第4章

3。Thepiecesnotbeingsoround，even，andfairlyStamp’d，norMark’dontheEdges，areexpos’dtoClipping，whichmill’dMoneyisnot。

Mill’dMoneyisthereforecertainlybestforthePublique。

ButwhateverbethecauseofmeltingdownourMill’d-money，IdonotseehowraisingourMoney（astheycallit）willatallhinderitsbeingmelteddown。ForifourCrown-piecesshouldbeCoin’dOnetwentieth，lighter。Whyshouldthathinderthemfrombeingmelteddownmorethannow？TheintrinsiquevalueoftheSilverisnotalter’d，aswehaveshewnalready：Thereforethattemptationtomeltthemdownremainsthesameasbefore。

ButtheyarelighterbyOnetwentieth。Thatcannothinderthemfrombeingmelteddown。ForHalfCrownsarelighterbyhalf，andyetthatpreservesthemnot。

Buttheyareoflessweight，wnderthesamedenomination，andthereforetheywillnotbemelteddown。Thatistrue，ifanyofthesepresentCrownsthatareOnetwentiethheavier，arecurrentforCrownsatthesametime。ForthentheywillnomoremeltdownthenewlightCrowns，thantheywilltheoldClip’dones，whicharemoreworthinCoin，andTale，thaninWeightandBullion。Butitcannotbesuppos’dthatMenwillpartwiththeiroldandheavierMoney，atthesameRatethatthelighternewCoingoesat;andpavawaytheiroldCrownsfor5s。inTale，whenattheMinttheywillyieldthem5s。3d。AndthenifanoldMill’dCrowngoesfor5s。3d。andanewMill’dCrown（beingsomuchlighter）goforaCrown，WhatIpraywillbetheoddsofmeltingdowntheoneortheother？TheonehasOnetwentiethlessSilverinit，andgoesforOnetwentiethless;andsobeingweight，theyaremelteddownuponequalterms。Ifitbeaconveniencetomeltone，itwill，beasmuchaconveniencetomelttheother：Justasitisthesameconvenience，tomeltMill’dHalfCrownsasMill’dCrowns;theonehavingwithhalfthequantityofSilver，halfthevalue。WhentheMoneyisallbroughttothenewrate，i。e。tobeOnetwentiethlighter，andCommoditiesraisedastheywillbeproportionably，WhatshallhinderthemeltingdownofyourMoneythen，morethannow，Iwouldfainknow？IfitbeCoin’dthenasitisnowGratis，aCrown-piece，（letitbeofwhatweightsoever）willbeasitisnow，justworthitsownweightinBullion，ofthesamefineness。FortheCoinage，whichisthemanufacturyaboutit，andmakesallthedifference，costingnothing，whatcanmakethedifferenceofvalue？Andtherefore，whoeverwantsBullion，willascheaplymeltdownthesenewCrowns，asbuyBullionwiththem。TheraisingofyourMoneycannotthen（theActforfreeCoinagestanding）hinderitsbeingmelteddown。

Nor，inthenextplace，muchlesscanit，asitispretended，hindertheExportationofourBullion。AnydenominationorstampweshallgivetoSilverhere，willneithergiveSilverahighervalueinEngland，normakeitlessprizedabroad。SomuchSilverwillalwaysbeworth（aswehavealreadyshew’d）somuchSilvergiveninexchangeoneforanother。Norwillit，wheninyourMintalessquantityofitisraisedtoahigherdenomination（aswhenNineteentwentiethsofanOuncehasthedenominationofaCrown，whichformerlybelong’donlytothewhole20）beonejotrais’d，inrespectofanyotherCommodity。

Youhaverais’dthedenominationofyourstamp’dSilverOneWentieth，orwhichisallone5perCent。AndMenwillpresentlyraisetheirCommodities5perCent。Sothatifyesterday20

Crownswouldexchangefor20BushelsofWheat，or20YardsofacertainsortofCloth，ifyouwilltodayCoincurrentCrownsOnetwentiethlighter，andmakethemtheStandard，youwillfind20

Crownswillexchangeforbut19BushelsofWheat，or19YardsofthatCloth，whichwillbejustasmuchSilverforaBushel，asyesterday。SothatSilverbeingofnomorerealvalue，byyourchangingyourdenomination，andgivingittoalessquantity;

thiswillnomorebringin，orkeepyourBullionhere，thanifyouhaddonenothing。Ifthiswereotherwise，youwouldbebeholden（assomePeoplefoolishlyimagine）totheClippersforkeepingyourMoney。ForifkeepingtheolddenominationtoalessquantityofSilver，beraisingyourMoney（asineffectitisallthatis，orcanbedoneinitbythisprojectofmakingyourCoinlighter）theClippershavesufficientlydonethat：AndiftheirTradegoonalittlewhilelonger，attherateithasoflate，andyourMill’d-moneybemelteddownandcarriedaway，andnomoreCoin’d;yourMoneywill，withoutthechargeofnewCoinage，be，bythatsortofArtificers，raisedabove5perCent。whenallyourcurrentMoneyshallbeClipped，andmadeaboveOnewentiethlighterthantheStandard，preservingstillitsformerdenomination。

Itwillpossiblybehereobjectedtome，Thatwesee100l。

ofClip’dMoney，above5perCent。lighterthantheStandard，willbuyasmuchCorn，Cloth，orWine，as100l。inMill’d-money，whichisaboveOnetwentiethheavier：Wherebyitisevident，thatmyRulefails，andthatitisnotthequantityofSilver，thatgivesthevaluetoMoney，butitsStampandDenomination。TowhichIAnswer，ThatMenmaketheirEstimateandContractsaccordingtotheStandard，uponSuppositiontheyshallreceivegoodandlawfulMoney，whichisthatoffullWeight：Andsoineffecttheydo，whil’sttheyreceivethecurrentMoneyoftheCountry。Forsince100l。ofClip’dMoneywillpayaDebtof100

l。aswellastheweightiestmill’d-money，andanewCrownoutoftheMintwillpayfornomoreFlesh，Fruit，orCloth，thanfiveclip’dShillings;’tisevidentthattheyareequivalentastothePurchaseofanythinghereathome，whil’stnobodyscruplestotakeFiveclip’dShillingsinexchangeforaweightyMill’dCrown。ButthiswillbequiteotherwiseassoonasyouchangeyourCoin，and（toraiseitasyoucallit）makeyourMoneyOnetwentiethlighterintheMint;forthennobodywillanymoregiveanoldCrownoftheformerStandardforoneofthenew，thanhewillnowgiveyou5s。and3d。foraCrown：forsomuchthenhisoldCrownwillyieldhimattheMint。

