First, Of the Standard.

This properly brings under Considera­tion Two matters relating to the Coins; namely, the Degree of Fineness, and the Weight of the Pieces. In treating upon which I shall humbly take leave to observe this Method.

First, To explain what is meant by Ster­ling Moneys.

Secondly, To set down Historically the Proportions of Fine Gold, and Fine Silver, with the respective Allays, which the Ma­sters or Workers of the Mints have been holden to Observe in the Fabrication of the Moneys of this Realm, by their respe­ctive Indentures which I have found out, Beginning with those in the time of King Edward the Third, (the farthest Extant) and Ending with the Indenture of the Mint now in being.

[Page 14] Thirdly, To propose the Standard of Fineness, which (in my humble Opinion) ought to be continued for the new Coins, which His Majesty may be pleased to di­rect at this time, with my Reasons for the same, to be deduced from the Experience of former times, and an Impartial regard to present Circumstances.

Fourthly, To set forth how the Value of the Gold and Silver in our English Coins hath been Raised from time to time, which considers the Weight and Number of Pie­ces in a Pound Troy.

Fifthly, To Offer my humble Opinion upon that Subject, in reference as well to the Old Coins now in being and Unclipt, as also to the New Moneys, which may be directed to be made, as aforesaid, toge­ther with my Reasons for the same, to be also Grounded upon the Experience of former Times, and a due Consideration of present Circumstances: All or most of which Points being of great Moment, to be well weighed in this Affair, I do humbly pray your Lordships that I may Discuss them severally.

[Page 15] First, It is believed by some Authors, (and not without Reason) that in the most Ancient times, when Money was first Coined within this Island, it was made of Vide Hales of Sheriffs Ab­counts. p. 5. Pure Gold and Silver, like the Moneys now Currant in some other Nations, par­ticularly in Hungary and Barbary, where they have Pieces of Gold called Ducats and Sultanesses; and in the Kingdom of Industan, where they have Pieces of Silver called Rupees, which I have seen, and wherein (as I am inform'd) there is lit­tle or no Allay: And that afterwards it being found convenient in the Fabrication of the Moneys, to have a certain Quanti­ty or Proportion of Baser Metal to be mixt with the Pure Gold and Silver, the Word Sterling was introduced, and hath ever since been used, to denote the certain Proportion or Degree of Fine­ness, which ought to be retained in the respective Coins composed of such mix­ture, as aforesaid. There are some Au­thors that fancy this Word Sterling took its Name from a Castle in Scotland, as if it were first Coined there. Some have [Page 16] derived it from a Star or Astracism, which they imagine to have been Impres­sed thereupon. There are those that fetch it from the Name of an Ancient Inden­ture or Bond which was taken by the Jews (those old Userers) for Security of their Debts, and which was called the Iews Star. But others think it comes from the Name of a People called Easterlings, as the first Workers of it in England. Of which latter Opinion is the Author of a very old Treatise concerning Money, En­tred at large in the Red Book abovesaid, in the time of King Edward the Third. For my own Part, I do not believe the Word Sterling (denoting the degree of Fineness or Goodness, as aforesaid) was known in the time of the Conqueror, in regard there is no mention thereof in Li­bro Iudiciario or the Dooms-day Book, which Valueth every Manor (as it was worth in the times of the Confessor and Conque­ror respectively) in Money ad Nume­rum, or ad Pensam or ad Pondus, but not in Sterling Money, and yet the Denomi­nation of Sterling was soon after introdu­ced, because the Statute of the Twenty [Page 17] fifth of Edward the Third refers to An­cient Sterling, and so do the Old Inden­tures of the Mint, and the Ancient En­tries concerning Money. By reading of which it seems evident to me,

First, That a Sterling or Easterling, in a restrained Sence, signified nothing but a Silver Peny, which at first was about three times as heavy as a Peny is now, and was once called a Lundress, because it was to be Coined only at London, and not at the Countrey Mints.

Secondly, That the Words Sterling and Standard are Synonimous Terms.

Thirdly, That the Ancient Sterling of England, mentioned in the said Statute, and the Standard and Allay of Old Easter­ling, mentioned in the Indenture, Le 20 jour de May l' an du Regne Edward III. cestassavoir d' Engletere quarant sisme & de France trent tierce entre le Roy & Bardet de Malepilys de Florence; and the Old right Standard of England, which I find in other Indentures of the Mint, are to be understood thus: A Pound Weight Troy of Gold was divided into Twenty four Carats, and every Carat into Four Grains [Page 18] of Gold; and a Pound Weight of the Old Sterling, or Right Standard Gold of England, consisted of Twenty three Ca­rats and Three Grains and an half of Fine Gold, and half a Grain of Allay. Which Allay (as the Red Book says) might be Silver or Copper. Again, a Pound Weight Troy of Silver, was then (as it has been ever since) divided into Twelve Ounces, every Ounce into Twenty Peny Weight, and every Peny Weight into Twenty four Grains; every Grain of Sil­ver was called a Subtile Grain, Sixty of which were equal to One Grain of Gold, and a Pound Weight of Old Sterling, or Right Standard Silver of England, consist­ed then (as it does now) of Eleven Ounces and Two Peny Weight of Fine Silver, and Eighteen Peny Weight Allay.

Fourthly, That Sterling Money gene­rally in Judgment of Law, upon the Fines, Covenants, and other Instruments that have had occasion to refer thereunto, hath always imported, and doth still im­port only such Coins of Gold or Silver, as have been made by successive Masters [Page 19] and Workers of the Mint, in cer­tain Proportions of Fine Metal, mixt with Allays, according to their respective Indentures or Co­venants with the Crown, from time to time, and made Currant by the same Indentures, or by Proclamations or Commands of the Sovereign: Which Proporti­ons of Fineness and Allay, have differed from time to time. And (having thus Expounded what is meant by Sterling and Old Sterling) those Differences will come properly to be Considered.

Second, In the next Place there­fore, I am to set down Historically the Proportions of Fine Gold and Fine Silver, with the respective Al­lays, which the Masters or Workers of the Mint have been holden to ob­serve in the Fabrication of the Mo­neys, by their respective Indentures: Of which there is one mentioned in the Red Book, to bear Date in the Eighteenth Year of King Edward the First, who sent for Workmen [Page 20] from beyond Sea, to inform him of the manner of Making and Forging of Money; but not finding any In­denture by which one can judge certainly of the said Proportions, till the Reign of Edward the Third; from whose time the several Inden­tures of the Mint, or most of them, are in the Receipt of the Exchequer, in Custody of your Lordships and the Chamberlains there, and where I have had the Opportunity carefully to Inspect and Examine the same. I shall therefore humbly take leave to begin with these, and Proceed in the Order following.

18 E. 3.The Standard for the Gold Coins was the Old Standard, or Sterling of Twenty three Carats, Three Grains and Half Fine, and Half a Grain Allay. And the Standard for the Silver Coins was the Old Sterling of Eleven Ounces Two Peny Weight Fine, and Eighteen Peny Weight Allay.

