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
_And of the Running Cash of_ England _we may reasonably suppose, that
one half is not in Sums exceeding Twenty Pounds, and they who have less
Sums than that, will have no great Encouragement to look after
Interest_.
The Fifth Part which Twenty Pound wants of its Intrinsick Value, is but
Four Pounds, and that, at 5 _per Cent._ is but Four Shillings a Year;
from which the trouble of Receiving by entering into Combination with
others, will for the most part take off, and not make it worth the
while.
_So that the whole_ Money _of_ England, _that is New Coin’d, not
amounting to above_ 5000000 _l. and but half that to be paid Interest
for_, viz. 2500000 l. _and there wanting but a Fifth Part of that_, viz.
500000 l. _the Interest of_ 500000 l. _at_ 5 per Cent. _amounts to just_
25000 l. per Annum.
_But then, supposing that Interest be demanded for_ ⅗ _of the New-coin’d
Money, and that by an unexpected Combination every Sum of Five Pounds
should be brought in, yet then the whole Interest amounts to no more
than_ 30000 _l._ per Annum.
And the Case stands thus:
The Parliament hath Borrow’d of the whole People of _England_ a Million
of Pounds Sterling, and no more, to be repay’d at the end of the War;
and in the mean time, till it be repay’d, they give Five Pounds _per
Cent._ Interest upon a Land-Tax.
Thus _the Clipp’d Money is all Call’d in, and Satisfied for; there hath
been little time between Calling back of the Old, and Paying back the
New, by bringing in_ 1000000 _l. worth of Plate speedily and voluntarily
into the_ Mint, _an effectual Stop is put to the Exportation, melting
down, and hoarding up of Coin’d Money; Importation of Silver from all
Parts Encourag’d, the Current Coin of_ _ENGLAND_ _Encreas’d; the Purity
and Denomination of the Coin Continued; and all at the present Expence
of Two hundred and fifty thousand Pounds, and a Yearly Land-Tax of One
Penny in the Pound during the War_, q. e. d.
The only Difficulty that remains, is, After what manner the Interest
shall be paid.
But, if there is no more than _Difficulty_ in it, I desire it may be
Consider’d, What Great Difficulties the People of __ENGLAND__ at present
undergo, in the Want of such a Regulation: What Difficulties are in
every Market-Shop, and House of Trade; and what Great Disorders are
Daily like to ensue: Let Bankers, Goldsmiths, Merchants, and
Cash-keepers, consider the Difficulties they lye under at present, and
the much greater Disadvantages they must be subject to, if the Coin of
_England_ should not have a _Real_ Value.
But, to make the Difficulty seem much less than may at First be
imagin’d, I humbly propose this following Method.
Public-domain text, read in full here on John Shaqi.
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