<!DOCTYPE ETS PUBLIC "-//UMDLPS//DTD EEBOPROOF 2.0//EN">
<ETS>
<TEMPHEAD>
<REVDESCR>
<CHANGE>
<DATE>2013-08-30</DATE>
<RESPSTMT>
<NAME>Mona Logarbo</NAME>
<RESP>MURP</RESP>
</RESPSTMT>
<ITEM>Proofed and reviewed as part of batch B130711.pdcc.</ITEM>
</CHANGE>
</REVDESCR>
</TEMPHEAD>
<EEBO>
<IDG S="marc" R="UM" ID="A80860">
<STC T="W">C7024</STC>
<STC T="C">R228047</STC>
<BIBNO T="umi">99896909</BIBNO>
<VID>132798</VID>
</IDG>
<TEXT LANG="eng">
<BODY>
<DIV1 TYPE="tract against raising the value of money">
<PB REF="1">
<PB N="1" REF="1">
<HEAD>Additional Con&s;iderations to the&s;e contained in the Letter again&s;t rai&s;ing the Value of Money.</HEAD>
<P>BESIDES the General and Permanent Evils which fol|low on the ra&s;ing of Money, and will be more &s;en&s;ibly perceiv'd by Po&s;terity; Such as that by it every per&s;on in <HI>Scotland,</HI> will lo&s;s as much of his E&s;tate, both Moveable and Immoveable, as the Money is rai&s;ed to: That is, the 28th. part, <HI>Viz:</HI> Two Shil|ling <HI>Scots</HI> on every Six and Fifty, For which the thinking Men of this Age will laugh at you; And tho&s;e of &s;ucceeding Ages will Cur&s;e you: I &s;ay, be&s;ides the Permanent, the&s;e immediat Injuries will en&s;ue.</P>
<P N="1">1<HI>mo.</HI> He who &s;ells an 100 Bolls of Barly of Cropt 94, that with the Price thereof, which he is to get at <HI>White&s;unday,</HI> he might buy 50 Bolls of forraign Salt for Fi&s;hing; He who
<PB N="2" REF="2">brings in the Salt to &s;ell, mu&s;t pay for it abroad with Money at the old Rate (for <HI>Spain</HI> will not rai&s;e their Money in our Example, altho they have better Rea&s;on to do it) and there|fore he mu&s;t and will require a 28th. part more of our new rai&s;ed Money: But he who bought the Victual will pay in the new rai&s;ed Money, and no more: Therefore, he who buys the Salt, mu&s;t want a 28th. part thereof, or give a 28th. part more of Bear to purcha&s;e it. And this will hold in the pur|cha&s;e of all forraign Goods proportionably.</P>
<P N="2">2<HI>do.</HI> He who &s;old his Land for Money to be payed at <HI>White&s;unday,</HI> when he receives his Money as now rai&s;ed, and goes to imploy that Money in Trade, and gives in his Mo|ney to a Factor here, for Money abroad, to buy Goods with; the Factor will an&s;wer no more Money abroad, than the Mo|ney given in here will be worth in the place where he an|&s;wers the Money, be&s;ides the Current Exchange; Whereby the Seller of the Land doth clearly lo&s;s a 28th. part of his whole Stock, for he mu&s;t pay for the Goods abroad, at the for|mer Value of Money.</P>
<P N="3">3<HI>tio.</HI> If he does not &s;end his Money abroad to buy the&s;e Goods, but buys them from a Merchant who brings them home, This Merchant will Con&s;ider, that he mu&s;t pay for the&s;e Goods in a place where the Money is not rai&s;ed; And therefore will exact a 28. part more be&s;ides the price that he would have de&s;ired formerly. And Con&s;equently, he who &s;ells Lands, or other Goods, to purcha&s;e them, lo&s;&s;es a 28. part; That is, he has &s;old his Lands or Goods at a 28 part le&s;s nor he thought to have done, and then he would indeed have done, had the money not been rai&s;ed.</P>
<P N="4">4<HI>to.</HI> If a Factor or Merchant have 116 thou&s;and pounds
