Sometimes it hath hapned, that States (I know not by what raw advice) have raised or embased their money, hoping thereby, as it were, to multiply it, and make it pass for more then it did before; that is, to purchase more commodity or labour with it:
All which indeed and in truth, amounts to no more then a Tax, upon such People unto whom the State is indebted, or a defalkation of what is due; as also the like burthen upon all that live upon Pensions, established Rents, Annuities, Fees, Gratuities, etc.
2, To explain this fully, one might lanch out into the deep Ocean of all the Mysteries concerning Money, which is done for other ends elsewhere; nevertheless I shall do it the best I can, by expounding the reasons pro & contra for embasing and raising of Money: and first of embasing.
3. Copper or Tin Money mad ad valorem in its matter, is no embasing; the same being onely cumbersom and baser then silver money, onely because less convenient and portable.
And Copper money ad valorem in workmanship and matter both together; (such as on which the Effigies and Scutcheon are so curiously graven and impressed, as the moneys seem rather a Medal.) is not embasing, unless the numbers of such pieces be excessive, (the measures whereof I shall not set down, until I shall hereafter propound the fittest Sections of the abstracted pound into which I would have money coyned, and determine how many pieces of each Section should be in an hundred pound) for in case of such excess, the workmanship being of no other use but to look upon, becomes base by its being too common.
4. Nor are such Tokens base as are coyned for Exchange in retailing by particular men, (if such men be responsible and able to take them back,and give Silver for them.)
5. But that Gold I count to be embased, which hath more ally either of Copper or Silver in it, then serves to correct its too great natural softness and flexibility, whereby it wears too fast in Money: And that Silver I reckon also embased, wherein is commixed more Copper then will sufficeintly toughen it, and save it from cracking under the Hammer, Press, or Mill that must coin it, or the like.
6. Base Money is therefore such as Ductch Shillings, Stivers, French Soulz, Irish Bon-galls, etc. and for the most part considting great pieces,though of small value. To answer the first reason or pretence of making them, which is, that the said Pieces might be more bulky, handleable, and the silver in them less apt to be lost or worn away.
7. The other reason (besides that of allay which we must allow in the Measures abovementioned) is to save it from being melted down by Goldsmiths and Bullioners, or exported by strangers; neither of which can happen but to their loss: for suppose a Stiver of two pence had a penny of pure silver, if the Bullioner melts it for the sake of the silver onely, in the separation he shall lose the Copper and charge of refining the Silver; nor will strangers export it into places where the local value of the Piece perisheth, the intrinsick leaving him to loss.
8. Secondly, In case samll pieces of this Money, viz. pieces of two pence should happen to be raised or depressed twelve, fifteen, or sixteen per cent then there will be a certain loss by reason of the fractions, which the vulgar cannot reckon. As for example, if such Money were depressed but ten, eleven or twelve per cent then the two pence piece would be worth but three half pence, which is twenty five per cent and so of other proportions.
9. Thirdly, In case the Inconvenience of this Money should be so great as to necissitate a new Coinage of it, then will happen all the losses we mentioned before in melting it down by Bullioners.
10 Fourthly, If the two pence piece contained but 1/8th part of the Silver usually in a shilling, then Dealers would have fifteen pence paid in this money for the same Commodity, for which they would take a shilling in Standard Silver.
11. Raising of Money is either the cutting the pound Troy of Standard Silver into more pieces then formerly, as into above sixty, whereas heretofore the same was made but into twenty, and yet both sorts called shillings, or else calling the money already made by higher names: The reasons or pretences given for such raising are these, viz. That the raising of Money will bring it in, and the material thereof more plentifully; for trial whereof suppose one shilling were proclaimed; for trial whereof suppose one shilling were proclaimed to be worth two what other effect could this have, then the raising of all Commodities unto a double price? Now if it were proclaimed, That Labourers Wages, etc. should not rise at all upon this raising of Money, then would this Act be as onely a Tax upon the said Labourers, as forcing them to lose half their wages, which would not be onely unjust but impossible, unless they could live with the said half, (which is not to be supposed) for then the Law that appoints such Wages were ill made, which should allow the Labourer but just wherewithall to live; for if you allow double, then he works but half so much as he could have done, and otherwise would; which is a loss to the Publick of the fruit of so much labour.
12. But suppose the Quart d'Esen of France commonly esteemed worth eighteen pence were raised to three shillings, then 'tis true, that all the Moneys of England would be indeed Quart d'Esens pieces; but as true, that all the English Money would be carried away, and that our Quart d'Esens would contain but half so much Bullion as our own Money did; so that raising of Money may indeed change the species, but with so much loss as the Forreign Pieces were raised unto, above their intrinsick value.
