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-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-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
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
the same Weight and Fineness And as to the Gold I need only to observe from the foregoing Deduction That in the Eighteenth of Edward the First a Pound Weight Fine Twenty three Carats Three Grains and one Half was Coin'd into Fifteen Pounds by Tale Whereas at this day a Pound Weight of Gold of the Fineness only of Twenty two Carats is Coin'd into Fourty four Pounds Ten Shillings And this Method of Raising the Extrinsick Value of the Gold and Silver in the Denominations of the Coins as it hath been constant almost in the Reign of every King so no Inconvenience Disgrace or Mischief as can be observed has ever accrued by the doing thereof at any time when a Just Necessary or Reasonable Cause gave Occasion thereunto The which being Premised and every Project for Debasing the Money by the Reason before given being Rejected as Dangerous Dishonourable and Needless It remains that our Nation in its present Exigence may avail it self by Raising the Value of its Coins and this may be effected either by making the respective Pieces called Crowns Half-Crowns Shillings c. to be lesser in Weight or by continuing the same Weight or Bigness which is at present in the Unclipt Moneys and Ordaining at the same time that every such Piece shall be Currant at a higher Price in Tale. But before I proceed to give my Opinion upon this Subject it seems necessary for me to assert and prove an Hypothesis which is this namely That making the Pieces less or ordaining the respective Pieces of the present Weight to be Currant at a higher Rate may equally raise the Value of the Silver in our Coins The former of these finds many Precedents in the Indentures above recited but the latter seems more suitable to our present Circumstances as will afterwards be shewed more at large This Hypothesis or Theorem is easily demonstrated thus Let it be granted That a Crown Piece by the present Standard contains in Sterling Silver as it really doth Nineteen Peny Weight and 354838 1000000 parts of a Peny Weight Or which is the same thing Nineteen peny Weight Eight Grains and an Half and a very small fractional part more going at this time for Five Shillings or Sixty Pence And let it be supposed which is practicable and the thing aimed at that this very Crown Piece be ordained to pass for Six Shillings and Three Pence or which is equal Seventy five Pence Then I say by Inverse Proportion as Seventy five Pence are to Sixty Pence so Sixty will be to Fourty eight Pence which are equal to Four Shillings From whence I infer That if the Extrinsick Value of the Silver now in a Crown were to be Rais'd to Six Shillings and Three Pence by diminishing the Weight of the Piece according to former Precedents then such Diminitive Crown must weight only Four fifths of the said 19.354838 1000000 Peny Weight that is to say it must weigh Fifteen Peny Weight and 4833704 10000000 parts of a Peny Weight and in this case Five Three Pences to be Coin'd in the same Proportion to compleat the Rais'd Value of Six Shillings and Three Pence must weigh One fourth part of the Diminitive Crown as in the Margin Again by direct Proportion if 15.4838704 Peny Weight of Sterling Silver is to go or be Currant for Five Shillings of Sixty Pence then 19.354838 Peny Weight of Sterling Silver which is the Quantity in an Unclipt Crown by the present Standard and equal to the Sum or Aggregate of the other Two Quantities ought to go and be Currant for Six Shillings and Three Pence or Seventy five Pence and consequently will Raise the Extrinsick Value of the Silver as much as diminishing the Pieces would do which was to be demonstrated And now having cleared my way I humbly take leave to offer my Opinion That all such Silver Moneys as are after Enumerated of the Lawful Coins of this Realm of England which are now in being and are not at all diminished by Clipping Rounding Filing Washing or any other Artifice be Rais'd by Publick Authority to the foot of Six shillings and Three pence for the Crown and proportionably for the other Species namely the Crown to go for Seventy five pence the Half-Crown to go for Thirty seven pence and an half-peny the Shilling for Fifteen pence and the Half-shilling for Seven pence half-peny leaving all the other old Vnclipt Pieces as the Thirteen pence half-peny the Nine pence the