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B09309
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A letter of advice to a friend about the currency of clipt-money wherein all the material clauses contain'd in the several acts made in these two last sessions of Parliament, for the cure of that evil are recited and now printed for the use of the publick.
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R. J.; England and Wales. Parliament.
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1696
(1696)
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Wing J29; ESTC R179158
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13,314
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35
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to the Nation King's Speech but this is a matter of so general Concern and of so very great Importance that I have thought fit to leave it intirely to my Parâament The 5th Decemb. the House of Lords resolv'd on an Adress to be presented to His Majesty to issue out a Proclamation that from such a Day or Days as his Majesty should think fit Lords Address no clipt Money of any sort should pass in Payment as the current Coiâ of this Kingdom which they communicated to the House of Commons and desir'd their concurrence in it The next Daâ the Commons took it into Consideration and went into a Committee of the wholâ House to consider of the State of thâ Coin and to consider of a Fund to makâ good the Deficiency of clipt Money anâ not going thorough with it that Day theâ went into a Committe on it the next Day and that being Saturday so they did thâ Monday following when they perfecteâ their Resolutions which the next Day viz. Tuesday Decemb. 10th were reporteâ and agreed to by the House and were follows viz. That the most effectual Way put a stop to the Mischief which the Natiââ suffers by the currency of Clipt Money is to coin the same That all clipt Money be recoined according the Establish'd Standard of the Mint Commons Votes both to Weight and Fineness That the Loss of such clipt Money as is Silver and coin'd at the lawful Mint of this Kingdom shall be born by the Publick That a Day or Days be appointed after which no clipt Crowns or half Crowns be allow'd in Payment or to pass except only to the Collectors and Receivers of His Majesty's Revenues and Taxes or upon Loans in Payment into the Exchequer That a Day or Days be appointed after which no clipt Crowns or half Crowns shall pass in any Payment whatsoever That all such Crowns and half Crowns as they come into his Majesty's Receit be recoin'd into mill'd Money That a Day or Days be appointed after which no Money clipt within the Ring be allowed in Payment or to pass except only to the Collectors and Receivers of His Majesty's Revenues and Taxes or upon Loans or Payments into the Exchequer That a Day or Days be appointed after which no Money clipt within the Ring shall pass in any Payment whatsoever That a Day or Days be appointed for all Person to bring in their clipt Money to be recoin'd in mill'd Money after which no Recompence shall be made for the same That a Fund or Funds be settled for supplying the Deficiency of clipt Money The next day was a Day of Fasting and Humiliation but the Day following they ordered an Address to be made to his Majesty on these Resolutions and ordered a Bill to be brought in for Regulating the Silver Coin of this Kingdom Commons Address The 14th the House agreed to the Form of the Address to be presented to his Majesty on their Resolutions wherein they desire him to appoint the Day or Days after which no clipt Money shall pass Kings Answer The 17th the King sends them word He would issue out a Proclamation accordingly which was published the 19th wherein is recited that the Lords and Commons had severally addrest to him by his Proclamation to prevent the Currency of clipt Money Proclamation and declares and commands that after the first of January then next ensuing no clipt Crowns or Half-Crowns should pass in any Payment except to his Majesty's Collectors and Receivers c. nor after the 3d of February in any Payment whatsoever within London or 40 Miles thereof nor after the 22th of February in any other Part of the Kingdom c. And that after the 13th of February no Shilling clipt within the Ring should pass in any Payment except to his Majesty's Collectors c. Nor after the second of April in any Payment whatsoever This Proclamation nay even the Votes before the Proclamation had the good Effect that immediately the Exchange altered to our Advantage very considerably in so much that whereas a Pound Sterling which formerly yielded Thirty six Dutch Skillings in Exchange and since the Clipping our Money and Advance of Guinea's would bring but 27 Dutch Skillings in Exchange nay I have been told it was fallen to 25 Skillings would now bring 31 Skillings and upwards But this lasted not long for the unlawful Price or mischievous Value of Guinea's keeping up and some Delays and Difficulties happening in the passing the Act for Remedying the ill State of the Coin the Exchange altered again so that the Exchange was at about 28 Skillings because every Body being able to coin his Gold into Guinea's without any Expence or much Delay the Mint being obliged to do it gratis our Silver was bought up and sent into Holland where less than 16 Ounces of it would buy an Ounce of Gold which being brought hither and coined would make Four Guinea's within Two-peny Weight and those Guinea's passing at 30 ãâã each produced six Pounds whereas 16 Ounces of Silver coined here make but 4 l. 2 s. 8 d. and by this Means all our new Money and all the Silver in the Kingdom was like to have been melted down and carried away and at the same time the Nation must have lost as considerably by the Exchange Therefore the Parliament resolved to make an Act for taking off thâ Obligation and Encouragement for coining Guineas for a certain time therein mentioned which passed soon after the Act for Remedying thâ ill Seate of the Coin The Effect of a part of these Acts I shall here insert for your Perusal together with some Clauses that are in other Acts passed this Session with relation to the Silver and Gold Coin withouâ stating to you the Occasions of them because neither my Time nor Paper will permit it for I must spare enough oâ both to make some Remarks on what thâ Parliament hath done and suggest to you what I take to be your Duty and the Duty oâ every good Englishman to do on this Occasion the Omission of which may not only continue but increase the Mischiefs thesâ Acts were made to cure and in a littlâ time bring the Nation into utter Confusion and irrecoverable Ruine In the Act foâ Remedying the ill Estate of the Coin of this Kingdom The Preamble declares That the Course of clipt Money amongst us is to the unspeakable Wrong and Prejudice of his Majesty and his good Subjects in their Affairs as well publick as particular and no sufficient Remedy can be applied to the manifold Evils arising from Clipping the Money without re-coining the clipt Pieces and then provides regular and effectual Methods for re-coining it And in that Act are these Clauses following Clause 2. Be it Enacted That the Receivers and collectors and other Officers intrusted with the Receipt or Collection of his Majesty's Revenues Impositions Duties Taxes Aids or Supplies or any of them granted and in being