A discourse concerning coining the new money lighter in answer to Mr. Lock's Considerations about raising the value of money / by Nicholas Barbon, Esq.

Of Raising the Value of Money, with the Cau∣ses of it, and the Ef∣fects.

IT has been a Custom in all Ages, and amongst all Nations, to Raise the Value of their Money, and is as Ancient as the Coinage of Money, and not a late Invention, as some are of Opinion.

It was a Custom among the Assyrians, He∣brews and Grecians, as might be made ap∣pear, if it were necessary. But, to shew that it was no Modern Invention, will suf∣ficiently appear by the Romans Raising the Value of their Coin. The As, being the Copper Money of the Romans, was at first Coin'd of a pound Weight. And in the first Punick War, in the Dictatorship of Fabius Maximus, it weigh'd but two Ounces, and all the lesser pieces of it were abated in pro∣portion.

The As was afterwards reduced to an Ounce, and again by Papirius to half an Ounce. When the Romans began first to Coin Silver Money, the Denarius, which was an Ounce of fine Silver, and about the Value of our Crown, was made current for ten Ases. The Half-Denarius, the Sestertius, and the Sextula, which was Six in an Ounce, were Coin'd to the same proportion. After∣wards the Denarius was Coin'd to Seven in an Ounce; and after that to the Weight of a Drachma, which is Eight in an Ounce: And the lesser parts, as, the Sestertius, Sextula, &c. were abated in propor∣tion.

Their Gold Money was also from time to time Raised: Those Pieces called Solidi Aurei, which were at first Coin'd to Forty Eight Pieces in the pound, were at several times Rais'd. And in the time of Iustinian the Emperor, were coin'd to Seventy two Pieces in the Pound.

The Romans did not only Raise the Value of their Money, by Coining of it Lighter; but they did also Raise it by putting in an Allay, which they did at several times, and by several proportions. And in the time of Livius Drusus, the Allay was so excessive, that the mixture was Eight Ounces Copper, and Four Ounces fine Silver in a Pound Troy. This base Money created a disturbance

amongst the People; which was the oc∣casion of that saying in Tully's Offices,

Iactabatur enim illis Temporibus Nummis, Vt nemo sciret quid haberet in Pecunia:

Whereupon Marius Gratidianus, being Trium∣vir Monetae cudendae, brought in an Ordinance for the Calling in, and Regulating this Mo∣ney, for which he was in great Efteem amongst the People.

This is sufficient to shew, that the Rai∣sing the Value of the Money is no late In∣vention.

In these Latter Ages all the Kingdoms and States of Europe have from time to time Rais'd the Value of their Money, is very plain. In France, the Ounce of their Standard Silver, which is the French Crown, was at first di∣vided in Sixty Sous, afterwards the Crown was rais'd to Sixty five, and of late to Se∣venty two Sous: And the New Crown was from time to time made Lighter; that is, the Pound Troy, which contains Twelve Ounces, was at first divided into Twelve Crowns, and afterwards into Thirteen Crowns, and of late into Fourteen Crowns and almost an half. And there are Old

Crowns still current in France that have the Stamps upon them, which shew how they have been several times Rais'd.

The Ounce or Dollar of the United Pro∣vinces, was at first divided into Thirty six Stivers, afterwards Rais'd to Forty, and since higher, tho' they have another way of Raising their Money, which is, by adding a greater Allay. The Ounce, or Rix-Dollar of the Emperor, which was at first Coin'd at Fifty Crutzers, was Raised to Fifty five, and after that to Sixty. In Spain and Portu∣gal, every Merchant knows that has Traded thither, that the Values, of their Monies have been several times Raised.

In England, from Osbright the Saxon King, till Edward the Third, the Peny was a Peny weight of fine Silver, and the Pound was a Pound Troy Weight of fine Silver. He Rais'd the Value of the Money by putting Eighteen peny Weight of Allay into the Pound Troy. And Mr. Lownds in his Report containing an Essay for the Amendment of the Silver Coins, has given a very exact Account since Edward the Third's Time, taken from the Records of the Mint, how the Money of England has been from time to time Rais'd. By which it appears, that the Silver Peny which in the beginning of his Reign weigh'd a Peny-Weight, there being then but Twen∣ty

pence in an Ounce, has been by Degrees, in several Kings Reigns Coin'd lesser and lighter; and the Ounce has been divided in∣to Twenty five pence, Thirty, Thirty seven pence halfpeny, Forty five pence. And in the beginning of Queen Elizabeth's Reign, the Crown, or Ounce, was divided into Sixty pence: And in the latter end of her Reign into Sixty two pence.

The Standard and course of the Mint has continued to this time without any altera∣tion, except what was made by an Act in the Reign of King Charles II. which gave away the charge of Coinage, being Two shillings in the Pound Troy advantage, for an incouragement to those that brought Bul∣lion into the Mint; which rais'd the price of Bullion to the Nation, instead of raising the Value of the Coin.

The several States and Princes. of Italy have Rais'd their Coins; and if it were ne∣cessary, it might be easily prov'd, that there is not one Mint in Europe that has been of any continuance, but has Coin'd their Money lighter then they did at the first beginning of their Coinage.

