A proposal for amending the silver coins of England, and the possibility of it, without any great charge to the nation
A PROPOSAL
For Amending the
Silver Coins
OF
ENGLAND,
And the Possibility of it, without any
Great Charge to the
NATION. Demonstrated
In Two Different Ways.
LONDON:
Printed for the Author, and are to be Sold by R. Baldwin, near the Oxford-Arms in Warwick-lane. 1696.
A PROPOSAL
For Amending the
Silver Coins
OF
ENGLAND, &c.
HAving often reflected on the Misfortunes, that the Clipping Counterfeiting, and Melting down of the Silver Coin of England would bring on this Nation; and fore-seeing that I should be involved in the same as a Member of the Society; I thought it my Duty to bestow sometime in the thoughts of endeavouring to find out a proper Remedy for that Publick Disease, being encouraged by the Insight I have had already into that matter, having had an occasion to apply my self to know the different Standards of Gold and Silver, either in Ingot, or in Current Coin.
I fram'd then a Project about two Years ago, in which I had always before my Eyes the great Difficulty of finding out a sufficient Fund to carry on the War, and supplying the Charges of amending our Silver Coins. 'Tis true, the Distemper was not then so great as it is at present, but I thought it ought speedily to be remedied, for fear it should become worse, if I may say, not uncurable. I considered therefore with my self all the Objections that, I think, are made at this day; and, I hope, I have removed them as much as is possible, humanly speaking. However, I grant, that there are in this Case such Difficulties as will never be removed, if no Body will contribute towards it, as for Example; 'Tis certain, our old Coin is hardly worth half of its first value, and if every Body will have the old Species changed for new ones of the same Weight, Standard, and Price, as the old was made for, and will not at the same time contribute any thing towards it under pretence of the Taxes he is obliged to pay, to carry on the War; I don't know how they may be satisfied unless one should have the power of making something of nothing, or the rare Secret so much inquired after, of converting our Lead into Gold or Silver. But if Men were more reasonable, and were once sensible of the Inconveniences that bad Mony brings into their Trade, and of the loss they suffer daily by the diminution of the Coin, they would (rather than be reduced to Trust or Exchange) earnestly intreat the King and Parliament to find out, in their Wisdom, a proper Remedy for that Disease, and instead of repining at the very name of Taxes, for that purpose, they would cheerfully offer to pay them; for the Amendment of our Silver Coin will appear to any Thinking Man, a necessary Thing to secure our Riches, establish our Prosperity, and enable us to carry on this War with more Vigour, and less Charge.
But if Men will shut their Eyes against their own Interest, must we be always in this deplorable Condition? I don't think so, and I make bold to say, that His Majesty and the Two Houses of Parliament are to the rest of the Nation, what a good Father is to his Child: And now supposing that a Father had suffered his Child to be several times let Blood by way of Precaution, or to preserve his Health; would it not be a very odd thing if he should refuse to suffer him to be let Blood once more to dissipate a Flux, which according to the Judgment of the best Physicians, would infallibly deprive him of his Sight? Sure I am, that no good Father would give ear to the unreasonable Apprehensions his Child should have of the Chirurgions Lancet. The Application is easy enough, but, I hope, it is needless; for, I think, I see a better Disposition in the Nation, and every Body seems resolved to pay what Taxes shall be found necessary to free our selves from the innumerable Inconveniences that attend the badness of our Coin.
This Disposition ought to Encourage all Friends and true Lovers of England, to impart all they know of this Matter, so that their Projects being compar'd together, the best and the most easy way might be abstracted out of them, for the Amendment of our Silver Coin. The Right Honourable the Lords of the Treasury have given us a good Example, in desiring some Ingenious Gentlemen to give their Opinions concerning several Projects, and ordering Mr. Lownds their Secretary to make a Report of the same, with his own Thoughts on the Case, which he has performed with a great deal of Ingenuity and Accuracy.
It was from this Motive, that I made bold to present on the Fourth of Ianuary last, to the Lords of the Treasury, a Project for Reforming our Coin; which since that time, I have laboured to improve and illustrate, by answering all the Difficulties and Objections, that I thought could be made against it. I have also examined the various Opinions of those who have written on that Subject, and perused almost all the Projects that were given the last Session of Parliament. It would be useless, and too tedious to make particular Observations on those Projects, and therefore I'll content my self with these few General Propositions.
I. That an Ounce of Gold and Silver of the same Weight and Standard, has in all parts in the World the same Intrinsick value, as here in England.
<7>II. That the Denomination of the pieces of Gold and Silver, or the raising or the lowering their current Price, adds nothing to the Intrinsick value thereof; as for Example, If the Piece we call a Crown, was raised from five Shillings to ten Shillings, or lowered to 2 s. 6 d. it is always the same Piece, there is no more and no less Silver in it, and its Allay is neither courser nor finer.
III. If its Intrinsick value be always the same; 'tis plain that Foreigners will take our Coin according to it, and not according to its Denomination.
VI. That our Coin being taken by Foreigners only according to its Intrinsick value, they give their Commodities in Exchange, in Proportion to the same.
V. That they take our Commodities in Exchange for theirs, or for Gold or Silver proportionably, according to the Estimation they make of our Coins, viz. according to its Intrinsick value.
VI. That the Exchange with Foreign Countries is always fixed and settled, (or with a very inconsiderable difference, sometimes more sometimes less, according to what we owe them, or they owe us) when the Value, Weight, and Standard of the Coins are settled.
VII. That Foreigners make a considerable profit upon us, by reason of the uncertainty of the value of our Clipt Mony, and have a great advantage in the Exchange, taking the occasion from the badness of our Mony.
