OBSERVATIONS 0 N COIN 1 N GENERAL. f WITH SOME PROPOSALS For Regulating the Value of Coin i N IRELAND. By the AuthoroF the Lift of the Absentees of IRELAND. DUBLIN: Printed by A. Rhames, for R. G a nste in Caplc-Street. m dcc xxix. JL rc~ i [ « 1 REPRESENTATIONS OF Sir ISAAC NEWTON TO THE Right Honourable the Earl of Oxford and Earl of Mortimer , Lord High Treafu- rer of Great 'Britain. May it pleafe Your Lordjbip, A CCORDING to your Lordfhip’s Order, fignified to me by Mr, Secretary Harley , in his Letter of February 26th laft, I have con- fide red the Letter of his Grace the Duke of Ormond, Her Majefty's Lieutenant General and General Governor of Ireland , lent to your Lordlhip, together with the Reprefentation fent to his Grace from the Lords of Her Majefty’s Moft Honourable Privy Council of that Kingdom, mentioning a late Proclamation for making current in that Kingdom feme Pieces of foreign Gold, and propofing to make current there, by further Proclamation, feveral other Pieces of Foreign Gold therein named, to prevent the Counterfeiting thereof: and as to the Value of the Pieces, I humbly reprefent, that the Spanijb Piftoles, one with another, as they are brought hither by the Merchant, weigh 103 Grains each at a Medium, and are in Finenefs half a Grain worfe than Standard, and after the Rate that a Guinea is valued in England at I /. I s. 6 d, are here worth 17 s. id, and in Ireland , where the Silver Money is raifed a Penny in the Shil-» ling, if the Gold be raifed in the fame Proportion, become worth i8j, 6d. And in Proportion the Qua* druplt [ - 3 : ] dru pie Piftole weighs 412 Grains, the Double Pi- llole 206 Grains, and the Quarter Piftole 25* Grains : But in the Reprefentation the Qua- druple Piftoles are Paid to weigh 408 Grains, the Double Piftole 204 Grains, and the Quar- ter Piftoles 2.5 and an half Grains, whence I ga- ther, that in the former Proclamation the Weight of the Piftole was but 102 Grains, which is a Grain lighter than the juft Weight, this Grain, as I con- ceive, being abated to give a legal Currency to fuch lighter Pieces as want not above a Grain of their juft Weight ; and upon this Conlideration the Qua- druple, Double, and Quarter Piftoles may be put in Weight and Value as is exprefled in the Reprefen- tation j and fo may the Double and Quarter Lui- dores, they being of the fame Weight, Finenels and Value with the Double and Quarter Piftoles. The Moydores of Portugal, one with another, as they are brought hither by the Merchant, weigh Grains at a Medium, and a Quarter of a Grain better than Standard, and in England arc worth 27 s. 8 d. Halt-penny, and being railed a Penny in the Shilling, become worth 30 r. in Ireland : In the ;Reprefentation their Weight is put 168 Grains, which is certainly too much ; and thence it comes to pals, that they are therein valued at 1/. 10 s. 6 d. which is 6 d. too much. I have ex- amined the Weight of 30 Parcels of Moydores, con- taining a Thouland Moydores in each Parcel, and thereby found, that the Moydore, at a Medium, _ weighs only Grains'; if in Favour ot the lighter Pieces, the 'Fraction be abated, their Weight and Value, in a new -Proclamation, may be put as follows. The Portugal Piece of Gold, called a Moydore, and weighing 165 Grains, to pafs at 1 /. 10 s. the Half Moydore weighing 82 Grains and an half, at'ljs. ( and the Quarter Moydore, weighing -4 1 Grains and a Quarter, at y s. 6 d. -....1 r Gold [ 2 4 ] Gold is over-valued in England in Proportion to Silver, by at leaft §d. or io ci. in a Guinea, and this Excefs of Value tends to increafc the Gold Coins, and diminifti the Silver Coins of this Kingdom ; and the fame will happen in Ireland by the like over-valuing of Gold in that Kingdom. But it’s convenient that the Coins Ihould bear the fame Proportion to one another in both Kingdoms, to prevent all fraudulent Pra&ices in thofe that trade between them, and that the Proportion be afeertained by Proclamation. . All which is mojl humbly fiibmitted to your Lordjhip’s great Wifdom. Mint-Office, $d March 1711-ia. If. Newton . TO THE •' UVY/a' .'ai ’ Right Honourable the Earl of Oxford and Earl of Mortimer , Lord High Treafu- rer of Great-Bntain. May it pleafe Tour Lordjhip. 