The way of raising the Value of the Mo∣ney is not in all Countries alike. In the Vnited Provinces, Flanders, Germany, and the Northern parts of Europe, it has been usual∣ly

by putting in a greater Allay, and making of it a little courser, and a little lighter.

The Standard of the Vnited States was at first Nine Ounces and an half fine Silver, and Two and an half Allay in the pound Troy: But since, by degrees, their Standard has been brought to Nine Ounces fine, and Three Ounces Allay. And likewise their new Dol∣lars have been Coined lighter; so that the old Dollars that went before at Six and thir∣ty Stivers, were rais'd to Forty. And the same might be observ'd in all the rest of the Mints of Flanders, Germany, and the Nor∣thern parts.

In Italy, France, and England, the way of raising their Coin, has been generally by keeping the old Standard for fineness, and only by altering the weight; from time to time Coining their New Money lighter, as they had occasion to raise the Value of their Money.

In Portugal and Spain, the usual method of raising their Money has not been by alter∣ing their Standard either in fineness or weight; but by giving a Rise to their Mo∣ney, by a Computation made from the Value of the Copper Money; that is, a Riall of Eight, which in Spain was formerly of the Value of Three hundred and seventy Malvedies, was raised to pass currant for Four hundred Mal∣vedies,

which is their Copper Money, and so higher from time to time.

And the same is to be observ'd in Portu∣gal: They raise the Value of their Money by their Reas, which is their Copper Money. And the Ducat, or Crusado, that us'd to pass for Four hundred Reas, has been rais'd to Four hundred and fifty, and higher.

The usual Proportion of Value that Princes and States give to their Silver and Gold Mo∣ney when they Raise the Value of them, is generally betwixt Ten and Fifteen per cent. above the Market-price of Silver and Gold. The French Crown was Raised from Sixty Sous, to Sixty five, which is about Ten percent. And about three or four Years since, the Crown was Raised to Seventy two Sous, which is near Fifteen per cent. The Rix-Dol∣lar, Coin'd at Fifty Stivers, was Raised to Fifty five Stivers, and since to Sixty, which is about Ten per cent.

The Kings of England have Rais'd their Money from Twenty, to Twenty five, Thirty, Thirty seven, &c. whch is after the same pro∣portion as the Emperor, the French King, and other Princes and States have done.

The Dutch raise the Value of their Money by adding a greater Allay (as has been ob∣serv'd) which is less taken notice of, and so does not disturb the minds of those persons

who think the value of Money is solely from the quantity of fine Silver in each piece.

The Reason why Princes and States do ob∣serve to give no greater Proportion of Value to their Money when they new raise it, than betwixt Ten and Fifteen per cent. above the currant price of Bullion, is, to prevent coun∣terfeiting.

For tho' there are Laws in all Countries, with severe Penalties, to prohibit the coun∣terfeiting of Money, yet none are kept and observed, where there is great Profit to be got by breaking of them. And no persons will counterfeit the Stamp, and make the Money the same both in weight and fineness, for only Ten or Fifteen per cent. Profit. For they must Coin a great quantity, to make their Profit considerable; if they make the Money of the same weight and fineness, it will not be One hundred and forty pound clear Profit in Coining of a Thousand pound at Fifteen per cent. because of the charge of Coinage. And none but the rich man can vent a great quantity, and he'll not hazard the loss of his Life and Estate for such small Gain. The poor man cannot attempt it, be∣cause he can neither get Bullion to Coin, nor vent a quantity after 'tis Coin'd. And why should any man venture his Life for such small Profit, when every Merchant and Trades∣man gets more without any such hazard?

Therefore those that coin false Money, coun∣terfeit the Metal as well as the Stamp, to make it profitable. But then it is much easier discovered, and they are often punish'd with death: For they must counterfeit the weight, colour, and size of the Piece, as well as the Stamp; which is much more difficult than only to counterfeit the Stamp

So that the Princes and States may as safely coin their Money Ten or Fifteen per cent. above the price of Bullion, without danger of coun∣terfeiting, as if they should coin it exactly to the Market-price.

The Reason why the Princes and States, when they have rais'd the Value of their Money, have not coin'd it nearer to the price of Bullion, than about the difference of Ten per cent. is to avoid the too often raising the Value of their Coin; which, when ever it is done, is apt to create some little murmur and discontent amongst the People. And if they should coin it near the Value, they would be forced to raise their Money as oft as Silver rises in its price above the Value of the Coin, which would be every Five or Ten Year; whereas by raising of it betwixt Ten of Fifteen per cent. they have not usually rais'd it but once in Fifty or Threescore Years.

As to instance from Edward the Third's time to Queen Elizabeth, which was betwixt

Two hundred and fifty, and Three hundred Years from the first raising of the Money, from Twenty pence in an Ounce of Silver to Threescore pence, is betwixt Ten or Twelve per cent. for every Fifty Years. And the like might be observ'd, if it were neces∣sary, in all the Mints of Europe.

