It may be thought, that a great deal of this may be saved, and perhaps Six-pence in an ounce, which amounts to One hundred thousand Pounds, and that Six shillings and seven pence would be Temptation enough, when the Price of Silver is like to Fall.
But I am now providing for the worst Contingences, and the severest Suppositions that may be.
Yet the Frugalest way, I presume, would be, to leave the Management of this Article wholly to the Lords of the Treasury, who, by publick notice, may vary pro re natâ, the Præmium for bringing in Plate, and perhaps may think it expedient nevertheless to begin high, and to abate the Præmium according to the quantity brought in; and after one or two Abatements, People may perhaps bring it in the faster, fearing a greater Fall: Whereas if the Lords of the Treasury should begin low, and afterwards be forced to raise the Præmium higher, Peoples Hopes of their still advancing of it more, would restrain ’em from making so much haste as the necessities of State require.
We suppose then this Silver to be Coining every Day as fast as possible, and that the 250000 l. saved by the Government out of the first Million, shall begin to pay for the Plate, as it comes in.
Then three ounces of Silver at 6 s. 8 d. an ounce, Coins 20 s. of the new Standard, allowing 2, 3, or 4 d. per ounce for Coinage; seeing the setting up so many several Mints more than ordinary must be very chargeable.
And here must be noted, That let Silver Rise or Fall as much as it will, it Alters very little the process of the Theorem, for it need have no other effects than making the Money bigger or less, unless the 3d Corolary following be admitted.
At this Rate then when 3500000 Ounces of this Plate is Coin’d into MONEY it will produce after the aforesaid rate 1166666 l. 13 s. 4 d. to which add the 250000 l. paid before hand for it, and now there is paid in all for the 4000000 of Ounces of Plate 1416666 l. what it Cost; and the King hath 500000 Ounces of Plate by Him, which at 7 s. 1 d. an Ounce stands the Government in 177088 l. 6 s. 8 d.
But because it cost the King dear for his present Necessities, the Lords of the Treasury cannot allow more for it than it will produce when Coin’d.
And if the necessities of State require that this Silver should be sent and Coin’d in Flanders, that it may go farther there than it can here for the immediate use of the Souldiers, then the Commissioners of the Accounts will probably account for it, according to its Value beyond Sea; and then the Government shall still be a greater Loser by it; so the Lords of the Treasury cannot allow for it more perhaps than 150000 l. what ever it be more or less, the case will stand thus at the least.
There is now of New Money Coin’d, 2416666 l. 13 s. 4 d. and this last 150000 l. being advanced to the King for his present Necessities abroad, either to Coin in Flanders, or to send over in Bills, will go towards the payment of the Million of Clipt money. But if it be probable as Mr. Lounds seems to intimate, That People may Voluntarily bring in a great deal of Plate at 6s. 6d. an Ounce; then it is much more probable, that they will be quicker in bringing it in at 6 s. 7 d. an ounce; and if so, the Government Saves out of my Proposals 6 d. an Ounce, which in 4000000 Ounces comes to 100000 l. And then there will be 250000 l. paid in recompence of the Clipt Money, and there is but 750000 l. Remaining.