THE ALTERATION OF THE COYN, WITH A Feasible Method TO DO IT, Most Humbly PROPOSED to Both Houses of PARLIAMENT. To which is ANNEXED, A PROJECTION, or SCHEEM of Reasonable Terms, for Esta­blishing a Firm and General Peace in Europe.

By Thomas Houghton, of Lyme-street, Gent.

LONDON: Printed for the AUTHOUR, 1695.

THE Alteration of the Coyn, Most Humbly Proposed to Both Houses of Parliament.

Most Great and Prudent Senators,

YOU cannot but be very sensible of the de­plorable Misfortune Your Selves, and the People of this Nation, are under, by the Clipt and Counterfeit Money of this King­dom; the Good Money, which is now left, being so small, and little in Substance, that 'tis scarcely to be known and distinguished from the Bad and Counterfeit, except it be by such who are daily Receivers and Payers of Sums of Money; for 'tis every Day more and more manifest, That there are abundance of Rich, as well as Poor People, extreamly Cheated, who not being able to know Good and Bad Money asunder, are great Sufferers by it, which too frequently falls amongst the Poor, to their great Grief and Trouble, with whose Clamours and Complaints the whole Nation rings, the Distemper and Infection being, as it were Epidemical, and universally spread through the Nation, so that every one is ready to cry, Lord have Mercy upon us! It is therefore reasonable to believe, You will All unanimously [Page 4]grant, That there is an absolute Necessity to alter the Coyn; and that You will consider and think upon some proper Way or Method, this Sessions of Parliament, to amend this over­grown Mischief, which, if not speedily prevented, will, in a little time, sink the Nation to a low degree: The real and true Silver Coyn being thus shamefully Clipp'd, and the Mill'd Money Melted down, and carried off, there is little left to Trade with, but such that is Counterfeit, or half Clipp'd away, which creates so much difficulty in Paying and Receiving, that Business is found to be a Burthen, and Paying and Re­ceiving of Money become the greatest Perplexity of the People; so that all Persons hope and believe it will be Your Care, with all the Expedition that may be, to VOTE, The Alteration of the Coyn, and to use Your Endeavours that it may be Alter'd, and new Regulated, which may hap­pily prevent many Disorders that may otherwise fall amongst Multitudes of People in this Kingdom; and that You will do it in this juncture of Time by such Ways and Methods as will be least Burthensome to the KING, and all degrees of his Subjects, considering the great Taxes and Impo­sitions that are to be Paid for Carrying on the Wars, till an Honourable and Lasting PEACE can be procured; which Taxes and Impositions will be difficultly raised upon the Calling in the Money, unless the People find Yours and His Majesty's Favour in Regulating and Valuing the Coyn, and fixing a certain Price upon Guinneas: And in what point that Favour for Indulging the People doth consist, is in the following Paragraphs further exprest: So that before I come to set forth any of those Ways and Methods for Altering the COYN, and Favouring the People, it may not be amiss to say something concerning the Encrease and Pro­duction of SILVER and GOLD, how, and by who, they have been procur'd, when, and from whence, brought to this degree in Quantity, as they are now found to be in EUROPE.

IT is therefore to be understood, and I doubt not but all People will grant, That SILVER and GOLD are the Hinges upon which all Trade and Commerce moves in the most Flourishing Kingdoms on the Earth; and those Nations and Kingdoms that abound with the greatest Plenty thereof, are, by all other Trading Nations, most frequented with their Goods, in Order to obtain them, knowing them to be the most necessary and lasting Instruments to procure all things that are, or shall be found useful, or any ways serviceable to Mankind, being Portable and Durable, when most other Goods are Burthensome, subject to Perish and Decay: Experience having proved This in all Times and Places, makes Silver and Gold the more coveted and desired; for every Nation, as they abound therewith, are more or less able to carry on Foreign Trades,— to make Improvements at Home or Abroad, to build Ships, and fit out Fleets to Sea, to maintain Wars, or to do and execute any other Thing or Things that requires Labour or Expence; all Nations, as well as private Persons, driving their Trades according to the Proportion of Silver and Gold, they have whereby to procure Goods to Trade with.

IT is also to be considered, That the Trades of EUROPE, especially those of the English and Dutch, are an Hundred times greater now, than they were Two Hundred and Twenty Years since; for where there was One Thousand Pounds worth of Goods imported or exported by either of them in those times, there is an Hundred Thou­sand Pounds worth imported and exported by Both of them now: The principle and chief Reason of This, hath been the Discoveries of GUINEY and AMERICA; for to them the Improvement of all Trade, in and to most Parts of the Earth, is chiefly owing: They having furnished Silver and Gold, whose Circulation hath pro­cured Goods not only for EUROPE, but for AFRICA [Page 6]and ASIA; many Parts of EAST-INDIA having been supply'd, since their Discoveries, with great Quantities of Money and Silver, both Cony'd and Uncoyn'd, and especially with Dollars, or Pieces of Eight, by the English, Dutch, French, Portuguiese and Spaniards; for although Silver and Gold be inanimate, nevertheless they have, like a grateful Of-spring, plentifully supply'd AFRICA and AMERICA again with all necessary and serviceable Things, there wanted for Humane Use, in Return thereof: So that it may be necessary, for the Information of some People, to shew how Gold and Silver have, of late Years, been expanded or spread abroad in the World, and by who, and from whence they came, and when they begun to have this commanding Power and Influence upon Trade, as well as upon Man­kind.

IN the Year 1471. The Portuguiese discovered and found the Gold Coast of GUINEY, from whence they brought some Quantities of Gold, near the Value of Ten Thousand Pounds per Annum; before which time there was but very little of Silver Coyn in ENGLAND, HOLLAND, or FRANCE, and but small Quan­tities of Gold in EUROPE, in Comparison to what there is now; so that since the Portuguiese discovered those Parts of AFRICA, they have had some Settlements there, and a Trade with the Natives; and have brought sometimes greater or lesser Quantities of Gold from thence into EUROPE.

IN the Year 1492. Christopher Columbus, a Man Born at Genoa, being Fifty Years of Age, first found some Parts of AMERICA, and amongst them the Island of Hispaniola, from whence some Gold was brought to Spain, to the Value of 200000 Ducats per Annum, which is 22222 l. and 18 s. valuing the Ducat, as formerly it was, at 9 s. [Page 7]And after the Discovery of Hispaniola, and the Adjacent Islands, the said Columbus, with many Spaniards, made several Voyages, and further Discoveries in AMERICA, bringing to SPAIN what Gold and Silver they found amongst the Natives of those Countries, who had greater Quantities of Gold than Silver amongst them in those times, because the Gold lies in the Soil or superficial part of the Earth, which they could easily come at; and the Earth being often washt from the Mountains into the Guts and small Brooks, and so carried down to the Rivers, they had ways to separate it from the Sand; whereas, the getting of Silver is obtain'd by Mining, and requires Digging, Hewing, cutting down the Rocks, and blasting them in pieces with Gun-Powder, which things the Natives of AMERICA did not then understand. Thus GOLD, the Darling and dearly be­loved by Mankind, being plentifully found amongst the Natives in most Parts of this Newfound World, invited abun­dance of Spaniards, with some Jews, and other People, to flock thither, having heard the great Noise thereof in SPAIN.

