Holograph drafts, at various stages of development, of MINT00261 (Mint 19/2/608-11)

<624r>

some of w^ch before the last 10 years was either carried out & spent abroad by trave{nt} merchants & seamen or melted down into plate or counterfeit money {illeg} Which being recconed \or exported {sic} to bring in gold or culled out & brought back to the Mint/ & so is not lost to us & some of {illeg}|whi||ch| before y^e last 10 years carried out for pocket money by tr & spent abroad by travellers merchants & seamen\or culled out & brought back to the Mint/. \All/Which being recconed at half\half/ a million or above \a million & a{n} half/ there will remain \a mill & $\frac{1}{2}$ or/ 2 millions or {2$\frac{1}{2}$}\or 2$\frac{1}{2}$/ of the old milled money exported {illeg}\wasted/ during the French war before the reco & in y^e same time there might be \perhaps/ half a million of the old weightiest old hamm^d money culled out & exported\& lost to us besides what was exported to bring in ☉ or run into counterfeit money|besides what was run{d} into counterfeit moneys|/. For this /old\ money being part of it clipt \or culled out {for melting}/ before that war & all of it grown lighter since the coynage by wearing afforded \the last 10 years/ a much less quantity of heavy money fit to be culled out for melting \or exportation/ then the milld money did. \Now/ All these recconnings put together make about four millions or between four & five millions of silver give millions wasted during the war part of w^ch has been turned into Gold plate & counterfeit money & so it not lost to us. From these five millions subduct {f|t|}he gain of 3$\frac{1}{2}$ millions of gold & there will remain about a million & a half of o^r treasure of ☉ & ☾ wasted during the war {illeg} in the firs {sic} six years of the war w^ch is after y^e rate of 250000^li per an. And if y|w|e reccon the same wast to have continued till to y^e end of the war & since to the|is| present time by the two east India companies striving to refurnish the nation w^th Indian commodities & breake one another {the} (for Bullion the demand of bullion for exportation had|s| been greater since the war then in it) there will the \whole/ wast of o^r treasure ☉ & ☾ treasure (including \plate &/ the old hammered money w^ch still continues to flow out of the country to London & is partly \of it/ exported) will amout {sic}\will/ in the last 10 \or 11/ years will amout {sic} to 2$\frac{1}{2}$ millions or perhaps\p{er}/\perhaps/ 3 millions.

In these recconings I differ in somethings from M^r P. {h|H|}e reccons o^r wishes\considers/ only y^e quantity increase & decrease of silver monies I reccon o^r wealth in gold & silver money & plate \together/. He reccons (according to one of y^e papers above mentioned) that o^r coynage has decreased ever since the currency of {n|N|}otes I that 1660, I that it increased exceedingly till y^e first year of y^e p^rsent reign 167|8|9 & decreased only since the p^rsent late French war, He that we had 10 millions \of hammered money/ before 1663 {I if} |because| so much was lately recoined I deduct \above/ a million & an half for waste & weare & counterfeit money & weare. He adds three millions more of y^e weightiest hammerd money melted melted down, w^ch I take to be less then a million & omitts the hammered money which since \the/ recoinage has flowed & still flows out of y^e country to London & {I} has most of it been run into plate & may be accounted above half a million. {illeg}|A|nd from these accounts he reccons that {half} there was of broad ham^d money before y^e year 1675 when then {illeg} clipping trade began to increase there was 13 millions of broad hammered money besides three millions of milled money whereas\in all/ 16 millions w^ch recconning seems to me too bigg by at least 3 millions 3 or 4 millions.

<624v>

Guineas culled out & sent back to y^e mint be recconed about $\frac{1}{8}$ of y^e whole a million of w^ch {illeg} there will remain about six millions, one million of w^ch may be supposed then\at that time to be/ current abroad in Holland & other neighbouring parts of Europe. The {other 5} remaining 5 millions added to y^e 12$\frac{1}{2}$ millions of silver moneys makes the whole cast of England \at the beginning of the French war where we were richest to be/ 17$\frac{1}{2}$ millions in intrinsic value, besides broad Gold coyned before y^e death of Cha. I.

Since\From/ Dec 31 1689 \to Dec 31 1699/ there has bin coyned in Guineas\gold/ 2059384. 6. 7 from w^ch\If/ an eighth ꝑ^t thereof be subducted for {illeg} as weighty guineas culled cut & sent back to y^e Mint & to y^e remainder be added \the French & Spanish Pistols &/ the Guineas abroad w^ch returned hither when Guineas were at 30^s each & afterwards at 22^s & w^ch I reccon at about a million, & all w^ch |(considering y^t above a million has been coyned here out of forreign gold monies & y^t Pistols are here at a highest| |value then Guineas)| Ile reccon at \about/ a Million & an half or above\or above/, the whole increase of o^r ☉ since Dec de{crease} from\after since/ Dec 31 1689 to Dec 31 1699 will be about 3$\frac{1}{3}$ millions. And this added to the 5 millions of {illeg}\in/ Guineas recconed before will make about 8$\frac{1}{3}$ millions in Guineas in England at p^rsent. And this added to y^e 6$\frac{2}{3}$ millions of silver makes 15 millions of Gold & silver \milled/ monies now in England. Which deducted fr{o} the 17$\frac{1}{2}$ millions now above mentioned\w^ch we had in 1689/ leaves \a waste of loss of/ 2$\frac{1}{2}$ millions of ☉ & ☾ wasted during together|,| during in y^e last 10 or 11 years\made since that year 1689/ by means of the war with France|.| since y^e year 1689 so then yo^r money {illeg} decreased by this war in the proportio of 6 to 7 or thereabouts, & we lost but a seventh part of the whole.

