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The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject cover

The Regulating Silver Coin, Made Practicable and Easie, to the Government and Subject

Chapter 34: TRANSCRIBER’S NOTES
By Samuel Pratt
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About This Book

The pamphlet analyzes causes and consequences of the debasement and scarcity of silver coin, defines key terms of intrinsic, extrinsic, and real value, and examines importation, alteration, export, melting by artisans, and hoarding. Addressing Parliament and using mathematical reasoning, it diagnoses threats to credit, trade, and national reputation, warns of counterfeiting and loss of confidence, and proposes a practical scheme to regulate coinage that seeks to prevent both undervaluation and export. It closes by outlining anticipated advantages and conveniences from the proposed reforms.

CHAP. IX.
Advantages and Conveniencies most of which may be expected from this Method.

1. The Subject will be assured by the giving intire Satisfaction for Clipt Money, that the Coin of England Minted by Authority, is an inviolable and an unalterable Property which the Parliament will for ever maintain, even in the worst of times; the Consideration of which, will give the real and additional Value of the new Coin’d Money, a Credit throughout the World. And People will be the better able to pay Taxes if they are at no loss by their Clipt Money.

2. The Denomination of the Silver Coin will not hereby be raised above the real value.

3. The Trade and Circulation of Bullion in and out of the Kingdom, will not be at all hinder’d, so that as much Silver and Gold may be yearly transported into Flanders, as the occasions of the War require, without loss of Coinage; and Money which is the Vital warmth of In-land Trade, by which People are enabled to pay Taxes, always preserved among us.

4. The frequent Rises and Falls of Money beyond Sea, will be no longer an effectual trick to cheat us, as it hath hitherto been.

5. If it should after all be exported, it will be 20 l. per Cent. more to the Exporters loss, than if it had a full Intrinsick Value.

6. That 20 l. per Cent. which the Exporters lose, will be gain’d by the Government; because for what is exported, no Interest will be paid, nor no Principal at the end of the War.

7. The Coin’d Silver of the whole Nation, may in times of Peace be reduced to the old Standard, and Intrinsick Value, without recoining or altering the Species.

8. Those who hide and hoard up their Money, to defeat the Intents of a Tax upon it, will be disappointed of their Ends, and become greater Losers than by producing it; whereby Money may be affected by Taxes, which now cannot so easily be done.

9. All the Benefits and Advantages which can be proposed by a raising of the extrinsick and denominated Value of Money, will be hereby secured, and all the Inconveniencies of that Method obviated.

10. All the Advantages which can be proposed to the Publick by Coining after the old Standard, will hereby be effected, at a very inconsiderable present Expence, and no more than one Million at the end of the War.

11. Guineas will hereby fall in their Estimation, by an easie, natural, and gradual Abatement.

12. The Plenty of Money will be much greater, the Intrinsick Value more, and the Certainty of what a Man takes clearer than is at present.

And the real Value of our Coin, as great as ever, to all Intents and Purposes, but of Exporting, Melting-down, and Hiding.

FINIS.

TRANSCRIBER’S NOTES

  1. CONTENTS added by transcriber
  2. Changed “Silver Risen more then Gold” to “Silver Risen more than Gold” on p. 20.
  3. Changed “Coyning: So that the Crying down of base money” to “Coyning: So that the Coyning down of base money” on p. 58.
  4. Changed “which a first” to “which at first” on p. 73.
  5. Silently corrected typographical errors.
  6. Retained anachronistic and non-standard spellings as printed.