624
some of wchwhich before the last 10 years was either carried out & spent abroad by travent
merchants & seamen or melted down into plate or counterfeit money Which being
recconed or exportedor exported to bring in gold or culled out & brought back to the Mint & so is not lost to us & some of ethe last 10 years carried out for
pocket money by tr & spent abroad by travellers merchants & seamenor culled out & brought back to the Mint. AllWhich
being recconed at halfhalf a million or above a million & an half there will remain a millmillion & or 2 millions or 2or 2 of the old milled money exported wasted during the French war before the reco & in yethe same time there might be perhaps half a million of the old weightiest old hammdhammered money culled out & exported& lost to us besides what was exported to bring in ☉ or run into counterfeit moneybesides what was rund 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 wchwhich has been turned into Gold plate & counterfeit money & so it not lost to us. From these five millions subduct fthe gain of 3 millions of gold & there will remain about a million & a half of orour treasure of ☉ & ☾ wasted during the war in the firsfirst six years of the war wchwhich is after yethe rate of 250000li per an. And if ywe reccon the same wast to have continued till to yethe end of the war & since to theis present time by the two east India companies striving to refurnish the nation wthwith Indian commodities & breake one another the (for Bullion the demand of bullion for exportation hads been greater since the war then in it) there will the whole wast of orour treasure ☉ & ☾ treasure (including plate & the old hammered money wchwhich still continues to flow out of the country to London & is partly of it exported) will amoutamountwill in the last 10 or 11 years will amoutamount to 2 millions or perhapsperperhaps 3 millions.
In these recconings I differ in somethings from Mr P. hHe reccons orour wishesconsiders only yethe quantity increase & decrease of silver monies I reccon orour wealth in gold & silver money & plate together. He reccons (according to one of yethe papers above mentioned) that orour coynage has decreased ever since the currency of nNotes I that 1660, I that it increased exceedingly till yethe first year of yethe prresent reign 16789 & decreased only since the prresent 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 yethe weightiest hammerd money melted melted down, wchwhich I take to be less then a million & omitts the hammered money which since the recoinage has flowed & still flows out of yethe country to London & I has most of it been run into plate & may be accounted above half a million. And from these accounts he reccons that half there was of broad hamdhammered money before yethe year 1675 when then clipping trade began to increase there was 13 millions of broad hammered money besides three millions of milled money whereasin all 16 millions wchwhich recconning seems to me too bigg by at least 3 millions 3 or 4 millions.
Guineas culled out & sent back to yethe mint be recconed about of yethe whole a million of wchwhich there will remain about six millions, one million of wchwhich may be supposed thenat that time to be current abroad in Holland & other neighbouring parts of Europe. The other 5 remaining 5 millions added to yethe 12 millions of silver moneys makes the whole cast of England at the beginning of the French war where we were richest to be 17 millions in intrinsic value, besides broad Gold coyned before yethe death of Cha. I.
SinceFrom Dec 31 1689 to Dec 31 1699 there has bin coyned in Guineasgold 2059384. 6. 7 from wchwhichIf an eighth ꝑtpart thereof be subducted for as weighty guineas culled cut & sent back to yethe Mint & to yethe remainder be added the French & Spanish Pistols & the Guineas abroad wchwhich returned hither when Guineas were at 30s each & afterwards at 22s & wchwhich I reccon at about a million, & all wchwhich (considering ytthat above a million has been coyned here out of forreign gold monies & ytthat Pistols are here at a highest value then Guineas) Ile reccon at about a Million & an half or aboveor above, the whole increase of orour ☉ since Dec decrease fromafter since Dec 31 1689 to Dec 31 1699 will be about 3 millions. And this added to the 5 millions of in Guineas recconed before will make about 8 millions in Guineas in England at prresent. And this added to yethe 6 millions of silver makes 15 millions of Gold & silver milled monies now in England. Which deducted froom the 17 millions now above mentionedwchwhich we had in 1689 leaves a waste of loss of 2 millions of ☉ & ☾ wasted during together, during in yethe last 10 or 11 yearsmade since that year 1689 by means of the war with France. since yethe year 1689 so then yoryour money decreased by this war in the proportioon of 6 to 7 or thereabouts, & we lost but a seventh part of the whole.