For this\One quarter of this/ loss{illeg}\decrease of o^r money/ was occasioned\was made in {illeg} the beginning of the war/ by o^r paying y^e Dutch for their charges of the Kings expedition hither, |to rescue us from Popery & slavery — — & the rest of| by o^r buying naval stores of the Northern Cro{wns} by o^r maintaining armies in Ireland & Flanders, by {also} supplying their losses {sic}\the losses of o^r merchants recruites/ of {illeg} at sea & in general by the\&/\& general/\&/ decay of Trade & of late by the contention of the two east India companies contending to replenish the nation with Indian commodities & to break one another. All which was|er||e| \in some respect or other directly or indirectly/ the effect of the French war. Yet I de{cry} not but this And o^r Luxury occasioned by o^r great riches {till}\both in money & credit/ before y^e war \began{illeg} to/ affected {wa}{u}s\us/, may come in for another cause there being no nation {illeg} fonder {of} Iapan & China {The} superfluities w^ch must be purchased w^th ready money\then we of shapeless China pictures & other superfluities\Trinkets/ of China then we of far fetcht Trinkets & all manner of expensive guildery for Bows & Ladies./ For thô o^r riches are abated yet o^r Luxury remains. And if this could be duly checkt the danger from paper credit would cease But while the advantage of it remains for promoting Trade & business.

Th{e l} The loss This loss

The loss we have susteined b\in o^r Coyn/ by y^e French war has bin only of silver. We have lost six millions of \☾/ & g{illeg}|a|ined 3$\frac{1}{2}$ of gold. And this inequality must have some other {currt} cause then Paper credit. In y^e 18 years before y^e enacting of the Coynage Duty there was twice gold coyned silver coyned {or} while silver|coyned in ☉ 259359^li. 3. 0 in Gold & 969559. 9. 5 in ☾ as much\so that/ the silver coyned was above triple| coyned was double\triple. {sic}/ in value to y^e gold|.| coyned. In y^e 1st 9 years of y^t {illeg}|A|ct paper {illeg} there was coyned in Gold monies 1154487. 8. 10 (recconing a guinea at 21^s 6^d). & in silver monies 11{illeg}|0|5103. 4. 4 w^ch is very nearly an equality In the next nine years there was coyned in gold monies 3055473. 5. 8 & in silver {illeg}\mo/ 1647517^li. {illeg}8^s. 8^d w^ch is but a little above\more then/ half of y^e gold\almost two to one of gold/ In the next five years there was coyned in gold monies 2414239^li. 4^s. 5^d. & in silver 578021^li. 2^s. 6, w^ch is above four to one of gold. And thes|this|e {sic} last 10 years there has been coyned abo little or no forreign silver & above two millions of Gold. The|, Bes|ides the Guineas & Pistoles w^ch came from abroad. \If/ The|i||s| decrease of the coynage of ☾ & running o^r cash into ☉ proceed{illeg}|s| not from the want\be recconed the effect of/be attributed to paper credit \or of/ Luxury or the late \French/ war, the cause of the distemper is mistaken

<625r>

M^r Lowndes reccons that in the reigns of Q. Eliz, K Iames & K. Charl{es} I there was coyned 15$\frac{1}{10}$ millions of silver monies: whereof all the crowns & {illeg}\& all the money smaller then/ |sixpences are long {sic}| are long since gone & also all y^e $\frac{1}{2}$ Crowns of Queen Eliz. And no doubt many of the shillings & sixpences of Q Eliz & $\frac{1}{2}$ Crowns shil & 6p of K Iames & K Cha were also lost before {illeg}|th|e recoynage of y^e money. This loss M^r Low des\{in}/ computes at about|ut| 10 mil but by subducting th{y}|e| 9$\frac{3}{5}$ millions w^ch remained at\till//at\ y^e recoinage it appears to be but about 5$\frac{2}{5}$ millions. It happened\1/ by the wearing away & losing of all y^e small money, &\3/ by culling out melting down y^e largest & weightiest \pieces/ for goldsmiths uses or to be recoyned &|or| of later years to be exported by y^e y^e {sic} East India company. & by principally\2/ by seamen merchants & Travellers carrying always some pocket money along with them in their voyages & spending it abroad, \by burying summs of money or accidentally lsoing many pieces/ & in these last 10 years by exporting some of it for defraying such charges as the French war put as {illeg}occasioned. Let us suppose that of these 5$\frac{2}{5}$ millions, four fift\three fourth/ parts were lost before y^e war & one fift\fourth/ part or about 1$\frac{1}{3}${illeg} million in y^e first 6|7| or 7 years of the war & this 1$\frac{1}{3}$ million added to the {illeg}{$\frac{22}{45}$}\{illeg}|8$\frac{1}{4}$ & 9$\frac{1}{3}$| millions/ will make about {illeg}|9$\frac{9}{12}$| millions of sterling\hammered/ silver in {y^e} all y^e hammered money\contained/A. C. 1689\I exercise & counterfeit/in tale & in \{illeg}/ weight & \intrinsic/ value & 10$\frac{2}{3}$ in tale {illeg} of \in/ all y^e hammered monies {are} genuine & counterfeit {illeg} {w^ch} {illeg} remaining in the nation in y^e year 1689 \according to y^e intrinsic intrinsic value thereof/ & about 10$\frac{2}{3}$ millions in \the/ tale of all y^e genuine \part of those/ hammered \silver/ monies.

Let us suppose

Untill the end of the year 1689 the coynage of the milled silver money continued\silver/ bullion came to y^e mint in good plenty & the whole coynage of milled silver money amounted to about 360051^l. 18^s. 00^d of w^ch if we suppose about {illeg}a fift or sixt part to have been then wasted partly by culling out seamen merchants & travellers culling carrying pocket money beyond sea & partly by culling out y^e weightiest pieces for y^e use of Goldsmiths or to be recoynd or exported to India there will remain (for this \weighty/ money was much fitter for the cutters use then y^e worn hammered money) there will remain about three millions w^ch w^th y^e 9$\frac{7}{12}$ millions of hammered money makes about 12$\frac{1}{2}$ millions of silver money in the (good & bad) \not in tale but/ according to y^e \stand^d. weight &/ intrinsick value thereof in \or near/ y^e end of the year 1689 when I reccon we had most silver money in the nation.

