Proposal concerning the premption of tin

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Preemption of Tin; ꝑ me W:T: 1705

To the R:^tHonor:^ble Sidney L^d Godolphin |(i|      Lord High Treasurer of England

An humble Proposal for Improvem^t of her Maj.ts Preemption & coynage of Tin by raising and perpetuating the Vallue thereof by W^m Tindale & By R{illeg}Gent

That her Maj:^tie hath an undoubted Right as well to the Preemption as Coinage of all Tin found within the Counties of Cornwall & Devonshire cannot be dispited by any who considers that the sole property of it was Antiently in the Earles & Dukes of Cornwall Brother and was enjoyed by that famous RIchard Duke of Cornwall Brother of King Henry the third to whom they yeilded vast revennues, But Edward his Son meeting with Some discouragem^t Did by his Charter grant the working of the Mines to diverse ꝑsons Reserving an halfe penny |$\frac{1}{2}$-| ꝑ pound for coinage, and the Right Preemption of all Tin they should ꝑduce, and thus it continued untill the Same Escheated to and was Settled in y^e Crown, by Act of |Ed. 3^d farmd, &| Parliam^t in y^e Reigne of Edward the 3^d, who lett the same to Farme, So that it is plaine that the Preemption & Coinage of Tin, had one and the Same Original, & to Question the Right of the Crown to either, is not only to question the Right to both, and to make doubtfull the very Charters granted to y^e Tinners, but at the same time to make void the Right any ꝑticular Land L^d hath to make the best of his own Demeasnes.

The right of Preemption being thus undoubtedly in the Crown the Want of a Good and constant method, for well mannaging the same hath been the cheif, if not the Sole cause of the great decay of the Value of this Great Com̄odity of Tin both at home & abroad.

For a Comidity so imperishable and usefull to the World, of which we are in a manner Sole Ma:^rs could never have so fallen in price, if the particular necessityes of Some <601v> |2)| private Tinners had not made them under Sell one another to the Merchants and the Publique Farmers of this Branch of her Maj:^ts Revennue for want of Stock sufficient to Support so great an undertaking were continually found to over burthen the Market, by vending the said Com̄odity continually, and by consequence at mean rates, whereas had they been able to forbear their money & detein their Tin but for a Moderate term, They might more have improved th{illeg}|e| vallue of it, than they by the contrary course, have Since debased it, and this can be n{ot} otherwise prevented by by some Method of man̄aging the Preemption which shall both raise and ꝑpetuate the Value thereof for the future.

Howe it follows, That to carry on this great concerne by ready money in the Species of Gold and Silver only will require a vast Stock or Sum̄e w^ch will be attended with great Interest, & other indicents, in abatement of the ꝑfits of the Undertaking, and is a matter of Such difficulty, hazard and charge, which may (as heretofore) prove fatall to it.

Therefore it is humbly conceived, That the best & only Expedient to ꝑfect the Worke is to Coin the Tin into money at the Established value, which by the Governm^t must be fixed and Settled without Variation during the Whole terme, And the Crowne to engage to accept in all paym^ts at y^e Same rate it is to passe in other lands, which will bring it to a Parr with the Species of Gold and Silver, and render it not only equally Currant here, but pass at a greater value abroad and consequently be more eligible & currant among Merchants & Traders than either of those Comodities

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|3|Remedies or Expedients humbly offered to prevent the decay, and to raise and Perpetuate the value of Tin for y^e future

|1^st| That her That her Maj:^tsy doe {assur{illeg}e} & set on foot the Preemption as well as Coinage of all Tin found within the Counties of Cornwall and Devon, and therein to contract with the Country for the Term of fourteen or Twenty one years, to {tabe} all their Tin at an Encouraging rate not exceeding            ꝑ cent Stannary weight they paying the Coinage Duty as now they doe.

|2^d=| That her Maj:^ty by contracting for So considerable a Term, will encourage the Country, and might before the expiraton of the sd Term Enter into new Contracts with them to continue the Preemption on the Same foot, which may be don to Generall advantage if due provision be made by a Clause for that purpose, which otherwise they may not be so easily brought to when they Shall find the certain improvement this method of Managem^t will bring Tin to.

|3:^d| And the better to accomodate this Matter for encouragem^t of intercourse Trade and dealing within her Maj:^ts Dominion, that y^e Crown do reduce the sd Tin Value, which Should be fixed & settled without alteration during the Whole terme, and the same as near as may be in all places within her Maj:^ts Donions {sic}, and at Such a value as will not discourage the Market, by hindring the Vent & consumption thereof, and if the Vallue so Sett & established <602v> |4^th| do not exceed Ten pence ꝑ pound, It is humbly conceived it wilbe no obstruction tothat Trade.

