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<DATE>2014-09-10</DATE>
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<NAME>John Pas</NAME>
<RESP>MURP</RESP>
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<ITEM>Proofed and reviewed as part of batch B140726.pdcc.</ITEM>
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<EEBO>
<IDG S="marc" R="UM" ID="B05101">
<STC T="W">R543</STC>
<STC T="C">R224688</STC>
<BIBNO T="oclc">52614873</BIBNO>
<VID>176058</VID>
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<TEXT LANG="eng">
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<DIV1 TYPE="text">
<PB REF="1" MS="y">
<PB REF="1">
<PB N="1" REF="2" MS="y">
<HEAD>REASONS <HI>Humbly offer'd for the making a</HI> Law <HI>to prohibit the Expor|tation of</HI> All <HI>Silver which has been, or &s;hall be once melted in</HI> England, <HI>and to prevent the Clipping of our Money for the future.</HI></HEAD>
<P>_BY a Law made in the 15th of <HI>Charles</HI> the 2d. Chap. 7. Sect. 12. <HI>All &s;orts of Foreign Coin, or Bullion of Gold or Silver,</HI> are allow'd to be tran&s;ported <HI>Cu&s;tom-free.</HI></P>
<P>This was de&s;ign'd to be an Advantage to our Trade, and an Increa&s;e of our Coin, as the Title of the Act, and the Law it &s;elf (<HI>Sect.</HI> 12.) &s;hews: But contrary to this, through the frau|dulent Contrivance of &s;ome de&s;igning Men (who have advanced them&s;elves on the Publick Ruin) there has been (under the Umbrage of this Law) a Trade carried on to the univer&s;al Detriment of the Nation, the le&s;&s;ening of our Coin, and to the De&s;truction of Trade, properly &s;o call'd.</P>
<P>This appears from the mi&s;erable Effects which the Nation at pre&s;ent &s;adly feels, both in re&s;pect of the Diminution of our Publick Trea&s;ure, and the Clip|ping, and deba&s;ing all our running Ca&s;h: For tho it cannot be &s;uppos'd, That that Act ever intended any other Bullion than Foreign (<HI>i. e.</HI> &s;uch as has not been melted down and wrought here in <HI>England</HI>) &s;hould be exported; yet under the pretence of &s;uch Bullion, not only Silver manufactured here, but al&s;o almo&s;t all our Mill'd Money, if not va&s;t Quantities of Clippings (melted into Ingots) have been exported openly, under the Name of Foreign Bullion.</P>
<P>There has been (as appears by the Account of the Mint) between the <HI>Year</HI> 1662, and 1689. above <HI>Ten Millions</HI> of <HI>Gold</HI> and <HI>Mill'd</HI> Silver Money Coin'd in this Kingdom, which is &s;uppos'd to be twice as much as all the Mo|ney at pre&s;ent in the Nation, and ten times as much as all the Mill'd Money that's left among us; &s;o that nine Parts in ten have been melted down, and then publickly exported (Cu&s;tom-free) under the name of Foreign Bullion: And from this Exportation of va&s;t Quantities of our Bullion to <HI>Am&s;terdam,</HI> &amp;c. for the Coining of <HI>Lion-Dollars,</HI> it is that the <HI>Turk</HI> is &s;uppli'd with va&s;t Sums to carry on the War again&s;t the Chri&s;tian World. For tho the <HI>Dutch</HI> allow the Coining of tho&s;e Dollars, (tho an old <HI>Dani&s;h</HI> Coin) which are more than 30 <HI>per Cent.</HI> (above their true Value) yet they allow it only to the Importer of Bul|lion, who allows the State 18 <HI>per Cent.</HI> for Coinage, and gains above 12 <HI>per Cent.</HI> to him&s;elf for Importation. And it's neither unrea&s;onable nor groundle&s;s to believe, that much of our Bullion is got over into <HI>France,</HI> &s;ince that Kingdom has rais'd their Money 10 <HI>per Cent.</HI> which mu&s;t nece&s;&s;arily encourage the Importation of Silver thither, and by con&s;equence enable them the more vigorou&s;ly to carry on the War again&s;t us.</P>