For thisOne quarter of this lossdecrease of orour money was occasionedwas made in the beginning of the war by orour paying yethe Dutch for their charges of the Kings expedition hither, to rescue us from Popery & slavery — — & the rest of by orour buying naval stores of the Northern Crowns by orour maintaining armies in Ireland & Flanders, by also supplying their lossesesthe losses of orour merchants recruites of 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 wasere in some respect or other directly or indirectly the effect of the French war. Yet I decry not but this And orour Luxury occasioned by orour great riches tillboth in money & credit before yethe war began to affected wausus, may come in for another cause there being no nation fonder of Iapan & China The superfluities wchwhich must be purchased wthwith ready moneythen we of shapeless China pictures & other superfluitiesTrinkets of China then we of far fetcht Trinkets & all manner of expensive guildery for Bows & Ladies. For thôough orour riches are abated yet orour 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.
The l The loss This loss
The loss we have susteined bin orour Coyn by yethe French war has bin only of silver. We have lost six millions of ☾ & gained 3 of gold. And this inequality must have some other currtcurrent cause then Paper credit. In yethe 18 years before yethe enacting of the Coynage Duty there was twice gold coyned silver coyned or while silvercoyned in ☉ 259359li. 3. 0 in Gold & 969559. 9. 5 in ☾ as muchso that the silver coyned was above triple coyned was doubletriple.triple. in value to yethe gold. coyned. In yethe 1st 9 years of ytthat Act paper there was coyned in Gold monies 1154487. 8. 10 (recconing a guinea at 21s 6d). & in silver monies 1105103. 4. 4 wchwhich is very nearly an equality In the next nine years there was coyned in gold monies 3055473. 5. 8 & in silver momoney 1647517li. 8s. 8d wchwhich is but a little abovemore then half of yethe goldalmost two to one of gold In the next five years there was coyned in gold monies 2414239li. 4s. 5d. & in silver 578021li. 2s. 6, wchwhich is above four to one of gold. And thesthisee last 10 years there has been coyned abo little or no forreign silver & above two millions of Gold. The, Besides the Guineas & Pistoles wchwhich came from abroad. If Theis decrease of the coynage of ☾ & running orour cash into ☉ proceeds not from the wantbe recconed the effect ofbe attributed to paper credit or of Luxury or the late French war, the cause of the distemper is mistaken
It625
Mr Lowndes reccons that in the reigns of Q. Eliz, K IJames & K. Charles I there was coyned 15 millions of silver monies: whereof all the crowns & & all the money smaller then sixpences are long are long since gone & also all yethe Crowns of Queen Eliz. And no doubt many of the shillings & sixpences of Q Eliz & Crowns shilshillings & 6p of K IJames & K Cha were also lost before the recoynage of yethe money. This loss Mr Low ndesin computes at aboutut 10 milmillions but by subducting thye 9 millions wchwhich remained attillat yethe recoinage it appears to be but about 5 millions. It happened1 by the wearing away & losing of all yethe small money, &3 by culling out melting down yethe largest & weightiest pieces for goldsmiths uses or to be recoyned &or of later years to be exported by yethe yethe East India company. & by principally2 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 occasioned. Let us suppose that of these 5 millions, four fiftthree fourth parts were lost before yethe war & one fiftfourth part or about 1 million in yethe first 67 or 7 years of the war & this 1 million added to the 8 & 9 millions will make about 9 millions of sterlinghammered silver in yethe all yethe hammered moneycontainedA. C. 1689I exercise & counterfeitin tale & in weight & intrinsic value & 10 in tale of in all yethe hammered monies are genuine & counterfeit wchwhich remaining in the nation in yethe year 1689 according to yethe intrinsic intrinsic value thereof & about 10 millions in the tale of all yethe genuine part of those hammered silver monies.
