Object.VIII.
Five Millions will not be half enough for our In-land Trade.
Answ.And I am clearly of that Opinion; and that Ten Millions is little enough, or else what need had there been, to have Coin’d Fifteen Millions in three Reigns, as the most industrious Mr.Loundshath delivered to us?
But we are providing for a present necessity and not abundance.
And yet should we Coin five Millions more, in all Ten Millions; less than 2d.in the Pound Land-Tax, would pay Interest for all, and the Million gained out of it would save 2s.in the Pound that Year, which is making a very good Bargain for the Government.
But you may vary thePostulata, as I said before, how you please.
Object.IX.
The new Coined Money will appear very small to the Eye.
Answ.Go which way you will, it must be smaller than it was, or of greater value, because Bullion is dearer than when the Mill’d Money was Coin’d, and if the new Coin’d Money were to have an Intrinsick Value, it must necessarily be ⅕ less than it now is, and according to these Proposals it will be but about ⅓.
Supposing Silver at this extraordinary Price, I don’t see how it can possibly be larger than as 8 to 10, and this Proposition is as 8 to 12.
Object.X.
Cotton Post.p. 294.
The Mint is the Pulse of the Common-Wealth,and this would discover us to be in a weak Condition.
Answ.It will discover us doubtless, to be in a borrowing Condition upon good Interest and Security; but that’s the worst of it; whereas if the Mint should only give us an imaginary Valuation, then we are discovered to be in an imaginary Habit of Wealth.