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 would be an attempt I doubt of pernicious Consequence, and instead
of that I have made a provision; whereby questionless as much Plate will
be crouded into the Mint with all the speed imaginable, as shall make up
in tale the two millions of Pounds Sterling of clipt money which when
melted down produced but one; and then I presume the extraordinariness
of the encouragement may, and ought to Cease.
AX. II.
_That our coyn cannot be secured against Exportation, Melting down, and
Hoarding up, unless it have either a real, or_ extrinsick _value above
the_ intrinsick.
AX. III.
_That a_ real _value to make up the want of_ intrinsick _given to Money,
will be more satisfactory to all His Majesties good Subjects than a
mere_ extrinsick _value above the_ intrinsick.
AX. IV.
_That the_ real _value of Money ought to be more than the_ intrinsick,
_and equal to the_ extrinsick.
AX. V.
_That Money cannot have a_ real _value over and above the_ intrinsick,
_unless that over and above value be settled by an unquestionable
Security applicable to every particular persons Use_.
PROPOSITION.
_Now I humbly propose to the Consideration of better judgments the doing
of these things._
1. The speedy calling in all the clipt and diminished Money of the old
Standard, and intirely satisfying every Proprietor, by paying them 75
_l._ _per Cent._ back in Specie, and ascertaining to ’em the remainder
by Parliament Security.
2. The leaving as small an interstice of time as is possible between the
calling in the old Money and issuing out of New.
3. That therefore vast Encouragement be given for the speedy bringing in
three or four Millions of ounces of Plate to the Mint, to answer the
present Necessities of the King and People.
4. That the Exportation of Silver Money beyond the Permission of the
_King_ and _Parliament_, be effectually hinder’d.
5. That a Provision be made as shall leave no Temptation for the melting
that down which shall be Coin’d.
6. Nor for hoarding it up.
7. That the Importation of Silver from all parts be encouraged, and the
Current Silver-Coin of _England_ encreased to Five millions of Pounds
Sterling.
8. That the Standard, in respect of Allay, be kept to its old Purity.
9. That the Denomination of the new Money be equal to the old.
10. That every one of the aforesaid Articles be accomplish’d at no more
expence to the Publick than Two hundred and fifty thousand Pounds at
present, and a Land-Tax of a Penny in the Pound during the War, or, at
the most, Two Pence in the Pound.
Theorem.
For the effecting all the aforesaid Articles,
_Let a Competent Authority immediately Call in and Cry down all Clipt
Money under such a weight, supposing it to be all that Money which hath
lost full half the original weight_.
Public-domain text, read in full here on John Shaqi.
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