第3章

IfImistakenot，Henrythe8th’sseveralraisingsofourCoin，broughtlittleincreaseofSilverintoEngland。AstheseveralSpeciesofourCoinlessenedintheirrespectivequantitiesofSilver。sotheTreasureoftheRealmdecreasedtoo：

AndhethatfoundtheKingdomRich，didnot，asIremember，byallhisraisingsourCoin，leaveitso。

Anotherthing，that（fromthisHistory）makesmesuspectthattheraisingtheDenominationwasneverfoundeffectivelytodrawSilverintoEngland，istheloweringtheDenomination，oraddingmoreSilvertotheseveralSpeciesofourCoin，asinHen。VI’stime，theShillingwasincreasedfromOnehundredfortytwoGrainsofSilver，toOnehundredseventysix。Andinthe6thofEdw。VI。inwhosetimeraisingtheDenominationseemstohavebeentriedtotheutmost，whenaShillingwasbroughttoTwentyGrainsofSilver。Andthegreatalterationthatwasthenquicklymadeontheotherhand，fromTwentytoEightyGrainsatoneleap，seemstoshewthatthislesseningtheSilverinourCoin，hadprovedhighlyprejudicial：ForthisisagreaterchangeinsinkingoftheDenominationinproportion，thaneverwasmadeatonceinraisingit；AShillingbeingmadefourTimesweightierinSilverinthe6th，thanitwasinthe5thYearofEdw。VI。hisReign。

KingdomsareseldomfoundwearyoftheRichestheyhave，oraversetotheincreaseoftheirTreasure。IfthereforetheraisingtheDenominationdidinrealitybringSilverintotheRealm，itcannotbethoughtthattheywouldatanytimesinktheDenomination，whichbytheRuleofcontrariesshouldbeatleastsuspectedtodrive，orkeepitout。

SincethereforewearenotfrommatterofFactinformed，whatwerethetrueMotivesthatcausedthoseseveralchangesintheCoin；maywenotwithReasonsuspect，thattheywereowingtothatPolicyoftheMint，setdownbyourAuthor，p。83。inthesewords，thattheproposedadvanceisagreeabletothePolicythatinpastAgeshathbeenpractised，notonlyinourMint，butintheMintsofallPolitickGovernments；namely，toraisethevalueofSilverintheCointopromotetheworkoftheMint？AsI

remember，suitabletothisPolicyoftheMint，therewas，sometwoYearssince，acomplaintofaworthyGentleman，notignorantofit，thattheMillintheMintstoodstill；Andthereforetherewasaproposaloffer’dforbringingGristtotheMill。

ThebusinessofMoney，asinalltimes，eveninthisourquicksightedAge，hathbeenthoughtaMystery：Thoseimploy’dintheMintmust，bytheirplaces，besupposedtopenetratedeepestintoit。’Tisnoimpossiblethingthentoimagine，thatitwasnothard，intheIgnoranceofpastAges，whenMoneywaslittle，andSkillintheTurnsofTradeless，forthoseversedintheBusinessandPolicyoftheMint，toperswadeaPrince，especiallyifMoneywerescarce，thattheFaultwasintheStandardoftheMint，andthatthewaytoincreasethePlentyofMoney，wastoraise（awellsoundingWord）theValueoftheCoin。Thiscouldnotbutbewillinglyenoughhearknedto；when，besidestheHopesofdrawinganincreaseofSilverintotheRealm，itbroughtpresentGainbythePartwhichthekinggotoftheMoney，whichwashereuponallCoinedanew，andtheMintOfficerslostnothing，sinceitpromotedtheworkoftheMint。

ThisOpinionMr。LowndeshimselfgivessufficientgroundforinhisBook，particularlyp。29。wherewereadtheseWords，AlthoughtheformerDebasementsoftheCoinsbypublickAuthority，especiallythoseintheReignofKingHenryVIII。andKingEdwardVI。mightbeprojectedfortheProfitoftheCrown，andtheProjectorsmightmeasurethatProfitbytheexcessiveQuantitiesofAllaythatweremixedwiththeSilverandtheGold（andletmeadd，orbytheQuantityofSilverlessenedineachSpecies，whichisthesamething）AndthoughthiswasenterprizedbyaPrince，whocouldstretchhisPrerogativeveryfaruponhisPeople；andwasdoneinTimeswhentheNationhadverylittleCommerce，InlandorForeign，tobeinjuredandprejudicedthereby；yetExperiencepresentlyshewed，thattheProjectorsweremistaken，andthatitwasabsolutelynecessarytohavethebaseMoneyreformed。Thisatleasttheywerenotmistakenin，thattheybroughtWorktotheMint，andaPartoftheMoneyCoin’dtotheCrownforSeigniorage；inbothwhichtherewasProfit。Mr。Lowndestellsus，p。44。thatHenryVIII。hadtothevalueoffiftyShillingsforeveryPoundWeightofGoldCoin’d：I

havemetwithitsomewherethatformerlytheKingmighttakewhathepleasedforCoinage。IknownottoobuttheflatteringNameofraisingMoneymightprevailthenasitdoesnow；andimposesofaronthem，astomakethemthinktheraising，i。e。diminishingtheSilverintheirCoin，wouldbringitintotheRealm，orstayitherewhentheyfounditgoingout。Forifwemayguessattheother，byHenryVIII’sraising，itwasprobablywhen，byreasonofExpenceinForeignWars，orillmanagedTrade，theyfoundMoneybegintogrowscarce。