Clip’dandunclip’dMoneywillalwaysbuyanequalquantityofanythingelse，aslongastheywillwithoutscruplechangeoneforanother。Andthismakes，thattheForeignMerchant，whocomestosellhisGoodstoyou，alwayscountsupontheValueofyourMoneybytheSilverthatisinit，andestimatesthequantityofSilverbytheStandardofyourMint;thoughperhapsbyreasonofclip’dorwornMoneyamongstit，anysumthatisordinarilyreceivedismuchlighterthantheStandard，andsohaslessSilverinitthanwhatisinalikeSumnewCoin’dintheMint。Butwhilstclip’dandweightyMoneywillequallychangeoneforanother，itisallonetohimwhetherhereceivehisMoneyinclip’dMoneyorno，soitbebutcurrent。ForifhebuyotherCommoditiesherewithhisMoney，whateverSumhecontractsfor，clip’daswellasweightyMoneyequallypaysforit。IfhewouldcarryawaythePriceofhisCommodityinreadyCash，’tiseasily。

changedintoweightyMoney。AndthenhehasnotonlytheSumintale，thathecontractedfor，butthequantityofSilverheexpectedforhisCommodities，accordingtotheStandardofourMint。Ifthequantityofyourclip’dMoneybeoncegrownsogreat，thattheForeignMerchantcannot（ifhehasamindtoit）

easilygetWeightyMoneyforit，buthavingsoldhisMerchandise，andreceivedClip’dMoneyfindsadifficultytoprocurewhatisweightforit;hewill，insellinghisGoods，eithercontracttobepaidinweightyMoney，orelseraisethePriceofhisCommodities，accordingtothediminish’dquantityofSilverinyourCurrentCoin。

InHolland，（DucatoonsbeingthebestMoneyoftheCountry，aswellasthelargestCoin）MeninPayments，receivedandpaidthoseindifferently，withtheotherMoneyoftheCountry，tilloflatetheCoiningofotherSpeciesofMoney，ofbaserAlloy，andingreaterquantities，havingmadetheDucatoons，eitherbymeltingdown，orExportation，scarcerthanformerly，itbecamedifficulttochangethebaserMoneyintoDucatoons;andsincethat，nobodywillpayaDebtinDucatoons，unlesshebeallowedHalfperCent。ormore，abovethevaluetheywereCoin’dfor。

Tounderstandthis，wemusttakenotice，ThatGuildersisthedenomination，thatinHollandtheyusuallycomputeby，andmaketheirContractsin。ADucatoonformerlypassedatThreeGuilders，andThreeStuyvers，orSixty-threeStuyvers。Therewerethen（someYearssince）begantobeCoin’danotherPiece，whichwascall’daThreeGuildersPiece，andwasorder’dtopassforThreeGuildersorSixtyStuyvers。But21ThreeGuildersPieces，whichweretopassfor63Guilders，nothavingsomuchSilverinthemas20Ducatoons，whichpassedforthesameSumof63Guilders;

theDucatoonswereeithermelteddownintheirMints，（forthemakingoftheseThreeGuilderPieces，oryetbaserMoney，withProfit）orwerecarriedawaybyForeignMerchants;whowhentheycarriedbacktheProductoftheirSaleinMoney，wouldbesuretoreceivetheirPaymentofthenumberofGuilderstheycontractedforinDucatoons，orchangetheMoneytheyreceived，intoDucatoons：WherebytheycarriedhomemoreSilver，thaniftheyhadtakentheirPaymentinThreeGuilderPieces，oranyotherSpecies。ThusDucatoonsbecamescarce。SothatnowhethatwillbepaidinDucatoonsmustallowHalfperCent。forthem。AndthereforetheMerchants，whentheySellanythingnow，eithermaketheirBargaintobepaidinDucatoons，oriftheycontractforGuildersingeneral，（whichwillbesuretobepaidtheminthebaserMoneyoftheCountry，）theyraisethePriceoftheirCommoditiesaccordingly。

BythisexampleinaNeighbourCountrywemaysee，howournewMill’dMoneygoesaway。WhenForeignTradeImportsmorethanourCommoditieswillpayfor，’tiscertain，wemustcontractDebtsbeyondSea，andthosemustbepaidwithMoney，wheneitherwecannotfurnish，ortheywillnottakeourGoodstodischargethem。TohaveMoneybeyondSeatopayourDebts，whenourCommoditiesdonotraiseit，thereisnootherwaybuttosenditthither。AndsinceaweightyCrowncostsnomoreherethanalightone;andourCoinbeyondSea，isvaluednootherwisethanaccordingtothequantityofSilverithasinit，whetherwesenditinSpecie，orwhetherwvemeltitdownhere，tosenditinBullion（whichisthesafestwayasbeingnotProhibited）theweightiestissuretogo。ButwhensogreataquantityofyourMoneyisClip’d，orsogreatapartofyourweightyMoneyiscarriedaway，thattheForeignMerchant，orhisFactorherecannothavehisPricepaidinweightyMoney，orsuchaswilleasilybechangedintoit，theneveryonewillsee，（whenMenwillnolongertakeFiveclip’dShillingsforaMill’dorweightyCrown）thatitisthequantityofSilverthatbuysCommoditiesandPaysDebts，andnottheStampandDenominationwhichisputuponit。Andthentooitwillbeseen，whataRobberyiscommittedonthePublickbyClipping，EveryGraindiminishedfromthejustweightofourMoney，issomuchlosstotheNation;

whichwill，onetimeorother，besensiblyfelt：Andwhich，ifitbenottakencareof，andspeedilystoptwill，inthatenormouscourseitisnowin，quickly，Ifear，breakoutintoopenilleffects;andatoneblow，depriveusofagreatpart，（perhaps，nearOnefourth）ofourMoney。Forthatwillbereallythecase，whentheincreaseofClip’dMoneymakesithardtogetweighty;

whenMenbegintoputadifferenceofvaluebetweenthatwhichisweighty，andlightMoney;andwillnotSelltheirCommodities，butforMonythatisWeight;andwillmaketheirBargainsaccordingly。

LettheCountryGentleman，whenitcomestothatpass，consider，whatthedecayofhisEstatewillbe，whenreceivinghisRentintheTaleofClip’dShillings，accordingtohisBargain，hecannotgetthemtopassatMarketformorethantheirWeight。AndhethatSellshimSaltorSilk，willbargainfor5s。

suchaquantity，ifhepayshiminfairweightyCoin，butinClip’dMoneyhewillnottakeunder5s。3d。HereyouseeyouhaveyourMoneywithoutthisnewtrickofCoinage，raised5perCent。ButwhethertoanyadvantageoftheKingdom，Ileaveeveryonetojudge。

HithertowehaveonlyconsideredtheraisingofSilverCoin，andthathasbeenonlybyCoiningitwithlessSilverinit，underthesameDenomination。ThereisanotherwayyetofraisingMoney，whichhassomethingmoreofreality，thoughaslittlegoodastheformerinit。Thistoo，nowthatweareupontheChapterofRaisingofMoney，itmaynotbeunseasonabletoopenalittle。