Groat Two pence c. which are very few in Number and much worn to go upon their present Foot and to find their Values in pence and parts of a peny as they do at this day And that the New Coins to be made either of the Clipt Money as it shall be brought in or of any other Sterling Silver be made in their respective Weights or Bigness by the present Indenture of the Mint that is to say One Piece which may be called the Sceptre or the Silver-Unite or by such other Name as His Majesty shall Appoint and to be exactly of the Weight and Fineness of the present Vnclipt Crown Piece but to run for Seventy five Pence Sterling of which Pieces so made there shall be Twelve and Two fifths of such piece in a Pound Weight Troy and Three of the said Pieces called Sceptres or Unites or by such other Name as aforesaid together with a Fifteen Peny Piece after mentioned shall make by Tale One Pound Sterling or One Pound of Lawful Money of England in all Accounts and Lawful Payments whatsoever Another Piece which may be called the Half-Sceptre or Half-Unite or by such other Name as His Majesty shall Appoint which shall be equal in Weight and Fineness to a present Vnclipt Half-Crown but to run for Thirty seven Pence and an Half-peny Sterling of which Pieces last mentioned there shall be Twenty four and Four Fifths of such a Piece in a Pound Weight Troy and Six of the said Pieces called Half-Sceptres or Half-Unites or by such other Name as His Majesty shall Appoint together with One Fifteen Peny Piece aftermentioned shall make by Tale One Pound Sterling or One Pound of Lawful English Money in all Accounts and Legal Payments whatsoever One other Piece which may be called the Testoon or Fifteen Peny Piece which shall be equal in Weight and Fineness to a present Vnclipt Shilling but to run for Fifteen Pence Sterling of which there shall be Sixty two in a Pound Weight Troy and Sixteen of the said Pieces called Testoons or Fifteen Peny Pieces shall make in Tale One Pound Sterling or One Pound of Lawful English Money or Ten of these Testoons together with Two such Grosses or Groats as are after mentioned will make a Mark Sterling or Five of them and One such Gross or Groat will make a Noble which the Law used to call the Hauf Merk or Eight of them will make the Angel or Four of them will make the Crown or Two of
them will make the Half-Crown And they may be proportionably varied many other ways in all Accounts Reckonings and Legal Payments whatsoever One other Piece which may be called the Half-Testoon which shall be equal in Weight and Fineness to the Half-shilling by the present Standard but to run for Seven Pence Half-peny Sterling of which there shall be One hundred twenty four in the Pound Weight Troy and Thirty two of the said Pieces to be called Half-Testoons shall make in Tale One Pound Sterling or Twenty of these with Two of the Grosses or Groats will make a Mark in Tale or Ten of these Half-Testoons with one Gross will make a Noble or Eight of the said Half-Testoons will make a Crown by Tale or Five of them with a Half-Groat will make the Half-Noble or Three Shillings and Four-pence by Tale or Four of the said Half-Testoons will make an Half-Crown or Thirty two of them will make Twenty Shillings by Tale or Sixteen of them will make Ten Shillings by Tale or eight of them will make Five Shillings by Tale and they may many other ways be proportionably varied in all Accounts Reckonings and Legal Payments whatsoever One other piece which may be called the Gross or Five-peny piece to be equal in Weight and Fineness to a Groat by the present Standard but to run for Five pence Sterling of which there shall be One hundred eighty six in the pound Weight Troy and Fourty eight of the said Grosses or Five-peny pieces will make in Tale One pound Sterling or a proportionable Number of them in many Cases too tedious here to enumerate will answer to the said Denominations of Pounds Marks Half-Marks Quarter-Marks Angels Crowns Half-Crowns Shillings and Pence used in Accounts or in Acts of Parliament Records or other Legal Instruments which are absolutely necessary to be continued One other piece which may be called the Quarter-Testoon which shall be equal in Weight and Fineness to a Three peny piece by the present Standard but to run for Three pence three farthings Sterling of which there shall be Two hundred fourty eight in a Pound Weight Troy and Sixty four of these Quarter-Testoons will make in Tale One pound Sterling or a proportionable Number of them will answer