In the Reign of Edward VI. when there was so great an Allay put into the Money as rais'd it to Forty or Fifty per cent. profit above the price of Silver, there were Barrels of counterfeit Money seiz'd at the Custom-house, that were sent from Foreign parts. The knowledge of that created so great a jea∣lousy and disturbance in the minds of the People, that scarce any Money would pass, for fear of receiving that which was coun∣terfeit.

For the knowledge of the goodness of Silver, is a Mystery that few are acquainted with; and when there is so great an Allay put into the Money, those that counterfeit may make the Metal as good, if not better than the true Money, because there's profit sufficient by only counterfeiting the Stamp. And that may be so well imitated, as not one in a thousand may discover the difference betwixt the true and the false Stamp. And tho' the Metal may be as good or better than the true Money, yet it being counterfeited, it's none of the Government's Money. And want∣ing

their Authority, by which it is made currant, no man is oblig'd to take it; and therefore every body refuses the Money in ge∣neral, for fear the loss should fall upon him that last takes it; so that the Money becomes useless, having lost the currancy and quality of Money, and all the murmur and disorder ensues that usually attends a Nation that want Money to drive their Trade and Com∣merce.

Other Instances might be given, but this, with the common usage of not exceeding Ten or Fifteen per cent. when the Money is rais'd, may be sufficient to answer Mr. Lock's Objection, That the Governments cannot raise their Money as high as they please; nor make them∣selves as Rich as they please.

The great Objection that Mr. Lock makes against the raising the Value of Money, is, That if the Government have a Power to give a Value of Ten per cent. to their Money, why not Twenty, Fifty, or as high as they please? And then it would be in the Government's Power at any time to make themselves as rich as they please.

Such a Power, at this time, were to be wish'd for, when the Nation is engag'd in so chargeable a War: But that's the misfor∣tune that attends us, that such a Power can be only wish'd for.

For tho' Princes and States have a Power to give a Value to their Money, yet that Power is limited. And when ever they have attempted to exceed those Limits, which up∣on an extraordinary emergency they have sometimes done, they have fallen under greater mischiefs, by reason the Money has been always counterfeited, than the advan∣tages they propos'd to themselves amounted to by doing of it; and have always been forc'd to call in such Money, and reduce the Value within its usual limits and bounds.

There are two Causes why Princes and States raise the Value of their money; the one is Ordinary, and the other Extraordi∣nary.

The Ordinary and Common Cause of Rai∣sing the Value of the Coin, is the Rise of Bullion.

Gold and Silver are Commodities for other Uses, besides the making of money; as for making of Plate, Lace, Gilding, &c. And besides, it's scarcer in some Countries, and more plenty in others: And the Value of all things arising from their Occasions; and Plenty and Scarcity making things cheap and dear; when ever the Goldsmiths, and the Makers of Plate, Lace, &c. and the Merchants to export it to the Indies, or those Countries

where 'tis more scarce, will give more for Bullion to supply such occasions, than the Mints can afford to do, according to the Value the money is at, the Princes and States have been forced from time to time to raise the Value of their Coin▪ to prevent it from being melted down, and carried away.

The knowledge when Bullion is risen above the Value of the money, is discover'd by the Mints: For the Mints are the common Shops and Market place for the Merchants to carry in their Bullion. And when ever they forbear the bringing of it thither, it is certain it will yield them a better price in another place: For Bullion never continues long in a place unalter'd, because it yields no profit while it continues so. But if it be carried to the Mint to be Coin'd, it becomes useful for Trade and Commerce, and saves the charge of bor∣rowing money, or else may be put out to In∣terest. And if it be wrought into Plate, Lace, &c. it pays for the fashion and work∣manship. And if it be transported to the Indies, or some Country where it's dearer, it produces profit by the exchange of those Goods that are bought with it.

When ever any of the Princes and States in Europe Raise the Value of their Coin, the rest generally follow. It were too long to give particular Instances; but if it be ex∣amin'd by the Records of the Mints of the

Kings of France, with those of the Mints of the Kings of England, it will appear, that they have Rais'd their Money from time to time, as the Kings of England have done, or rather higher. For that, since the time of St. Lewis, who was co-temporary with Ed∣ward the IIId. the Sols and Crowns con∣tained then near six times more of fine Silver, than the Sols and French Crowns do that are lately Coin'd; which is a greater proportion than the Money has Risen in En∣gland since Edward the Third's Time, being not quite four times lighter: The reason is, it's almost a hundred years since the English have Raised the Value of their Silver Coin; and in the same time the French have Rais'd theirs twice; which would have made the English Money much of the same Rise, with giving of allowance to the custom of the En∣glish, who have always undervalued their Silver Money, and overvalued their Gold, in respect to their Neighbour Nations; and have since twice Rais'd the value of their Gold; to wit, in King Iames the First's time, who Coin'd a twenty-Shilling-piece of Gold lighter by Two shillings, than that which he Coin'd in the beginning of his Reign; which rais'd the value of his first Iacobus's to Two and Twenty Shillings. And in King Charles the Second's time, who Coin'd the Guinea Two shillings lighter

han the Broad-Piece: So that when the Guinea was currant at Twenty shil∣lings, the Broad-Piece went for Two and Twenty.