BETWEEN the Years 1492 and 1515 (which is 22 Years) there were very great Discoveries made in AMERICA, by many Spaniards, both on the South and North Side of the Line, and particularly in these Provinces following, lying between the North and South Seas, which was thoroughly examined; (viz.) Dariena, Carthagena, Rio de la Hacha, St. Martha, Granada, Popyan, Venezula, Paria, and Panama, which Nine Provinces, for the Abundance of Gold that was, and is yet found in most of them, are called by the Name of Golden Castile.— At the same time the Province of Guiana was discovered; from all which Places there were great Quantities of Gold brought to SPAIN in few Years after; so that when the Spaniards had fully examined these Parts, and had taken Notice of the extent of that [Page 8] Isthmus, or Neck of Land, lying between the North and South Seas. In the Year 1515, they chose out a convenient Place, and there Built the now Famous and Renowned City, called PANAMA, standing towards the South Sea, to which Place, all the Gold and Silver that now comes from Peru, and the Southern Parts, are brought, and there put a shoar, this City being the Receptacle of their Riches, from whence it is brought, part by Land, and part by Water-Carriage, about 20 Leagues, to a City on this side, called PORTO BELLO, and from thence Shipt for SPAIN: So that after the Spaniards had made these Discoveries in the Years above-mentioned, they grew mighty Industrious, and were extreamly busied in Fitting out Ships, and Sending Men to this Part of the New-found World, there being fresh Discoveries made every Year of New Countries, and of Rich Mines, in various Parts of AMERICA; so that in the Reigns of Henry the 7th, Henry the 8th, and Edward the 6th, it was the Misfortune of ENGLAND not to enterprize or undertake any thing in this kind, and but very little since in those Countries, where Silver and Gold Mines are.

IN the Year 1521, MEXICO was Conquered, and several Countries thereabouts, in which the Spaniards found much Gold amongst the Natives, and have since discovered and laid open many Rich Silver Mines; from whence hath been brought several Hundreds of Tons of Silver in Pieces of Eight, and Bars of Bullion, to Cadiz in SPAIN; at which Mines the Natives and Spaniards, as now they do at all other Mines in AMERICA, draw the Silver from the Oar, by the help of Quick-Silver, the Oar being first powdered, and ground small, till it is as fine as Wheat Flower, then put it into Tubs, mixing Quick-Silver and Lyme with it, grind it in Water, whereby the Quick Silver, being well mixt with the Oar, in few Days draws the Silver to it; when [Page 9]having well cleans'd and wash'd away all the Mud, the Silver and Quick-Silver remain together at the Bottom, which they take out, and put together into a Retort, and lute an Iron-Pipe fast to it, the other end of the Pipe going into a Tub of cold Water, they then light the Fire under the Retort, which drives off all the Quick-Silver into the Tub of Water, which is never the worse, but serves for use again and again to mix with fresh Oar, and the Silver remains by its self in the Retort, which, when taken out, is Melted with several other Parcels of Silver, Refin'd after the same way, and so cast into Ingots, or Bars of Bullion. And although Abundance of this Silver is brought to SPAIN, nevertheless the Spaniards and Natives in all Parts of AMERICA, where the Mines are, do keep and detain prodigious Quantities of Silver and Gold amongst them, having Abundance of Ornaments, and most of their Vessels and Ʋtenfils made of those Metals; so that from the Province of Zacatecas, which lies on the North Side the Line, to the Province of Chili, that lies on the South Side, You may conclude and believe, There is much more Silver and Gold ready got, Refined, and above Ground, than there is now in all EUROPE. Where the Spaniards, in those Parts, have taught the Natives the way of Buying and Selling with Silver and Gold, which, as well there as here, and in all other Places, is found more Commodious and Useful than the heavy and dull Way of Bartering one sort of Goods for another.

IN the Year 1524, The great Country of PERU was Discovered, in which Country the Spaniards found vast Quantities of Silver, and especially of Gold ready got, all the People of the Countrey having some Vessels, or Ornamental Instruments, more or less, of that Metal: But the Spaniards having Conquered the Natives, fell into Wars amongst themselves; Francisco Pizarro and Almagro, Two Spaniards striving who should be Governour (too much [Page 10] Gold making them Mad). And after Francisco Pizarro's Death, the Quarrels amongst the Spaniards did not cease; so that from their first Entrance into PERU, those Dis­orders lasted near Twenty Years, in which time there was a deal of Spanish and Indian Blood shed on both sides, con­sidering the Number of Spaniards that were there in those times, which Wars were a great Hindrance to the Working the Silver Mines in PERU, till the Year 1546, when Pedro de la Gasca, being sent thither by the King of SPAIN as Vice Roy of PERU, Conquered Gonsalo Pizarro: After which, the Wars ceasing, the Old and Famous Mines of Andacava, with many in Los Charcas, in the Province called the Lypes, and the wonderful Rich Mines of St. Christophers, in ORURO, were set at work, in which Mines there was, and yet is, Abundance of fine Malliable Silver in Leaves and Threads, and also in Dust, like to white Sand, which, of its self, is perfect and pure Silver, brought to that Perfection by Nature, without Art or Fire, which wants no further Refining, but only washing and separating the Earth from it, and is then fit for Melring. If any doubts the Truth of this, and thinks there is no Malliable Metal produc'd by Nature, but what is first ex­tracted from an Oar, by help of Fire, such doubting Persons may be fully and better satisfied, by going to see the Mineral Curiosities in the Repository of Gressham's College, where they may see pure Silver and Gold, as they were taken out of the Mines, growing in the Rocky Spar. There were also set at Work, the Mines called La Trinidad, and those of Berenguela, with many others near the Lake called Tobacco Nunio; upon the Brooks or Streams whereof, there stands above an Hundred Silver Mills, which con­stantly go Day and Night, stamping and grinding the Oar that is got in and about its own Banks: These Veins, and many more, with the inexhaustible Mines of Potozi, were presently set at Work; — but the first Mines the Spaniards▪ [Page 11]wrought and got Silver in, were, the Old Mines of Porco, which had been wrought many Years before by the INGAS, or Kings of the Countrey, and great Quantities of Silver got out of them. After this time the Mines of AMERICA, both on the South and North Side the Line, were followed with great Industry, and more new Mines were daily found and discovered, and amongst them a great many Quick-Silver Mines, which have been a great Help to them in their Ways of Refining; so that from several Places of AMERICA, for near One Hundred and Fifty Years last past, there have been some Thousands of Tons of Silver and Gold brought to Cadiz in SPAIN, especially of Silver, of which all Nations in EUROPE have more or less participated.

IN the Years 1553, and 1554, which was in Queen Mary's Reign, the English made Two Voyages to the Gold Coast of GUINEY, and brought some Gold from thence, and have ever since followed that Trade, so have several other Nations, from whence they have brought considerable Quantities of Gold into EUROPE; so that for about One Hundred and Forty Years last past, there have been, by the English, Danes, Dutch, and French, considerable Sums of Gold brought from GUINEY, and from the WEST-INDIES, being first brought thither by the Buccaneers. There have been many Chests of Dollars, with Abundance of Bullion, and some Parcels of Gold, for Forty Years last past, brought to ENGLAND, HOLLAND, and FRANCE, of which, the other Nations of EUROPE, and the EAST-INDIES have, in some measure, been Partakers. You may therefore truly reckon, AMERICA and GUINEY, the Springs and Fountains from whence the Silver and Golden Streams of EUROPE have flow'd; to which, Barbary hath afforded some small Help in Gold, and Hungary in Silver; but neither of them worth mention­ing, in comparison with the other Two.