<PB N="3" REF="2">con&s;igned to him for buying of <HI>Scots</HI> Goods, he will make 112 thou&s;and buy them, <HI>Ergo,</HI> we get le&s;s Money for our Goods by the rai&s;ing; and if that Merchant have a mind to buy no more of our Goods, he will remitt his 4000 <HI>lib:</HI> &s;uperplus back to the Con&s;igner; <HI>Ergo,</HI> we keep le&s;s money within the King|dome than we would have done, had the Money not been rai&s;ed. And the next time that Money is &s;ent to buy the like Quantity of Goods in place of 116000 pound, he will &s;end only 112000: <HI>Ergo,</HI> There comes le&s;s Money in by the rai&s;ing. But you will &s;ay, he will imploy that Superplus al&s;o to buy Goods in <HI>Scot-land;</HI> No, unle&s;s he need to export them. But if he do, he leaves no more Money for them than he would have done for the fir&s;t Parcel, had not the Money been rai&s;ed: <HI>Ergo,</HI> upon the Matter we give the &s;econd Parcel of our Goods for nothing.</P>
<P N="5">5<HI>to.</HI> He who &s;old 100 Cows, or 100 Sheep for Money at <HI>White&s;unday,</HI> in order to the buying of Plate from a Gold-Smith of 116 Ounce weight, when he comes to pay the Gold-Smith in the new rai&s;ed Money, in place of his 116 Ounce, the Gold-Smith will give him but a 112 Ounce, becau&s;e the Gold-Smith will only re&s;pect the intrin&s;ick Value of the Money he receives.</P>
<P N="6">6<HI>to.</HI> Every Creditor in <HI>Scotland</HI> who &s;hall be payed in the new rai&s;ed Money, if he imploy his Money to Merchandice abroad, or if he Give it to a Factor on Bills of Exchange to be rai&s;ed abroad, or if he put it into a Gold-Smiths hand for Plate, in the very fir&s;t In&s;tant he will lo&s;s the 28<HI>th.</HI> part of his Stock.</P>
<P N="7">7<HI>mo.</HI> All the Liferenters, who&s;e Rents are payable in Money, all Ho&s;pitals, all Servants fees, when payed at <HI>Whit&s;unday</HI>
<PB N="4" REF="3">next, if all or any of tho&s;e per&s;ons give their Money to Factors, or Gold-&s;miths, or imploy it in forraign Merchandi&s;e, or &s;end it abroad, they will at <HI>Whit&s;unday</HI> next, and all terms thereafter want the 28 part of their E&s;tates and dues.</P>
<P N="8">8<HI>vo.</HI> When we pay 12 Months Ce&s;s to the King, the Sub|jects pay the &s;ame that they did formerlie; For as they pay the Ce&s;s in the new Money, &s;o they were payed for their Goods in the new money, but when the King imployes this Money to buy Armes, Amunition, provi&s;ions, or pay Souldiers a|broad, he will want the 28 part of what we pretend to have given him.</P>
<P N="9">9<HI>no.</HI> All who buy &s;hipping abroad, and have provided Mo|ney here for buying thereof, will want a 28 part of what they thought to have had when they come to the Market.</P>
<P N="10">10<HI>mo.</HI> All who receive Salleries, Advocates, Clerks, Officers, <HI>&amp;c.</HI> Will receive a 28 part le&s;s than the Leiges do indeed pay them; For when they have gathered the &s;malls into a &s;tock, and imployed this &s;tock in Exchange in Merch|andi&s;e, or in Gold-&s;miths hands, they will want a 28th part of what they thought they had.</P>