• [Page 21]20 E. 3.
• 23.
• 27.
• 30.
• 46.
• 18 R. 2.
• 3 H. 4.
• 9 H. 5.
• 1 H. 6.
• 4.
• 24.
• 49.
• 5 E. 4.
• 11.
• 16.
• 1 R. 3.
• 29 H. 7.

All these imported the same Standard, as above, both for Gold and Silver.

Ralph Rowlett and Martin Bowes, 1 H. 8. Masters and Workers, Covenanted to make Two sorts of Gold Coins; to wit, Sovereigns, Rialls, Angels, George-Nobles, and Half-Angels of the said Old Standard, and Crowns of the Double Rose, and Half-Crowns to be Twenty two Carats Fine, and Two Carats Allay; and Silver Moneys, to wit, Groats, [Page 22] Half-Groats, Sterlings, Half-pence and Farthings of the Old Sterling.

23 H. 8.Another Indenture to the same Effect.

34.The said Ralph Rowlett and Mar­tin Bowes, Masters and Workers, Covenanted to make the Sove­reigns, Half-Sovereigns, Angels, Angellets, and Quarter-Angels of Twenty three Carats Fine Gold, and One Carat Allay; And Silver Money, to wit, Testoons to go for Twelve Pence; and Groats, Half-Groats, Pence, Half-Pence and Far­things, to be Ten Ounces Fine, and Two Ounces Allay.

36.The King was to have out of e­very Twelve Ounces of Fine Gold Coined Two Carats, which yield­ed Fifty Shillings: And the Silver to be Coined after the Rate of Six Ounces Fine and Six Ounces Allay; which was a wretched De­basement.

37.The Gold Coins, called Sove­reigns, Half-Sovereigns, Crowns and Half-Crowns, were to be only Twen­ty [Page 23] Carats Fine, and Four Carats Al­lay; and the Silver Coins, to wit, Testoons, Groats, Half-Groats, Pence, Half-Pence and Farthings to be Four Ounces Fine, and Eight Ounces Allay, which was worse.

The same with the last Preceding. 1 E. 6.

A Commission to make Sove­reigns, 3. Half-Sovereigns, Crowns and Half-Crowns of Gold at Twen­ty two Carats Fine, and Two Ca­rats Allay: And Shillings of Silver of Six Ounces Fine and Six Oun­ces Allay.

Another to make Sovereigns, 4. Half-Sovereigns, Crowns and Half-Crowns of Gold of the Old Stan­dard; Namely, Twenty three Ca­rats Three Grains and an Half Fine, and Half a Grain Allay.

Another to make Shillings of Sil­ver, 5. Three Ounces Fine, and Nine Ounces Allay.

To Coin Sovereigns, 6. Angels and Half-Angels of the Old Standard, to wit, Twenty three Carats Three Grains and Half Fine, and another [Page 24] sort of Gold, to be Twenty two Carats Fine and Two Carats Allay.

6 E. 6.To Coin Silver Crowns, Half-Crowns, Shillings, Six Pences, Three Pences, Pence, Half-Pence and Farthings, Eleven Ounces One Peny Weight Fine, and Nineteen Peny Weight Allay.

1 Mar.To Coin Gold Twenty three Ca­rats, Three Grains and an Half Fine; and Silver Eleven Ounces Fine.

Phil. & Mar.The Old Standard for Gold and Silver.

2 Eliz.To Coin one sort of Gold of the said Old Standard, and another sort to be only Twenty two Carats Fine, and Two Carats Allay; and Silver Moneys of the Old Standard.

Eliz.Two Mints were in the Tower, whereof One to convert the Base Money into Sterling, which continued about a Year. And here it may not be improper to Note, that not long after, Vide Cotton's Speech to Cha. 1. Anno 1626. the Queen in a Publick Edict, told her People, That she had Con­quered the Monster which had so [Page 25] long devoured them; meaning the Debasing of the Standard.

The Old Standard perfectly re­stored both for Gold and Silver Coins. 19 Eliz.

The same continued. 25.

The same for Gold. 26.

A Commission to make Sove­reigns, 35. Half-Sovereigns, Crowns and Half-Crowns of Gold to be Twenty two Carats Fine, and Two Carats Allay.

To make Angel-Gold Twenty three Carats Three Grains and half Fine, 43. the Old Standard; and to make Sovereigns, &c. Twenty two Carats Fine, and Two Carats Allay; and to make Crowns, Shillings, &c. of Silver Eleven Ounces and Two Peny Weight Fine, and Eighteen Peny Weight Allay, the Old Stand­ard.

To Coin the Unites, Jac. 1. Double Crowns, British Crowns, &c. of Gold to be Twenty two Carats Fine, and Two Carats Allay, and the Old Standard for Silver continued.

[Page 26] 3 Jac. 1.To Coin Rose-Rialls, Spur-Rialls, and Angels of the Old Standard of Twenty three Carats Three Grains and an half Fine.

10.To Coin Rialls of the same Stand­ard, and Unites, &c. Twenty two Carats Fine, and Two Carats Allay.

2 Car. 1.To Coin Rialls and Angels of the Old Standard of Twenty three Ca­rats Three Grains and an half Fine, and half a Grain Allay; and to Coin Unites and Crowns Twenty two Carats Fine, and Two Carats Allay; and to Coin the Silver Moneys of the Old Standard of Eleven Ounces Two Peny Weight Fine, and Eighteen Peny Weight Allay.

12 Ca. 2.To Coin Rialls and Angels of the Old Standard of Twenty three Ca­rats, Three Grains and an half Fine, and half a Grain Allay; and to Coin Unites and Crowns Twenty two Ca­rats Fine, and Two Carats Allay; and Silver Moneys of the Old Stand­ard of Eleven Ounces Two Peny Weight Fine, and Eigh­teen Peny Weight Allay.

[Page 27]To Coin the Pieces (since called Guineas) running for Twenty Shil­lings, 22 Ca. 2. Half-Guineas, &c. Twenty two Carats Fine, and Two Carats Allay; and Silver Moneys of the Old Standard.

To Coin Ten Shilling Pieces, 1 Jac. 2. Twenty Shilling Pieces, Fourty Shil­ling Pieces, and Five Pound Pieces, of Gold of Twenty two Carats Fine, and Two Carats Allay; and Silver Moneys of the Old Standard of E­leven Ounces Two Peny Weight Fine, and Eighteen Peny Weight Allay.

The same Standard for Gold and Silver. 1 W. & M.

Upon duly considering this Hi­story or Relation for so many years past, it may not be improper to Observe to your Lordships there­upon,

First, That above Four hundred Years ago, the Standard for the Sil­ver Coins was Eleven Ounces Two Peny Weight Fine, and Eighteen Peny Weight Allay. And so it is at [Page 28] this day by the present Indenture of the Mint, and the same is that which was called the Old Sterling, or Easterling.

