Experience Nineteen Peny Weight and Three Tenths of a Peny Weight in Sterling Silver equal to the Weight of a Crown Piece in England doth and will Purchase more Coined Money than Five Shillings by Tale though the latter be delivered bona fide in Unclipt Shillings or in a good Bill and consequently doth and will Purchase and Acquire more Goods or necessaries or pay more Debts in England or being delivered here it fetches more Money in any Foreign Parts by way of Exchange than Five Shillings by Tale or the Sixth Part of a Guinea by Tale or Goods to the Value of Five Shillings in Tale only do or can Fetch Purchase or Acquire That this Advanced Price of the Silver has been growing for some time and is Originally caused by the Ballance Excess or Difference abovementioned which Naturally and Rationally produces such an effect And there is no reason to expect that Silver will decline in its Price or Value here till it be made more plentiful by turning the Ballance of Trade to our Advantage which seems to be a Work that can be accomplished with Success in times of Peace or by such a Protection of our Trade as will render our Exportations as large as they used to be in times of Peace That the Raising the Value of the Silver in our Coins to make it equal to Silver in Mass can in no Sence be understood to be a cause of making Silver Scarce That there can never be propos'd any just or reasonable Foot upon which the Coins should be Currant save only the very Price of the Silver thereof in case it be Molten in the same Place where the Coins are made Currant or an Extrinsick Denomination very near that Price It being most evident That if the Value of the Silver in the Coins should by any Extrinsick Denomination be Raised above the Value or Market Price of the same Silver reduced to Bullion the Subject would be proportionably Injured and Defrauded as they were formerly in the case of the Base Moneys Coin'd by Publick Authority but if the Value of the Silver in the Coins be less than the Value or Market Price of the same Silver reduced to Bullion then the Coins are always Melted down for Luore as they have been and are at this day in the Case of the Unclipt Moneys and as they will certainly be in Case of any New Coins that shall be made to be Currant upon the Old Foot of Sixty Pence for the Silver of a Crown Piece which sufficiently proves That the Medium propos'd is the true Foundation for the Course of our Moneys That for this purpose we need only to consider the very Price that Silver bears in England where these Coins are to be Currant although if we will have Relation to Neighbouring Countreys particularly to Holland we shall find that the Currant Price of an Ounce of Silver there adding thereunto the Difference of Exchange from London to Amsterdam or Roterdam which Difference in the Exchange is but another Effect of the Ballance of Trade before-mentioned will still make up the Price of Six Shillings and Five Pence for the Ounce of Silver at London And if this were not so your Lordships might be sure that no body would buy Silver at London for Six Shillings and Five Pence an Ounce carry it to Holland and sell it there perhaps for Five Shillings and Five Pence an Ounce or for so much in their Coins the Silver whereof is not equal to Five Shillings and Five Pence by our Standard That it ought not to be Alledged that Silver has no Price for every Indenture of the Mint having first Ascertain'd the Extrinsick Denomination of the Currant Coins has taken care also to Determine the Price or Value of the Silver to the Merchant or Importer which was to be Answered in those Extrinsick Denominations and daily Experience shews every Man in Buying or Selling of Silver that it has a Price or Value still Reckoned in those Extrinsick Denominations although at present it much exceeds as aforesaid the said Rate of Sixty two Shillings for a Pound Troy That Five Shillings Coin'd upon the Foot hereby Proposed will actually contain more real and Intrinsick Value of Silver by a great deal than is in the Currant Moneys now commonly Applied to the Payment of the said Rents Revenues and Debts upon which the imaginary Loss is Apprehended and in Reason will and ought to go further to all Intents and Purposes than Five Shillings in Clipt Moneys or in the Sixth Part of a Guinea doth or can go which will be better understood when the Mischiefs of these Clipt Moneys and Guineas come to be Explain'd in the Third Chapter And lastly That as the Foot or Foundation hereby Proposed for the Course of the Moneys will be Just and Reasonable with regard to the Price of Silver and more Advantagious to the Receivers thereof than Payment in Clipt Moneys or Gold at the present Price so every Person that shall Receive any Money Coin'd or made Currant upon this New Foot will have the Payment Issuing and Expenditure thereof at the same Rate And it is freely submitted to Impartial Judgments whether the propos'd Advance of Silver in the Coins can infer a Real Loss upon any Persons other than such as can propose to themselves particularly the Receipt of Moneys in Weighty or Unclipt Pieces only and the Conversion thereof to an Advantage which Law or Reason would not allow them Secondly The Value of the Silver in the Coin ought to be Raised to encourage the bringing of Bullion to the Mint to be Coin'd It is a Matter of Fact well known to your Lordships and by the small Number of the Pieces of the present King or of His Majesty and the Deceas'd Queen it is perceivable by every body else that since Bullion hath born a greater Price than Silver in the Coin there has been none brought to the Mint to be Coin'd either by Importers or others unless some small Parcels that were Seiz'd or sent thither by Publick Authority And it is utterly against Reason for any Man to think that any Bullion of Silver will be carried thither voluntarily to be Coin'd till the Value of Silver Coin'd be Raised at least as high as the Value of Silver in Bullion By the propos'd Advance to Six Shillings and Three Pence the Sterling Silver in the Coins will be set at Six Shillings and Five Pence Half-peny per Ounce which will exceed the present Price of Sterling in Bullion by One Half-peny per Ounce and give though by a small Profit an Encouragement to those that have English Silver or Plate and particularly to the Retailers of Wine Beer Ale and other Liquors whose Tankards and other Vessels are herein after Propos'd to be brought in and generally to all those that have or can have Silver Imported to carry the same to the Mint to be Coin'd And this will be agreeable to the Policy that in past Ages
