There is no other Way of preventing our Bullion and Silver being carry'd out of the Land, but by the Prohibition of the one, by paying a Difference to the Government; viz. such a Difference as comes pretty near to what is lost by Remittances; and suffering the other (viz. our Crowns and Half-Crown Pieces, coin'd with a proportionable Allay) to be exported. All which would help to pay off the Nation's Debts, and make us a Flourishing People.
Our Half-Crowns and Crowns being recoined to such a Standard, I say, would be of equal Advantage to the East-India Company, whether they exported Bullion or Pieces of Eight, from hence or from Holland: For by the Bank of Holland, or rather Amsterdam, all Exchanges are chiefly govern'd; and as the Hollanders are the nearest concern'd with us in Trade, so by them we are to regulate and proportion the Difference between our Bank-Money and our Current Cash.
The Bank of England is establish'd upon the Standard of our present Coin: Let it so remain, till the Government sees fit to alter, or pay them off; and let Bills of Exchange be paid in Banco, or, if they so please, in Current Cash; the Difference or Agio to be allow'd in like manner as they do in Holland.
There has been a considerable Profit made, by Melting down and Exporting our own Coin; and there will always be those that will do it, tho' punish'd with Death, as in Portugal. And where there is a great Loss in Melting down, or Exporting the Current Coin, tho' there is no Penalty, the Money will be preserv'd; as in Holland.
Let the Merchant have a Profit in carrying Gold and Silver to the Mint to be coined, or there will little or none go there: But if the Merchant finds a Profit (tho' small) in the Coinage, there will be great Quantities coined.
That they who act with the greatest Prudence and Honour, and have most Money, will always have most Credit; this needs no Proof.
While our Money, which is the Blood of the Body Politick, is suffer'd to run out, and there is no Supply, all Projects for restoring Credit, and keeping up the Spirits of the People, will prove abortive. Trade, and the Noblest Undertakings for Employing the Poor, must be at a full Stop, if Money be wanting to carry them on.
'Tis certain, that until we have a greater Plenty of Money, Trade and all other Business must be assisted with Paper Credit; and if it does not receive Voluntary Credit, it will never be made by Force. And if our Affairs are rightly managed, our Estates are doubled, and secur'd; if not, the best Estates will soon be worth nothing.
That Paper Credit may have an immediate Currency, it is necessary for the Exchequer to issue out as many Notes as they shall be able to circulate, with a Tax of a Guinea on every Transfer; the one Half to be paid by the Buyer, and the other by the Seller.