Let us suppose
Untill the end of the year 1689 the coynage of the milled silver money continuedsilver bullion came to yethe mint in good plenty & the whole coynage of milled silver money amounted to about 360051l. 18s. 00d of wchwhich if we suppose about 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 yethe weightiest pieces for yethe 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 yethe worn hammered money) there will remain about three millions wchwhich wthwith yethe 9 millions of hammered money makes about 12 millions of silver money in the (good & bad) not in tale but according to yethe standd.standard weight & intrinsick value thereof in or near yethe end of the year 1689 when I reccon we had most silver money in the nation.
But in the end in yethe late recoynage there was binhas bin 6900000li of newmilled money made out of the hammered money & plate to neplate & by the proportion of yethe old milled money to yethe new at preest in ordinary payment (wchwhich I have not must observed, but lately found an in a certain parcel an eighth part of yethe whole in a certain parcel) Ile suppose if the old be recconed at 7 or 800000li tale & 800000 or a million subducted same the wast of all the milled money by exportation since yethe year 1696 at as much or perhaps at 10 or 12 a million there will b remain now in the nation about 6 millions of silver money, (besides plate wchwhich wthwith is as much or more increased since the recoynage thereas decreased by it). Deduct this 6 millions from yethe 12 millions since & the whole loss of silver monies since the year 1689 will beremain 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 21s 6d. If about an eighth part hath been culled out the weighty
Guineas
Mr P. reccons that there wasere recoyned 10 millions of hammdhammered money & three million morerecoyned wchwhich was good wchwhich was good broad money befpre 1676 when yethe clipping trade began. to increase & that 3 millmillion more have bin melted down before since yethe year 1676. To wchwhich he adds 3 millions of milled money coyned before 1676that year & so reccons that we had then 16 millions of good silver coyn of wchwhich scarce 6 millions remains now in yethe nation so ytthat we have since the year 1676 we have lost 10 millions./ But in this account the loss should be dated rather from yethe year 1689 then from yethe year 1676 & there should be an allowance abatement of yethe counterfeit money which was part of yethe 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 wchwhich by weighing some parcels of broad hammered unclipt money I reccon may be about 6might amount to about 6960000li. And after a good part of a the weightiest hammered money have been culled out to be sent back to yethe Mint or for yethe Goldsmiths or Merchants use, to reccon a ptpart 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 whistwhilst the culling trade increasedbefore the culling trade came to perfection,. to reccon a third or 4thor 4thor 4th part of the whole still fit for the cullers usepurpose seems to me too much./In a paper laid one of yethe 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 5s yethe ounce to 5s & 4d, wchwhich occasioned all yethe weighty coyn to be culled out & melted into bBullion. And after this complaint it probable that there remained not above yethe 6th or 8th part of yethe weighty hammered money silver so fit for the cullter to be culledculled out for its weight, [& that of the three millions of milled money above half a million had been then culled out, for its weight this money being less worn & weightier than yethe hammered] the milled money being generall we money so weighty & fit for yethe culler as the generality ofall the milled money was. // Let us therefore out of yethe millions recoyned subduct a million so ytthat instead of 3 millions of weighty hammered money melted as down since the year 1678 I would not reccon above a millions or at most a million & an half. of counterfeit money [made of clippings & good money melted down either alone or wthwith base allay. or without] partly sterling, & bothpartly standard & partly of coarse allay & add half a millionabout 5 or 600000li more of other broad hammered money wchwhich has flowed out of yethe country to London & been wrough used by the Goldsmiths ever since the recoinage & the whole tale of the genuine hammered money at yethe time of the recoinage & will be about 9 or 9 millions whereof about 8 millions (the excess of the 10 millions above yethe counterfeit money) was recoyned & together with yethe intermixed counterfeit money intermixed made about 6 millions of milled money, so that from the 8 millions there was a losst of about 2 million of silver by yethe wearing & clippings. /It there By weighing some parcels of broad unclipt hamdhammered money I reccon that there was about have a million lost be wearing & by consequenceOf this I reccon about a million lost by wearing & by consequencesubduct about a million for the wearing & there will remain aboutabout 1 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 yethe year French war began to affect us A.C. 1689 & there will remain 1 million lost in that war before yethe recoynage afaryethe ensuiinyg first 6 ye 7 years of that war untill yethe 1st year of the recoynage wchwhich added to yethe 6 millions will make 7 millions of silver sterling silver conteined in yethe 8 millions Allof money seven years be/ in the begining of that war A.C. 1689, besides yethe 5 or 600000li of weighty hammdhammered money wchwhich has since flowed out of yethe Country wchwhich makes the whole hamdhammered money about 9 millions in tale & 8 millions in value to be in yethe year 1689 when that war began we entered into that war.
