A collection of some papers writ upon several occasions concerning clipt and counterfeit money, and trade, so far as it relates to the exportation of bullion / by Dr. Hugh Chamberlain. Chamberlen, Hugh. 1696 Approx. 25 KB of XML-encoded text transcribed from 10 1-bit group-IV TIFF page images. Text Creation Partnership, Ann Arbor, MI ; Oxford (UK) : 2007-10 (EEBO-TCP Phase 1). A31618 Wing C1870 ESTC R35802 15563778 ocm 15563778 103766 This keyboarded and encoded edition of the work described above is co-owned by the institutions providing financial support to the Early English Books Online Text Creation Partnership. This Phase I text is available for reuse, according to the terms of Creative Commons 0 1.0 Universal . The text can be copied, modified, distributed and performed, even for commercial purposes, all without asking permission. Early English books online. (EEBO-TCP ; phase 1, no. A31618) Transcribed from: (Early English Books Online ; image set 103766) Images scanned from microfilm: (Early English books, 1641-1700 ; 1184:1) A collection of some papers writ upon several occasions concerning clipt and counterfeit money, and trade, so far as it relates to the exportation of bullion / by Dr. Hugh Chamberlain. Chamberlen, Hugh. [2], 17 p. Printed for Benj. Tooke ..., London : 1696. Reproduction of original in the Huntington Library. Created by converting TCP files to TEI P5 using tcp2tei.xsl, TEI @ Oxford. Re-processed by University of Nebraska-Lincoln and Northwestern, with changes to facilitate morpho-syntactic tagging. Gap elements of known extent have been transformed into placeholder characters or elements to simplify the filling in of gaps by user contributors. 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Copies of the texts have been issued variously as SGML (TCP schema; ASCII text with mnemonic sdata character entities); displayable XML (TCP schema; characters represented either as UTF-8 Unicode or text strings within braces); or lossless XML (TEI P5, characters represented either as UTF-8 Unicode or TEI g elements). Keying and markup guidelines are available at the Text Creation Partnership web site . eng Money -- England. Monetary policy -- England. Counterfeits and counterfeiting -- England. 2006-07 TCP Assigned for keying and markup 2006-07 Apex CoVantage Keyed and coded from ProQuest page images 2006-09 Mona Logarbo Sampled and proofread 2006-09 Mona Logarbo Text and markup reviewed and edited 2007-02 pfs Batch review (QC) and XML conversion A COLLECTION OF SOME PAPERS WRIT UPON SEVERAL OCCASIONS , CONCERNING Clipt and Counterfeit Money , and Trade , so far as it relates to the Exportation of Bullion . By Dr. Hugh Chamberlain . LONDON : Printed for Benj. Tooke , at the Middle Temple-gate in Fleetstreet . 1696. A COLLECTION of some Papers Writ upon several Occasions , &c. Some few Considerations supposed useful , concerning the Vote of the House of Commons , Friday the 24th of February , upon the Bill for the hindring the Exportation of Gold and Silver , and the melting down the Coyn of the Realm ; humbly proposed by Dr. Hugh Chamberlain , to the Wisdom of the Honourable House of Commons . GOLD and Silver , as all other Commodities , whether Foreign or Domestick , must be considered with respect to their real natural Value and Market-price , which are both very variable , and not to be governed by Laws . The real natural Value of all Commodities , is the expence of Labour , Charge , and Hazard , in raising and bringing the same to a Market , and this varies it accordingly ; for Gold doth not cost so much in Peru or Guiny , as it doth in London , Paris , or Amsterdam . The Market-price varies according to the Multitude or Paucity of Chapmen , and the plenty or scarcity of the Commodities . First , The multitude or paucity of Chapmen happens according to their several necessities and pleasures in the use of Commodities : Thus we see ( where Gold is not the measure of Trade , as in some parts of the East and West-Indies , and in Africk ) Iron is much more valuable , because they have much occasion for the one , and little or no use for the other , neither for Vessels , Ornaments , nor Money . So likewise ( tho Gold should cost you 3 l. per Ounce , if you can find but few Chapmen , and your necessities compel you to sell ) you must take 2 l. if you can get no more . And ( if it should cost you but 2 l. per Ounce , if there are many Merchants ) you may fell it for 3 l. 10 s. more or less ; for 't is not what Charge it stands you in , but the greater or lesser number that hath occasion for it , which alters and raiseth the price . Secondly , The plenty and scarcity of Commodity also varies the price , tho much above or below the natural Value . Thus a piece of Bread of a Penny natural value , is oft sold in a Siege for 5 s. And on the contrary , a Diamond formerly sold for 10 l. when scarce , hath by clogging the Market yeilded but 5 l. tho possibly less than the Charge expended , which is the natural Value . Thirdly , Nothing can possibly bring Gold or