There seems to be an absolute necessity for the Princes aud States of Europe to Raise the value of their Money much about the same time, or else they cannot preserve it in their Countries, notwithstanding any severe Laws to prohibit the Melting and Exporting of it. For there being a constant Commerce and Traffick betwixt all the Countries of Europe; If one Prince sets a much higher value on his Money than another, the Merchants, whose business it is to observe where they can get most profit, will melt down the Coin of one Countrey, and carry it to the Mint of another Countrey, where the Money is Rais'd, and will yield the greatest price.

This will appear plain by an Instance here in England: For the Kings of England ha∣ving not Rais'd their Silver Money since the Reign of Queen Elizabeth, which is about a hundred years ago; and the rest of the Princes and States of Europe having since that time twice rais'd their several Coins, to wit, in the Reign of King Iames the First, and about Four or Five years since: That al∣though there has been since that time Coin'd in England (with allowance of what was Coin'd in Queen Elizabeth's Reign) the

Sum of 19429061 l. 19 s. 6 d. as ap∣pears by the Records of the Mint; yet by the Computation that Mr. Lownds makes, there is not above Five Millions Six hundred thousand pounds remaining; which, in my opinion, is more than will be found to be, upon the new Coinage of the Money, by the calculation he makes from the Worn and Clipp'd Money. So that there has been near Fourteen Millions melted down and carried away within this space of time. And had it not been for some accidental causes that brought Bullion to the Mint since the Foreign Princes have rais'd the value of their Coins, there had been very little Silver Money Coin'd, and much less to be found now in England.

For in King Charles the First's time, by the Civil Wars of England, the Plate was brought to the Mints to be Coin'd; which was the cause of the great sum of Silver Money Coin'd in his Reign.

The Calling in the Parliament-Money in King Charles the Second's time, and new Coining of it: The Two or Three hundred thousand pounds that were yearly sent into England from France, upon some particular occasions during his Reign, with the Money that Dunkirk was sold for: And the Act of Parliament for giving away the charge of Coinage, to incourage the Merchants to

bring Bullion to the Mint, being almost Three and an Half per cent. were the occa∣sion of the Silver money Coin'd in his Reign.

And if the two Sums Coined in these two Kings Reigns, which make about Twelve Millions, with the Money that was Coin'd in Queen Elizabeth's Reign, and a Million that was Coin'd in the Reign of King Iames the First, before the Foreign Princes Rais'd the value of their Coins, be put together, they will make near eighteen Millions: So that were it not for these accidental Causes, there had not been Coin'd in the Mint of England Two Millions of Silver Money since the Fo∣reign Princes Rais'd the Value of their Coins. And had it not been for the wearing of some of the old Money lighter by often telling it over; and Clipping of the rest, by which they were made unprofitable to melt down, by this time, in all probability, there had scarce been a Silver piece of Money to be seen in England.

And that the Raising the Coin in Fo∣reign parts, and the not Raising the Silver Coin in England, was the cause of melting it down, and Transporting it, will plainly appear from the plenty of the Gold here com∣pared with the Silver. For, since the Forty third of Queen Elizabeth, being the last time that the Silver Money was rais'd here in Eng∣land, the Gold has been twice greatly rais'd;

by which means, there is here double, if not treble the quantity of Gold for Silver; whereas in all other Kingdoms and States in Europe, there is ten times more Silver Money than Gold.

For in the Forty third Year of Queen Elizabeth (according to Mr. Lownds's account from the Records of the Mint, which all men agree is very exact) a pound weight Troy of Gold of the Standard of Twenty two Carats fine, and Two Carats Allay, was Coin'd into Thirty three Soveraigns and an half, at Twenty shillings a piece, making Thirty three pounds ten shillings.

In the Reign of King Iames I. the Gold was rais'd, and the same pound weight and standard of Gold was coin'd into as many Units, Double-Corowns, and other pieces of Gold, as made up Forty pound eighteen shillings and four pence.

And in King Charles the Second's time, the Gold was again rais'd, and the same stan∣dard and weight was coin'd into Forty four Guineas and an half, at Twenty shillings a piece. So that from Thirty three pound ten shillings in Queen Elizabeth's time, to Forty four pound ten shillings in King Charles's Reign, the Gold was rais'd near Three and thirty per cent. since the Silver money has been rais'd; which is the reason of the great plen∣ty of Gold, and scarcity of Silver. What

was the reason that these two Princes rais'd their Gold, and not their Silver, is not to be imagin'd; unless it was from some powerful Argument offer'd by the Guiney Company, whose Interest it is to have Gold rais'd; which does not appear.

And that this raising the Gold is the cause that it is more plentiful here in England than Silver, will appear yet more plain, if the Re∣cords of the Mint be examin'd since King Charles the Second's Restauration: For since that time there has been coin'd in the Mint of England 7263836 l. 1 s. 5 d. and in Sil∣ver but 4319585 l. 9 s. 5 d. which does not want much of double the quantity of Gold Money that has been coin'd more than Silver.