ThehavingtheSpeciesofourCoinOnefifthbigger，orOnefifthlessthantheyareatpresent，wouldbeneithergoodnorharmtoEngland，iftheyhadalwaysbeenso。OurStandardhascontinuedinweightandfinenessjustasitisnow，forverynearthishundredYearslastpast：AndthosewhothinktheDenominationandSizeofourMoneyhaveanyInfluenceontheStateofourWealth，havenoreasontochangethepresentStandardofourCoin；sinceunderthatwehavehadagreaterIncrease，andlongerContinuanceofPlentyofMoney，thanperhapsanyotherCountrycanshew；Iseenoreasontothink，thatalittlebiggerorlessSizeofthepiecesCoin’d，isofanymomentonewayort’other。TheSpeciesofMoneyinanyCountry，ofwhatsoeverSizes，fitforCoining，iftheirProportionstooneanotherbesuitedtoArithmetickandCalculations，inwholeNumbers，andtheWaysofAccountinthatCountry；iftheyareadaptedtosmallPayments，andcarefullykepttotheirjustWeightandFineness，canhavenoHarminthem。TheHarmcomesbythechange，whichunreasonablyandunjustlygivesawayandtransfersMensproperties，disordersTrade，PuzzelsAccounts，andneedsanewArithmeticktocastupReckonings，andkeepAccountsin；besidesathousandotherInconveniences；nottomentiontheChargeofrecoiningtheMoney。Forthismaybedependedon，thatifourMoneyberaised，asisproposed，itwillinforcetherecoiningofallourMoney，botholdandnew（exceptthenewShillings）toavoidtheterribleDifficultyandConfusiontherewillbeinkeepingAccountsinPounds，Shillings，andPence（astheymustbe）whentheSpeciesofourMoneyaresoordered，asnottoanswerthoseDenominationsinroundNumbers。

ThisConsiderationleadsmetoMr。Lowndes’sfifthandsixthReasons，p。85。whereinherecommendstheraisingourMoneyintheProportionproposed，foritsConvenience，toourAccountingbyPounds，Shillings，andPence。AndforobviatingPerplexityamongthecommonPeople，heproposesthepresentweightyCrowntogoatsixShillingsthreePence；andthenewScepterorUnitetobeCoin’dofthesameWeighttogoatthesamerate；andHalf—crowns，Half—scepters，orHalf—Unites，oftheWeightofthepresentHalf—crown，togoforthreeShillingsonePennyHalf—penny：BynonumberofwhichpiecescantherebemadeanevenPoundSterling，oranyNumberofevenShillingsunderaPound；buttheyalwaysfallintoFractionsofPoundsandShillings，asmaybeseenbythisfollowingTable。？s。d。

1Half—Crown，Half—Scepter，orHalf—unitepiece311/2

1Crown，ScepterorUnitePiece63

3Half—Crownpieces941/2

2Crownpieces126

5Half—Crownpieces1571/2

3Crownpieces189

7Half—Crownpieces1110

1/2

4Crownpieces15

ThepresentShilling，andnewTestoongoingfor15Pence，noNumberofthemmakeanyNumberofevenShillings，butfiveShillings，tenShillings，fifteenShillings，andtwentyShillings；butinalltherest，theyalwaysfallintoFractions。

ThelikemaybesaidofthepresentSix—pences，andfuturehalfTestoonsgoingforsevenPenceHalf—penny；thequarterTestoons，whicharetogoforthreePencethreeFarthings；andtheGrossandGroats，whicharetogoforfivePence；thehalfGrossorGroat，whichistogofortwoPenceHalf—penny；andthePrime，whichistogoforaPennyFarthing：OutofanyTaleofeachofwhichSpeciestherecannojustNumberofShillingsbemade，asIthink，butfiveShillings，tenShillings，fifteenShillings，andtwentyShillings；buttheyalwaysfallintoFractions。ThenewintendedShillingaloneseemstobesuitedtoouraccountinginPounds，ShillingsandPence。ThegreatPieces，asScepters，andHalfScepters，whicharemadetoserveforthePaymentofgreaterSums，andareforDispatchinTale，willnotinTalefallintoevenPounds。AndIfearitwillpuzzleabetterArithmetician，thanmostCountry—menare，totell，withoutPenandInk，howmanyofthelesserpieces（excepttheShillings）

howevercombined，willmakejustsixteenorseventeenShillings。

AndIimaginethereisnotoneCountry—manofthree，butmayhaveitforhisPains，ifhecantellanHundredPoundsmadeupofapromiscuousMixtureoftheSpeciesofthisnewraisedMoney（excludingtheShillings）inadaystime。Andthatwhichwillhelptoconfoundhim，andeverybodyelse，willbetheoldCrowns，Half—crowns，Shillings，andSix—pencescurrentfornewnumbersofPence。SothatItakeitforgranted，thatifourCoinberaised，asisproposed，notonlyallourclip’d，butallourweightyandmill’dMoneymustofnecessityberecoin’dtoo；ifyouwouldnothaveTradedisturbed，andPeoplemorediseasedwithnewMoney，whichtheycannottell，norkeepAccountsin，thanwithlightandclip’dMoney，whichtheyarecheatedwith。AndwhataChargethenewCoiningofallourMoneywillbetotheNation，Ihavecomputedinanotherplace。ThatIthinkisofsomeConsiderationinourpresentCircumstances，thoughtheConfusionthatthisnewraisedMoney，Ifear，isliketointroduce；andthewantofMoney，andstopofTrade，whentheclip’discalledin，andtheweightyistoberecoin’d；beofmuchgreater。

