THE CASE OF THE COIN Fairly Represented, By the Means of some Quaeres, Conducing to the finding out whither the Trade of Ireland is Affected or not, by the Advancement of the Rates of Coin there: And Consequently, Whither the said Advancement of the Rates of Coin there, occasion'd as is Alledg'd? More Monies being pour'd into that Country, to its Advantage, than would otherwise have been carry'd thither.
First, Quaere, SINCE Change for Guineas us'd to be easily and readily had in Ireland, and now but with great Difficulty: Is it not manifest, That there is at present less Silver Proportionably to Gold, than was formerly in that Kingdom?
Secondly, Quaere, Doth not this proceed from Guineas, being Rais'd more as to the Rates they Pass at, than the Silver Coin is Rais'd at there? It being Demonstrable for Instance, That Guineas are Rais'd so as to Pass for 5 d. and One 3 d Part of a Penny more each, than [Page 2]they ought to do Proportionably to what Ducatoons are Rais'd to Pass at.
Thirdly, Quaere, Can it be imagin'd, That Ireland gains by having Guineas brought into that Kingdom, therewith to Purchase or Exchange for Silver (in Lieu thereof) upon such unequal Terms? And if the Consequences hereof cannot be deny'd, why then might not other Commodities Ireland affords, be concluded to be carry'd out upon the like Disadvantage to it? Let no Body Cavil at my calling Silver Coin a Commodity, for Money Passing in Ireland by Weight, and that Weight for more or less, according to its Fineness, viz. Plate, or Peru: Is not it plainly in the Nature of Bullion, and is not Bullion allow'd to be a Merchandize?
Fourthly, Quaere, Doth it appear by the Course of Exchange in the Returns of Money to, or out of Ireland, that Merchants are so Rash and Indiscreet in their Business, as to Govern themselves by no Thing more solid than the Vulgar Opinion? And consequently, is it to be imagin'd that any of them are tempted by the meer empty greater Sound than formerly, which our Pieces of Money make, (in the People's Naming of Them,) to bring any Species of Money whatsoever into this Kingdom, upon the prospect of Buying really greater Penny-worths therewith? Instead of their Previously computing what Increase of Guineas, Pistoles, English-Crowns, or Cobbs, the Produce of what They lay out in those, or any other Species of Money, will bring them in, when they Vend the Return for their Money in Irish Commodities elsewhere.
Fifthly, Quaere, What other Way is there of getting Money into a Country, but by the Ballance of Trade? If none, then if neither the Merchant overreaches himself, nor the Handy-Crafts-Man, or Country-Man are Bubl'd by Him, on the Advancement of the Rates of Coin. It follows then, That the same Quantity of Goods would have been carry'd out of Ireland, and the same Proportion of Money brought in to Pay for them, (for Instance, the same Number of Guineas,) whither Guineas had been computed betwixt them, either after the Rate of 23, or 26 s. per Piece?
To Explain this by an Example, let it be suppos'd, That a Merchant, just after the Advancement of the Rates of Coin in Ireland, carry'd thither to the Value of 300 l. in Guineas to Buy Beef, Hides, Tallow, Butter, Cheese, Wool, or any other Goods, or Manufactures of the Country; now if Beef, and the other Commodities did still keep to the Price they were at just before, according to Tale of Pounds, Shillings and Pence. Hath not Ireland Bought that Gold too dear, since it hath lost 30 Guineas; that is to the Value of 39 l. in the said 300 l. there being so many less Guineas required now to make up 300 l. than was before the Advancement thereof; for now 230 Guineas will go as far in Tale of Pounds, as 260 Guineas did before; But if on the contrary it be suppos'd that every Thing in Ireland, was Risen in Price Proportionably, to the Advancement of Money; Why then, you must suppose the said Merchant a very Inconsiderate Person, for carrying or sending over his 300 l. Venture thither, without Previously informing himself what Consequences the Advancement of Money [Page 3]had, as to the Purchasing what he intended to Deal in? (And there are not many, if any such Merchants to be met with;) but if he advisely still thought it worth his while to Buy there, what he wanted to Sell elsewhere, tho' he knew he should not get any more of any Goods Ireland affords, for his 300 l. than he could have done before the Advancement of the Rates of Coin: Why then it plainly follows, That Ireland would howsoever have had his Money, tho' Guineas had continu'd going for 23 Shillings each; Neither can it possibly be any other way, that we are become thus Competently Stock'd with the running Cash now Current amongst Us; unless the People of Ireland could Buy and Sell to Disadvantage, anh yet Thrive on Their Loss.