TheraisingImeanis，wheneitherofthetworicherMetals，（whichMoneyisusuallymadeof）isbyLawraisedaboveitsnaturalvalue，inrespectoftheother。GoldandSilver，have，inalmostallAges，andpartsoftheWorld（whereMoneywasused）

generallybeenthoughtthefittestMaterialstomakeitof。ButtherebeingagreatdisproportioninthePlentyoftheseMetalsintheWorld，onehasalwaysbeenvaluedmuchhigherthantheother;sothatoneOunceofGoldhasexchangedforseveralOuncesofSilver：Asatpresent，ourGuineapassingfor21s。6d。inSilver，GoldisnowaboutFifteenandanhalftimesmoreworththanSilver;therebeingaboutFifteenandanhalftimesmoreSilverin21s。6d。thanthereisGoldinaGuinea。ThisbeingnowtheMarketRateofGoldtoSilver;ifbyanestablishedLawtheRateofGuinea’sshouldbesethigher，（asto22s。6d。）

theywouldberaisedindeed，buttothelossoftheKingdom。ForbythisLawGoldbeingrais’d5perCent。aboveitsnaturaltruevalue，ForeignerswouldfinditworthwhiletosendtheirGoldhither，andsofetchawayourSilverat5perCent。profit，andsomuchlosstous。ForwhensomuchGoldaswouldpurchasebut100OuncesofSilveranywhereelse，willinEnglandpurchasetheMerchant105Ounces，whatshallhinderhimfrombringinghisGoldtosogoodaMarket;AndeitherSellingitattheMint，whereitwillyieldsomuch，orhavingitCoin’dintoGuinea’s：Andthen（goingtoMarketwithhisGuinea’s）hemaybuyourCommoditiesattheadvantageof5perCent。intheverysortofhisMoney;orchangethemintoSilver，andcarrythatawaywithhim？

Ontheotherside，ifbyaLawyouwouldraiseyourSilverMoneyandmake4Crownsor20s。inSilver，equaltoaGuinea，atwhichrateIsupposeitwasfirstCoin’d;sothatbyyourLawaGuineashouldpassbutfor20s。thesameinconveniencywouldfollow。ForthenstrangerswouldbringinSilver，andcarryawayyourGold，whichwastobehadhereatalowerratethananywhereelse。

Ifyousay，thatthisinconvenienceisnottobefear’d;forthatassoonasPeoplefound，thatGoldbegantogrowscarce，orthatitwasmoreworththantheLawsetuponit，theywouldnotthenpartwithitattheStatute-rate;aswesee，thebroadpiecesthatwereCoinedinK。JamesI。timefor20s。nobodywillnowpartwithunder23s。ormore，accordingtotheMarketvalue。ThisIgrantistrue;anditdoesplainlyconfessthefoolishnessofmakingaLaw，whichcannotproducetheeffect，itismadefor：Asindeeditwillnot，whenyouwouldraisethepriceofSilverinrespectofGold，aboveitsnaturalMarketvalue：Forthen，asweseeinourGold，thepriceofitwillraiseitself。Butontheotherside，ifyoushouldbyaLawsetthevalueofGoldaboveitsPar，thenPeoplewouldbeboundtoreceiveitatthathighrate，andsopartwiththeirSilveratanundervalue。ButsupposingthathavingamindtoraiseyourSilverinrespectofGold，youmakeaLawtodoit;whatcomesofthat？IfyourLawprevail，onlythis;thatasmuchasyouraiseSilver，youdebaseGold（fortheyareintheconditionoftwothingsputinoppositeScales，asmuchastheonerisestheotherfalls）andthenyourGoldwillbecarriedaway，withsomuchclearlosstothekingdomasyouraiseSilveranddebaseGoldbyyourLaw，belowtheirnaturalvalue。IfyouraiseGoldinproportiontoSilverthesameeffectfollows。

Isay，RaiseSilverinrespectofGold;andGoldinproportiontoSilver。ForwhenyouwouldraisethevalueofMoney，phansiewhatyouwill，’tisbutinrespectofsomethingyouwouldchangeitfor，andisdoneonlywhenyoucanmakealessquantityoftheMetal，whichyourMoneyismadeof，changeforagreaterquantityofthatthingwhichyouwouldraiseitto。

TheeffectindeedandillconsequenceofraisingeitherofthesetwoMetals，inrespectoftheotherismoreeasilyobservedandsoonerfoundinraisingGoldthanSilverCoin：Becauseyouraccountsbeingkept，andyourreckoningsallmadeinPounds，Shillings，andPence，whicharedenominationsofSilverCoins，ornumbersofthem;ifGoldbemadecurrentatarateabovethefreeandMarketvalueofthosetwoMetals，everyonewilleasilyperceivetheinconvenience。ButtherebeingaLawforit，youcannotrefusetheGoldinPaymentforsomuch。AndalltheMoneyorBullionPeoplewillcarrybeyondSeafromyou，willbeinSilver，andtheMoneyorBullionbroughtin，willbeinGold。AndthesamejustwillhappenwhenyourSilverisraisedandGolddebasedinrespectofoneanother，beyondtheirtrueandnaturalproportion：（NaturalproportionorvalueIcallthatrespectiveratetheyfindanywherewithouttheprescriptionofLaw）ForthenSilverwillbethatwhichisbroughtin，andGoldwillbecarriedout;andthatstillwithlosstothekingdom，answerabletotheover-value，setbytheLaw。Onlyassoonasthemischiefisfelt，peoplewill（dowhatyoucan）raisetheirGoldtoitsnaturalvalue。ForyouraccountsandbargainsbeingmadeinthedenominationofSilver-money;if，whenGoldisraisedaboveitsproportion，bytheLaw，youcannotrefuseitinPayment（asiftheLawshouldmakeaGuineacurrentat22s。and6d。）youareboundtotakeitatthatrateinPayment。ButiftheLawshouldmakeGuineascurrentat20s。hethathasthemisnotboundtoPaythemawayatthatrate，butmaykeepthemifhepleases，orgetmoreforthemifhecan：YetfromsuchaLaw，oneofthesethreethingswillfollow。Either1st，theLawforcesthemtogoat20s。andthenbeingfoundpassingatthatrate，Foreignersmaketheiradvantageofit：Or2dly，Peoplekeepthemupandwillnotpartwiththematthelegalrate，understandingthemreallytobeworthmore，andthenallyourGoldliesdead，andisofnomoreusetoTrade，thanifitwereallgoneoutofthekingdom：

Or3dly，ItpassesformorethantheLawallows，andthenyourLawsignifiesnothing，andhadbeenbetterletalone。Whichwayeveritsucceedsitproveseitherprejudicialorineffectual。IfthedesignofyourLawtakeplace，thekingdomlosesbyit：Iftheinconveniencebefeltandavoided，yourLawiseluded。