HisFourth，Eighth，andNinthReasons，p。84。and86。aretakenfromthesavingourpresentmill’dMoneyfrombeingcutandrecoin’d。TheEndIconfesstobegood：’Tisveryreasonable，thatsomuchexcellentCoin，asgoodaseverwasintheWorld，shouldnotbedestroyed。Butthereis，Ithink，asurerandeasierwaytopreserveit，thanwhatMr。Lowndesproposes。’Tispastdoubt，itwillbeinnodangerofrecoining，ifourMoneybekeptuponthepresentFoot：Butifitberaised，asMr。Lowndesproposes，allthepresentmill’dMoneywillbeindanger，andtheDifficultyofCountingituponthenewproposedFootwillinforceittoberecoin’dintonewpiecesofCrowns，Half—Crowns，Shillings，andSix—pences，thatmaypassforthesameNumberofPencethepresentdo，viz。60。30。12。and6。asIhaveaboveshewn。HesaysinhisFourthReason，thatifpieces，havingthesameBigness，shouldhavedifferentValues，itmightbedifficultforthecommonPeople（especiallythosenotskill’dinArithmetick）tocomputehowmanyofonekindwillbeequaltotheSummofanother。SuchDifficultiesandConfusion，inCountingMoney，Iagreewithhim，oughtcarefullytobeavoided。Andtherefore，sinceifpieceshavingthesameBignessandStamp，whichthePeopleareacquaintedwith，shallhavenewValuesdifferentfromthosewhichPeopleareaccustomedto；andthesenewValuesshallinNumbersofPencenotanswerourwayofaccountingbyPounds，andShillings；itwillbedifficultforthecommonPeople（especiallythosenotskill’dinArithmetick）tocomputehowmanyofanyonekindwillmakeanySummtheyaretopayorreceive；EspeciallywhentheNumbersofanyonekindofpieceswillbebroughtintosofewevenSummsofPounds，andShillings。AndthusMr。Lowndes’sArgumenthereturnsuponhimself，andisagainstraisingourCoin，tothevalueproposedbyhim，fromtheConfusionitwillproduce。

His8thReason，p。86。wehaveintheseWords，ItisdifficulttoconceivehowanyDesignofamendingtheclip’dMoney，canbecompassedwithoutraisingtheValueoftheSilverremaininginthem，becauseofthegreatDeficiencyoftheSilverclip’dawaywhich（uponrecoining）mustnecessarilybedefraidandbornonewayorother。

’TisnoDifficultytoconceive，thatclip’dMoney，beingnotlawfulMoney，shouldbeprohibitedtopassformorethanitsWeight。Next，itisnoDifficultytoconceive，thatclip’dMoney，passingfornomorethanitsWeight，andsobeinginthestateofStandardBullion，whichcannotbeexported，shouldbebroughttotheMint，andthereexchangedforweightyMoney。Bythisway，itisnoDifficultytoconceivehowtheamendingtheclip’dMoneymaybecompassed，becausethiswaytheDeficiencyoftheSilverclip’daway，willcertainlybedefraidandbornonewayorother。

AndthusIhavegoneoverallMr。Lowndes’sReasonsforraisingourCoin：Wherein，thoughIseemtodifferfromhim，yetIflattermyself，itisnotaltogethersomuchasatfirstsightmayappear；sincebywhatIfindinanotherPartofhisBook，I

havereasontojudgeheisagreatdealofmyMind。ForhehasfiveverygoodArgumentsforcontinuingthepresentStandardofFineness，eachofwhichisasstrongforcontinuingalsothepresentStandardofWeight；i。e。continuingaPennyofthesameWeightofStandardSilver，whichatpresentithas。Hethathasamindtobesatisfiedofthis，mayreadMr。Lowndes’sfirstfiveReasonsforcontinuingthepresentStandardofFineness，whichhewillfindinhis29，30，31，32，PagesofhisReport。AndwhenMr。LowndeshimselfhasagainconsideredwhatthereisofWeightinthem，andhowfaritreaches，hewillatleastnotthinkitstrangeiftheyappeartomeandothers，goodArgumentsagainstputtinglessSilverintoourCoinofthesameDenominations，letthatDiminutionbemadewhatwayitwill。

WhatMr。LowndessaysaboutGoldCoins，p。88。&c。appearstomehighlyrational，andIperfectlyagreewithhim；exceptingonlythatIdonotthinkGoldisinregardofSilverrisenOnethirdinEngland；whichIthinkmaybethusmadeout。AGuineaweighingfivePennyWeightandnineGrains；orOnehundredandtwenty—nineGrains；andaPoundSterlingweighingOnethousandeighthundredandsixtyGrains；AGuineaattwentyShillingsisasOnehundredandtwentyninetoOnethousandeighthundredandsixty；thatis，asonetofourteenandanhalf。

AGuineaattwoandtwentyShillings，isasOnehundredandtwentynine，toTwothousandfortytwo，i。e。asOnetoSixteen。