<P N="11">11<HI>mo.</HI> It is certain, that when people find that they mu&s;t pay more for all forraign Goods, they will indeavour to rai&s;e the price of the Native Goods al&s;o, thereby to get in with the one hand what they give out with the other; Yet before this can be done, there will be an exce&s;&s;ive lo&s;s in the in|terim. But when the Goods are rais'd, the King, the Nobi|lity and Gentrie who have their Rents fixt in Money payment, the&s;e Rents will buy le&s;s quantity of Goods of all kinds than they did formerly, that is, they will have &s;o much le&s;s rent than they had.</P>
<P N="12">12<HI>mo.</HI> When the prices of all Goods are rai&s;ed, then the
<PB N="5" REF="3">poor &s;ervants fees, and the poor workmens wages will not buy &s;o much of their nece&s;&s;ars for life, as the&s;e fees and wages did formerlie, which be the by, will al&s;o rai&s;e all wages and fees, which th&ocirc; look'd upon as an evil, yet is the be&s;t effect; <HI>id e&s;t,</HI> the lea&s;t evil that will follow on the rai&s;ing of Money, But to come to the very lowe&s;t of all, the Beggars alms will not buy as much food to him as formerly, becau&s;e the prices of meats ri&s;e unle&s;s we can be &s;o mad as to rai&s;e the value of the Coppar al&s;o; And indeed I know no rea&s;on why we may not as well complement the King of <HI>Sweden</HI> with a part of our E&s;tates as the King of <HI>Spain.</HI></P>
<P>That which is an&s;wered and oppo&s;ed to all this, is,</P>
<P N="1">1<HI>mo.</HI> That the rai&s;ing of the value of Forraign Money, will induce the Merchant to bring in the greater Quantity thereof, that is to &s;ay, whereas formerly he did bring in half a Crown, he needs bring now but 28 &s;hillings <HI>Scots;</HI> now how will you prove that 28 pence is more nor half a Crown? You will &s;ay he will buy the greater Quantity of our Goods; Yes, if he need them, and &s;o he would do, had he payed half a Crown for them; But would he not be as well induc'd to buy that greater Quantity, if you &s;ell him your Goods for half a Dollar which formerly you &s;old for half a Crown? And u|pon the matter it is all one, for you may make a fools para|dice by thinking your half Dollar is a half Crown, and as long as it pa&s;&s;es from hand to hand in <HI>Scotland</HI> it may pro|duce that folly in every <HI>Scots-Man;</HI> But when ever the Money comes to be imployed abroad either in Specie or Exchange, then our half Dollar will be half a Dollar &s;till.</P>
<P N="2">2<HI>do.</HI> They &s;ay the rai&s;ing of our own Standard will keep our own Coyn at home. Not to &s;peak of that fooli&s;h topick of keeping Money at home by rai&s;ing its value, whereas it can|not
<PB N="6" REF="4">be done but by the wi&s;e ballancing of the trade, for if we export Goods of more value and price than we import, then our &s;tock of Money will increa&s;e, and if we import more Goods in value and price than we export then our Stock of Money will as nece&s;&s;arly decrea&s;e. And the con&s;ideration and redre&s;s of this were worthie of Coun&s;ellers and States-Men indeed, whereas the other Remedy is a gro&s;s mi&s;take; For if we import Goods and have not Goods to give for them, we mu&s;t pay money for them, and the Importer will take the Money only at its true Value, or if you will give it a greater Denomination, he will require the Greater quantity of it for his price, el&s;e he were a fool, and wold find his lo&s;s when he returnes to the place where he bought his Goods. But the true Cau&s;e of exporting our Money is, that we allow