MoneyisthemeasureofCommerce，andoftherateofeverything，andthereforeoughttobekept（asallothermeasures）assteadyandinvariableasmaybe。Butthiscannotbe，ifyourMoneybemadeoftwoMetals，whoseproportion，andconsequentlywhoseprice，constantlyvariesinrespectofoneanother。Silver，formanyReasons，isthefittestofallmetalstobethismeasure，andthereforegenerallymadeuseofforMoney。Butthenitisveryunfitandinconvenient，thatGold，oranyotherMetal，shouldbemadecurrentLegalMoney，atastandingsettledRate。

ThisistosetaRateuponthevaryingvalueofThingsbyLaw，whichjustlycannotbedone;andis，asIhaveshewed，asfarasitprevails，aconstantdamageandprejudicetotheCountry，whereitispractised。SupposeFifteentoonebenowtheexactParbeweenGoldandSilver。WhatLawcanmakeitlasting;andestablishitso，thatnextYear，orwentyYearshence，thisshallbethejustvalueofGoldtoSilver，andthatoneOunceofGoldshallbejustworthfifteenOuncesofSilver，neithermorenorless？’Tispossible，theEast-IndiaTradesweepingawaygreatSumsofGold，maymakeitscarcerinEurope。PerhapstheGuineaTrade，andMinesofPeru，affordingitingreaterabundance，maymakeitmoreplentiful;andsoitsvalueinrespectofSilver，comeontheonesidetobeassixteen，orontheotherasfourteentoone。AndcananyLawyoushallmakealterthisproportionhere，whenitissoeverywhereelseroundaboutyou？

IfyourLawsetitatfifteen，whenitisatthefreeMarketRate，intheNeighbouringCountries，assixteentoone;WilltheynotsendhithertheirSilvertofetchawayyourGoldatOnesixteenlosstoyou？OrifyouwillkeepitsRatetoSilver，asfifteentoone，wheninHolland，France，andSpain，itsMarketvalueisbutfourteen;WilltheynotsendhithertheirGold，andfetchawayyourSilveratOnefifteenlosstoyou？Thisisunavoidable，ifyouwillmakeMoneyofbothGoldandSilveratthesametime，andsetRatesuponthembyLawinrespectofoneanother。

Whatthen？（Willyoubereadytosay）wouldyouhaveGoldkeptoutofEngland？Orbeinghere，wouldyouhaveituselesstoTrade;andmusttherebenoMoneymadeofit？Ianswer，Quitethecontrary，’TisfitthekingdomshouldmakeuseoftheTreasureithas。’TisnecessaryyourGoldshouldbeCoin’d，andhavetheking’sStampuponittosecureMen，inreceivingit，thatthereissomuchGoldineachpiece。But’tisnotnecessarythatitshouldhaveafixedvaluesetonitbypublickAuthority：’Tisnotconvenientthatitshouldinitsvaryingproportionhaveasettledprice。LetGoldasotherCommodities，finditsownRate。

Andwhen，bytheking’sImageandInscription，itcarrieswithitapublickAssuranceofitsweightandfineness;theGoldMoneysoCoin’dwillneverfailtopass，attheknownMarketRate，asreadily，asanyotherSpeciesofyourMoney。TwentyGuineas，thoughdesignedatfirstfor20l。gonowascurrentfor21l。10

s。asanyotherMoney，andsometimesformore，astheRatevaries。Thevalueorpriceofanything，beingonlytherespectiveestimateitbearstosomeother，whichitcomesinCompetitionwith，canonlybeknownbythequantityoftheone，whichwillexchangeforacertainquantityoftheother。TherebeingnotwothingsinNature，whoseproportion，andusedoesnotvary，’tisimpossibletosetastandingregularpricebetweenthem。ThegrowingplentyorscarcityofeitherintheMarket;

（wherebyImeantheordinaryplaces，wheretheyaretobehadinTraffick）ortherealUse，orchangingfashionoftheplacebringingeitherofthemmoreintodemandthanformerly，presencyvariestherespectivevalueofanytwoThings。YouwillasfruiCeslyendeavourtokeeptwodifferentThingssteadilyatthesamepriceonewithanother，astokeeptwoThingsinanAEquilibrium，wheretheirvaryingweights，dependondifferentCauses。PutapieceofSpungeinoneScale，andanexactcounterpoiseofSilverintheother，youwillbemightilymistakenifyouimagine，thatbecausetheyaretodayequal，theyshallalwaysremainso。TheweightoftheSpungevaryingwitheverychangeofmoisture。intheAir，theSilverintheoppositeScalewillsometimesRiseandsometimesFall。ThisisjusttheStateofSilverandGoldinregardoftheirmutualvalue。Theirproportion，oruse，may，nayconstancydoesvary，andwithittheirprice。ForbeingestimatedoneinReferencetotheother，theyareasitwereputinoppositeScales，andastheonerisestheotherfalls，andsoonthecontrary。

FarthingsmadeofabaserMetal，mayonthisaccounttoodeserveyourConsideration。ForwhatsoeverCoinyoumakecurrent，abovetheIntrinsickvalue，willalwaysbedammagetothePublick，whoevergetbyit。ButofthisIshallnotatpresententerintoamoreparticularEnquiry。OnlythisIwillconfidentlyaffirm，ThatitistheInterestofeveryCountry，thatallthecurrentMoneyofitshouldbeofoneandthesameMetal;

ThattheseveralSpeciesshouldbeallofthesameAlloy，andnoneofabasermixture：AndthattheStandardoncethussettled，shouldbeInviolablyandImmutablykepttoperpetuity。Forwheneverthatisalter’d，uponwhatpretencesoever，thePublickwilllosebyit。

SincethenitwillneitherbringusinmoreMoney，Bullion，norTrade;norkeepthatwehavehere;norhinderourweightyMoney，ofwhatDenominationsoever，frombeingmelted，towhatpurposeshouldthekingdombeatthechargeofCoiningallourMoneya-new？ForIdonotsupposeanyBodycanpropose，thatweshouldhavetwosortsofMoneyatthesametime，oneheavier，andtheotherlighter，asitcomesfromtheMint。Thatisveryabsurdtoimagine。SothatifallyouroldMoneymustbeCoin’doveragain，itwillindeedbesomeadvantage，andthataveryconsiderableone，totheOfficersoftheMint。Fortheybeingallow’dSixteenpencehalf-pennyfortheCoinageofeveryPoundTroy，whichisverynearFiveandanhalfperCent。IfourMoneybeSixMillions，andmustbeCoin’dalloveragain，itwillcosttheNationtotheMintOnehundredthirtythousandpounds。Iftheclip’dMoneymustscape，becauseitisalreadyaslightasyournewStandard;doyounotownthatthisdesignofnewCoinageisjustoftheNatureofClipping？