Secondly, That the Standard for the Gold Coins Four hundred Years ago, was Twenty three Carats Three Grains and an half Fine, and half a Grain Allay. And at this day the Standard of Gold by the Indenture of the Mint is Twenty two Carats Fine, and Two Carats Allay; the difference of which is only One Ca­rat Three Grains and an half.

Thirdly, That the Old Standard obtained for the most part of the said Number of Years, and the chief Deviations from the same were in the Reigns of Henry the Eighth, and Edward the Sixth.

The which being premised, the Third thing coming under Consi­deration concerning such new Coins as His Majesty shall think fit to Di­rect, is my own poor Opinion, which I humbly offer, and (as I conceive) with some clearness, That [Page 29] the present Standard of Fineness, or Purity ought to be continued, namely, of Twenty two Carats Fine, and Two Carats Allay for the Gold; and Eleven Ounces Two Peny Weight Fine, and Eighteen Peny Weight Allay for the Silver, in all the New Coins that shall be now directed. And my Reasons for the same are as follows,

First, Because our Ancestors (whose wisdom we have no cause to distrust) have for many Ages endeavoured to keep up the Old Sterling, or to a Standard very near it; which obtained (as evidently ap­pears by the foregoing Narrative) for the greatest part of Four hundred years.

Secondly, Although the former Debase­ments of the Coins by Publick Authority, especially those in the Reigns of King Henry the Eighth, and King Edward the Sixth, might be projected for the Profit of the Crown; and the Projectors might mea­sure that Profit by the excessive Quantities of Allay that were mixt with the Silver or the Gold: And although this was Enter­prized by a Prince who could stretch his Prerogative very far upon his People; and was done in Times when this Nation had [Page 30] very little Commerce, Inland or Foreign, to be injured or prejudiced thereby: Yet Experience presently shewed that the Projectors were mistaken, and that it was absolutely necessary to have the base Mo­neys reformed; the doing whereof was begun by King Edward the Sixth himself, carried on by King Philip and Queen Mary, and happily finished (though not without great Charge, Vexation and Trou­ble, the only Offspring of such Designs) by Queen Elizabeth, who (as is noted a­bove) in the Third Year of her Reign, when Money was not plentiful, Erected a Distinct Mint in the Tower, to convert the Base (not Counterfeit Money) into Sterling.

Thirdly, Because making of Base Mo­neys will Disgrace this Government in future Generations, the Criticks in every Age being apt to Estimate the Goodness or Badness of Ancient Governments by their Coin, as hath been done, especially in the Case of the Romans; and a Tempta­tion of this kind ought not to be left for future Ages, to the prejudice of the Ho­nour of the present King.

[Page 31] Fourthly, Although it must be acknow­ledged, That the putting a greater Allay into the Coins, so long as they should still retain so much Purity or Fineness as would render them answerable to the Currant Price of Silver in Bullion, would be no real Injury to the Subject: Yet it must be considered, that when the Causes which at present make Silver Scarce and Dear shall cease, Silver it self will fall in its Price. And if in the mean time the Coins shall have been Debased, then after the Re­trieving of the Trade and Wealth of the Nation, and the Bringing down of the Price of Silver thereby, the Damage which the Crown will sustain in its Taxes, Re­venues and Loans, and the Loss which the Nobility, Gentry and Commonalty (espe­cially Ecclesiastical Persons) will find thereby, in the payment of their Debts, Rents and Annuities (many of which are so Fixt and Establisht upon previous Re­servations or Grants in Fee, or in Tail, or for Lives, or Years certain, or are so pay­able by Assurances, already perfected, as that it will not be in their powers to al­ter the same proportionably to the De­basement [Page 32] of the Coin, and the loss or da­mage, after such Bringing down the Price of Silver, will be proportionable to the excessive Allay to be put into the Money) will continue and have duration at least till all such Base Money can be abated: The meer Reforming of which would take up a considerable time, and be a new trouble and difficulty after the Ending of the present War, and after the Re-esta­blishment of the Trade and Wealth of the Kingdom.

Fifthly, Our present Standard is well known in the World, the same agreeing with most of the Foreign Mints in Europe, and all Foreigners that deal with us, re­gard the Intrinsick Value more than the Extrinsick Denomination, and Exchange with us accordingly. If Base Money should be made, the Intrinsick Value thereof would be uncertain, or might be disputed; and in Disputes of such a Na­ture, it is more likely that they will gain upon us, than we upon them, and so the Exchange become more to our prejudice than it is at present.

[Page 33] Sixthly, The Debasing of Money by Publick Authority is needless and frivolous; for whatsoever Advan­tages (grounded upon necessity) can be propos'd thereby, will arise more easily, and have better Prece­dents in Raising the Value of the Standard; which is the next Subject to be Discussed: Not doubting but that your Lordships by these, and other Reasons which might be given (if they were not too tedious) will be fully convinc'd, That the present Standard of Fineness is to be conti­nued.

The Fourth thing which I have undertaken, in respect of the Stand­ard, is to set forth how the Value of the Gold and Silver in the English Coins hath been Rais'd from time to time, which considers the Weight and Number of the Pieces in the Pound Troy. And because (in case of new making Silver Moneys) the Adjusting and Establishing the Ex­trinsick Value or Denomination there­of, at which the same must have [Page 34] Course, is of the greatest Moment and Consideration in this Affair, both to the King and all his People; I could not spare my self the trou­ble of making the following Dedu­ction from the Indentures of the Mint; which being duly meditated upon, will give a good deal of Light and Precedent for the Rates, to which the Value of Gold and Silver in our Coins are to be Raised and Established at this time.

28 E. 1.An Indented Tryal-piece of the goodness of Old Sterling was lodged in the Exchequer, and every Pound Weight Troy, of such Silver was to be shorn at Twenty Shillings Three Pence, according to which, the Va­lue of the Silver in the Coin, was One Shilling Eight Pence Farthing an Ounce.

The Second General Head concerning the present State and Condition of the Gold and Silver Coins.

IT cannot be thought impro­per before the Enterprizing of a Work of so great im­portance as the Re-establish­ment of the Moneys, and Determining a New Foot for the Course of the same, to be instructed (with as much certainty as is possible in things of this Nature) in the present State, Plight, or Condition of the Coins of this Realm; wherein one must necessarily consider se­veral Matters of Fact, whereof some can be known or found out, and others can only be estimated or guessed at. I have endeavoured, as much as I could in a little time, to Inform and Satisfie my self in the Particulars following:

First, The several Forms or Fashions which have been used in the Fabrication [Page 93] of the Moneys, and which of them have been and are most likely to be most Secure against Clipping and Counterfeiting.

Secondly, The Quantities of Silver Coins Clipt and Unclipt, that may be reasonably thought or imagined to remain in the King­dom at this day.

Thirdly, How far the Clipt Pieces now in being may be Conjectured to have been diminished in their Weight. And upon Consideration of these Articles, I have endeavoured to Compute the Loss, which (upon Re-coining the Clipt Mo­neys) must be born either by a Publick Aid, or by Particular Persons, or by both; and to make such other Remarks and In­ferences as may be suitable to the present Occasion: In all which, my Sence and O­pinion are humbly presented to your Lordships in the manner following.