|4:^th| That the Said Tin being brought thus to a Standard, that their Maj:^tie doe order the dividing y^e Same equally into Barrs, Blocks or Peices of different values or denominations; each Barr, block, or peice exactly agreeing in bulb|k|, weight and finest with those of the same Species or Denominations And to direct the Stamping or coyning the Same as a certain marke of its being good money, that no man upon any occasion may be obliged to try or assay it, but that the true value of each species may be known and distingguished and accordingly attested, and Warranted, thereby w^ch being don ad valorem will render it effectually effectively wall money, the same being Secured against all Imbasements & counterfeiting und^er like penalties with other money.

|5^th| The Coinage of toeksn of Tin, as half pence and farthings only, will occasion no extraordinary Consumption, and it hath been experiencedmented here alreddy, and found inconvenient, it therefore may be better Supplyed by the Copper of our own groweth, of which the Nation produceth and makes about five or Six ton ꝑ weeke amounting to about fower hundred and fifty finds ꝑ ann̄ or more. |This don ꝑ W Tindale but we was formerly forcd TO send our money to {headland} & lose tin et Manufacted w^ch now our owne poor make {in0} ꝑfection|

|6^xt| The Tin therefore to render it usefull to Trade and dealing in generall, tis best to coine it into Barr's Blocks or peices of different values, as into three peices Six pences 12 pences 2^sh= 6 pences <603r> 5:^shills - 20:^shills - and into blocks or barrs of Five or tenpounds value

|7^th| For the outward forme or figure of it, whether Squa{re} broad, narrow, or round, with this or that Stamp or make under one denomination or another, w^ch are all Incidents Subjected & left intirely to y^e Majestrates direction, It Suffices that {illeg}|h|e hath touch not the Substance of it, which he ought not to doe; for h|w|e may not coin money, but of the known value, nor sell a false price upon it, which ought to pass at the Intrinsict value, (viz^t) for So much mettall as there is bona fide in it, And the money of the same alloy or finesse be worth as much in the Barr, as whom it is coined, so that it may |to win & Melt & Coyne| without any expence pass from the Mettall into Coin, and from the coin into the Mettall again, as of other coins, and therefore to be exact in this case the Crown ought to be at the Sole charge of y^e Coinage, which has been formly ꝑvided for, by the Wisdom of the Nation in Parliament, Who laid a duty of tenn shillings ꝑ Tun on Wines & 20^s: on Brandy, to defray the charge of coinage, It being a great dishonour to a Prince to have his or her Image & Inscription Stampt upon the Currant money of the County, the Original end and Institution whereof was to attest & warrant its true value when upon examination it should be found defective & false:

|8:^th| That her Maj:^ty be pleased therfore to direct the putting a Stamp upon all Tinn from time to time raised within the Counties of Cornwall & Devon which her Maj:^ty can do by Law, It being one of the Regalias of the Crowne, and to engage to accept <603v> |6| it in all paym:^ts at the same rate it is to pass in other hands, which will marke it passable and |{y^e} Cornish Dan or Columba Dianæ| currant as a Coin, but the sd Tin in Colour resembling Silver, it may be thought necessary it should differ in the figures & form of it from our Com̄on Species

Therefore ꝑpose it to be an Oblong Square her Maj:^ts offigies in the Middle, and the Value of the Coin under it in Numeral letters & round y^e Same.           Anna Br Francia et Hibniæ Regina And on the Reverse a Britania with a Cornicopia in one hand and a pair of Scales equally {peited} in the other hand, with this or Such like Motto             Par pari refert

|9^th| And because the Bulk & Ponderosity of the sd Tin money may be offered as a Material objection in prejudice of this concern to obviate or answer which, That y^e Tin so coined be brought & reposited in certain convenient places to be appointed for that purpose, where the Credit or Owner P of al Such Tin may be transferred betwixt the Queen and Subject, and Subject to Subject, till the same be delivered out, to be either Manufactured at home or transported abroad, all w^ch will certainly terminate in Gold & Silver at last, and prevent Counterfeiting, So that the Bulk & Ponderosity of it, can be no objection, but found a great conveniency and Emolument to y^e Publique, Not only by establishing Staples or Bank's in Divers parts or Members of her Maj:^ts Dominion's, but will ꝑvent the charges of Warehouse Room, Portage Cartage and Weighage &c