1 . ' I N Obedience to Your Lordfhip’s Order of Re- ference fignified to me by Mr. 'Taylor in his Let- ter of June 16 injt. Ihaveperufed the Reprc- fentation from the Lords of the Privy Council of Ireland , touching a late Order of Council here for giving Currency in that Kingdom by Proclama- tion to l'ome Foreign Coins, which were omitted in a former Proclamation, a printed Copy of which *** they [ 2 5 ] ■ they have fent, defiring a Claufe to be added to the laid Order, for making fuch Allowance tor light Pieces as was made in the faid Proclamation ; and that the Order may comprehend all'o the foreign Coins mentioned in that Proclamation, becaufc the Origi- nal thereof under the Great Seal was deftroyed by the late Fire that happened there at the Council- Chamber, fo that the Clark of the Council cannot now certify that the printed Copy agrees with the Original verbatim as the late A < 3 : of Parliament re- quires for the Convi&ion of Countcrfcitors of thofe Coins. And upon comparing the faid Rcprcfenta- tion with the faid late Order of Council and printed Proclamation, I humbly reprefent, that the Weight of the fingle Piftole and Luidore, being in the laid Proclamation put 4 Penny-weight 8 Grains , the Weight of the Double Piftole and Double Luidore ought in Proportion to be put in a new Proclama- tion 8 Penny-weight 16 Grains, and that of the Quadruple Piftole, or Double Doubloon, 17 Penny- weight 8 Grains. And that the Moydorc of ’■Portti - %al ( which as the Merchants bring them hither a little worn, weigh one with another 6 Penny-weight 2.i\ Grains, and before wearing may be a Quarter ot a Grain heavier or above) may be put in Weight 6 Penny-weight 2a Grains in the fame Proclamation, and valued at 30 s. For in Ireland, where an Evglijb Shilling palfes for 13 d. the Moydcre of this Weight is worth 29 j. Us d. reckoning Gold 22 Carrats line at 4/. per Ounce, as is ufually done, and 30 s. is a Medium, and the neareft round Number. And a Grain being allowed for Wearing, this Piece will be current till it weighs but 6 Penny-weight 21 Grains, as was ftated in the late Order of Council, and after that it will be ftill current by abating 2 d. per Grain in its Value for what it wants of the Weight of 6 Penny-weight 22 Grains. For the latter Part of the printed Proclamation, concerning the Allowance. for [ -.6 ] light Pieces, and concerning the Scales and Weights for weighing them, I am humbly of Opinion, lhould be continued in the next Proclamation. I humbly beg Leave to reprefent further to your Lordihip, that the Weights and Values of the Sil- ver Coins in the printed Proclamation would anl'wer better to one another, and to the Coins themfelves, if id. were taken from the Value of the Crufado of c . Tortuga / , and 18 or ao Grains added to the Weight of the Dollars, for the Crufado is reckoned in 'Por- tugal to be the ioth Part of the Moydorc in Value, and the Moydore is worth 30 s. in Ireland as above, and yet the Crufado is valued in the Proclamation at 3s. id. It’s Weight before Wearing is n Penny- weight 4 Grains, and a Crufado of this Weio-ht is worth but 3 s. R 1 x-d o l l a r s, Crofs-Dollars, and other Dollars are in the Proclamation put of the fame Weio-ht and Value of the Pieces of Eight and Lewifes, and ought to be 1 8 or ao Grains heavier to be of