Mr Lowndes
Before the enacting of the coynage Duty the Master & Worker of his MajtsMajestys Mint coyncoyned every pound weight of Silverilver
626
It proceeds from the cheapness of Gold in China & Iapan, whereby orour Merchants make great profit by carrying silver from hence to purchase it,, Iapan gold of yethe Dutch & China Gold of the natives gold being there almost twice as cheap as with us so that yetheorour Merchants can get 60 prper 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 ChiI Iapan gold of yethe Dutch & of late a greater (above 50 prper cent) by purchasing I China gold of yethe natives.
Now if this be the case then tis orour interest not to run the East India trade leastnot to keep orour silver bor to send it to China & to encourage yethe trade ofwthwith China moreuch more then that ofwthwith India, for China is inclined to take off orour manufactures wchwhich India is not & there is no trade more profitable to yethe nation then thatthat of b for their gold..trade for their gold therebywchwhich is now Commencgringeatly must greatly increases orour coyn being as profitable to the nation For the as to yethe merchant himseflf. And tho it should sd decrease orour 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 thatThis trade by incre draining us of orour silver wil will make it so scarce dearer creating plenty of Gold & want of silver it may make fall lower pthe price of gold wchwhich when all orour wealth consists in gold would be to orour dammage. But if we may first get more wealth in gold by the trade then we shall afterwards losse in its price by yethe fall of its price thethere 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 drain other orour neighbouring of their silver by supplying them with Indian & China commodities & then turn their silver into ☉ at 60 prper cent profit then that other any other nation should sell us Indian commodities & buy ☉ wthwith orour ☾.]
Tis certain that before the late French war orour coyne encreased very much by orour 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 orour trade in a little time may not become moraseas profitable thenas before especially now orour disadvantageous trade wthwith France is checkt & there is a prospect of bringing gold from & naval stores from New England & of setting the poor on work. But because& thant also with India for wrought silks & staind Callicos & instead thereof solve hopes of bringing & there is such a duty upon I other Indian perishable commodities as make the may begin to make it moreas profitable to bring gold home from the gold we purchase in China thenas to lay it all out in India & thesupposing the trade of running goods to trwade 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 BankersGoldsmiths hands who took greater interest & frequently broke, both wchwhich are prejudicial to trade., The & the old east India company are b twho have done us most mischief may after another year trade for no more then 325000li prper an & must export in English manufactures 100000li prper an. in 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[[& Ofdiscourage all trade to England & to all it dominions an Foreigne bottones] set on footthere 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 (wthwith 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 natioon wchwhich does not take off as much in value of manufacture from hence, I speak ofit wouldit would 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 abate orour luxury
& make us
& make us Whilst yethe trade for commodities of the native growth of all countries remains free, no ship shoulds import more manufacture from abroad then it carried out to exchange for them hence into yethe country where it took its lading.
And tho we lost between 2 & 3 millions by the war yet this loss is so well made up by the Credit of yethe Bank of England & some other new credit that Interest if is fallen to 5 prper cent as it was before the war And if
627
We have recconed orour losses in silver alone to be much greater then in ☉ & ☾ together, & the gold encreasing while yethe silver was exported. And this certainly proceeded from some other cause then paper credit.
so that instead of gaining 5 or 6 hundred thousand pounds prper anannum as we did before yethe war we lost between 2 & 3 hundred thousand pounds during yethe war
TWhisch loss accrued to us by the 9600000li we600000li pdpounds yethe Dutchch of decay of trade & the losses & charges abroad during yethe war, & since by yethe 600000li we gave yethe Dutch d in contention between yethe 2 E.East I.India companies contending to replenish yethe nation wthwith Indian commodities & break one another. But as for paper credit that was so far from hurting us ytthat we suffered most by yethe war when we most wanted it./ that yethe want of it during yethe recoynage brought us into yethe greatest difficulties. It was then found by experience that the want of it made the Interest of money very high wchwhich was very chargeable to the governmtgovernment & put a great dapmp upon trade & as this credit recovered Interest fell & trade revived. And if Interest be not yet low enough for the advantage of trade, & aArts (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 ParliamtParliament is a violent method., The & force is apt to put trade & business out of humour. The law should rather follow & comply with the nextnaturalfree & voluntary course of interest then attempt to force it. 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 yethe nation pflourish.
