Observations on Coin in General, WITH Some Proposals for Regulating the Value of Coin in IRELAND.

HAVING in a Treatise lately published, taken Notice of the great and constant Drains of Money out of this Kingdom, for the Support of our Gentlemen abroad, and of the Scarcity of Money among us occasioned thereby: I shall now beg Leave to take into Consideration the Inconveniences we labour under, for want of a due Regulation of our Coin. For ’tis our Misfortune not only to have little Money current among us, but even that Little to consist of such Sorts, as are the most unfit for the Management of our Domestick Dealings. This Evil arises from the Want of a due Proportion in the Values of our several Species: For not only the Value of our Gold in Proportion to Silver, is different from the Proportion observed by all other Countries we deal with, but also the Value of Gold is different in the several Species current among us, no just Regard being had to the intrinsick Value thereof; Gold in a Moydore is valued higher than Gold in a Luidore or Pistole, and Gold in a Luidore or Pistole higher than in a Guinea, and all of them higher in Proportion than Silver in other Countries. The Consequence of these Disproportions has been, that the greatest Part of all our Silver Species, and of those Gold Species, which are under-rated, have been carried out of the Kingdom, and little left among us but Moydores, which are highest valued.

This Disproportion in our Coin has given all those, who traffick in Money, a Temptation to carry out one Species, in Order to bring in another, to their own Advantage indeed, but to the Prejudice of the Kingdom: And as the Demands of our Absentees upon us have of late over-ballanced all our Profit by Trade, there was a Necessity of sending away that Ballance in Specie; which our Remitters and Exchangers did not fail to do in those Sorts of Coin, which they could get or save most by: on this Account it was that our Silver was carried off first, as being the lowest valued, then our Guineas and Luidores, so that at length we are reduced to Moydores, the most inconvenient Coin of all others in our present Circumstances: For since we are in great Want of Half-pence and Farthings, are almost stripped of all Sorts of Silver Coin, and have very little of the small Gold Species left among us, it is become very difficult to change Moydores, in Order to buy or sell any Commodity: This Want of Change greatly embarrasses the Dealings of poor People, and is a great Obstruction to all Sorts of Business; so that at present we not only labour under a great Scarcity of Money, but even the little we have, is not of half that Use to us, as it would be, if it was divided into small Pieces, which could easily be changed.

The Affair of our Coin is now grown of great Importance to us, and as we every Day are more sensible of the Inconveniencies we suffer for want of a Regulation thereof, it is high Time to think of some Measures which may remove them. Very few Gentlemen have made it their Business, or have had Opportunities of being rightly informed of the Nature of Coin and Exchange, and generally reckon it to be an intricate and abstruse Affair: And they who make dealing in Money their Profession, are either unable or unwilling to give such Light therein, as may be of Use to those, whose Desire and Intention it is to make just Regulations of our Coin, which are so much wanted for the Ease of the People, and Benefit of Trade.

Having for my own Amusement, and Information, spent some leisure Hours on this Subject, I shall presume to offer my Thoughts to the Publick: judging it may be of some Use to give any Light, how small soever, in a Matter of this Consequence, wherein so many are in the Dark: And as a Subject of this Nature, ought to be treated with all possible Clearness to be of any Service, I shall endeavour to trace it from its first Principles, and put it in as clear a Light as so intricate an Affair will allow of.

In Order to this I shall throw my Thoughts into the following Method. 1st, I shall lay down certain Principles, Rules and Observations, which as they will be easily understood and assented to, will serve as a Foundation to form a right Judgment in these Matters.

2dly, I shall particularly set forth the Inconveniencies we suffer for want of a due Regulation in our Copper, Silver, and Gold Species, and the Causes from whence such Inconveniencies arise.

And 3dly, I shall mention several Schemes for the Regulation of our Coin, taking Notice of the Advantages and Disadvantages of each, and shall leave it to others to make Choice of such, as they shall judge to be most expedient for us in our present Circumstances.

In treating on the first Head I shall explain the Nature of Coin, and Exchange, shew the Consequences of raising or lowering Money, give several Rules for ascertaining the Values of Coins, with a Table of the Values of foreign Coins in England, and Ireland, and exhibit some Reports of Sir Isaac Newton relating to Coin, with such other Observations as I shall judge necessary for the right understanding this Matter.