the fame V~a- luc. Rix-Dollars are of feverat Sorts, and before Wearing Weigh’d about 18 Penny-weight and 6, 8 or 10 Grains, and Crofs-Dollars 18 Penny-weight I Grain. That they may be worth 43-. yd. winch is the Value in the Proclamation, they lhould weigh •at lealt 17 Penny-weight 18 Grains. I a m humbly of Opinion therefore, that the Gold Coins lhould be of the Weight and Fincnefs cx- prelfcd in the Paper hereunto annexed, and the Silver ones, as in the printed Proclamation, unlefs for the Rcalons above mentioned, it lhould be thought fit to take id. from the Value of the Crufadoos, and add i S Grains to the Weight of the Dollars. Jill which is humbly fubmitted to your Lord - Jbip’s great Wifdom. Mint-Office, 23 June 1712. TO [ 2 7 ] TO THE Right Honourable the Lords Cmimiflio- ners of His Majefty’s Revenue. May it plea/e your Lordjbips , I N Obedience to your Lordfhips Order of Reference of Auguft 12 thy that I (hould lay before your Lord- Jhips a State of the Gold and Silver Coins of this King- dom in Weight and Ftncncfs , and the Value of Gold in 1 Proportion to Silver , with my Obfervations and Opinion , and what Method may be bef for preventing the meltin down of the Silver Coin j I humbly Represent , That Pound Weight Troy of Gold, n Ounces fine, and i Ounce Allay, is cut into 44 Guineas and Half^ and a Pound Weight of Silver, 11 Ounces, a Penny Weight fine, and 18 Penny Weight Allay, is cut into 6a Shillings ; and according to this Rate, a Pound Weight of fine Gold is worth 15 Pounds Weight 6 Ounces, 17 Penny Weight and 5 Grains of fine Silver, reckoning a Guinea at 1 /. is. 6d. in Silver Money. But Silver in Bullion exportable is ufually worth 2 d. or $d. per Ounce more than in Coin. And if at a Medium, fuch Bullion of Stan- dard Allay be valu’d at >5 s . 4 d. Half-penny per Ounce, a Pound Weight of fine Gold will be worth but 14 Pound Weight 11 Ounces, ia Penny Weight 9 Grains of fine Silver in Bullion. And at this Rate, a Guinea is worth but fo much Silver as would make 10s. 8 d. When Ships are lading for the Eaft-Indies , the Demand of Silver for Exportation raucs the c Price to js. 6 d. or 5s. Sd. per Ounce, or above; but I coniider not thofe extraordinary Cafes, Da. A P C«) ” I -M A SPANISH Pilloie was’ coined lor 3a Reas, or 4 Pieces of Eight Reas, ufually called Pieces of Ei»ht,and is of equal Allay, and the 16th Part of the Weight thereof. And a Doppio Meed a of £ Portugal was coined for 10 Crufadocs of Silver, and is of c- qual Allay, and the 1 Oth Part of the Weight there- of; Gold is therefore in Spain and Portugal of 1 6 Times more Value than Silver of equal Weight and Allay, according to the Standard of thofe King- doms; at which Rate, a Guinea is worth 22 s. id. But this high ’Price keeps their Geld at Home in good ' Plenty , and carries away the Spauifh Silver into all Europe ; fo that at Home they make their Payments in Gold, and will not pay in Stiver without a Premium. Upon the coming in of a Plate -Fleer, the Premium ceafes , or is but fmall ; but as their Silver gees away and be- comes fcarcc , the Premium cncrcafcs, and is mojl com- monly about 6 per Cent, which being abated, a Gui- nea becomes worth about ap s. pd. in Spain and Por- tugal. I n France a Pound Weight of fine Gold is reckon- ed worth 15 Pound Weight of fine Silver ; in railing or falling their Money, their King’s Edicts have fometimes varied a little from this Proportion, in Excefs or Defc6t ; but the Variations have been fo lit- tle that I do not here conjtder them . By the Edidt of May 1709, a new Piltolc was coined for 4 new Lewi- fes, and is of equal Allay, and the 1 5th Part of the Weight thereof, except the Errors of their Mints. And by the fame Edict, fine Gold is valued at 15 Times its Weight of fine