Silver , being of Foreign growth , into England , but the Exportation of Commodities of our own Growth or Manufacture ; or what our Natives can return from Foreign Service for their Labour ; or what Foreign Travellers spend here to see the Country , &c. Fourthly , Nothing can possibly carry our Gold and Silver out of England , but the consuming more Foreign Commodities at prime cost , than we get in value for the sale of our exported Merchandize ; or what Foreign Merchants and Mechanicks by their Labour and Thrift can save here to return to their own Country ; or what our Nobility and Gentry spend abroad in their Travels ; or what our Ambassadors ▪ Foreign Ministers , or our Armies in Foreign Countries , or Mercinary Allies draw out of the Nation . So that 't is neither changing the Denomination of our Coin higher or lower , above or under the natural Value and Market-price of the material ( which Quantity and Use will regulate ) can either gain , keep , or drive away our Gold and Silver , but only the abovmentioned ballance of Trade , over or under , which , like necessity , will over-rule all Laws . Fifthly , That which makes the variety of Value here at home betwixt Gold , Silver , and Bullion , is the disproportion among themselves , according as they exceed the Proportion setled by the Standard , in Use or Quantity . For Example , When there is more use for Gold , or less quantity in Proportion than for Silver , Gold shall be dear , and exceed the Standard in the Market-price , tho the natural Value continues the same . And when there is more use for Silver , or less quantity in Proportion than for Gold , Silver shall be dear , and exceed the Standard in the Market-price , tho the natural Value were the same . And when there is more use for Plate than for Money , Plate shall be dearest ▪ and exceed the Standard in value ; and Coyning shall not only stand still , but very oft the Coyn shall be melted down . For if the quantity of Gold exceeds ( in Proportion ) the Silver , Gold shall be cheap . If Silver exceeds Gold , Silver shall be cheap : If Money exceeds Plate , Money shall be cheap : If Plate exceeds Money , Plate shall be cheap . And tho Money still retains the same Denomination , it doth not always the same Value , being also over-ruled by the plenty or scarcity of other Commodities ; for a Crown is not of the same Value when it will purchase but half a Bushel of Wheat , as when it can a whole one ; there being then either less Corn , or more need of it , or more Chapmen that come with more Money ; but this variety is no prejudice to the Nation , in respect of the quantity of Gold and Silver ; for when we have more Money , we have so much the less Plate ; and if more in Plate , we have the less in Money . But notwithstanding it is a very great damage to Trade , because Money is living Riches , Plate but dead ; that being capable of turning and improving Trade , when this is not . The Nobilities hoarding and carrying of Gold in their Pockets , and the great Gaming with Gold , will raise the price above Silver , tho the Proportion remains the same . From the Premises may be concluded , That raising the Value of our Money cannot keep it , tho it may give our Merchants some trouble to adjust the Par in their Exchange and Trade abroad . Nor lowering it cannot drive it away , without bringing as much or more in the room ; but if we take no care to exceed in Exportations , all we can do will never keep our Money ; and if we do exceed in Exportations , all Foreigners can do , can never draw it away . Exportations should be sufficient to answer the Charges that Foreign payments of Allies , Armies , Ambassadors , English Travellers , and returning strange Dealers requires , as well as importing Foreign Commodities , or we must still decline . Which Regulation of Trade 't is humbly conceived , may well deserve the serious Care of this Honourable House . This Duty I thought I ow'd my Country , and hope 't will give no offence . If I have been mistaken , I 'll thank any that will rectify me . London : Printed in the Year 1693. And Reprinted December 1695. Some Considerations upon the Necessity of Calling in the Clipt and Counterfeit Money . Written some time since . THE Clipt and Counterfeit Money now current in the Nation , is a loss must certainly fall somewhere ; and the longer deferr'd , the greater it will prove ; whence will naturally arise three Considerations . First , How to prevent the increase of it for the future ? Secondly , Where to place this Loss with most Justice and Conveniency ? Thirdly , What new Measures can be prudently taken to repair this Loss to the Nation ? Upon the first Enquiry , It cannot be much amiss to premise , that Money counterfeited and clipt in England is , per se , no Loss to the Nation , tho 't is to Particulars ; nay , it may by chance be a Gain to the Nation . But all that is clipt and counterfeited beyond the Sea , and imported , is not only a damage to Particulars , but a dead Loss to the Nation , which Importation can notwithstanding