Had we lost 10 millions since yethewe were richest were at yethe(as Mr P. reccons there would now need to be millions of new credit to supply itthat loss, but so as to bring down Interest to the former rate wchwhich was about 5 prper cent: whereas we find it now brought down to that Interest without much the addition of 32 or 3 millions of credit more then we had before yethe war wchwhich is an argumtargument that orour whole loss of gold & silver monies doth not much exceed [two2 millions, as I recconed above & so s] two or three millions.
The MrMaster & Worker of his MajtsMajestys Mint coyns every pound weight of standard silver into 62 shillings & before yethe 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 iswas impracticable to be exact) the excess of defect was entred of record & the Master accounted with the King for the excess ofsame defect being bound to do so by the followinga clause in the Indenture of the Mint. BAuuntd since the making of thaet 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 coyns the money by the same assay by wchwhich 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 yethe Mint to enter the same of record?
And this loss is made up by the new Credit of yethe Bank & Exchequrer so as to bring down interest to 5 per cent as it was before yethe warrFrench war: wchwhichFor this new credit amoutsamounts to only to & so answers well to that loss but is much too little to make up a loss of ten millions so as to bring down interest to yethe same rate of 5 prper cent.
628
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 14th of Char II ch 6 & 3 & 4 W & M ch 12 all lands liable to Church & Poor ought to pay to yethe Constables Assessments (vide the statute). Coulsterworth is in the soak of Grantham & Twyford is notth of in the soak of Grandtham buout in yethe hundred of Beltisloe & for theat reasontherefore the Constable of the neighbouring town of Northwitham wchwhich is also in yethe hundred of Beltisloe, hath been imply to collected yethe Kings Taxes at Twyford & pay beenbeen allowed by the Constable of Coulsterworth the sessions charges of Twyford toBentisloeBeltisloeHundred And thenow because the Constable of Witham collects the Kings Taxes at Twyford the Iustices at their Quarter Sessions held last time for yethe parts of Kesteven in the County of Lincoln IJan 8 1699 have ordered that Twyford shall pay thence forward pay (not AssessmtsAssessments to yethe AChurch & Poor & Highways, but only) Constables Levies to Northwitham.
Q. 1. Whether the Constable & Inhabitants of Northwitham can make a legal AssessmtAssessment upon Twiford without the Consent of the Churchwardens &c of Colsteroth. dAnd of the Constable of Northwitham do levy notwithstanding that Order Parish AssessmtsAssessments 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 AssesmtAssessment upon Twyford & distrein within yethe 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 quousque &c
3 Whether may not the Constable of Coulsterworth make a Deputy at Twyford & by himselfDepu or his Deputy collect yethe Kings taxes at Twyfordif notif notby himself act in BentisloeBeltisloe hundred && approve the yethe sessions for Benltisloe without giving the Constable of Northwitham any further trouble.
3 Whether is not yethe Constable of Coulsterworth also constable of the whole parish including Twyford, wthwith power to act inBentisloeBeltisloeHundred for Twyford or to makeeither by himself or a Deputy thererein Twyford wthwithout givingwthwithout giving the Constable of Witham any further trouble.
–above a million since yethe year 1688 when we were richest & if upon all yethe above mentioned acctsaccounts an abatement be madebe made out of the 16 millions be madebe made there will remain but about 12 millions or 12[of standard silver monies ((according to the intrinsic valuein weight & fineness in the year 1689 when we were richest.] T wchwhich insfo T Too which if we add about a million for of old hammered money wchwhich has since the recoynage been flowing out of yethe country & wasted by yethe Goldsmiths or exported the whole will be about 12 millions of silver monies in intrinsic value in yethe year 1689 when we were richest.