ThisbusinessofMoneyandCoinageisbysomeMen，andamongstthemsomeveryIngeniousPersons，thoughtagreatMystery，andveryhardtobeunderstood。Notthattrulyinitselfitisso：ButbecauseinteressedPeoplethattreatofit，wrapuptheSecrettheymakeadvantageofinmystical，obscure，andunintelligiblewaysofTalking;WhichMen，fromapreconceiv’dopinionofthedifficultyofthesubject，takingforSense，inamatternoteasietobepenetrated，butbytheMenofArt，letpassforCurrentwithoutExamination。Whereas，wouldtheylookintothoseDiscourses，enquirewhatmeaningtheirWordshave，theywouldfind，forthemostpart，eithertheirPositionstobefalse;theirDeductionstobewrong;or（whichoftenhappens）theirwordstohavenodistinctmeaningatall。Wherenoneofthesebe，theretheirplain，true，honestSense，wouldproveveryeasieandintelligible，ifexpress’dinordinaryanddirectLanguage。

Thatthisisso，Ishallshew，byexaminingaPrintedSheetonthisSubject，Intituled，RemarksonaPapergivenintotheLords，&c。

Remarks。’Tiscertain，ThatwhatplacesoeverwillgivemostforSilverbyweight，itwillthitherbecarriedandSold：AndifoftheMoneywhichnowpassesinEngland，therecanbe5s。5d。

theOunce，givenforStandardSilverattheMint;whenbut5s。4

d。oftheverysameMoneycanbegivenelsewhereforit，itwillbecertainlybroughttotheMint;andwhenCoin’d，cannotbeSold，（havingonePennyover-valuesetuponitbytheOunce）forthesamethatotherPlatemaybeboughtfor，sowillbeleftunmelted;atleast，’twillbetheInterestofanyExporters，tobuyPlatetosendout，beforeMoney;whereasnow’tishisInteresttobuyMoneytosendoutbeforePlate。

Answ。TheAuthorwoulddowelltomakeitintelligible，how，oftheMoneythatnowpassesinEngland，attheMintcanbegiven5s。5d。theOunce，forStandardSilver，whenbut5s。4d。ofthesameMoneycanbegivenelsewhereforit。Next，HowithasonePennyover-valuesetwponitbytheOunce;Sothat，WhenCoin’ditcannotbeSold？This，toanordinaryReader，looksveryMysterious;and，Ifear，isso，aseithersignifyingnothingatall，ornothingthatwillhold。For;

1。IaskwhoisitattheMint，thatcangive5s。5d。perOunce，forStandardSilver，whennobodyelsecangiveabove5s。

4d。？Isittheking，orisittheMasterWorker，oranyoftheOfficers？Fortogive5s。5d。forwhatwillyieldbut5s4d。

toanybodyelse，istogiveOnesixtyfifthpartmorethanitisworth。Forsomucheverythingisworth，asitwillyield。AndI

donotseehowthiscanturntoaccounttotheking，orbebornbyanybodyelse。

2。Iask，HowaPennyover-valuecanbesetuponitbytheOunce;sothatitcannotbesold？ThisissoMysteriousthatI

thinkitnearimpossible。ForanequalquantityofStandardSilverwillalwaysbejustworthanequalquantityofStandardSilver。Anditisutterlyimpossibletomake64partsofStandardSilverequalto，orworth65partsofthesameStandardSilver;

whichismeantbysettingaPennyover-valueuponitbytheOunce，ifthathasanymeaningatall。Indeed，bytheWorkmanshipofit，64OuncesofStandardSilvermaybemadenotonlyworth65

Ounces，but70or80。ButtheCoinage，whichisalltheWorkmanshiphere，beingpaidforbyaTax，Idonotseehowthatcanbereckon’datall：Orifitbe，itmustraiseevery5s。and4d。Coin’d，toabove5s。5d。IfIcarry64OuncesofStandardSilverinBulliontotheMint，tobeCoin’d;shallInothavejust64OuncesbackagainforitinCoin？Andifso，Canthese64

OuncesofCoin’dStandardSilver，bepossiblymadeworth65

OuncesofthesameStandardSilveruncoin’d;whentheycostmenomore，andIcan，forbarelygoingtotheMint，have64OuncesofStandardSilverinBullionturnedintoCoin？CheapnessofCoinageinEngland，whereitcostsnothing，will，indeed，makeMoneybesoonerbroughttotheMint，thananywhereelse：becausethereI

havetheconvenienceofhavingitmadeintoMoneyfornothing。

ButthiswillnomorekeepitinEngland，thanifitwereperfectBullion。Norwillithinderitfrombeingmelteddown;becauseitcostnomoreinCointhaninBullion：Andthisequally，whetheryourPieces，ofthesameDenomination，belighter，heavier，orjustastheywerebefore。Thisbeingexplain’d，’willbeeasietosee，whethertheotherthings，saidinthesameParagraph，betrueorfalse;andparticularly，whether’twillbetheInterestofeveryExporter，tobuyPlatetosendoutbeforeMoney。

Remark。’Tisonlybarelyasserted，ThatifSilverberaisedattheMint，That’twillriseelsewhereaboveit;butcanneverbeknowntillitbetried。

Answ。TheAuthortellsusinthelastParagraph，ThatSilverthatisworthbut5s。2d。perOunceattheMint，isworth5s。

4d。elsewhere。This，howtrue，orwhatinconvenienceithath，I

willnothereexamine。ButbetheInconvenienceofitwhatitwill，thisraisingtheMoneyheproposesasaRemedy：Andtothosewhosay，uponraisingourMoneySilverwillrisetoo，hemakesthisAnswer，Thatitcanneverbeknown，whetheritwillOrno，tillitbetried。TowhichIreply，Thatitmaybeknownascertainly，withoutTrial，asitcan，ThattwoPiecesofSilver，thatweighedequallyyesterday，willweighequallyagaintomorrowinthesameScales。

ThereisSilver（saysourAuthor）whereofanOunce（i。e。480

Grains）willchangefor5s。4d。（i。e。496Grains）ofourStandardSilverCoin’d。TomorrowyouCoinyourMoneylighter;sothatthen5s。4d。willhavebut472GrainsofCoin’dStandardSilverinit。Canitnotthenbeknown，withoutTrial，whetherthatOunceofSilver，whichtodaywillchangefor496GrainsofStandardSilverCoin’d，willchangetomorrowbutfor472GrainsofthesameStandardSilverCoin’d？Orcananyoneimaginethat480GrainsofthesameSilverwhichtodayareworth496GrainsofourCoin’dSilver，willtomorrowbeworthbut472GrainsofthesameSilver，alittledifferentlyCoin’d？HethatcanhaveaDoubtaboutthistillitbetried，mayaswelldemandaTrialtobemade，toprove，Thatthesamethingisequiponderant，orequivalenttoitself。ForIthinkitisasclear，That472

GrainsofSilverareequiponderantto496GrainsofSilver，asthatanOunceofSilver，thatistodayworth496GrainsofStandardSilver，shouldtomorrowbeworthbut472GrainsofthesameStandardSilver，allCircumstancesremainingthesame，butthedifferentWeightofthePiecesstamp’d：whichisthatourAuthorasserts，whenhesavs，That’tisonlybarelyasserted，&c。