and Six hundred thousand Pounds And if it be Granted that Four Millions of this Sum consists of Pieces that are Diminished some more some less by Clipping then it will follow that there remains in the Kingdom about One Million and Six hundred thousand Pounds of Heavy Money a great part of which is supposed to lie in Hoards and the rest Currant chiefly in the Counties most remote from London Thirdly I am to Compute as well as I can How far the Clipt Pieces now in being may have been Diminished in their Weight In reference to which your Lordships may be pleased to be Reminded That when the Earl of Rochester was Lord Treasurer several Good Orders were Established by him for the Exchequer One of which was to have all the Bags of Money there Received to be Weighed And I have Extracted from the Books of One of the Tellers the Weight of Five hundred seventy two Bags of One hundred Pound each which were brought to the Receipt promiscuously in the Months of May Iune and Iuly last Now whereas the Weight of One hundred Pounds Sterling in Silver Moneys according to the Standard of the Mint ought to be Thirty two Pounds Three Ounces One Peny Weight and Twenty two Grains Troy and consequently the said Bags containing Fifty seven thousand Two hundred Pounds by Tale ought to have Weighed Two hundred twenty one thousand Four hundred and Eighteen Ounces Sixteen Peny Weight and Eight Grains Troy It was found that the said Fifty seven thousand and Two hundred Pounds by Tale comprizing some Weighty Pieces though few Weighed only One hundred and thirteen thousand Seven hundred and Seventy one Ounces and Five Peny Weight Troy So that if all the said Sum of Fifty seven thousand and Two hundred Pounds by Tale were good Silver yet it was Deficient in Weight One hundred and seven thousand six hundred fourty seven Ounces Eleven Peny Weight and Eight Grains Troy from whence I infer First That the Moneys commonly Currant are Diminished near one Half to wit in a Proportion something greater than that of Ten to Twenty two Secondly That going by the Medium of the said Number of Bags and making but a very small Allowance for the Unclipt Pieces in the said Bags and for the Difference of Money brought to the Exchequer and that which passes amongst the Common People the former being in most Payments the best of the Clipt Moneys every one must be convinced That if all the Clipt Pieces of Silver Moneys in England could be weighed together they would be found Deficient a full Half of their Standard Weight Again Thirdly If all the Pieces in England that are more or less Clipt do Amount by Tale to Four Millions as is before supposed then I infer That by Re-Coining the same upon the Old Foot it will make but Two Millions and the Loss would be as much But by Re-Coining the same upon the Foot of Six Shillings and Three Pence for the present Crown Piece as is above proposed the same Quantity of Clipt Money will make Two Millions and Five hundred thousand Pounds and the Loss will be Fifteen hundred thousand Pounds to be born either by Publick Aid or by the Particulars interested in the Clipt Moneys or by both The Third General Head Discusses this Question Whether it be or be not absolutely Necessary at this time to Re-establish the Coins IT will readily be Granted That the Melting and New Fabricating the much greater Part of all the Silver Moneys of the Realm as the Clipt Pieces are would be a Work very improper to be Enterprized in the heat of an Important and Expensive War if the doing thereof were not indispensibly necessary to render effectual the very Ways and Means which in Parliament may be Resolved upon in reference to Aids or Supplies for Carrying on of the same War and to produce a Species of Money that may be Useful and Serviceable for the Upholding of the Commerce and for answering not only of the Publick but also of all Private Revenues Rents Debts and other Occasions which concern the very Existence of the great Political Body It were enough for me upon this Occasion to say That the House of Commons judg'd it necessary to have the Clipt Moneys Re-Coin'd having Resolved thereupon after many long and mature Deliberations in the last Session of Parliament But the Evils which for some time past have been growing upon us in respect of the Coins being at length actually Arrived and more sensibly Felt I shall take leave humbly to State the same according to the best of my Understanding and submit the Judgment thereof to Publick Authority First Because such of the Silver Coins as are usually Currant or offer'd in Payments are very Bad and Defective the Common People without any visible Reason other thanto avoid the Danger and Vexation of such Moneys by almost an Unanimous Consent and Agreement do take Guineas at Thirty Shillings apiece little more or less which Raises the Gold here as hath been observed to a much higher Price in Proportion than Silver in Bullion now goes at or that Silver in Coin will go for when it shall be Raised to the Foot of Six Shillings and Three Pence for the Crown Piece according to this Projection And this exorbitant Price of Gold here hath encouraged Foreign Merchants to Import it upon us in great Quantities And in Return for the same They either Export our Silver in Coin or Molten which lying in a little Room the Exportation thereof cannot easily be Prevented Or Secondly They Buy our Native Commodities the Interruption of the Navigation not Allowing us such an Overplus of Goods brought from our Colonies in America and other Foreign Parts wherewith England in times of Peace could at least Ballance its Trade with its Neighbours Or Thirdly They draw back the aforesaid Value of their Gold by Bills of Exchange or Remittances In every one of these Cases they make an unreasonable Profit by their Gold which must needs in a little time Exhaust a great part of the Real Stock and Wealth of our Nation But particularly in the first Case the Bullion or Coin in Silver that is Exported is really worth much more than the Gold Imported for it and the Difference becomes a Dead Loss to England which Labours too much already under the Scarcity of Silver and will inevitably find it much Scarcer and Dearer than it is if this Golden Trade continues In the Second Case they can Furnish Foreign Markets with our Native Commodities which would be carried thither by our own Merchants who want the aforesaid Profit of the Gold to enable them to Buy those Goods as Dear and Sell them as Cheap as the Foreigners can And in the Third Case by the great occasion they have for Bills to draw back the Value of their Gold to the Places from whence it came they have Contributed in a great measure towards Lowering the Exchange to the Low Countries
which from divers Causes whereof the Importing of Guineas is none of the least is sunk so very Low that the Publick loses about Four Shillings in the Pound upon all the Moneys Remitted thither which Loss Amounts to a great deal in the Charge of the Army And the Exchange to Hamburgh and the East Countreys for all Naval Stores and other Goods is Lower and to all Places in the Mediterranean where our Fleet is at present the Exchange is yet more to our Prejudice And in regard the aforesaid excessive Advance of the Guinea Pieces at least a great part thereof can be Attributed as has been before observed to nothing else but the Baseness and Defects of the White Moneys there is no Prospect of Reducing the Gold to a more moderate or reasonable Price by any means consistent with the Interest of the Nation other than the Amendment and Restoring of the Silver Coins Secondly In the present Condition and Circumstances of our Silver Money this Nation and the Trade and Dealings thereof are in a great measure Deprived of the Use and Benefit of the whole Species now in being as well the Heavy Pieces as the Light the former of which especially since the Parliament in the last Session appear'd desirous of making a Reformation or Amendment have been for the most part Hoarded by the particular Persons Possessed thereof in prospect that the Silver contained in those Weighty Pieces will be Raised to a Value suitable to the Bullion thereof if Melted which they may think will turn more to their Profit than Lending at Interest Purchasing or Trading therewith in the mean time or at least they may think these Hoarded Moneys when the Mischiefs