<P>From this publick Allowance to Export all &s;orts of Bullion, ill Men have had an opportunity of carrying off Clippings, without publick Su&s;picion: And that great Quantities of that &s;ort of Silver have been exported, is not groundle&s;s to believe,
<PB N="2" REF="3">&s;ince within the&s;e five Years la&s;t pa&s;t (tho there has been very little Imported) about 18000000 of Ounces of Silver have been Exported to <HI>Holland</HI> and other places (as appears by the Cu&s;tom-Hou&s;e Books) be&s;ides what's &s;ent away and not entred, which would have Coin'd above 4650000 <HI>l.</HI> Sterling: and if the <HI>Exporters</HI> were to be examined whence they had this Silver, it's too likely, that the tracing of their Market would run up as high as the Clippers Shears. So that our Trea&s;ure in five Years la&s;t pa&s;t is much dimini&s;hed, and will con|tinue to dimini&s;h (unle&s;s timely prevented) till we have nothing but fal&s;e and adulterated Money left among us, with which at pre&s;ent our Coin is &s;o vitia|ted, that the Cries of the Poor (who are generally the Sufferers by this fal&s;e Money) are &s;uch as de&s;erve both Pity and Redre&s;s.</P>
<P><HI>To remedy which,</HI> It's pray'd that a Law be made <HI>to Prohibit the Exportation of all Bullion, that has been once melted in this Nation, and that our Money be all new coin'd,</HI> to prevent all Clipping for the time to come.</P>
<P>But in oppo&s;ition to this, there are a &s;ort of Men who have grown Rich by the Publick Poverty, and have manag'd very gainful (not to &s;ay <HI>unlawful</HI>) Trades; who pretend that,</P>
<P><HI>Obj.</HI> 1. We mu&s;t export Bullion, or Money, to &s;upply the Army abroad.</P>
<P><HI>An&s;w.</HI> The <HI>Bank</HI> of <HI>England</HI> has undertaken that Matter; and it's wonderful that the&s;e Men &s;hould plead a Cau&s;e, in which they are little or nothing concern'd, when the <HI>Bank</HI> (the engaged Body) does not think fit to make the Objection. But it's affirmed by tho&s;e that have formerly &s;erv'd the Army, that they never &s;ent Silver melted in <HI>England,</HI> for that purpo&s;e; and if the Accounts of tho&s;e that have been the great Exporters of our Bullion be examined, 'twill be found that not <HI>One</HI> Ounce in <HI>Ten</HI> was &s;ent for that Service.</P>
<P><HI>Obj.</HI> 2. They Object that there being an Over-Ballance of Trade between <HI>Hol|land</HI> and <HI>&V;s,</HI> we mu&s;t &s;end Bullion to di&s;charge the Debt, which we do not pay with Engli&s;h Commodities.</P>
<P><HI>An&s;.</HI> Tho this is an Argument &s;ome Men u&s;e, yet one would think they &s;hould blu&s;h to urge it; for if we Buy more than we Sell, we mu&s;t be undone and ruin'd by our Trade; for every Trade that is manag'd by Money more than by Manufactures, is &s;o far from being an Advantage, that 'tis a De&s;truction to us.</P>
<P><HI>Obj.</HI> 3d. But a third Objection is, That Gold and Silver being Merchandize, unle&s;s there be Liberty to export them, there will be none Imported.</P>
<P><HI>An&s;.</HI> It's neither de&s;ir'd, nor propos'd, that a Law be made to hinder the Ex|portation of Bullion in General; but only that all &s;uch Bullion as has been once melted down here in <HI>England,</HI> &s;hall not be Exported; that &s;o we may keep the <HI>Trea&s;ure</HI> we are at pre&s;ent po&s;&s;e&s;t of, and hereafter when the Merchant finds as good a Market here as el&s;ewhere, <HI>it</HI> may be encrea&s;ed; which unle&s;s we do, an Univer&s;al Poverty mu&s;t inevitably break in upon us.</P>
<P><HI>Obj.</HI> 4th. But this Law will never An&s;wer its End, in regard Money or Bullion will be Exported privately notwith&s;tanding the Law.</P>
<P><HI>An&s;.</HI> Suppo&s;ing <HI>&s;ome</HI> &s;hould be privately carried away, yet there's a va&s;t Dif|ference between Exporting &s;ecretly, under a &s;evere Penalty, contrary <HI>to</HI> Law; And doing it openly and avowedly by Law: and if the Di&s;coverer be Entituled