forraign Coyn, which is but equivalent to, or le&s;s in value than our own, to pa&s;s at a higher value than our own (a madne&s;s peculiar to our &s;elves) for if a <HI>Cullogne,</HI> a <HI>Bear,</HI> a <HI>Ca&s;tell Dollar,</HI> &amp;c. Be but equivalent to our four Merk peice, and pa&s;s for two Pence <HI>Sterling</HI> in the Ounce more than it doth, it is a very good Invitation for the Merchant to export our Coyn, and bring in that whereon he will gain &s;o much, but thereby the Nation does indeed lo&s;s as much, and it is a mi&s;chievous overvaluing of forraign Coyn, and produces all the foregoing evil effects: The true remedy whereof were not to &s;uffer forraign money to pa&s;s above the value of our own, nay not &s;o much, and then no Body would export ours, becau&s;e they could gain nothing by importing ba&s;e Coyn as now they do.</P>
<P>It is like wayes urged, That <HI>Cro&s;s Dollars</HI> and <HI>Leggs</HI> &s;hould be cryed up to the hight of the <HI>Cullogne</HI> and other Dollars, be|cau&s;e they are as good as the other&punc; but what gain has a Na|tion
<PB N="7" REF="4">by this, for if they be both of equal value, and that they get the &s;ame for the <HI>Cullogne</HI> Dollar abroad that they get for the <HI>Cro&s;s Dollar,</HI> it is all one to us whether the Merchant bring us in a <HI>Cullogne Dollar</HI> or a <HI>Cro&s;s Dollar.</HI></P>
<P>Another Objection is, That the <HI>Cro&s;s Dollar,</HI> and <HI>Ducate|downs</HI> are melted in our own Mint, which is a new Coyned grievance, for never People grudg'd at the bringing in of Good Silver to be coyn'd in their own Mint till now, and you may as well di&s;charge a Mint, as prohibite the Melting down of any Silver finer than our own Standard, but if <HI>Cro&s;s Dol|lars</HI> &amp; <HI>Ducate downs</HI> be finer than our own Standard. Then we need not fear that our Standard is too fine, nor alter it to the wor&s;e, unle&s;s we re&s;olve to alter our fine Standard to a ba&s;ene&s;s, contrar to our Intere&s;t, to our Law, And in violati|on of our &s;olemn Contract with <HI>England</HI> for Unity of Standard with them. And albeit <HI>England</HI> hath not notic'd the late Encroachment made on that Contract, Yet I am afraid they will not &s;uffer a great one, unle&s;s they re&s;olve to alter their own Standard; In which ca&s;e, there is no doubt, we &s;hould al&s;o alter, tho both will certainly lo&s;s thereby, both being Kingdoms which have Goods that are nece&s;&s;ar to other Kingdoms, and therefore wold be bought by forraign Merchan|ants with Money equivalent to our own Standard, unle&s;s we allow a wor&s;e Standard to pa&s;s upon us, or make our own as bad as theirs.</P>
<P>But until <HI>England</HI> rai&s;e their Standard, it is the hight of imprudence in us to rai&s;e ours, nor can any advi&s;e &s;o, who &s;eriou&s;ly think on it, except Gold-&s;miths, Merchants and private Men who have Money in Ca&s;h, and who preferr a little private Gain to the Intere&s;t of the Nation.</P>
</DIV1>
<DIV1 TYPE="currency values">
<PB REF="5">
<HEAD><HI>The Weights of the Mo&s;t ordinar<GAP DESC="illegible" EXTENT="1 letter"> Silver-Coin by E&s;&s;ay, taken at</HI> Gold-Smiths-Hall.</HEAD>
<LIST>
<ITEM><HI>Nota,</HI> 24 Grains make a penny weight of Silver: This penny is a three pence <HI>Sterling</HI> now.</ITEM>