As to the Particulars; All the Moneys we have now in England, both Gold and Silver, are reducible to Two sorts; the one Stampt with the Hammer, and the other Prest with an Engine, called the Mill. The Gold or Silver of the Ham­mer'd Money is first Cast from the Melt­ing [Page 94] Pot into long Bars, those Bars are cut with Sheers into several square Pieces of exact Weights, for Sovereigns, Angels, Crowns, Half-Crowns, Shillings, &c. Then with the Tongs and Hammer they are Forged into a Round Shape; after which they are Blanched (that is, made White, or refulgent by Nealing or Boiling) and afterwards Stampt or Impress'd with an Hammer to make them perfect Money. This Method of making Money with the Hammer (as appears in the said Red Book) was practised in the Reign of King Ed­ward the First; who (amongst other great Archievements of his most Prudent Go­vernment) left that of Restoring and E­stablishing good Moneys for the Use of his People, to recommend his Name to sub­sequent Generations. He sent for Mr. Wil­liam de Turnemire, and his Brother Peter, and others from Marseilles, and one Frisco­bald, and his Companions from Florence, and Employed them in the Working this kind of Money, and the Buying and Ex­changing of Silver for that purpose, for which he had Thirty Furnaces at London, Eight at Canterbury (besides Three the [Page 95] Arch-Bishop had there) Twelve at Bri­stol, Twelve at York, and more in other great Towns, in all which Places they made the said Hammer'd Money of Silver, supply'd by the Kings Changers Establish­ed at the same Places, who (according to certain Rates or Prices prescribed to them) took in the Clipt, Rounded and Counter­feit Moneys to be Re-Coined, and Bought Gold and Silver of the Merchants, and o­thers, to be Fabricated into New Money; at the same time Ordaining, Quod Procla­metur per totum Regnum quod nulla fiat ton­sura de Nova Moneta sub periculo Vitae & Membrorum & amissionis omnium Terrarum & Tenementorum, &c. And this kind of Hammer'd Money continued through all the Reigns of Succeeding Kings and Queens, till about the Year of our Lord, 1663. when by several Warrants, and Command of King Charles the Second, to wit, by One Warrant Dated the Fifth of November, 1662. One Warrant Dated the Eighth of April, 1663. And a Third Warrant Dated the Twenty fourth of De­cember, 1663. The other sort called Mil­led Money was first Fabricated to be Cur­rant [Page 96] in England in this manner: First, The Gold or Silver is cast out of the Melting Pot into long flat Bars, which Bars are drawn thorough a Mill (wrought by a Horse) to produce the just Thick­ness of Guineas, Half-Guineas, Crowns, Half-Crowns, Shillings, &c. Then with forcible Engines, called Cutters, which an­swer exactly to the respective Sizes or Di­mensions of the Money to be made, the Round Pieces are cut out from the Flat Bar, shaped as aforesaid (the Residue whereof, called Sizel, is Melted again) and then every Piece is Weighed, and made to agree exactly with the intended Weight, and afterwards carried to other Engines (wrought secretly) which put the Letters upon the Edges of the larger Silver Pieces, and Mark the Edges of the rest with a Graining. The next thing is the Blanching perform'd, as above; and at last, every Piece is brought to the Press, which is called the Mill (wrought by the Strength of Men) and there Receives the Impression, which makes it perfect Milled Money.

[Page 97]By duly reflecting upon these different Kinds, and Considering that the Principal Offences against the Coins of the Realm, have been, and are either Clipping, Coun­terfeiting or Melting down, It may be proper to Remark,

First, That the Crime of Clipping has been Practised upon the Hammer'd Mo­ney in all Ages more or less, but most ex­orbitantly of late Years; notwithstanding the many Examples of Justice: For that the Offenders make an excessive Profit by doing a thing so easie in it self, that even Women and Children (as well as Men) are capable of the Act of Clipping or Rounding. But this Practice of Clipping has never been Exercis'd upon the Mill'd Money, and I think never can be, because of its Thickness and Edging, although no further Provision against the same should be made by Law.

Secondly, That as to Counterfeiting, the Hammer'd Money is liable thereunto, because the Tools for Resembling the same, are cheap, and easily made and pro­cured, and the Fabrication thereof may [Page 98] be performed in a little Room, and with less Art; so that Smiths and other Artifi­cers can readily attain thereunto. But the Engines for the Mill'd Money are ma­ny and very costly, not easie to be pro­cured. The Makers or Users of such En­gines cannot be conceal'd without great difficulty, and the Mill'd Money it self, being of a much Finer Print than the other, requires more Solemnity, Skill, and curious Workmanship in its Fabrication; and when it's finished, shews better the true Colour of the Silver, to distinguish its Ge­nuine from its Counterfeit Pieces: Which latter could never be brought to Perfecti­on. So that Reckoning only since the said Year 1663. (without any regard to the Precedent time) I verily believe for every single Piece of Mill'd Money, that has been Counterfeited, or rather been attempted to be Resembled, there have been more than One thousand of the Hammer'd Mo­neys not only Counterfeited, but actually Impos'd upon the People, who have been defrauded therewith, and are now likely to suffer greatly thereby.

[Page 99] Thirdly, That as to the Crime of Melt­ing down, it has plainly affected both the Hammer'd and Mill'd Moneys in their respective turns very fatally; insomuch that the Hammer'd Gold Coins which were made in the Reigns of the several Kings and Queens, from Edward the First inclusively, till the beginning of the Reign of King Charles the Second (which would amount to an incredible Sum, if they were all in being) are al­most totally vanished, having been Mol­ten (as I suppose) from time to time, either to make Vessels or Utensils, or to Export for Lucre, or to Convert into Gold Coins of more Modern Stamps (in which last Case the same Metal came to be Coin'd over and over again) it being evident that we have now in England on­ly the Pieces called Guineas, and Half-Guineas, or few other of Gold Coins, as is before observed. And I think the like must have been done with all the Ham­mer'd Silver Moneys that were made be­fore the Reign of Queen Elizabeth, a ve­ry few only excepted; although the lat­ter would amount to many Millions, if [Page 100] they were all now in being. As to the Coins of that Queen, and her Two imme­diate Successors (though they make the Bulk of our present Cash) the Number of them must needs have been extreamly diminished by Melting, especially whilst they were weighty, and not much worn. But since the Mill'd Money came into Play, because of its Intrinsick Weight and Worth, I believe the Crime of Melting hath been chiefly practis'd upon that kind, which has apparently reduced it to a small Quantity. Nevertheless, when both kinds come to have the same Weight and Fine­ness, and to be Currant at the same Price, I think the one will not be more liable to this Mischief than the other; and I hope both will be Secured against the same, when the Silver in the Coin will fetch as much as the Silver in the Bullion.

