CHAP. III.
Of the Importation of Silver.
That which encourages the Importation of any Commodity is the Certainty and Quickness of a Market at a good Price.
But notwithstanding Silver is dear in England, at present we are but dull Traders for it.
For the Mint and the Silver-Smiths being the chief Buyers, these cannot go to Market.
The Mint cannot afford to buy and sell to lose; if an Ounce of Silver cost the Warden of the Mint 6 s. 5 d. he can’t afford to make a Crown-Piece of it.
And the fear of Plate’s being call’d in, to the Disadvantage of the Owner, puts too great a Damp upon the Silver-Smiths’ Trade.
And the actual calling it in, upon such Terms, would very little mend the Matter; People will not be very fond of buying more, for fear at least the same Trick should be serv’d ’em twice.
And yet our Coin being altogether insufficient, we must provide for a considerable Quantity more.
The Quantity we want must be imported according to our Occasions, or what we have already, be augmented, by altering the Species, or by coining out our Plate.
It cannot be soon enough imported in such great Quantities as we at present want, and yet if we could immediately buy it from abroad, we could not afford to coin what we buy, without altering our Coin from the old Standard, seeing our Necessity of having it, will make its Price rise abroad.
Therefore I shall refer what I have more to say, concerning Importation, to the Chapter of Exportation, and first speak of altering our Coin, for ’tis evident we must alter our Coin, as well as coin our Plate, or otherwise our Plate will last us but a little while, and in the mean time we may admit this Conclusion.
That England must be as good a Market for Silver as other Countries, or we shall have little imported, be it never so plentiful abroad.