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|10^th||(7 -| That the places appointed for the Repositing the Tin thereof under Comission:^ers will become So many Staples or Banks, who are entrusted with the Custody only of all such Tin converted into Coin, but not the dispose thereof, the Same being left free to y^e Propriators to draw out or Transfer to any other.

|11^th| That fifty thousand pounds is a Stock Sufficient to commence and compleate the worke during the whole Term, which will not incom̄ode the Exchequer because they will have in the Room of it another Species of Coin equally valuable & currant.

|12^th| That the ꝑsons comissioned to man̄age this affaire of Tin, do not excede five or Seaven in number at most, and that their Salaries be encouraging & the ꝑsons qualified for the undertaking |} w^th a good Treasurer a Controuler or inspector to acco^nt Every $\frac{1}{4}$ of a y^r how Deposity Stand betwixt partyes|

|13:^th| To incourage the Pewterers or Workers in Tinn, all block Tin expor{illeg} exported to pay the usual custom |10^s ꝑcent| and over and above Twelve shillings ꝑ cent for Lycence to Export it which was a duty reserved antiently by the Earles of Cornwall, being the sole Merchants as well as Propriators of Tin, which her Majesty ought no more to part from than the Coinage duty.

|14:^th| That the 5 shills 10 shills 20 shills peices being easily carried on Shipboard in order to exportation without paying the Custom or Lycense, to p^revent which, that those Smaller peices, be brought to a Parr with block Tin, in Coining them, because they are to be expected free of either.

|15:^th| That from and after a certain day to be limitted by her Majestie no unwrought Tin, be exported, but what Shalbe thus coined, attested & Warranted by the Mint as other Coines are which will Scarce the 12 Shills ꝑ cent Lycense as well as the Customes <604v> |8)| on the\all/ Tin, and will oblige the Pewterers to Manufacture al the Block Tin they have in Stock, or shall in the interim purchase, before the Preemption; and also prevent their Interloping upon the Merch to the prejudice of their Trade.

|16:^th| That the Tinners are not \to be/ restrained in the quantum to be raised annually, should they be able to ꝑduce double or treble the Quantity they have over yet don, because when all the Tin is once |{illeg}| Turned into money, it can be no more a clogg up on the Nation, than the Species of Gold and Silver after it became Currant money, which otherwise would have been as great a Burden & Clogg, upon the World in Generall, as Tin now is to the Nation in particular

|17^th| That the Tin becoming Currant as a New Species of money can never decline it in value as Sett and limitted by the Governm^t, but will rather advanvance as Bullion hath from twenty pence to |Bullion from 20^d to 5^s ꝑ oz| five shillings ꝑ ounce, which was never known to decline in its value Since.

|18^th| That Since the Coinage of money is allowed on all hands to be one of the Regalias of the Crown, the Nature and use of it Serves but to distinguish betwixt bulloin {sic} money'd or not moneyed.

|19^th| That Bullion not moneyed is but a Comidity, and is no more currant than any other mettall or Com̄odity, That any other mettall or comodity moneyed may be made currant as wel as Bullion.

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|20.^th||(.9.| That any other Metall or Comodity is then Moneyed when Such a Value is put upon it as will render it equal to the Species of Gold & Silver, and is effectually So, when its value is established and Warranted by the Stamp in the Mint, where like care is to be taken in assaying it, as of other money.

|21^th| Nothing is here offered but what or the like hath been practised by the Wisdom of antient times, as appears upon Record, who did not think fir to place the SOle & universal credit in gold & Silver Species only (which are here both forreign comodities) but for the like purpose made use of inferiour mettalls as Brass, Copper, &c - ad Valorem, and the same pracrice is continued by the Sweeds with good Success, but not in So good a Method as is hereby proposed.

|^aꝑposed| Benefits accrewing by the Practice of this Method, as is hum^bly conceiv'd

|1:^st| That it will bring into her Maj:^ts coffers a consid:^ble annual Revenue

|2| That it will be a consid:^ble advantage to y^e Tinner's Enabling them to Sell at a price certain above double the Value of their present Note ꝑfit.

|3| That it will be a great advantage to y^e Kingdom in genll in augmenting the Coin, also the Kingdom may be Supplyed with Small money at a true intrinsique value, without danger of being Counterfeited.

|4| That it wilbe double the Stock of the Nation in that Comodity by raising the value thereof, and the Value wilbe ꝑpetuated thereby, and as the Stock of money is encreased Trade will thereby be quickened.