Secondly, The Quantities of Silver Coins Clipt and Vnclipt that may be reasonably thought or imagined to Remain in the Kingdom at this day, cannot with any cer­tainty be Computed. I know several Conjectures have been made thereof, very different, and (as I think) without any [Page 101] Grounds at all, and I confess my self to have none but such as follow.

• First, To Compute all the Silver Mo­neys Coin'd in the Three Reigns of Queen Elizabeth, Iames the First, and Charles the First.
• Secondly, To Guess how much thereof may have been Molten or Lost.
• Thirdly, To Substract the Latter from the Whole. And,
• Fourthly, To the Difference to add some­thing for the small Remainder, as well of Moneys Coined before the Reign of Queen Elizabeth, as of those Coined since the Reign of Charles the First.

[Page 102]The Silver Moneys Coin'd in the Reign of Queen Elizabeth (as I am inform'd by the Ma­ster of the Mint) did Amount to Four Mil­lions Six hundred thou­sand Pounds: But by a Copy which I took some time since from the Archives at West­minster, of an Account which was Compiled by Arch-Bishop Willi­ams, which I take to be more exact (which Ar­chives, with the Choice Collections thereof are since Burnt) all the Sil­ver Sterling Moneys Coin'd in the Reign of the said Queen, (ex­cluding some base Irish Moneys that were then made) did Amount to—

• l. s. d.
• 4632932. 3. 2 ¾

[Page 103]The Silver Moneys Coin'd in the Reign of King Iames the First (as the Officers of the Mint inform me) cannot be known at their Office, because their Memorials thereof are ei­ther Imperfect or Lost: But by the abovesaid Copy I find, That in the first Twelve Years of his Reign there was Coin'd in Sil­ver Sterling Moneys, One Mil­lion Five hundred fifty eight thousand and Fourteen Pounds, Nine Shillings and Nine Pence; and I find, That in the last Seven years of his Reign, the Silver Moneys Coin'd did amount to One hun­dred and two thousand Nine hundred and eighty one Pounds Nine Shillings and eight Pence, and then adding 39004 l. o s. 7 d. by estimation for the Two or Three intermediate years of the same Reign, the whole of the Silver Sterling Money Coin'd by King Iames the First, was—

• l.
• 1700000.

[Page 104]And it appears by an Account from the Offi­cers of the Mint, That there was Coin'd of Sil­ver Moneys in the Reign of King Charles the First-

• l. s. d.
• 8776544. 10. 3.

• l. s. d.
• In all 15109476. 13. 5¾

Now considering how far this Sum is to be abated.

First, By the want of the Crowns, Half-Crowns, Groats, Quarter-Shillings, Half-Groats, Three-half-peny Pieces, Three-farthing Pieces, and Half-pence of Queen Elizabeth, which are wholly sunk.

Secondly, By the Diminution of the Number of the Shillings, and Six-pences of the same Queen, many of which may be supposed to be Melted down, Re-Coined, or Lost.

Thirdly, By the Loss of the Crowns, Groats, Two-Pences, Pence, and Half-Pence of Iames the First, and Charles the First, which seem to be quite gone, and [Page 105] by the Melting, Re-Coining, or Loss of many (if not most) of the Half-Crowns, Shillings, and Six-Pences of those Two Kings, one can hardly believe there is now in being, of the Coins of the said Three Reigns, above One Third Part, which Amounts to Five Millions Thirty six thousand Four hundred ninety two Pounds; to which if there be added Five hundred Sixty three thousand Five hun­dred and eight Pounds more, for the Un­melted Silver Coins of Charles the Second, Iames the Second, King William and Queen Mary, and for the small Quanti­ties which remain of those which were made before the Reign of Queen Elizabeth; then the whole of the Silver Sterling Coins Clipt and Unclipt, Hoard­ed and Currant now in England, will be Computed at Five Millions and Six hun­dred thousand Pounds. And if it be Granted that Four Millions of this Sum consists of Pieces that are Diminished, some more, some less, by Clipping, then it will follow, that there remains in the Kingdom about One Million, and Six hundred thousand Pounds of Heavy Mo­ney, [Page 106] a great part of which is supposed to lie in Hoards, and the rest Currant chief­ly in the Counties most remote from London.

Thirdly, I am to Compute, as well as I can, How far the Clipt Pieces, now in be­ing, may have been Diminished in their Weight. In reference to which, your Lordships may be pleased to be Remind­ed, That when the Earl of Rochester was Lord Treasurer, several Good Or­ders were Established by him for the Ex­chequer; One of which was, to have all the Bags of Money there Received to be Weighed. And I have Extracted from the Books of One of the Tellers, the Weight of Five hundred seventy two Bags of One hundred Pound each, which were brought to the Receipt promiscuously, in the Months of May, Iune and Iuly last. Now, whereas the Weight of One hun­dred Pounds Sterling in Silver Moneys, according to the Standard of the Mint, ought to be Thirty two Pounds, Three Ounces, One Peny Weight, and Twenty two Grains Troy, and consequently the said Bags, containing [Page 107] Fifty seven thousand Two hun­dred Pounds by Tale, See the An­next Account for this. ought to have Weighed Two hundred twenty one thousand Four hundred and Eighteen Ounces, Sixteen Peny Weight, and Eight Grains Troy: It was found that the said Fifty seven thousand and Two hundred Pounds by Tale (comprizing some Weighty Pieces, though few) Weighed only One hundred and thirteen thousand Seven hundred and Seventy one Ounces and Five Peny Weight Troy. So that if all the said Sum of Fifty seven thousand and Two hundred Pounds by Tale were good Silver, yet it was Defici­ent in Weight, One hundred and seven thousand six hundred fourty seven Ounces, Eleven Peny Weight and Eight Grains Troy; from whence I infer,

First, That the Moneys commonly Cur­rant are Diminished near one Half, to wit, in a Proportion something greater than that of Ten to Twenty two.

Secondly, That going by the Medium of the said Number of Bags, and making but a very small Allowance for the Unclipt Pieces in the said Bags, and for the Dif­ference [Page 108] of Money brought to the Exche­quer, and that which passes amongst the Common People (the former being in most Payments the best of the Clipt Mo­neys) every one must be convinced, That if all the Clipt Pieces of Silver Moneys in England could be weighed together, they would be found Deficient a full Half of their Standard Weight. Again,

Thirdly, If all the Pieces in England that are more or less Clipt, do Amount by Tale to Four Millions (as is before sup­posed) then I infer, That by Re-Coin­ing the same upon the Old Foot, it will make but Two Millions, and the Loss would be as much: But by Re-Coining the same upon the Foot of Six Shillings and Three Pence for the present Crown Piece, as is above proposed, the same Quantity of Clipt Money will make Two Millions, and Five hundred thousand Pounds, and the Loss will be Fifteen hun­dred thousand Pounds, to be born either by Publick Aid, or by the Particulars in­terested in the Clipt Moneys, or by both.

The Third General Head Discusses this Question, Whether it be or be not absolutely Necessary at this time to Re-establish the Coins.