Having thus briefly mentioned the Mines and Places that have furnished EUROPE with Silver and Gold, and when they first began to do so; It is now to be inquired, What Nations have had the greatest Opportunities, and have used the most Endeavours to be Masters thereof.

And whereas the English, Dutch, and French, have been the chief Trading Nations of EUROPE, whose Goods and Manufactures are, and always were, in better esteem and demand by the Spaniards, and Natives of AMERICA, than any of the other Northern Kingdoms: Therefore, the English, Dutch, and French, (before these Wars) have not been wanting to furnish them with Plenty thereof at Cadiz, and in several other Parts of SPAIN; — And, of late Years, in divers Parts of the WEST-INDIES, when and where fit Opportunities could be found, especially, where and when the Spanish Governours have been inclinable to look through their Fingers, that a Stol'n Trade might be had with the Spaniards.

Thus the English, Dutch, and French, had Opportunities to Buy and Sell, and to Exchange their Goods there with the Spaniards for Gold and Silver, whether in Dollars, or in Bullion, at very good Prices, whilst the Germans, Danes, Norwegians, Sweeds and Hamburgers, have had no such Liberty and Freedom in Trade, for want of Settlements in those Parts; — so that the English, Dutch, and French, have drawn great Quantities of Silver and Gold from SPAIN, for near One Hundred and Fifty Years last past, according to their Proportions of Trade they have had with the Spaniards, and from the WEST-INDIES, for Forty Years past, by the Bucca­neers, and several other Ways, too long to be here recited: All which time the Germans, Danes, Norwegians, Sweeds, Poles, and Russians, have stood staring on, having their Hands, as it were, ty'd up, not knowing how, nor being able to procure [Page 13]One Hundredth Part of the Silver and Gold the English, Dutch, and French have done, by reason the Goods of their Countries are not so fit for the Americans Use as others are, and for want of Settlements near them: This hath been the Cause that hath occasion'd a great Scarcity and Want of Silver and Gold in those Kingdoms, having but little amongst them, in com­parison to what there is in ENGLAND, HOLLAND, and FRANCE; especially in Norway, Sweedland, Poland, and Russia, where there are many great Provinces or Coun­tries, and some of them near as large as ENGLAND is, a great Part of whose Inhabitants scarcely knew what Silver and Gold was, till of late Years, having not 5000 l. in Silver and Gold for some Hundreds of Miles in Circumference; so that if ENGLAND, HOLLAND, and FRANCE, were at Peace, and were in a Capacity to furnish these Kingdoms with an Hundred Tons of Silver per Annum, they could dispense with it, and, as far as they are able, would en­deavour to make Returns by their Countrey Goods, and allow very high Rates for Your Silver, although they daily want many of the English, Dutch, and French Effects, sufficient to balance their Trade; nevertheless, Silver and Gold are be­come their beloved Objects, finding them the most ready and most durable Instruments to procure all necessary and ser­viceable Things, being more ready, than any other Com­modity, to supply their Wants, as they are known and found to be by all other People of EUROPE; Experience having taught them in those Parts, That with Silver and Gold they may Buy and Sell, go to Markets near or remote, and carry on their Trades more conveniently with them, than they can with Pitch, Tar, Hemp, Flax, Iron, Copper, Caveer, Pot-Ashes, Bristes, Fir-Timber, Furs, or any of their Commodities: There's no letting out these Goods at Interest, as Silver and Gold are done in ENGLAND, HOLLAND, and FRANCE, although they have learn'd the Way to do it, if they could procure the Silver and Gold. Therefore, You [Page 14]have great reason to conclude and believe, If all the Silver and Gold that is in ENGLAND, HOLLAND, and FRANCE, as well the Coyned Money, as the Ʋncoyned Plate and Bullion, were to be remitted, and sent into Germany, Denmark, Norway, Sweedland, Poland, and Russia, they would now find Uses sufficient for them, and would yet crave more, having been all this time kept Hungry, and only fed with Snaps of what they so much desire, and which they will not be without, if, for their Goods, they can procure them at any moderate Rates.

IN this lies the Magnet, or Loadstone, that hath so attracted and drawn Your Silver beyond Seas, to which all the Confederate Princes, and several others, whether Engaged, or not Engaged in the present Wars, have been under a Necessity of making the same Demands for some Years past; and this you may truly reckon the Cause of Your Silver Consumption, which will be difficult now to prevent, especially to take away, so that the Effects may cease, considering how Circumstances stand, at present, in the Affairs of EUROPE: However, this I will lay down for a Maxim, which You will certainly find true.

THAT unless the Coyn be much Abased and Allayed, or Raised very considerably in its Value, when-ever it is New Coyned, it will be Melted down, as it hath been, and sent the same way, when You have done all You can to prevent it; (whither that is, You have sufficient Infor­mation above) for the Inhabitants of those Countries will have it, if it be possible, though at very extravagant Rates: Therefore, the best way will be, to make them pay soundly for it, if they will have it.

HAVING premis'd these things, and shew'd from whence the Silver and Gold came, by who, and when brought into [Page 15]EUROPE, whereby the Trades, not only of EUROPE, but of most Parts of the Earth, have been extreamly Im­proved, and brought to this Flourishing State and Condition they are now found in; as is manifest by those Nations which have Money, and are Furnish'd with Silver and Gold to Buy and Sell with; their Ways of Living, in all Conditions, far surpassing the Circumstances of such Countries as are without; therefore all must grant, Where there is but little Silver and Gold, there cannot be much Trade, and so, by Consequence, those People live, as it were, in a State of Nature, miserably Poor, and full of Want. Experience hath prov'd this of late Years in Ireland; and every County of ENGLAND that hath but little Money in it, verifies and daily confirms the same. So that to incourage the Importation, or bring­ing in of Silver and Gold into any Nation, if it be Coyned, is the greatest Increase and Advantage that can be given to the Trade thereof. From whence it follows, If the Import­ing Silver and Gold, and the Coyning of them, be an Encrease, and an Advantage to the Nation and Trade, then certainly such Ways and Methods ought to be taken as are most effectual to Keep and Preserve them when Coyned, thereby to Maintain and Uphold that Trade, for the Benefit and Advantage of the Nation; for Silver and Gold are capable of driving Trades, and making profitable Improve­ments, that House and Land cannot perform; the latter being, in Comparison, a dead, and the former a quick Stock; either by parts, or in the whole, ready to produce Profits when the Owner hath occasion to use it; he that is provided there­with, hath always a ready Friend, and a constant Servant, that doth not only obey, but fulfill his Command with the least Trouble, — which cannot be said of him that hath only House and Land, where there must be Conveyances, Mortgages, or other Securities, before his Wants can be served; so that Silver and Gold being preferable to House and Land, and the only Instruments that have Increas'd and Improv'd Trade; [Page 16]It is absolutely necessary that all Endeavours be used to preserve them, especially in these times, when they are in demand by so many high Bidders abroad, who have found, by long Expe­rience, where there is no Silver nor Gold, there is little or no Trade; and where the Silver and Gold are, there the Trade must and will be.