But in the end in y^e late recoynage there was {bin}\has bin/ 6900000^li of {illeg} {new}\milled/ money made \out/ of the hammered money {illeg}|&| plate to {ne}\plate &/ by the proportion of y^e old milled money to y^e ne{w} \at pre{illeg}est/ in {illeg} ordinary payment (w^ch I have not must observed, but lately found {illeg} an \in a certain parcel/ an eighth part of y^e whole {in a} certain parcel) Ile suppose if the \old/ be recconed at 7 or 800000^li {tale} & 800000 or a million subducted {same} the wast of \all/ the milled money \by exportation/ since y^e year 1696 at as much or perhaps at 10 or 12 {illeg} a million there will b remain now in the nation about 6$\frac{2}{3}$ millions of silver money, (besides plate w^ch w^th is as much or more increased since the recoynag{e} there\as/ decreased by it). Deduct this 6$\frac{2}{3}$ millions from y^e 12$\frac{1}{2}$ millions since & the whole loss of silver monies since the year 1689 will be\remain/ about six millions. {Did} B

But all this was not lost to the nation, some part of it was turned into Gold. The Guineas coyned till Dec 31 1689 amounted to 5843056. 11. 9 reccon a Guinea at 2{illeg}|1|^s 6^d. If about an eighth part hath been culled out the weight{y}

<625v>

M^r P. reccons that there w{as}|ere| recoyned 10 millions of hammd money & three million more\recoyned w^ch was good/ |w^ch was good {sic} broad money befpre 1676 when y^e clipping trade began|.| to increase & that 3 mill more have bin| melted down before since y^e year 1676. {illeg} To w^ch he adds 3 millions of milled money coyned before 1676\that year/ & so reccons that we had then 16 millions of \good/ silver coyn of w^ch scarce 6 millions remain{s} now in y^e nation so y^t we have since the year 1676 we have lost 10 millions./ But in this account \the loss should be dated rather from y^e year 1689 then from y^e year 1676 &/ there should be an {illeg} allowance abatement of y^e counterfeit money which was part of y^e 10 millions \recoyned &/ may amount to a million or a million & an half. There should also be an abatement for the wear of the money w^ch by weighing some parcels of broad hammered unclipt money I reccon may be about 6\might/ amount to about {6|9||6|}0000^li. And after \a good part of a/ the weightiest hammered money have been culled out to be sent back to y^e Mint or for y^e Goldsmiths |or Merchants| use|,| to reccon a {$\frac{1}{5}$} p^t {illeg}fo & the remainder lightned by long wearing {to} {reccon}\& some of it by clipping/ & some of it & \at length/ a good part of it \further/ lightned by clipping {with} before whist {sic} the culling trade increased\before the culling trade came to perfection/,|.| to reccon a third \or 4^thor 4^th/or 4^th\/ part of the whole \still/ fit for the cullers use\purpose/ seems to me {illeg}|too much|./In a paper {laid} one of y^e above mentioned Accounts written in November 1675 I find a \great/ complaint against the East India Company for exporting great quantities of gold & silver whereby the price of standard silver was \then/ inhansed from under 5^s y^e ounce to 5^s & 4^d, w^ch occasioned all y^e weighty coyn to be culled out & melted into b|B|ullion. And after this complaint it probable that there remained not \above/ y^e {illeg}|6|^th \or 8^th/ part of y^e weighty hammered money \silver so fit for \the/ cullter/ to be culled {sic} out for its weight, [& that of the {illeg} three millions of milled money {illeg} above half a million had been \then/ culled out|,| for its weight this money being less worn & weightier than y^e hammered] the milled money being generall we \money/ so weighty & fit for y^e culler as the generality of\all/ the milled money was. // Let us therefore out of y^e millions recoyned subduct a|\$\frac{1}{4}$/| million \so y^t instead of 3 millions of weighty hammered money melted {as} down since the year 1678 I would not/ |reccon above {illeg}\a/ millions or at most a million & an half. {sic}| of counterfeit money [made of clippings & good money melted down either \alone or/ w^th base allay. or without] partly sterling, & both\partly/ standard & \partly/ of coarse allay & add half a million|about \5 or 600000^li/| \more/ of \other/ broad \hammered/ money w^ch has flowed out of y^e country to London & been wrough used by the Goldsmiths ever since the recoinage & the whole tale of the \genuine/ hammered money at y^e time of the recoinage & will be about 9$\frac{3}{5}$ or 9$\frac{2}{3}$ millions whereof {illeg} about 8$\frac{3}{4}$ millions \(the excess of the 10 millions above y^e counterfeit money)/ was recoyned & \together/ with y^e intermixed counterfeit money \intermixed/ made about 6$\frac{3}{5}$ millions of milled money, so that \from the 8$\frac{3}{4}$ millions/ there was a loss|t| of about 2$\frac{3}{20}$ million |of silver| by y^e wearing & clippings. /It there By weighing some parcels of broad unclipt ham^d money I reccon that there was about have a million lost be wearing & by consequence\Of {illeg}|this| I reccon about $\frac{1}{2}$ a million lost by wearing & by consequence/|subduct about $\frac{1}{2}$ a million for the wearing & there will remain about|\about/ 1$\frac{2}{3}$ millions lost by clipping, & running the clippings either into plate or milled money or Ingots for the exportation. Let us suppose one third part of this to be lost before y^e year French war began to affect us A.C. 1689 & there will remain 1$\frac{1}{9}$ million lost in that war before y^e recoynage {afar}{illeg}\{|y^e| ensu{i}|i||n|y|g|^{illeg} first 6 ye 7 years of that war untill y^e 1^st year of the recoynage}/ w^ch added to y^e 6$\frac{3}{5}$ millions will make 7$\frac{32}{45}$ millions of silver sterling silver \conteined/ in y^e {illeg}|8|$\frac{3}{4}$ millions {All}\of money/ seven years be/ in the begining of that war A.C. 1689, {illeg}|be|sides y^e 5 or 600000^li of weighty hammd money w^ch has since flowed {illeg} out of y^e Country w^ch {illeg} makes \the whole {hamd} money/ about 9$\frac{1}{3}$ millions in tale & 8$\frac{1}{4}$ millions in value {to be} {illeg} in y^e year 1689 when that war began we entered into that war.