AGuineaatthirtyShillings，isasOnehundredtwentyninetoTwothousandsevenhundredeightyfour，i。e。asOnetoTwentyoneandanhalf，near。

HethereforethatreceivestwentyShillingsmill’dMoneyforaGuinea，receivesOnethousandeighthundredandsixtyGrainsStandardSilver，forOnehundredtwentynineGrainsofStandardGold，i。e。FourteenandanhalfforOne。

HewhoreceivestwoandtwentyShillingsmill’dMoneyforaGuinea，hasTwothousandfortytwoGrainsStandardSilver，forOnehundredtwentynineGrainsStandardGold，i。e。SixteenforOne。

HewhoreceivesthirtyShillingsmill’dMoneyforaGuinea，hasTwothousandsevenhundredeightyfourGrainsStandardSilver，forOnehundredtwentynineGrainsofGold，i。e。TwentyoneandanhalfforOne。

ButthecurrentCashbeing（uponTryalsmadeaboutMidsummerlast）computedbyMr。Lowndesp108。towanthalfitsStandardweight，andnotbeingmendedsince，itisevidenthewhoreceivesthirtyShillingsofourpresentclip’dMoney，foraGuinea，hasbutOnethousandthreehundredninetytwoGrainsofStandardSilver，forOnehundredtwentynineGrainsofGold，i。e。hasbutTenandthreequartersofSilverforOneofGold。

IhaveleftouttheutmostprecisionsofFractionsintheseComputations，asnotnecessaryinthepresentCase，thesewholeNumbersshewingwellenoughthedifferenceofthevalueofGuineasatthoseseveralRates。

IfitbetruewhatIhereassert，viz。ThathewhoreceivesthirtyShillingsinourCurrentclip’dMoneyforaGuinea，receivesnotelevenGrainsofSilverforoneofGold；whereasthevalueofGoldtoSilverinallourNeighbouringCountriesisaboutfifteentoone，whichisaboutaThirdpartmore；Itwillprobablybedemanded，howcomesittopassthatForeigners，orothers，importGold；whentheydonotreceiveasmuchSilverforithere，astheymayhaveinallotherCountries？Thereasonwhereofisvisiblythis，thattheyexchangeitnothereforSilver，butforourCommodities；AndourBargainsforCommoditiesaswellasallotherContractsbeingmadeinPoundsShillingsandPence，ourclip’dMoneyretainsamongstthePeople（whoknownothowtocountbutbyCurrentMoney）apartofitslegalvalue，whilstitpassesforthesatisfactionoflegalContracts，asifitwereLawfulMoney。AslongasthekingreceivesitforhisTaxes，andtheLandlordforhisRent，’tisnowondertheFarmerandTenantshouldreceiveitforhisCommodities：Andthisperhapswoulddowellenough，ifourMoneyandTradeweretoCirculateonlyamongstourSelves，andwehadnoCommercewiththerestoftheWorld，andneededitnot。Buthereliestheloss，whenForeignersshallbringoverGoldhither，andwiththatPayforourCommoditiesattherateofThirtyShillingstheGuinea，whenthesamequantityofGoldthatisinaGuineaisnotbeyondSeaworthmoreSilverthanisintwenty，oroneandtwentyandsixPenceofourmill’dandlawfulMoney：BywhichwayofpayingforourCommoditiesEnglandlosesnearOnethirdofthevalueofalltheCommoditiesitthussells。And’tisalloneasifForeignerspaidfortheminMoneyCoin’dandclip’dbeyondSea，whereinwasOnethirdlessSilverthanthereoughttobe。AndthuswelosenearOnethirdinallourExportation，whilstForeignGoldImportedisreceivedinPaymentforThirtyShillingsaGuinea。Tomakethisappear，weneedbuttracethiswayofCommercealirrle，andtherecanbenodoubtofthelosswesufferbyit。

Letussuppose，forExample，aBaleofHollandLinnenworththere，OnehundredandeightyOuncesofourStandardSilver；AndaBaleofSergehereworthalsothesameweightofOnehundredeightyOuncesofthesameStandardSilver：’Tisevident，thesetwoBalesareexactlyofthesamevalue。Mr。Lowndestellus，p。

88。ThatatthistimetheGoldthatisinaGuinea（ifitwerecarriedtoSpain，Italy，Barbary，andsomeotherplaces，）wouldnotpurchasesomuchSilverthere，asisequaltotheStandardoftwentyofourShillings，i。e。wouldbeinvaluetheretoSilverscarceasonetofourteenandanhalf：AndIthink，Imaysay，thatGoldinHollandis，orlatelywas，asonetofifteen，ornotmuchabove：TakingthenStandardGoldinHollandtobeinproportiontoStandardSilver，asonetoaboutfifteen，oralittlemore；TwelveOuncesofourStandardGold，orasmuchGoldasisinFortyfourGuineasandanhalf，mustbegivenforthatBaleofHolland—Linnen，ifanyonewillpayforitthereinGold：

ButifhebuysthatBaleofSergehereforOnehundredandeightyOuncesofSilver，whichisFortyeightPoundsSterling，ifhepaysforitinGoldatThirtyShillingstheGuinea，twoandThirtyGuineaswillpayforit。SothatinalltheGoodsthatwesellbeyondSeasforGoldImported，andCoin’dintoGuineas，unlesstheOwnersraisethemOnethirdabovewhattheywouldSellthemforinmill’dMoney，welosetwelveinFortyfourandanhalf，whichisverynearOnethird。

