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
_Then if the Parliament Orders ’em to be paid_ 250000 l. _more, which is
all that the Nation is Burdened in the Bargain: The Proprietors of the
Clipt Money are Reimbursed_ 75 l. per Cent. _of what they Brought to the
Mint, which is more by_ 25 l. per Cent. _than the intrinsick value of it
was; and the other_ 25 l. per Cent. _is coming towards ’em apace. For
now the present Necessity and the Dangers of it are obviated, the price
of Silver begins to Fall and Settle, as the prospect of a Plenty draws
nearer_; tho’ we can never suppose it will fall lower than in other
Countries, or much lower at all, during the War between _France_ and
_Spain_. _And be it at what price it will, the Merchant will from all
Parts bring his Silver to the_ Tower, _because the Market is here Quick
and he is sure of Ready-Money for what he Sells; the King can afford now
to Coin, which he could not do of late Years; And therefore a Third and
Fourth Million will be soon bought and Coined, and the government out of
every Million bought will save a Fourth part_.
_For the New-Coin’d Money must bear a proportion to the price of Silver,
as four to five, and_ 800000 l. _worth of Silver is to be in_ 1000000 l.
_of New Coin no more nor less, and out of the four Million-worth of
Silver, besides the Million of Plate the King will have Saved a fifth
Million; by which gain’d Millions, the Clipt Money will be entirely
Satisfied for at no more than_ 250000 l. _present Cost to the
Government_, q. e. d.
For the case will stand thus: There will be 5000000 _l._ of New Coin,
_viz._ out of the Clipt Money 1250000 _l._ out of the Plate 1250000 _l._
(or if the last 250000 _l._ be not Coin’d, but Exported, then there will
be out of the Plate but 1000000 l.) and out of the last Two Million
worth of _SILVER_ Coin’d 2500000 l. So that there will be in the Nation
at least Four Millions, Seven Hundred, and Fifty Thousand Pounds New
Money.
The King, after all this, buys 750000 Ounces of _Bullion_, and coins it,
without Profit, into 250000 _l._ This makes up 5000000 _l._ compleat,
and then the Royal Mints is to be at a stand (as at present) until the
Parliament shall have resolved what more is to be done; our present
Necessities are supply’d, and this, which we shall have, will not be
diminished.
These Five Millions now want a fifth part of the _Intrinsick Value_ of
the Coin; and unless a _Real Value_ be given it to make amends for the
want of the _Intrinsick_, and to Equal the _Extrinsick_, I have, after
all, I confess, done nothing, according to my Fourth _Axiom_.
_I humbly therefore Propose, That a Land-Tax may make it good, if it do
not exceed Two-pence in the Pound._
But after what manner it is to be made good, is the great Question.
Public-domain text, read in full here on John Shaqi.
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