Before the enacting of the coynage Duty the Master & Worker of his Maj^ts Mint coyn {sic}ed every pound weight of S{ilver {sic}}

<626r>

It proceeds from the cheapness of Gold in China & Iapan, whereby o^r Merchants make great profit by carrying silver from hence to purchase it, {sic} \Iapan gold of y^e Dutch & China Gold of the natives/ gold being there almost twice as cheap as with us so that y^e\o^r/ Merchants can get 60 p^r cent or above by turning silver into gold purchasing gold in China, & the Dutch as much by the like trade in Iapan make a considerable advantage by purchasing Chi|I| Iapan gold of y^e Dutch & \of late/ a greater (above 50 p^r cent) by purchasing I China gold of y^e natives.

Now if \this/ be the case then tis o^r interest not to run the East India trade least\not to keep o^r silver {bor} to send it to China &/ to encourage y^e trade of\w^th/ China \m{ore}|uc||h|/ more then that of\w^th/ India, for China is inclined to take off o^r manufactures w^ch India is not & the{re} is no trade more profitable to y^e nation then that {sic} of {b} for their gold. {sic}|trade for their gold {there}by\wch is now Commenc{gr|in{g}|}eatly must greatly/ increases o^r coyn being as profitable to the nation| For the as to y^e merchant himsef|l|f. {illeg} And tho it should \s{illeg}d/ decrease o^r silver yet if it leave us but silver enough tor paying markets & workmens wages the Gold will serve for all other uses. I woul The da|[|anger is that\This trade/ by incre draining us of o^r silver wil will make it so scarce dearer creating plenty of Gold & want of silver it may make fall {illeg}|l|ower p|t|he price of gold w^ch when all o^r wealth consists in gold would be to o^r dammage. But if we |may {illeg}| first get more \wealth in/ gold by the trade then we \shall/ afterwards losse in its price by y^e fall of its price the\there we are in no great danger/ I see not why we should leave \the trade with/ this advantage to any other nation|.| upon a suspition of danger. Its better that wee should {illeg} drain other o^r neighbouring of their silver by supplying them with Indian & China commodities & then turn their silver into ☉ at 60 pr cent profit then that other any other nation should sell us Indian commodities & buy ☉ w^th o^r ☾.|]|

Tis certain that before the \late/ French war o^r coyne encreased very much by o^r Trade & th & this increase grew greater & greater till the war put a check to it, & therefore now the war is over I see not why o^r trade \in a little ti{me}/ may not become mor|as|e\as/ profitable then\as/ before especially now o^r disadvantageous trade w^th France is checkt & there is a prospect of bringing gold from & naval stores from New England & of setting the poor on work. But because\& tha{n}|t| \also/ with India for wrought silks & staind Callicos & instead thereof sol{ve} hopes of bringing/ & there is such a duty upon I other Indian perishable commodities as make the may begin to make it more\as/ profitable to bring gold home from \the gold we purchase in/ China then\as/ to lay it all out in India & the|supposing the trade of running goods to {tr}{w}ade the Kings customes can be stopt. Also It is to be considered also that||,| paper credit is upon a much better foundation in the Bank of England then formerly in Bankers\Goldsmiths/ hands who took greater interest & frequently broke, both w^ch are prejudicial to trade.|,| The & the old east India company are {b} {illeg}{t}\who have done us most mischief {illeg}|ma||y|/ after another year trade for no more then 3{illeg}|25|000^li p^r an & \must/ export \in English manufactures/ 100000^li pr an|.| in {illeg} English manufacturers If those And if {wo} If not {s} It would further help us of setting of foot trade to New England for naval stores, & {to set trade by} of exclude\[ {sic}& Of/discourage all trade to England & {to all} it dominions an Foreigne {bottones}|]| {illeg} set on foot|there is some prospect of setting much further foot a trade to New Engl. for naval stores| |And if to these advantages Ireland {in} general laws were added| a general law (w^th such temporary exceptions as might be requisite to make the law pass more easily\& give trade time to make/) that no manufacture shall be imported hither from any natio w^ch does not take off as much in value of manufacture from hence|,| I speak of|it would|\it would {sic} set trade right much enrich us/ I speak of manufacture only, not of commodities of native growth. Such a general law would set us right diminish {illeg} abate o^r luxury <626v> & make us Whilst y^e trade for commodities of \the/ native growth \of all countries/ remains free, no \ship/ should\s {sic}/ import more manufacture \from abroad/ then it carried out to exchange for them hence into y^e country where it took its lading.

And tho we lost between 2 & 3 ^{illeg}millions by the war yet this loss is so well made up by the Credit of y^e Bank of England & some other new credit {illeg}|t|hat Interest {if} is fallen to 5 p^r cent as it was before the war And if

<627r>

We have recconed o^r losses in silver alone to be much greater then in ☉ & ☾ together, & {illeg} the gold encreasing while y^e silver was exported. {illeg}|A|nd this certainly proceeded from some other cause then paper credit.

