Qu. 7. But will not England be impoverished by Merchants carrying out the said 100 Shillings?
Answ . No, if he bring home for them as much Silk as will yield above 100 Shillings, (perhaps 200 Shillings) in Spain, and then bring the same 200 into England: Or, if he bring home as much Pepper as an English man will give him 200 of the like Shillings for. So the Merchant and England shall both Gain by Exporting the 100 Shillings[1].
Qu. 8. But if the new Skilling were but ¾ths of the weight as formerly, then the Merchant would not meddle with them at all, and so secure this fear of Impoverishment?
Answ . The Merchant would Export then, just as before; Only he will give but ¾ so much Pepper, or other Indian Goods, for the new retrenched Shilling as he did for the old: And would accept in India ¾ as much Pepper as he formerly had for the old: And consequently there would be no difference, but among a few such Fools as take Money by its name, and not by its weight and fineness.
Qu. 9. If a Shilling was by new Coinage reduced to ¾ of its present weight, should we not thereby have ⅓ more of Money then now we have, and consequently be so much the richer? |3|
Answ. You would indeed have ⅓ part more of the new christned Shillings; but not an Ounce more of Silver, nor Money; nor could you get an Ounce more of Forreign Commodities for all your new multiplied Money than before; Nor even for any Domestick Commodities; but perhaps a little at first from the few Fools above mentioned. As for Instance; Suppose you buy a Silver Vessel from a Goldsmith weighing 20 Ounces, at 6s. per Ounce, making 6 Pounds[2] or 24 Ounces of Coined Silver; now suppose that the said 6 Pounds were reduced from weighing 24 Ounces to weigh but 18 Ounces upon the new Coinage; but be still called 6 Pound even by the King's Proclamation; Can it be imagined that the Goldsmith will give his Vessel weighing 20 Ounces of wrought, for 18 Ounces of unwrought Silver? For the Workmanship of