be no ways prevented as long as clipt and counterfeit Money is suffered to be current , which therefore becomes , per accidens , a Mischief . The only Remedy therefore is , to cry down on the same day throughout the Nation , all the clipt and counterfeit Money which shall not be brought in within twenty four hours after such publick Notice , that so there may be no time for either further Clipping or Counterfeiting , at least , not beyond Sea , which is by much the greater Mischief . Let such Money be paid into the Chamber of the Adjacent Corporations , and into the County Courts , where each Person must have an Authentick Receipt of the Monies so paid in by Tale , and not by Weight or Goodness . The second enquiry is , where to place the Loss ? Even upon the whole Nation ; for ( since it is impossible to make the Foreign and Domestick Offenders refund ) it seems unjust to charge it upon other innocent particular Persons , as well as unreasonable to undo a few with a Burthen which the whole Nation can hardly feel : unless the Government should think fit to charge some small matter , as five per Cent ▪ or thereabouts upon Particulars , because few will suffer much thereby , except the great money'd Men , who can best bear it . In the putting this into practice , great care must be taken , that there be no incouragement given to clip the Money remaining whole , and pouring in a great quantity of false Money . And secondly , That the People may not , tho for never so small a time , be unfurnish'd with Market-money for present indispensable Occasions . To prevent the first , The calling it all in in one and the same day throughout England , seems the likeliest means And for the second , That either all the Silver Plate some Weeks before the Prohibition be called in to be Coined , weight for weight , and sent down to the several County Treasuries , to be changed for indispensable Necessaries , together with Pence , Farthings , and Half ▪ pence in Copper , coined on purpose without ●raud or Deceit , according to the Value allowed , upon a high Penalty . And to compel Persons to bring in their Silver Plate to be coined , 6 d. per Ounce may be laid upon all Plate uncoined . Or else that five Shilling Tickets of Credit be dispersed payable in three or six Months , instead of Coining the Plate , and to be in the mean time current by Act of Parliament . In answer to the last Inquiry , How the Nation may find some amends ? It may be considered , whether 't is not fit that no Tax whatever , except Parish Rates , be paid for one whole Year next ensuing : or but half Taxes for two Years : or quarter Taxes for four Years , for the Government may be as effectually supplied by voluntary Methods another way . Every County and Corporation may chuse Trustees for this purpose after the very same manner , as Parliament Men are chosen . The high price of Guineas at the present seems to be , what it really is , a great Grievance ; but yet it is no more capable of being reduced or fixed by Law , than a Cuckow to be hedged in ; for necessity , and the natural Value will always over-rule , which follows the plenty or scarcity of Silver in proportion to other Commodities , or to its several Uses and Demands . The best Remedy is to make Gold and Silver more plentiful , and keep both to their due Standard , which will bring down their price without a Law , tho the Denomination ought by no means to admit of an Alteration : Or else to make them both less useful , and less necessary ; for whatever is scarce , or so in proportion to its uses , must ever be dear , nothing but a prudent Ballance of Trade can possibly increase our Gold or Silver : And nothing can render its uses less necessary , than a well-established Land-Credit . Money-Credit cannot do it , and Reputation-Credit cannot only less do it , but is more dangerous . The hinderance of the Importation of Bullion , or the imprudent Permission of its Exportation , are to be more lamented than the loss of ten times the value of other Commodities . For , First , 'T is the measure of all the rest . Secondly , 'T is equally courted by all civiliz'd Nations , and can yield but such a limited increase , when as all other Commodities may be increased according to the Debet or Demands . Thirdly , All other Commodities end with the Consumer , but Money still lives , and the more hands it runs through , the better ; so that in a sense the use doth not destroy it , as it doth other Commodities , but leaves it as it were immortal . A Method to prevent the Exportation of Bullion . First , LET the Trade at home be regulated . Secondly , Let all or the greatest part of our Foreign Expences of Money ( especially for the Army , if still there remains a necessity of keeping any abroad beyond our stipulated Quota ) be changed into a supply of all Necessaries for them from hence . Thirdly , Let our Trade at Sea be protected . To perform the first . Let an exact Ballance betwixt our Importations and Exportations be strictly maintained , that the first may by no means exceed