That Coyn which hath an Intrinsick value above the Extrinsick, and is withall rare or uncommon will inevitably be hoarded up, and continue so to be.
CHAP. VIII.
Of Regulating our Silver Coyn.
To give an exact Estimate of what Silver Coyn is necessary for the carrying on our Trade in its full Vigor, is a task I am not at present willing to undertake, but the least I can guess at is 5000000 l. considering that great Sums will always remain in the Exchequer, and Banks; for I look upon the Banks not as Chanels only, but as great Receptacles likewise, wherein money must rest and wait for opportunities of disposing it.
None of Hypotheses depend upon definite or determinate Sums, and I shall beg nothing essentially necessary to the carrying on of my design, but I desire for the present working only of my Proposition, that a few Postulata be a while granted me.
It matters not much whether any of ’em be true for they may easily be varied Mutatis Mutandis.
POSTULATA.
| 1. That the Current Silver Coyn of ENGLAND ought to be at least | l. s. 5.000.000 Sterl. |
| 2. That there is not in England at present above | 4.000.000 l. Sterl. |
| 3. That there passes not publickly above | 3.000.000 l. Sterl. |
| 4. That the hoarded Silver Coyn is about | 1.000.000 l. Sterl. |
| 5. That the present Current Counterfeited Coyn is about | 1.000.000 l. Sterl. |
| 6. That the present Current Silver Coyn not counterfeited, but clipt filed or otherwise diminished is about | 2.000.000 l. Sterl. |
| 7. That the Current Silver Coyn in daily use, not counterfeited but cliped or otherwise diminished is not intrinsically above | 1.000.000 l. Sterl. |
Now the Axioms I shall build upon are chiefly these.
AX. I.
That a way to induce the Subject to a voluntary compliance with the necessities of State, is preferable to any manner of Compulsion.