<!DOCTYPE ETS PUBLIC "-//UMDLPS//DTD EEBOPROOF 2.0//EN">
<ETS>
<TEMPHEAD>
<REVDESCR>
<CHANGE>
<DATE>2014-09-09</DATE>
<RESPSTMT>
<NAME>John Pas</NAME>
<RESP>MURP</RESP>
</RESPSTMT>
<ITEM>Proofed and reviewed as part of batch B140617.apex.</ITEM>
</CHANGE>
</REVDESCR>
</TEMPHEAD>
<EEBO>
<IDG S="marc" R="UM" ID="B29836">
<STC T="W">S3885</STC>
<STC T="W">G2225</STC>
<STC T="G">816.m.10[29]</STC>
<STC T="C">R215630</STC>
<BIBNO T="umi">99884512</BIBNO>
<VID>185352</VID>
</IDG><!-- alt.stc CR215630 -->
<TEXT LANG="eng">
<BODY>
<DIV1 TYPE="text">
<PB REF="1" MS="y">
<OPENER><SALUTE>SIR,</SALUTE></OPENER>
<HEADNOTE>
<P><HI>Not having an Opportunity to end my Di&s;cour&s;e with you about Settling of</HI> Guineas, <HI>I am bold thus to give you my Thoughts thereon, and that very briefly, not too much to interrupt your other Affairs.</HI></P>
</HEADNOTE>
<P>FOR above Twenty Years pa&s;t <HI>Guineas</HI> have been commonly Received and Paid at <HI>21s. 6d.</HI> a &s;mall matter more or le&s;s, till of late, and within a Year la&s;t pa&s;t, by the Evil De&s;igns of the Enemies to the Kingdom, and for Private Intere&s;t, the Silver Moneys were Clipt above One Third Part le&s;s, and the Gold rai&s;ed above One Third Part more in value, than what it was Coyned for, which hath notoriou&s;ly brought the pre&s;ent Inconveniency upon us, in re&s;pect to our Coyn.</P>
<P>Therefore I humbly conceive it ab&s;olutely Nece&s;&s;ary, and not beyond the Wi&s;dom and Power of the Nation, &s;peedily to remedy this Evil; which, with Submi&s;&s;ion, I am apt to believe is ea&s;ily done, by &s;ettling <HI>Guineas</HI> at <HI>21s. 6d.</HI> without any &s;uch dangerous Con&s;equences as by &s;ome are Objected. As,
<LIST>
<ITEM>1. <HI>The People will not bear it.</HI></ITEM>
<ITEM>2. <HI>It will be all Carried away.</HI> And,</ITEM>
<ITEM>3. <HI>Not lent to the King.</HI></ITEM>
</LIST></P>
<P>For my Opinion, I offer the following Rea&s;ons, and An&s;wer to tho&s;e Three Objections.</P>
<P N="1">1. And &s;ay, <HI>The People will bear it.</HI> If <HI>Guineas</HI> are &s;ettled by Act of Parliament at <HI>21s. 6d.</HI> for Currant and Lawful Money of <HI>England,</HI> with a Liberty for the King or Subject voluntarily to accept or receive them in Payment, or Purcha&s;e them with Silver, at any Price not exceeding <HI>22s.</HI> upon &s;evere Penalties, it will be &s;o near the Intrin&s;ick and Proportionable Value of our Broad Silver and Mill'd Money, that it will immediately re&s;tore to us the u&s;e of all our Gold and good Silver Coyn in the Nation; which in a great mea|&s;ure will &s;upply the Occa&s;ions of the King, and &s;atisfie the People: And till they are &s;ettled, &s;ome keep up the Gold, and others the Silver Unclipp'd and Mill'd Money, and &s;o leave no Money at all to &s;upply the Nece&s;&s;ities of the Poor. I have heard the Pretences on all &s;ides, and conclude, That not One Man of a Thou&s;and will be any con&s;iderable &s;ufferer in this matter throughout the Kingdom. There may be Five Hundred or One Thou&s;and Men that have above Five Hundred or One Thou&s;and <HI>Guineas</HI> each; which are the Men that may or will make mo&s;t noi&s;e again&s;t it, and endeavour to keep them up to <HI>26s.</HI> or higher: And many of them may have gotten as much by the Ri&s;e, as they will lo&s;e by the Fall; and the Fall cannot Undoe them: They are be&s;t able to bear it. I mo&s;t pity the Midling &s;ort of People, <HI>Trade&s;men, Farmers, Tenants, &amp;c.</HI> both in City and Country: But for them in our pre&s;ent Exigency, and in this General Calamity, which is like a Fire in a City or Town, which affects not but where it falls; I can &s;ee no better Remedy than to prevent the farther Increa&s;e of it. The General Cry of the Poor and Midling People, is for to have <HI>Guineas</HI> &s;ettled at any Rate: And it is better for every Man to bear his pre&s;ent Lo&s;s, than to be Undone for want of Trade, which is like to come to a full &s;top. And therefore I conclude, <HI>The People will bear it.</HI></P>
