378)

Author: Isaac Newton

Source: MINT 19/1/376, National Archives, Kew, Richmond, Surrey, UK

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  - 1 January 2001
    - Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young
  - 29 September 2011
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  Draft clause for insertion into the Coinage Act [MINT 19/1/378]

<376r>

Fol. 3. lin. 1. After the words [in the body of the present Act.] add with relation to the Mint or Mints in England.

And whereas by the Act of Vnion made in the sixt year of Queen Ann, a Mint is to be continued in Scotland under the same Rules as the Mint in England: Be it further enacted that all the money arising in England by this Act & also six per cent of all the moneys arising in England thereby shall be issued out of his Majesty's Exchequer to the Master & Worker or Masters & Workers of his Majesty's Mint or Mints in Scotland for the use & service of that Mint by such Order or Warrant as the like moneys arising in England by the Acts for encouragement of coinage are issued to the Master & Worker of his Majesty's Mint in England to be kept in his Majesty's Office of Receipt in the said Mint of Scotland under the keys of the Master & Worker, Warden & Counter-Warden or Comptroller of the said Mint for the time being, & issued out thence from time to time according to the manner & course of his Majesty's Mint in England.

And it is hereby further enacted that there shall not be issue out of the said said Office of Receipt or Exchequer of the said moneys in any one year for the fees & salaries of the Officers of the said Mint & Officers who & pass the Accounts of the said moneys & towards the providing maintaining & repairing of the houses offices & buildings & other Incidents of the said Mint necessary for assaying melting down & coinage, above the summ of pounds sterling money, & the overplus of the said moneys so kept or to be kept as aforesaid, shall be employed for & towards the expence wast & charge of assaying melting down & coinage & of the necessary incidents which relate thereunto & accompany the same, & not otherwise.

NB. By the Act of the first Parliament of K. James VII chap. XXIV, there were allowed for salaries, maintaining the Fabric of the Mint house providing of new Tools & other incident charges relating to the Mint 1200 pounds Scots & the overplus was for a free coinage of silver after the rate of 18 pounds per stone. No provision for a free coinage of gold. The 12000 pounds Scots reduced into English money (after the rate of 4^s 6^d to the 60 shillings piece{)} amounts to 900^li sterling, & by raising the Scots money at the union it amounts to 1000^li (which raising ought not to affect England) & if the salary of the Clerk of the bullion amount to 333^li. 13^s. 4^d scots & the providing of coining tools be deducted there will remain about 940^li. Whence 1000^li sterling is sufficient for filling up the blank.

NB Also the

<376v>

to be issued upon account by such Orders or Warrants as above to the Masters & Workers of the said Mints or either of them as shall be necessary for defraying the Expences of the said Mint or Mints respectively by such Order or Warrant as above expressing that the {money so} issued are for the use & service of the said Mint or Mints respectively, so as the moneys so issued together with the coinage Duties arising by this Act do not exceed in any one year the summ of fifteen thousand pounds.

to be issued upon account by such Orders or Warrants as above to the Masters & Workers of the said Mints or either of them as shall be necessary for defraying the expences of the said Mint or Mints respectively, so as the same together with the Coinage Duties arising by this Act do not exceed in any one year the summ of fifteen thousand pounds.

And that at the end of every quarter of the year the charge of assaying melting & coinage in that Quarter shall be paid in the first place & the deficiency for paying the salaries if any there be, shall be supplied as above in the said Mints or either of them at the end of the year.

& that the charge of coinage be first paid out of the coinage mon{eys} & the deficiency remain upon the salaries untill it shall be made good out of the other moneys so issued.