THEREGULATINGSilver Coin,&c.
Writing on so curious, and intricate a Subject, I have great Reason to bespeak the Candour of the Reader.
A Book of this Nature cannot but expect to meet with great Opposition, and ’tis very probable from Two sorts of Men especially,viz.Those that know little of the Subject-Matter, and those that know much.
They that know little are Jealous, and they that know much Opiniatre, and whilst one will not take Pains to comprehend a thing, another taketh too much to overthrow it.
Mr.Lowndes.
But as I hope I shall say nothing here, to be pity’d; so I am on the other side pretty secure from Envy, because, the greatest Credit that can be gotten, by a thing of this Nature, doth already seem to be engross’d by a late learned and industrious Writer upon this Subject.
It was, I must needs say, a prudent piece of Service theLords of the Treasurydid the Nation, and more particularly theParliament, under whose Judgment this matter justly falls, by imploying so able a Pen to clear the way, in giving a true, and entertaining Account of Matter of Fact.
But I must do my self that little piece of Justice too, as to acknowledge the main Design of these Papers was laid before I could have a sight of that Book:
And now I am ready enough to confess my own Weakness, and Insufficiency, for so great an Undertaking; nor do I pretend to write a Stile equal to that experienc’d Minister, but am contented to be understood without shining, and to offer Mathematical Reasoning, without polishing and Ornament.
When I at first form’d the whole Scheme, I had more Leisure, by much, than when I put it in Writing, and I can better answer for my Design, than for my way of expressing it; and therefore all the Favour I expect or ask, is, that theTheorem, which is the main of the Work, may not suffer for the Inartificialness of theProblemsthat lead to it.
I affect Truth and Plainness, and a sincere Love to my Country.
Whatsoever I have read or heard on this Subject, hath brought the Matters to thisDilemma, that either Coin must want of its intrinsic Value, so as to disatisfie most of the King’s loving Subjects, and endanger a fatal stop to Trade; or if it is to be made of near an intrinsic Value, according to the Rate Silver shall go at in the time of Coining, then upon every little Rise of Silver higher than that Price, we are in danger of having it exported and melted down; and so every Parliament may meet with the same Difficulties we at present labour under in the badness and scarcity of Silver Coin.
That which I pretend to, is, to obviate both these Dangers, or otherwise I confess I might have spar’d my Pains; for he who hath provided for one and not the other, hath at the best but donehalf the Work.
There are three Terms of Value, upon the right Understanding of which, much depends,viz.Extrinsic,Intrinsic,Real.