<PB N="3" REF="3" MS="y">to a good &s;hare of the Money or Bullion he &s;hall detect, it will certainly in a great Mea&s;ure prevent its Exportation.</P>
<P>As to the Preventing of the Clipping of our Money, it's humbly offer'd, That no way can be &s;o effectual, as the new Coining and Milling all our Mo|ney. Since our Money being now &s;o clipt, that the Half Crown (as to its intrin|&s;ick Value) is not worth above 18 <HI>d.</HI> many not above 15 <HI>d.</HI> and &s;ome le&s;s (be&s;ides Bra&s;s and mixed Metal) di&s;per&s;t among us; and it's probable that this la&s;t year, near 100000 <HI>l.</HI> of this Counterfeit old Money has been imported: And &s;ince our Neigh|bours Coin <HI>Lion-Dollars</HI> (a <HI>Dani&s;h</HI> Coin) at 30 <HI>per Cent.</HI> profit. It's no wonder if they Coin old <HI>Engli&s;h</HI> Clipt Money, (which mu&s;t yield them (though good Sil|ver) 80, or near 100 <HI>per Cent.</HI> profit); Therefore the longer we &s;tay before we re|form our Coin, the more of this Clipt Money we &s;hall have to reform; and by con&s;equence, the doing it will be attended with the greater Difficulties.</P>
<P>If the Mill'd Crown be rai&s;ed to 5 <HI>s.</HI> 6 <HI>d.</HI> and the Ten <HI>per Cent.</HI> thereby Advanced be re&s;erved as a Fund towards &s;upplying the Defect of the Clipt Mo|ney, it will very much le&s;&s;en the Tax to be rais'd for <HI>that</HI> purpo&s;e. And that this will be accompanied with no &s;uch &s;evere Con&s;equences as &s;ome pre|tend; but on the contrary, that it's ab&s;olutely nece&s;&s;ary, will appear,</P>
<P N="1">1&s;t, Since our Neighbour Nations have lately rais'd their Money in denomina|tion, above the intrin&s;ick value; for us not to rai&s;e ours, is to encourage the melt|ing it down for Exportation.</P>
<P N="2">2dly, The Silver that is now in our Mill'd Crown-piece is really worth 5 <HI>s.</HI> 6 <HI>d.</HI> to melt for Exportation, though the Piece will go but for 5 <HI>s.</HI> from whence it's become a Trade among &s;ome to buy Mill'd Money, but for what end may be ea&s;ily gue&s;s'd, &s;ince pieces of that Stamp are become &s;o rare, that they rather look like Medals than the publick and common Coin of the Kingdom.</P>
<P N="3">3dly, This will keep our Money at home, as well as pre&s;erve it from melting down; and will al&s;o cau&s;e it to return, if carried abroad: As we &s;aw, when the <HI>Prince</HI> of <HI>Orange</HI> (now our gracious <HI>King</HI>) landed with his Forces in 88. Great Quantities of <HI>Dutch</HI> Money were plenty in all the We&s;t-parts of <HI>England,</HI> where his Army lay; and yet in a few Months all were return'd back to <HI>Holland:</HI> And in|deed no people will be fond of Foreign Coin, which they cannot gain by, in melt|ing it down; as on the contrary, all will de&s;ire Foreign Money, who&s;e worth ex|ceeds their own at home; which is the true Rea&s;on why the <HI>Danes</HI> and <HI>Swedes</HI> are &s;o very covetous of our new Mill'd Crowns.</P>
<P>It's not unlikely but that &s;everal Per&s;ons, who have gotten E&s;tates by this mi&s;|chievous Trade of exporting our Bullion, if not by <HI>wor&s;e Arts,</HI> will endeavour to rai&s;e Objections again&s;t this &s;o <HI>Ju&s;t</HI> and <HI>Profitable</HI> a Law; But it's humbly pre|&s;um'd, that the Wi&s;dom of this <HI>Honourable Hou&s;e</HI> will detect and repre&s;s their De&s;tructive Endeavours. And whatever Objections are urg'd in Printed Papers, or before the Honourable Committee, that &s;hall hear this matter, &s;hall be fully An&s;wered by <HI>Tho&s;e</HI> who de&s;ire nothing but the Welfare and Good of the Publick.</P>
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<PB REF="4">
<P>REASONS For prohibiting the EXPORTATION OF ALL Silver which has been Melted in <HI>England.</HI></P>
<PB REF="4">
</DIV1>
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