Proposals for sorting out the Edinburgh Mint's finances

Author: Isaac Newton

Source: MINT 19/3/29-30, National Archives, Kew, Richmond, Surrey, UK

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- Revision History
  - 1 January 2001
    - Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young
  - 29 September 2011
    - Catalogue exported to teiHeader by Michael Hawkins
  - 1 September 2016
    - Transcribed by Will Scott
  - 24 September 2016
    - Will Scott finished transcription
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<29r>

To the Right Honourable the Earl of Godolphin Lord High Treasurer of Great Britain.

May it please your Lordship

In obedience to your Lordships Order of Reference signified to us by M^r Taylor's Letter of the 22^th Instant upon the anexed Memorial of the General & other Officers of her Majesties Mint at Edinburgh concerning the Bullion given by Act of Parliament for maintaining a free coynage in that Mint & collected by M^r Daniel Stuart now deceased & left in the hands of his Executors, we have considered the same, & whereas there is a suspicion that the said Act of Parliament may be expired by reason of the Act of Union establishing an equality of the duties of South & North Britain we do not yet see how the said Act of Union repeals the Act for raising the Bullion for the maintenance of her Majesties Mint in Scotland since it does not repleale the Act for raising the coynage Duty for the the maintainence of her Majesties Mint in England. That the two nations may be upon an equal foot, either each nation must maintain its own mint or great Britain must maintain both Mints with an allowance to each proportional to the taxes raised in each nation. And therefore we humbly offer it to your Lordships Consideration whether the Bullion of her Majesties Mint in Scotland should not be still collected & kept apart as formerly untill the opinion of her Majesties Council of both nations learned in the law can be had upon this matter if it be needfull

And whereas the Officers of her Majesties Mint at Edinburgh represent that they have received no salaries for the last half year nor any money has been lately issued to them for defraying the charges of coynage, so that the present coin <29v> age is in danger of being retarded or stopt for want of moneys to carry it on, we humbly propose that for the more speedy & effectual supplying the said Mint with moneys, your Lordship will please to authorize and direct Sir George Vshart & others the Executor or Executors of Daniel Stewart Esquire late Collector of the Bullion belonging to her Majesties Mint at Edinburgh to pay forth with out of the Bullion in his or their hands the summ of three thousand pounds to the General or Master of her Majesties Mint at Edinburgh upon account for the use & service of that Mint, we being informed that there is a greater summ in their hands, & that

And we are further most humbly of opinion that her Majesties Warrant be directed to the Generall, Master, & Wardens of her Majesties said Mint & to her Majesties Cashkeeper or Receivers or such Receiver as your Lordship shal please to nominate, directing them to keep all such bullion as shall be impressed to the said Generall or Master, in the Treasury of the said Mint under one key to be kept by the said General or Master, two other keys to be kept by the Warden & Counter Warden & a fourth key to be kept by the said Cashkeeper or Receiver & to issue thence such summs as shall become due quarterly for the payment of salaries & charges of repairs & monthly for defraying the charges of coynage

And we are further of Opinion that the Master of his Majesties said Mint do give security in her Majesties Exchequer for making good accounts of such summs of money as shall be imprested to him for the service of the said Mint which security we humbly propose may be in 2000^li besides his own bond.

And whereas the Executors of M^r Steward alledge that by the 15^th article of the Treaty of Vnion, the recoynage of the moneys & the expences thereof should be made good out of the Equivalent, we are humbly of opinion that the charges of melting the money into Ingots are a part of the loss which the people sustein in recoyning their money & therefore by the Act of Vnion ought in the first place to be defrayed out of the equivalent. But the charges of coyning the Ingots are to be defrayed out of the bullion belonging to the Mint.

And lastly whereas the Master the Warden & the Counter-Warden have each of them a new Clerk, but the salaries of these Clerks are not yet appointed: we are <30r> humbly of opinion that those said Master Warden & Counter Warden may be allowed salaries for these three new Clerks after the rate of 40^li a piece per annum during her Majestys pleasure, to commence from the 1^st of August 1707.

All which we most humbly propose to be done by her Majestys Warrant directed to the General Master & Wardens of her Majestys Mint at Edinburgh & entred in proper Offices.

And if the expences of melting the money into ingots be defrayed out of this fund at present, it may be repaid hereafter to this fund out of the equivalent.

But the equivalent in the proper fund for defraying the expences of melting the old money into ingots. And if those expences should be defrayed out of this fund at present they may repaid hereafter to this fund out of such moneys as shall hereafter arise to the equivalent.

<30v>

And where it is suggested that since the Vnion these Impositions upon good which were to defray the charge & expence of the Mint at Edinburgh are failed or repealed by the duties being made equal to those in England before the Vnion we humbly represent to your Lordship that it does not appear to us that the said Impositions are repealed.

to pay upon account to the Master of the said Mint for the use & service thereof the said Bullion in his or their hands by such summs as shall be demanded from time to time by the General & Master of the said Mint to be kept in the Treasury thereof under the several keys of the General Master Warden & Counter Warden of the Said Mint & issued out thence for payment of salaries & other charges of that Mint as the same shall become due & accounted for annually by the said Master according to the practise of her Majesties Mint in the Twoer And if your Lordship pleases the Master of the said Mint at Edinburgh may give security in her Majestys Ex{chequer} for making good accounts of all moneys imprested to him for the service of the said Mint. as is done in the Tower