Silver, and at this Rate a Guinea is worth 20 s. 8^. Halt-penny. I confider not here the Confufion made in the Monies in France , by frequent Edicts to fend them to the Mint, and give the King a Tax out of Them; I confider the Value only of Gold and Silver in Proportion to one another. The [ 2 9 ] The Ducats of Hollan d and Hungary, and the Empire, were lately currant in Holland among the common People in their Markets and ordinary Affairs, at y Guilders in Specie, and y Stivers, and common- ly changed for fo much Silver Monies in three Guil- der-Pieces, and Guilder Pieces as Guineas are with us for 2.1 s. 6 d. Sterling ; at which Rate a Guinea is worth 20 s. yd. Half-penny. According to the Rates of Gold to Silver in Italy, Germany, (Poland , Denmark , and Sweden , a Guinea is worth about 20 s. and yd. 6 d. yd. or 4 d. for the Proportion varies a little within the feveral Governments in thofe Countries. In Sweden , Gold is Ioweft in Proportion to Silver, and this hath made that Kingdom, which formerly was content with Cop- per Money , abound of late with Silver , fent thither f l fitfpcEl ) for Naval Stores. In the End of King William's Reign, and the firft Year of the late Queen, when Foreign Coins a- bounded in England, I caufed a great many of them to be ajjayed in the Mint , and found by the sljfays , that fine Gold was to line Silver in Spain, Portugal, France, 'Holland, Italy, Germany, and the Northern King- doms, in the Proportion above mentioned, Errors of the Mints excepted. I n China and Japan, one Pound Weight of fine Gold is worth but 9 or 10 Pounds Weight of fine Silver, and in Eajl-India it may be worth 1 2. And this low Price of Gold in Proportion to Silver, car- ries away the Silver from all Europe. So then, by the Courfe of Trade and Exchange, between Nation and Nation in all Europe , fine Gold is to fine Silver as 14 or 15 to one 5 and a Guinea at the fame Rate is worth between 20 s. yd. and 20 s. 8 d. Half-penny, except in extraordinary Cafes, as when a Plate-Fleet is juft arriv’d in Spain, or Ships are lading here for the Eaft-Indies, which Cafes I flo not here confidcr. And it appears by Experi- ence [ 30 ] encc as well as by Reafon, that Silver flows from thofe Places where its Value is loweft in Proportion to Gold* as from Spain to all Europe , and from all Europe to the Eaft-Indies, China , and ’Japan • and that Gold is woft plentiful in thofe Places, in which its Value is highef in Proportion to Silver , as in Spain and England. I t is the Demand for Exportation which hath raifedthe Price of exportable Silver about id. or 3 d. in the Ounce above that of Silver in Coin, and hath thereby created a Tempation to export or melt down the Silver Coin , rather than give ad. or 3 d. more for Fo- reign Silver i and the Demand for Exportation arifes from the higher Price of Silver in other Places than in England , in Proportion to Gold, that is, from the higher Price of Gold in England than in other Places, in Proportion to Silver, and therefore may be di- minilh’d by lowering the Value of Gold in Pro- portion to Silver. If Gold in England , or Silver in Eafl-hidia , could be brought down fo low as to bear the fame Proportion to one another in both Places, there wou’d be here no greater Demand for Silver than for Gold to be exported to India : And if Gold were lowered only fo as to have the fame Proportion to the Silver Money in England , which it hath to Silver in the reft of Europe , theje would be no Temptation to export Silver rather than Gold to any other Part of Europe. And to compals this laft, there feems nothing more requifitc, than to take off about 10 d. or 12^. from the Guinea, fo that Gold may bear the fame Proportion to the Silver Money in England , which it ought to do by