Thislossiswhollyowingtothepermittingclip’dMoneyinPayment。Andthislosswemustunavoidablysufferwhilstclip’dMoneyisCurrentamongstus。AndthisrobbingofEnglandofnearOnethirdofthevalueoftheCommoditiesweSellout，willcontinuewhilstPeoplehadratherreceiveGuineasatThirtyShillings，thanSilverCoin（nootherbeingtobehad）thatisnotworthhalfwhattheytakeitfor：Andyetthisclip’dMoney，asbadasitis，andhoweverunwillingPeoplearetobecharg’dwithit，willalwayshaveCreditenoughtopass，whilsttheGoldsmithsandBankersreceiveit；andtheywillalwaysreceiveit，whilsttheycanpassitoveragaintotheKingwithadvantage，andcanhavehopestoprevail，thatatlastwhenitcanbebornnolonger，butmustbecall’din，nopartofthelossoflightMoney，whichshallbefoundintheirhandsshallfalluponthem，thoughtheyhaveformanyYearsdealtinit，andbyreasonofitsbeingclip’dhavehadalltherunningCashoftheKingdomintheirHands，andmadeprofitofit。Isay，clip’dMoney，howeverbaditbe，willalwayspasswhilsttheKing’sReceivers，theBankersofanykind，andatlasttheExchequertakesit。Forwhowillnotreceiveclip’dMoney，ratherthanhavenoneforhisnecessaryOccasions，whilstheseesthegreatReceiptoftheExchequeradmitsit，andtheBankandGoldsmithswilltakeitofhim，andgivehimCreditforit，sothatheneedskeepnomoreofitbyhimthanhepleases。InthisState，whilsttheExchequerreceivesclip’dMoney，Idonotseehowitcanbestop’drompassing。Aclip’dHalfCrownthatgoesattheExchequer，willnotberefusedbyanyonewhohashopesbyhisownorothershandstoconveyitthither，andwho，unlesshetakeit，cannottrade，orshallnotbepaid。WhilstthereforetheExchequerisopentoclip’dMoney，itwillpass，andwhilstclip’dMoneypasses，Clipperswillcertainlybeatwork；andwhatagapthisleavestoForeigners，iftheywillmakeuseofittopourinclip’dMoneyuponus（asitsNeighboursdidintoPortugal）aslongaswehaveeitherGoodsorweightyMoneylefttobecarri’dawayatfiftyperCent。orgreaterprofit，itseasietosee。

IwillsupposetheKingreceivesclip’dMoneyintheExchequer，andathalforthreequarterslossCoinsitintomill’dMoney。Forifhereceivesall，howmuchsoeverclip’d，I

supposetheClippersSheersarenotsosquemishasnottopareawayabovehalf。’Twillbeawonderfulconscientiousnessinthem，nowhere，thatIknow，tobeparallell’d，iftheywillcontentthemselveswithlessprofitthantheycanmake，andwillleavesevenpennyworthofSilverinanHalfCrown，ifsixPennyworthandtheStampbeenoughtomakeitpassforHalfaCrown。WhenhisMajestyhathCoin’dthisintomill’dMoneyofStandardweight，andpaiditoutagaintotheBankers，Goldsmithsorothers，whatshallthenbecomeofit？Eithertheywilllayituptogetridoftheirclip’dMoney，fornoBodywillpartwithheavyMoney，whilsthehasanylight；norwillanyheavyMoneycomeabroadwhilstthereislightleft；forwhoeverhasclip’dMoneybyhim，willsellgoodBargains，orborrowatanyRateofthosewhoarewillingtopartwithanyweighty，tokeepthatbyhim，ratherthantheclip’dMoneyhehasinhishands。Sothatasfarasthisreaches，nomill’dMoney，howmuchsoeverbeCoin’dwillappearabroad，orifitdoes，willitlongscapetheCoinersandClippershands，whowillbeatworkpresentlyuponittofurnishtheExchequerwithmoreclip’dMoneyatfifty，sixty，seventy，orIknownotwhatadvantage。Thoughthisbeenoughtocutoffthehopesofmill’dMoneyappearinginpaymentwhilstanyclip’discurrent。Yettothiswemayadd，thatGoldimportedatanover—valuewillsweepitawayasfastasitisCoin’dwhilstclip’dMoneykeepsuptherateofGuineasabovetheirformervalue。ThiswillbethecirculationofourMoney，whilstclip’dispermittedanywaytobeCurrent。Andifstoreenoughofclip’dMoneyfromathomeorabroad，canbebutprovided（as’tismorethanprobableitmaynowtheTradeissoUniversal，andhasbeensolongpractisedwithgreatadvantage，andnogreatdanger，asappearsbythefewhavesuffer’dinregardofthegreatnumber’tisevidentareingagedintheTrade，andtheventofithereinEnglandissoknownandsure）IdonotseehowinalittlewhileweshallhaveanyMoneyorGoodsatallleftinEngland，ifClippingbenotimmediatelystop’d。AndhowClippingcanbestop’d，butbyanimmediatepositivetotalProhibition，wherebyallclip’dMoneyshallbeforbidtopassinanyPaymentwhatsoever，ortopassformorethanitsweight，Iwouldbegladtolearn。ClippingisthegreatLeak，whichforsometimepasthascontributedmoretoSinkus，thanalltheForceofourEnemiescoulddo。’TislikeaBreachintheSea—bank，whichwidenseverymomenttillitbestop’d。AndmytimerousTempermustbepardon’difIamfrightedwiththeThoughtsofclip’dMoneybeingCurrentonemomentlonger，atanyothervaluebutofwarrant’dStandardBullion。Andthereforetherecanbenothingmoretrueandreasonable，northatdeservesbettertobeconsider’d，thanwhatMr。LowndessaysinhisCorollary。p。90。

