some considerations of the lowering of interest-第24章

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。　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；　be；　by　that　sort　of　Artificers；　raised　above　5　per　Cent。　when　all　your　current　Money　shall　be　Clipped；　and　made　above　One　wentieth　lighter　than　the　Standard；　preserving　still　its　former　denomination。　　　　　It　will　possibly　be　here　objected　to　me；　That　we　see　100　l。　of　Clip'd　Money；　above　5　per　Cent。　lighter　than　the　Standard；　will　buy　as　much　Corn；　Cloth；　or　Wine；　as　100　l。　in　Mill'd…money；　which　is　above　One　twentieth　heavier：　Whereby　it　is　evident；　that　my　Rule　fails；　and　that　it　is　not　the　quantity　of　Silver；　that　gives　the　value　to　Money；　but　its　Stamp　and　Denomination。　To　which　I　Answer；　That　Men　make　their　Estimate　and　Contracts　according　to　the　Standard；　upon　Supposition　they　shall　receive　good　and　lawful　Money；　which　is　that　of　full　Weight：　And　so　in　effect　they　do；　whil'st　they　receive　the　current　Money　of　the　Country。　For　since　100　l。　of　Clip'd　Money　will　pay　a　Debt　of　100　l。　as　well　as　the　weightiest　mill'd…money；　and　a　new　Crown　out　of　the　Mint　will　pay　for　no　more　Flesh；　Fruit；　or　Cloth；　than　five　clip'd　Shillings；　'tis　evident　that　they　are　equivalent　as　to　the　Purchase　of　any　thing　here　at　home；　whil'st　no　body　scruples　to　take　Five　clip'd　Shillings　in　exchange　for　a　weighty　Mill'd　Crown。　But　this　will　be　quite　otherwise　as　soon　as　you　change　your　Coin；　and　（to　raise　it　as　you　call　it）　make　your　Money　One　twentieth　lighter　in　the　Mint；　for　then　no　body　will　any　more　give　an　old　Crown　of　the　former　Standard　for　one　of　the　new；　than　he　will　now　give　you　5　s。　and　3　d。　for　a　Crown：　for　so　much　then　his　old　Crown　will　yield　him　at　the　Mint。　　　　　Clip'd　and　unclip'd　Money　will　always　buy　an　equal　quantity　of　any　thing　else；　as　long　as　they　will　without　scruple　change　one　for　another。　And　this　makes；　that　the　Foreign　Merchant；　who　comes　to　sell　his　Goods　to　you；　always　counts　upon　the　Value　of　your　Money　by　the　Silver　that　is　in　it；　and　estimates　the　quantity　of　Silver　by　the　Standard　of　your　Mint；　though　perhaps　by　reason　of　clip'd　or　worn　Money　amongst　it；　any　sum　that　is　ordinarily　received　is　much　lighter　than　the　Standard；　and　so　has　less　Silver　in　it　than　what　is　in　a　like　Sum　new　Coin'd　in　the　Mint。　But　whilst　clip'd　and　weighty　Money　will　equally　change　one　for　another；　it　is　all　one　to　him　whether　he　receive　his　Money　in　clip'd　Money　or　no；　so　it　be　but　current。　For　if　he　buy　other　Commodities　here　with　his　Money；　whatever　Sum　he　contracts　for；　clip'd　as　well　as　weighty　Money　equally　pays　for　it。　If　he　would　carry　away　the　Price　of　his　Commodity　in　ready　Cash；　'tis　easily。　changed　into　weighty　Money。　And　then　he　has　not　only　the　Sum　in　tale；　that　he　contracted　for；　but　the　quantity　of　Silver　he　expected　for　his　Commodities；　according　to　the　Standard　of　our　Mint。　If　the　quantity　of　your　clip'd　Money　be　once　grown　so　great；　that　the　Foreign　Merchant　cannot　（if　he　has　a　mind　to　it）　easily　get　Weighty　Money　for　it；　but　having　sold　his　Merchandise；　and　received　Clip'd　Money　finds　a　difficulty　to　procure　what　is　weight　for　it；　he　will；　in　selling　his　Goods；　either　contract　to　be　paid　in　weighty　Money；　or　els