:And in the time year 1688 I reccon that we had about 7 millions of milled money old & new together wchwhich being deducted leave a loss of about 5 millions, besides what hads been exported since by the eEast India Companies wchwhich if it I reccon less then a million & if it should amount to a million would make the whole loss in orour silver monies but about six millions during the late Franch war & since.
But all this was not lost to yethe nation.
And if we may reccon one half oth of this to have been afterwards clipt & yethe other half melted down & exported wthwithout clipping & that there was as much or more exported between yethe years 1676 &1689 as afterwards between yethe year in yethe 8 following years untill yethe hamdhammered money ceased to go by tale. the weighty hammdhammered money melted down & exported without clipping in those 8 years will not scarce exceed half a million
Recconing therefore this half million instead of the three millions & making melted down and that in yethe year 1689 there were but several atabout 3 millions of milled monieds & making the other abatements above mentioned & addingthere will be about there will be about& adding the we shall have instead of the 16 millions in yethe year 1676 something less then 12 millions in yethe year 1689 when we were richest to wchwhich if we add the old hammered money wchwhich remained in the country & in Ireland in yethe end of yethe recoynage & [most of wchwhich has been since either run into plate or exported] wchwhich I'le reccon at a million, the whole will be almost 13 or about 12 millionsof silver monies, not in tale but in weight & fineness.
And In the year 1697 when end ofThe new milled silve monies made in yethe recoynage yethe new milled money& since wasis about 60900000ll & yethe old
almostaboutabovuteaboutalmost
a million as I gather by the proportion of yethe old to yethe new in a some parcells or two. To wchwhich add the million of hammered money supposed to remain in yethe country & in Ireland & in the whlole will amount to about 8 millions. Of wchwhich if I may reccon about 1a millions & an half to have been melted down since 1696 during the recoynage & since partly for yethe goldsmiths uses & partly for exportation during the recoynage & since there will just remain about 7 millions of silver money illed & hammered still in the nation. Which deducted from yethe 12 millions leaves a loss of about 5 millions during the late French war & since the year 1689made during the late French war & since, wchwhich one year wthwith another amounts to about half a million per an.
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yeares thenwas more in yethe 20 years following & in alleach of the four periods of 20 years the coynage seems toincreased & decrease varied so very much upon according to other or various to other causesvarious causes that it seems were to : have depended more upon those other causes then upon yethe rise & growth of paper credit.
For from yethe year 1640in the reign of K. Cha. I. unto yethe yeare 1648 that is end of the wars of Spain wthwith hHolland & Fr. wchwhich made the Spanish money flo great quantityies of monies were coyned1648 Gold & Silver were sent hither in great plenty by the by the Spaniards for of eners& coyned in orur mint for provisions wchwhich we supplied them with & bBut in yethe 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 1211000li which is but about 672000li per anno & since in yethe first 23 years of that Act, that is till the beginning of this present reign in yethe first nine years after yethe rate of 242000li one year wthwith another & in yethe next nine years after the rate of 500000 & in the last four years after the rate of 6502000 prper an. In the next year wchwhich was the first year of the present reign the coynage was but 225000li & in the next fourive years but 70000li prper an, this great & sudden fall of the coynage being occasioned by the payment of the Dutch the great expences of the Irish warr in Ireland & Flander & at sea & the supplies of yethe losses of yethe the sending out new ships to supply the losses of the old East India Companys east& at supplying their lossesdiscouragemtdiscouragement ofof naval stores & the general discouragemtment of trade during theat 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 wthwith paper credit till the French war checkt it. I do not say that the coynage of silver increaIst but that of both Gold & silver together And if the coyn they being both together the perquisit of riches of yethe Nation acquired by trade. And if that of Gold increased most in proportion, it was was by setting too high a price upon it in proportion to silver & sending silver to yethe Indies there to purchase Gold of the Dutch for carrying on that trade.where Gold is cheaper ytnthatn here.