From these Observations it follows, that the raising or lowering our Coin, is nothing to the Riches of our Country, but that it is highly necessary to melt down all the Clipt Mony, to make new Coins, which may not be Clipped, and to fix its Weight and Standard, and then all the Commodities, both of our own Country, and Foreign; and the Exchange will in a short time fall proportionably to its Intrinsick value.
There is no sensible Man, but will, I am sure, own this Consequence, and that it is time to do it, the Disease growing every day worse and worse; but the great Difficulty is to find out a Practicable Way in this time of War. I must confess this is a weighty one, but, I hope, the Project which I offered last Year to the Lords of the Treasury, will make it appear to be very possible, and therefore I offer it again with some Additions, in Relation to the Present Time.
I don't presume however, that this Project should be the only one by which our Coins may be amended, seeing I have since that time made another, which I have annexed to my former, to shew that I am very willing to impart whatever I know on this Subject; and, I think, as I said before, that every true English-man ought to do the like.
A PROPOSAL to have all the Silver Mony of England Melted down, and made New, and to be of the same Weight and Standard, as the New Mill'd Mony now is, or of more; and that the Loss which thereby will happen to those who have Clipt Mony, will be so inconsiderable, that even they themselves shall be willing to bring in their Mony to be new Coined, and that the Diminution of the Numerical quantity of Mony, which will happen by the Melting it down, will be more than supplied.
WHereas the Crown Piece, or its value and weight in half Crowns, Shillings, Six-pences, &c. is by Clipping reduced (one with the other) to very near one third part of Loss, as it will appear by a Computation, hereunto annexed, in which 'tis shown, that the said Crown Piece, and any other Piece proportionably from Nineteen Penny Weight parts of Penny Weight, that the said Crown ought to weigh, is now reduced to Thirteen Penny Weight or there abouts, from whence it follows, that upon Five Millions of Silver Coin, it is 1666666 l. 13s. 4d. of Loss; which Loss cannot be mended by the usual ways, but by a General Tax, (which is not seasonable in this time of War) or by Means that are not proportionable to the Grandeur of this Nation, as the lessening of the Weight of the Coin, without increasing the Price thereof; or the lessening of the Standard, by mixing of Copper or other Allay; or lastly, in setting an higher value than Five Shillings, or Sixty Pence to the said Crown Piece. And whereas it is absolutely Necessary to prevent the Clipping of the Coin of this Kingdom for the Future, the following Expedients have been found.
I. That in two Years time, viz. from the 25th of March 1696, to the 25th of March 1698, all the Silver Coin of England should be brought to the Mint, to be melted and new Coined, and there to be taken and paid according to its Weight, in new Coin Standard, of the Weight hereaftermentioned {sic}, and for the Price hereafter specified.
II. That from the 25th of March 1696, to the 25th of March 1698, all the Coin of England, Clipt or not Clipt, should pass Current, and be taken in Payment for the Price it was made for, viz. Crown Pieces for Five Shillings, half Crowns for Two Shillings and Six-pence, Shillings for Twelve-pence, Six-penny Pieces for Six-pence, one, two, three, or four Penny Pieces for the Price they go now for, (the Exceptions hereafter mentioned only Excepted.)
III. That from the 25th of March 1696, to the 25th of March, 1697, any Crown Pieces, or their value in half Crowns, Shillings, Six-pences, &c. that ought to weigh Nineteen Penny Weight, and shall weigh only Fifteen dw., not only should pass in Current Payments for Five Shillings, but be taken at the Mint for that Price, separated or mixt together with other Crowns of more or less weight; Shillings of Three dw. for Twelve Pence, the Six-penny Piece of 1 dw. 12 gr. for Six-pence; the Four-penny-piece of 1 dw. for Four Pence; the Three-penny-piece of 18 gr. for Three-pence; the Two-penny-piece of 12 gr. for Two-pence; and the One-penny-piece of 6 gr. for One Penny.
IV. That from the said 25th of March 1697, to the 25th of March 1698, any Crown Pieces or their value in Half-Crowns, Shillings, &c. as above, that shall weigh only Fifteen Penny Weight, shall pass in Current Payment for Four Shillings Four-pence Half-penny; and for that Price shall be taken at the Mint separately, or mixed with others: The Half-Crown for Two Shillings Two-pence Half-penny; the Shilling for Ten-pence Half-penny; the Six-penny Piece for Five-pence one Farthing; and the Four, Three, Two, and One-penny Pieces shall pass in current Payment for their ordinary Price, but at the Mint they shall be taken only according to their Weight, at the Rate of Five Shillings and Ten-pence an Ounce.
V. That from the said 25th of March 1698, and thenceforth all the old Silver Coins of England be Cry'd Down, insomuch that no Body takes it in Payment for any Price, and that the same be Sold to the Mint, and no where else as Bullion, after the Rate of Five Shillings an Ounce; which shall be for the Future the settled Price of the Ounce of Silver Standard:
VI. In order to encourage People to carry their old Mony to the Mint to be Melted, it shall be allowed at the Mint, from the 25th of March 1696, to the 25th of March 1697, One Penny profit for every Penny Weight that any Crown shall weigh above 15 dw. viz. a Crown, or its value in Half-Crowns, Shillings, &c. Weighing 16 dw. shall be taken at the Mint for Five Shillings, one of 17 dw. for 5 s. 2 d.; one of 18 dw. for 5 s. 3 d.; one of 19 dw. for 5 s. 4 d.; and one above 19 dw. if any for 5 s. 5 d.