Whathasbeensaidtothis，mayservealsoforanAnswertothenextParagraph。OnlyIdesireitmaybetakennoticeof，ThattheAuthorseemstoinsinuatethatSilvergoesnotinEngland，asinForeignParts，byWeight：WhichisaverydangerousaswellasfalsePosition;andwhich，ifallowed，mayletintoourMintwhatCorruptionandDebasingofourMoneyonepleases。

Remark。ThatOurTradehathheretoforefurnisheduswithanOverplus，broughthomeinGoldandSilver，istrue;ButthatwebringhomefromanyplacemoreGoodsthanwenowExporttoit，I

donotconceivetobeso。AndmoreGoodsmightbesenttothoseparts;butbyreasonofthegreatvalueofSilverinthispartoftheWorld，moreMoneyistobegotbyExportingSilver，thanbyanyotherthingthatcanbesent;andthatisthereasonofit。

Andforitsbeingmelteddown，andsentout，becauseitissoheavy，isnotbytheirPaperdenied。

Answ。ThatwebringhomefromanyplacemoreGoodsthanwenowexport，（TheAuthortellsus）hedothnotconceive。

WouldhehadtoldusaReasonforhisConceit。ButsincetheMoneyofanyCountryisnotpresentlytobechanged，uponanyprivateMan’sgroundlessConceit，IsupposethisArgumentwillnotbeofmuchwveightwithmanyMen。ImakeboldtocallitagroundlessConceit：ForiftheAuthorpleasetorememberthegreatSumsofMoneyarecarriedeveryYeartotheEast-Indies，forwhichwebringhomeconsumableCommodities;（thoughImustownthatitpaysusagainwithadvantage。）Orifhewillexamine，howmuchonlytwoCommodities，whollyconsum’dhere，costusyearlyinMoney，（ImeanCanaryWineandCurrants）morethanwepayforwithGoodsExportedtotheCanariesandZant;besidestheOver-ballanceofTradeuponusinseveralotherplaces，hewillhavelittlereasontosay，hedothnotconceivewebringhomefromanyplacemoreGoodsthanwenowExporttoit。

AstowhathesaysconcerningthemeltingdownandExportingourMoney，becauseitisheavy。Ifbyheavy，hemeans，becauseourCrown-pieces（andtherestofourspeciesofMoneyinproportion）are23or24GrainsheavierthanhewouldhavethemCoin’d：This，whoevergrantsit，Idenyupongrounds，whichI

suppose，whenexamined，willbefoundclearandevident。

IndeedwhenyourDebtsbeyondSea，toanswertheOver-ballanceofForeignImportations，callforyourMoney，’tiscertaintheheavyMoney，whichhasthefullStandardWeight，willbemelteddownandcarriedaway：becauseForeignersvaluenotyourStamporDenomination，butyourSilver。

HewoulddowelltotelluswhathemeansbythegreatvalueofSilverinthispartoftheWorld。ForhespeaksofitasaCause，thatdrawsawayourMoneymorenowthanformerly;orelseitmightaswellhavebeenomittedasmentionedinthisplace：

Andifhemean，bythispartoftheWorld，England;’tisscarceSensetosay，ThatthegreatValueofSilverinEnglandshoulddrawSilveroutofEngland。IfhemeanstheNeighbouringCountriestoEngland，heshouldhavesaidit，andnotdoubtfullythispartoftheWorld。Butlethim，bythispartoftheWorld，meanwhathewill，Idaresayeveryonewillagree，ThatSilverisnotmorevalu’dinthis，thananyotherpartoftheWorld;norinthisAge，morethaninourGrandfathersDays。

Iamsorryifitbetrue，whathetellsus，ThatmoreMoneyistobegotbyExportationofSilver，thanbyanyotherthingthatcanbesent。ThisisanEvidence，thatwebringhomemoreGoodsthanweExport。Fortillthathappens，andhasbroughtusinDebtbeyondSea，SilverwillnotbeExported;buttheOverplusofPeoplesGain，beinggenerallylaidupinSilver，itwillbebroughthomeinSilver;andsoourPeoplewillvalueitasmuchasanyother，inthispartoftheWorld。

TheTruthoftheCaseinshortisthis。Wheneverwe，byalosingTrade，contractDebtswithourNeighbours;theywillputagreatValueonourSilver，andmoreMoneywillbegotbytransportingSilverthananythingcanbesent：Whichcomesaboutthus。SupposethatbyanOverballanceoftheirTrade（whetherbyaSaleofPepper，Spices，andotherEast-IndiaCommodities，itmattersnot）wehavereceivedgreatquantitiesofGoods，withinthesetwoorthreeMonths，fromHolland，andsentbutlittlethither;sothattheaccountsballancedbetweentheInhabitantsofEnglandandtheUnitedProvinces，weofEnglandwereaMillionintheirDebt：Whatwouldfollowfromhence？This：ThattheseDutchCreditors，desiringtohavewhatisduetothem，giveOrdertotheirFactorsandCorrespondentshere，toreturnittothem。

Forenquiring，aswedo，whataretheeffectsofanover-ballanceofTrade，wemustnotsuppose，theyinvesttheirDebtsinCommodities，andreturntheirEffectsthatway。AMillionthenbeingtobereturnedfromEnglandtoHollandinMoney，everyoneseeksBillsofExchange：butEnglishmennothavingDebtsinHollandtoanswerthisMillion，oranytheleastpartofit，Billsarenottobegot。ThispresentlymakestheExchangeveryhigh;uponwhichtheBankers，&c。whohavethecommandofgreatquantitiesofMoneyandBullion，sendthatawaytoHollandinSpecie，andsotakeMoneyheretopayitagainthere，upontheirBills，atsucharateofExchange，asgivesthemfive，ten，fifteen，&c。perCent。profit：Andthussometimesa5s。Pieceofourmill’dMoneymaytrulybesaidtobeworth5s。3d。4d。6

d。9dinHolland。AndifthisbethegreatvalueofSilverinthispartoftheWorld，Ieasilygrantithim。Butthisgreatvalueistoberemedied，notbythealterationofourMint，butbytheRegulationandBallanceofourTrade。ForbeyourCoinwhatitwill，ourNeighbours，iftheyover-ballanceusinTrade，willnotonlyhaveagreatvalueforourSilver，butgetittoo;

andtherewillbemoretobegotbyExportingSilvertothem，thanbyanyotherThingcanbesent。

Remarks。ThealterationoftheCoinsinSpainandPortugalarenowayatalllikethis。Fortheretheyalter’dinDenominationnearhalf，todeceivethosetheypaid，withpayingthosetowhomtheyowedoneOunceofSilver，buthalfanOunceforit。Butinthealterationheredesigned，towhoeveranOunceofSilverwasowing，anOuncewillbepaidinthisMoney;itbeinghereonlydesigned，thatanOunceofMoneyshouldequalanOunceofSilverinvalue，athome，aswellasabroad，whichnowitdoesnot。