in a greater Number of Cases to the said Denominations used in Accounts or in the Laws of England One other Piece which may be called the Half-Groat or Half-Gross which shall be equal in Weight and Fineness to a Two peny piece by the present Standard but to run for Two pence half-peny Sterling of which there shall be Three hundred seventy two in a Pound Weight Troy and Ninety six of the said Half-Groats will make in Tale One pound Sterling or a proportionable Number of them will answer in most Cases to the said Denominations used in Accounts or in the Laws of England And one other Piece which may be called the Prime which shall be equal in Weight and Fineness to a present Standard peny but to run for Five farthings or for One peny and the fourth part of a peny Sterling of which there shall be Seven hundred fourty and four in a Pound Weight Troy and One hundred ninety and two of the said Primes will make in Tale One pound Sterling on a proportionable Number of them the Combinations whereof are almost infinite will answer almost in all Cases to the said Denominations used in Accounts or in the Laws of England And because it may be convenient to have the Denomination of Shillings continued let there be added One Piece to be called the Shilling or Twelve peny Piece to be equal in Fineness though not in Weight to any Standard Money now in being to run for Twelve pence Sterling which will be a Fifth part less in Weight then the present Shilling of these there shall be Seventy Seven and an Half in a Pound Weight Troy and Twenty of them will make a Pound by Tale whereby every Pound Weight Troy of the Silver Moneys aforesaid will be and hold in Number and Tale and in the Value will be Rais'd from Three pounds Two Shillings to Three pounds Seventeen Shillings and Six pence Sterling by the Pound Troy And my Reasons for this Opinion are as follows First The Value of the Silver in the Coin ought to be Raised to the Foot of Six Shillings Three Pence in every Crown because the Price of Standard Silver in Bullion is Risen from divers necessary and unnecessary Causes producing at great length a great scarcity thereof in England to Six Shilings Five Pence an Ounce This Reason which I humbly conceive will appear irrefragable is grounded chiefly upon a Truth so Apparent that it may well be compared to an Axiom even in Mathematical Reasoning to wit That whensoever the Extrinsick Value of Silver in the Coin hath been or shall be less than the price of Silver in Bullion the Coin hath been and will be Melted down Although the melting down of Coin for private Lucre be done in secret because 't is Punishable by Law yet no man can doubt but that it has been Practised for a long time past to such a Degree upon the Weighty Money as that in particular the Crowns and Half-Crowns of Edward the Sixth and Queen Elizabeth are quite vanished Those of King James the First are become very rare Those of King Charles the First though the most numerous of all that remain are in great measure Reduced and will appear to be so the more plainly when they come to be distinguished from the Counterfeits which are mostly contrived to Resemble these The Crowns Half-Crowns and indeed the lesser Coins of King Charles the Second the far greatest part whereof were Milled Money in all Payments at the Exchequer and other Publick Offices do not by Estimation exceed the Proportion of Ten Shillings per Cent. or a Two hundredth Part. And if this Wicked Fact of Melting down has been notoriously Committed at times when there was no great difference betwen the Value of the Silver in the Coin and that in the Bullion or when the Goldsmiths and other Artificers could make no other Profit thereby than the finall Over-weight which by Weighing and Culling the Pieces Coin'd at the Tower they found to be in some of them which being Molten might be carried back to the Mint and there Re-coin'd at the King's Charge into a greater number by Tale for their own Use Then one may easily conclude That the temptation of Melting down is grown of late much more prevalent since at this day Standard Silver in Bullion is commonly sold at the said Price of Six Shillings and Five Pence or for Seventy seven Pence an Ounce And in regard Twenty Peny Weight equal to an Ounce bears the same Proportion to Seventy seven Pence as Nineteen Peny Weight and 〈…〉 8â—8 100 000 of One Peny Weight equal to the Standard Silver contained in a Crown Piece doth to Six Shillings and Two Pence Half-peny it
