Some PROPOSALS, by a Merchant, touching the COIN.
GREAT Obstructions in Trade and in Receiving the King's Revenues, arises from these Two Objections:
First, That Money is Clipp'd, or mix'd Mettal, or not Sterling.
Secondly, That the Government hath not appointed any Persons, or any certain way for Tradesmen and Collectors of the King's Revenues, easily to know which is Sterling.
Wherefore to prevent further Clipping, and to make Money pass with more certainty, and to promote Trade and Ease in Collecting the King's Revenues, and as some present Remedy 'till Silver can be had and new Money Coin'd, it is Proposed,
First, That all old Money, as well Clipp'd as Unclipp'd, that is now or shall be by some short time brought into the Exchequer, to have immediately stamp'd the exact Weight upon each Piece what it weighs, and also such other Mark stamp'd upon it to declare it to be such Sterling Money as shall pass, as the Government shall think fit to have Sterling Money distinguish'd and known by, and that it may be Enacted, That all such Money so stamp'd and mark'd, may pass for Sterling. Crowns, Half-Crowns, Shillings or Six-Pences, as they are Coin'd for, but to pass only so long as each piece continues of such Weight as is so stamp'd upon it, but yet only 'till such a time to be mentioned as can be thought New Money can be Coined; and after such a Day the Exchequer obliged to take in again all that continues of such a Weight as is so stamp'd upon it: By this the Exchequer loseth Nothing, because the Exchequer receives none back that is of less Weight than it was stamp'd for when delivered out. This will furnish us with a great quantity of Money to circulate for present, 'till we can have Bullion to Coin: For this way of new Stamping can be sooner done than new Coining; and may require more Silver to Coin the same quantity of New Money, if we should Re-coin it: Haste and Speed in bringing out Money that will pass, is in this juncture almost as necessary, as Money it self.
And by thus Stamping the present Weight upon each Piece, we shall prevent its further Clipping, because no Man shall be oblig'd to take such Money as is tender'd with less Weight than is stamp'd upon it.
Secondly, That Encouragement be given to bring out all old broad Money, which also must be done with some certainty of Weight, because there is difference in it; wherefore let the old broad Money be all brought into the Exchequer, to have the Mark for Sterling put upon it, and on each Piece its exact Weight; and then it may be Enacted, That all such old Money so mark'd for Sterling, and of such and such Weight, shall pass for so much more, as the Government shall think fit to Enact it to pass for; as suppose the Shilling of such Weight for 12 ½ d. 13 d. 13 ½ d. to be stamp'd upon it, according to its Weight, and also the old Crowns, Half-Crowns, and Six-Pences, all pro Rato more or less, as shall be thought fit, according to its Weight.
Every Man will readily bring in his Money to be so stamp'd, and take a Tally for it, though it lies in the Exchequer Fourteen Days or a Month before he get his individial Money out again without Interest, because in a Months time the same Money shall be delivered again to [...] that hath such a Tally (which Tally may be made saleable or transferrable) with a Stamp of 5 6 or 8 per Cent. or more value as the Government shall think fit: Thus he that bringeth in the broadest Money shall have the greater value stamp'd upon it in proportion to its Weight; whereas if it should be brought into the Mint to be Coin'd, each Man cannot have his Money, so soon out of the Mint as it may be by thus Stamping; but this broad Money also to pass, by the New Stamp only, until such a certain Day as shall be thought fit to be Enacted, always provided, That the said broad Money be not diminish'd of the Weight so stamp'd upon it; and then the Exchequer to take it in again on such certain Day as shall be thought fit.
Thridly, That Encouragement be given by Act of Parliament to bring out all old Mill'd Money, by Enacting that Mill'd Money shall pass for some certain rate more then it is Coin'd for, but yet only 'till such time as shall be thought fit, wherein a consideration is to be had in what time all the old Money as well Clipp'd as Broad can be new Coin'd, or other Silver into new Money; and to make the time for passing the Mill'd Money accordingly: and that a Clause be brought in to fix a Day, That after [...]uch a Day no old Money Clipp'd or unclipp'd (otherwise than Mill'd Money) shall pass in payment, that so we may once see an end of all old Money, and have nothing but new and old Mill'd Money; and if any old Money, Clipp'd or unclip'd, shall after such a Day be found, it shall only sell by the ounce at a rate less than Coin'd Money.
Fourthly, All old Money that is not brought into the Exchequer by such a Day, to be mark'd and stamp'd for Sterling, the hazard of not being Sterling, shall lie upon the Proprietor.
Fifthly, That all new Money that shall be Coin'd may not pass after it is less in weight than what the same is Coin'd for.
Thus taking all Money by weight it will for ever (Infallibly) destroy the Clipping Trade, for which so many have been Hang'd.
Object. This will give a great deal of trouble to weigh every piece of Money we take.
Answer, I. He that will not be at the trouble of weighing, deserves to be the only Person that can suffer by want of Weight.
