334-5) with minor variations

Author: Isaac Newton

Source: MINT 19/1/339, National Archives, Kew, Richmond, Surrey, UK

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  - 1 January 2001
    - Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young
  - 29 September 2011
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Related Texts
- This document is a version of:
  Memorandum by Newton specifying the uses to which the money allocated to the Mint by Parliament can be put, breaking it down into specific sums for specific purposes, and stating which Mint officers are responsible for allocating which funds [MINT 19/1/334-5]

<339r>

The Act of 18 Caroli. II, chap v saith that no moneys leviable & payable by this Act shall be applied or converted to any use or uses whatsoever other then to the defraying the charge or expence of the Mint or Mints & of the Assaying, melting down wast & coinage of Gold & Silver into the said Mint or Mints there to be coyned &c. The first is the charge of supporting a standing mint, the second is the further charge of carrying on the coinage in that Mint. And by the next clause of the Act the first is limited to 3000^li per annum to prevent extravagance the other left unlimited because the coinage is not to be stinted but encouraged. The words are: And it is hereby further enacted, That there shall not be issued out of the Exchequer of the said moneys, in any one year for the fees & salaries of the Officers of the Mint or Mints & towards the providing maintaining & repairing of the Houses Offices & Buildings & other necessaries for assaying melting down & coyning above the summ of three thousand pounds sterling money, & the overplus of the said moneys so kept or to be kept as aforesaid shall be employed for & towards the expence wast & charge of assaying melting down & coynage & buying in of gold & silver to coyne, & not otherwise. Here the charge of salaries & buildings with their appurtenances necessary for constituting a Mint (such as are convenient chimneys hearths floors & places for Furnaces & other instruments) are limited to three thousand pounds; & the overplus is for defraying the chargs arising by the coynage such as are the charge of stationary ware for the Clerks, ballances & weights for several offices, Furnaces, cuppels, water silver, Aqua fortis & charcoal for the Assay-Office, refining & allay for bringing the silver & gold to standard, Flasks Furnaces melting & wast in the Melting house, Mills Dyes & coining & in other Offices. And in this sense the Act has been constantly understood as may appear by the old Accounts of the Warden & Master.

For in those Accounts the salaries upon the establishment of the Indenture amounted to 2600^li & there remained only 400^l for the providing & repairing of buildings which usually amounted to two or three hundred & sometimes almost 400^li per annum Whence I gather that from time of making the Act these were recconed the charges of supporting the Mint & all other charges were recconed into the coinage & incidents.

In the 4^th and 5^t year of her Majestys reign an Act passed for enlarging the sum of 3000 to that of 3500^li & in the Preamble to the Act are these words: And whereas the said 3000^li has been by experience found not to be sufficient, & the residue of the moneys arising by the said Coynage Act is appropriated as in the said Act is mentioned{.} Be it therefore enacted &c. + < insertion from the left margin > + Here the design of the Act is not to charge the 3000 with other sorts of {accounts} then those which used to be placed upon it, but on the contrary to enlarge it for bearing those sorts of charges which had been placed upon it & for which it had been found by experience not sufficient, & particularly for making room for new salaries to the moneyers. < text from f 339r resumes > Here the words appropriated as in the said Act is mentioned, were certainly intended not to alter the sense of the former Act or to signify any other appropriation then what is mentioned in that Act <339v> nor any thing further then that the residue of the moneys is so far restraine{d} to to the coinage & the incidents that it cannot be applied to the payment of salaries & repairs of buildings & things necessary to the being of a Mint.

When this Act was made &c

In the Accounts for the year 1712 the salaries upon the Indenture payable by the Warden amount unto 1435^li, those payable by the Master unto 1080^li The Gravers Aprentice 35^li. The Smith Assistant to the Gravers 40^li. The Monyers 400. The buildings in the Wardens Account in one Article 389^li 2^s, in another 11. 13. 6. Total 3290^li. 15. 6. Besides 40^li to the Wardens 2^s Clerk now ceased. The charge of furnaces amounting to 64^li 13^s & those of the Assay Office & {refining} amounting to 129. 19. 8 arise from the coinage & so are not within the 3500^li, & the fees at the Exchequer are deducted from the money before it comes into the treasury of the Mint The Article of incidents in the Wardens Account composed of several particular Articles hath never yet been recconed within the 3000^li or 3500^li

There is an Article in the Indenture of the Mint which obliges the Master to pay unto the Warden such summ & summs of money as shall be payable by the said Warden unto the Officers of the Mint for their salaries & for repairs & such other expences of the Mint as have been heretofore usually paid by the Warden of the Mint for the time being which Article I conceive is still to be interpreted in the same sense & under the same limits as formerly & obliges the Master to pay to the Warden such charges of repairs as with the usual sallaries do not exceed the summ of 3000^li & such further Incidents as use to be paid without recconing them into that summ. And now the limit of 3000^li is augmented to 3500^li, & 400^li are added to the salaries, the master is to pay to the warden the charges of repairs provided they do not together with the salaries exceed 3500^li also usual incident charges without restraining by that limit.

In the Accounts for the year 1712 the salaries upon the Indenture payable by the Warden are 1435^li, those payable by the Master re to the Officers 1080^li to the Moneyers 400^li, to the Smith 40^li, & to the Graver for an Apprentice 35^li. The charges of the buildings in the Wardens account are in one Article 389^l 2^s in another 11. 13. 6. Total 3290. 15. 6. Besides 40^li to the Wardens second Clerk now ceased. And the Incidents in the Wardens Account not accruing by the coynage do not exceed 150^li. Total 3480. 15. 6.

When this Act was made, a salary of 400^li per annum to the moneyers was added & the salaries of the Clerks were intended to be augmented out of the other 100^li, but some of he buildings being ready to fall it was thought fit to take care of rebuliding those in the first place. And there has been since laid out about 900 or 100^li upon new buildings besides the ordinary charges of repairs. And the Mills-rooms are ready to fall & will cost siz or eight hundred pounds to rebuild them. And while the salaries of the other Officers have been doubled & tripled the Masters salary has not been augmented these 140 years & 180^li per annum going out of it to the Diet, New years gifts {at} the Treasury, & a Deputy & his house is made & {illeg} to him one half of it being taken from him. And if he should be obliged to keep an Assaymaster the salary of 60^li per annum would not suffice to mainta{in} him with a servant to assist him.