IT will readily be Granted, That the Melting and New Fabricating the much grea­ter Part of all the Silver Moneys of the Realm (as the Clipt Pieces are) would be a Work very improper to be Enterprized in the heat of an Important and Expensive War; if the doing thereof were not in­dispensibly necessary, to render effectual the very Ways and Means, which in Par­liament may be Resolved upon, in refe­rence to Aids or Supplies for Carrying on of the same War, and to produce a Species of Money that may be Useful and Service­able for the Upholding of the Commerce, and for answering not only of the Pub­lick, [Page 110] but also of all Private Revenues, Rents, Debts, and other Occasions, which concern the very Existence of the great Political Body.

It were enough for me upon this Occa­sion, to say, That the House of Commons judg'd it necessary to have the Clipt Mo­neys Re-Coin'd, having Resolved thereup­on, after many long and mature Delibe­rations, in the last Session of Parliament. But the Evils which for some time past have been growing upon us, in respect of the Coins, being at length actually Arri­ved, and more sensibly Felt, I shall take leave humbly to State the same according to the best of my Understanding, and sub­mit the Judgment thereof to Publick Au­thority.

First, Because such of the Silver Coins as are usually Currant, or offer'd in Pay­ments, are very Bad and Defective; the Common People (without any visible Reason, other thanto avoid the Danger and Vexation of such Moneys) by almost an Unanimous Consent and Agreement, do take Guineas at Thirty Shillings apiece, little more or less, which Raises the Gold [Page 111] here (as hath been observed) to a much higher Price in Proportion than Silver in Bullion now goes at, or that Silver in Coin will go for, when it shall be Raised to the Foot of Six Shillings and Three Pence for the Crown Piece according to this Proje­ction. And this exorbitant Price of Gold here, hath encouraged Foreign Merchants to Import it upon us in great Quantities: And in Return for the same,

They either Export our Silver in Coin or Molten; which lying in a little Room, the Exportation thereof cannot easily be Prevented. Or,

Secondly, They Buy our Native Com­modities (the Interruption of the Navi­gation, not Allowing us such an Over­plus of Goods, brought from our Colo­nies in America, and other Foreign Parts, wherewith England in times of Peace could at least Ballance its Trade with its Neighbours.) Or,

Thirdly, They draw back the afore­said Value of their Gold, by Bills of Ex­change or Remittances. In every one of these Cases, they make an unreasonable Profit by their Gold, which must needs, [Page 112] in a little time, Exhaust a great part of the Real Stock and Wealth of our Nati­on; But particularly in the first Case, the Bullion or Coin in Silver that is Exported, is really worth much more than the Gold Imported for it; and the Difference be­comes a Dead Loss to England, which La­bours too much already under the Scarcity of Silver, and will inevitably find it much Scarcer and Dearer than it is, if this Gol­den Trade continues. In the Second Case, they can Furnish Foreign Markets with our Native Commodities, which would be carried thither by our own Mer­chants, who want the aforesaid Profit of the Gold, to enable them to Buy those Goods as Dear, and Sell them as Cheap as the Foreigners can. And in the Third Case, by the great occasion they have for Bills to draw back the Value of their Gold to the Places from whence it came, they have Contributed in a great measure towards Lowering the Exchange to the Low Countries; which from divers Causes (whereof the Importing of Guineas is none of the least) is sunk so very Low, that the Publick loses about Four Shillings [Page 113] in the Pound upon all the Moneys Re­mitted thither; which Loss Amounts to a great deal in the Charge of the Army. And the Exchange to Hamburgh and the East Countreys for all Naval Stores, and other Goods, is Lower, and to all Pla­ces in the Mediterranean (where our Fleet is at present) the Exchange is yet more to our Prejudice. And in regard the a­foresaid excessive Advance of the Guinea Pieces, at least a great part thereof, can be Attributed (as has been before ob­served) to nothing else but the Base­ness and Defects of the White Moneys, there is no Prospect of Reducing the Gold to a more moderate or reasonable Price, by any means consistent with the Interest of the Nation, other than the A­mendment, and Restoring of the Silver Coins.

Secondly, In the present Condition and Circumstances of our Silver Money, this Nation and the Trade and Dealings there­of, are in a great measure Deprived of the Use and Benefit of the whole Species now in being, as well the Heavy Pieces as the Light; the former of which (espe­cially [Page 114] since the Parliament in the last Ses­sion appear'd desirous of making a Re­formation or Amendment) have been for the most part Hoarded by the particular Persons Possessed thereof, in prospect that the Silver contained in those Weighty Pieces will be Raised to a Value suitable to the Bullion thereof if Melted, which they may think will turn more to their Profit than Lending at Interest, Purchasing or Trading therewith in the mean time; or at least they may think these Hoarded Moneys (when the Mischiefs of Cor­rupting and Diminishing their Coins, come to their last Extremity) will parti­cularly stand those Men in stead that have them; however it be, its certain the Weighty Moneys at present do very lit­tle appear Abroad, and it is not likely they will soon be brought to Light, with­out Raising their Value, and Re-Coining the Clipt Moneys; and as for the latter, a great Part thereof, when offered in Pay­ments, is utterly Refused, and will not Pass, and consequently doth not serve to the end or Purpose for which it was made: so that both the one and the other [Page 115] (for the greatest Part) are become as it were a Dead Cash in the Kingdom.

Thirdly, In Consequence of the Vitia­ting, Diminishing and Counterfeiting of the Currant Moneys, it is come to pass, That great Contentions do daily arise amonst the King's Subjects, in Fairs, Markets, Shops, and other Places throughout the Kingdom, about the Pas­sing or Refusing of the same, to the di­sturbance of the Publick Peace; many Bargains, Doings and Dealings are to­tally prevented and laid aside, which lessens Trade in general; Persons before they conclude in any Bargains, are neces­sitated first to settle the Price or Value of the very Money they are to Receive for their Goods; and if it be in Guineas at a High Rate, or in Clipt or Bad Moneys, they set the Price of their Goods accord­ingly, which I think has been One great cause of Raising the Price not only of Mer­chandizes, but even of Edibles, and other Necessaries for the sustenance of the Com­mon People, to their great Grievance. The Receipt and Collection of the Publick Taxes, Revenues and Debts (as well as [Page 116] of Private Mens Incomes) are extream­ly retarded, to the Damage of His Maje­sty, and to the Prejudice of a Vigorous Prosecution of the War; so that there were never (at least since I had the Ho­nour to serve the Crown) so many Bonds Given, and lying Unsatisfied at the Cu­stom-Houses, or so vast an Arrear of Ex­cises. And as for the Land Tax, your Lordships know how far 'tis affected with the Bad Moneys, by the many Com­plaints transmitted daily from the Com­missioners, Receivers and Collectors thereof, and by Comparing the Sum brought into the Exchequer this Year, with the timely Payments of the like Tax in preceding Years. In fine, the Mis­chiefs of the Bad Money (too many to enumerate) are so sensibly Felt, that (I humbly conceive) they are sufficient to Confute all the Arguments against the Re-Coining the same in this time of War, and even the Objections against Raising the Silver in our Coin to the Propos'd Value. Which Arguments and Objections (how Plausible or Weighty soever they have been heretofore) have not at this time [Page 117] sufficient Ground or Reason to Support them, especially when the doing of these things is not Projected for the particular Gain or Profit of the Crown ( which formerly Received a Duty of Seigniorage upon Coining or Re-coining of Moneys) but for the Common Good and Utility of the King and his People. But whether all the Evils and Mischiefs before mentioned, and the Increase thereof, which the Na­tion must undergo, till a Remedy be Ap­plied, do infer, or are tantamount to an absolute Necessity for the present Enter­prising the Work aforesaid, must be and is with all Humility submitted to a better Judgment than my own.