WhoeverdesirestoknowthedifferentwaysofCoiningMonybytheHammerandbytheMill，mayinformhimselfintheexactAccountMr。Lowndeshasgivenofboth，underhissecondgeneralHead：Wherewemayalsoseetheprobablestguessthathasbeenmadeofthequantityofourclip’dMoney，andtheSilverdeficientinit；andanAccountofwhatSilverMoneywasCoin’dintheReignsofQueenElizabeth，KingJamesthefirst，andCharlesthefirst，moreexactthanistobehadanywhereelse。

ThereisonlyonethingwhichIshallmention，sinceMr。LowndesdoesithereagainunderthisHeadp。100andthatis，meltingdownourCoin；concerningwhichIshallventurehumblytoproposethesefollowingQuestions。

1。WhetherBullionbeanythingbutSilver，whoseWorkmanshiphasnovalue？

2。WhetherthatWorkmanship，whichcanbehadfornothing，has，orcanhaveanyvalue？

3。Whether，whilsttheMoneyinourMintisCoin’dfortheOwners，withoutanycosttothem，ourCoincaneverhaveanyvalueaboveStandardBullion？

4。Whether，whilstourCoinisnotofvalueaboveStandardBullion，Goldsmithsandothers，whohaveneedofStandardSilver，willnottakewhatisbytheFreelabouroftheMintreadyessaidandadjustedtotheiruse，andmeltthatdown，ratherthanbeatthetroubleofmelting，mixing，andessayingofSilverfortheusestheyhave？

5。Whethertheonlycureforthiswanton，thoughcriminalmeltingdownourCoin，benot，thattheOwnersshouldpayoneMoietyoftheSixteen—penceHalf—penny，thatis，whichispaidperPoundTroyforCoinageofSilver，whichtheKingnowpaysall？

6。WhetherbythismeansStandardSilverinCoinwillnotbemoreworththanStandardSilverinBullion，andsobepreservedfromthiswantonmeltingdown，assoonasanover—balanceofourTradeshallbringusSilvertostayhere？FortillthenitisinvaintothinkofpreservingourCoinfrommeltingdown，andthereforetonopurposetillthentochangethatLaw。

7。WhetheranyLaws，oranyPenaltiescankeepourCoinfrombeingcarriedout，whenDebtscontractedbeyondSeascallforit？

8。WhetheritbeanyoddstoEngland，whetheritbecarriedout，melteddownintoBullion，orinSpecie？

9。Whether，whilsttheExigencesofourOccasionsandTradecallforitabroad，itwillnotalwaysbemelteddownfortheconveniencyofExportation，solongastheLawprohibitsitsExportationinSpecie？

10。WhetherStandardSilverinCoinandinBullion，willnotimmediatelybeofthesamevalueassoonastheProhibitionofcarryingoutMoneyinSpecieistakenoff？

11。WhetheranOunceofSilverthemorewouldbecarriedoutinaYear，ifthatProhibitionweretakenoff？

12。WhetherSilverinourCoinwillnotalways，duringtheProhibitionofitsExportation，bealittlelessworththanSilverinBullion，whilsttheConsumptionofForeignCommoditiesbeyondwhatourspayfor，makestheExportationofSilvernecessary？andso，duringsuchastate，RaiseyourMoneyasmuchandasoftenasyouwill，SilverintheCoinwillneverfetchasmuchastheSilverinBullion，asMr。Lowndesexpressesit，p。

100。

AstotheInconvenienciesandDamageswesustainbyclip’dMoneypassingbyTale，asifitwereLawful，nothingcanbemoretrue，morejudicious，normoreweighty，thanwhatMr。LowndessaysunderhisthirdGeneralHead；whereinIperfectlyagreewithhim，exceptingonlywherehebuildsanythingupontheproposedraisingourCoinonefifth。Andtowhathesays，p。114。

concerningourbeingdeprivedoftheuseofOurheavyMoney，bymenshoardingit，inprospectthattheSilvercontainedinthoseweightypieceswillturnmoretotheirProfit，thanlendingitatInterest，PurchasingorTradingtherewith；Icraveleavetoadd，ThatthoseHoardersofMoney，agreatmanyofthemdrivenoless，butratheragreaterTradebyhoardingtheweightyMoney，thaniftheyletitgoabroad。For，bythatmeansallthecurrentCashbeinglight，clip’d，andhazardousMoney，’tisalltumbledintotheirHands，whichgivescredittotheirBills，andfurnishesthemtotradeforasmuchastheyplease，whilsteverybodyelsescarceTradesatall（butjustasnecessityforces）andisreadytostandstill。