of Corrupting and Diminishing their Coins come to their last Extremity will particularly stand those Men in stead that have them however it be its certain the Weighty Moneys at present do very little appear Abroad and it is not likely they will soon be brought to Light without Raising their Value and Re-Coining the Clipt Moneys and as for the latter a great Part thereof when offered in Payments is utterly Refused and will not Pass and consequently doth not serve to the end or Purpose for which it was made so that both the one and the other for the greatest Part are become as it were a Dead Cash in the Kingdom Thirdly In Consequence of the Vitiating Diminishing and Counterfeiting of the Currant Moneys it is come to pass That great Contentions do daily arise amonst the King's Subjects in Fairs Markets Shops and other Places throughout the Kingdom about the Passing or Refusing of the same to the disturbance of the Publick Peace many Bargains Doings and Dealings are totally prevented and laid aside which lessens Trade in general Persons before they conclude in any Bargains are necessitated first to settle the Price or Value of the very Money they are to Receive for their Goods and if it be in Guineas at a High Rate or in Clipt or Bad Moneys they set the Price of their Goods accordingly which I think has been One great cause of Raising the Price not only of Merchandizes but even of Edibles and other Necessaries for the sustenance of the Common People to their great Grievance The Receipt and Collection of the Publick Taxes Revenues and Debts as well as of Private Mens Incomes are extreamly retarded to the Damage of His Majesty and to the Prejudice of a Vigorous Prosecution of the War so that there were never at least since I had the Honour to serve the Crown so many Bonds Given and lying Unsatisfied at the Custom-Houses or so vast an Arrear of Excises And as for the Land Tax your Lordships know how far 't is affected with the Bad Moneys by the many Complaints transmitted daily from the Commissioners Receivers and Collectors thereof and by Comparing the Sum brought into the Exchequer this Year with the timely Payments of the like Tax in preceding Years In fine the Mischiefs of the Bad Money too many to enumerate are so sensibly Felt that I humbly conceive they are sufficient to Confute all the Arguments against the Re-Coining the same in this time of War and even the Objections against Raising the Silver in our Coin to the Propos'd Value Which Arguments and Objections how Plausible or Weighty soever they have been heretofore have not at this time sufficient Ground or Reason to Support them especially when the doing of these things is not Projected for the particular Gain or Profit of the Crown which formerly Received a Duty of Seigniorage upon Coining or Re-coining of Moneys but for the Common Good and Utility of the King and his People But whether all the Evils and Mischiefs before mentioned and the Increase thereof which the Nation must undergo till a Remedy be Applied do infer or are tantamount to an absolute Necessity for the present Enterprising the Work aforesaid must be and is with all Humility submitted to a better Judgment than my own The Fourth General Head is to propose the Means that must be Obtained and the proper Methods to be used in and for the Re-establishment of the Silver Coins IN Case His Majesty taking into His Princely Consideration the great Inconveniencies which the Nation Labours under by the badness of the Moneys shall be pleased to Direct That all such Silver Coins called Crowns Half-Crowns Shillings or Testers as have been formerly Coin'd in the Royal Mint or Mints of England with the Hammer and are more or less Diminished by Clipping Rounding Filing or any other Artifice shall be Melted and Re-Coin'd my humble Opinion is That the General Cautions following are to be Observed First That the Work ought to be Performed and Finished in as little time as may be not only to Obviate a further Damage by Clipping in the interim but also that the needful Advantages of the New Money may be the sooner Obtained for the Service of the Nation Secondly That the loss or the greatest part of it ought to be born by the Publick and not by Particulars who being very Numerous will be prejudiced against a Reformation for the Publick Benefit if it is to be Effected at the Cost of particular Men and who have great hopes of being Indemnified by the Votes Passed in their favour in the last Session of Parliament Thirdly This whole Affair must be rendered Easie and very Intelligible to the Common People so that they must not be compelled to Travel very far when they part with their Clipt Money or when they receive back the Value of it in the New Coins and in the mean time they must be furnished with a Useful and Transferrable Credit that must take Place in Course of Repayment as fast as the New Coins can be made Fourthly That no room must be left for Jealousie And therefore all the Clipt Moneys in the several Counties far or near are not to be brought entirely to London to be Minted there which would leave all the Countries very
A REPORT Containing an ESSAY FOR THE Amendment OF THE Silver Coins LONDON Printed by Charles Bill and the Executrix of Thomas Newcomb deceas'd Printers to the Kings most Excellent Majesty 1695. To the Right Honourable the Lords Commissioners of His Majesties Treasury May it please your Lordships IN Obedience to your Lordships Command I have endeavoured to inform my self of divers Matters which concern the Gold and Silver Moneys and of the most Practicable Methods for New Coining the Latter and Supplying in the mean time sufficient Coins to pay the Kings Taxes and Revenues and to carry on the Publick Commerce and I do humbly represent to your Lordships That I have made diligent Search into several Records Books and Writings to see what Acts or Things have been formerly done or practised which might serve for Precedents or give any Light for the Re-establishment of the Coins that should now go and have Course as the Lawful Money of the Kingdom It is true as I find in a Book of great Authority remaining in the Exchequer called The Black Book written by Gervase of Tilbury in the time of Henry the Second that there were anciently Falsifiers and Clippers of Money for when King William the First for the better pay of his Warriours caused the Firmes which till his time had for the most part been answered in Victuals to be converted in Pecuniam Numeratam he directed the whole from every County to be Charged on the Sheriff to be by him brought into the Exchequer adding That the Sheriff should make the Payment ad Scalam hoc est as the aforesaid Author expounds it solveret preter quamlibet numeratam libram sex denarios and the Money afterwards declining and becoming worse it was Ordained That the Firmes of Manors should not only be paid ad Scalam but also ad Pensam which latter was the paying as much Money for a Pound Sterling as weighed Twelve Ounces Troy so that Payment of a Pound de Numero imported Twenty Shillings ad Scalam imported Twenty Shillings Six Pence and ad Pensam imported so much as weighed Twelve Ounces And in the time of King Henry the Second when the Bishop of Salisbury was Treasurer who considered that though the Money did Answer Numero Pondere it might nevertheless be mixt with Copper or Brass therefore Consilio Regis ut Regiae simul Publicae Provideretur Vtilitati a Constitution was made called the Trial by Combustion The