Answ. Go which way you will, it must be smaller than it was, or of greater value, because Bullion is dearer than when the Mill’d Money was Coin’d, and if the new Coin’d Money were to have an Intrinsick Value, it must necessarily be ⅕ less than it now is, and according to these Proposals it will be but about ⅓.
Supposing Silver at this extraordinary Price, I don’t see how it can possibly be larger than as 8 to 10, and this Proposition is as 8 to 12.
Object. X.
Cotton Post. p. 294.
The Mint is the Pulse of the Common-Wealth, and this would discover us to be in a weak Condition.
Answ. It will discover us doubtless, to be in a borrowing Condition upon good Interest and Security; but that’s the worst of it; whereas if the Mint should only give us an imaginary Valuation, then we are discovered to be in an imaginary Habit of Wealth.
CHAP. IX.
Advantages and Conveniencies most of which may be expected from this Method.
1. The Subject will be assured by the giving intire Satisfaction for Clipt Money, that the Coin of England Minted by Authority, is an inviolable and an unalterable Property which the Parliament will for ever maintain, even in the worst of times; the Consideration of which, will give the real and additional Value of the new Coin’d Money, a Credit throughout the World. And People will be the better able to pay Taxes if they are at no loss by their Clipt Money.
2. The Denomination of the Silver Coin will not hereby be raised above the real value.
3. The Trade and Circulation of Bullion in and out of the Kingdom, will not be at all hinder’d, so that as much Silver and Gold may be yearly transported into Flanders, as the occasions of the War require, without loss of Coinage; and Money which is the Vital warmth of In-land Trade, by which People are enabled to pay Taxes, always preserved among us.