Wherehesaysp。114。’TisnotlikelytheweightyMoneyswillsoonappearabroadwithoutraisingtheirvalueandrecoiningtheclip’dMoneys：Ishouldagreewithhim，ifitranthus；Withoutrecoiningtheclip’d，andinthemeantimemakingitgoforitsweight。Forthatwill，Ihumblyconceive，bringouttheheavyMoney，withoutraisingitsvalue，aseffectuallyandsooner；foritwilldoitimmediately：Hiswilltakeupsometime。AndI

fear，ifclip’dMoneybenotstoptallatonce，andpresently，frompassinganywayinTale，theDamageitwillbringwillbeirreparable。

MrLowndes’sFourthGeneralHeadistoproposethemeansthatmustbeobserved，andthepropermethodstobeusedin，andfortheRe—establishmentoftheSilverCoins。

Thefirstis，ThattheWorkshouldbefinishedinaslittletimeasmaybe；notonlytoobviateafartherDamagebyclippingintheinterim，butalsothattheneedfuladvantagesofthenewMoneymaybethesoonerobtainedfortheserviceoftheNation。

TheseIagreewithhim，areverygoodandnecessaryEnds；buttheyarebothtobeattain’d，Iconceive，muchsoonerbymakingclip’dMoneygoforitsweight，thanbytheMethodMr。Lowndesproposes。ForthisimmediatelyputsanendtoClipping，andobviatesallfurtherDamagethereby。Next，itimmediatelybringsoutallthehoardedweightyMoney，andsothatadvantagewillbesoonerobtain’dfortheserviceoftheNation，thanitcananyotherwaybesides。Nextitpreservestheuseofclip’dMoneyfortheServiceoftheNationintheinterum，tillitcanbeRe—coin’dallattheTower。

HisSecondPropositionis，Thattheloss，Orthegreatestpartofit，oughttobebornbythePublick，andnotbyparticulars，whobeingverynumerouswillbeprejudicedagainstaReformationforthepublickbenefit，ifitbetobeeffectedatthecostofparticularMen。

ATaxgiventomakegoodthedefectofSilverinclip’dMoney，willbepaidbyparticulars；andsothelosswillbebornbyparticularmen：Andwhethertheseparticularsbenotmorenumerous，oratleastagreaternumberofinnocentmenofthemmoresensiblyburden’dthatway，thanifittakesitschanceinthehandsofthosemen，whohaveprofitedbythehavingitintheirhand，willbeworthconsidering。AndIwishitwerewellweigh’d，whichofthetwowaysthegreaternumberofmenwouldbemostdangerouslyprejudic’dagainstthisReformation。ButasMr。

Lowndesordersthematter，everyBodywillIfear，beprejudic’dagainstthisReformation，when（ashedividesitp。133，134。）

theOwnerswillbearnearonehalfofthelossinthepriceofhisclip’dMoney，andeverybodyelsehispartoftheremainderinaTaxleviedonthemforit。IwisharemedycouldbefoundwithoutanyBodiesloss。MostofthosewaysIhaveheardproposedtomakeReparationtoeveryparticularmanfortheclip’dMoneyshallbefoundinhishands，dosodelaytheremedy，ifnotentailClippinguponus，thatIfearsuchacareofparticularsindangersthewhole。Andifthatsuffer，itwillgobutillwithparticulars。Iamnotforhindringthosewhohaveclip’dMoneyfromanyrecompencewhichcanbeprovidedandmadethem。Thequestionhere，isnotwhetherthehonestCountryManshallbearthelossofhisclip’dMoneywithoutanymoreado，orpayaTaxtorecompencehimself。ThatwhichIhumblyconceivetheNationismostconcern’din，is，thatClippingshouldbefinallystop’d，andthattheMoneywhichremainsshouldgoaccordingtoitstrueValue，forthecarryingonofCommerce，andthepresentsupplyofPeoplesExigences，tillthatpartofitwhichisdefac’d，canbytheMintbebroughttoitslegalanddueForm。AndthereforeI

thinkitwillbetherationaldesireofallparticulars，thattheshortestandsurestway，notinterferingwithLaworEquity，shouldbetakentoputaneffectualendtoanEvil，whicheverymomentitcontinuesworkspowerfullytowardageneralruin。

HisFourthProposition，thatnoroommustbeleftforJealousie。Iacknowledgetobeagoodone，iftherecanbeawayfoundtoattainit。

Icannotbutwondertofindthesewordsp。124。ThatnoPersonwhatsoevershallhereafterbeoblig’dtoacceptinlegalPaymentsanyMoneywhatsoever，thatisalreadyclip’dormayhereafterbeclip’dordiminish’d；andthatnoPersonshalltenderorreceiveanysuchMoneyinPayment，undersomesmallPenaltytobemadeeasilyrecoverable，&c。

Asifanymannowwereobligedtoreceiveclip’dMoneyinlegalPayment，andtherewerenotalreadyaLawwithseverePenaltiesagainstthosewhotenderedclip’dMoneyinPayment？

’Tisadoubttome，whethertheWarden，Master—worker，&c。oftheMintattheTower，couldfindFitandSkilfulPersonsenoughtosetnineotherMintsatworkinotherpartsofEnglandinaquarterofaYear，asMr。Lowndesproposesp。127。Besides，Mr。

Lowndestellsusp。96。thattheEngineswhichputtheLettersupontheEdgesofthelargerSilverPieces，andmarktheEdgesoftherestwithaGraining，arewroughtsecretly。AndindeedthisissogreataGuardagainstCounterfeitingaswellasClippingourMoney，thatitdeserveswelltobekeptaSecret，asithasbeenhitherto。Buthowthatcanbe，ifMoneybetobeCoin’dinnineotherMints，setupinseveralParts，ishardtoconceive。