And when the Guineas had an extraor∣dinary Rise here in England, as to be currant at Eight and twenty and Thirty shillings a piece, there was above Seven hundred and twenty thousand pounds in Gold coin'd in little more than Nine months time; which was more than was coin'd in six or eight Years before; which shews plainly, that the raising the Value of the Gold money here in England, is the cause that so much is imported and coin'd here. And on the contrary, the not raising of the Silver money in propor∣tion, as the Foreign Mints have done, is the cause of its being cons••••ntly melted down,

and carried away, notwithstanding the many Laws to prohibit it.

For there are severe Laws in all King∣doms and States, that prohibit the counter∣feiting, clipping, melting, and exporting the money. In all Countries 'tis death to counterfeit and clip the money. In France, England, and several other Countries, it is a high Crime to melt it down, and forfeiture of the money to export it; and in Spain, 'tis death to transport it. And yet, when ever it has been profitable, it has been always melted down, and carried away. So that by experience Princes and States have found, that there is no other way to preserve it in the Country, but by raising the Value of their money so much above the price of Bul∣lion, that the Merchant may get more by carrying away the Bullion, than the Money.

The cause of raising the Money here in Europe will always continue, as long as the Europeans continue in Traffick and Com∣merce; for Trade makes a People rich, and Gold and Silver are Badges of Riches; and therefore as the People grow rich, the price of Gold and Silver will rise, because the occasions for Gold and Silver will still in∣crease.

Especially as long as the Trade continues to the Mogul's Country in the East-Indies: For

the Princes and great People there believe; that the possession of Gold and Silver is not only an Honour to them while they are alive, but that they shall have a Respect in the next World, according to the quantity of Gold and Silver they die possess'd of: And therefore what-ever Gold and Silver they get more than is absolutely necessary for Commerce and Traffick, they from time to time melt into a Mass, or Tank, which is bu∣ried with them; so that great part of what's dug out of the West, is buried in the East.

And altho' there have been great quanti∣ties of Gold and Silver brought into Europe since the Discovery of the West-Indies, yet the price of them has always risen; and will always continue so, as long as the People grow rich by Trade; which will make the occasions for them greater than the quantity, which is the Rule by which all things are made dear.

This continual Rise of Gold and Silver will be no prejudice to the Princes and States, if they do but observe to raise and keep up their money above the price of Silver and Gold; for there will be the same quantity of Silver and Gold in the Country, tho' the money be lighter. And the difference will be only, that there will be more in every man's House, and less in his Pocket. And the mo∣ney

will have the same Value, tho' the im∣pressions be less, because it has its Value from the Authority of the Government: Just as if the Ingraver should cut the impres∣sion of the Great Seal less, it would not al∣ter the Authority of the Seal.

This may be sufficient to prove, That the Ordinary Cause of Raising the Value of the Money, is from the Rise of Bullion; which will always continue in Europe, as long as the Inha∣bitants grow rich by Trade.

The Extraordinary Cause of raising the Va∣lue of money, has been the Extraordinary Oc∣casion for it. When Princes and States have been engag'd in great Wars, and wanting money, they have sometimes rais'd the Value of it to increase it, and make it last longer; In such Cases they have not observ'd the usual Bounds and Limits of raising the Va∣lue of money Ten or Fifteen per cent. above the Market price of Bullion; but have great∣ly exceeded it to Thirty, Forty, Fifty per cent. and more. But then, in all such Cases, as soon as those extraordinary occasions were over, they have call'd in such money as has been so greatly rais'd, and reduc'd the Va∣lue of it to its usual Bounds.

In the first Punick War, the Romans want∣ing money, rais'd the Value of the As, which was their Brass Coin, to six times more in V••lue than it was coin'd at; it weighing at

first twelve Ounces, and afterwards but two. And again wanting money, Hannibal pressing hard upon the City, they increased their money, by coining the As to an Ounce. And the third time, Papirius raised the money to double its Value, by coining it at half an Ounce. They also rais'd their Denarius, which was their Silver money, in proportion. By which they carried on the War against the Carthagenians, and suppli'd themselves under great Necessities, and want of money. Livius D••usus also greatly rais'd the Value of the Sil∣ver money, by putting in a great Allay: But these excessive Rises were afterwards regula∣ted and reduc'd by Marius Gratidianus.

In the Wars betwixt England and France, Harry the Fifth having conquer'd great part of France, Charles the Seventh rais'd the Va∣lue of the French money in six Years time, from Eight Livres, Nine Sols, the Mark, by degrees to Three hundred and sixty Livres, the Mark: which was rais'd, in that time, above Forty times the Value. And as those that write of the Mints of France observe, 'twas the chief means by which he expell'd the English out of France. But as soon as ever the War was over, he reduc'd the mo∣ney to Seven Livres Ten Sols; which was within the usual Limits of raising the money.

At the same time Harry the Fifth raised the money of England from Twenty five shil∣lings

in a Pound weight, to Thirty. And Harry the Sixth, his Son, the next Year rais'd it to Thirty seven and six-pence: so that it was rais'd a third part more in Value in two Years time, than it had been ever since the Twenty seventh of Edward the Third. And in the Fourth Year of Harry the Sixth, after Charles the Seventh had reduc'd his money, he lower'd the English money again to 30 s.

