Such a measure has been already noticed in the history of France; it was indeed a design frequently employed there under the title of _Surachat_, and it always proved as futile as the Government of Anne found it to be. As the drain continued, representations were made by the officers of the Mint to the Treasury, and in 1717 the House of Commons requested these representations to be laid before it (December 20th). On the same and following day a remarkable speech was made by a member, Mr. Aislabie, who took notice of the great scarcity of the silver species, and proposed the remedy of lowering the gold species. On the second day he was seconded by Mr. Caswall, who suggested that the overvaluation of gold in the current coins of Great Britain had caused the export of great quantities of silver species, "and to that purpose [i.e. the purpose of his argument] laid open a clandestine trade, which of late years had been carried on by the Dutch, Hamburgers and other foreigners, in concert with the Jews and other traders here, which consisted in exporting silver coins and importing gold in lieu thereof; which being coined into guineas at the Tower, near 15 pence was got by every guinea, which amounted to about 5 per cent.; and as these returns might be made five or six times in a year considerable sums were got by it, to the prejudice of Great Britain, which thereby was drained of silver and overstocked with gold." He concluded by proposing to lower the price of guineas and all other gold specie. [Sidenote: ENGLAND: SIR ISAAC NEWTON'S REPORT, 1717] His speech was received with applause, and the House unanimously petitioned the King to call the guinea down to 21s., and other gold species in proportion. To this George I. immediately acceded, and the proclamation to that effect _verbatim_ was issued on the following day, 22nd December 1717. The report for which the House had called two days earlier, and which was produced on the 21st December, was the celebrated report made some months before by Sir Isaac Newton as master of the Mint, at the demand of the Commissioners of the Treasury. It is a document deserving the careful attention of every student of currency history. Newton reviews the ratio in each of the then commercial nations, and shows the effect of difference of ratio in producing export and disturbance of one or other metal. "Gold in Spain and Portugal is of sixteen times more value than silver of equal weight and alloy; at which rate a guinea is worth 21s. 1d. net; this high price keeps their gold at home in good plenty, and carries away the Spanish silver into all Europe. So that at home they make their payments in gold, and will not pay in silver without a premium. Upon the coming in of a plate [silver] fleet the premium ceases or is but small, but as their silver goes away and becomes scarce the premium increases and is most commonly about six per cent."