Letter concerning the melting of money in Scotland into ingots

<188r>

By a Letter from M^r Allardes dated 21^th Iuly 1708, I am informed that the Privy Council of Scotland, when my L^d High Treasurers Order wa{illeg}|s| laid before them by the Comm^rs of the Treasury there did immediately make an Act for paying to the said M^r Allardes a penny per pound weight Troy for melting the money into Ingots & ordei{illeg}|n|ed the Comm^rs of the Equivalent to pay the same out of the Equivalent money conform to the Article of Vnion, & that accordinly {sic} the said Commissioners have given obedience & paid M^r Allardes some few days ago for what is already melted. The old money is the peoples untill it be melted into Ingots & the Ingots be delivered by the Agents of the {illeg}|p|eople by weight & assay to the Master of the Mint to be coined, & therefore all the charges of this melting are {so}|to| b{y}|e| born by the people & by consequence out of the Equivalent. For the Act of Vnion appoints that the losses w^ch the {illeg}|peo|ple may sustein by the recoinage of their money be born out of the Equivalent in the first pla{ce}

^[1]

Isaac Newton.

<189v>

Report of S^r Is. Newton & D^r David Gregory concerning a Reward of the Commissioners for melting the old money of Scotland into Ingots.