The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject — John Shaqi
The Regulating Silver Coin, Made Practicable and Easie, to the Government and SubjectPratt, Samuel
History
The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject
Pratt, Samuel
Coinage -- Great Britain -- Early works to 1800; Great Britain. Parliament -- Early works to 1800
Which is that when you raise the Value of Money, you Naturally raise the
Value of Silver, which is high enough already; and then indeed _England_
will become the Best Market for Silver, because all Countries will sell
it to us and get sufficiently by the Bargain: they’ll buy good
peny-worths of our Commodities, giving us high Valued Silver for it,
till we have a glut of Silver and the Price of Silver falls and then I
suppose the Intrinsic Value of the Money falls too. Tho’ I confess as
bad Consequences may follow too great an Intrinsic Value.
I speak nothing of the Confusions and Jealousie which will arise from
hence, but there’s a long Chain of ill Consequences, and therefore I
hope it will be allow’d as a Maxime.
_That if our Silver Coin hath less than a_ real Value, _it will not
answer the Intentions of the Government_.
CHAP. V.
_Of Exportation of Coin’d Silver._
’Tis too well known, that when the Balance of Trade comes to be
examined, we fall short of several of our Neighbours very considerably:
By this Means the Exchange doth not only fall very low, but will become
altogether insufficient for our present Occasions; so that as long as
the War continues, there is an absolute Necessity that we export so much
Silver and Gold _in Specie_ as the Balance wants on our Side.
But this Exportation would not be at all prejudicial to us, if the
Importation could be made equal to the Exportation, and a Balance in
this Particular only would do our Business.
In vain therefore we labour to find out a Way to force a National Trade
above what the State of _Europe_ in general, or our own Nation in
particular will allow; if that were not the Case, where would be the
Inconvenience of a War? This is an Evil never to be cured, but in Times
of Peace. But our Comfort is, that even in these Times of War War the
Nation notwithstanding the balance of Trade, appears as wealthy as ever,
excepting only in the Article of Coyn, so that it is not only fruitless
but very needless to speak now of the balance of Trade either in
general, or upon any Article but that of Money: Besides if we should
begin at that end it would be a round about way, and so long in
compassing, that we may be at the last gasp before we attain our end. He
would be accounted no good Physician who in the case of an _Hæmorrhage_
when the danger is very present should talk of Diet Drinks and
Alteratives, whereas an actual and immediate application to the part
affected, or a sudden revulsion is more to the purpose. But be the
balance of Trade in general how it will, ’tis impossible it should be
suddenly remedied, if at all during the War.
Public-domain text, read in full here on John Shaqi.
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