The COINAGE.

"Three benefits are pretended to grow to the Queen by the use of base moneys in Ireland :--(1.) The saving of a great part of her yearly expense in money, which, as things stand now, is 160,000l. sterling. (2.) The drawing of all good moneys of gold and silver out of Ireland into this realm by exchange. (3.) .. The rebel, robbed of his fine moneys, shall have no means to use commerce with other nations, whereby he now supplieth his wants, and so of necessity grow weak.

"To all which three benefits pretended may be objected as followeth" :--1st. If the Queen maintain an exchange there is no gain equivalent to the scandal and trouble which the innovation will breed. 2nd. "Retiring the moneys of Ireland hither .. is simply no benefit to the Queen in peculiar for the ease of her expense ; for it must come to her with a charge, viz., with the loss of a twentieth part in every pound."

It is some benefit to the realm in general if it remain. But if so much base money as the Queen shall coin out of the fine money be returned once a year to the exchange, she shall lose and not gain. For example :--

Suppose, upon the first publishing of the new standard. 1,000l. of moneys, plate, or bullion be brought to the mint or exchange, upon the Queen's offer of 1l. 3s. 4d. base for 1l. fine moneys, for which the Treasurer returneth bills of exchange to Chester to pay sterling, deducting 2s. in the 1l. There is a loss of 50l.

This 950l. is coined either here or there into 3.800l. new standard, viz., four for one. Thus saving, in paying the same again, three parts in four, or 633l. 6s. 8d.

Supposing those who have received this 3.800l. return one-half to the exchange here and receive (deducting 2s. in the 1l.) 1,710l. The Queen hath, instead of 950l. ster., 1,710l. base moneys, worth 427l. or thereabouts.

This loss deducted from the gain of 633l. 6s. 8d. leaves a clear gain of but 206l. 6s. 8d.

If two-thirds of the base money be returned by exchange, by a similar calculation a clear loss to the Queen is shown.

If the whole be returned the loss is still greater.

"Touching this retiring of fine moneys from the Irish, it is further to be considered whether the receipt of them shall be in Ireland or England, in either of which falleth out a further charge to the Queen, no way recompensed by the exchange."

If in Ireland--the building of houses, furnaces, and provision of instruments for coinage ; the sending of metal from hence to mix with the silver and moneys ; also of officers and labourers, "for they cannot be found skilful there."

Then the bullion remains there, though in a baser mixture, and there is no benefit to this realm or to the Queen, who will also have to bear the charge of the coinage.

If the bullion be sent hither, the Queen bears the charge and hazard of transportation, if it be coined at the Tower ; and if at places upon the coast the erection of houses and officers to attend to it also.

If it be not coined when here, the Queen makes no benefit but only that the money is in the realm.

The third benefit is but a fallacy, for as long as there is any money current that hath silver or gold in it, the [foreign] merchants will receive it, proportioning the price of their wares to its worth.

Last of all, because the merchant loseth 2s. in the 1l. upon his exchange, either he will not trade, or he must enhance the price of his wares 10 per cent. "And that charge shall light for the most part upon the Queen's best subjects and servants, as the Deputy and officers of the realm, the nobility, the colonels and captains, and the towns."

"Further, that fairest pretence of winning time and payment of the army with little money for the present is more in show than in substance. For considering that there must be coined 40,000l. for the army and 40,000l. for commutation and what stock is requisite to answer the exchange, the Queen shall use as great a bulk of fine moneys presently as if there were no abasing of the coin." For example :--Suppose 10,000l. ster. be required to make 40,000l. base moneys for three months' pay for the army, and 18,000l. ster. to answer the exchange of the one-half, and 10,000l. ster. more to make 40,000l. for commutation and 18,000l. to answer the exchange, and 10,000l. more for the next three months' pay to the army. All this amounts to 66,000l. for the first half year. Whereas the half year's charge now is but 80,000l., and adding the charges of coinage and transportation, which will be 5,000l., "there is no more odds in sterling money requisite to serve the one way or the other, but only 9,000l."

Dated by Carew, "1600."