When Harry the Eighth alter'd the Stan∣dard of England, and extraordinarily rais'd the Value of the money by putting in a great Allay; which alteration at first was by put∣ting in but two Ounces Allay, to ten Ounces of fine Silver; afterwards six Ounces, and at last eight Ounces Allay, to four Ounces of fine Silver. By which, in three Years time, he rais'd the Value of the money above three times higher than it was before; but it was when he had spent his money in the War of Bullen. And the Nation was never at peace and quiet in their Commerce and Traffick, till the Value of the money was reduc'd with∣in its Bounds; which was begun by Edward the Sixth, and finish'd by Q. Elizabeth.

These are the Extraordinary Causes of rai∣sing the Value of money, to supply Extraordi∣nary Necessities; which have no sooner been over, but the Value of the money has been reduc'd within its usual Limits: For if the Rise had been continued, the Mischiefs would

have been greater than the Advantages they receiv'd, by raising it so high. And there can be no Rule or Measure taken of the Value that the money may be rais'd to from such Pre∣sidents, but only from the ill effects in con∣tinuing it.

The Effects of Raising the Value of the Money, are:

That it increases the species of the Money, and preserves it in the Countrey where 'tis Coin'd. If the English Crown were Rais'd to Six shil∣lings, or Coin'd in such a proportion lighter, there will be a Sixth part more Money in En∣gland than if it be Coin'd to the old Standard. And, if the Money be Rais'd above the price of Bullion, it will not be the Interest of Goldsmiths and Merchants to melt it down. From both which Effects a Nation receives great Advantage.

Mr. Lock is of a contrary opinion, and thinks that the Raising of the Money will produce Two great Mischiefs, viz.

That the Raising the Value of the Money will Raise the Value of all Commodities.

That the Landlords and Creditors will lose just so much in their Rents, Bonds, Debts, and Contracts, as the Money is Rais'd.

These are the Two great Objections that are commonly us'd in all Debates about Raising the Value of the Money; and are grounded upon this supposition, That the Va∣lue

of the Money is solely from the quantity of Silver in each piece; and that 'tis the quantity of Silver that in Buying and Selling, Men give, take, and contract for: So that if there be less Sil∣ver in the Money, men will have less Goods for it; and just so much as the Money is Rais'd in Value, the Goods will Rise: And the same Consequence will be if the Land∣lords did let their Land according to the quantity of Silver in the Money; they will lose just so much Rent if the Money be Rais'd, as it has less Silver in it: And so will the Creditors in their Bonds, Debts, and Contracts.

But if it appear by what has been said on this Subject, and that Mr. Lock is mistaken in his supposition, That the Money has its Va∣lue from the Authority of that Government where it is Coin'd, by which it is made Current and Lawful Money: And that 'tis the Current and Lawful Money of England that men contract and sell their Goods for, and in their Bonds and Leases Covenant to pay, Then there will be no such ill effects from Raising of the Old Money, and Coining the New Lighter.

And if it be true, That the Plenty or Scarcity of all Commodities, in respect to their occasion, makes them Cheaper or Dearer; And that the Plenty of one Commodity do's not make another Commodity dearer or cheaper that is not for the same use; then the Plenty of Gold and Silver, or a greater or lesser quantity of it in the

money, will no more alter the price of Goods, than the Plenty of Lead or Iron can alter the price of Butter or Cheese, which are not to supply the same Occasions.

And Mr. Lock in Page 52 seems to be of this opinion, and answers himself, tho' he con∣cludes quite otherwise.

He says, Corn it is evident do's not rise or fall by the difference of more or less plenty of Money; but, by the plenty and scarcity that God gives. For our Money in appearance remaining the same, the price of Corn is double one year, to what it was the precedent: But from thence infers, we must certainly make account, that if the Money be made a fifth Lighter, it will buy one fifth less Corn Communibus Annis. I must confess I cannot understand this consequence, when in the beginning he says, Corn do's not rise and fall from the difference of the Money.

For, if the Lightness or Heaviness of the Money had any influence over the price of Commodities, then all sorts of Commodities ought to be cheap when the Money is Heavy, and dear when the Money is Light: And the price of things could never alter, but when the Money alters; for the cause being the same, the Effects ought to be the same.

Whereas it is plain some Goods never alter their price: As the Beer and Ale that's sold: The Brewer runs the Risque of the dearness of the Coals, Hops, and Mault.

When those Goods are dear, he gains less by Brewing; but always sells his Beer and Ale at one price, let the Money be what it will: Other Goods, such as all sorts of Grain, Coals, and other Commodities alter their price almost every Month: And the Coals are sometimes but half the value to what they were the Month before. So that if these diffe∣rent Alterations in prices arose from the value of the Money, it will follow that both the good and bad Money makes things dear as well as cheap; and the same cause at the same time to have two contrary effects, which cannot be.

But to conclude with answering this Objection, If the Arguments that have been already us'd to shew that Money has not its Value from the quantity of Silver in each piece, do not satisfy; I would advise such Gentlemen always to receive their Money by Weight, and try if they can introduce such a custom: For, they can never have their Money equal by Tale: For, if any man re∣ceives and Hundred pounds, and divides it in∣to Five twenties, there will be the difference (unless it be all new Money) of five or ten shillings in the Weight of some of the twen∣ty pounds, tho' by the Tale they are even.

