The King, after all this, buys 750000 Ounces of _Bullion_, and coins it, without Profit, into 250000 _l._ This makes up 5000000 _l._ compleat, and then the Royal Mints is to be at a stand (as at present) until the Parliament shall have resolved what more is to be done; our present Necessities are supply’d, and this, which we shall have, will not be diminished.
These Five Millions now want a fifth part of the _Intrinsick Value_ of the Coin; and unless a _Real Value_ be given it to make amends for the want of the _Intrinsick_, and to Equal the _Extrinsick_, I have, after all, I confess, done nothing, according to my Fourth _Axiom_.
_I humbly therefore Propose, That a Land-Tax may make it good, if it do not exceed Two-pence in the Pound._
But after what manner it is to be made good, is the great Question.
If they, into whose Hands the newcoin’d Silver shall first come, should be allowed for the Intrinsick Want of it, then, in the paying it out again they must transmit the Allowance the State gives; or else the First Receivers would be Savers, and the rest Losers: But if the State must immediately give the Full Allowance, then it might as well have Coin’d to the _full Intrinsick Value_. But the _Intrinsick Value_ is lessen’d, and the _Real_ given, because the Government is better qualified at present to pay _Interest_ than _Principal_.
_Therefore an_ Interest _is to be paid equivalent to the Extrinsick Value, and fully satisfactory for the Want of Intrinsick; that so the Subject may be no Loser, and the Government put to no Difficulties_.
Beside, that Money would return to its Intrinsick Value, if a _Shilling_ were always to be tack’d to a _Crown_ or _Four-Shilling_ Piece; which is One of the chief things we are to avoid.
_Let this Interest be_ 5 _per Cent._ and let it be look’d upon as a sufficient Interest, as it better will appear to be, when I come to answer the Objections, which may be made to this Method.
_The Interest of a Million of Pounds Sterling, which is wanting to make up the Real Value of the New Coin at_ 5 per Cent. _amounts to Fifty thousand Pounds_ per Annum.
_But, to Ease the Nation of half this Charge, let it be duly and carefully considered,_
_That if the present Possessor of an entire_ 100 l. _be entitled to this Interest, and not of a less Sum, every less Sum will have such a Value Real, as the Possessor of an entire_ 100 l. _can make of it, and will allow for it_.