Therefore, 'tis hop'd and believ'd, You will use all the Endeavours You can, That Guinneas may be Establish'd at Thirty Shillings, during His Majesty's Pleasure, which, 'tis hop'd, He will Grant, so long as the Wars continue, con­sidering the Circumstances of the People, and what Taxes they must Pay for the Support of the Government: And that such Rates and Prices may be set on the Money, when New Coyned, as will conduce to Keep and Preserve it in the Kingdom. In Order to which, I will deliver my Thoughts and Apprehensions concerning such Methods as may be proper to take for Alteration of the present Money, and the Value that is necessary to be set upon it, when New Coyned; which Methods will not only conduce to the Keeping it in the Nation, but will also make the People easie, who, in this Juncture, are under great Taxes and Impo­sitions, and must be further charged for the Support of the WARS: For You cannot imagin, but in this pre­carious Circumstance of the Coyn, the Damage that may fall by the Loss of Guinneas, if not Establish'd at a certain Price for some time; with the great Loss that will certainly accrue by the Clipt and Counterfeit Money, being all added to the Charge of the present Taxes, and such other Impositions that are to be further raised for Carrying on the WARS: I say, if You consider all these together, and examin from whence the Money must rise to make them good, You will find the Burthen too heavy for the People to bear, especially at this time, when the Money is called in, who, if not made easie by Yours and His Majesty's Gracious Favour, in the Price [Page 17]of Guinneas, and the Value of the Coyn, may occasion an universal Murmur and Discontent amongst Multitudes of His Subjects, if it miss breaking out into Disorders, which may give the Government more Disturbance than all the Enemies thereof dare pretend to, or can possibly accomplish by any pernicious Contrivance: For be pleas'd to consider, When the Money is called in, there will be Abundance of People that can scarcely have Credit till the Money comes forth again; who being without Money, and void of Credit, will find their Conditions and Reputations so Alter'd and Chang'd, that 'twill be difficult for many to Live, which may make some grow desperate, especially if they suffer Loss by the Guinneas, and Damage by the Clipp'd Money at one and the same time. I therefore most humbly move, That You may proceed by such Methods as seem Rational, to make the People easie at present; which Methods, or some others to the same Effect, if not taken, and made use of, there are many of You will be great Sufferers in this Concern:

Therefore, in all Humility, most Humbly I Propose,

First, That His Majesty be Petitioned to Issue His Royal Proclamation, giving Notice to all His Subjects in His Kingdom of England, Dominion of Wales, and Berwick upon Tweed,

THAT after the First Day of [...] next En­suing, there shall no Clipp'd nor Vnclipp'd Money, nor any other of the present Silver Coyn of this Kingdom, pass in Payment in any Part of England, Wales, or Berwick upon Tweed, above the Denomination of Two Pence, upon the Penalty of being Seiz'd, and Forfeited to him or her that shall discover it, who may take out a Warrant, and carry the Offender before some Iustice of the Peace, and he shall determin it upon Hearing, having sufficient Oath made thereof.

Secondly, That the same Proclamation may Establish Guinneas at Thirty Shillings that are full Weight, during His Majesty's Pleasure; and such Guinneas as are not Weight, to pass pro­portionably to what they Weigh: And if any offers to Pay them at more than Thirty Shillings, to be forfeited to the Informer, by carrying the Offender before some Justice of the Peace, and proving it by Two Good and Substantial Witnesses: And that all the present Species of Gold Coyn pass in their Proportion they hold to Guinneas of full Weight. This is One of the Acts of Favour, You are desired to Petition His Majesty for, and 'tis hop'd, He and You will dispense therewith, which will make the People more Cheerful in Paying their Taxes, and be of great Advantage to all Trade in the City, but especially in the Countrey, when the Money is brought in to be New Coyned: This will be a great help to make all Payments and Receipts easie and expeditious, and will totally prevent and take away those Scruples People are now possess'd with in Paying and Receiving them.

Thirdly, That the same Proclamation give Notice to all Sheriffs, Justices of the Peace, Mayors of Cities, and County Towns, That they, and every of them, observe and perform such Orders and Directions concerning Plate, Clipp'd and Vnclipp'd Money, in each and every of their respective Counties, and the particular Parishes thereof, as shall be further set out by Act of Parliament; and that they meet and consult about this Affair in Twenty Days Time next after the Publishing of the said Act.

Fourthly, That the said Act of Parliament direct, That an Office or Offices shall be set up in, or near, every City, or County Town, of England and Wales, with one in Berwick upon Tweed, which Office or Offices shall be set up, where, and in what Place or Places, the Sheriffs, Mayors, and Justices of the Peace, find most convenient and fit for this [Page 19]Business, and the Ease of themselves and the People; And that the said Office or Offices shall be set up and attended by them, or their Deputies, to take in and receive all Clipp'd and Vnclipp'd Money, and all such Plate as shall be brought thither in order to be New Coyned; To which Offices, all Clipp'd and Vnclipp'd Money shall be brought, which shall there be Told, Weighed, Numbred, Marked, and Sealed up by its self, if it be Twenty Four Pounds Weight or upwards, with the Owner's Name set on it, and the County and Parish where he or she Lives; which shall be done by the Sheriffs, Mayors, Justices of the Peace, or their Deputies, whilst the Owner, or Person that brings it, is present: And the said Sheriffs, Mayors, and Justices of the Peace, shall be answerable for it, and for all Plate that shall be brought thither; and shall make good the Losses, if any shall happen, by Fraud or Mistake, whilst it is in their Office or Custody.

Fifthly, That the Sheriff, or his Deputy, shall give a Note to each particular Person of the Value, Weight, Mark, and Number of their Money, at the Time it is brought into the Office, as is afore-said, upon such Stamp'd and Marbled Paper as shall be provided for that Purpose, which Note shall be Signed first by the Sheriff, and Witnessed by one or more of the other Principals, and Four of their Deputies; which Four Deputies shall be sufficient to attend one Office in any Market, or Parish-Town: All which shall be done at the Cost and Charges of each County, and the particular Parishes thereof, for the Allowances that shall be Paid the Sheriffs, Mayors, Justices of the Peace, or their Deputies, out of the New Coyn'd Money hereafter mentioned, when it is returned from the Tower; which Note so given the People, shall be to this Effect following.

Derb. ss.

I T. B. Sheriff of the County of Derby, do hereby Own and Acknowledge, I have Received of Mr. C. D. of Mid­dleton, in the Parish of Worksworth, and County afore­said, One Hundred Pounds, Eighteen Shillings and Six Pence in Money, Weighing Twenty Four Pounds, Eleven Ounces, Sixteen Penny Weights, and Twenty Grains, Numbred 22, and Marked A. for which I promise to be accountable to the said C. D. his Executors, Administrators, or Assigns, for the like Weight in New Coyned Money, if the said Cash proves to be equal to Standard Silver, when assayed at the Tower by the Masters of the Mint, but if they Return it better or worse than Standard Silver, then to Pay him the said C. D. his Executors, Admini­strators, or Assigns, all they return back to me, whe­ther it be a greater or lesser Weight in New Coyned Money than the Cash above-mentioned is; which Payment shall be well and truly made in Twenty Days next after it is brought back from the Tower of London to the County Office, only abating the Allowance Granted by Act of Parliament.