Answer。InthisParagraphtheAuthorConfessesthealterationoftheCoininSpainandPoitugalwasacheat;butthealterationheredesign’d，hesays，isnot：ButtheReasonhegivesforitisadmirable：viz。Becausetheytherealter’dinDenominationnearhalf，andheretheDenominationisalter’dbut5perCent;forsoinTruthitis，whateverbedesigned。Asif50perCent。wereaCheat，but5perCent。werenot;becauseperhapslessperceiveable。ForthetwoThingsthatarepretendedtobedoneherebythisnewCoinage，Ifearwillbothfail，viz。1。ThattowhomsoeveranOunceofSilverisowing，anOunceofSilvershallbepaidinthisMoney。ForwhenanOunceofSilverisCoin’d，asisproposed，into5s。5d。（whichistomakeourMoney5perCent。lighterthanitisnow）Ithatamtoreceivean100l。perAnnum，FeeFarmRent;shallIinthisnewMoneyreceive105l。orbarely100l。？ThefirstIthinkwillnotbesaid。ForifbyLawyouhavemadeit100l。’tiscertaintheTenantwillpaymenomore。lfyoudonotmeanthat400Crowns，or2000ShillingsofyournewCoinshallbean100l。buttheremustbe5perCent。intale，addedtoevery100，youareatthechargeofnewCoinagetonootherpurposebuttobreedConfusion。IfImustreceive100l。

bytale，ofthisnewMoneyformyFeeFarmRent，’tisdemonstrationthatIlosefiveOuncesperCent。oftheSilverwasduetome。ThisalittlelowerheconfessesintheseWords，ThatwhereaManhasaRent-SEC，thatcanneverbemore，thismaysomewhataffectit，butsoverylittle，thatitwillscarceeveratallbeperceived。Thisverylittleis5perCent。AndifaManbecheatedofthat，soheperceivesitnot，itgoesfornothing。

ButthislosswillnotaffectonlysuchRents，ascanneverbemore，butallPaymentswhatsoever，thatarecontractedforbeforethisalterationofourMoney。

2。Ifitbetrue，whatheaffirms，ThatanOunceofMoneydothequalanOunceofSilverinvalueabroad，butnotathome;

thenthispartoftheUndertakingwillalsofail。ForIdenythattheStamponourMoneydoesanymoredebaseithereathomethanabroad，ormaketheSilverinourMoneynotequalinvaluetothesameweightofSilvereverywhere。TheAuthorwouldhavedonewelltohavemadeitout，andnotleftsogreataParadoxonlytothecreditofasingleAssertion。

Remarks。AndforwhatissaidinthisBilltopreventExportation，relatesonlytothekeepinginourownCoin，andBullion，andleavesallForeigntobeExportedstill。

Awswer。WhattheAuthormeansbyourownandForeignBullion，willneedsomeExplication。

Remarks。ThereisnownosuchthingasPaymentsmadeinweightyandMill’dMoney。

Answer。IbelievethereareveryfewinTown，whodonotveryoftenreceiveamill’dCrownfor5s。andamill’dhalfCrownfor2s。6d。ButhemeansIsupposeingreatandentireSumsofmill’dMoney。ButIask，ifalltheclip’dMoneywerecalledin，whetherthenallthePaymentswouldnotbeinweightyMoney;。andthatnotbeingcall’din，whetherifitbelighterthanyournewmill’dMoney，thenewmill’dMoneywillnotbemelteddownasmuchastheold？WhichIthinktheAuthorthereconfesses，orelseIunderstandhimnot。

Remark。NorwillthisanywayinterruptTrade;forTradewillfinditsowncourse;theDenominationofMoneyinanyCountrynowayconcerningthat。

Awswer。TheDenominationtoacertainWeightofMoney，inallCountries，concernsTrade;andthealterationofthatnecessarilybringsdisturbancetoit。

Remark。ForifsobeitoccasionstheCoiningmoreMoney。

Answer。HetalksasifitwouldbetheoccasionofCoiningmoreMoney。Outofwhat？OutofMoneyalreadyCoin’d，oroutofBullion？ForIwouldbegladtoknowwhereitis。

Remarks。ItmaybesomegaintothosethatwillventuretomeltdowntheCoin，butverysmallloss（ifany）tothosethatshallbepaidintheNew：’Tisnottobedenied，butthatwhereanyManhasaRent-SEC，thatcanneverbemore，thismaysomewhataffectit;butsoverylittle，’twillscarceeveratallbeperceived。

Answer。AsmuchasitwillbegaintomeltdowntheirCoin，somuchlosswillitbetothosewhoarepaidinthenew。Viz。5

PerCent。whichIsuppose，ismorethantheAuthorwouldbewillingtolose，unlesshegetbyitanotherway。

Rem。AndifthealterationdesignedshouldhavetheeffectofmakingourNativeCommoditiesanywaydearer。

Answ。HeretheAuthorconfesses，thatproportionablyasyourMoneyisraised，thePriceofotherthingswillberaisedtoo。

Buttomakeamends，hesays，Rem。ItdoesatthesametimemaketheLandwhichproducesthem，ofmorethansomuchmoreinvalue。

Answ。Thismorethansomuchmoreinvalue，ismorethanourAuthor，oranybodyelseforhim，willeverbeabletomakeout。

ThePriceofThingswillalwaysbeestimatedbythequantityofSilverisgiveninexchangeforthem。AndifyoumakeyourMoneylessinWeight，itmustbemadeupinTale。ThisisallthisgreatmysteryofraisingMoney，andraisingLand。ForExample，TheMannorofBlackacrewouldyesterdayhaveyieldedOnehundredthousandCrowns，whichCrown-pieces，letussupposenumerorotundo，toweigheachofthemanOunceofStandardSilver。TodayyournewCoincomesinplay，whichis5PerCentlighter。There’syourMoneyraised：TheLandnowatSaleyieldsOnehundredandfivethousandCrowns，whichisjustthesameOnehundredthousandOuncesofStandardSilver。There’stheLandraised。AndisnotthisanadmirableInvention，forwhichthePublickoughttobeataboveOnehundredthousandpoundsChargefornewCoinage，andallyourCommerceputindisorder？AndthentorecommendthisInvention，youaretold，asagreatSecret，That，HadnotMoney，fromtimetotime，beenraisedinitsDenomination，Landshadnotsorisentoo……whichistosay，HadnotyourMoneybeenmadelighter，fewerPiecesofitwouldhaveboughtasmuchLandasagreaternumberdoesnow。

Rem。ThelossofPaymentstherespokenof，will，innosort，besogreatasifthePartiestowhomtheseDebtsareowing，werenowboundtoreceivethemintheMoneynowPasses，andthentomeltthesamedown;soatthistheywillhavenocausetocomplain。

