Or put the case Shorter and Plainer, the Government wants 1000000 l. worth of Silver, and is willing to give 25 per Cent. more for it than the common price.
If that vast Allowance be made for fear of a sudden and fatal stop to all manner of Trade for want of Money, yet the 250000 l. Saved out of the Clipt Money, will make good the Bargain.
And then Four parts in Five will Coin a Million of Money, and still there will be another 250000 l. worth left towards the paying of the Clipt Million, and but 750000 l. remains Unpaid.
And upon this Easier supposition we will proceed; because it is likewise cheaper to the Nation than the Buying of full 4000000 ounces of Silver.
Then if the Parliament Orders ’em to be paid 250000 l. more, which is all that the Nation is Burdened in the Bargain: The Proprietors of the Clipt Money are Reimbursed 75 l. per Cent. of what they Brought to the Mint, which is more by 25 l. per Cent. than the intrinsick value of it was; and the other 25 l. per Cent. is coming towards ’em apace. For now the present Necessity and the Dangers of it are obviated, the price of Silver begins to Fall and Settle, as the prospect of a Plenty draws nearer; tho’ we can never suppose it will fall lower than in other Countries, or much lower at all, during the War between France and Spain. And be it at what price it will, the Merchant will from all Parts bring his Silver to the Tower, because the Market is here Quick and he is sure of Ready-Money for what he Sells; the King can afford now to Coin, which he could not do of late Years; And therefore a Third and Fourth Million will be soon bought and Coined, and the government out of every Million bought will save a Fourth part.
For the New-Coin’d Money must bear a proportion to the price of Silver, as four to five, and 800000 l. worth of Silver is to be in 1000000 l. of New Coin no more nor less, and out of the four Million-worth of Silver, besides the Million of Plate the King will have Saved a fifth Million; by which gain’d Millions, the Clipt Money will be entirely Satisfied for at no more than 250000 l. present Cost to the Government, q. e. d.
For the case will stand thus: There will be 5000000 l. of New Coin, viz. out of the Clipt Money 1250000 l. out of the Plate 1250000 l. (or if the last 250000 l. be not Coin’d, but Exported, then there will be out of the Plate but 1000000 l.) and out of the last Two Million worth of SILVER Coin’d 2500000 l. So that there will be in the Nation at least Four Millions, Seven Hundred, and Fifty Thousand Pounds New Money.
The King, after all this, buys 750000 Ounces of Bullion, and coins it, without Profit, into 250000 l. This makes up 5000000 l. compleat, and then the Royal Mints is to be at a stand (as at present) until the Parliament shall have resolved what more is to be done; our present Necessities are supply’d, and this, which we shall have, will not be diminished.
These Five Millions now want a fifth part of the Intrinsick Value of the Coin; and unless a Real Value be given it to make amends for the want of the Intrinsick, and to Equal the Extrinsick, I have, after all, I confess, done nothing, according to my Fourth Axiom.
I humbly therefore Propose, That a Land-Tax may make it good, if it do not exceed Two-pence in the Pound.