Witness my Hand this [...] Day of [...] 1696.
Test.
  • W. S. mayor
  • E. M.
  • F. G.
  • H. P.
  • P. H.
  • T. B.

Sixthly, That the said Act of Parliament do, in like manner, give Notice, That all such as shall voluntarily bring or send any Old or New Plate to these Offices, in Order to be sent to the Tower of London, to be Coyned; if the Plate so brought thither be finer or courser than Standard Silver is, then they to re­ceive a greater or lesser Weight in New Money for it than the Weight of the Plate was, according as it shall be found finer or courser than Standard Silver by the Assay-Masters of the Mint; for which Plate, when delivered into the Office, a Note shall be given to the Owner, or to the Person that brings it, for the Owners Use, which shall be Signed by the Sheriff, and Witnessed by one or more of the other Principals, whether Mayor, or Justices of the Peace, and Four of their Deputies, as is afore-said. — And if any Person or Persons shall desire it, they may mix their Money and Plate, and put all in one Parcel, and take a Note for the whole, mentioning both the Money and Plate, and the Weight thereof.

Derb. ss.

I A. B. Sheriff of the County of Derby, do hereby Own and Acknowledge I have Received of Mr. E. F. of Crumford, in the Parish of Worksworth, and County afore-said, Two Hundred Twenty Five Pounds, Twelve Shillings and Six Pence in Money, Weigh­ing Forty Four Pounds, Eight Ounces, Ten Penny Weights, and fourteen Grains, together with one Parcel of Plate, consisting of Eight Porringers, Six Tan­kards, Ten Spoons, One Candlestick, and a pair of Snuffers, containing and weighing Twenty Two Pounds, Six Ounces, and Four Penny Weights, which Money and Plate being put all together, and Sealed up, is Numbred 23, and Marked B; for which I promise to be accountable to the said E. F. his Ex­ecutors, Administrators, or Assigns, for the like Weight [Page 22]in New Coyn'd Money, if the said Cash and Plate prove to be equal to Standard Silver, when assay'd at the Tower by the Masters of the Mint; but if they Return it better or worse than Standard Silver, then to Pay him the said E. F. his Executors, Administra­tors, or Assigns, all they Return back to me, whether it be a greater or lesser Weight, in New Coyn'd Mo­ney, than the Cash and Plate above-mentioned are; which Payment shall be well and truly made in Twenty Days next after it is brought back from the Tower of London, to the County Office, only abating the allowance Granted by Act of Parliament.

Witness my Hand this [...] Day of [...] 1696.
Test.
  • E. W. Justice of the Peace.
  • W. M. Mayor.
  • M. H.
  • P. M.
  • C. D.
  • R. A.
  • A. B.
  lb. ℥. pw. gr.
Weight of the Money above 44 08 10 14
Weight of the Plate above 22 06 04 00
Weighing in all 67 02 14 14

That for the Ease and Conveniency of the People, the Sheriffs, Mayors, and Justices of the Peace, shall cause a List of all the Parishes in the County to be drawn, which shall be set upon the Cross in every Market-Town of the said County, which List shall be Read, (by the Publick Cnyer) giving Notice to the People when their Deputies shall come to the Market-Towns; and also to such as are Parish-Towns, where [Page 23]no Markets are kept, to take in and receive the Account and Weights of their Money, where they shall receive all Sums, being Twenty Shillings, or upwards, but no Sum under Twenty Shillings, such being fit for one Friend to intrust with another; where having first told, then weighed, and entred them in the Register for that Parish, with the Owner's Name, and his or her Place of abode; they may then mix all together, till the several Parcels will make up One Hundred Pounds; but shall not exceed Two Hundred Pounds: And that no Parcel of Money, or Plate, shall be admitted to be sent to the Tower, separate or mixt, that is not Twenty Four Pounds Weight, but where it falls to be the concluding Parcel in a Parish; which shall be done to save the Labour of making too many Assays in the Tower, which would be an endless and troublesome thing, if every Five Pound or Ten Pound Parcel should be Assay'd: Therefore, amongst these small Sums, he that hath the greatest shall have a Note of the whole, from which every Man may take a Copy that pleaseth; and the Deputy shall leave a Copy with the Parson of the Parish, entered into a Book, to be left there; and send ano­ther Book to the next Justice of the Peace, having first entred all things fairly down in the Register he keeps for that Parish, in this Manner following; to which, Parson, or Justice of the Peace, if any shall lose or mis-lay their Accounts, they may have recourse for another.

April the 24th, 1696.

AT Worksworth Town, for the Parish of Worksworth, taken and received these Sums of Money of the several Persons herein mentioned, weighing as followeth:

  l. s. d. lb. ℥. pw. gr.
Received of John Adams Senior, of the Town of Worksworth, 05 12 06. 01 09 12 16.
Received of James Wright, Sen. of Ashlyhay, 10 16 04. 02 10 14 12.
Received of Henry Wylde of Hopton, 20 08 06. 04 00 12 04.
Received of Robert Marchant of Gaursey-Banck, 30 12 00. 07 02 16 18.
Received of Anthony Wood of Cawlow, 45 14 06. 12 04 10 12.
No 24. and Marked C. Sum. Weight.
  113 03 10 28 04 06 14.

The like to be done for any bigger or lesser Sum of Money; and if there be Plate, then to incert only the Weight, Num­ber and Mark of it.

Eighthly, That as soon as the Money and Plate are brought to the County Offices, the Sheriffs, Mayors, and Justices of the Peace, shall meet, of which there shall be at least Four of the Principals, besides the Sheriff, and Four of their Deputies present, to see and examin the Value, Weight, Number, and Mark of each Person's Money and Plate, and that their Names be annexed to it in a piece of Parchment, which shall be com­pared [Page 25]with the Register there kept and taken, and if they agree, they shall then cause the Money and Plate of every particular Parish to be pack'd up by it self, though in several Parcels; so that the Money and Plate of one Parish shall not be mix'd in the same Bag or Chest loose with that of another; and there shall be put into the Bag or Chest Two Pieces of Parchment, upon which shall be Writ,

The Money and Plate belonging to the Parish of Worksworth, in the County of Derby.

And another of these Parchment-Labels shall be fastened to the outside of the Chest or Bag.

Ninthly, That all the Officers or Deputies imploy'd in Receiving Money and Plate, and all such that are any ways concerned in Carrying them to and from the Tower, shall give Bond to the Sheriff, That they, nor none of them, shall or will break the Seal or Seals, or open the Parcel or Parcels of any Person's Money or Plate after it is Sealed up: And that they will not take out, change, nor suffer to be taken out or changed, any of the said Money or Plate, more or less, upon Pain of Forfeiting for every Six-Pence, Shilling, Half-Crown or Crown, they shall so take out, change, or suffer to be — taken out and changed, the Sum of One Hundred Pounds; one half to be Pay'd to the King, and the other half to the Discoverer: For the true Performance of which, each, or every of them, shall take an OATH before some Master of Chancery, or Justice of the Peace, deputed on purpose, where such Masters of Chancery shall be wanting; which shall be to this Effect following.