18, 19. And if both ☉ & ☾ e taken together the whole coynage since the currency of Notes 1660 (as appeardrs by the Mint book.) hads been above twelve millions ((has appears by the Mint, wchwhich I take to be a much greater addition to orour stock thean what was taken from it by culling clipping & melting down: especially since the gold alone wchwhich is still in yethe nation amounted to millmill.
But in examining by such actsaccounts of yethe coynage as have been heretofore given in by command of yethe hhouse of commons, or now remain in the Mint, whether whether England has been more dammaged by the this credit has been of more advantage to England by increasing its trade ofr disadvantage by increasing its luxury [I could wish we had distincted acctsaccounts of yethe coyange then some of those heretofore given in by command of yethe House of Commons] I do not find that but that we haveit has hitherto been losers thereby done us any great hurt.
Here he mentionsexamines sets down only yethe coynage of silver and whereas that of ☉ ought also to be examined & in yethe first 20 years he tells us ytthat 400000 prper an was coyned in silver alone where as itthis summ was yethe whole coynage of both gold & silver together. And the coynage of the last 60 years he distinguishes into 3 periods of 20 years each wthwithout wchwhich have no relation to yethe main causes of yethe increase & decrease thereof. For yethe coynage was very great in yethe reign of K. Cha. 1. & the main causes & periods of yethe increase & decrease of yethe coynage he considers not.
I designed to have in
Vpon perusing Mr Polixfin's paper designed to have informed myself about yethe history several quantities of ☉ & ☾ money wchwhich have been coyned from time to time since yethe reign of H. 8. but find I cannot do it in any convenient time there being no records remaining in yethe Mint ancienter then yethe return of Cha II & I
When I first
When
21 Tenn millions of hammdhammered money were brought into th
Since I first perused Mr Polixfin's paiscourse about Paper-credit I have been endeavouring to get an acctaccount of the several quantities of hammered money abot.aboutof Gold & ☾ wchwhich have been coyned from time to time since the reign of Edw VI in order to make a judgment upo upon yethe 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 ytthat. And therefore least I should detein his dpaper in my hands too long I have here set down whatev such observations upon it as at present occurr to me about that ptpart of his Discourse wchwhich is grownded uponfrom such papers accounts of the coyn as are commonly known
I agree wthwith him in the main of his argument set down in sectsections 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 yethe increase & the money upon yethe decrease ought to take case, before it be too late, least it prove bankrupt to support credit. And the danger is thethat credit. it. For paper credit is a sort of riches & riches incline men to luxury & luxury promotes yethe 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 yethe rise & growth of such credit I could wish we had better recor distincter accounts of the coynage then those papersformerlyheretofore laid before the house of Commons. //Out of those papers Mr P. (sectsection 14, 15, 16, 17 represented that 20 years before Notes had a currency wchwhich vizt from 1640 to 1600 there was coyned in yethe tower in silver money 400000li communibus annis he saith It should have been said [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 200000li per anannum 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 ananno 1680 to ananno 1695 there was not coyned above 80000li including the money from the wreck & ytthat since the year 1695 we have only coyned orour old money wthwithout very little forreign bullion so that the coynage sncesince yethe 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 seems to be a mistake the 400000ll prper an being of both gold & silver
By the 400000 per anannum coyned in yethe first 20 years was of both of gold & silver & what silver was co according to yethe above mentioned paper & it does not appear that the coynage of silver alone in those 20