the last ; and therefore let a high Custom , almost equal to a Prohibition , be laid on all Foreign Manufactures not absolutely necessary , as Wines , Fruit , Lace , wrought Silks , very fine Linnen , Dutch Ware , &c. and in the room introduce the Fashion of wearing Cloaths of English Manufactures , tho they may without publick Damage be adorned richly ( if you please ) with Jewels . And also of using only English Houshold Stuff , tho much Plate may be admitted : And of living upon English Food , tho improved to the height for Goodness , Cleanliness , and Health . Let no Foreign Manufactures be suffer'd to be worn here , but rather invite and encourage Foreign Artists to come and inhabit here . One Foreigner employed by us beyond Sea , doth the Nation more hurt than five hundred inhabiting here . To perform the second . Tho the Home-charge should hereby be never so much increased ; all Necessaries for our Army , upon which they spend their Money , must ( if possible ) be provided here , and sent over to them , as Cloaths , Victuals , Beer , Bread , Cheese , Butter , &c. Likewise all Materials for our Train may be transported hence , which may be easily done if we send Stores , and provide Magazines there . Let Frugality abroad be encouraged in the Officers and Army , tho left to their liberty here at home , not excepting the King's Equipage , which His Majesty may be petitioned to defray with his Foreign Revenue , and his home Expence with the English ; and if we must also pay the Allies , let it be in Woollen Manufacture , Lead , Tin , &c. tho it should arise to double the value , for that will keep our Money , and imploy our Poor at home . To perform the Third . Let a joint Stock of Merchants , or of the General Office of Land-Credit provide a Fleet , and defray all the Expence thereof , for which the State may be pleased to grant only 20 per Cent. for nine Years , without paying the principal Sum disbursed on that occasion . And let only the third of the Complement of the said Fleet be able Seamen ; Soldiers , Land-men , Boys , and disabled Seamen , will serve for the rest . Let the Prizes , paying one tenth part to the King ▪ be disposed of by the Undertakers , &c. of which every Seaman in the Action shall have his just Share . Let all that serve in the Fleet be exempted from being impress'd , and have their standing Posts in the Royal-Navy according to their Seniority , and the Benefit of Hospitals , Pensions , &c. as others , these being in the Nations Service , as much as those Seamen imployed by the Government . The Undertakers and Managers of the Joynt-Stock , with some Merchants , may serve as an Admiralty for this Fleet. Let the Officers be chosen by the Undertakers , and recieve their Commissions from the Admiralty . When our Trade shall be regulated and protected , we shall have larger Exportations , and consequently import more Bullion than now . It is humbly offered to serious Consideration . THAT all clipt Money should pass at the former Value , provided the present Weight be stampt upon it at the Mint . That all false Money shall pass , having a Stamp upon it hard and chargeable to be Counterfeited , till called in and made good by Authority . That bad Money thus made current , and hindred from increasing , will make a quick Trade , and equal a small Sum by frequent Circulation to a great Sum which moves slow . If by this means , Money can be prevented from being clipt , and counterfeit Money from being made , 't is the speediest and easiest Redress without danger . That there can be no better reason pretended for exporting Bullion , but the Norway and East-India Trade , which ought to be regulated , if not thought fit to be prevented : But if there must necessarily be Exportation , 't is better to export it Coined , and to have the Nation bear the Coinage charge , by which Manufacture some will be here imployed ; the Credit of our Coyn abroad will be some Honour , and nothing but the Coinage lost , which is among our selves , and 't is likelier to return when coined than uncoined . And if the Merchant hath the same weight and fineness out of the Tower as he brought in , every one will bring it thither , let it be at what price it will abroad . And when more can be got by our English Commodities than by Money , none will export Money , and , that none may be , we ought to lessen the Consumption , if not totally forbid the use of Foreign Commodities , and save or lessen our Foreign Expence . Many Treatises have been writ on this Subject , some give us the History of Coyn not altogether unuseful ; some are drest Mathematically , that their Assertions may seem the more cogent , but many of them are besides the mark : Which is only to provide , That our Native and Manufactured Commodities exoprted may exceed the Value of all Foreign consumable Commodities imported , as much as , or more than our Foreign Expence of Armies , &c. amounts to , and then Gold and Silver must of necessity be brought back to ballance the Overplus , and this no Law nor Cunning can