I W. S. of the Parish of Worksworth, and County of Derby, do Swear I will Truly and Faithfully do and execute the Charge and Trust committed to me, concerning the Money and Plate of this County; [Page 26]and that I will not wilfully break the Seal or Seals, open, alter, or change the Money or Plate of any Person or Persons, after it is Sealed up; nor will suffer any Alteration or Change to be made or done by any others, after or before; nor will wilfully receive, or suffer to be received, any Brass or Iron Money, that doth not appear to be four parts in five Silver, to be mired amongst any Person's Money or Plate; nor will I hold any Correspondence, or have any Dealing with the Buyers of Brass and Broken Money; nor will I wilfully refuse the Receiving of that which shall appear to be Silver, to the best of my Knowledge. So help me God.

Tenthly, That the Sheriffs, Mayors, and Justices of the Peace in every County, shall and may consider and take those Ways which they shall think or find most convenient for the [...] ase of themselves and the People; and if they find it con­venient to send the Money of one Parish up to be New Coyned, whilst the Money in another Parish is Collecting, That it shall, and may be Lawful to do so, till they have gone through all the Parishes in the County; by which means, as the Money of one Parish comes up to the Tower, the Money of another Parish may go down to the Countrey, whereby the Peoples Necessities may be the better fitted, than if they should be without Money amongst them till all the Money in the County be Coyned: And the Deputies shall endeavour to make their Parcels of Money and Plate as large as they can, thereby to prevent the Multitude of Essays in the Tower; of which Parcels, there shall be none under Twenty Four Pounds Weight, except it be the last concluding Parcel in a Parish, as is before-said: And that the Loss of all Counterfeit Money remain where it falls, or upon them in whose Hands it is.

Eleventhly, That the Office for Taking and Receiving the Money and Plate within the City of London, and Bills of Mortality, be kept at Guild-Hall, in the said City; And that the Mayor, Sheriffs, and Justices of the Peace, belonging to the said City, or their Deputies, shall give their Attendance there in Fourteen Days next after the Act of Parliament is Publish'd; and shall provide Books, Bags, Weights and Scales, Printed Notes, and all other things that shall or may relate to this Affair, for the well-Ordering and Dispatching this Business, and shall keep Accounts of all Persons Money and Plate that shall be brought thither, and undertake the Charge of Carrying and Fetching it to and from the Tower, and Delivering it out again to whom it may belong; — for which, the said Officers or Deputies shall deduct, and Pay them­selves out of every Person's Money and Plate, when New Coyned, at the Time they deliver it them forth, One Shilling to be stop'd out of every Hundred Pounds, which shall be all the Charge the Inhabitants of the City of London, and such as Live within the Bills of Mortality, shall be at in and about the same; and for a greater or lesser Sum than One Hundred Pounds, more or less, according to that in Proportion; which Twelve Pence for One Hundred Pounds, if a Million of Money be Coyned out of the Clipp'd and Ʋnclipp'd Money and Plate in that compass, will come to Five Hundred Pounds, which will be sufficient to Defray the Charge of Attendance in this Affair, which cannot be above Three Months in doing; and if there be Eight or Ten Deputies or Officers imploy'd about it, Fifty Pounds a Man for Three Months is very good Pay.

Twelfthly, That the Allowance or Satisfaction that shall be made to other Officers and Deputies belonging to the Sheriffs, Mayors, and Justices of the Peace in all other Places, ought to be Rated proportionably to what Money there may be judg'd to be in the County, and to the Scituation or Di­stance [Page 28]the Counties lie from London; for which, I Humbly Propose as followeth:

For Middlesex, Surry, Sussex, Kent, Suffolk, Essex, Hartford-Shire, Berk-Shire, Hamp-Shire, Buckingham-Shire, Oxford-Shire, Bedford-Shire, Northampton-Shire, Huntington-Shire, and Cambridge-Shire, Two Shillings out of every Hundred Pounds of New Coyned Money.

For the Counties of Norfolk, Rutland, Lincoln, Nottingham, Derby, Stafford, Leicester, Worcester, Warwick, Gloucester, Wilt-Shire, Dorset and Somerset-Shire, Two Shillings and Six Pence out of every Hundred Pounds.

And that all other Counties of England and Wales may have Three Shillings per Cent. in Regard of their Distance.

Also, That the Essay-Master in the Tower, shall make such further Provision, for the quick and speedy Dispatch of the Essays that are to be made for each County, as shall be found sufficient to discharge Two Counties every Month, after the Essays for the City of London are finished: And that no Refiner in the City of London be admitted to Buy any Old Plate, during the Time of this Coynage, without Carrying it to the Office in Guild-Hall, in Order to be Coyned; but that such Refiners may be imployed at the County-Mints here­after mentioned.

Thirteenthly, Having thus prescribed a Feasible and Quick Way for Bringing the Money and Plate to the Tower, in Order to a New Coynage; It is necessary now to mention what Price it ought to be Valued at, so as to preserve it from being Melted down, and Shipped off, as it hath been, under the Pretence of Foreign Bullion, — It is also convenient to consider, How You may prevent the Consumption that is [Page 29]made of it in ENGLAND, by the Working Silver-Smiths, who daily turn it into various Sorts of Plate: For unless You take such Methods as will remedy or prevent these Two Things, The Calling in of the Money to be New Coyned will absolutely be Destructive to the Nation; and it had better be let alone as it now is, than to meddle with it, if You do not all You can to prevent them. (viz.)

The First is, The Converting it into Plate for In-land Vse.

The Second is, The Melting of it down for Foreign Vse.

Therefore, If You take such Methods as will conduce to annihilate these Two Destructive Things, Your Selves, and the People of this Nation, will find the Benefit thereof; which is in Vain for them to expect, or You to believe, till They are remov'd.

So that to prevent the Silver-Smiths from turning the New Coyn'd Money into Plate, it is necessary, for the future, That all kinds of Plain Plate; as Tankards, Spoons, Forks, Porringers, Dishes, Plates, Candlesticks, and all other sorts of Bulky Plate, be not admitted to be Sold when they are Wrought up, for any more than Weight for Weight in New Money, allowing Two Pence an Ounce over and above the Weight of the Money, for the Fashion, as they call it, in regard, their Solder and Allay that is put in some of them Pays for most of the Workmanship; and this they may very well do, especially if You please to settle the Price of Bullion, as it is mentioned in the latter part of this Paragraph: For whilst the Circumstances of Silver Coyn and Plate remain thus, That an Ounce of Plate may be Sold for Seven Shillings, under a Pretence there is Six Pence [Page 30]an Ounce of it for the Fashion: What Silver-Smith can You believe there is, that will not give Six Shillings and Six Pence an Ounce for New Money? when, at One Hundred Ounces, there is Fifty Shillings got by Melting it down, and Working it up, besides the Advantage of the Solder and the Allay, where and when they can conveniently place it; which many of them daily practice, and cannot be prevented from doing it.