<P N="2">2. <HI>It will not be all Carried away.</HI> For the <HI>Dutch,</HI> or <HI>Jewes</HI> in <HI>Holland,</HI> cannot make a better Intere&s;t of their Money, nor on better Security than they can here: For there they have u&s;ually Moneys at 3 or 4 <HI>per Cent.</HI> and here they receive 6, 7 or 8, it may be more. And though its commonly &s;aid, That <HI>Guineas</HI> are more worth there than here; They have never yet been &s;o, nor indeed can they be, unle&s;s <HI>Holland</HI> will Clip and Deba&s;e their Silver Coyns as we have done, and &s;o &s;tart their Gold as we have done. But many take the&s;e things in a wrong Nation&punc; for Gold and Silver are of the &s;ame Value in <HI>England;</HI> as in <HI>Holland,</HI> or any other part of the World, even in <HI>Mexico</HI> and <HI>Peru.</HI> A Pound or Piece of Gold or Silver Coyn, can be worth no more (the Charge of Coynage excepted) than the Gold or Silver that is in it&punc; Therefore that's no Inducement <HI>to Carry it away.</HI></P>
<P N="3">3. <HI>It will be Lent to the King.</HI> (And be better for His Maje&s;ty and the Nation by a Fifth Part of all the Supplies given Him, and they will go a Fifth Part farther than at <HI>26s.</HI>) For during the Wars, People will not be forward to Trade with it: Nor will they be &s;o angry at the Fall of <HI>Guineas,</HI> (becau&s;e they cannot pay them at <HI>26s.</HI>) as to make no u&s;e of them And as long as there are good Funds, they will not keep their Money in a Che&s;t, and make nothing of it. But if they are not content with 6, 7 or 8, <HI>per Cent.</HI> Intere&s;t, all Con|&s;idering Men will grant, I hat in ca&s;e of Nece&s;&s;ity, it's better for the King, or Government, to allow 10 or or 12 <HI>per Cent.</HI> Intere&s;t, or to allow 3 or 4 <HI>per Cent.</HI> for an Inducement, rather than to take <HI>Guineas</HI> at <HI>26s.</HI> which is full 20 <HI>per Cent.</HI> above their Real Worth, or Intrin&s;ick Value, be&s;ides the Intere&s;t. And therefore I conclude, <HI>It will be Lent to the King.</HI></P>
<P>I &s;hall only add, That if <HI>Guineas</HI> be &s;ettled, in their Proportional Value to our Silver, which is at <HI>21s. 6d.</HI> as afore&s;aid, the Country will not want &s;o much New Money to Change their Clipt. And if they be not &s;o &s;ettled, or &s;ome other Methods taken, the Clipt Money cannot be taken in in time. I am al&s;o of Opinion, That if the Gold were &s;o &s;ettled, we &s;hould need no other Mints to be Erected in <HI>England;</HI> And the Coyning of Gold might be incouraged, if not <HI>Guineas,</HI> Pieces of 15 or <HI>30s.</HI> But I am loath to trouble you by Prolixity, therefore conclude and remain,</P>
<CLOSER><SALUTE>SIR,</SALUTE>
<DATELINE><DATE>March 20th, 1695/6.</DATE></DATELINE></CLOSER>
<TRAILER><PB REF="2" MS="y"><HI>GUINEAS</HI> at <HI>21s. 6d.</HI> will make Money Plenty: The Peo|ple will bear it: Not Carry it to <HI>Hol|land,</HI> but Lend it to the KING.</TRAILER>
</DIV1>
</BODY>
</TEXT>
</EEBO>
</ETS>