whole Progress whereof as it was practised in the Exchequer in those Days is exactly set down in the said Book and differs little or nothing from the present method of Assaying Silver for its Fineness as plainly appears in that place where the said Gervase treats of the Office of the Miles Argentarius and that of the Fusor an Extract whereof is hereunto Annexed It appears also that the Crown Rents were many times reserved in Libris Albis or Blanch Firmes in which case the Payer was holden Dealbare Firmam that is His Base Money or Coin worse than Standard was Molten down in the Exchequer and Reduced to the Fineness of Standard Silver or instead thereof he Paid to the King Twelve Pence to the Pound by way of Addition But the most Remarkable Deceipts and Corruptions found in Ancient Records to have been committed upon the Coins of the Kingdom by Offenders were in the time of King Edward the First when there was Imported a sort of Light Money made with a Mitre another sort of Light Money with Lyons upon it a Third sort of Copper Blancht to Resemble the Money of England a Fourth sort of Light Money Resembling that of King Edward a Fifth kind that was Plated And the Crime of Rounding Money which I take to be the same with Clipping was then in Fashion all which was done out of England And the Merchants to avoid the Search at Dover and Sandwich concealed the Parcels in Bails of Cloth and brought them in by other Ports Les queux choses si elles suissent longent so efferts says the Book elles mettere yent la Monye D'englitere a nient And the Chief Remedies then Applied were First To Cry down all Money that was not of England Ireland or Scotland Secondly That such as arrived from beyond Seas should shew the Money they brought with them to the King's Officers Thirdly And not hide it in Fardels upon Pain of Forfeiture Fourthly That the Light Money and the Clipt Money might be Bored through without contradiction Fifthly And that the same should be Received and Paid by Weight at a certain Rate and that the Persons having such Clipt or Light Money should bring the same to the King's Changers who were settled in several great Towns in the Kingdom to be new Coined And by what I have Read in Libro Rubeo which is in the upper Exchequer concerning the Changers who as well as the Masters of the Mint had several Offices Erected in divers Parts of the Kingdom Namely at London Canterbury Bristol Kingston upon Hull Newcastle and Exeter a Principal Business of these Changers was to Buy in the Silver of the Bad Money que les Pollards Crockards les autres Mauvaises Moneis Contrefaits Soront abatues And there was a Writ then directed to the Sheriffs to Prohibit the Importation of Clipt or Counterfeit Moneys and the Use thereof in Merchandizing or Negotiating under severe Penalties and Commanding those that had such Money to Bore it through and to bring it to the King's Change to be new Coined And I find by an Indenture in the Third Year of Queen Elizabeth at which time there was Base Moneys that had been Coined by Publick Authority That it was Ordained that Fleetwood Under Treasurer for the Upper Houses of the Mint in the Tower should take in by Number and Tale the Base Moneys therein mentioned at such Rates or Values as were Appointed by a Proclamation in that behalf giving Bills to the Parties under his Hand for the Receipt thereof And the Officers of the Mint were to Melt down and Repay the same in Sterling Moneys to the Parties or their Deputies shewing and delivering their Bills having regard to the time when every Man brought in his Money And the Base Money Received and the Sterling Money Repaid were to be Entred in Two Legers one to be kept by the said Under-Treasurer and the other by the Tellers And the Comptroller and Assay-Master were to keep several Books of Refining and Melting the Base Money to the intent they might be Vouchers to the said Under-Treasurer who was to Account to the Queen for the whole These or such like Provisions might serve well enough in those Times when there was not much Money and but little Trade or Occasion for it and when the Species then in being which one would think consisted Anciently of Pence or Pieces of small Denomination were not Corrupted or Diminished to that degree as they are at this day But considering the present
continued To Coin Rose-Rialls Spur-Rialls and Angels of the Old Standard of Twenty three Carats Three Grains and an half Fine To Coin Rialls of the same Standard and Unites c. Twenty two Carats Fine and Two Carats Allay To Coin Rialls and Angels of the Old Standard of Twenty three Carats Three Grains and an half Fine and half a Grain Allay and to Coin Unites and Crowns Twenty two Carats Fine and Two Carats Allay and to Coin the Silver Moneys of the Old Standard of Eleven Ounces Two Peny Weight Fine and Eighteen Peny Weight Allay To Coin Rialls and Angels of the Old Standard of Twenty three Carats Three Grains and an half Fine and half a Grain Allay and to Coin Unites and Crowns Twenty two Carats Fine and Two Carats Allay and Silver Moneys of the Old Standard of Eleven Ounces Two Peny Weight Fine and Eighteen Peny Weight Allay To Coin the Pieces since called Guineas running for Twenty Shillings Half-Guineas c. Twenty two Carats Fine and Two Carats Allay and Silver Moneys of the Old Standard To Coin Ten Shilling Pieces Twenty Shilling Pieces Fourty Shilling Pieces and Five Pound Pieces of Gold of Twenty two Carats Fine and Two Carats Allay and Silver Moneys of the Old Standard of Eleven Ounces Two Peny Weight Fine and Eighteen Peny Weight Allay The same Standard for Gold and Silver Upon duly considering this History or Relation for so many years past it may not be improper to Observe to your Lordships thereupon First That above Four hundred Years ago the Standard for the Silver Coins was Eleven Ounces Two Peny Weight Fine and Eighteen Peny Weight Allay And so it is at this day by the present Indenture of the Mint and the same is that which was called the Old Sterling or Easterling Secondly That the Standard for the Gold Coins Four hundred Years ago was Twenty three Carats Three Grains and an half Fine and half a Grain Allay And at this day the Standard of Gold by the Indenture of the Mint is Twenty two Carats Fine and Two Carats Allay the difference of which is only One Carat Three Grains and an half Thirdly That the Old Standard obtained for the most part of the said Number of Years and the chief Deviations from the same were in the Reigns of Henry the Eighth and Edward the Sixth The which being premised the Third thing coming under Consideration concerning such new Coins as His Majesty shall think fit to Direct is my own poor Opinion which I humbly offer and as I conceive with some clearness That the present Standard of Fineness or Purity ought to be continued namely of Twenty two Carats Fine and Two Carats Allay for the Gold and Eleven Ounces Two Peny Weight Fine and Eighteen Peny Weight Allay for the Silver in all the New Coins that shall be now directed And my Reasons for the same are as follows First Because our Ancestors whose wisdom we have no cause to distrust have for many Ages endeavoured to keep up the Old Sterling or to a Standard very near it which obtained as evidently appears by the foregoing Narrative for the greatest part of Four hundred years Secondly Although the former Debasements of the Coins by Publick Authority especially those in the Reigns of King Henry the Eighth and King Edward the Sixth might