第 21 节
作者:
男孩不逛街 更新:2021-02-27 03:01 字数:9322
e their price even beyond the Par of your lessening your Coin。 I hear of two inconveniencies complained of; which 'tis proposed by this project to Remedy。 The one is; The melting down of our Coin: The other; The carrying away of our Bullion。 These are both inconveniencies which; I fear; we lie under: But neither of them will be in the least removed or prevented by the proposed alteration of our Money。 1。 It is past doubt that our Money is welted down。 The Reason whereof is evidently the cheapness of Coinage。 For a Tax on Wine paying the Coinage; the particular Owners pay nothing for it。 So that 100 Ounces of Silver Coin'd; comes to the Owner at the same Rate; as 100 Ounces of Standard Silver in Billion。 For delivering into the Mint his Silver in Bars; he has the same quantity of Silver delivered out to him again in Coin; without any Charges to him。 Whereby; if at any time he has occasion for Bullion; 'tis the same thing to melt down our mill'd Money; as to buy Billion from abroad; or take it in Exchange for other Commodities。 Thus our Mint to the only advantage of our Officers; but at the publick cost; Labours in Vain; as will be found。 But yet this makes you not have one jot less Money in England; than you would have otherwise; but only makes you Coin that; which otherwise would not have been Coin'd; nor perhaps been brought hither: And being not brought hither by an over…ballance of your Exportation; cannot stay when it is here。 It is not any sort of Coinage; does; or can keep your Money here: That wholly and only depends upon the Ballance of your Trade。 And had all the Money in king Charles the II。 and King James the II。 time; been Minted according to this new proposal; this rais'd Money would have been gone as well as the other; and the remainder been no more; nor no less than it is now。 Though I doubt not but the Mint would have Coin'd as much of it as it has of our present mill'd Money。 The short is this。 An over…ballance of Trade with Spain brings you in Bullion; cheap Coinage; when it is here; carries it into the Mint; and Money is made of it; but if your Exportation will not Ballance your Importation in the other parts of your Trade; away must your Silver go again; whether Monied or not Monied。 For where Goods do not; Silver must pay for the Commodities you spend。 That this is so will appear by the Books of the Mint; where may be seen how much mill'd Money has been Coin'd in the two last Reigns。 And in a Paper I have now in my Hands; (supposed written by a Man not wholly ignorant in the Mint) 'tis confessed; That whereas One third of the Current Payments were some time since of mill'd Money; there is not now One twentieth。 Gone then it is。 But let not any one mistake and think it gone; because in our present Coinage; an Ounce wanting about 16 Grains is denominated a Crown: Or that (as is now proposed) an Ounce wanting about 40 Grains; being Coin'd in one piece; and denominated a Crown; would have stop'd it; or will (if our Money be so alter'd) for the future fix it here。 Coin what quantity of Silver you please; in one piece; and give it the denomination of a Crown; when your Money is to go; to pay your Foreign Debts; (or else it will not go out at all) your heavy Money; (i。e。 that which is weight according to its Denomination; by the Standard of the Mint) will be that; which will be melted down; or carried away in Coin by the Exporter; whether the pieces of each Species be by the Law bigger or less。 For whilst Coinage is wholly paid for by a Tax; whatever your size of Money be; he that has need of Bullion to send beyond Sea; or of Silver to make Plate; need but take mill'd Money; and melt it down; and he has it as cheap; as if it were in pieces of Eight; or other Silver coming from abroad; the Stamp; which so well secures the weight and fineness of the mill'd Money; costing nothing at all。 To this perhaps will be said; That if this be the effect of mill'd Money; that it is so apt to be melted down; it were better to return to the old way of Coining by the Hammer。 To which I answer by no means。 For; 1。 Coinage by the Hammer less secures you from having a great part of your Money melted down。 For in that way there being a greater inequality in the weight of the Pieces; some being too heavy; and some too light; those who know how to make their advantage of it; cull out the heavy pieces; melt them down; and make a benefit of the over…weight。 2。 Coinage by the Hammer exposes you much more to the danger of false Coin 。 Because the Tools are easily made and concealed; and the work carried on with fewer Hands; and less noise than a Mill; whereby false Coiners are less liable to discovery。 