Therefore, whilst the Plate carrieth a higher Price than the New Coyn'd Money, You may conclude the Money will be melted down, and turn'd into Plate, as the Silver-Smiths have occasion to use it:

For, if You please to consider the Nature of the Thing, What Reason is there to be given why a Pound of Plate in a Man's House should cost more, or be of greater Value, than a Pound Weight of New Money? when the latter will always be more ready to supply a Man's Wants, whilst he hath a Grain of it, than the former; and the Money hath Workmanship bestow'd on it, as well as the Plate; which, when any hath occasion to part with, must Sell to Loss; besides, the Money is generally finer and better Silver, and therefore deserves to bear a better Price: From hence it appears, whilst You suffer Plate to bear a higher Price than the New Coyned Money, it is, and will be Destructive to the Coyn of the Kingdom; which all People hope and believe You will do all You can to prevent; and more-espe­cially, since His Majesty hath been Graciously Pleased to Recommend the Care thereof to You in His SPEECH. —

Fourteenthly, So that the first Step to Prevent the Turning of New Money into Plate, and to Preserve it from being melted down, and Exported under the Name of Foreign Bullion, will be to Enact;

THAT all Bullion, or Pieces of Eight, Imported from and after the First Day of next Ensuing, being equal to Standard Silver, and no better, shall always be Valued Eight Grains in the Ounce, under the Price the New Money, when Coyned, shall be Rated at: And if the Bullion or Dollars Im­ported be finer than the Standard Silver, or Coyn of this Kingdom, then to be Valued proportionably above the Price of New Money, according as the Fineness thereof may deserve, always allowing Eight Grains for the Difference of Standard Bullion or Dollars, and Standard Coyn; and from thence to compute what the Finer Dollars or Bullion are worth. —

For when the Silver-Smiths find they can have Standard Bullion Eight Grains in an Ounce cheaper than they can have New Money, which is Standard, they will work upon Bullion, and leave the Money, the Bullion being cheaper by about Eleven Shil­lings, at Thirty Two Pounds Ten Shillings, than the New Coyned Money will be, provided You Rate it, when Coyned, at the Price hereafter-mentioned; which Price will be absolutely necessary to Fix it at, if You think to Preserve it from being melted down, and sent to those Hungry Countries that so much Want and Desire it; and who and where those are, is before recited.

From hence it appears, if what is above-said may be Enacted, The First of these Mischiefs will be totally taken away; that is, The Turning of New Money into Plate, by the Silver-Smiths, for In-land Use. The Second Mischief, is, The Melting of it down for Foreign Use; which being also removed or prevented, the Money will remain in the Kingdom, when New Coyned, in its Species, without Alteration: To accomplish which, it will [Page 32]also be necessary to rate it so, that the Price may conduce to Preserve it from being Melted down and Transported, otherwise, it will be better to let it alone, and to remain in the Condition it now is, than to Alter it, if effectual Care be not taken to Keep it when Altered; — so that before I mention that Price which I judge convenient to set upon the Money, when New Coyned, be pleased to consider.

It is unreasonable for any to think or believe, That the Estates of the Landed Men in England and Wales should make good the Damage or Loss of the Moneyed Men, that will arise by the Clipt and Counterfeit Money: And it will be difficult to find Ways and Means, or a sufficient Fund, in these times, to make good the Counterfeit and Clipt Money, without affecting (or, as I may say, squeezing) the Landed Men with more than they can possibly bear of this Burthen: So that when all Circumstances are well considered, with the Loss and Damage the Nation must sustain by the Clipt and Counterfeit Money, which being reckoned toge­ther, cannot be thought less than Forty Five Pounds per Cent. to supply which, if there be Six Millions of Money in the Kingdom, there will go Two Millions and Nine Hundred Thousand Pounds to make them good; which Sum, besides all the present Cares, and other Impositions that must be further raised for carrying on the Wars, is too great a Charge for the People to bear at one and the same time, especially when the Money is calling in. — So that, in all Humility, I Humbly — Propose,

That the Money may, at present, bear the greatest Part of its own Damage, by Raising it in the Value, when New Coyned, Thirty Pounds per Cent, during His Majesty's Pleasure, or so long as the Wars continue, whereby the People will be made easie, and freed from most of their Damage, at pre­sent, by that which is Clipt and Counterfeit; and the Money, [Page 33]when New Coyn'd, will, by this means, in a great Measure be prevented from being Melted down, and Sent Abroad; which certainly will be done, if any lesser Price be set upon it; for, as You have before heard, and as Experience hath plainly prov'd, there are so many high Bidders abroad for it, that Six Shillings and Six Pence an Ounce will scarcely preserve it from them: And if the Wars continue Two Years longer, I am of Opinion, You will certainly find, they will give Seven Shillings an Ounce for it before they will be without it. So that to call the Money in, and to suffer Forty Five Pounds per Cent. Damage by it, and when New Coyned to Value it at a lesser Price by Twenty Pounds per Cent. than the Foreigners now bid for it; who would gladly give Twenty Pounds per Cent. above Standard Price to have it; I say, to Value it thus, is the ready way to serve and uphold them, and an infallible way to pull down and impoverish our Selves; which the whole Nation believes, You in Your Great Wisdom, will take Care to prevent. —

Fifteenthly, And whereas a Five Shilling Piece of the late Mill'd Money, weigh'd, or ought to have weigh'd, Four Hun­dred Sixty Four Grains and an half; yet there is not One in Ten scarcely weighs above Four Hundred Sixty Two Grains, which is Nineteen Penny Weight and Six Grains; Therefore I Propose, That a Piece of the same Weight and Fineness may be rated, and pass at Six Shillings and Six Pence, which is Thirty per Cent. more than it went for before; and that a Piece of the same Weight and Fineness as the late New Half-Crown was, may pass for Three Shillings and Three Pence; and the Shilling for Nineteen Pence Half-Penny; and the Six-Pence to contain Forty Five Grains and an half: For without this Advance upon the Money when New Coyn'd, it will be Melted down, and Shipp'd off, for the Reasons afore­said. — If this Method be taken, then the Coyn remains in the Weight and Purity it was in before; and if there should [Page 34]happen to be Plenty of Silver at any time hereafter, You may then reduce it without Calling it in, or Altering the Form, according as You find we are then supply'd with Plenty of Bullion, either to the present Value, or what You think fit. But if it be Allay'd any thing considerably with Base Metal, then it will be subject to be Counterfeited, and there may be, to the Value of Six Pence, or Eight Pence, of Base Metal, put in a Crown Piece more than the Allay there ought to be, and will not be distinguished, unless by such who are well Skill'd in Money; which Opportunity the Counterfeit Coyners would be glad of, Eight Pence in a Crown Piece being Encouragement enough to set them on Coyning: For which Reason, I do not approve of Allaying the Coyn, or Lessening the Fineness thereof, by any Means. —

Sixteenthly, ‘THAT after the First Day of next Ensuing, all Silver Imported, in what Form soever it is, whether in Ingots, Dollars, Bars, or Cakes of Bullion, if it be not Coyned here, nor Sold for In-land Use, when-ever it is Exported, ought to pay Twenty pounds per Cent. Custom, for these Reasons following.’