be projected for the Profit of the Crown and the Projectors might measure that Profit by the excessive Quantities of Allay that were mixt with the Silver or the Gold And although this was Enterprized by a Prince who could stretch his Prerogative very far upon his People and was done in Times when this Nation had very little Commerce Inland or Foreign to be injured or prejudiced thereby Yet Experience presently shewed that the Projectors were mistaken and that it was absolutely necessary to have the base Moneys reformed the doing whereof was begun by King Edward the Sixth himself carried on by King Philip and Queen Mary and happily finished though not without great Charge Vexation and Trouble the only Offspring of such Designs by Queen Elizabeth who as is noted above in the Third Year of her Reign when Money was not plentiful Erected a Distinct Mint in the Tower to convert the Base not Counterfeit Money into Sterling Thirdly Because making of Base Moneys will Disgrace this Government in future Generations the Criticks in every Age being apt to Estimate the Goodness or Badness of Ancient Governments by their Coin as hath been done especially in the Case of the Romans and a Temptation of this kind ought not to be left for future Ages to the prejudice of the Honour of the present King Fourthly Although it must be acknowledged That the putting a greater Allay into the Coins so long as they should still retain so much Purity or Fineness as would render them answerable to the Currant Price of Silver in Bullion would be no real Injury to the Subject Yet it must be considered that when the Causes which at present make Silver Scarce and Dear shall cease Silver it self will fall in its Price And if in the mean time the Coins shall have been Debased then after the Retrieving of the Trade and Wealth of the Nation and the Bringing down of the Price of Silver thereby the Damage which the Crown will sustain in its Taxes Revenues and Loans and the Loss which the Nobility Gentry and Commonalty especially Ecclesiastical Persons will find thereby in the payment of their Debts Rents and Annuities many of which are so Fixt and Establisht upon previous Reservations or Grants in Fee or in Tail or for Lives or Years certain or are so payable by Assurances already perfected as that it will not be in their powers to alter the same proportionably to the Debasement of the Coin and the loss or damage after such Bringing down the Price of Silver will be proportionable to the excessive Allay to be put into the Money will continue and have duration at least till all such Base Money can be abated The meer Reforming of which would take up a considerable time and be a new trouble and difficulty after the Ending of the present War and after the Re-establishment of the Trade and Wealth of the Kingdom Fifthly Our present Standard is well known in the World the same agreeing with most of the Foreign Mints in Europe and all Foreigners that deal with us regard the Intrinsick Value more than the Extrinsick Denomination and Exchange with us accordingly If Base Money should be made the Intrinsick Value thereof would be uncertain or might be disputed and in Disputes of such a Nature it is more likely that they will gain upon us than we upon them and so the Exchange become more to our prejudice than it is at present Sixthly The Debasing of Money by Publick Authority is needless and frivolous for whatsoever Advantages grounded upon necessity can be propos'd thereby will arise more easily and have better
Precedents in Raising the Value of the Standard which is the next Subject to be Discussed Not doubting but that your Lordships by these and other Reasons which might be given if they were not too tedious will be fully convinc'd That the present Standard of Fineness is to be continued The Fourth thing which I have undertaken in respect of the Standard is to set forth how the Value of the Gold and Silver in the English Coins hath been Rais'd from time to time which considers the Weight and Number of the Pieces in the Pound Troy And because in case of new making Silver Moneys the Adjusting and Establishing the Extrinsick Value or Denomination thereof at which the same must have Course is of the greatest Moment and Consideration in this Affair both to the King and all his People I could not spare my self the trouble of making the following Deduction from the Indentures of the Mint which being duly meditated upon will give a good deal of Light and Precedent for the Rates to which the Value of Gold and Silver in our Coins are to be Raised and Established at this time An Indented Tryal-piece of the goodness of Old Sterling was lodged in the Exchequer and every Pound Weight Troy of such Silver was to be shorn at Twenty Shillings Three Pence according to which the Value of the Silver in the Coin was One Shilling Eight Pence Farthing an Ounce Memorandum I find no farther Indentures concerning this Matter from Edward the First till Edward the Third Every Pound Weight of Gold of the Old Standard abovementioned namely Twenty three Carats Three Grains and a Half Fine and Half a Grain Allay was to be Coin'd into Fifty Florences to be Currant at Six Shillings apiece all which made in Tale Fifteen Pounds or into a proportionable Number of Half-Florences or Quarter-Florences This was by Indenture between the King and Walter de Dunflower Master and Worker A Pound Weight of Gold of the Old Standard abovementioned was to contain Thirty nine Nobles and an Half at Six Shillings Eight Pence apiece amounting in the whole to Thirteen Pounds Three Shillings and Four Pence in Tale or a proportionable Number of Half-Nobles and Quarter-Nobles Which was by an Indenture between the King and Percivall de Perche Memorandum By this Indenture the Tryal of the Pix was Established A Pound Weight of Gold of the said Old Standard was to make by Tale Fourty Two Nobles at Six Shillings Eight Pence apiece amounting to Fourteen Pounds or a proportionable Number of Half-Nobles and Quarter-Nobles And a Pound Weight of the Old Sterling Silver was to make Twenty two Shillings Six Pence And Percival de Perche was Master The like when Iohn Donative of the Castle of Florence and Philip Iohn Denier were Masters and Workers Memorandum By this Indenture were also Coined Half-pence and Farthings of Silver A Pound Weight of Gold of the Old Standard was to make by Tale Fourty five Nobles amounting to Fifteen Pounds or a proportionable Number of Half or Quarter Nobles And a Pound Weight of Silver of the Old Sterling to make by Tale Seventy five Grosses i. e. Groats amounting to Twenty five Shillings or One hundred and fifty Half-Grosses going for Two Pence apiece or Three hundred Sterlings going for Pence apiece And Henry Brissell was Master and Worker The like only adding Half-Sterlings of which Six hundred in a Pound Troy The like The like And Bardet de Malepilys was Master and Worker The like And Nicholas Malakin a Florentine was Master and Worker The like And here Half-pence are called Mailes A Pound Weight of Gold of the said Old Standard was to make by Tale Fifty Nobles or One hundred Half Nobles or Two hundred Quarter Nobles amounting to Sixteen Pounds Thirteen Shillings and Four Pence in Tale. And a Pound Weight of Silver of the said Old Standard was to make by Tale Ninety Grosses or Groats or One hundred and eighty Half-Groz or Three hundred and Sixty Sterlings or Seven hundred and twenty Mailes or One thousand four hundred and fourty Farthings