Of Coining of Moneys without Distinction of Weights The Proposition,intended under this Title,is this,That the Money,hereafter,both of Gold and Silver should be coined of the same fineness,that the Silver and crown Gold now are,but that there should be coined no pieces of a certain weight either of gold or silver,but that the Allay being certain,the weight should remain uncertain;that all Money now current should be valued by a certain weight.
As for Example,That every ounce weight of Silver should be valued at 5s.and every ounce weight of Gold at twelve times as much,or thirteen times so much,or such a Proportion as should be thought most equal;and that all former Contracts should be acquitted in weight,by reducing every 100l.sterling,into 400ounces of Silver,or a proportionable weight of Gold,but that all future Contracts should be directly made in weight,as in pounds,ounces,and the Sections of the ounce,either in Silver or proportionable weight in Gold:That there should be only coined a certain Proportion of small Moneys in Silver,not in value above a penny,or two pence sterling,of a certain weight for the accommodation of small ordinary payments.But that all the main mass of Money,both of Silver and Gold,should have no certain weight imposed on it,but should be current according to the weight it had,as it should fall out.The Authors of this Proposition maintain.
That the first Institution of Money was in this manner.That this Addition of certainty of weight to the Allay,by making the stamp to serve as a publick Testimony that the piece so stamped or coined is not only of such a fineness but of such weight also,have given occasion to all the Inconveniences that have since grown in this Subject of Money,and that there is no other way to reform these Inconveniences stablely and permanently but by reducing the Money to this original Institution.
And therefore they say,That the imposing of certain weight to the piece by the stamp hath given the Opportunity to the Kings and Common-wealths to help themselves in their necessities,diminishing the Intrinsical value,and marking the piece of such a weight,when as really it weigheth not so much;and thus much may be observed in the first part of this Discourse of the Historie of the Moneys of the Grecians and the Romans and other modern States.
They say likewise,That this diminution of the intrinsical value by subtracting from the true weight of which the several pieces of Money were first marked,hath introduced that practice of draining of Money from other Nations,by raising the price of it,which is the Mischief now grown into this Subject.
They say,That it hath given occasion to the culling of the heavier Money from the lighter,which is one of the greatest Instruments of Exportation,that it hath also given the occasion of washing,scaling,and clipping of Money,mischiefs that are now grown very frequent.
Lastly,It hath given occasion by the use and wearing of the old Money to raise the price of the new and weighty Money in the Estimation of the People,and consequently to melt the old.
But although it should be acknowledged that these Inconveniences have been introduced by these forms of Coinage now in use,yet it remains to be considered how they would be reformed by this new form of Coining.And first it is true,if the form were used,it were not possible for any King or State to make any advantage either by the raising of the price of Money or diminishing the weight:neither could they indeed make any Advantage by addition of Allay,if the Proposition be truly observed.As for the raising of Money by other Nations,It is plain that the Observation of this Proposition,here in England,would not hinder them to raise still,as now they do;but then it is to be considered,whether their raising would turn to our Disadvantage as now it doth.
And first,if other Nations raise their Money,they can neither by that raising make their Moneys valuable to us,nor make our Money more valuable to them;when as before their raising or after their raising,they can give it no other value than by weight,because the pieces are uncertain.
But it may be objected,That when our Neighbours raise their Money,then will our Money (being al by weight)go further to be coined into theirs,than it would have done before and consequently for that profit will be transported until the price of their commodities do grow up unto their Money.
To which it may be answered,That they cannot set an higher price upon the pieces of our Money as now they use to do,because the piece hath no certain weight,then they cannot cull out the pieces as (now they do)which over-weight,and so by converting them into their own Money,make benefit of them,so as there is no way left unto them to make profit of our Money when it is transported,but to deliver it into the Mint to be here coined into their Money;in which case the Transporter must of necessity loose all the charge of the coinage here,together with the Kings Tribute,and he must also loose the like charge in the place where he coins it a new.Both which put together would make so great a Proportion,as no raising for the drawing of Silver or Gold,into any State at one time hath hath ever equalled it.
