An essay on the coin and commerce of the kingdom trade and treasure (which are twins) being the only supporters thereof next to religion and justice.

III. The Committee's Answer, (2 September, 1626.) to the Minters Proposi∣tions for enhansing the Money.

We conceive that the Officers of the Mint are bound by Oath, to discharge their several Duties in their several Places re∣spectively.* 1.1

But we cannot conceive how they should stand Ty'd by Oath, to account to his Majesty the intrinsick value of all Foreign Coins, and how they agree with the Standard of this State; for all Fo∣reign States, do, for the most part, differ from us.

But to induce the necessity of the Proposition, they produced two Instances, or Examples; the one from the Rix Dollar, and the other from the Royal of Eight, wherein they untruly infor∣med of the Price and Value in our Moneys, and our Trade of both of them.

For whereas they say that the Rix Dollar weigheth Eighteen Peny weight,* 1.2 and Twelve Grains, and to be of the finest, at the Pound-weight, Ten Ounces Ten Peny weight, doth produce in Exchange 5 s. 2 d. Farthing of Sterling moneys. We do affirm that the same Dollar is Eighteen Peny weight, Eighteen Grains, and in Fineness, Ten Ounces 12 d. weight, equal to 4 s. 5 d. ob. of Sterling moneys, and is, at this time, in London at no higher Price, which is short thereof by Thirteen Grains, and a half, fine Silver upon every Dollar, being 2 d. Sterling, or thereabouts, being the charge of Coinage, with a small recompence to the Goldsmith, or Exchanger, to the Profit of England, 3 s. 6. d. per Cent.

Whereas they do in their circumstance averr, that this Dollar runs in account of Trade amongst the Merchants, at 5 s. 2 d. ob.

English Money, it is most false: For the Merchants, and best ex∣perienced Men, protest the contrary; and that it passeth in Ex∣change, according to the Intrinsick value only, 4 s. 5 d. ob. of the Sterling Money, or near thereabout, and no otherwise.

The Second instance is in the Royal of Eight, affirming that it weigheth 17 peny Weight, 12 Grains, and being but of the fine∣ness of 11 Ounces at the pound Weight, doth pass in Exchange at 5 s. of our Sterling Moneys, whereby we lose 6 s. 7 d. in eve∣ry pound Weight. But having examined it by the best Artists, we find it to be 11 Ounces, 2 d. Weight Fine, and in Weight 17 peny Weight, 12 Grains, and a half, in every Royal of Eight,* 1.3 which is the charge of Coinage, and a small overplus for the Gold∣smith's gain. And whereas they say that the said Royal of Eight runs in account of Trade at 5 s. of his Majesties, now, English Money; the Merchants do all affirm the contrary, and that it passeth only at 4 s. 4 ob. of the Sterling Monies, and no higher ordinarily.

And it must be strange to believe that our Neighbours, the Netherlanders, would give for a pound Tale of our Sterling Silver, by what name soever it passeth, a greater quantity of their Mo∣nies in the like Intrinsick value, by Exchange; or that our Mer∣chants would knowingly, give a greater for a less to them, except by way of usance. But the deceit is herein only, that they continu∣ally varying their Coin, and crying it up at pleasure, may de∣ceive us for a time, in too high a reputation of pure Silver in it,* 1.4 upon Trust, than there is unto a Tryal; and this, by no alterati∣on of our Coyn, unless we should daily, as they, make his Maje∣sties Standard uncertain, can be prevented; which being the Mea∣sure of Lands, Rents, and Commerce amongst our selves at home, would render all uncertain, and so of necessity destroy the use of Money, and turn all to permutation of such things, as were not subject to will or change.

And as they have mistaken the ground of their Proposition, so have they upon a specious show of some momentary and small be∣nefit to his Majesty, reared up a vast, and constant, loss unto him by this Design, if once effected. For as his Majesty hath the largest proportion of any, both in the Entrances and Issues; so should he, by so Enfeebling of his Coyn, become the greatest loser.

There needs no other Instance, than those Degrees of diminu∣tion from the 18. Ed. 3 d. to this day.

And for us then to raise our Coin at this time,* 1.5 to Equal their Proportions, were but to render our selves to a perpetual uncer∣tainty; for they will raise upon us daily, then again, which if we of course should follow,* 1.6 else receive no profit by the present Change, we then destroy the Policy, Justice, Honour, and Tran∣quility of our State at home for ever.

Notes

• * 1.1

  But some such things have been lately su∣spected, that I fear we do not all wish, and work for the Honour, Ju∣stice, and Profit of his Majesty.
• * 1.2

  Cottoni Post∣huma, p. 296, &c.
• * 1.3

  Pa. 297.
• * 1.4

  Pa. 298.
• * 1.5

  Pa. 307.
• * 1.6

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