amounting to Thirty Shillings And Bartholomew Goldbeater was Master and Worker A Pound Weight of Gold of the said Old Standard was Coin'd into Fourty five Rialls going for Ten Shillings apiece or a proportionable Number of Half-Rialls going for Five Shillings apiece or Riall-Farthings going for Two Shillings and Six-pence apiece or into Sixty Seven Angels and an Half going for Six Shillings and Eight Pence apiece or a proportionable Number of Angelets going for Three Shillings and Four Pence apiece And consequently the Pound Troy of Gold was Coined into Twenty two Pounds Ten Shillings by Tale and a Pound Weight of Silver of the Old Sterling was Coined into One hundred and twelve Groats and an half making in Tale Thirty seven Shillings and Six Pence or a proportionable Number of Half-Groz Sterlings or Pence Half-pence or Farthings And here Sir Giles Dawbeny was Master and Worker Is the same with that of the Ninth of Henry the Fifth lowering the Gold to Sixteen Pounds Thirteen Shillings and Four Pence and the Silver Moneys to Thirty Shillings And Robert Mansfeild was Master and Worker Note Here the Value of the Silver as well as the Gold in the Coins was brought down again The same A Pound Weight of Gold of the said Old Standard was to make by Tale Sixty seven Angels and an Half at Six Shillings Eight Pence apiece amounting to Twenty two Pounds Ten Shillings and a Pound Weight of Silver of the said Old Sterling was to make by Tale One hundred and twelve Groats and an Half amounting to Thirty seven Shillings and Six Pence or proportionably in the lesser Coins And Sir Richard Constable was Master and Worker A Pound Weight of Gold of the said Old Standard was to make by Tale Twenty Pounds Sixteen Shillings and Eight Pence and a Pound Weight of Silver Old Sterling was to make Thirty seven Shillings and Six Pence as in the last Article And William Lord Hastings was Master and Worker A Pound Weight of Gold of the Old Standard was to make Fourty five Nobles going for Ten Shillings apiece or Ninety Half Nobles or One hundred and Eighty Quarter Nobles or Sixty seven and an Half of the Pieces impress'd with Angels going for Six Shillings Eight Pence each and consequently was Coined into Twenty two Pounds Ten Shillings by Tale and the Silver Moneys were shorn at Thirty seven Shillings and Six Pence the Pound Weight Troy This Indenture was between the King and the Lord Hastings His Chamberlain and Master and Worker and Warden of all his Exchanges and Outchanges in England and Calis The like The like The like The like But Bartholomew Read was Master and Worker The like And Robert Brackenbury was Master and Worker The like And Robert Fenrother and William Read were Masters and Workers A Pound Weight
Allowing him a Market Price only for the said Silver remaining and Contributing to his Loss in Proportion to the Deficiency or Silver Clipt off because in the latter Case it will be in his Power before he brings in his Money to Clip it over again and Reduce it so low as that the deficient Weight if it were to be made good at the Charge of the Publick might be Twice Thrice Four times Five times c. as much as the real Silver brought in by him would amount to Whereas by this Third Rule the danger of far Clipping is perfectly obviated for no Man will Clip off Silver to Sell at Six Shillings Five Pence an Ounce by the Market Price when he may carry it to the King's Change and there Receive Eight Shillings per Ounce for it RULE IV. WHereas the said Clipt Moneys so to be brought in do retain very different and uncertain Weights and Sizes as they are more or less Clipt and it is evident that a Clipt Crown holding more than Twelve Peny Weight and Twelve Grains will produce more than Five Shillings in New Money if it should be Changed by it self at Eight Shillings an Ounce and an Half-Crown holding more than Six Peny Weight and Six Grains will if it were Changed by it felf for Eight Shillings an Ounce produce more than Two Shillings and an Half in the New Money and the like may be said of the Old Shillings and Six-pences not Clipt to a lower Degree in Proportion I have Considered although the Government would not suffer in this Case that Goldsmiths and other Subtil Dealers in Money will be very apt if an effectual Remedy be not Provided against their Artifices to Cull out the Heaviest of their Clipt Pieces and to get such into their Hands from their Neighbours to Change them at Eight Shillings an Ounce and thereby Gain for them more New Moneys in Tale than ever they Amounted to in their old Denominations And in regard One hundred Pounds by Tale of the said Clipt Moneys holding in Weight Two hundred and fifty Ounces Troy when it is Changed at the said Rate of Eight Shillings an Ounce will produce one hundred Pounds in Tale of the said New Moneys therefore it is Proposed That every Person who brings any Clipt or Diminished Moneys to be Changed as aforesaid shall be obliged to mingle so many of his lighter Pieces with his heavier Pieces as that upon the Draught or Weighing of them together they may not at the said Rate of Eight Shillings an Ounce fetch more of the New Moneys in Tale than the said Clipt Money was Coined for in its Old Denominations that is to say One hundred Pounds by Tale of such Clipt Moneys shall be so mingled with heavier and lighter Pieces as that it shall not exceed Two hundred and fifty Ounces in Weight and every other Sum of Clipt Money shall be restrained to the same proportion This will effectually prevent the said trick of Culling and create little or no Difficulty in Practice because amongst all the Clipt Moneys those which might be converted to the Advantage above-mentioned are few in comparison of the rest and a Sum consisting only of such Weighty Pieces will not in probability ever be brought to the Changers by any but by Crafty or Designing Men. And by this device your Lordships may be pleased to take notice that there will be no need of Weighing every individual Piece which as I think would render the Work endless and impossible The Changer or his Substitute when he shall have carefully Counted and Weighed the said Clipt Money observing the Caution aforesaid shall compute the Value to be paid for the same at the said Rate of Eight Shillings an Ounce and enter into a Leger Book to be kept for this purpose the Day Month and Year of his Receipt thereof the Name of the Person that brings it the Sum of the Clipt Money told the exact Weight thereof and the said Value which is to be paid for the same in New Moneys in several Columes to be made for that purpose for which Value a Bill or Ticket is to be given as is after-mentioned RULE V. THe Changer or his Substitute shall from time to time deliver over the Clipt or Diminished Moneys by him or them received and taken in as aforesaid to the proper Officer of the respective Mint for that District where it was Received in Order to be Re-Coined taking Receipts for the same by the Weight and Tale of every Quantity so delivered over which Receipts are to be the Vouchers for the Account of the Changer and the same together with his Leger will serve to Charge the Accounting Officer of the Mint RULE VI. THat there shall be provided for every Changer a Book or Books in which every Leaf shall be divided into Two Columes by a Figure or Cypher to be Printed therein and shall be so drawn with Lines cutting the Cypher at Right Angles as that Six Pair of Bills may be contained in every Leaf and so that every Counter-part may