II. Were we not better undergoe the trouble of weighing, and so know the true value of what we have, than be at the vast loss and uncertainty we now are liable unto by Clipp'd Money.
It is the Wisdom and Practise of some other Countries I have been in, and Trade to, to take all their Money by [Page] [...] [Page 1] [...] [Page 2]Weight; and there no Man is Hang'd for Clipping, he can hurt no Man but himself; for the next Man will refuse it by weighing.
But we may make weighing of Money very much easier than we (for want of use) think it to be, as for Instance, we may do as in other Countries; they tell 20 50 or 100 (or more pieces) of a sort, and then putting all together they take here and there, 5 10 17 or 20 pieces and weigh so many together, and what such a quantity wants in weight they judge (and pass) or refuse the whole, if the Man that pays it does not by so much over Money, make good the want of weight.
In some Places every Woman that sells Fish, or Herbs, hath her Scales, and will refuse all light Money.
I take Occasion at this very Instant the more earnestly, to press that all Money may pass by weight, because within these Two Days I have seen (in presence of the Tresurer of the Tu [...]key-Company) 13 Shillings of the Clipp'd Money in one Scale, and a Mill'd Five Shilling piece in another Scale, and the Five Shilling piece of Mill'd Money but weighed the 13 Shillings; This the Author avers to be true: The 13 Shillings were suppos'd to be mix'd Metal, by which you may Calculate what great Damage the King may lose by such sort of Coin.
All this is Intended for publick Good; and if I were assured that what ever I should ask touching the Coin should be done, I would only say let it pass by weight as the only desire of
POSTSCRIPT.
SINCE the above-mentioned, I hear some discourse, That if the King would Order all such as pay Taxes, Customs and Excise in Mill'd Money, to have 10 per Cent. abated by the Collectors; and that it should be paid out again at the old rate it were Coin'd for; and this is by some offer'd as an Expedient to bring out Mill'd Money to Circulate immediately.
To which it may be objected the difficulty for the Exchequer to account with every Receiver, and the difficulty for every Receiver to abate 10 per Cent. to each Man out of every small Summ he receives: Besides, This must be length of Time, for every Man would bring out his Mill'd Money but as his Tax grows due; It would put the King upon 10 per Cent. loss (immediately) on all his Revenues, and yet far greater loss follow; for as the Collector receives it he must pay it into the Exchequer, and the publick Affairs will require it to be paid out again presenly; and if it be paid at the old rate, it will so speedily come into Peoples hands, that every one will four Times a Year pay his Tax with 10 per Cent. abatement, nay perhaps 40 times over in Excise & Cust [...]ms, because Men are Daily paying those Duties, whereby a vast Loss may happen in Twelve Months.
Whereas by the Method propos'd in this Paper, every Man shall as well as the Exchequer take and pay his Money at such certain Rates as aforesaid, and the King will not lose above 10 per Cent. by Mill'd Money at the end; which I propose, may be a Year before the time shall expire for the Money to pass at the Rates herein mentioned; in which time, I hope, Affairs may be in a better poisture to bear 10 per Cent. Loss, and the very Interest the King pays, may amount to as much.
Lastly, For Speed and Ease of Complaints, I have lately heard from Suffolk, That the Poor cannot get their Money to pass for Provisions, nor their Money return'd to the Exchequer, nor Exchang'd in the Countrey for New Money when it comes out. It is Proposed, That Men of Loyalty to the King may be join'd to such as are Skill'd in [...]i [...]ver, who have leisure to attend Daily, may by Commission in every City, Countrey-Town, or Shire-Town have this new stamp'd Money and Mill'd Money, and New Coin'd Money sent them out of the Exchequer, and they upon Oath, to the best of their Skill take in all Sterling Money and pay for it in the aforesaid New Stamp'd, New Coin'd, or Mill'd Money sent them, and Weekly return to the Exchequer, for Sterling Money under their Seals as they Receive, to be New Stamp'd in the Exchequer, as aforesaid, and from thence issued out again as fast as it can be Stamp'd; and by every Parcel so return'd under Seal it to the Evchequer, it will be judged what Commissioners perform their Duty best; This will be great Ease to the common People all the Kingdom over.
Some Men propose thst the Exchequer should recieve from the Collectors all Money of mix'd Metal which the Collectors may have taken, that is not apparent Brass, to which may be objected that (if any thing but Sterling be admitted) there are Reasons to suspect, that so many bushels of mix'd Metal-Money may be paid to the Collectors, or by the Collectors of all Revenues (who are not upon Oath) paid to the Exchequer as may make Twice Twelve Hundred Thousand Pounds too little to countervail the King's damage.
But if mix'd Metal-Money must pass, then some plain Cautions and Directions may and ought to be given.
When we make New Money, it were to be wished we might have such a thing in our Coin as a Pound Sterling: by Coining Twenty-Shilling-Pieces, it would be more certain, and readier in telling great Sums; yea if we had Five Pound, Ten Pound, or greater Pieces, 'tis believed that a way may be contrived to secure such large Money from being any ways Counterfeited.
January 7th 1695.