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coynage ever since the Compa 1657 when the establishmtestablishment of yethe 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 vizt from Dec 31 1688 to Dec 31 1689 there was coyned 234647. 18. 4 & in the next five years almost no silver & but 70000li per anannum one year wthwith another in gold this great & sudden decrease of the coynage being occasioned by the not by paper credit or the ordinary East India tTrade but by the paymentdecay of trade & expences & losses wchwhich yethe French war occasioned vizt by payment offin paying the Dutch for their Fleet wchwhich brought the Kingdom orour assistance in,, maintaining armies in Ireland o& Flanders, in buingbuying naval stores, & in repairing the losses of the East India & other MerchtsMerchants at sea, & by the general decay of orour trade during that war These things not only put a stop to yethe coynage of silver but caused it to be exported in considerable quantities f[wchwhich promoted the clipping & melting down of orour silver monies.] to the decrease of orour 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 reccconreccon. There has been coyned in gold silverfrom Dec 31 1689 to Dec 31 1699 2059384li. 11s. 1d. And if the Guineas & French & Spanish Pistols wchwhich flowed into England in yethe year when Guineas were at 30s or —. & afterwards at 22s 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 yethe Mints to be recoined were about 10 millions of wchwhich 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 almostless than nine millions of geniune money coyned in the Kings Mint. This such wchwhich wthwith the counterfeit money when recoyned made wthwith yethe 6600000li so ytthat besides 300000li coyned out of Plate, soll that by the recoynage there was lost in yethe tale of the Kings true genuine hammered money two millions or above 2 something above or two & a quarter: & of wchwhich loss arose partly from yethe wearing of the money & partly from clippings melted down & exported or run into palate. The If the wearing be recconned at about 600000li (as by some experimentsweighing some unclipt hammered money I find it may be) there will remain almostless then two millions lost by clippings melted down & exported & there is wanting about 3 millions of the milled mon silver money coyned above 10 years ago. [And above a million of milledbroad hammdhammered money which for the two last years has been constantly flowoing out of yethe country to London has been either run into plate or exported. So that there is wanting from yethe ☾ monies eabout 5 millions except ytthat about 300000 has been new coyned out of plate. This being subducted from yethe 5 millions leaves 5 millions or something more want. From wchwhich take yethe 23 millions of ☉ & there will be about 1 or 2 millions of money less now then 10 years ago
From yethe last of March 1638 to May 1657 were coyned 7733521. 13. 4. And from yethe 30th of IJan 164 to yethe 9th of May 1660 aboutalmost a million [of cross & harp money & broad gold wchwhich was afterwards recoyned &] made per an about 80000 & in yethe first 8 years & 4 months 670000li subduct this from yethe 7733521 & there will remain about 7060000 coyned from yethe last of March 1638 to yethe 30th of IJan 164 wchwhich was co per an about 650000li.
The moneyGold & Silver coyned between the death of K. ChaI & the return. of K.C.II & afterwards recoyned was about million that is per anannum about 8080000li & till yethe Mell & in yethe first 8 years about 720033300l. Subduct this from the moneys Gold & Silver monies coyned from the last of March 1638 to May 1657 wchwhich according to a paperone of the AcctsAccountsone of yethe papers mentions by Mr Polixf. was 7733521. 13s. 4d & there will remain about 7 seven millions coyned from yethe last of March 163 to yethe death of K. Cha I wchwhich was prper anannum about 646 thousands pounds prper an. For in this Kings reign Gold & Silver money flowed in from Eng Spain & was coyend here for our commoditiesodities provisions wchwhich we supplied them with untill yethe peace was concluded between Span & Holland anno 1648. But afterwards the coynage ab abated & became but the 8th or 10th part of wtwhat it was before, so that in yethe next 18 years from yethe death of K. Cha. I for taill the making of the coynage Act there was coyned in both gold & silver (including the money for Dunkirk) but 1228917li. 12s. 3d. recconing Guineas at 21s. 6d., wchwhich coynage was but about 68 thousands pounds per anannum. 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 yethe first 9 years of that Act that is from Dec 21 1666 to Dec 21 1675 it was after yethe rate of 250000li prper anannum & in the next 9 years vizt to Dec 1684 it was after yethe rate of 500000l prper anannum & in the next 4 years vizt to Dec 31 1688 it was after yethe rate of 680000li prper an
Whence it follows appears 1 that yethe Coynage Act has been of very greatvast advantage to yethe nation. 2 That the coyn was up notwithstanding the diminishing thereof by clippers was uponclipping melting & exporting thereof & the disadvantageous trade wthwith 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 more upon the increase at the very beginning of that war then at any other time before since the reign of K. Cha. I. & 3dlythirdly that therefore paper credit till yethe beginning of that war did the nation more service by promoting trade then disservice by promoting luxurity. untill [& 4thlyfourthly & that the argumtment agtagainst yethe E. India Company taken from yethe decrease
of yethe