Andlastly，perhapssomemayapprehenditmaybeofillconsequencetohavesomanymeninstructedandemploy’dintheArtofCoining，onlyforashortjob，andthenturn’dlooseagaintoshiftforthemselvesbytheirownskillandindustry，astheycan。

TheProvisionmadeinhisfourthRule，p。136。topreventtheGainofsubtileDealersbycullingouttheheaviestoftheclip’dpieces，thoughitbetheProductofgreatSagacityandForesight，exactlycalculated，andaswellcontrivedasinthatcaseitcanbe；yetIfearistoosubtilefortheApprehensionandPracticeofCountryMen，who，manyofthem，withtheirlittlequicknessinsuchmatters，havealsobutsmallSummsofMoneybythem，andsoneitherhavingArithmetick，norchoiceofclip’dMoneytoadjustittotheWeightthererequired，willbehardlymadetounderstandit。ButIthinktheClippershave，orwilltakecarethattherewillnotbeanygreatneedofit。

Toconclude，IconfessmyselfnottoseetheleastReasonwhyourpresentmil’dMoneyshouldbeatallalteredinFineness，Weight，orValue。Ilookuponittobethebestandsafestfromcounterfeiting，adulterating，oranywaysbeingfraudulentlydiminished，ofanythateverwascoined。ItisadjustedtoourlegalPayments，Reckonings，andAccounts，towhichourMoneymustbereduced：TheraisingitsDenominationwillneitheraddtoitsWorth，normaketheStockwehave，moreproportionatetoourOccasions，norbringoneGrainofSilverthemoreintoEngland，oroneFarthingAdvantagetothepublick：ItwillonlyservetodefraudtheKing，andagreatnumberofhisSubjects，andperplexall，andputthekingdomtoaneedlessChargeofrecoiningall，bothmill’daswellasclip’dMoney。

IfImighttakeuponmetoofferanythingnew，Iwouldhumblypropose，thatsinceMarketandRetailTraderequireslessDivisionsthansixpences，asufficientquantityofFourpenny，Fourpencehalfpenny，andFivepennyPiecesshouldbecoined。

TheseinchangewillansweralltheFractionsbetweenSixpenceandaFarthing，andtherebysupplytheWantofsmallMonies，whereofIbelievenobodyeversawenoughcommontoanswertheNecessityofsmallPayments。Whether，eitherbecausetherewasneverasufficientquantityofsuchpiecescoined，orbecauseoftheirSmallnesstheyareaptertobelostoutofanyHands，orbecausetheyoftnerfallingintoChildrensHands，theylosethem，orlaythemup；soitis，thereisalwaysavisibleWantofthem：

TosupplywhichwithouttheInconvenienciesattendingverysmallCoin，theproposedpieces，Ihumblyconceive，willserve。

IfitbethoughtfitforthisendtohaveFourpence，Fourpencehalfpenny，andFivepennypiecescoined，itwill，I

suppose，beconvenientthattheyshouldbedistinguishedfromsixpences，andfromoneanotherbyadeepandverylargeplaindifferenceintheStamponbothsides，topreventMistakes，andLossofTimeintellingofMoney。TheFourpencehalfpenny，hasalreadytheHarpforaknownDistinction，whichmaybefittobecontinued：TheFivepencemayhavetheFeathers，andtheFourpencethisMarkIVoffourontheReverse，andontheothersidetheymayeachhavetheking’sHeadwithaCrownonit，toshewonthatsidetoo，thatthePiecesocoinedisoneofthoseunderaSixpence；andwiththattheymayeachonthatsidealsohavesomeMarksofDistinctiononefromanother，astheFivepennypiecethisMarkofVtheFourpencehalfpennyalittleHarp，andtheFourpencenothing。

These，oranyotherbetterDistinctions，whichhisMajestyshallorder，willinTalereadilydiscoverthem，ifbychanceanyofthemfallintolargerPayments，forwhichtheyarenotdesigned。

AndthusIhave，withasmuchBrevityandClearnessasI

could，compliedwithwhatMr。LowndesprofessestobetheendofprintinghisReport，intheseWords，viz。ThatanyPersonswhohaveconsideredanAffairofthisnature，may（iftheyplease）

communicatetheirThoughtsforrendringtheDesignhereaimedat，moreperfect，ormoreagreeabletothepublickService。ItmustbeconfessedthatmyConsiderationshaveledmetoThoughtsinsomePartsofthisAffair，quiteoppositetoMr。Lowndes’s：ButhowfarthishasbeenfromanyDesiretoopposehim，ortohaveaDisputewithaMan，nootherwiseknowntomebutbyhisCivilities，andwhomIhaveaverygreatesteemfor，willappearbywhatIprintedaboutraisingtheValueofMoney，abovethreeYearssince。AllthatIhavesaidhereinanswertohim，beingnothingbuttheapplyingthePrinciples，Ithenwenton，particularlynowtoMr。Lowndes’sArguments，astheycameinmyway；thatsotherebyothersmightjudgewhatwill，orwillnotbetheConsequencesofsuchaChangeofourCoin，asheproposes；

Theonlyway，Ithink，ofrendringhisDesignmoreagreeabletothepublickService。