<627v>

so that instead of gaining 5 or 6 hundred thousand pounds p^r an as we did before y^e war we lost between 2 & 3 hundred thousand pounds during y^e war

T|W|his|c||h| loss accrued to us by the 9600000^li we\600000^li p^d y^e Dutch/{ch}\ {of}/ decay of trade {illeg}\& the/ losses & charges abroad during y^e war, \& since/ by y^e 600000^li we gave y^e Dutch d{illeg} in contention between y^e 2 E. I. companies contending to replenish y^e nation w^th Indian commodities & break one another. But as for paper credit that was so far from hurting us y^t we suffered most \by y^e war/ when we most wanted it./ that y^e want of it during y^e recoynage brought us into y^e greatest difficulties. It was then found by experience that the want of it made {illeg} the Interest of money very high w^ch was very chargeable to the governm^t & put a great dap|m|p upon trade & as this credit recovered Interest fell & trade revived. And if Interest be not yet low enough for the advantage of trade, \& a|A|rts (as understanding men think it is not)/ the only proper way to lower it is more paper credit till by trading we can get more money. To lower it by Act of Parliam^t is a violent method.|,| The & force is apt to put trade & business out of humour. The law should rather follow & comply with the next\{natural}|free &| voluntary/ course of interest then |attempt to| force it. {illeg} Let \it/ be considered therefore what Interest is best for the nation & let there be so much credit & no more as brings money down to that Interest. |For this is the due proportion of credit for making y^e nation p{illeg}|flo|urish.|

Had we lost 10 millions since {y^e}|\we were/| richest were at y^e\(as M^r P. reccons/ there would now need to {be} millions of new credit to supply it|th||at| loss, but so as to bring down Interest to the former rate w^ch was about 5 p^r cent: whereas we find it \now/ brought down to that Interest without {much} the addition of 3|2| or 3 millions of credit more then we had before y^e war w^ch is an argum^t that o^r whole loss of gold & silver monies doth not \much/ exceed |[|two\2$\frac{1}{2}$/ millions, as I recconed above & so s|]| two or three millions.

The M^r & Worker of his Maj^ts Mint coyns every pound weight of standard silver into 62 shillings & before y^e enacting of the Coynage Duty paid 60 shillings to the Importer & two shillings to the King, and if by the triall of the Pix it appeared that he had coyned it into more or less then 62 shillings (for it {is}|was| impracticable to be exact) the \excess of defect was entred of record & the Master/ accounted with the King for the excess of|same| defect being bound to do so by the following\a/ clause in the Indenture of the Mint. B|A|u {sic}t|d| since the making of tha|e|t A coynage Act the Master is bound by that Act to pay to the Importer the whole pound weight in new monies whether it make more or less then 62 shillings\{illeg} |coyns the money by the same assay by w^ch he receives it so that he| can neither get nor lose thereby the excess or Defect/, & yet the said clause remains still in the Indenture.

Quære. Whether may the King by virtue of the said clause in the Indenture demand of the Master the a recconing for the said excess & defect, & in order thereunto require the Officers of y^e Mint to enter the same of record?

And this loss is made up by the new Credit of y^e Bank & Exchequ{r|e|}r so as to bring down interest to 5 per cent as it was before y^e warrFrench war|:| w^ch\For this {new}/ credit amouts to only to & so answers \well/ to that loss but is much too little to make up {illeg}|a| loss of ten millions {illeg} so as to bring down interest to y^e same rate of 5 p^r cent.

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Colsterworth in in the Soak of Grantham & Northwitham in the Hundred of Bettisloe &The Lordship of Twyford {Gentry} is in the Parish of Colsterworth & Hundred of Bettisloe & accordingly hath time out of mind paid \to Coulsterworth/ all Assessments to Church & poor & for the High ways to Coulsterworth \& also Constables levies/ & all by a statute of the 14^th of Char II \ch 6 & 3 & 4 W & M ch 12/ all lands liable to Church & Poor ought to pay to y^e Constables {illeg}Assessments (vide the statute). \Coulsterworth is in the soak of Grantham &/ Twyford is no{illeg}|t|th of /in\ the soak of Grand|t|ham {bu|ou|}t in y^e hundred of Beltisloe & for th{e}|a|t reason\therefore/ the Constable of the \neighbouring/ town of Northwitham w^ch is also in y^e hundred of Beltisloe, hath bee{{illeg}|n|} imply to collected y^e Kings \Taxes/ at Twyford & {pay} been\been/ allowed by the Constable of Coulsterworth the sessions charges \of Twyford/ toBentisloe {sic}Hundred And the\now/ because the Constable of Witham collects the Kings Taxes at Twyford the Iustices at their Quarter Sessions held last time for y^e parts of Kesteven in the County of Lincoln Ian 8 1699 have ordered that Twyford shall {pay} \thence forward pay (not Assessm^ts to y^e {A}|C|hurch & Poor & Highways, but only)/ Constables Levies to Northwitham.

Q. 1. Whether the Constable & Inhabitants of Northwitham can make a legal Assessm^t upon Twiford without the Consent of the Churchwardens &c of Colsteroth. {d}|A|nd of the Constable of Northwitham do levy \notwithstanding that Order/ Parish Assessm^ts to be raised by the said statutes ought not to be paid to Coulsterworth, the \several/ statutes in such cases limiting them to be raised by the Churchwardens & Constables of the Parish

2. If the town o the Constable & town of Witham {Le} levy an Assesm^t upon Twyford & distrein within y^e Parish of Coulsterworth what will be the properest way to try the matter at Common law? by Replevin, or action for taking & deteining the goods quous &c

3 Whether may not the Constable of Coulsterworth make a Deputy at Twyford & by himself\Depu/ or his Deputy collect y^e Kings taxes at Twyford\if not/if not\by himself act in Bentisloe {sic} hundred/ {&}\& approve {the} y^e sessions for Ben|l|tisloe/ without giving the Constable of Northwitham any further trouble.

3 Whether is not y^e Constable of Coulsterworth also constable of the whole parish including Twyford, w^th power to act inBentisloe {sic}\Hundred/ for Twyford or to make\either by himself or/ a Deputy there{re}\in Twyford/ w^thout giving\w^thout giving/ the Constable of Witham any further trouble.

