Memorandum. 'Proposals touching the Amendment of the English Coins'

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Proposals touching the Amendment of the English coins.

Proposal. I.

That Bullion & Milled money be enacted of an equal value under a severe penalty to any one who shall give or take more then the value of a crown piece for an ounce of bullion

For the raising y^e price of bullion has for some years put a stop to the m|M|int & caused milled money to be either melted down into bullion \& base money/ or transported & sold for bullion abroad. And these mischiefs are not otherwise to be remedied then by this Proposal.

Pr. II.

That a crown piece & an ounce of Bullion be enacted (at present) of a middle value betwen {sic} them both; suppose at 5^s 6^d, or 5^s 8^d or at most 6^s; & that every year, or every half year, a penny be deducted from their common value untill they be both brought down to 5^s.

For this temper of the value will make the least alteration in y^e present state of affairs, & so is safest; & the grevances which may arise to some persons from equalling the value of milled money & bullion will this become moderate & of short continuance_{illeg}. For should bullion on a sudden be brought down to y^e value of milled money, it might be too detrimentall to all that trade in bullion & Plate, & should milled money be raised to y^e present value of bullion suppose a crown piece to 6^s 3^d or 6^s. 6^d it might cause too great profit to those who have milled money hoarded & continue to raise the price of all merchandices too much to the injury of Land, standing rents & Annuities & of all estates w^ch cannot rise in the same proportion. But if it be set at 5^s 6^d or 5^s 8^d or perhaps 6^s the injury already done to standing estates by the rise of bullion, will be abated by the present Fall of bullion\thereof/ & in four or five\a few/ years by the reduction of its value to 5^s {illeg}\per/ ounce, it will cease

Prop. III.

That all y^e unmilled half crowns be speedily milled into half ounce pieces of sterling allay, & of a particular new stamp whereby they may be easily distinguished in tale from the \other/ milled half crowns; & that a \common/ value (at present) be set upon them \(at pre{illeg}|se|nt)/ almost equal to the value of the money out of w^ch they are coyned, suppose of \3^s or/ 3^s 6^d or 4^s or at most 4^s 6^d the piece, & that this value be lessened a penny or 2^d in the piece every year, or every half year, untill it be brought down to 2^s 6^d, w^ch <605v> is y^e just intrinsick value of the pieces.

I propose this as reasonable to be now done because 'tis better in all respects then to let the unmilled money continue as it is. For it will make the least alteration in y^e affairs of the nation & so is safest \for the Government/. The quantity of money will not be thereby too much diminished on a sudden. It will put an end to y^e clipping of half crowns & therefore I propose it to be done speedily \for putting an end to clipping half c{illeg}|row|ns/. And tho this \new/ money will for a time went of intrinsick value yet this is no new gre|i||e|vance but a step to the remedy of {illeg}|the old| one. For it will be of more intrinsick value then the current money \is/ at present, & every year grow better and better till it have its Full intrinsick value: which gradual amendment will be safer to the government then too sudden a change. And T|t|he losse by milling will\may/ not be so great but that every subject may beare it without putting the nation to charge, or calling in plate before its \be/ necessary, w^ch would make an ill sound abroad,|.| And tho its want of intrinsick value will for a time make it liable to be cou{illeg}|n|terfeited, yet it will be much lesse liable thereto then y^e unmilled money is at present

Prop. IV

That no bullion or plate be milled with this new stamp upon pain of treason, nor brought to y^e Mint during the milling of this money; & that so soon as the time is expired for milling this money,\it/ the s|S|tamps be defaced, & it be treason to mill any more money in this Stamp, or to have instruments for that end; and all the unmilled half crownes thence forward to be decried and cease to be current or valuable any otherwise then as Bullion. For this will hasten all people to bring in their light money to y^e mint before the time for milling it be expired

It would be easiest to mill all the money in y^e Tower as it comes into y^e Kings hands: but this will be long in doing & all the loss in milling would be the Kings. Tis better that a speedier end be put to clipping or|&| that every man bears his own loss in coynage, then that y^e King b{illeg}|ear||e| {illeg}|t|he losse of the whole nation.

I pass by \other/ particulars of less moment as

1 whether every man shall carry his money to y^e Tower, or one or more new mints (for saving this carriage) be erected in others parts of the nation, & remain fixed there or be removed from city to city till the money be milled

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2 Whether y^e half crowns w^ch weigh more then 2^s 2^d or perhaps then 2^s should be exempted from this coynage of light money & valued as Bullion & accordingly milled with that stamp w^ch is now in use.

3 Whether y^e Shillings & sixpences shall be new milled at the same time with the half crowns & after the same method or let alone till another year, & if they be let alone whether for putting a limit to clipping them|,| those, shillings & sixpences w^ch are clipt w^thin y^e ring shall all be new milled & decryed {t} together w^th the half crowns

4. Whether an Office should not be |a|{illeg}|n|nexed to y^e Mint for refining base money (the platted brass by Quicksilver, & the silver of course allay by other due means) & what rules shall be observed in such an office.