A Speech made by the Author of this Pamphlet, in the Committee of the whole House of Commons, when it Sat on Ways and Means, August the 30th, 1697.
Mr. C—. M—. What I have to offer to Your Consideration, is design'd by me, to tend to our common Good, and I desire to be Heard with Patience, and that no unwary Expression of Mine may be wrested to any ill Sense. The Subject we are upon, being of a very intricate Nature, and consequently requiring to be Sifted into, with all the Plainenss possible.
Now, that I may Express my self the more Intellegibly to the Worthy Members here Present, I will begin by Applying what hath already been Determin'd by them: and in Order thereto, I beg Leave, Sir, to observe to You, That notwithstanding a Member of Our House, concern'd in the Coining of Half-Pence, hath to a Tittle perform'd what he was enjoyn'd by the Patent he held under, yet this Honourable House was but t'other Day of Opinion, That this Kingdom Suffer'd by the Disproportion there is betwixt the Intrinsick Value of the said Half-Pence, and what they Actually Pass for, tho' they are in Effect but given out as Tickets for the Benefit of Change: And pray, Sir, must not the same Weighty Reason hold proportionably Good in a greater degree as to our Gold and Silver Coin, in which strictly Speaking, consists the real Riches of all Countries?
It is then, Sir, worth our Considering, whether the Advancement of the several Pieces of Money in Ireland, tho' (intended for our Good) carries not in a great Measure the same Consequences with it, as the late Clipping the Current Coin of England, did in that Kingdom? For it is Obvious, That it is the same Weight of Gold and Silver, and under the usual Denominations of Guineas, Ducatoons and Cobbs, which passeth at this time for more Pounds, Shillings and Pence, than formerly: And consequently this is apparently but a Nominal, and not a real Difference,
This Fallacy is not indeed very evident by our Home Trade, because every Body in Ireland, unperceivedly to each other, raises the Price of what he Deals in, proportionably to the Valuation of the Coin; and in so doing, they are all as much even with one another, as they ever were before; for they all Buy and Sell to one another by the same Standard, be it more or [Page 4]less garnish'd by the Advanc'd Rates of the Coin; that is to say, the same Gold or Silver Counter, is allow'd by all of them to stand in the way of Reckoning at present, for more Pence than formerly. But when the Merchant hath Occasion for Foreign Commodities, he finds that no Regard will be had beyond Sea, to our imaginary Splitting the several Pieces of Money into a meer Notional increase of Pence; the Foreigners will not be so: Bubl'd out of their Merchandize, and unless some other Accident hath alter'd the Price thereof; our Merchants will have neither more nor less, but the very same Commodities, as to Quantity and Goodness, for the same Piece of Money, as he had before the Advancement thereof; because it carries the same Weight and Fineness with it, which is its real Intrinsical Value.
In short, Sir, the Land-Lord is the Person chiefly Impos'd upon, by this Nick-Naming of the Money, he receives his Rent in; for when he came to let his Estate after the Reduction of this Kingdom, his Tennants took their Farms with a regard to the Desolate Condition thereof, and therefore undoubtedly the Tennant, who then Covenanted with his Land-Lord, to pay him for Example 11 l. 10 s. 0 d. for a Farm; did then secure to himself a good Bargain, even according to the Old Rates the Money went at; and then suppos'd to continue so still by both Parties; tho' an unforeseen Act of State hath since that, occasion'd the Tennant's having a better Bargain by 30 s. a Year in 11 l. 10 s. 0 d. than he ever thought of before: For it is plain, That the Tennant did not at the taking of his Lease, expect to pay his Land-Lord the 11 l. 10 s. 0 d. he Contracted for, with less than 10 Guineas; but now he will tell him, that 10 Guineas makes 13 l. which is 30 s. more than his Rent; and so under the Colour of Authority, he takes 30 s. out of his Land-Lord's Pocket, and puts it into his own.
Upon the whole, Sir, I must conclude, That if it be proper for us to inter-meddle in this Affair at all; it is rather our Interest to Address to the Government for the Reducing of Money to what it formerly Pass'd for? Than to have it still kept up it's present Titular Promotion; which conduces only to our deceiving our Selves.