THE honour you and your worthy Friend did me last Friday night , in requiring my thoughts concerning the new Coinage now on foot , hath engaged me to imploy my mind wholly on that matter , and sum up all that I had read upon it .

You both concur with me , that the Letter from Amsterdam , Mr. Lownds's Book , and the Anonimous Author of a Book Intituled , Regulating Silver Coin made Practicable and Easie , comprehend all that can be said on the Subject .

The Letter from Amsterdam seems to have been fram'd more for the interests of Amsterdam than London . 't is too plain a Counter-sham to pass upon the whole English Nation . Pauper videri vult Cinna & est Pauper , may be fitly applied to it ; and the English Merchant at Amsterdam , is one I believe who hath taken up his residence there .

The other Two Books seem to be wrote by true English-men , but differ very far in their methods of Cure , tho both seem equally apprehensive of the Disease , and the dangers that attend it . I won't arbitrate between 'em , but give you my serious thoughts , since you demand 'em , upon the whole matter .

Tho I dread the Consequences , which may possibly be the effects of Coining upon the old Standard for weight and fineness ; yet I am mightily pleas'd to see the Honourable House of Commons move so deliberately in an Affair of the greatest Importance , and which when once well setled will make the rest of their work short and easie . But I am amazed to see those Landed Men , who are not Members of Parliament , so violently hot for the old Standard ; when it may possibly produce that effect which they would most avoid , viz. A Loss in every mans Estate . For if Coin be Exported as fast as it can privately or Authoritatively be carried away , it will become here very scarce , as well as very good ; and then the price of all English Commodities must fall in proportion . It will not be exported only for the necessary expences of the War or the ballance of Trade , or payment of Foreign debts ; but upon every rise of Silver abroad , it will become a profitable commodity to export , and a good security to hoard up . The rise of Silver abroad will make Silver rise at home , and then the Mints after the Clipt Money is all recoin'd will be at a stand .

The French Politicks are very refined , their Inteligence Universal ; and Correspondencies Secret ; and they won't be wanting by their Agents here , to melt down our Coin ; and in all parts of the World to draw it away rather than Bullion , to the intent they may leave us destitute of a Species of Money to carry on our Inland-Trade , pay Rents , and Taxes , and support the KING in this necessary War , upon which the fate of all Europe seems to depend . That little that is left is good and scarce , and upon the account of its goodness as well as scarcity , Corn , Wool , Hay , Cattle , &c. must fall accordingly ; and as it was formerly in England when we had but little Money stirring ; every thing of our own Product will become cheap . Then Lands must fall , and Rents be abated .

If it be reply'd , Landed Men can live upon a less income , Provisions being cheaper : I Answer , When Rents are once fallen 't will be a hard matter to raise 'em ; and when in times of Peace Mony shall be more plentiful , and Provisions dearer , the Farmer won't easily be persuaded to raise his Rent . This is a plain Consequence , which scarcity and weightiness of Mony will produce .

Now on the other side , if a Crown shall be Coin'd so as to have in it but 4 s . worth of Silver , and to be truly worth no more than 4 s . that will not hinder the Exportation at all . For if it be worth in England but 4 s . or 48 pence , it will then be easily Exported for 48 pence ; for still it yields as much abroad as it doth at home , and it will pay the same Debts abroad , as it will at home . So that he who cannot send over Goods , will without scruple send over Mony , and not trouble himself to find out and buy Bullion for that use , suppose there no Prohibition ; since Mony and Bullion will be pretty near of an equal Value .

But if an EQUIVALENT can be found out for that Shilling , which the Crown Piece shall want of its intrinsick Value ; and that Equivalent be confined to England , then he who Exports it loses a Shilling ; and few Men will send over the true Value of five Shillings , when it will yield aroad but 4 s . and in lieu of which he can send over as much Bullion as four English Shillings , or four parts in five of a Crown , will buy .

If therefore another species of a lower Standard than that which the Honourable House of Commons hath Voted the Clipt Mony to be re-coin'd of ; shall be likewise Coin'd over and above , and much more in tale than that which the Clip'd Mony will produce ; that new Species can never go out of the Nation , if a real Equivalent for what it shall want , be found out , and fix'd immovably here .

All the Clip'd Money , together with the 1200000 l. to make good its deficiency , will not produce half as much in tale , as is necessary to carry on well the inland Trade .

And if every year much of that shall be Exported , or melted down ( which every Start of Silver will endanger it to be ) we shall be left in a very dubious Condition .

But then if that under species of Mony to be Coin'd ( after the Clip'd Money is all recoin'd and issued out ) have not as true and great a Value by means of an Equivalent , as the Money of the Old Standard ; it will not be so Current as that of the Old Standard , in buying and selling , and payment of debts .

Now how to make that Equivalent satisfactory to Landed men who must receive it for their Rents promiscuously with the other , is the only difficulty . Paying Interest for it once a Year , as the Anonimous Author proposes , looks inconvenient , and will expose too much the running Cash of Trading Men . Nor is there occasion for the Government to be at that Yearly Expence , provided the Principal which is deficient can be ascertain'd , and secur'd at the end of the War . Or if Interest be to be paid , it may run on along with the Principal , and both Interest and Principal paid together at the end of the War , or such a determinate Time .

I hate Flattery either active or passive , but I sincerely approve of your Honours Project . And all true hearted English-men will have cause to bless You for promoting it . And altho Foreign Merchants may hang their Ears at it , yet all Princes and States of the Allies will be well pleased , that we are put into a condition of Carrying on the War , by Living in Unity , Peace , and plenty of Money at Home .

Prosperity attend the Consultations of Your Honourable House .