As to the Objection that Mr. Lock makes from a simile when he says, That Money is the Measure of Commerce and Traffick; so that if the Mo∣ney be made lighter, 'twould be the same thing as if

the Government should cut their Yard shorter. The Cloth that is measur'd by such a Yard would be so much less; and so will the quantity of the Goods be that are bought with the Mo∣ney that's made lighter. It is grounded up∣on the same supposition, and would be true, if Money were the measure of Commerce by the quantity of Silver in each piece. But if it be the Measure of Commerce from the Authority of the Government; if the Autho∣rity be the same, the Measure will no more be alter'd by making the Money lighter, than if the Yard were split in two, so that the length be not alter'd, it will then make two Yards, and measure as much Cloth as if it had not been split, tho' there be but half the quantity of Wood in each Yard.

As to the other Objection of the Land∣lords and Creditors, That if the Money should be made lighter, they'l lose so much in their Rents, Debts, and Contracts. The Answer is; That the Money having its Value from the Au∣thority of the Government, is always of the same Goodness and Value. And that the Money, if it were made Lighter, would be as good to all purposes, as Money, as it was in the Reign of Harry the Sixth, when it had double the weight of Silver in it, which would be no advantage but to those that melt it: And therefore they cannot lose in t••eir Rents, Debts, &c. if

the Money be always of the same Value.

And if they are not satisfied with the Arguments that have been us'd to prove that Money has its Value from the Authority of the Government; That such persons may not be losers in their imagination, if the Parliament should think fit to alter the Standard, and raise the Crown to Six shillings, they shall have my Vote for a Proviso in the Act, That all such per∣sons that have let their Land, or lent Mo∣ney upon Mortgage, Bonds, or Contracts, within these last one or two and twenty years, (which is as long as Leases are Let, and longer then Mortgages or Bonds generally continue) shall have the same weight of Money paid them out of the Exchequer, as the Money Weigh'd when they Let such Land, or Lent it upon Bonds, Mortgages, or Contracts. And because such Gentlemen, perhaps, may not keep an account of what their money weigh'd then, let the accompt be taken from the Teller's Book in the Exchequer, it be∣ing their custom to weigh every Hundred pounds after 'twas told, and enter the weight in their Books, and put a Ticket of the weight to the Bag, to save 'em the trouble of telling the money twice. By this Proposal such Gentlemen will have no reason to complain; for, according to

their own opinion, if they have the same weight of Silver they can't be losers. And yet, I believe the Government would be a gainer by the Proposition, though the money were Coin'd a Sixth part ligh∣ter than according to the present Standard.

For if those Books were examin'd, per∣haps it will be found, that an Hundred Pound has not weigh'd, one Bag with ano∣ther, Seven and twenty Pound, for these last One or two and twenty Years; whereas it ought to weigh. according to the Standard, Thirty two Pound three Ounces. By such a Proviso these Gentlemen being sav'd, they may thereupon consent to the raising of the money, to prevent those great Inconve∣niences which, in my opinion, will certainly follow, if the money be not rais'd.

There is another Objection which some Gentlemen use against Raising the Value of the Money, That it will be a Discredit to the Nation, to make their Money lighter. And in their Arguments contend much for the Ho∣nour of the Standard of England, and think it is their Duty to defend it: And that His Majesty's Money ought to be of as great Weight and Value as His Predecessors; be∣ing of the opinion, That the Money has its sole Value from the quantity of Silver in it.

By this Argument, in my opinion, they seem to be but young Courtiers, and make an ill sort

of Compliment to His Majesty, by giving a greater Value and Respect to the Metal, than to the Effigies of the King, when they won't allow that the Stamp and Effigies up∣on the Coin, gives a Value to the money, and that the King's Authority makes it currant; when all the Coins of his Predecessors were no otherwise made the current money of England, but by their Proclamation.

These are the chief Objections against Raising the Value of the Money, which, I hope, I have fully answer'd, and shewn, That they are only imaginary Mischiefs. But if the Money be not Rais'd, the Mischiefs will be real, and Consequences very fatal to the Nation.

For, if the money be new-coin'd according to the old Standard, it will be certainly melted down, and carried away as fast as 'tis Coin'd, notwithstanding all the Laws that can be made to prevent it, and the Na∣tion be left without money: The Conse∣quence whereof will be; That Trade will be at a stand; The prices of all Commodities will fall; And a general Poverty and Cla∣mour over the whole Nation ensue.

For Money is the measure of Commerce; And for a Nation to be without money, is the same thing as if it were without measures, and had neither Yards, Scales, nor Bushels in the Country; without some of which, no Bargain can be made.

In those Countries where the Inhabitants do not live upon Trade, but a Country-life, every man having always Provisions suf∣••icient to sustain life, they may shift without money, and barter one Commodity for ano∣ther. But in England, where the great Body of the People depend upon Trade, and that by selling of such Goods, the greatest part of which the People are under no great ne∣cessity of having, but may shift without; and have no way of feeding themselves but ••y the profit of such Bargains, they cannot ••ive without money; and if there were no money, would starve, because no persons will ••arter for those Goods that they have no ab∣••olute occasion for, if they want money.