The Fourth General Head is to pro­pose the Means that must be Ob­tained, and the proper Methods to be used in and for the Re-establish­ment of the Silver Coins.

IN Case His Majesty (taking into His Princely Conside­ration the great Inconve­niencies which the Nation Labours under by the bad­ness of the Moneys) shall be pleased to Direct, That all such Silver Coins called Crowns, Half-Crowns, Shil­lings or Testers, as have been formerly Coin'd in the Royal Mint, or Mints of England with the Hammer, and are more or less Diminished by Clipping, Round­ing, Filing, or any other Artifice, shall be Melted and Re-Coin'd, my humble Opi­nion is, That the General Cautions fol­lowing are to be Observed;

[Page 119] First, That the Work ought to be Performed and Finished in as little time as may be, not only to Obviate a further Damage by Clipping in the interim, but also that the needful Advan­tages of the New Money may be the sooner Obtained for the Service of the Nation.

Secondly, That the loss, or the greatest part of it ought to be born by the Pub­lick, and not by Particulars, who being very Numerous will be prejudiced against a Reformation for the Publick Benefit, if it is to be Effected at the Cost of particu­lar Men, and who have great hopes of being Indemnified by the Votes Passed in their favour in the last Session of Parlia­ment.

Thirdly, This whole Affair must be ren­dered Easie, and very Intelligible to the Common People, so that they must not be compelled to Travel very far when they part with their Clipt Money, or when they receive back the Value of it in the New Coins; and in the mean time they must be furnished with a Useful and Transferrable Credit that must take Place [Page 120] in Course of Repayment, as fast as the New Coins can be made.

Fourthly, That no room must be left for Jealousie. And therefore all the Clipt Moneys in the several Counties, far or near, are not to be brought entirely to London, to be Minted there; which would leave all the Countries very bare, and create great Suspicions till its Return.

Fifthly, That as soon as the King's Of­ficers begin to take in the Clipt Moneys, or presently after, the Course for Repay­ing the Stated Value thereof in New Mo­neys ought to begin also, and to be Car­ried on by the New Moneys, which shall be Coin'd from the Silver of the Old, so far as it will Extend; And that an Aid be given in Parliament to Supply the residue, in such time and manner, as that there be no Interruption or Intervals in the Course of Repayment, till such times as the Regi­sters for the Clipt Moneys to be brought in shall be fully satisfied.

According to these General Propositi­ons, and some other Requisites which have Occurred to me, I have imployed my Thoughts to Reduce this whole Affair [Page 121] into Practice, and do humbly Offer to your Lordships Consideration the Parti­culars following, as the Scope and De­sign of my Report: That is to say,

First, That an Aid be granted in Par­liament, and strictly Appropriated for or towards the making good of the Loss by the said Clipt Moneys, or so much thereof as shall be thought Reasonable to be Defrayed by the Publick, and the incident Charges which shall be ne­cessary in the Performance of this Ser­vice. Which Aid, if it be Commensurate to the whole Loss, will, by Estimation, as above, Amount to Fifteen hundred thou­sand Pounds; and if it be Resolved that the Publick shall bear but half the Loss, or any other part of it, then the Aid (in the grant thereof) may be proportioned accordingly. And the said Aid is humbly proposed to be either by a Land Tax of Twelve Pence in the Pound, or by a yearly Sum to be Answered out of the continued Impositions upon Goods im­ported, or some other certain Fond, to take Effect within a year to come at the farthest.

[Page 122] Secondly, That all the New Moneys, whether they be Gold or Silver, shall in the Coining thereof be made in Fineness or Purity, according to the present Stan­dard, that is to say, the Gold to be Twen­ty two Carats Fine and Two Carats Al­lay: And the Silver Coins to be Eleven Ounces Two Peny Weight Fine, and Eigh­teen Peny Weight Allay, for the Reasons above given.

Thirdly, That every Pound Weight Troy of such. Gold, shall be cut into Eigh­ty nine Half Guineas, or Fourty four Guineas and an Half, or proportionably for greater Pieces, as the same ought to be by the present Indenture of the Mint; with a Remedy for the Master, of the Sixth Part of a Carat, in Case the Gold be found too strong or too feeble in Weight, or in Fineness, or in both. And that every Pound Weight Troy, of the New Silver Moneys, to be made as afore­said, be cut into such Numbers of Pieces as will correspond in Weight with the Undimished Crowns, Half-Crowns, Shil­lings, Six-pences, Groats, Three-pences, Two-pences and Pence, Coin'd by the [Page 123] late Indentures, except the Twelve Peny Pieces, all which may be performed, as is above offered. And that the Master be al­lowed a Remedy of Two Peny Weight in every Pound Weight Troy, of the Silver Moneys, in case they be found too strong or too feeble in Weight, or in Fineness, or in both.

Fourthly, That by Authority of Parlia­ment, or by a Royal Proclamation to be Grounded on an Act of Parliament, the Silver Crowns, Half-Crowns, Shillings and Six-pences of the Lawful Coins of this Realm now in being, and not Diminish­ed by Clipping, Rounding, Filing, Wash­ing, or other Artifice, be Publickly Cried up, and Raised to the Foot of Seventy five Pence for the Crown, and proportionably for the rest, as I have also proposed; and that the other small Pieces of the Old Coins (which are few in number) go as they do at present. And that the New Coins to be called the Scepire, or Vnite, the Half-Scepire, or Half-Vnite, the Testoon or Fifteen Peny Piece, the Shilling or Twelve Peny Piece, the Half-Testoon, the Gross or Five Peny Piece, Quarter-Testoon, [Page 124] the Half-Gross and Prime be made Currant upon the same Foot, as I have al­so propos'd, Pag. 61, &c.

Fifthly, That Coin, as well as English Bullion, not exceeding a limited Sum yearly, may be Exported for the Service of the present War by His Majesty's War­rant and Command, and not otherwise; which will help to keep down the Price of Silver.

Sixthly, That all the New Moneys be made by the Mill and the Press, and not by the Hammer.