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|5^th| That it will pass in all payments as Curran money as coines of gold and Silver differing only in Bulke and ponderosity, but not in vallue, and consequently the Comodity is vended as effectually as Bullion when coyned

|6:^th| Itt may also be Exchanged into any other Species of money as easily as Silver into gold, or an half crown into two Shillings and Six pence

|7:^th| Ireland and the Plantations will take of all the Surplusage Tin, that can be Spared from the Market to the value of many hundred Thousand pounds, it being better than Spanish money or Species.

By this method Tin will become a Universal Comoditie as Gold or Silver is, which otherwise would Serve but for few purposes, being now cheifly taken of, by Pewterers Merch:^ts Founders &c

|8| |That| The Traders in Tin will hereby not only Save Interest of money frequently taken up for carrying on that Trade, but may then draw Interest from it, as the Owners of other Coines do, besides all the Pewter and Tin in any private man's possession will become real double value to what it is at present.

|{illeg}||9:^th| That this being don the Importation of Forreigne Tin will no more bring down the Price of Tin here than the annual Importation of Gold & Silver does the price of either of these comodities.

|10:^th| By all which it appears that hereby the decay of this great Comodity of Tin is p^revented at p^resent & the value not only raised & ꝑpetuated but the Vent therof Secured for y^e future.

|11:^th| That Tin being native & of oyr owne growth, & the Mines y^t |Columbæ Diana| produce it thought a Treasure inexhastable that can never be drawn dry, there is enough to be had, to Supply y^e Nations want of money, without being beholding to any other forreign Prince or Potentate, whereas money consisting of Gold & Silver only, being both forreign mettalls the Nation cannot have it such ꝑportions as will Supply all men's occasiones towards that increase of Trade w^th a greater quantity if it could be had would do, nor the Security where there are no mines to ꝑduce it, be so easily Supplyed.

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|(11|Suis contenta bonis

|12^th| That money made of Gold or Silver below y^e Denominated value is base money, and a quant great damage to a Nation

|13^th-| That money made of Tin Brass Copper &c ad valorem thô base Mettals, is not base money.

That the Bulk made & Ponderosity of this New Species of Tin money will be a means to introduce into y^e Nation & other part{s} & places of her Maj:^ties Dominions y^e laudable use & practice of Staples, or Banks, of meer necessity which ought to be of choice, Which Staples So erected (w^ch the Law both directs & sufficiently impower's the Crown to Establish) will give such places an Universall Credit in all parts where we hold any comerce or Traffick to the making this Kingdom the Emporium of the World to y^e benefit of Crown and people, the Collateral advantages whereof must be very considerable Surmounting the Prime cost of all the Tin annually raised without interfering with the Bank of Engl:^d or Rivalling it in point of Power or ꝑfit.

The difference between the Bank of England & the Said Tin Staple or Bank is (viz.^t) The Bank of England hath both the dispose and custody of other Mens properties, This the Custory only, but not the dispose thereof, neither is it to borrow or lend any money, receive or pay any Interest, or discount any Bills of Exchange Foreign or Domestick or ought else Subject to any contingency or hazard but is to be Subject Subsist from the advantages accrewing cheifly from remittances or returnes of money to and from all parts and Members of her Ma^ts. Dominions whereby the Mutual Intercourse of Trade & deadling of & from all parts wilbe equally Safe & Secure, tho never So remote, & be y^e occasion of drawing into y^e Nation incredible Sum̄es of money to the encrease of our Stock & Treasure even to a vast accumulation, which wilbe Sufficient to Support <606v> |12)| and recompence the charges of SO great an undertaking without engageing it in any Secret or indirect negotiations which may prove dangerous and perhaps fatall to it.

And to conclude that if what is hereby humbly tendred meet with your Lordships good opinion, and her Majesties Royal Approbation, and Shall think fit to ꝑceed upon these or such like Methods, her Majesty will have the Glory and your Lordsh^p the Honor of laying the Foundation of a Fabrick that can scarce be parrelled and which, |I| must ꝑsume to Say will render your Lordsh^ps name Illustrious, and the Nation happy to future generations & ages to come.

All which is humbly Submitted by

                    My Lord

                    Your Lordsh^ps most dutyfull &                     obedient Hum^ble Serv^ts.                     W: T: RT{illeg}                     Tindale

John Seger Weidenffeild; a Jermaine Proposes out of 200, weight of Tin totale out A 100: oz of Silver, & y^e Tin & Charge Cost 10^£ the Silve above 25^£, soe y^t there will be above \1 x/ 15^£ Clear & Eith^er can p^reserve or Destroy the Tin, This vnder consid^eracon      W {T}