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–above a million since y^e year 1688 \when we were richest/ & if upon all y^e above mentioned acc^ts an abatement be made\be made/ {{illeg}|o|}ut of the 16 millions be made\be made/ there will remain but about 12 millions or {12$\frac{1}{2}$}|[|of \standard/ silver monies \( {sic}according to {the} intrinsic value/in weight & fineness\/ in the year 1689 when we were richest.|]| T{illeg} w^ch in{s}{f}o T Too which if we add about $\frac{1}{2}$ a million for of old hammered money w^ch has since the recoynage been flowing out of y^e country & wasted by y^e Goldsmiths or exported the whole will be about {{illeg}|1|}2$\frac{1}{2}$ millions of silver monies in intrinsic value in y^e year 1689 when we were richest.

:And in the time year 1688 I reccon that we had about 7$\frac{1}{2}$ millions of milled money old & new together w^ch being deducted leave a loss of about 5 millions, besides what had|s| been exported since by the\{illeg}/ {e}|E|ast India Companies w^ch if it I reccon less then a million & if it should amount to a million would make the whole loss in o^r silver monies {illeg}|b|ut about six millions during |the late Franch war & since.|

But all this was not lost to y^e nation.

{illeg}And if we may reccon one half {oth} of this to have been afterwards clipt & y^e other half melted down & exported w^thout clipping & that there was as much or more exported between y^e years 1676 &1689 as afterwards between y^e year in y^e 8 {illeg} following years untill y^e ham^d money ceased to go by tale. the weighty \hamm^d/ money melted down & exported \without clipping/ in those 8 years will not {illeg} scarce exceed half a million

Recconing therefore this half million instead of the three millions & making\{illeg} melted down/ |and that \in y^e year 1689/ there were but {several} at\about/ 3$\frac{1}{3}$ millions of milled mon{i}eds {illeg}| & making the other abatements above mentioned & addingthere will be about there will be about {sic}& adding the we{illeg} shall have instead of the 16 millions in y^e year 1676 something less then 12 millions in y^e year 1689 when we were richest to w^ch if we add the \old/ hammered money w^ch remained in the country & in Ireland in y^e end of y^e recoynage & |[|most of w^ch has been since either run{illeg} into plate or exported|]| w^ch I'le re{illeg}|c|con at a million, the whole will be almost 13 \or about 12$\frac{3}{4}$/ millions\of silver monies/, {illeg} not in tale but in {illeg} weight & fineness.

And In the year 1697 when end of\The new milled silve monies made in/ y^e recoynage y^e new milled money\& since/ was\is/ about 60|9|00000^ll & y^e old \almost|{{about}{illeg}}{abov|u||t|e}||about||almost|/ a million as I gather by the proportion of y^e old to y^e new in a some parcells \or two./ {illeg} To w^ch add the million of hammered money supposed to remain in y^e country & in Ireland & in the wh{l}|o|le will amount to about 8$\frac{3}{4}$ millions. {illeg} Of w^ch {illeg}|i|f I may reccon about 1$\frac{1}{2}$|a| millions \& an half/ to have been mel{illeg}|t|ed down \since 1696 during the recoynage & since/ partly for y^e goldsmiths uses & partly for exportation \during the recoynage & since/ there will \{just}/ remain about 7$\frac{1}{4}$ millions of silver money \illed & {{illeg}}\hammered// {illeg}|still| |in| the nation. Which deducted from y^e 12$\frac{3}{4}$ millions leaves a loss of about 5$\frac{1}{2}$ millions during the \late/ French war & since the year 1689\made/ during the late French war & since, w^ch one year w^th another amounts to about half a million per an.

<629r>

yeares then\was more/ in y^e 20 years following & in all\each of/ the four periods of 20 years the coynage seems toincreased & decrease varied so very much upon according to other {or} various to other causes\various causes/ that it seems {were} to \:/ have depended more upon those \other/ causes then upon |y^e| rise & growth of paper credit.

{illeg}|For| from y^e year 1640\in the reign of K. Cha. I./ unto y^e yeare 1648 {illeg} that is end of the wars of Spain w^th {h}|H|olland & Fr. w^ch made the Spanish money flo great quantity|ies| of m{o}n{illeg}|ies|{illeg} were coyned\{illeg}|1648|/ Gold & Silver were sent h{illeg}|ither| \in great plenty by the/ by the Spaniards for of en{illeg}ers|& coyned in o{^r} mint for| provisions w^ch we supplied them with & {b{illeg}|But|} in y^e next 12 years 18 years untill the \encouragement of the coynage by the/ Coynage Act, there was coyned but a {m} in both gold & silver but\(including the money for Dunkirk)/ only 1211000^li which |is| {illeg}|b|ut \about/ 672|0|00^li per anno & since in y^e first 23 years of that Act, that is till the {illeg}|b|eginning of this present reign in y^e first nine years after y^e rate of 242000^li one year w^th another & in y^e next nine years after the rate of 500000 & in the last four years after the rate of 650|2|000 p^r an. In the next year w^ch was the first year of the present reign the coynage was but 225000^li & in the next f{our}|ive| years but 70000^li p^r an, this great & sudden fall of the coynage being occasioned by the payment of the Dutch the great expences of the Irish {illeg} warr in Ireland & Flander & at sea & the \supplies of y^e/ losses of y^e |the sending out new ships to supply the losses of the| old East India Companys {east}{& at} supplying their losses\\discouragem^t of {sic}/of naval stores/ & the general discouragem^t of trade during th{e|at|} war, & the old East India sending out new ships to supply the losses of the old East India company. To then the old coynage increast \notably/ w^th paper credit till the French war checkt it. I do not say that the coynage of silver increaI|st| {illeg}|b|ut that of both \Gold & silver/ together And if the coyn they being |both| together the {perquisit} of {illeg}\riches of y^e Nation acquired by/ trade. And if that of Gold increased most in proportion, it {was} {sic} was by setting too high a price upon it in proportion to silver & sending silver to y^e Indies there to purchase Gold of the Dutch for carrying on that trade.\where Gold is cheaper y^t|n| here/.

