THE Liberty of Exporting Silver out of this Nation having produced Effects quite contrary to the first Design of it, and being improved to a National Grievance, to satisfie the covetous Desires of some Men: We may with good reason suspect, that the Lightening of our Coin being proposed by them, as a Remedy, will produce Effects of as different a Nature as the Liberty it self has done. Which will be best un­derstood by considering the Conveniences proposed by Lightening of our Coin. Which Conveniences are conceived to be these three;

First, That thereby Encouragement will be given for bringing in greater Quantities of Silver into this Kingdom.

Secondly, That when it is brought in, it will consequently be brought to the Tower to be Coined. And

Thirdly, That it will be preserved by this Means from being melted down and de­stroyed.

These being the Imaginary Conveniences of Lightening our Coin, we shall consider them severally. And

First, as to that of Incouraging greater Quantities to be brought in.

When the Petition was before the Honorable Committee to be considered. The Lightening our Coin was proposed, against which some Objections being made, as not Practicable, or that great Inconveniences would ensue upon it: A Member of the Committee willing to promote it, urged this as a Precedent. viz. That in a certain King's Reign, Sterling Silver was not worth above thirty five Shillings the Pound-Weight here in England, and so consequently in the Neigh­boring Nations; but it becoming afterwards more scarce, each of them, to en­courage the Importation of Silver, Lightened their Coin, by which means the Price of Sterling Silver was raised to three pounds two Shillings the Pound-Weight, and has continued so for some Ages. Which being urged as a Precedent for Lightening our Coin, shews likewise, that the Neighboring Nations must fol­low our Precedent, and do the like.

It is well known, that all the considerable Quantities of Silver that are brought into this Kingdom, and the Neighboring Countries are brought from Spain, that being the Fountain. Should Spain by our Precedent lighten their Coin propor­tionably, then all the Conveniences that we can propose will be utterly lost; for [Page 2]Silver being the Product of the Spanish Territories, all the Advantage which we [...]ropose to our selves, will accrue to them, and greater Quantities of our Manu­factures must be carried there to procure lesser Quantities of Silver. That they will follow our Precedent, may very reasonably be concluded, since the Advan­ges by doing it will be to them in reality, what we propose to our selves only from a mistaken Notion. As to the

Second Convenience proposed, we willingly grant it, if the former were not deceitful. And therefore shall proceed to consider the

Third Convenience, which is the Preserving it, when Coined.

In order to which we shall observe, That according to the Standard of England, the real Value of Silver is but five Shillings per Ounce, viz. eleven Ounces, two Penny-Weights of Fine Silver, and eighteen Penny-Weights of Allay added to it, make up the Pound Weight Troy. Now altho this be the Standard, yet to en­courage the Importation of Silver, and the bringing it to the Mint to be Coined, the Charge of Coining is defrayed by the King, and our Crown-Pieces are Coin­ed to want two pence in weight of one Ounce. From whence it may be observed, that the Merchants who do Import Silver, have already the Incouragement of two pence per Ounce profit above what our Standard is declared to be, and upon this Incouragement the Mint-Books will testifie, that all the considerable Quantities of Silver are imported, by its being brought there to be Coined.

What then is the Reason why this Incouragement upon which Silver is Imported, and brought to the Mint to be Coined, does not preserve it when it is Coined? We answer,

The Reason is plainly this, That our Merchants being allowed to export Fo­reign Coin, or Bullion, at the time of Exportation the Silver is generally raised two pence per Ounce above what it will make at the Mint, which occasions the melting down of our Coin into the Form of Bullion for them to export, And sup­posing our Crown-Pieces for the future to be Coined four pence in Weight lighter than our Standard is declared to be, no doubt but our Merchants, who do export Silver now, would then, to have their Occasions supplied, be willing to give a penny or two pence an Ounce above the Rate of the Mint, and consequent­ly there will still be the same Incouragement for melting the Coin then, as is now.

To consider the Circumstances of those Men by whom the Lightening our Coin is proposed, and the particular Interests that may accrew to them by it, and likewise that these their particular Interests, are publick Injuries to the N [...]tion, it may reasonably be thought, that the National Good is little regarded by them; and this their Project is not intended to remedy the Abuses, but to circumvent the Petitioners, many of them having four or five thousand Ounces of Plate by them, wrought up for Sale, which stands them in but five shillings and two pence per Ounce, besides Fashion, which, when our Coin is Lightened, they will then sell for five shillings and four pence per Ounce, which will be two pence per Ounce profit to them, and great part of the Treasure of this Nation, going through their Hands, the Price of Silver being raised proportionable to what our Coin is Lightened, it will certainly follow, that all the Mileld and Heavy Monies that is yet remaining, will in a little time be melted down, and sent away as Foreign Silver; and those that do it will then have the Incourage­ment of double profit. And a few years will manifest this to be Truth, that altho the Coin of this Nation has much decreased of late years, and much Plate has been melted down, and most of the Silver Imported into this Kingdom has been sent away, and so the Subjects deprived of the Use and Benefit of it, all these Evils being occasioned, by a Necessity the Merchants are under, to Export Silver, and their raising the Price at the time of Exportation, above the Value at the Mint, the Lightening our Coin will prove altogether a deceitful Remedy▪ and the Effects of it will occasion Silver to be sold as commonly at five shillings and six pence per Ounce, as it is now at five shillings and four pence per Ounce; and consequently this their Project will advance their Profit in several Respects, but not Remedy the Abuses Complained of.