VII. And to lessen the Loss of those that shall have Crowns, or any other Coins Proportionably under the weight of 15 dw. till 10 dw.; it shall be abated only Two-pence for every Penny-weight, that such a Crown or Crowns, or other Pieces proportionably, shall weigh less than the said 15 dw. from the said 25th of March 1696, to the 25th of March 1697, viz. a Crown from 15 dw. to 14, shall be paid at the Mint 4 s. 10 d.; one from 14 dw. to 13, 4 s. 8 d.; one from 13 dw. to 12, 4 s. 6 d.; one from 12 dw. to 11, 4 s. 4 d.; one from 11 dw. to 10, 4 s. 2 d.: And from the said 25th of March 1697, to the 25th of March 1698, it shall be abated Three-pence for every Penny-weight that a Crown Piece, or its value in Half-Crowns, &c. shall Weigh less than 15 dw.
VIII. To encourage People to carry their Clipt Mony to the Mint to be Melted, and to moderate the Loss which will happen by the Crowns (Half-Crowns and other Pieces proportionably) that shall weigh under 15 dw.; it shall be at the liberty of every Person, from the said 25th of March 1696, to the 25th of March 1698, to mix their Broad and Clipt Mony, so that the heavy Coin should make amends for the light one: As for Example, one who has two Crowns, whereof one weighs 19 dw., and the other 11 dw. may by putting them together, reduce them to 15 dw. and receiv at the Mint 5 s. for each of them.
IX. That no Crown, or its Value in Half-Crowns, Shillings, &c. that shall Weigh under 10 dw., shall be taken alone at the Mint but as Bullion, viz. from the 25th of March 1696, to the 25th of March 1698, after the Rate of 6 s. 8 d. an Ounce; but after the said 25th of March 1698, and thenceforth the Bullion Standard shall be fixed at 5 s. an Ounce, and no more and no less. But such a Crown may be taken at the Mint, from the 25th of March 1696, to the 25th of March 1698, if mixt with other heavy ones, so that together they should weigh above the said 10 dw. The same Piece however shall pass Current in Payment for Five Shillings during that time, unless it should be Mark'd by an Officer appointed for that purpose, in which Case it shall cease to be Current, and shall be taken only by the Mint, as Bullion, after the Rate abovesaid.
X. And to avoid the Clipping of our Coin hereafter, and make new Coins really worth what they shall go for; 'Tis Proposed to Coin henceforth at the Mint new Pieces called Crowns, Half-Crowns, Shillings, Six-pences, and Three-pences Standard, Milled and Stamped, as the now new ones are, with some difference in the Stamp, in order that they may be known one from the other. The New Crown to Weigh Twenty-penny Weight, the Half-Crown 10 dw.; the Shilling 4 dw.; the Six-penny Piece 2 dw.; and the Three-penny Piece One-penny Weight, Coined so, that it should be two or three per Cent benefit upon the Mony, from the Weight of the Bullion, that is to say, That out of 100 Ounces of Bullion Standard, it should be made One hundred, and two or three Crown Pieces, whereof One per Cent shall be allowed to any Person that shall carry old Coin, for the value of Ten Pounds or above at once, to the Mint to be Melted, but no Allowance to be made under the said Ten Pounds.
The Copper Farthings shall be estimated worth Two Grains of Silver, and shall go at any time hereafter, as they go now four for a Penny.
XI. These new Coins shall be Current, from the 25th of March 1696, to the 25th of March 1697, viz. The new Crown for 6 s. 8 d. the new Half-Crown for 3 s. 4 d.; the Shilling for 1 s. 4 d.; the Six-pence Piece for 8 d.; and the Three-penny Piece for 4 d.; and for that Price shall be exchanged at the Mint for old Coin of England.
XII. And from the 25th of March 1697, to the 25th of March 1698, the said New Milled Mony shall be Current only at the following Price, viz. The Crowns for 5 s. 10 d. the Half-crown for 2 s. 11 d.; the Shillings for 1 s. 2 d.; the Six-penny Piece for 7 d.; and the other pieces in Proportion: But afthe 25th of March 1698, and thenceforth no Silver Coin of England shall go, but the New One, viz. The Crowns for 5 s.; the Half-crowns for 2 s. 6 d.; and the Shillings, &c. in Proportion.
XIII. But whereas the Melting of the Old Coin, and the Making of New, shall have diminished by the 25th of March 1698, about one third Numerical part of the Silver Pieces, to supply that Diminution without any considerable Tax; 'tis Necessary that the Parliament should Enact.
That from the 25th of March 1696, and thenceforth all the Gold and Silver Bullion in Ingot, Plate, or otherwise; above one Ounce for Gold, and twelve Ounces Weight for Silver, that shall be hereafter Imported or Exported, be Entred in a Book kept for that purpose at the Custom-House; and from thence carried to the Tower of London, to be assayed there and Marked, how much better or worse it is than Standard, and Registred again (the whole to be done Gratis, and with a free Cocket, as well for the Exportation as the Importation.) The Pieces of Eight, or any other Foreign Coin, Gold or Silver, are also to be Registred, and if thought fit, Marked at the Tower; (The Pieces of Eight, Mexico and Sevil excepted as to the Mark.) It shall be also at the liberty of any Person, that shall have Bullion, carried into the Tower to be Assayed there, to have it cast in Cakes of 40, 50, 100, 200, 300, or 400 Ounces each, the same being first reduced to Standard, which shall be done Gratis.
And from the 25th of March 1696, to the 25th of March 1697, all such Bullion Assayed at the Tower, and Marked Standard, cast in Cakes or not, and also all the Pieces of Eight, Mexico, or Sevil, (although not Marked,) shall pass and be Current in Payments above Ten Pounds, as the Coin of England, by the Ounce, and not by the Piece, after the Rate of 6 s. 8 d. an Ounce; and the Bullion Marked better or worse, for more or less than the said 6 s. and 8 d.; and from 1697, to 1698, for 5 s. 10 d. an Ounce.
