Holograph draft of MINT00599 (Mint 19/2/404-5)

<339r>

|1| The \several/ Reports of w^ch have been made upon these Petions|tio|ns & Proposals have been to y^e following effect sett\all been to the same effect setting/ forth that upon calling in all the coinages of half pence & farthings since\before/ the yeare 1672\last/, viz^t \those/ in the Reigns of King Charles y^e 2^d & King James y^e 2^d & in the beginning of the reign of their late Maj^ts. King William & Queen Mary were performed by Commissions Commissioners who had money imprested from the Excheq^r to buy \Swedish/ Copper & Ton & coined it \the copper being Swedish &/ at most into 20^d per pound averdupoise \the same being Swedish & the Tin into about 16 or 18^d per pound weight/ & accounted upon oath to y^e government for the charges {illeg}|&| produce thereof by tale.

|2| That upon complaints made agast|in|st the Tinn farthing{s} & half pence, S^r Joseph Hern & others contracted to change the same \coin 700 Tunns of copper hallf {sic} pence & farthings in lieu of t{illeg}|h|e{illeg}/ & to enable them to beare that charge were allowed to beare that charge to\Patent to/ coin 700 Tunns of \English/ Copper |into| half pence & farthings at 21^d per pound weight with a Remedy of one\an/ half penny w^thout being accountable to the Government for y^e tale. \w^ch English copper |w|i|a|s cheaper then the Swedish by above 2^d And That i{illeg} the pound wt 1{illeg}|3| That & that/ The reason of w^ch this allowance now ceasing\being now/ ceased, the Officers of the Mint in their Reports have constantly been of opinion that \we have in our reports been/ y^e said Patent should\ought ought / not \to/ be drawn into president \for coyning the money so \much/ lighter yⁿ the intrinsic value & w^thout account/, especially since the moneys coyned thereby wer|a|s light|er|, of bad\worse/ copper \then by agreement/ & ill coyned{illeg}. & That the former method by Commission & upon acount is more \fair &/ sav|f|e & advantageour|s| to y^e the {sic} government, especially if the same method used for in in coining of go{illeg}|l|d & silver be used in observed \as nearly as can be conveniently/ in {illeg}ing coining of gold & silver \copper/ as nearly as can be conveniently so that \For thereby/ y^e coinage may\may will/ be well per for the\nearer to the intrinsic value &/ better performed & may of\& of better Copper & by a standing commission/ a greater or less quantity \may be/ at any time coined \as occas by a standing Commission as the uses of/ [ as y^e uses of the nation shall require [for avoiding] from complaints of the scarcity or excess of such money.\time to time require/

And we have further humbly been of opinion reported that we are of opinion that y^e coinage of half pence & farthings should be to y^e intrinsick value the c{h}arb|g|es of coinage & interes incidents deducted. And considering that in the last coin{illeg}|a|ge of this m{illeg}|o|ney six hundred Tunns occasioned complaints in Parliaments, we have inclined & the whole coinage of seven h{illeg}|u|ndred Tun{illeg}|s| was found sufficient for y^e nation for some years after: we have been of averse from adding too great a {illeg}|qua|ntity to y^e F copper money already coined. And the|o| the present copper money be ill coined yet considering that the melting it down would be a loss to y^e government of 7000 or 80 thousand pounds we have made {illeg}|a| verbal report against calling it in.

<339v>

That its best to coin the money to y^e intrinsick value {illeg}|i|ncluding y^e charges of c{illeg}|o|inage it|&| incidents {illeg}|&| recconing the copper at {illeg}|w|hat it would sell for if the \new/ money were melted down \again/, & that if any profit arise by the coynage it may be given to persons not concerned in the coinage if her Ma^ty. pleases.

|And|\And/ t|T|hat in the time of the Petitions there was no consi\derable/ want of a new coinage, worth considering {illeg} & the coinage of {illeg}|two {sic}| great a quantity would be apt to occasion complaints. For

{illeg}|5|. And upon the petion of M^r Morgan for coining 1800 Tunns {illeg}\there was a verbal report/ \that the/ calling in all y^e copper money n{illeg}|o|w current & coining 1000 Tunns of better copper money in lieu of them t{illeg} there was a verbal report that would be a loss of 70 or 80 thou{illeg}|sa|nd pounds to the g{illeg}|o|vernment \{illeg}|o|r above/, & that six or seven hundred Tunns were found sufficient to stocl y^e nation of England. And to the\an/ argument of the Petitions that a new coinage of better & weightier money would cause the Peti old money to be rejected by the people \& lose its currency/: it was answered that a \great/ coinage of six or seven hundred Tunns been might have that effect because \alone/ sufficient for y^e uses of y^e nation, but a small coynage [sufficient only to supply \make up/ y^e defect of the old ones would not have that effect] would not hurt the currency of the old money not sufficient for that purpose was best|.| for y^e nation.

This is the substance\tenour & substance/ of the reports w^ch have been made {illeg} upon Petition Proposals referred to this Office during her Maj^ts. reign. All w^ch is most humbly submitted &c

|4| That it is best to coine the money \as neare as can be conveniently/ to y^e intrinsic value including the charges of coinage & incidents & recconing the copper at what it would sell for if the new money were melted down again. And that of any\what ever/ profit arises by the coinage, its better to give it to persons not concerned in the coinage, if her Ma^ty. pleases then to persons concerned |in| it, who for increasing their own {illeg}|p|rofit may perform things ill\imperfectly/. And therefore the former method by commission & upon account is the more commendable & advantageous to y^e government, especially if the method used in y^e coinage of copper in gold & silver be observed (as nearly as can be conveniently) in y^e coinage of copper. For thereby the coyange wil may be nearest to y^e intrinsic value & \will be apt to be {illeg}/ better performed & of better copper, & by a standing commission a greater any quantity may be coined from time to\any/ time as y^e uses of the nation shall from time to time require. For [in y^e time of the Petitions \above mentioned/ there was no considerable want of a new coinage &] the coinage of two {sic} great a quantity at once would be apt to occasion complaints .|a||s it did actually in the coinage of the present copper first six hundred Tunns of the present copper money.|     And upon the Petition of M^r Morgan &c & in the times of the Petitions above mentioned there was \at first no want afterwards/ no considerable want of of new coynage\copper money/ , & it was best to \coin/ only what was wanted least the coinage of too great a quantity at once should occasion complaints as it did actually in the coinage of the first six hundred Tunns of the present mo copper money. The greatest want was in Lo In the time of the first petitions there was no want; afterwards the greatest was|n|t was in London & would be supplied by a very small quantity & if they were wanted in some\any/ places in the country they abounded as much in others