be separated from its Principal Indent-wise by cutting through the Cypher or Flourish all which Bills shall be numbred in Pairs Arithmetically 1 2 3 c. as far as there shall be occasion and there shall be Printed thereupon the Name of the Place where it is at last to be satisfied and other Words to this Effect No. 1. Nottingham This Bill Intitles the Bearer to the Sum of to be paid with Interest after the Rate of Five Pounds per Centum per Annum out of the Fond Settled by Parliament for Satisfaction of the Register for Clipt or Diminished Money kept at the Place aforesaid And the said Changer or his Substitute upon Adjusting by the Third and Fourth Rules aforesaid the Value which is to be paid in New Money for any Parcel of Clipt or Diminished Moneys brought in as aforesaid shall deliver to the Party bringing the same an Indented Note to wit one of those of the Extream Colume cut out from the said Book and Signed by himself for the said Value to be paid in Course as is hereafter mentioned taking Care that the Sum Expressed in the Note so delivered be also Written in Words at length in the Counterpart remaining in the Book which Book by this means will not only be useful and ready in the City or Countrey to Cheque the Principal Bill if there should be occasion for so doing but will also well serve for an Exact Register without making any other to Guide and Govern the Payment of the Principal in the due Course intended and the just Computation and Payment of the Interest upon every such Bill RULE VII THat no such Bill shall be given or asked for any Sum less then Twenty Shillings in Tale of the New Money and if several Pieces be brought to the Change for any Sum or Sums smaller then Twenty Shillings several of them may be joyned in One Bill which may be taken in
such Name as the Owners of the Money shall desire and if they cannot agree it may be in the Name of the Mayor Bailiff or other Chief Magistrate of the Place or if there be no Magistrate in the Name of the Minister of the Parish in Trust for the several Owners of such small Sums The Seven Rules before going concern the Duty and Office of the Changer only Fourteenthly That all the Silver which will arise from the said Clipt or Diminished Moneys or from the Plate of the Vintners and Victuallers or that shall be brought to be Coined by the Merchants or by any other means shall be Coined into Moneys according to these Propositions In the doing whereof the Chief Officers of the Mint and all their Substitutes Officers and Servants shall be subject to the same or the like Constitutions and Orders touching Assaying Melting Refining Trying Charging Discharging or any Matters or Things relating to the Fabrication of these Moneys as are already Established for Moneys made at the Tower of London And that the respective Substitutes shall be Accountable to their respective Superiours and that the Superiour Officers shall be answerable to the King as now they are Fifteenthly That the aforesaid Bills for the Values of the Clipt or Diminisht Moneys shall be payable to the respective Bearers who shall shew forth and bring in the same Bills whereby the Property thereof will be easily Transferrable without Writing and the Voluntary Acceptance thereof in payment shall be a good Discharge as if the Payment were made in Money And the better to Encourage the Currancy of these Bills it is Proposed That they bear an Interest after the Rate of Five Pounds per Centum per Annum from the Date thereof which will plainly appear not only in the Bill it self but in its Counter-part remaining in the Register Book until its full Satisfaction So that it cannot be doubted but these Bills being Charged upon so good a Fond in so near a Course and made Profitable by the Interest will be preferrable to the Bills of any Banks or Goldsmiths or private Persons whatsoever and serve as well to all intents as so much Cash whilst the Clipt Money is Converting into Sterling Money and for the sake of the Interest those that have the Clipt Moneys will bring them in the more speedily Memorandum As soon as the Bill becomes payable in Course although the Owner do not fetch his Money it must be reserved for him only the Interest must cease from that time Sixteenthly That the time for taking in of the Clipt Moneys be limited to Six Months Seventeenthly For Settling and Establishing an Ample and Sufficient Fond and Security for the Payment and Satisfaction of the Principal and Interest to be contained in the aforesaid Bills in such due Course and Order as that every Person who parts with his Clipt or Diminished Moneys may plainly see and be satisfied That he or his Assigns shall certainly receive the Value thereof and that the Course of the Payments will Commence in a very little time and be continued without any Interruption till the whole be compleated which will very much influence this whole Affair It is humbly propos'd that it may be Enacted as follows 2 ly That it shall and may be lawful to or for any Person or Persons Bodies Politick or Corporate to Advance or Lend at the Exchequer in such Unclipt Moneys as will be Currant by this Project any Sum or Sums of Money not exceeding Eight hundred thousand Pounds which by Estimation will make good so much of the loss as is to be born by the State or Publick if the Clipt Moneys are taken in at the said assumed Rate of Eight Shillings an Ounce and such Loans will consequently be accepted in Money at the Raised Value abovementioned And the same together with Interest after the Rate of Seven Pounds per Centum per Annum may be Charged upon the aforesaid Aid in the same manner as Loans at the Exchequer have usually been Charged upon other Aids And that the Weighty Moneys that shall be so Lent be also Appropriated and be made Auxiliary to the Paying off the said Bills in the several Registers thereof and be Applied Distributed and Transmitted to and amongst the same by the Commissioners of the Treasury and the Lord Treasurer for the time being in such Proporitons as they shall find to agree with the Sum that shall be Due and Owing from time to time upon those Registers respectively 3 dly That any Merchant or other Person whatsoever having or that shall have any Silver Bullion whatsoever whether it be Foreign Silver Plate in Vessels the Silver of Counterfeit Moneys or any other kind of Bullion whatsoever shall have liberty to carry the same to any of the said Mints and have it in his own Election either to have it Coined into New Money upon the New Foot to his own use in which case he must receive his Coin'd Money according to the present Course of the Mint or else to declare that he will Lend the Value of it at the Exchequer as part of the said Sum not exceeding Eight hundred thousand Pounds In which Case last mentioned the Officers of the Mint shall Certifie to the Officers of the Exchequer the Quantity of Sterling Silver or Silver reduced to Sterling that shall be so delivered to them and the Value thereof after the Rate of Six Shillings and Five Pence Halfpeny an Ounce and the Officers of the Exchequer upon producing these Certificates shall give to the Party Tallies and Orders Charged upon the said Aid for the Values so Certified as if it were Lent in the said Currant Money at the Receipt in part of the said Sum not exceeding Eight hundred thousand Pounds and for the Interest thereof And in this Case the New Moneys which shall proceed from the Bullion so Lent shall be Appropriated and be Transmitted and Distributed to and for the satisfaction of the said Registers in the like manner as the other Moneys which shall be lent as aforesaid 4 thly In Case the Silver of the Clipt Moneys and such Loans as aforesaid shall not suffice to clear all the Registers then the Remainder must be paid by the Overplus Moneys to be Collected for the Aid it self and in Default thereof which is not very likely the last Deficiency ought to be paid out of the then next Moneys to be Raised by Parliament Eighteenthly That the present Coinage Duty may be Applied towards the Charge of the said Mints in general Nineteenthly That the Commissioners of the Treasury or Lord Treasurer for the time being and such Person as the King shall Appoint to be the Under Treasurer or Supervisor for this purpose shall have the Oversight Rule Order and Government of this Affair according to the Laws that shall be Enacted for the same and shall have power to Administer the Oaths and take sufficient Securities in the Kings Name from all the Officers