Besides, the want of money in a Nation, will bring down the price of all Commo∣••ities; for according to the Consumption of ••l Goods, and the occasion there is for 'em, ••he price will rise. When money is wanting, men consume less: They are better Hus∣••ands, and make every thing last longer; which lessens the consumption of the Native Commodities, and makes the price of them ••o fall; and if the price of the Native Com∣modities fall, the Rents of the Land will ••••nk: For the Tenants cannot pay the same ••ent, when the Corn and Wooll, and other Commodities, which are the Product of the and, fall to half the Value.

To conclude; There is nothing so much the Interest of the Nation, as at this time to raise their Money. It will increase the speties of the Coin, and save the Nation near a Million of Money, now they are engag'd in a chargeable War. And if there were no other Reason but this, which has been the cause that several Prince▪ and States have rais'd their Money, and have found great Success by't, it were an Argument sufficient.

For if all the money should be new-coin'd to th•• old Standard, it would not produce much above ha•• the quantity of the money before it was new-coin'd And there might be several Instances given beside that of the Romans and French, where Princes and States have Rais'd their money in time of War, o•• purpose to increase the quantity of it: But not on President, where by new-coining of it in the tim•• of War, the quantity has been made less.

Besides, There is a greater Reason for Raising th•• money, while the War continues in Foreign Part because, during the continuance of the Army i•• Flanders, the Exchange to those places will he high because of the constant occasion to remit mon•••• to those Parts to pay the Army. But if the mon•••• be Rais'd above the price of Bullion, the Dutch 〈◊〉〈◊〉 Flemish Merchants that pay the Bills of Exchange 〈◊〉〈◊〉 Flanders with their money, with which the Army 〈◊〉〈◊〉 paid, will send for their Effects in Bullion, or the N••∣tive Commodities of England, because it will 〈◊〉〈◊〉 more profitable to them if the money be Rais'd; b•••• if it be not Rais'd, it will be more profitable to me•••• down the money, and send it away, than Bills of E••∣change. By which, in a short time, there will be 〈◊〉〈◊〉 money left in the Nation.

For, the Merchant is paid for the remitting t•• money, at the first making of the Bargain; and no•• ever expected to make an advantage by melting do•••• the money of the Country, and sending it away. F•••• if so, the Merchant need not pay for the Bill of E••∣change.

But he proposes to have his Return made of his Bill, by the Goods and Effects of the Country from whence the Bill was sent, and that will be much more for the advantage of the Nation; for the Stock of the Nation is perpetual. There is a new Crop of Corn and Wooll every Year, and the Mines are never to be exhausted. And the paying of the Foreign Bills with the Native Stock of the Country, which is the usual way that all Foreign Bills are paid, can never prejudice a Nation.

Besides, If it were not in a time of War, the Sil∣ver money ought to be Rais'd, because the Foreign Princes have Rais'd their money twice, since the Sil∣ver money has been Rais'd in England. And 'tis the constant usage of all the Foreign Princes and States in Europe, to set a pretty equal Valuation upon their money above the price of Bullion, and to Raise their money much about the same time; or else the money of the Country where 'tis not Rais'd, would be melted down by the Merchants, and carried to the Mints of those Countries where it is Rais'd, and the Bullion yields a greater profit; and so, in a short time, there would be no money left in that Country. The truth of which has been sufficiently shewn from the great quantity of Silver money, being above Fifteen Millions, that has been melted down since the Silver money was Rais'd in England; and there will be the same Consequence, if the money be now coin'd to the old Standard, because the money is of more Va∣lue when 'tis melted into Bullion, than in Coin.

Some are of opinion, that the way to keep the Sil∣ver Money in the Nation, is to sink the price of the Gold; And would have Guineas brought to Two and twenty, believing that the Silver Money will be bought up by the Gold, and exported. By this way of arguing, they must agree that Silver is of a greater Value in another Country; or else, there would be no advantage got by exporting it. And if the Gold

be set at Two and Twenty, or Five and twenty, it won't preserve the Silver; because every Merchant and Trader may take the Silver Money by the Sale of his Goods, and need not buy it with the Gold. And if Guineas be sunk to Two and twenty, it will be a severe Loss to those People that have taken them at higher Rates; And a damage to the Nation, by less∣ning the quantity of the Coin; and by low'ring the price of them, may cause them to be exported: So that there will be neither Gold nor Silver left in the Nation.

To conclude this Discourse: If nothing in it self has a certain Price or Value; If Gold and Silver are Commodities of uncertain Values. If Money has its Value from the Authority of the Government, which makes it currant, and fixes the price of each piece of Metal; Then the Money will be of as good Value, to all intents and purposes. when it is coin'd lighter. For, the Authority being the same, the Value will be the same. It will buy as much Goods: The Landlord will have as much Rent; And the Nation will save a Million of Money▪ at a time when they have so great occasion for it. Besides the preventing those fatal Consequences that follow the Coining the Mo∣ney too weighty; As, The Loss of the Money; De∣cay of Trade; The Fall of Rents; And a general Poverty and Clamour all over the Nation.