|18,| \19./ And if both \☉ & ☾/ e taken together the whole coynage since the currency of Notes \1660 |(as appea{rd}|rs|{illeg} by the Mint book.)|/ had|s| been /above\ twelve millions \( {sic}has appears by the Mint/, w^ch I take to be a much greater addition to o^r stock the|a|n what was taken from it by \culling/ clipping & melting down|:| especially since the gold \alone/ w^ch is still in y^e nation amounted to {illeg} mill {sic}

But in examining \by such ac^ts {illeg}|of| y^e coynage as have been heretofore given in by/ |command of y^e {h} of commons, {illeg}or now remain in the Mint, whether {sic}| whether England has been more dammaged by |the| this credit has been of more advantage to England by increasing its trade of|r| disadvantage by increasing it{s} luxury [I could wish we had distincted acc^ts of y^e coyange then \some of/ those heretofore given in by command of y^e House of Commons] I do not find that but that we have\it has/ hitherto been losers thereby done us any great hurt.

Here he mentions\examines sets down/ only y^e coynage of silver \{and}/ whereas that of ☉ ought also to be examined & in y^e first 20 years he tells us y^t 400000 |p^r| \an/ was coyned in silver \alone/ where as it\this summ/ was y^e whole coynage of both gold & silver together. And the coynage of the last 60 years he distinguishes into 3 periods of 20 years each w^thout w^ch have no relation to y^e main causes of y^e incre{ase} & decrease thereof. For y^e coynage was very great in y^e reign of K. Cha. 1. & the main causes & periods of y^e increase & decrease of y^e coynage he considers not.

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I designed to have in

Vpon perusing M^r Polixfin's paper designed to have informed myself about y^e history several quantities of \☉ & ☾/ money w^ch have been coyned fr{om} time to time since y^e reign of H. 8. but find I cannot do it in any convenient time there being no records remaining in y^e Mint ancienter then y^e return of Cha II & I

When I first

When

|21| Tenn millions of hamm^d money were brought into th

Since I first perused M^r Polixfin's pa|i|scourse about Paper-cre{di}t I have been endeavouring to get an acc^t of the several quantities of hammered money abo^t.of \Gold & ☾/ w^ch have been coyned from time to time since the reign of Edw VI in order to make a judgment upo upon y^e causes of the increase & decrease of the coynage but have not yet been able to compass my designe \the records thereof befor the year 1669 being taking out of {y^t}/. A{illeg}|nd| therefore least I should detein his d|p|aper in my hands too long I have \here/ set down what{ev} such observations \upon it/ as at present occurr to me about that p^t of his Discourse w^ch is grownded upon\from such papers accounts of the coyn as are commonly known/

I agree w^th him in the main of his argument \set down in sect 2, 3, 4, 5, 6, 7, 8/ that too great much paper credit in proportion to money is not sage & if every nation where the cre such credit is \large &/ upon y^e increase & the money upon y^e decrease ought to take case, before it be too late, least it prove bankrup{t} to support {illeg} credit. And the danger is the\that credit. it./ For paper credit is a sort of riches & riches incline men to luxury & luxury promotes y^e expence of forreigne \far fetcht/ commodities & by consequence the exportation of money to pay for them

But in examining how far this {aff is} the England has \already/ been dammaged by y^e rise & growth of such credit I could wish we had better recor distincter accounts of the coynage then those papers\formerlyheretofore/ laid before the house of Commons. {illeg}//Out of those papers M^r P. \(sect 14, 15, 16, 17/ represented that 20 years before Notes had a currency w^ch {illeg} viz^t from 1640 to 1600 there was coyned in y^e tower in silver money 400000^li communibus annis he saith It should have been said {illeg}\|[|This was rather in both/ Gold & silver monies according to |that paper| He adds|]| that from 1660 to anno 1680 there was not coyned above 200000^li per an including the Harp & Cross money & that for the price of Dunkirk. |[|This was only in silver & it does not appear that more silver was coyned in the 20 years before|]|

And that from an 1680 to \an/ 1695 there was not coyned above 80000^li including the money from the wreck & y^t since the year 1695 we have \only/ coyned o^r old money w^thout {illeg} {illeg}|v|ery little forreign bullion so that the coynage snce y^e currency of notes \that is since 1660/ hath been {upd} the decrease. But \the money coyned in the/ in the first period 20 years there {illeg}\seems to be/ a mistake the 400000^ll p^r an being of both gold & silver

By the 400000 per an coyned in y^e first 20 years was \of/ both of gold & silver & what silver was co according to y^e \above mentioned/ paper & it does not appear that the coynage of silver alone in those

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coynage ever since the Compa 1657 when the \establishm^t of y^e/ Company 1657 is fallacious invalid|,| {&}\being/ contradicted by matter of fact.

In the first year of the present reign before the French war began much to affect us {illeg} viz^t from Dec 31 1688 to Dec 31 1689 there was coyned 234647. 18. 4 & in the next five years \almost no silver &/ but 70000^li per an \{o}ne year w^th another in gold/ this great & sudden decrease of the coynage being occasioned by the not by paper credit or the \ordinary/ East India t|T|rade but by the payment\decay of trade &/ expences \& losses/ w^ch y^e French war occasioned viz^t by payment of {sic}\in paying/ the Dutch \for the|ir| Fleet w^ch brought the Kingdom o^r assistance in/, {sic} maintaining armies in Ireland o|&| Flanders, \in/ buing {sic} naval stores, \& in/ repairing the losses of the East India & other Merch^ts at sea, & by the \general/ decay of o^r trade during that war These things not only put a stop to y^e coynage of silver but {illeg} caused it to be exported in considerable quantities {f}|[|w^ch promoted the clipping & melting down of o^r silver monies.|]| to the decrease of o^r silver coyn. whereby the silver coyn has for the last 100 years been \greatly/ upon the decrease.

