throughout the kingdom, about the passing and refusing of the same, to the great disturbance of the public peace. Many bargains, doings, and dealings are totally prevented and laid aside, which lessens trade in general." The necessity of setting the price of commodities according to the value of the money to be received, is, he considers, "one great cause of raising the price, not only of merchandise, but even of edibles and other necessaries for the sustenance of the common people, to their great grievance." So far, his political economy was perfectly sound; but when he comes to discuss the question of re-coinage, he advocates, without any misgiving, a scheme for the depreciation of the currency to the extent of one-fifth. A crown-piece was henceforth to count as 6_s._ 3_d._, and the nominal value of half-crowns, shillings, and sixpences was to be raised proportionately. Locke, with his clearer mind, saw, of course, that this would only be for the state to do systematically and by law the very same thing for which the clippers were being hanged. It would be to legalize the disarrangement of all monetary transactions, and to deprive every creditor of one-fifth of his debts. Montague and Somers were as clear on this point as he was, and Somers at once urged him to reply. Locke had returned to Oates, in consequence of the sudden death of Mrs. Cudworth, on the 16th of November, and at once set about his answer. This tract, which formed a pamphlet of more than a hundred pages, was submitted to the Lords Justices, printed, and published before the end of December. It was entitled _Further Considerations concerning Raising the Value of Money_, and simplified and enforced the arguments contained in a previous pamphlet which Locke had also drawn up for the use of the Lords Justices earlier in the year, under the title, _Some Observations on a Printed Paper, entitled, For Encouraging the Coining Silver money in England, and after for keeping it here_. Meanwhile, Montague had, under the sanction of a committee of the whole House, introduced his resolutions into the House of Commons, and there can be little doubt that, in drawing up these, he and the Lords Justices had been assisted by Locke. Any way, the resolutions embodied in the main the opinions which Locke had been so instrumental in impressing on those in authority. The old standard value of the silver pieces was to be retained both as to weight and fineness, the point for which he had fought so persistently. The clipped pieces were, after a certain day, only to be received in payment of taxes, or in loans to the Exchequer; after a further day, they were to cease to be legal tender altogether. All the hammered money, as it came into the mint in payment of loans or taxes, was to be re-coined as milled money, and the loss to be borne by the Exchequer. When the resolution that the old standard was to be retained was put to the House, it was challenged, and an amendment