His Majesty in His Speech to both Houses of Parliament, shews He hath no design in making use of it, because He recommends the redressing of it to their Consideration, and therefore the not redressing it, can be only imputable to the Weakness and Poverty of the State:
And what Inferences, not only the French, but all other Politicians may draw from thence are very obvious.
The finest Clothes that our Soldiers can put on, in the Field, would not at all dazzle the Eyes of the Confederate Princes, nor strike any despondencies into the Minds of our Enemies, if they shall all come to know that the whole Power of England is at this time held up by the imaginary Value of Birmingham half Crowns and Shillings.
It will hearten our Enemies, and discourage our Friends, very much, when they shall come to know that the Nummary Wealth of England is almost vanish’d, the Silver Coin gone, and the Royal Mint at a stand.
No Body will believe that we can long subsist at this rate; and indeed ’tis impossible we should, for if ’tis now much harder to redress than it was a year ago, and that means cannot be yet found out to do it, what Hopes shall we have of ever doing it ’till the War is ended? and what Hopes shall we have of bringing our Enemies to Terms, whilst they are sensible of our great Poverty.
The only way, sure, to bring the French King to Reason, will be by shewing him we are Able to continue the War as long as he can possibly be Willing, which he can never believe, so long as he sees our Money, by which he judges our Wealth to be imaginary only, and not real Silver.
Besides all this, we are in apparent Danger hereby of being more effectually and suddenly ruin’d by our Friends.
For if this Sessions of Parliament should break up without regulating the Coin, what Consequences may possibly ensue?
It is not impossible that Foreigners in all parts of Christendom should immediately set themselves to counterfeit our base Money.
There are beyond Seas as good Chymists, and Black-Smiths as at London, or Birmingham, and ’tis not impossible that they should secretly Import as much base Money, resembling that which goes current among us, and which hath not the intrinsic Value of One Shilling in Three, as if they please may not only buy up and Export Two or Three Millions Worth of our Staple Commodities, affording ’em Cheaper abroad than we can at home; but as much Worth of our imported Commodities, even Gold it self, if they like that Trade better.