belonging to the Change and such of the Officers of the Mint as ought to give Security and to require Weekly or other Accounts from the several Offices and particularly to cause the general Accounts of the said Changers and of the Accompting Officers of the Mint to be Passed in the Exchequer in such due Form as they ought to be and to allow such Salaries and Incident Charges as shall be reasonable for the performance of this Service and also to allow the reasonable wast in the Coinage Twentieth That all Persons Concerned may have free Access to the several Legers and Registers before-mentioned and no Fee or Charge shall be asked or taken of them for any Matter or Thing which is to be done by any Officer in Execution of this Project Twentyfirst That at the First Session of Parliament after Michaelmas 1696. the said Commissioners of the Treasury or Lord Treasurer for the time being and the said Under-Treasurer or Supervisor General for this Affair shall deliver fairly Written to each of the Two Houses of Parliament a True and Exact Account of all the Clipt or Diminish'd Moneys which shall have been brought in to be Recoin'd by the Tale and Weight thereof appearing in the respective Offices of the Changers and of all the New Moneys which shall have been Coin'd in the said several Mints distinguishing those proceeding from the Silver of the Old Moneys from the Coins made of any other Bullion and shewing particularly the Plate of the Retailers of Wine Beer and other Liquors and the Quantities of Money made thereof also the Totals of the said Registers for the Values of the Clipt Money and the Discharging of the same and how much if any part shall then remain Unsatisfied and the like Account shall be Presented to His Majesty The Fifth General Head Considers what must Supply the Commerce Pay Taxes c. whilst the Clipt Money is under its New Fabrication THis Question is to be Answered by Reminding your Lordships of several Particulars which have already occured in this Report with a small Addition as follows First The Weighty Money both Mill'd and Hammer'd now Hoarded will come forth at a Raised Value which according to the above Estimation may make One Million and Six hundred thousand Pounds more or less besides the Guineas and Half Guineas which are but too numerous at their present Rate Secondly The Bills for the Clipt Money will be so Profitable and Certain and have such a quick Course of Payment as aforesaid that they will serve as so much Running Cash and in the coming forth the Number of them will encrease from day to day that from First to Last they will by Estimation amount to above Three Millions Thirdly As those Bills are Paid off the New Moneys Coin'd with the Silver of the Clipt will come in their stead the Fabrication whereof will begin presently and the Work will be Carried on with as much Expedition as can be made by Ten Mints Fourthly Importers of Bullion and all others that have or can have any Foreign or English Silver even the Silver of Counterfeit Moneys in their Hands will have a visible Encouragement to carry the same forthwith to the Mint to be Coin'd Fifthly It may be Enacted That all Persons that Sell Wine Strong-waters Bear Ale or other Liquors by Retail shall by a Prefixt Day bring their Tankards Cups Dishes and other Plate to some or one of the Mints to be Coin'd into New Money at the Rate of Six Shillings and Five Pence Half-peny an Ounce under Pain of Forfeiture thereof and that the New Money proceeding from the same shall be Delivered to them according to the present Course of the Mint I have my Lords in this difficult Matter Considered and Digested as many things as were possible for me in so short a time and I cannot forbear before I end to Alledge that if the Coins are to be Amended and Established according to these Propositions which may be Rectified and Improved by Men of greater Judgment and Skill I cannot foresee that even whilst the Work is Carrying on there will Accrue such Publick Disorder Damage or Distress as the Nation Labours under before the Work is put in hand All which is most humbly submitted to Your Lordships great Wisdom and Iudgment WILLIAM LOWNDES 12 Septemb. 1695 In quodam libro vocato nigro scripto tempore Regis Henrici Secundi per Gervasium Tilburiensem de Necessariis Scaccarii remanente in Curia Receptae Scaccarii inter alia sic continetur Cap. 21. Officium Militis Argentarii Fusoris POrro Miles Argentarius ab inferiore Scaccario ad superius differt Loculum examinandi Argenti cujus supra meminimus quem cum intulerit Signatum Sigillo Vicecomitis sub omnium oculis effundit in Scaccario xxiiii Solidos quos de Acervo Sumptos prius Signaverit factaque Commixtione eosdem ut ponderi respondeant mittit in unum Vasculum trutinae libram ponderis in alterum vero de Denariis quod Oportuit Quo facto numerat eosdem ut ex numero constare possit si legitimi ponderis sint cujuscunque vero ponderis inventi fuerint seorsum mittit in Ciffum libram unam hoc est xx Solidos ex quibus examen fiat reliquos vero xxiiii Solidos mittit in Loculum Item duo Denarii praeter libram examinandam dantur Fusori non de Fisco sed de parte Vicecomitis quia in praemium sui laboris Tunc eliguntur a Praesidente vel a Thesaurario si ille absens fuerit alii duo Vic. ut simul cum Argentario Necnon Vicecomite cujus examen faciendum est procedant ad Ignem ubi Fusor ante praemonitus praeparatis Necessariis eorum praestolatur adventum Ibi iterum praesente Fusore hiis qui a Baronibus missi sunt diligenter computantur Fusori traduntur Quos ille Suspiciens manu propria numerat sic disponit eos in Vasculum ignitorum Cinerum quod in Fornace est Tunc igitur Artis Fusoriae lege servata redigit eos in Massam constans emundans Argentum Caeterum cavendum est ei ne citra perfectionem subsistat vel importunis aestuationibus vexet illud atque consumat Illud propter Regis hoc propter Vicecomitis Iacturam set Modis omnibus provideat quanta procuret industria ut non vexetur set ad purum tantum excoquatur hoc autem ipsum providere dicunt hii qui ad idem missi sunt a Majoribus Facto igitur examine defert illud Argentarius ad Barones Comitantibus illis tunc in omnium Oculis ponderat illud cum libra praedicta ponderis supplet autem mox quod ignis consumpsit appositis denariis ejusdem loculi donec aequilibriter se habeat examen cum pondere Tunc inscribitur idem examen desuper ducta Creta hiis verbis Everwicscir libra arsit tot vel tot denarios tunc illud Essaium dicitur Non