State of the Nation when the Coynage began

|+|^[1] Had not the recoining the silver monys appear'd on all Accounts to be a matter indispensably necessary, nothing could have justified the undertaking, it at a juncture when all our publick affairs were extreamly embroil'd. The King by the advice of his Parliament as soon as he ascended the throne, entred with divers foreign Princes and States into a warr with France, a Country that truly deserv's the character of _x^[2]Lati|e| Regem, bello supertam, and governd by a Prince of as great a Genius for warr and Pollicy, as any of the race of the Bourbons: and this warr had continued for some years with a variety of success.

<47v>

In December 1694 wee had an irreparable loss in the death of the late Queen, w.^ch was a very fatall stroake in the heat of a very expensive warr y^t. then was of $\frac{1}{2}$ dozen years standing, and at a time when seditious and ill affected men were very busy in distracting us and carrying on their designs against the late King: and when upon the very ill state of the silver monys, and the sodain {sic} but mischeivous rise of Guyneas all our Inland dealing were terribly embarass'd, and forreign trade mightily impaird by great losses, constant obstructions at sea, and y^e. growing disadvantages in the Exchange with all forreign Countrys.

So that nothing less than the Magnanimity of the King and the unanimity\Integrity/ and resolution of {illeg}\some/ English Parliament\Patriots/ could have heal'd such a wound in y^e. Governm^t. as our enn|n|emys hop'd was incurable. Yet finding themselves disapointed by our united and steady Counsells, they concluded at last that nothing could break y^e. Governm^t. and ruine the present settlement, but taking away y^e. life of the Quee|King|n, and in the success of this they centred all their hopes of the restitution of King Iames the 2^d. and a speedy end of the warr. And for y^e. Execution <48r> of this design, they could not have pitched upon a juncture more convenient for their purpose. The publick Arrears were very great, the people very uneasy at the length of the warr, and groan'd under the load of the necessary taxes, all the forreign trade but that which run us in debt, was expiring; and every shop, markett, and fair was perplex'd with an uncertain standard of commerce; for no body knew a day before hand, what the value of the silver or gold monys would be to morrow: The people were full of fears and Iealousys, and extreamly dissatisfied with their present circumstances: The Ennemys of the Government were very industrious in promoting and crying up all the evills we felt, and in foretelling greater yet to come.

This was in short the State of the Nation, just before the Ri|e|form of the Coin was resolv'd on in Parliament, and the Difficultys wee then labourd under, are perhaps beyond Description: in so much that our Ennemys both at home and abroad triumphed in the prospect of our approaching ruine: and persons of hearty affection and true zeale for the Gouvernment and their Country, began to look upon our condition as desperate: for the warr must be continued, the publick <48v> creditt reviv'd, old debts discharg'd, new funds provided, forreign alliances maintain'd: but which way this was to be don, very few could divine, for what cash had the kingdom to trade with all, much less to pay the publick taxes that were necessary for the state of the warr in the year 1696? The whole kingdom was in a generall distraction by the badness of the silver coin and the rise of guineas, for no body knew what to trust to; the Landlord now not in what to receive his Rents, nor the Tenant in what to pay 'em. neither |of 'em| could foretell the value of his monys to morrow. The Marchand could not foresee the worth of his wares at 2 or 3 days distance, and was at a loss to sett a price upon his goods. Every body was afraid to i|e|ngage in any new contracts, and as shy in performing old ones, the King subsisted his Forces in forreign parts at the disadvantage of 7 or 8 ꝑ Cent Interest and 5 p Cent Premio for mony borrowed here, besides the loss by the Exchange abroad: and how to provide for the next years expence, was a mystery. Our Native Commoditys and Manufactures were purchas'd by forreigners with gold at its overvalue of 30^s a Guynea, and sold in Spain Italy and Flanders at cheaper rates than the first <49r> cost. And to enflame the publick disorders, we were mightily perplext with another unhappy circumstance in Trade, which occasiond a world of clamour and discontent, when mony was demanded on Bills or Bonds; payment was deferr'd and at last refus'd on pretence of loans to the Government which were unsatisfyed.   This with some men might be a very reasonable excuse, for forbearance, but as soon as the Mony Iobbers discover'd it, they made it an universall Plea. whereupon a great number of needy Creditors compounded with their Debtors at great Abatements, about the same time the Bills and Noates of most Goldsmiths, Bankers Scrive|i|ners marchants and others, which before were as current as mony it self, became immediatly another species of clypt mony, and were refusd when tender'd in payment, 'til a price was agreed upon whereat they were to pass: few made any scruple of making any advantage from the necessity's of others but every body in their turns made prize of one another.

The Bank had likewise dispers'd in this Citty and all over the Kingdom their Bill and Noats to a very great number and value, which t'was not possible for 'em to answer all at once, and as soon as they {illeg}e|began| to hesitate in payment, their Noats fell every day in their value, and their stock at last sunk about 20 ꝑ Cent in March 169$\frac{5}{6}$, <49v> and afterwards much Lower.

The great Arrears of the Government like an Inundation and all sorts of Paper creditt in order, Bills, Noats, Bonds, Assignments, et cet^a. overflow'd the Kingdom. All our wealth seem'd to consist in a little Gold and adulterated silver, a world of wooden scores and paper summs. Never was there known before such vast debts owing for Excise, and Customs, upon Bills and Bonds unsatisfyed. All sorts of privisions grew to an extravagant price, which was an additionall hardship to day labourers and Artificers; Besides their want of mony and credit. Upon the whole wee had all the symptoms upon us of a Bankrupt sinking state, & an undone people. Every ill seemd to concurr to ruine the Nation; and wee had but one Good Omen remaining to incourage us, which was, the zeale & Spirit confidence and as {assurance} of the King and his Parliam And this was that which \ of the public ministers, who w^th. a steady conduct, & diverse managem^t. overcome the opposition in both Houses &/ gave birth to those Expedients which were afterwards w^th. a very prudent dexterity \applyd/ to remedy the distempers of the state, which were chiefly owing to the badness of the silver monys, the unhappy consequences whereof did not only affect the trade of this kingdom but Ireland too, and the currency of our clipt mony and great rise of Guyneas with us in may 1695 had like to have drain'd that Kingdom of their <50r> gold and silver Coins, In so much that the Lords Iustices issued a Proclamation the 30^th. May –95 wherein they rais'd the fo{illeg}|llow|i{illeg}|n|g Coins to prevent their being exported viz

And in case any of those pieces wanted of their respecttive weights, an allowance was to be given of two pence for one grain of gold, and three half pence for a half penny weight of silver. By doing this they actually raisd a forreign Commodity and lowred their own: but the remedy was ineffectuall 'till the Coins of England were reduc'd to their just standard, of which I am to give an Account in the following Chapter.