hinder , and without this care no Law nor Cunning can preserve us . For suppose we should call two Crowns but five Shillings , no Home nor Foreign Trader could come by this five Shillings , but for ten Shillings worth of Goods or Labour , and then 't is the same thing . And suppose we should call one Crown ten Shilling , no Home or Foreign Trader will let us have but five Shillings worth of Goods or Labour for the same ; so that 't is not calling Money by a higher or lower Denomination alters the Value , but what it can purchase . Have the Bank-Dollers in Holland been altered in their Name or Weight by the rise of Bullion there , which some report to be risen , tho others deny it ? Nor is there more or better reason here to alter our Standard . So that nothing can keep or export our Money but a Ballance , and that will and must against all Law and Trick whatsover . To the Honourable the House of Commons , A Proposal for making good the light and clipt Money ; bumbly tendered by Dr. Hugh Chamberlain . THE said Doctor for some Years last past made several Advantagious Proposals to this House , for passing currant Credit upon valuable Pledges . One of which was in February ( 93 ) , reported by a Committee of the House of Commons , practicable , and tending to the benefit of the Nation . That divers Persons have this Session made to this Honourable House Proposals evidently built upon the Doctor 's Foundation , as can easily be made appear , when commanded . The Doctor relying upon the Justice of this House for a preference , in case his Proposal be but equal to those ; and depending upon their Wisdom ( in case the same be more advantagious ) therefore humbly submits to this Honourable House what follows . First , That for all clipt and light Money brought into the Exchequer , Bills of Current-Credit shall be by Order of the Lords of the Treasury , issued out of the Office of Land-Credit , payable according to the Direction of this Honourable House , at three Months certain from the date of such Orders . Secondly , That all the new Money , so fast as Minted , may be paid into the said Office of Land-Credit , to answer the said Bills , issued by such Orders of the Lords of the Treasury . Thirdly , That since this House hath thought fit to Vote but Twelve hundred thousand Pounds to make good the Clipt Money , the said Office of Land-Credit humbly offers to perform the same for Sixty thousand Pounds per Annum , for Thirty Years ; or an Hundred and twenty thousand Pounds per Annum , for Fifteen Years ; which is either Five per Cent. per Annum , for Thirty Years ; or Ten per Cent. per Annum , for Fifteen Years , without Payment of the Principal Sum. And this Proposal comprehends all the Advantages offered by Mr. Briscoe , at two fifths cheaper to the Nation : But if that Gentleman ( as some report ) shall fall from his first Proposal of One hundred thousand Pounds , to Seventy five thousand per Ann. for forty years , which will then be after the Rate of Four Pounds thirteen shillings and eight pence , per Cent. per Ann. or Five per Cent. per Ann. wanting one sixteenth part for the forty years , yet will this Proposal still be one fifth in the whole cheaper to the Nation than his , and this may be redeemed at any time whenever the Parliament shall please . Fourthly , 'T is humbly hoped , that this , being no small service at this time to the Nation , shall not want , at least , an equal Encouragement from the Government with the Bank of England ; it being on far better terms than Mr. Briscoe's , and as much superior to his , as his to the Bank of England . Fifthly , That if the House shall think fit to enlarge their Allowance for Clipt and Light Money , and to grant their Charitable Relief to such poor persons as through Mistake and Ignorance receive Counterfeit Money , the said Office will undertake at the same rate of Five per Cent. for thirty years , or Ten per Cent. for fifteen years , to perform the same : Which great Charity of this Honourable House may preserve abundance of poor Families from extreme Misery , otherwise inevitable to them ; their All often consisting in such Counterfeit Money . That the Doctor , in the Infancy of this Increase of Counterfeit Money , did humbly insinuate to divers Members of the late Parliament , the dangerous and chargeable Consequences , that , unless timely prevented , were likely then to ensue , and have since but too truly been verified ; he now presumes to offer to the Consideration of this Honourable House , with all dutiful Deference to their great Wisdom , That if some effectual Provision be not immediately made , for the Employing and Maintaining the Poor , the Mischievous Consequences that may ensue the Neglect of it , may possibly prove fatal . To avoid which Danger , Proposals may be humbly offered , whenever this Honourable House will please to Command . FINIS . THE Reader is desired not to be offended , if he meets with frequent Repetitions in these Papers , but to consider they were written at several times , as occasion required .