And now I am ready enough to confess my own Weakness, and Insufficiency, for so great an Undertaking; nor do I pretend to write a Stile equal to that experienc’d Minister, but am contented to be understood without shining, and to offer Mathematical Reasoning, without polishing and Ornament. When I at first form’d the whole Scheme, I had more Leisure, by much, than when I put it in Writing, and I can better answer for my Design, than for my way of expressing it; and therefore all the Favour I expect or ask, is, that the _Theorem_, which is the main of the Work, may not suffer for the Inartificialness of the _Problems_ that lead to it. I affect Truth and Plainness, and a sincere Love to my Country. Whatsoever I have read or heard on this Subject, hath brought the Matters to this _Dilemma_, that either Coin must want of its intrinsic Value, so as to disatisfie most of the King’s loving Subjects, and endanger a fatal stop to Trade; or if it is to be made of near an intrinsic Value, according to the Rate Silver shall go at in the time of Coining, then upon every little Rise of Silver higher than that Price, we are in danger of having it exported and melted down; and so every Parliament may meet with the same Difficulties we at present labour under in the badness and scarcity of Silver Coin. That which I pretend to, is, to obviate both these Dangers, or otherwise I confess I might have spar’d my Pains; for he who hath provided for one and not the other, hath at the best but done _half the Work_. There are three Terms of Value, upon the right Understanding of which, much depends, _viz._ _Extrinsic_, _Intrinsic_, _Real_. DEFINITIONS. _Extrinsic Value_ of Money is the Denomination and Power, that is given it by Authority. _Intrinsic Value_ is the necessary and Natural Value, always and every where inherent in the Species. _Real Value_ is a Certain Value more or less than Extrinsic, or Intrinsic, adherent to the Species, with respect to time and place. TWO things are now under Consideration. 1. The Badness of our Silver Coin. 2. The Scarcity of it. CHAP. I. _Of the present badness of our Coin._ By Current Coin, I mean not that which is Current by Law, but by Custom; that which People are forc’d to take for want of better, to the great Grievance of the Subject, Dishonour of the Kingdom, and Obstruction of Trade. For every Man now is destitute of a sufficient Pledge and Security for his Personal Estate, unless he will take Personal Security, or find out a Mortgage, or rely upon a Bank. Personal Security is now less than ever, the publick Banks have so drain’d or so engag’d at least the Traders in Money. Mortgages are very hard to be found, for small Summs, and much harder for great ones, since the establishment of the new Banks.