But after the 25th of March 1698, and thenceforth all such Bullion, and also the Pieces of Eight, Mexico and Sevil, shall pass in Current Payment for above Ten Pounds by the Ounce, and not by Piece, after the Rate of Five Shillings an Ounce, and the Bullion Marked better or worse than Standard, for more or less value than the said 5 s.
And whereas there is already in the Kingdom abundance of Gold and Silver, which is neither Marked nor Assayed at the Tower, it shall be Lawful to the Owner thereof to Export it, carrying it first to the Mint to be Assayed and Registred there; but after the 25th of March 1696, all the Bullion in the Kingdom not Marked shall be Lawfully seized as Coin of England Melted.
But in case any Gold or Silver of the Quality above-mentioned, after the 25th of March 1696, should be found Shipped in stealth to be Exported, or Imported, the same shall be confiscated, two third parts to the King, and the other third part to the Informer.
And whereas some Ships Importing such Bullion, may be entred in other Custom-Houses than London; in that Case such Bullion shall not pass in Payment, nor be expos'd to Sale at any Rate, nor Bought by any, upon pain of Forfeiting the same; two thirds to the Kings, and one third to the Informer, till it has been Assayed in the Mint; and in the mean time the Owner thereof is to have it Entred for his discharge in the Book of the next Custom-House, where the Ship is Entred, for fear that such Bullion should be seised as Coin of England Melted.
And also the Officers of the Mint are to be strictly charged to receive no Bullion from any Body, (that appears not to have been Imported by the Register, kept for that purpose) except the Owner thereof, or some Body for him, should make Oath, that the same is not directly nor indirectly of the knowledge of Him or Owner, proceeding from any Coin of England Melted, and in case any Bullion at any time was proved to proceed from the Coin of England melted, the same to be Confiscated; two thirds to the King, and one third to the Informer; and the Melter thereof to be subject to the Laws already in force in such a Case.
That no Silver Bullion Standard, from the 25th of March 1696, to the 25th of March 1697, be Sold or Bought for more than 6 s. 8 d.; and from 1697 to 1698, more than 5 s. 10 d.; but if better or worse, proportionably to that Price. And after the 25th of March 1698, no more than 5 s. an Ounce upon pain of Forfeiting the same, two thirds to the King, and one to the Informer.
Whereas in the Two Years Melting, Contentions may probably arise about the Brass and Clipt Mony; Fourteen Persons skill'd in the knowledge of Coin are to be chosen to be Judges of that, and also to change the old Mony for new: And during the said Two Years, viz. from the 25th of March 1696, to the 25th of March 1698, they shall Mark all the Brass Mony that shall fall into their Hands with a double Punchon; and all the Crowns under the Weight of 10 dw.; with a single Punchon, and the Mony so Marked shall not pass, but as Bullion. Those Fourteen Persons are to be disposed as follows;
- One at the Tower, who shall be called, General Register-Keeker.
- One about the Royal-Exchange.
- One about White-Hall.
- One at Oxford.
- One at Southampton.
- One at Exeter.
- One at Bristol.
- One at Chester.
- One at Nottingham,
- One at Newcastle,
- One at York.
- One at Colchester,
- One at Denbigh, and another at Caermarthen, } In Wales,
Who shall be called Mint-Bankers, or Changers. Those of London shall send every Week the old Coin to the Tower to receive new; and those of the Country every Month, unless it is thought fit to erect new Mints in several parts of England, as it has been done formerly in such a Case.
And for the Ease of those Bankers, and of the Mint too, (which shall not be able to Coin Mony enough to satisfy those that shall carry in their old Mony) all the Sums under 10 l. shall be paid in new Coin, but the Sums above that, shall be paid in Bills, half upon the Bank of England, and half upon the Million Bank. Therefore all those Mint-Bankers, or Changers, shall give to the King Security of Ten Thousand Pounds each, and each of them may draw at two days Sight upon the General Register-keeper payable in the Banks, as far as the said Sum of Ten Thousand Pounds, and no more.
The Banks are to be paid every Month, more or less, as the new Coin shall be made; so that they shall not advance more at one time than 130000l. and the Interest thereof shall be paid after the Rate of Three per Cent per Annum.
And in Consideration of that Advance, when the Banks shall carry their old Mony to be exchanged, they shall have the benefit of the Coinage weight for weight; but they shall tarry Three Months to receive their Payments in new Mony, without any allowance of Interest.
Lastly, It is to be considered by the Parliament, that if His Majesty by a special Love to his Subjects, will take upon him such a good Thing for the Nation; He shall be at extraordinary great Charges for two or three Years together. Therefore in Consideration, that His Majesty shall make good the Loss of the old Coin, from 15 Penny-weight to 10 dw. for Three-pence for every Penny-weight, which will cost him more, and also Pay a great many new Officers, that shall be employed for that purpose; besides the Sixteen-pence Half-penny that he pays for the Coinage of every Pound Weight of Silver, to which Expences the Act for Coinage, nor any other Benefit arising by this Project, can suffice. 'Tis Necessary, that the Parliament should allow Fifty Thousand Pounds a Year, for Three Years only; and a Register shall be kept at the Tower, wherein all the extraordinary Charges shall be entred, and the Parliament is to Promise to make the Loss good, in case it shall appear by the said Register, that the King is a Looser.
Some Observations upon a Project, Presented on the 4th of January 169, to the Right Honourable the Lords of the Treasury, by L. G.