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
Rounding But this Practice of Clipping has never been Exercis'd upon the Mill'd Money and I think never can be because of its Thickness and Edging although no further Provision against the same should be made by Law Secondly That as to Counterfeiting the Hammer'd Money is liable thereunto because the Tools for Resembling the same are cheap and easily made and procured and the Fabrication thereof may be performed in a little Room and with less Art so that Smiths and other Artificers can readily attain thereunto But the Engines for the Mill'd Money are many and very costly not easie to be procured The Makers or Users of such Engines cannot be conceal'd without great difficulty and the Mill'd Money it self being of a much Finer Print than the other requires more Solemnity Skill and curious Workmanship in its Fabrication and when it 's finished shews better the true Colour of the Silver to distinguish its Genuine from its Counterfeit Pieces Which latter could never be brought to Perfection So that Reckoning only since the said Year 1663. without any regard to the Precedent time I verily believe for every single Piece of Mill'd Money that has been Counterfeited or rather been attempted to be Resembled there have been more than One thousand of the Hammer'd Moneys not only Counterfeited but actually Impos'd upon the People who have been defrauded therewith and are now likely to suffer greatly thereby Thirdly That as to the Crime of Melting down it has plainly affected both the Hammer'd and Mill'd Moneys in their respective turns very fatally insomuch that the Hammer'd Gold Coins which were made in the Reigns of the several Kings and Queens from Edward the First inclusively till the beginning of the Reign of King Charles the Second which would amount to an incredible Sum if they were all in being are almost totally vanished having been Molten as I suppose from time to time either to make Vessels or Utensils or to Export for Lucre or to Convert into Gold Coins of more Modern Stamps in which last Case the same Metal came to be Coin'd over and over again it being evident that we have now in England only the Pieces called Guineas and Half-Guineas or few other of Gold Coins as is before observed And I think the like must have been done with all the Hammer'd Silver Moneys that were made before the Reign of Queen Elizabeth a very few only excepted although the latter would amount to many Millions if they were all now in being As to the Coins of that Queen and her Two immediate Successors though they make the Bulk of our present Cash the Number of them must needs have been extreamly diminished by Melting especially whilst they were weighty and not much worn But since the Mill'd Money came into Play because of its Intrinsick Weight and Worth I believe the Crime of Melting hath been chiefly practis'd upon that kind which has apparently reduced it to a small Quantity Nevertheless when both kinds come to have the same Weight and Fineness and to be Currant at the same Price I think the one will not be more liable to this Mischief than the other and I hope both will be Secured against the same when the Silver in the Coin will fetch as much as the Silver in the Bullion Secondly The Quantities of Silver Coins Clipt and Vnclipt that may be reasonably thought or imagined to Remain in the Kingdom at this day cannot with any certainty be Computed I know several Conjectures have been made thereof very different and as I think without any Grounds at all and I confess my self to have none but such as follow First To Compute all the Silver Moneys Coin'd in the Three Reigns of Queen Elizabeth Iames the First and Charles the First Secondly To Guess how much thereof may have been Molten or Lost. Thirdly To Substract the Latter from the Whole And Fourthly To the Difference to add something for the small Remainder as well of Moneys Coined before the Reign of Queen Elizabeth as of those Coined since the Reign of Charles the First The Silver Moneys Coin'd in the Reign of Queen Elizabeth as I am inform'd by the Master of the Mint did Amount to Four Millions Six hundred thousand Pounds But by a Copy which I took some time since from the Archives at Westminster of an Account which was Compiled by Arch-Bishop Williams which I take to be more exact which Archives with the Choice Collections thereof are since Burnt all the Silver Sterling Moneys Coin'd in the Reign of the said Queen excluding some base Irish Moneys that were then made did Amount to l. s. d. 4632932. 