3。 The pieces not being so round; even; and fairly Stamp'd; nor Mark'd on the Edges; are expos'd to Clipping; which mill'd Money is not。 Mill'd Money is therefore certainly best for the Publique。 But whatever be the cause of melting down our Mill'd…money; I do not see how raising our Money (as they call it) will at all hinder its being melted down。 For if our Crown…pieces should be Coin'd One twentieth; lighter。 Why should that hinder them from being melted down more than now? The intrinsique value of the Silver is not alter'd; as we have shewn already: Therefore that temptation to melt them down remains the same as before。 But they are lighter by One twentieth。 That cannot hinder them from being melted down。 For Half Crowns are lighter by half; and yet that preserves them not。 But they are of less weight; wnder the same denomination; and therefore they will not be melted down。 That is true; if any of these present Crowns that are One twentieth heavier; are current for Crowns at the same time。 For then they will no more melt down the new light Crowns; than they will the old Clip'd ones; which are more worth in Coin; and Tale; than in Weight and Bullion。 But it cannot be suppos'd that Men will part with their old and heavier Money; at the same Rate that the lighter new Coin goes at; and pav away their old Crowns for 5 s。 in Tale; when at the Mint they will yield them 5 s。 3 d。 And then if an old Mill'd Crown goes for 5 s。 3 d。 and a new Mill'd Crown (being so much lighter) go for a Crown; What I pray will be the odds of melting down the one or the other? The one has One twentieth less Silver in it; and goes for One twentieth less; and so being weight; they are melted down upon equal terms。 If it be a convenience to melt one; it will; be as much a convenience to melt the other: Just as it is the same convenience; to melt Mill'd Half Crowns as Mill'd Crowns; the one having with half the quantity of Silver; half the value。 When the Money is all brought to the new rate; i。e。 to be One twentieth lighter; and Commodities raised as they will be proportionably; What shall hinder the melting down of your Money then; more than now; I would fain know? If it be Coin'd then as it is now Gratis; a Crown…piece; (let it be of what weight soever) will be as it is now; just worth its own weight in Bullion; of the same fineness。 For the Coinage; which is the manufactury about it; and makes all the difference; costing nothing; what can make the difference of value? And therefore; whoever wants Bullion; will as cheaply melt down these new Crowns; as buy Bullion with them。 The raising of your Money cannot then (the Act for free Coinage standing) hinder its being melted down。 Nor; in the next place; much less can it; as it is pretended; hinder the Exportation of our Bullion。 Any denomination or stamp we shall give to Silver here; will neither give Silver a higher value in England; nor make it less prized abroad。 So much Silver will always be worth (as we have already shew'd) so much Silver given in exchange one for another。 Nor will it; when in your Mint a less quantity of it is raised to a higher denomination (as when Nineteen twentieths of an Ounce has the denomination of a Crown; which formerly belong'd only to the whole 20) be one jot rais'd; in respect of any other Commodity。 You have rais'd the denomination of your stamp'd Silver One Wentieth; or which is all one 5 per Cent。 And Men will presently raise their Commodities 5 per Cent。 So that if yesterday 20 Crowns would exchange for 20 Bushels of Wheat; or 20 Yards of a certain sort of Cloth; if you will to day Coin current Crowns One twentieth lighter; and make them the Standard; you will find 20 Crowns will exchange for but 19 Bushels of Wheat; or 19 Yards of that Cloth; which will be just as much Silver for a Bushel; as yesterday。 So that Silver being of no more real value; by your changing your denomination; and giving it to a less quantity; this will no more bring in; or keep your Bullion here; than if you had done nothing。 If this were otherwise; you would be beholden (as some People foolishly imagine) to the Clippers for keeping your Money。 For if keeping the old denomination to a less quantity of Silver; be raising your Money (as in effect it is all that is; or can be done in it by this project of making your Coin lighter) the Clippers have sufficiently done that: And if their Trade go on a little while longer; at the rate it has of late; and your Mill'd…money be melted down and carried away; and no more Coin'd; your Money will; without the charge of new Coinage;