1. THose who will be at the pains to peruse my Project with any Attention, will easily perceive that I propose, 1. To Melt down all the Silver Coins of England: 2. To make new Milled Mony: 3. To have the said new Milled Mony of the same Standard as the former, viz. 11 Ounces 2 dw. Fine, and 18 dw. Allay: 4. To have the new Milled Mony of the same Weight at least, as the now Milled Mony is, viz. The Crown of 19 dw. 254833/1000000 parts, or 19 dw. 8 gr. and a half a little more; and the Pound Weight, or 12 Ounces of Silver Standard to be cut in 62 Shillings, 124 Six-pences, 186 Four-penny Pieces, 372 Two-penny Pieces, and 744 One-penny Pieces, if thought fit to make such small Silver Pieces, which, in my opinion, it is better to defer, till the Nation be supplied with a reasonable quantity of new Crowns, Half-Crowns, Shillings and Six-pences: 5. That the loss of the Owners of the Mony shall be very inconsiderable: 6. That they shall bring in their Mony very willingly to be new Coined, and 7. That the Diminution of the Numerical Quantity of the old Species, will be more than supplied. I don't question in the least, but that my Project will seem at first to be impracticable, but, I hope, it will appear very possible, if carefully examined, and especially with the few Remarks here set down.
2. I see so many People who declare against the Raising of our Coin; that, I think, it is necessary first of all to acquaint them with the Reasons I have to demand, that the new Crowns should be Current for Two Years at 6 s. and 8 d. I have laid down as an Axiom, at the beginning of this Writing; that the Denomination of the Species of Gold or Silver, do not change their Intrinsick Value; and that therefore the Nation is neither the richer nor poorer, by raising or lowering the Coin, I propose then to raise the Crown Pieces to 6s. 8d. for Two Years, for the following Reasons; 1. To make the Loss that will arrise by Clipt and Brass Mony less sensible to the Owners thereof: 2. That Guineas may fall by degrees from the extravagant Price they have been raised to; for if they should fall at once from 30 s. to 21 s. 6 d. as they must do whenever we have good Silver Mony, and its Price fixed at 5 s. an Ounce, it would be a great Loss to many Tradesmen and other People, because for this Twelve-Month past we have seen hardly any other Mony but Guineas: 3. Because People are already disposed to it; and had it not been for an Act of Parliament, they would have certainly raised the Milled Crowns thereabout to that price, proportionably to the price of Gold: 4. I have fixed it to 6 s. 8 d. rather than to 6 s. 6 d. without any other Mystery, but because that price is devisible by equal quantities of Pence, Farthings, and accommodated to the present denominations of Crowns, Shillings, &c. and also to the Species of Gold.
3. As to the First Article of my Project, wherein, I say, there is about one third part of our Coin lost by Clipping. I know that some Ingenious Men are of another opinion, and that they pretend that there is abundance of old Mony unclipt hoarded up; I wish it may prove so, but that is so far from being an Objection to my Project, that it makes it more easy. I own, I have supposed the thing at the worst, but a Table hereunto annexed, will make it more plain, and therein I have calculated how many Ounces of Silver we want to make good the Loss. When I Presented my Project to the Lords of the Treasury, I supposed there was but Four Millions and a half of Silver Mony in England, but upon better Information I have thought I might suppose Five.
4. I demand two Years time to melt down all the old Silver Coin of England, and to make the new, for the following Reasons, 1. Because it is difficult to have Mints enough to do it in a shorter time, 2. Supposing there should be Mints enough, yet it would be necessary to allow two Years time, for if there was but one allowed, the price of Silver, which must fall gradually, should fall too suddenly, viz. every Six Months; and so the Inhabitants of the remotest Counties from London should hardly have time enough to be acquainted with it: 3. I grant that there is no time to be lost in this Affair, but too great a Precipitation may be liable to as great Inconvenience, as a Delay; and after all, People must have time to carry their old Mony to the Mint, and the Mint must have time to Coin it. It will be well enough, if we are in the mean time supplied with new Coin for Sums not exceeding 10 l. and Bills upon the Banks for greater ones by the Changers, as it is in my Proposal, for this answers all our wants,
5. It is just, and more convenient, that the Mint should take the old Coin rather by Weight, than by any other way; and it will be a greater Satisfaction for the King and the Nation, that in the Books appointed for that purpose at the Mint, or in the hands of the Changers; there should be several Columns, whereof one should be for the Weight, and the others for the old Estimation in Pounds, Shillings and Pence.
<36>6. It is proposed, that the old Mony be taken in Current Payments at a certain Rate, the better to carry on our Trade till we have new Mony enough.
7. I suppose the new Crown to weigh a full Ounce, though I know it does weigh only 19 dw. 8 gr. and a half, which makes an Allowance of about 3 and one third per Cent, for the Melting and the Stamp; so that if a Pound Weight of Silver Standard, valued at Three Pound is cut, as it is usual in 62 Shillings, a Pound and eight Ounces of Silver, which will cost but 5 l. will make 103 Shillings and Four-pence in Number, though they be but of the same weight. I say, that an old Crown weighing 15 dw. is to be Current, and taken at the Mint for Five Shillings, which is a necessary Consequence from what I said at first concerning the Price of Silver, for if a new Crown weighing an Ounce is worth 6 s. 8 d. an old Crown of Silver Standard of 15 dw. must by the same reason be worth 5 s.
8. Silver is the Center of Trade, and all things in the World, either Lands, Houses, Goods, Diamonds, and other Commodities, are but its Circumference; so that if the price of Silver is not fixed, 'tis impossible to make a just Estimation of Commodities, as it is impossible to say how far the Circumference is from the Center, if the Center be not fixed.
'Tis then highly necessary to fix the price of Silver in Quantity, Quality, and Estimation, either Coined or not Coined. The price of Quantity of Silver not Coined, is fixed in England by the Weight of a Pound containing 12 Ounces Troy, the Ounce of 20 dw., and the dw. of 24 gr.
The price of Quantity of Silver Coined, is fixed from a number of Pieces that the King orders to be cut from a Pound Weight of Silver, as 12 Crowns, 62 Shillings, &c.