<ITEM>20 penny weight makes an Oze or Ounce of Silver, 12 Ozes or Ounces, make a pound Troes.</ITEM>
<ITEM><HI>Item,</HI> 4 &s;uch Silver Grains make one Carrat Grain for weight|ing of Gold: And 4 Carrat Grains make one Carrat, and 24 Carrats make one Ounce.</ITEM>
<ITEM>The <HI>Sterling</HI> Standard in <HI>Scotland</HI> and <HI>England,</HI> is eleven penny two Grains of fine Silver, and 22 Grains of Al|loy in the Ounce, Or 11 Ounce 2 penny of fine Silver, and 18 penny of Alloy in the pound.</ITEM>
</LIST>
<P>The Account following, &s;hews how much wor&s;e the &s;everal Species are than the <HI>Sterling</HI> Standard, counting by the pound Troes.</P>
<P><TABLE>
<ROW>
<CELL ROLE="label">&nbsp;</CELL>
<CELL ROLE="label">Oun:</CELL>
<CELL ROLE="label">Pen</CELL>
</ROW>
<ROW>
<CELL>The <HI>Mexico Real</HI></CELL>
<CELL>0</CELL>
<CELL>1</CELL>
</ROW>
<ROW>
<CELL>The <HI>Sevil Real</HI></CELL>
<CELL>0</CELL>
<CELL>1</CELL>
</ROW>
<ROW>
<CELL>The <HI>Portugal Te&s;ton</HI></CELL>
<CELL>0</CELL>
<CELL>1</CELL>
</ROW>
<ROW>
<CELL>The <HI>French Louis</HI></CELL>
<CELL>0</CELL>
<CELL>1 &frac12;</CELL>
</ROW>
<ROW>
<CELL><HI>Milres Portugal</HI></CELL>
<CELL>0</CELL>
<CELL>1 &frac12;</CELL>
</ROW>
<ROW>
<CELL>Ducaton of <HI>Flanders</HI></CELL>
<CELL>0</CELL>
<CELL>4 &frac12;</CELL>
</ROW>
<ROW>
<CELL><HI>Maximil Dollars</HI> 1616</CELL>
<CELL>0</CELL>
<CELL>4 &frac12;</CELL>
</ROW>
<ROW>
<CELL>Rex Dollar <HI>Imperial</HI></CELL>
<CELL>0</CELL>
<CELL>7 &frac12;</CELL>
</ROW>
<ROW>
<CELL><HI>Leopadus</HI> Dollar 1624</CELL>
<CELL>0</CELL>
<CELL>9 &frac12;</CELL>
</ROW>
<ROW>
<CELL><HI>Holland</HI> Dollar</CELL>
<CELL>0</CELL>
<CELL>10</CELL>
</ROW>
<ROW>
<CELL><HI>Rodolph</HI> Dollar 1607</CELL>
<CELL>0</CELL>
<CELL>10</CELL>
</ROW>
<ROW>
<CELL>Cro&s;s Dollar</CELL>
<CELL>0</CELL>
<CELL>12</CELL>
</ROW>
<ROW>
<CELL><HI>Ferdinand</HI> Dollar 1623</CELL>
<CELL>0</CELL>
<CELL>12 &frac12;</CELL>
</ROW>
<ROW>
<CELL><HI>Dani&s;h</HI> Dollar</CELL>
<CELL>0</CELL>
<CELL>13</CELL>
</ROW>
</TABLE>
<TABLE>
<HEAD>The Value of Gold in Standard.</HEAD>
<ROW>
<CELL ROLE="label">&nbsp;</CELL>
<CELL ROLE="label"><HI>Gar.</HI></CELL>
<CELL ROLE="label"><HI>Gr.</HI></CELL>
</ROW>
<ROW>
<CELL><HI>Engli&s;h</HI> Ro&s;e-Noble</CELL>
<CELL>23</CELL>
<CELL>3 &frac12;</CELL>
</ROW>
<ROW>
<CELL><HI>Hungarian</HI> Ducate</CELL>
<CELL>23</CELL>
<CELL>3 &frac12;</CELL>
</ROW>
<ROW>
<CELL><HI>Elizabeth</HI> Angel</CELL>
<CELL>23</CELL>
<CELL>3 &frac12;</CELL>
</ROW>
<ROW>
<CELL><HI>Flemi&s;h</HI> Rider</CELL>
<CELL>23</CELL>
<CELL>3</CELL>
</ROW>
<ROW>
<CELL><HI>Albertus</HI> Ducate</CELL>
<CELL>23</CELL>
<CELL>3</CELL>
</ROW>
<ROW>
<CELL><HI>Portugal</HI> Ducate</CELL>
<CELL>22</CELL>
<CELL>3</CELL>
</ROW>
<ROW>
<CELL><HI>Spani&s;h</HI> Pi&s;tol</CELL>
<CELL>22</CELL>
<CELL>0</CELL>
</ROW>
<ROW>
<CELL>States Rider</CELL>
<CELL>22</CELL>
<CELL>0</CELL>
</ROW>
<ROW>
<CELL><HI>Engli&s;h Jacobus</HI></CELL>
<CELL>22</CELL>
<CELL>0</CELL>
</ROW>
<ROW>
<CELL><HI>Scots</HI> Cro&s;s Dager</CELL>
<CELL>22</CELL>
<CELL>0</CELL>
</ROW>
<ROW>
<CELL><HI>Engli&s;h</HI> new Coin.</CELL>
<CELL>22</CELL>
<CELL>0</CELL>
</ROW>
</TABLE></P>
</DIV1>
</BODY>
<BACK>
<DIV1 TYPE="colophon">
<P>EDINBURGH, Printed be <HI>John Reid, Anno Dom:</HI> 1695.</P>
<PB REF="5">
</DIV1>
</BACK>
</TEXT>
</EEBO>
</ETS>