3. 2 ¾ The Silver Moneys Coin'd in the Reign of King Iames the First as the Officers of the Mint inform me cannot be known at their Office because their Memorials thereof are either Imperfect or Lost But by the abovesaid Copy I find That in the first Twelve Years of his Reign there was Coin'd in Silver Sterling Moneys One Million Five hundred fifty eight thousand and Fourteen Pounds Nine Shillings and Nine Pence and I find That in the last Seven years of his Reign the Silver Moneys Coin'd did amount to One hundred and two thousand Nine hundred and eighty one Pounds Nine Shillings and eight Pence and then adding 39004 l. o s. 7 d. by estimation for the Two or Three intermediate years of the same Reign the whole of the Silver Sterling Money Coin'd by King Iames the First was l. 1700000. And it appears by an Account from the Officers of the Mint That there was Coin'd of Silver Moneys in the Reign of King Charles the First l. s. d. 8776544. 10. 3. l. s. d. In all 15109476. 13. 5¾ Now considering how far this Sum is to be abated First By the want of the Crowns Half-Crowns Groats Quarter-Shillings Half-Groats Three-half-peny Pieces Three-farthing Pieces and Half-pence of Queen Elizabeth which are wholly sunk Secondly By the Diminution of the Number of the Shillings and Six-pences of the same Queen many of which may be supposed to be Melted down Re-Coined or Lost. Thirdly By the Loss of the Crowns Groats Two-Pences Pence and Half-Pence of Iames the First and Charles the First which seem to be quite gone and by the Melting Re-Coining or Loss of many if not most of the Half-Crowns Shillings and Six-Pences of those Two Kings one can hardly believe there is now in being of the Coins of the said Three Reigns above One Third Part which Amounts to Five Millions Thirty six thousand Four hundred ninety two Pounds to which if there be added Five hundred Sixty three thousand Five hundred and eight Pounds more for the Unmelted Silver Coins of Charles the Second Iames the Second King William and Queen Mary and for the small Quantities which remain of those which were made before the Reign of Queen Elizabeth then the whole of the Silver Sterling Coins Clipt and Unclipt Hoarded and Currant now in England will be Computed at Five Millions
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
Tenthly That the Warden Master Worker Comptroller and Assay-Master of the Mint do continue at the Tower and take the immediate Care of the Work there And that they Substitute Fit and Skilful Persons as their Deputies such as the King or the Lord Treasurer or Commissioners of the Treasury for the time being shall approve of and such as must be Answer'd for by their respective Superiors to Carry on the Works of the said Nine Mints in the Countrey which Substitutes shall be all Sworn for the faithful Discharge of their respective Trust and that the Members of the Corporation of the Moneyers and other Ministers Officers and Servants be distributed accordingly and small Private Marks if thought fit may be made to distinguish the Money that shall be Coin'd at the respective Mints Eleventhly That the Charge of making every Pound Weight Troy of Silver Moneys which at present is One Shilling and Four Pence Half-peny be made more Reasonable now so much is to be Coin'd and Re-Coin'd Twelfthly That at or near every Town or Place where there shall be a Distinct Mint Established as aforesaid there shall be also Settled and Fixt an Office which shall be and be called An Office of the Kings Change and the Chief Officer therein to be Named by His Majesty or the Lord Treasurer or Commissioners of the Treasury for the time being shall be called The Kings Changer and that these Changers shall have Tellers or Substitutes under them And they as well as their Substitutes shall be Sworn for the Due and Just Execution of their respective Trusts with regard not only to the King but also to every Person that shall have to do with them in respect of their Places Thirteenthly The said Officer called The Changer with such Tellers or Substitutes as shall be necessary shall daily and every Day Sundays only excepted attend at the Publick Office whereunto he or they shall be Assigned or at some other Market Town within the Counties of his District and when he is to attend at such other Market Town he shall cause the same to be Publickly Notified there by Affixing a Paper in some open Place in the Market next preceding and at the said Publick Office or at such other