A. D. 1696. 679 



ped, and othcrwife diiriiniflied coin; and the other Li, 600, 000 were 

 flill pure money ; the juft weight of Lico of which was 32 lb. 5 oz. i pwt. 

 22 gr. But upon examination, and at a medium, the weight of Lioo 

 of our chpped money was found to be but 16 lb. 8 oz. 18 pwt. A 

 terrible ftate this of our coin, already diminifhed, being very near one 

 half, or two millions ! Yet the real lofs was afterwards found to be 

 L2, 200. coo fterling. 



The parliament, therefor, having maturely confidered this mofl im- 

 portant matter, finally refolved to recoin the diminiflied filver money, 

 by calling it into the mint by tale, whereby our people had good new 

 filver coin returned to them from the mint. 



Their next debate was, whether, as filver was now at 6/^ per ounce, 

 the new money {hould not have its flandard raifed, by calling a crown- 

 piece 6/2, and a fliilling 1/3, though of no greater quantity of filver 

 than before. Thofe, who argued and wrote for this enhancing method *, 

 alleged, that raifing the fiandard would prevent the exportation of our 

 coin, and would alio prevent its being melted down ; and that thereby 

 alfo, people would be the more induced to bring in their plate and bullion 

 to the mint. 



On the other fide, it was more jufily argued, both in parliament, and 

 without doors in print, that the common confent of all civilized nations 

 had fixed filver at one and the fame price, or very near the fame price : 

 that the w^orth of it was relative : that the weight and finenefs, or the 

 quantity of pure filver, and not the bare denomination, were the only 

 rules which governed, not only foreign nations in their exchanges and 

 other dealings with us, but alio our own people in the home trade : fince 

 6/3 of the new coin, fo called, would purchrafe no more of any commodity, 

 nor go farther in paying bills of exchange than 5/ of our undipped prefent 

 coin would purchafe ; bec;iufe the later contained as much pure filver 

 as the former. That this was clear in the cafe of guineas, now at 30^, 

 all commodities being raifed in price, in proportion to the price of 

 guineas. That an ounce of filver was not, even at prefent, worth 6/3 of 

 good coin, but only of the diminiflied and clipped money ; fince one 

 ounce of filver could not be worth more than another ounce of like fine- 

 nefs ; and with 5/2 per ounce of the new-milled money, they could buy 

 as much bullion as they pleafed. That with refpecl to the argument, 

 that raifing the denomination would keep our filver at home, it is of no 

 weight ; fince nothing can keep or bring us money, but a balance of 

 trade in our favour : for if we take more goods from foreigners than 

 they take from us, the balance muft be paid to them in our money, or 

 in bullion, which is all one. That with particular regard to our home 

 concerns, there are many objections againfi; raifing the fi;andard. ift. 



* Mr. Lovvndtfs, fccretary of the trcafury, and others. 



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