The price of Quality of Silver not Coined, is fixed by the Assay that is made to know whether it is better or worse than Standard.
And of Silver Coined, by the Standard of the same, which is 11 Ounces 2 dw. Fine, 18 dw. Allay.
The price of Estimation of Silver Coined, is fixed by Publick Authority, being ordered that a Crown Piece weighing 19 dw. 8 gr. be esteemed Five Shillings, &c.
But the price of Estimation of Silver not Coined, is not fixed in England, and I think, it is absolutely necessary to fix it.
As to the Price of Quantity and Quality of Silver, I believe it would be very difficult, if not impossible, to fix it in a better way, than it is now, and besides the least Alteration in this Case would be liable to many Inconveniences, but as to the Price of Estimation of Silver not Coined, I see no reason why it should it be Arbitrary rather than the Estimation of Silver Coined, and if it be prohibited to sell a Crown (weighing 19 dw. 8 gr. that is to say, within a small matter of an Ounce) above Five Shillings; I would fain know why an Ounce of Silver not Coined of the same Standard as the Crown, should be sold for Six Shillings and Six-pence? As long as the thing continues so, there is no doubt but the Goldsmiths will melt down all the Milled Mony that falls into their hands, for the Profit is clear. But if the Price of Estimation of Silver not Coined is once fixed, and that it be prohibited to sell or buy above the Price set upon it by Law, (they may sell it under if they please) and that the Estimation of the Silver Coined be proportionable to it, which are inconsiderable difference for the Stamp of 3 or 3 per Cent. as it is now, we need not fear that our Coin will be melted down; no Body shall have the least Temptation towards it, and the Reason is very plain, for Silver in Ingot will be then as cheap and cheaper, as the Silver Coined, of 3 per Cent.
This is enough to shew how necessary it is to fix the Price of the Ounce of Silver, but I must remove an Objection that Clippers and others concern'd with them, are like to make in name of Merchants that Trade in Gold and Silver, viz. That if the price of Silver is lower in England than in other Countries, no body will Import Bullion, but rather will Export all the Coin they Can. This may appear specious to those who have not well considered that the price of all Commodities both of our own and Foreign Countries is always proportionable to the Intrinsick Value of Silver, and not to the Denomination of the Species of the same, and so Foreigners will then Barter their Silver with us, for our Commodities, as much as they did before, with this only difference, that the Estimation of Commodities, and the Estimation of Silver will be low, then more proportionable, more just, and more certain. It is not to be wondered why Bankers, Goldsmiths, Refiners and the like, should make their Endeavours to hinder the settling of the price of Silver Standard, every body knows that this is against their private Interest, for they are a sort of People who enrich themselves to the cost of the Nation.
I humbly conceive that it is absolutely Necessary to fix the price of the Ounce of Silver Standard at Five Shillings, for there is no other way to prevent the Melting down of our Coin; but for the Reasons contained in my first Proposal, and in these Additions, I thought, it was Necessary to raise now our Coin, viz. The Crown Piece to Six-Shillings and Eight-pence, to reduce it afterwards by degrees to Five Shillings, which must be after Two Years, viz. from the 25th of March 1696, to the 25th of March 1698, that the same Price shall be fixed for a Crown Piece, and an Ounce of Silver. It would be very necessary also to fix the Price of Gold, so that it may never exceed Sixteen times the Value of Silver, Weight for Weight.
I own, that there is a considerable Objection against the raising and lowering of our Coin, and which it is impossible to avoid in any Country in the World, and this concerns the Leases of Estates, that are made for a long time, for in this Case the Land-lord must lose or get considerably; However, as I demand but Two Years Time, I think, no body will grumble at it, especially if a Man considers how much he loses every Day, and the trouble he is perpetually put to, by reason of the Badness of our Coin.
A COMPUTATION, by which it appeareth, that the Silver Coin of England being Rated to be Five Millions, is probably Clipt one with another of 33 per Cent. and upon the whole, by Mr. Gervaize's Method, the King shall lose 150000 l. or 3 per Cent, whereof75000 l. or 1 per Cent. is to be deducted, (by the difference of 2 or 3 per Cent. that the New Coin shall be more in Quantity than Weight). And the Owners of the Coin shall lose 650000 l. or 13 per Cent. Whereof one per Cent. is to be deducted by the Difference as above, viz.
| The King's Loss of one part.— | 100000 l. | |
| Ditto of another part.— | 125000 l. | |
| 225000 l. | ||
| The King's Profit deducted on the other side. | 75000 l. | |
| It remains of Loss to the King— | 150000 l. | |
| The King's Profit upon the Benefits of 2 or 3 per Cent. for the Quantity of Pieces more than Weight, after the Rate of 1 per Cent. upon the whole.— | } | 75000 l. |
| And so the King's neat Loss is, or 1 per Cent. | 75000 l. | |
| The Owner's Loss of one Part— | 300000 l. | |
| Ditto.— | 375000 l. | |
| 675000 l. | ||
| The Owner's Profit deducted.— | 25000 l. | |
| Rest Loss to the Owners.— | 650000 l. | |
| The Owner's Benefit of 1 per Cent. upon the quantity of Pieces. | 50000 l. | |
| And so the Owner's Loss is,— or 12 per Cent. | 600000 l. |
A Table to shew how to reduce Gradually the Price of the Ounce Troy of Silver standard to its ancient Price of Five Shillings, the same having first been raised to 6 s. 8 d. according to the proposal heretofore, with this only difference that the Crown peice of Silver (though it weighs, but 19 dw. 8 gr. ) shall be Current for 5 s. and be esteemed for an Ounce of Silver, and so the Silver shall have 3 per Cent benefit by the Coynage.
