May it pl. Yor Lordpplease Your Lordship
According to yor LordpsYour Lordships direction we have examined the values of
several foreign coyns & endeavoured to inform oer selves of the
value of gold in proportion to silver in several nations. And by the
AcctsAccompts we have meet with Gold is higher in England then in France
by about 9d or 10d in the Guinea, then in Holland by 11d or 12d in the Guinea, then in Germany by 12d in the Guinea or above. 1 The proportion in Italy we cannot yet learn for want of a sufficient number of
pieces of their money to assay for determining the values thereof. Only
at Naples Gold seems to be lower then in England by 8.d in the
Guinea &or above 1. / In Spain Gold is higher then in England by
about 8d in the Guinea. For the great quantity of silver coming from
the West Indies has brought down the price of Silver in all Europe
in proportion to gold & principally in Spain where the bullion first
arrives& from whence it flows into other countries. The lower the price the better the Market & this carries
silver from Spain into all Europe & from all Europe into the Indies
& China: the Merchansts bidding more for it then it goes for
among the natives. /And therefore 12 In Spain the Merchants advance 5 or 6 or& sometimes 8 ꝑper cent for Silver about 6 or cent for silver at wchwhich rate a Guinea is worth s. 10g∟9 In England they advance 3d or 4d pr oz wchwhichthe rate a Guinea is worth bet of 2d pr oz advance a Guinea is worth but 20.s 6d
21 In the last warr when the Lewidor was raised in France to 14 livres the Ecu was raised only to 72 Sols, but now it is now raised to 76 sols tho the Lewidor be raised only to 14 livres as before So that gold in respect of silver is lower in France now then in the last warr in proportion of 72 to 76 or 18 to 19 that is by above 13d in the Guinea.
12 Among the Merchants silver is worth about 45d, 6d ꝑper ounce in England & Gold 4£. Ast wchwhich rate a Guinea is worth but 20.s 2d.
The licensing the exportation of Bullion whilst the exportation of money is prophibited is another cause of the decrease of oer silver coyn. For this makes silver worth more uncoyned then coyned & thereby stops the coynage & causes the melting down of the money in private for exportation. On the contrary care should be taken to set the price of bullion above that of money above that of bullion & to bring Bullion though the Mint, silver being more apt to stay with us in the form of money then in the form of bullion, & encreasing the coyn so long as it stays with us in the form of money. For wchwhich readson it would be better on the contrary to 101 to check the exportation of bullion & licence the exportation of money or else to license the exportation of both, or at least to license the exportation of so much money as is coyned out of forreign bullion: wchwhich may be conveniently done after some such manner as is expressed in the scheme hereunto annexed.
If the ballance of trade be against us the money will be melted down & exported to pay debts abroad & carry on trade, in spight of Laws to the contrary: and if the ballance of trade be for us such laws are needless & even & hurtfull to trade LetIf trade can be so ordered that no branch of it be detrimental to yethe nation & the money will be safe. For wchwhich end luxury in forreign commodities should be checkt & the exportation of our own commodities encouraged. If a law were made & well executed against exporting more gold & silver by any ship orMerchant or company of Merchants then in a certain proportions to the goods value of the goods exported, such an addition to the Act of Navigation would put Merchants upon finding out newsufficient ways of vending oer commodities abroad & be more effectual for preserving the coyn then the absolute prohibition of the exportation thereof.
All wchwhich &c