Market Towns as aforesaid the said Changer by himself or by his Tellers or Substitutes shall Receive and Take in all such Clipt or Diminished Money as are beforementioned as any Person or Persons shall bring to him in order to be Recoin'd and in Performance of his Office or Duty he or they shall be holden to Observe the Rules following RULE I. HE or they shall carefully View and Examine by the Sight every Piece or Parcel of the said Moneys as shall be so brought in and if he or they shall Observe any Piece or Pieces which shall seem to be so Weighty as that by the Eighth Proposition the same ought to be Currant upon the New Foot of Six Shillings and Three Pence for the Crown above-mentioned he or they shall forthwith cause the Weight thereof to be Tried in the Scale and if he or they do thereby find that such respective Piece or Pieces are of such Weight as that the same ought to be Currant upon the said New Foot without being Melted down the same shall be immediately Marked with some Impression by a Hammer and Redelivered to the Bringer thereof to be Currant at the Raised Value intended as aforesaid The Marking is Design'd chiefly to prevent his being troubled with it again at the Office RULE II. IF the Changer or his Teller or Substitute shall suspect any Piece or Pieces of Money brought in as aforesaid either Alone or in a Sum to be Counterfeit or to be such money as was not Originally Coin'd in the Royal mint of England that then and in every such Case he or they shall and may cause such Suspicious Piece or Pieces in the Presence of the Bringers to be Divided by Shears for that Purpose to be kept and used in the Office And if upon Dividing the same it shall Appear by the Grain or the Touch that such Piece or Pieces are of the goodness of Sterling Silver that then and in every such Case he or they shall retain such Silver as if it were not divided in order to be Recoin'd But if upon such Division the Silver shall appear to be worse than the Goodness of Sterling every Piece so divided shall be delivered back to the Bringer thereof who in that case must be contented with his own again in such a Condition that it will not serve to Defraud any Body else RULE III. AS to all the said Clipt or Diminished Moneys which shall consist of the Old Crown holding any Weight less than Eighteen Peny Weight the Half-Crown holding any Weight less than Nine Peny Weight the Old Shilling holding any Weight less than Three Peny Weight and Sixth Tenth Parts of a Peny Weight and the Old Tester or Six-pence holding any Weight less than One Peny Weight and Eight Tenth Parts of a Peny Weight which shall be so brought in to be Melted down and Recoined whereupon the loss above-mentioned is to be Born either by the State or by particular Persons or Both It is not certain at present how much of the said Loss by the Resolution of the Parliament shall fall upon the one or the other Neverthelss for the Explanation of this Project and to shew how far it is practicable one may as I humbly Conceive Assume any certain Part of this Loss to be born by the Publick as if it were Resolved And Considering that One hundred Pounds by Tale of all these Clipt or Diminished Moneys if they were in One Heap would not by the Estimation which I have made thereof under the Second General Head hold above Sixteen Pound Weight Troy or thereabouts one with another which the King's Subjects dealing therein do also find by daily Experience I do from thence infer that if the said Sixteen Pounds Weight Troy which now Runs for One hundred Pounds by Tale be brought to the Changer to be by him Received at Eight Shillings per Ounce then the said Eight Shillings per Ounce when it comes to be Paid in the New Money will Amount to Seventy six Pound and Sixteen Shillings which will plainly cast about Half the Loss upon the State and the rest upon the Owner of the Money who will also find some Recompence in the Raised Value of his Unclipt Moneys if he has any such Therefore let Eight Shillings per Ounce in the New Money be the Assumed or Stated Price to be Computed by the Changer for all the real Silver which he shall find to be remaining in these Clipt Moneys which Method of making good part of the Loss to the Subject by Allowing him a large Price for every Ounce of the real Silver remaining in his Clipt Money seems to me to be much more secure and to be in all respects a better way than by
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
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