| Space of 2 years to make all the Silver Coin new. | Price of the Ounce of Silver. | Weight of Crowns, Half-Crowns, &c. | Price of Ditto Crowns, &c. | ||||||||||||||||||||||||||||||||||||
| From March 25. 1696, to September 25. 1696. | 6 s. 8 d. |
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| From Septem. 25. 1696, to March 25. 1697. | 6 s. 3 d. |
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| From March 25. 1697. to September 25. 1697. | 5 s. 10 l. |
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| From Septem. 25. 1697, to March 25. 1698. | 5 s. 5 d. |
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| From March 25. 1698, and thenceforth. | 5 s. |
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A Table to Reduce gradually the Price of the Ounce Troy of Gold Standard to 4 l. an Ounce. being esteemed Sixteen times the value of Silver Weight for Weight) the same having first been raised to 5 l. 6 s. 8 d. which is the proportion of Silver to 6 s. 8 d. an Ounce, the Gold Standard Coined or not Coined esteemed a like, by reason that Gold esteemed 16 times the value of Silver Weight for Weights, is the highest Rate that ever was.
| Space of 2 years to reduce the Gold to the Proportion of Silver. | Price of the Ounce of Gold. | Weight of Guineas and half Guineas. | Price of ditto Guineas, &c. |
| From March 25. 1696, to September 25. 1696. | 5 l. 6 s. 8 d. | Gui. Dw. gr. 5. 9. half Guineas —Dw. gr. 2-16- | 1 l. 8 s. 8 d. 0 l. 14 s. 4 d. |
| From Septem. 25. 1696, to March 25. 1697. | 5 l. 0 s. 0 d. | Guineas ditto. half Guinea ditto. | 1 l. 6 s. 10 d. 0—13—5 |
| From March 25. 1697. to September 25. 1697. | 4 l. 13 s. 4 d. | Guinea ditto. half Guinea ditto. | 1 l. 5 s. 1 d. 0—12—6 |
| From Septem. 25. 1697, to March 25. 1698. | 4 l. 6 s. 8 d. | Guinea ditto. half Guinea ditto. | 1 l. 3 s. 3 d. 0—11—7 |
| From March 25. 1698, and thenceforth. | 4 l. 00. s. 0 d. | Guinea ditto. half Guinea. ditto. | 1 l. 1 s. 6 d. 0—10—9d. |
A New PROPOSAL to Melt down all the Old Hammer'd Mony of England, and make New Coin of the same Standard and Price, as the present Milled Mony is; and to supply the Loss arising by Clipt Mony.
1. THAT by Act of Parliament, the Price of Silver Standard be fixed at Five Shillings an Ounce, and that the Price of Gold never exceeds above sixteen times the value of Silver, Weight for Weight.
2. that the Milled Crowns, Half-Crowns, Shillings, Six-pences, Four-Pences, Two-pences and Penny-pieces of Charles II. Iames II. William and Mary, and William, continue to be current as they are now, viz. the Crown at 5 s. and the other Pieces propor{ti}onably.
3. That from the first of Ianua{ry} 1695, and thenceforth no Crown piec{e} or its value in Half-Crowns, Shilling{s} &c. that ought to Weigh 19 dw{.} 8 gr. and a half, and shall weigh under 15 dw. Half-Crowns 7 dw. 12 g{r.} Shillings 3 dw., and Six-penny Piece{s} 1 dw. 12 gr. be taken in Payment, and cease from that day to be Current Mony of England.
4. That from the first of Ianuary 1695, to the first of Iune 1696, all the old Crown pieces that shall weigh 15 dw. or above, Half-Crowns 7 dw. 12 gr., Shillings 3 dw., Six-pences 1 dw. 12 gr. so that One Hundred Pounds of that Mony should weigh 300 Ounces or Twenty five Pounds, be taken in Current Payment for the Price they were made for, but after the First of Iune 1696, no old Coin of England, except the Milled Mony of Charles II. Iames II. William and Mary, and William, be taken but as Bullion, after {t}he rate of Five Shilings an Ounce.
5. That the said old Pieces or Bul{l}ion be taken at the Mint, or by the Changers, as by my first Proposal, and that the Owners thereof receive a new or old Milled Crown, or its value in Milled Half-Crowns, Shillings, &c. for every Ounce Weight of old Coin Standard. And in case the Mint or Changers should want new Coin to Exchange the old, it shall be lawful for the Mint or Changers, when any great Sum shall be brought to them to be Exchanged, to pay the Owners thereof Ten Pounds in new Milled Mony, and to give them for the rest a Bill payable to the Bearer upon the Bank of England, or the Million Bank, which shall be repaid in 3 Months time, as by the first Proposal.
6. And to supply the Loss that should happen, by reason of the difference of the Estimation of the Clipt Mony by Tale, and its Estimation by the Ounce, it shall be deliver'd Notes upon the said two Banks answering th{e} said Loss, to be exchanged with Bank Bills, bearing Interest of Two-pence a Day for one Year, provided that the said Notes do not exceed the Sum of 250000 l. upon each Bank: That is to say, that if a Man brings to the Mint an Hundred pound of Clipt Mony, that ought to Weigh Four Hundred Ounces, and shall Weigh but 200 or 50 Pounds, the said Man shall receive Ten pounds in new Coin, and Forty pound in Bills upon the Banks, payable to the Bearer, and for the other Fifty, that would be Loss to him, were it not provided for, he shall receive a Note for the same upon the same Banks, which shall be exchanged with Bank Bills bearing Interest of Two-pence a Day for one Year.
7. And for the Re-payment of the said Banks, it shall be provided by the Parliament a sufficient Fond to re-pay in One Years time the Sum of Five Hundred Thousand Pounds, and Thirty Thousand Pounds more for the Interest thereof after the Rate of Six per Cent.
