejustmeasureofraisingourMoney。ThisIsayisnoreasonfortheraisingourmill’dCrownnowtofiveShillingsfourPence，andrecoiningallourclip’dMoneyuponthatFoot；unlessweintend，assoonasthatisdone，tonewraise，andCoinitagain。Forwhil’stourTradeandAffairsabroadrequiretheexportationofSilver，andtheexportationofourCoin’dSilverisprohibited，andmadepenalbyourLaw，StandardBullionwillalwaysbesoldhereforalittlemorethanitsweightofCoin’dSilver。SothatifweshallendeavourtoequalourweightyCoin’dSilvertoStandardBullion，byraisingit，whilstthereisanecessityoftheexportationofSilver，weshalldonootherwisethanaChild，whorunstoovertakeandgetuptothetopofhisshadow，whichstilladvancesatthesameratethathedoes。ThepriviledgethatBullionhas，tobeexportedfreely，willgiveitalittleadvanceinpriceaboveourCoin，lettheDenominationofthatberaisedorfallenasyouplease，whilstthereisneedofitsExportation，andtheExportationofourCoinisprohibitedbyLaw。Butthisadvancewillbebutlittle，andwillalwayskeepwithintheboundswhichtherisqueandtroubleofmeltingdownourCoinshallsettoitintheestimateoftheExporter。HethatwillratherventuretothrowanhundredPoundintohisMelting—pot，whennobodyseeshim，andreduceittoBullion，thangiveanHundredandFivePoundsforthesameweightofthelikeBullion，willnevergivefiveShillingsandfivePenceofmill’dMoneyforanOunceofStandardBullion；norbuyatthatprice，whenhecanhaveitnearFiveperCent。cheaper，withoutanyrisque，ifhewillnotaccusehimself。AndIthinkitmaybeconcluded，thatveryfew，whohaveFurnaces，andotherconvenienciesreadyformeltingSilver，willgiveOneperCent。forStandardBullion，whichisunderFiveShillingsandThreepenceperOunce，whocanonlyforthetroubleofmeltingit，reduceourCointoasgoodBullion。
TheoddsofthepriceinBulliontoCoinonthisaccount（whichistheonlyone，wheretheCoiniskepttotheStandard）
canneverbeareasonforraisingourCointopreserveitfrommeltingdown：BecausethispriceaboveitsweightisgivenforBullion，onlytoavoidmeltingdownourCoin；andsothisdifferenceofpricebetweenStandardBullionandourCoin，canbenocauseofitsmeltingdown。
ThesethreeReasonswhichIhaveexamin’d，containthegreatadvantages，whichourAuthorsupposesthepropos’draisingofourCoinwillproduce。AndthereforeIhavedweltlongeruponthem。
HisremainingsixReasonsbeingoflessmoment，andofferingmostofthem，butsomecircumstantialconveniencies，astothecomputationofourMoney，&c。Ishallmorebrieflypassover。
OnlybeforeIproceedtothem，IshallheresetdownthedifferentvalueofourMoney，collectedfromourAuthorsHistoryoftheseveralchangesofourCoin，sinceEdwardtheFirst’sReign，quitedowntothispresenttime。AcuriousHistoryindeed，forwhichIthinkmyselfandtheWorldindebtedtoMr。Lowndes’sgreatLearninginthissortofknowledge，andhisgreatexactnessinrelatingtheparticulars。IshallremarkonlythequantityofSilverwasinaShillingineachofthoseChanges；thatsotheReadermayatfirstsight，withoutfarthertrouble，comparethelessening，orincreaseofthequantityofSilveruponeverychange。Forinproprietyofspeech，theaddingtothequantityofSilverinourCoin，isthetrueraisingofitsvalue；andthediminishingthequantityofSilverinit，isthesinkingofitsvalue；howevertheycometobetranspos’dandusedinthequitecontrarysense。
IfmyCalculations，fromtheWeightandFinenessIfindsetdowninMr。Lowndes’sExtractoutoftheIndenturesoftheMint，havenotmisledme，thequantityofSilvertoaGrain，whichwasinaShillingineveryChangeofourMoney，issetdowninthefollowingTable。
OneShillingcontain’dofFineSilverGrains。
28Edward1264
18Edward3236
27Edward3213
9Henry5176
1Henry6142
4Henry6176
49Henry6142
1Henry8118
34Henry8100
36Henry860
37Henry840
3Edward640
5Edward620
6Edward688
2Eliz。89
43Eliz。86
AndSoithasremain’dfromthe43ofElizabethtothisday。
Mr。Lowndes’s69
Mr。LowndeshavinggivenustheFinenessoftheStandardSilverineveryReign，andthenumberofpiecesaPoundTroywasCoin’dinto，closesthisHistorywithwordstothispurpose，p。
56。Bythisdeductionitdothevidentlyappear，thatithathbeenaPolicyconstantlypractisedintheMintsofEngland，toraisethevalueoftheCoininitsextrinsickDenominationfromtimetotime，asanyexigenceoroccasionrequired，andmoreespeciallytoencouragethebringingofBullionintotheRealmtobeCoin’d。
Thisindeed，isroundlytoconcludeforhisHypothesis。ButI
couldwish，thatfromtheHistoriesofthoseTimes，whereintheseveralchangesweremade，hehadshew’dustheExigencesandOccasionsthatproducedtheraisingoftheCoin，andwhateffectsithad。