How much the coyn in these 10 years has decreased is difficult to recccon {sic}. There has been coyned in gold {silver|from|} Dec 31 1689 to Dec 31 1699 2059384^li. 11^s. 1^d. And if the Guineas & French & Spanish Pistols w^ch flowed into England in y^e year when Guineas were at 30^s {or} |—. & afterwards at 22^s| a piece be recconed between one & two millions the whole increase of Gold in these last 10 years will be between 3 & 4 millions.

The \hammered/ silver moneys brought to y^e Mints to be recoined were about 10 millions of w^ch I reccon above a million to be \counterfeit money/ made by Counterfeiters of the coyn out of Clippings & milled \or other weighty/ money sometimes allayed & some times without allay. This being subducted there remains almost\less than/ nine millions \of geniune money/ coyned in the Kings Mint. Th{is} \{such} {|w^ch w^th|} the counterfeit money/ when recoyned made \w^th y^e/ 6600000^li so y^t |{be}sides 300000^li coyned out of Plate, so{ll} that by the recoynage| there was lost in y^e tale of the {Kings} true \genuine hammered/ money two millions or above 2$\frac{1}{4}$ something above or two & a quarter: & of w^ch loss arose partly from y^e wearing of the money & partly from clippings melted down & exported or run into p{a|l|}ate. {The} If the wearing be recconned at about 600000^li (as by some experiments\weighing some unclipt hammered money/ I find it may be) there will remain almost\less then/ two millions lost by clippings melted down & exported {illeg} & there is wanting about 3 millions of {illeg}\the/ milled {mon} silver money coyned above 10 years ago. |[|And above $\frac{1}{2}$ a million of milled\broad hammd/ money which for the two last years has been constantly flowo{illeg}|in|g out of y^e country to London has been \either/ run{illeg} into plate or exported. So that there is wanting \from y^e ☾ monies/ e|a|bout 5$\frac{1}{2}$ millions except \y^t about/ 300000 has been new coyned out of plate. This being subducted from y^e 5$\frac{1}{2}$ millions leaves 5 millions or something more want. From w^ch take y^e 2|3|$\frac{1}{2}$ millions of ☉ & there will be {illeg}\about/ 1$\frac{1}{2}$ or 2 millions of money less now then/{illeg}\ 10 years ago

<630v>

From y^e last of March 1638 to May 1657 were coyned 7733521. 13. 4$\frac{1}{4}$. And from y^e 30^th of Ian 164$\frac{8}{9}$ to y^e 9^th of May 1660 about\almost/ a million \|[|of cross & harp money & broad gold/ w^ch was afterwards recoyned &|]| made per an about 80000 & in y^e first 8 years & 4 months {illeg}|67|0000^li subduc{t} this from y^e 7733521 & there will remain about 7060000 coyned from y^e last of March 1638 to y^e 30^th of Ian 164$\frac{8}{9}$ w^ch was co per an about 650000^li.

The money\Gold & Silver/ coyned between the death of K. Cha{illeg}|I| & the return. of K.C.II & afterwards recoyned was about million that is per an about 8{0|8|}0000^li & till y^e Me{ll}{illeg} & in y^e first {illeg}|8|$\frac{1}{3}$ years about 7200|333|00^l. Subduct this from the moneys Gold & Silver monies coyned from the last of March 1638 to May 1657 w^ch according to a paper\one of the Acc^ts/one of y^e papers mentions by M^r Polixf. was 773352{illeg}|1|. 13^s. 4^d$\frac{1}{2}$ & there will remain about {7} seven millions coyned from y^e last of March 163 to y^e death of K. Cha I w^ch was p^r an about 646 thousands pounds p^r an. For in this Kings reign \Gold & Silver/ {illeg}|m|oney flowed in from Eng Spain \& was coyend here for our commodities {sic} provisions w^ch we supplied them with/ untill y^e {illeg} peace was concluded between Span & Holland anno 1648. But afterwards the coynage ab abated & became but the 8^th or 10^th part of w^t it was before, so that \in y^e next 18 years/ from y^e death of K. Cha. I for |t|a|i|ll the {illeg} making of the coynage Act there was coyned in both gold & silver (including the money for Dunkirk) but 1228917^li. 12^s. 3^d. recconing Guineas at 21^s. 6^d., w^ch coynage was but about 68 thousands pounds per an. But since the making of that Act the coynage has been exceedingly augmented thereby being constantly great & upon the increase untill the French war put a stop to it. For in y^e first 9 years of that Act \that is from Dec 21 1666 to Dec 21 1675/ it was after y^e rate of 250000^li p^r an & in the next 9 years \viz^t to Dec 1684/ it was after y^e rate of 500000^l p^r an & in the next 4 years viz^t to Dec 31 1688 it was after y^e rate of 680000^li p^r an

Whence it follows appears 1 that y^e Coynage Act has been of very great\vast/ advantage to y^e nation. 2 Tha{{illeg}|t|} the coyn was {up} notwithstanding the diminishing thereof by clippers was upon\clipping melting & exporting thereof & the disadvantageous trade w^th {illeg} India & the northern crowns \the rebuilding of {London}/ & the luxury of the English/ did notably increase till the beginning of the late French war & was mo{illeg}|re| upon the increase at the very beginning of that war then at any \other/ time before since the reign of K. Cha. I. & 3^dly that therefore paper credit \till y^e beginning of that war/ did the nation more service by promoting trade then disservice by promoting luxurity|.| untill |[|& 4^thly \& that/ the a{illeg}|r|gum^t ag^t y^e E. India Company \taken/ from y^e decrease