8. To Encourage those who have Plate or Foreign Bullion, to carry it to the Mint, to be Coined, such persons are to have the Benefit of Coinage, which is 3 or 3 per Cent. viz. Weight for Weight, Standard Silver and Gold.
9. And to prevent people from Melting the old Coin, to carry it afterwards to the Mint to receive the Advantage of 3 or 3 per Cent. (which Benefit is designed to help to bear the Charges of the clipt Mony.) All Bullion that shall not be Marked at the Tower (as it is largely expressed in my First Proposal) shall be deemed Coin of England Melted, and for that Reason esteemed 3 per Cent. worse than Standard, and for such taken accordingly at the Mint.
10. Now to supply in part the Loss that will happen to the Publick, by reason of the Clipt Mony, which will amount to Fifteen Hundred Thousand Pound or thereabouts, as it will appear by a Computation hereunto annexed, I have thought fit to propose the following New Million Adventure.
1. There will be delivered a Hundred Thousand Tickets at Ten Pound a piece, in the same way as they were delivered in the first Million Adventure.
2. Old Crown-pieces, Half-Crowns, Shillings, Six-pences, &c. though clipped, under the degree adove-mentioned, shall be taken for Tickets, provided Ten Pounds of that Clipt Mony weigh together Fifteen Ounces, (tho' they ought to weigh Thirty Eight Ounces 14 dw. 4 gr.)
3. Twenty Pounds of Counterfeited Mony, shall be judged Equivalent to Ten Pound of Clipt Mony, and taken for one Ticket, unless the said Counterfeited Mony should be extraordinary bad, which must be left to the Discretion of those whose who shall be appointed to deliver Tickets.
4. In Consideration of the said Million arising by an Hundred Thousand Tickets, at Ten Pound a piece, it will be provided a Fond of an Hundred and Twenty Thousand Pound a Year, which shall be divided into Prizes and Blanks as follows;
| l. | l. | ||
| 1 Of the Yearly Rent | of | 500 | 500 |
| 2 | of | 250 | 500 |
| 2 | of | 150 | 300 |
| 20 | of | 100 | 2000 |
| 30 | of | 50 | 1500 |
| 65 | of | 20 | 1300 |
| 380 | of | 10 | 3800 |
| 2000 | of | 5 | 10000 |
| 2500 First and last drawn each | 50 | 100 | |
| 20000 l. | |||
And for the Hundred Thousand Pound remaining, they are to be employed for paying the Blank Tickets at Twenty Shillings a Year each, for sixteen Years together, as in the Million Adventure of 1694, and for the Charges of the same.
It remains only to pay the two Banks of the Five Hundred Thousand Pound advanced by them, and for that, the Author of this Proposal, has a Project ready at hand, to raise that Sum, as also the Hundred Thousand Pound for the Yearly Rent of the Million Adventure, which he has not thought fit to publish here. The Computation hereunto annexed, will shew what Charges the Nation must be at, besides this new Million Adventure.
Would I deal with others, as I was dealt by in the first Million Adventure, of which I can boast I was the Inventor, Though tulit alter honores, I should say, that I am the Contriver of this, but I act by other Principles, and therefore, I own, that Major Hayens, a worthy Citizen of London, is the first who has Invented how to apply such a Lottery to the Mending of the Coin, and I add nothing to it, but that Twenty Pound of counterfeited Mony ought to be Equivalent to Ten Pound of clipt Mony, and taken for a Ticket in this Adventure.
From what I have said, it follows, that the Publick shall lose nothing upon clipt Mony, and it were to be wished, that they should be no losers by Guineas; but besides the Difficulty of the Thing, there is no Justice that the State should make good the loss of Eight Shillings and above upon every Guinea, seeing they have been advanced to that extravagant Price against the general consent of the Nation, as it is plain from an Act of Parliament passed last Sessions, to prevent Clipping. The King has got nothing by it, but on the contrary has lost very much, and therefore it is but just that those who have got by raising the Price of Gold, should now suffer by lowering of the same.
The Prejudice which the King and the Nation in general have suffered by the high price of Guineas, may be well guessed at by this only Instance, viz. That whereas Six Millions were sufficient for the Charges of the War, when Guineas were at 21 s. 6 d., Nine Millions or very little less, are now absolutely Necessary to bear the very same Charges; Cloath, and all other Commodities having been raised in Proportion to Guineas. This Observation by the by sheweth that we lose every Year to no purpose, twice as much as it will cost us once for all to reform our Coin.
However, to help the Publick as much as possible, I make bold to propose, that Guineas be lowered by degrees, according to the Table annexed to my first Project, viz. every Three Months, and so that Guineas be current from the First of Ianuary 1695/6, to the First April 1696, at 28 s. 8 d., From the First of April to the First of Iuly, at 26 s. 10 d.; From the First of Iuly to the First of October, at 25 s. 1 d.; And from the First of October to the First of Ianuary 1696/7, at 23 s. 3 d. ; and thenceforth, that no Body presume to take them above the Price of 21 s. 6 d. This will prevent many Disputes, but let the Parliament fix the Price of Guineas, or not, they must needs fall to 21 s. 6 d., as soon as Silver is fixed at 5 s. an Ounce.
I have considered this Matter these Three Years since, and though what I propose be directly against my own private Interest; I think, it is an absolute Necessity for the Honour and general Interest of the Nation to melt down our old Clipt Mony, and make new Coin of the same Standard, Weight and Price as the former; and when that is done, and our Trade and Navigation secured, I question not to see England the happiest Country in the World, which is my Hearts desire.
FINIS.
A Computation of the whole Charge that the Nation will be at, to make the Clipt Mony good to the Owners thereof; besides the voluntary advance of one Million in Clipt Mony towards the Mending of it, by way of an Adventure, according to the New Proposal.
FINIS.