Seventhly, That all the present Silver Pieces called Crowns, Half-Crowns, Shil­lings and Six-pences of the Hammer'd kind, which are Diminished by Clipping, Rounding, Filing, Washing, or other Ar­tifice, be Cried down, so as not to be Cur­rant after a Day to be prefix'd. And that no Person whatsoever shall hereafter be obliged to accept in Legal Payment any Money whatsoever that is already Clipt, or may hereafter be Clipt or Diminished; and that no Person shall Tender or Re­ceive any such Money in Payment under some small Penalty, to be made easily Re­coverable; [Page 125] the Passing, Selling, or Chan­ging of such Clipt or Diminished Moneys, in Order to the Re-Coining thereof, as is herein after mentioned, only Excepted.

Eighthly, That no Crown Piece (of Old Hammer'd Money) shall be said or alledged to be Clipt or Diminished, or be Refused as such in any Payments what­soever, if it hold Eighteen Peny Weight; and proportionable Weight shall render the Half-Crowns, Shillings and Six-pences of the said Hammer'd kind to be Currant in all Payments; which seems necessary, because of the wearing of the Old Pieces, though they are not Clipt.

Ninthly, That besides the Principal Mint within the Tower of London (where Six Presses can be wrought at the same time) there be Settled and Established Nine other Mints within England and Wales, to Work with Two Presses in each, Namely, One at Newcastle upon Tyne, to serve principally for the Counties of Dur­ham, Northumberland, Cumberland and West­merland: One at York to serve for the Counties of York and Lancaster: One at Nottingham to serve for the Counties of [Page 126] Nottingham, Lincoln, Derby and Leicester: One at Chester, to serve for Cheshire, Staf­fordshire, Salop and North Wales: One at Hereford to serve for the Counties of He­reford, Gloucester Worcester and South Wales: One at Exeter to serve for Cornwall, De­von and Somerset: One at Salisbury to serve for the Counties of Wilts, Dorset and Hantshire: One at Oxon, to serve for the Counties of Oxon, Bucks, Warwick, and Berks: And One at Cambridge, to serve for Norfolk, Suffolk, Huntingdon, Cambridge and Bedfordshire; and that at London will serve for the rest. Nevertheless these se­veral Mints are not intended to be so Re­strained but that a Man may carry his Money to any of them that lies most in his way; whereby there may be Coined Weekly (as I am inform'd) about Fifty or Sixty thousand Pounds easily, which will finish the whole Work in much less than a Years time. And that the Dyes, Presses and other Implements may be pro­viding with as much haste as is possible, so as to be all sit for Use by or before Christ­mas next.

[Page 127] Tenthly, That the Warden, Master Worker, Comptroller, and Assay-Master of the Mint do continue at the Tower, and take the immediate Care of the Work there: And that they Substitute Fit and Skilful Persons as their Deputies (such as the King, or the Lord Treasurer, or Com­missioners of the Treasury for the time be­ing, shall approve of, and such as must be Answer'd for by their respective Supe­riors) to Carry on the Works of the said Nine Mints in the Countrey; which Substi­tutes shall be all Sworn, for the faithful Discharge of their respective Trust; and that the Members of the Corporation of the Moneyers, and other Ministers, Of­ficers and Servants, be distributed accord­ingly, and small Private Marks (if thought fit) may be made to distinguish the Money that shall be Coin'd at the respective Mints.

Eleventhly, That the Charge of making every Pound Weight Troy of Silver Mo­neys, which at present is One Shilling and Four Pence Half-peny, be made more Reasonable, now so much is to be Coin'd and Re-Coin'd.

[Page 128] Twelfthly, That at or near every Town or Place where there shall be a Distinct Mint Established, as aforesaid, there shall be also Settled and Fixt an Office, which shall be, and be called An Office of the Kings Change; and the Chief Officer therein (to be Named by His Majesty, or the Lord Treasurer, or Commissioners of the Treasury for the time being) shall be called The Kings Changer; and that these Changers shall have Tellers or Sub­stitutes under them. And they, as well as their Substitutes, shall be Sworn for the Due and Just Execution of their respe­ctive Trusts, with regard not only to the King, but also to every Person that shall have to do with them in respect of their Places.

Thirteenthly, The said Officer called The Changer, with such Tellers or Substitutes as shall be necessary, shall daily and every Day ( Sundays only excepted) attend at the Publick Office whereunto he or they shall be Assigned, or at some other Market Town within the Counties of his District; and when he is to attend at such other Market Town, he shall cause the [Page 129] same to be Publickly Notified there, by Affixing a Paper in some open Place in the Market next preceding; and at the said Publick Office, or at such other Market Towns, as aforesaid, the said Changer by himself, or by his Tellers or Substitutes, shall Receive and Take in all such Clipt or Diminished Money as are beforementioned, as any Person or Per­sons shall bring to him in order to be Re­coin'd; and in Performance of his Office or Duty, he or they shall be holden to Observe the Rules following.

The Fifth General Head Considers what must Supply the Commerce, Pay Taxes, &c. whilst the Clipt Money is under its New Fabrica­tion.

THis Question is to be An­swered, by Reminding your Lordships of several Particulars which have al­ready occured in this Re­port, with a small Addition, as follows.

First, The Weighty Money (both Mill'd and Hammer'd) now Hoarded, will come forth at a Raised Value, which (according to the above Estimation) may make One Million and Six hundred thousand Pounds more or less; besides the Guineas and Half Guineas, which are but too numerous at their present Rate.

Secondly, The Bills for the Clipt Mo­ney will be so Profitable and Certain, [Page 153] and have such a quick Course of Payment, as aforesaid, that they will serve as so much Running Cash; and in the coming forth, the Number of them will encrease from day to day; that from First to Last, they will by Estimation amount to above Three Millions.

Thirdly, As those Bills are Paid off, the New Moneys Coin'd, with the Silver of the Clipt, will come in their stead, the Fabrication whereof will begin pre­sently, and the Work will be Carried on with as much Expedition as can be made by Ten Mints.

Fourthly, Importers of Bullion, and all others that have or can have any Foreign or English Silver (even the Silver of Coun­terfeit Moneys) in their Hands, will have a visible Encouragement to carry the same forthwith to the Mint to be Coin'd.

Fifthly, It may be Enacted, That all Persons that Sell Wine, Strong-waters, Bear, Ale or other Liquors by Retail, shall by a Prefixt Day, bring their Tankards, Cups, Dishes and other Plate to some or one of the Mints, to be Coin'd into New Money, at the Rate of Six Shillings and [Page 154] Five Pence Half-peny an Ounce, under Pain of Forfeiture thereof, and that the New Money proceeding from the same shall be Delivered to them according to the present Course of the Mint.

I have ( my Lords ) in this difficult Matter Considered and Digested as many things as were possible for me in so short a time; and I cannot forbear (before I end) to Alledge, that if the Coins are to be A­mended and Established according to these Propositions (which may be Rectifi­ed and Improved by Men of greater Judg­ment and Skill) I cannot foresee that e­ven whilst the Work is Carrying on, there will Accrue such Publick Disorder, Da­mage or Distress, as the Nation Labours under before the Work is put in hand.