Answ。AverygoodArgument！TheClippershaverob’dthePublickofagoodpartoftheirMoney（whichMenwill，sometimeorother，findinthePaymentstheyreceive）and’tisdesiredtheMintmayhavealibertytobebefore-handwiththosetowhomDebtsareowing。TheyaretoldtheywillhavenoreasontoComplainofit，whosufferthisloss;becauseitisnotsogreatastheother。ThedamageisalreadydonetothePublick，byClipping。Whereatlastitwilllight，Icannottell。ButMenwhoreceiveClip’dMoney，notbeingforcedtomeltitdown，donotyetreceiveanylossbyit。WhenClip’dMoneywillnolongerchangeforweighty，thenthosewhohaveClip’dMoneyintheirhands，willfindthelossofit。

Rem。’TwillmaketheCustomsbetterpaid，becausetherewillbemoreMoney。

Ans。ThattherewillbemoreMoneyinTale，’tispossible：

ThattherewillbemoreMoneyinWeightandWorththeAuthoroughttoshew。Andthen，whateverbecomesoftheCustoms，（whichIdonothearareunpaidnow）thekingwillloseintheExciseaboveThirtythousandpoundsperAnnum。ForinallTaxeswheresomanyPounds，Shillings，orPencearedeterminedbytheLawtobepaid，therethekingwilllose5PerCent。TheAuthorhereasinotherplaces，givesagoodreasonforit。For，HisMajestybeingtopayawaythisMoneybyTale，ashereceivedit，itwillbetohimnolossatall。

AsifmyreceivingmyRentsinfullTale，butinMoneyofundervalue5PerCent。werenotsomuchlosstome，becauseIwastopayitawayagainbyTale。Tryitat50PerCent。Theoddsonlyis，Thatonebeinggreaterthantheother，wouldmakemorenoise。ButourAuthor’sgreatrefugeinthisis，Thatitwillnotbeperceiv’d。

Remark。IfallForeignCommodities，weretobePurchasedwiththisnewSpeciesofMoneysentout;weagree，Thatwith100l。ofittherecouldnotbesomuchSilverorotherCommoditiesbought，aswith100l。inCrownPiecesasnowCoined;becausetheywouldbeheavier;AndallCoininanyKingdom，butwhere’tisCoined，onlygoesbyWeight;andforthesameweightofSilver，thesameeverywherestillwillbebought;andsotherewill，withthesamequantityofGoods。AndifthoseGoodsshouldcost5perCent。morehereinEnglandthanheretofore，andyieldbutthesameMoney（wemeanbytheOunceabroad）thesameMoneybroughthomeandCoin’d，willyieldtheImporter5perCent。moreattheMintthanitheretoforecoulddo，andsonodamagetotheTraderatall。

Answ。HereTruthforcesfromtheAuthoraconfessionofTwoThings，whichdemonstratethevanityanduselesnessoftheProject。

1。ThatuponthischangeofyourCoin，ForeignGoodswillberais’d。

2。YourownGoodswillcostmore5perCent。SothatGoodsofallkindsbeingthereuponraised;whereinconsiststheraisingofyourMoney，whenanOunceofStandardSilver，howeverminc’d，stamp’d，ordenominated，willbuynomoreCommoditiesthanitdidbefore？ThisconfessionalsoshewstheFalshoodofthatdangeroussupposition，ThatMoney，intheKingdomwhereitisCoin’d，goesnotbyweight，i。e。isnotvaluedbyitsWeight。

Rem。’Tistrue，TheOwnersofSilverwillfindagoodMarketforif，andnootherswillbedamaged;but，onthecontrary，themakingPlentyofMoneywillbeanadvantagetoall。

Answ。Igrantittrue，ThatifyourMoneywerereallyraised，5perCent。theOwnersofSilverwouldgetsomuchbyit，bybringingittotheMinttobeCoin’d。Butsince，asisconfessed，Commoditieswill（uponthisraisingyourMoney）beraisedtoo5

perCent。thisalterationwillbeanadvantagetonobodybuttheOfficersoftheMint，andHoardersofMoney。

Rem。WhenStandardSilverwaslastraisedattheMint，（whichitwas，from5s。to5s。and2d。theOunce，inthe43d。ofEliz。）and，foraboveFortyYearsafter，Silveruncoin’dwasnotworthabove4s。10d。theOunce，whichoccasion’dmuchCoining;

andofMoney，noneinthosedayswasExported：WhereasSilvernowisworthbuttheverysame5s。and2d。theOuncestillattheMint，andisworth5s。4d。elsewhere。SothatifthisBillnowwiththeLordsdoesnothappentoPass，therecanneveranySilverbeevermoreCoin’dattheMint;andallthemill’dMoneywillinaverylittletimemorebedestroyed。

Ans。ThereasonofsomuchMoneyCoin’dinQueenElizabeth’sTime，andafterwards，wasnotthelesseningyourCrownPiecesfrom480to462Grains，andsoproportionablyalltherestofyourMoney，（whichisthattheAuthorcalls，raisingStandardSilverfrom5s。to5s。2d。theOunce）butfromtheover-ballanceofyourTrade，bringingtheninPlentyofBullion，andkeepingithere。

HowStandardSilver（foriftheAuthorspeaksofotherSilver，itisafallacy）shouldbeworthitsownWeightinStandardSilverattheMint，（i。e。5s。2d。theOunce）andbeworthmorethanitsownWeightinStandardSilver，（i。e。5s。4

d。theOunce）inLombard-street，isaParadoxthatnobody，I

think，willbeabletocomprehend，tillitbebetterExplain’d。

ItistimetogiveoffCoining，ifthevalueofStandardSilverbelessenedbyit;asreallyitis，ifanOunceofCoin’dStandardSilverwillnotexchangeforanOunceofuncoin’dStandardSilverunlessyouadd15or16Grainsoverplustoit：

WhichiswhattheAuthorwouldhavetakenuponhisword，whenhesays，SilverisworthFiveShillingsFourPenceelsewhere。

FiveShillingsFourPenceofMoneyCoin’dattheMint，theAuthormustallowtobeatleast495Grains。AnOunceisbut480

Grains。HowthenanOunceofuncoin’dStandardSilvercanbeworthFiveShillingsFourPence，（i。e。How480Grainsofuncoin’dStandardSilvercanbeworth495GrainsofthesameStandardSilver，Coin’dintoMoney）isunintelligible;unlesstheCoinageofourMintlessenstheValueofStandardSilver。

SIR，COINandInterestareTwoThingsofsogreatmomenttothePublick，andofsogreatconcernmentinTrade，thattheyought，veryaccuratelytobeexamin’dinto，andverynicelyweigh’d，uponanyProposalofanalterationtobemadeinthem。IpretendnottohaveTreatedofthemhereasthydeserve。ThatmustbetheworkofanablerHand。IhavesaidsomethingontheseSubjects，becauseyourequir’dit。And，Ihope，thereadinessofmyObediencewillexcuse，toYou，theFaultsIhavecommitted，andassureYouthatIam，SIR，YourmosthumbleServant。

JohnLock。