the Courfe of Trade and Exchange in Europe ; but if only 6 d. were taken oft' at prefent, it would di- minilh the Temptation to export or melt down the Sil- ver Coin , and by the Effects, would (bew hereafter better than can appear at prefent , what further Kc duel ion would be tnoji convenient for the Publick. [ 3 ' ] In the laft Year of King William , the Dollars of Scotland , worth about 4 j. 6 d. Half-penny were put away in the North of England for ys. and at this Price began to flow in upon us j I gave Notice thereof to the Lords Commiff oners of the Trcaftry , and they Ordered the Collectors of Taxes to forbear taking them, and thereby put a Stop to the Mif* chicf. At the fame Time the Lewi dors of France , which were worth but 17 s. and 3 Farthings a Piece, pafs’d in England for 17 s. 6d. I gave Notice thereof to the Lords CommiJJioners of the Treasury, and his late Majcfty put out a Proclamation, that they fhould go but at 17 s. and thereupon they came to the Mint, and 1400000/. were coined out of them j and if the Advantage of yd. 1 Farthing a Ltwidor fufficcd at that Time to bring into England fo great a Quantity, of French Money, and the Advantage of 3 Far- things in a Leinidor to bring it to the Mint, the Advantage of yd. Half-penny in a Guinea, or above, may have been fufficient to bring the great Quantity of Gold which hath been coined in thele laft 15 Years without any Foreign Silver. Some Years ago the ‘Portugal Moydores were re- ceived in the Weft of England at 28 5. a Piece ; upon Notice from the Mint, that they were worth only a- bout 27 s. 7 d. the Lords Commi //toners of the Treafury ordered their Receivers of Taxes to take them at no more than 27 s. 6d. Afterwards many Gentleman in the Weft fent up to the Treafury a Petition, that the Receivers might take them again at 28 s. and promifed to get Returns for this Money at that Rate , alledging , that when they went at 20 s. their Country was full of Gold , which they wanted very much. But the Commi/JJoners of the Treafury coniidering that at a8j. the Nation would lofe yd. a Piece, rcjc&ed the Petition. And if an Advantage to the Mer- chant of yd. in 28 s. did pour that Money in upon [ 3 2 ] us, much more hath an Advantage to the Merchant of <)d. Half-penny in a Guinea, or above, been able to bring into the Mint great Quantities of Gold with- out any Foreign Silver, and may be able to do ftill ’till the Caufe be removed. If Things be let alone ’till Silver Money be a little fcarcer, the Gold will fall of it fclf • for Peo- ple are already backward to give Silver for Gold and will in a little Time, refule to make Payments in Silver without a Premium, as they do in Spain • and this Premium will be an Abatement in the Va- lue of the Gold : And fo the Queftion is, Whether Gold fhall be lowered by the Government, or let a- lone ’till it falls of it fclf, by the Want of Silver Money? It may be faid, That there are great Quantities of Silver in Plate, and if the Plate were coined there would be no Want of Silver Money : B ut f reckon that Silver is fafer from Exportation in the Form of Plate than in the Form of Money, becaufc of the greater Value of the Silver and Fafhion toge- ther; and therefore I am not for coining the Plate till the Temptation^ to export the Silver Money (which is a Profit of id. or $d. an Ounce) be di- minifhed : For as often as Men are neceflitated to fend away Money for anfwcring Debts Abroad, there will be a Temptation to fend away Silver rather than Gold, becaufc of the Profit, which is almoft 4 per Cent. And for the fame Reafon Foreigners will choofe to fend hither their Gold rather than their Silver. All which is mojl humbly fubmitted to Tour Lordjbips great JVifdom, Mi>it-Office, Sept. 11. 1717* * * * Ifeac Newton.