He that Imports Silver, and doth not Coyn it here, doth the Nation no Service by his Importing it, but a great deal of Prejudice: because, if the Value of it had been brought Home in any other Goods, they must have Paid the King's Customs, and the Goods would have been serviceable and useful one way or another for the English People, and several Trades-Men, according as the Goods should happen to be, might have had Advantage by them; but being brought over in Bullion, and Shipp'd out again, there's not a Penny got, but by the Importer and Exporter; so that to suffer [Page 35] Silver to be Imported and Exported Custom-free, is extreamly Destructive to the Interest and Welfare of the Nation.

For Example, Suppose there was little or no Cocheneal in Holland, and the English Fleet coming from Cadiz should being Five Tons Home, when the Price in England is Twenty Five Shillings a Pound, and Thirty Shillings a Pound in Holland, Is there any Reason why this Cocheneal should be brought into England by English Shipping, put a-shoar here, and afterwards Shipp'd for Holland, because the Price is higher there than here, and yet Pay no Customs inwards nor outwards? I say, No; (the KING ought to have his Customs Paid) nor ought it to be so with Silver. The same may be said for all other Sorts of Goods, as well as Cocheneal, if they may be brought in and carried out Custom-free, Who would not deal in those that are so? For suppose the Hollanders and Hamburghers had little or no Shipping, It is reasonable the English Merchants, or any others, should Import Goods in England, and, when they think fit, Export them to Holland or Hamborough, and Pay no Customs in nor out? Surely they ought not, nor will any reasonable Man say they should, unless he would have the King's Customs brought to nothing, and the Publick Expence barely maintain'd out of the Crown Lands: The Case is the very same with Silver, if it be brought in here, and Shipp'd out again, it ought to Pay a very considerable Duty outwards, though none inwards; because the Suffering of Bullion to be Exported without Paying a Duty, under the Pretence of Foreign Silver, hath given great Encouragement, and been the only Cause of the Melting down of our Coyn, and Mixing Thousands of Ounces of it with a few Dollars, which the Exporter hath thought sufficient to make it pass for Foreign Silver; which Method having been Practic'd for some Years past, hath [Page 36]swallowed up above one Third of our Coyn. And the same thing will be Practiz'd more than it ever hath been, when the Money is New Coyned, and made ready for them, unless it be raised Thirty Pounds per Cent. And, at the same time, a Duty laid upon all Bullion, if Transported. —

Objection. What Man will bring Bullion into the King­dom, if he may not do what he pleaseth with it; either Coyn it, or Ship it abroad for the best of his Advantage?

Answer. What Man would not bring other Goods to England, as well as Silver, if he may Import and Export them Custom-free? Goods that Pay Custom inwards, in Reason ought to have a draw-back, if Exported; but Silver Paying nothing inwards, ought not to be suffered to be Ex­ported without Paying a very considerable Duty, for the Reasons afore-said. (viz.)

The Melting down of our Coyn, and the Mixing great Quantities of it with a few Dollars for Foreign Use.

Some others may Object, and say, If the Value of the Coyn be raised,

  • The King's Revenues,
  • Landlords Rents,
  • Officers by Land and Sea,
  • Servants Wages, and many other Things, will be lessened.

This is a Mistake, and a false Imagination of those that assert it, for want of well considering the Nature of the Procurer, and the Thing procured, together with the Influence, Law and Custom, or an Act of Parliament, will have on both. — For Example. —

Suppose with Forty New Half-Crowns, Weighing Thirty Nine Ounces, I Buy Sixty Ells of Bayes at Twenty Pence an Ell; and with Forty Clipp'd Half-Crowns, Weighing Twelve Ounces, you Buy as many Bays every way equal to mine in Goodness; Have you not as much for your Light Money, as I have for mine that is Heavy? Doth not daily Experience shew it, That a Shilling Clipp'd, Buys and Pays for as much as a Shilling Unclipp'd? Doth not that which is Valued Six Pence in Copper Money, Buy as much as Six Pence in Silver will? although the Copper, in its Intrinsick Value, is not worth above a Groat. These are the Effects of Law and Custom, when Deno­mination hath given them the Power of Operation; and it will be the same in the New Coyn'd Money; a Shilling Weighing Ninety One Grains and an half, will pass for Nineteen Pence Half-Penny, and Buy and Pay for so much, as well as Nineteen Pence Half-Penny doth now; and the New Crown-Piece, when Valued at Six Shillings and Six Pence, will Buy and Pay for as many Goods as Six Shillings and Six Pence now doth, when Establish'd by Law and Custom, to pass no more for Five Shillings, but for Six Shillings and Six Pence. —

In short, The Valuing the Crown-Piece at Six Shillings and Six Pence, will neither — affect nor lessen

  • The King's Revenues,
  • The Landlords Rents,
  • The Officers by Sea and Land,
  • Servants Wages, nor any thing else of that kind:

But it will have a very great Influence upon the Working Silver-Smiths, and such as used to Melt down the Coyn for Exportation; they only will be defeated, but no Body else will be prejudiced by Raising the Value of the Coyn; and therefore such Persons may think they have Reason to exclaim against it: But for the Satisfaction of them, and all such who shall offer any Arguments against Raising the Value of the Coyn, I shall only ask 'em this Question, which will deter­min the thing, and put an end to all their weak Disputes.

What if the King of SPAIN should shut up all his Ports in AMERICA, and bring no Silver from thence for Seven Years or more? or, How if any Difference or Disorders should fall amongst the Spaniards and Natives there, and the King of SPAIN, to hinder the Mines from Working, so that they should Export no Silver from thence in that time? Would not your Crown-Piece be worth Seven Shillings then? Yes, Sir, Twould be worth Eight Shillings and more; and happy would he be that could get it: and One Shilling, or an Eighth part of the Crown-Piece then, would Buy, and Pay for, as much as a Shilling doth now, without Lessening the King's Revenues, Landlords Rents, or any thing else. And those Persons who have offered Argu­ments against Raising the Value of the Coyn, or the holding up the Price of Guinneas, have rashly done it, without considering the following Circumstances, and their Effects. — So that, My Lords and Gentlemen, what You have chiefly to Consider in this Affair, I Humbly conceive, is for the greatest part included in these following Articles.

First, The great Damage and Loss there will be by the Clipt and Counterfeit Money, being at least Forty Five Pounds per Cent. whether it be better to Raise a Tax, to make the Clipt Money good, at the same time when the Money's Call'd in; or to raise the Value of the Money Thirty Pounds per Cent. whereby the Money will bear most of its [Page 39]own Damage, and excuse the Land, — till a more plentiful time of Silver comes, and then the Coyn may be reduc'd again as You see cause.

Secondly, The Demand and great Necessity Foreigners have of Silver, and the highest Price they will give for it; from hence we may judge, How to Value our New Coyn, which certainly ought to be Valued Five Pounds per Cent. above the highest Price they will give for Silver, otherwise it will not escape them.

Thirdly, When any Bullion is Imported, what it ought to be Rated at, being equal to Standard, and how many Grains that Rate shall be, under the Price of Standard Money, — otherwise, the Silver-Smiths will Work upon the Coyn, and not give themselves the Trouble to seek out for Buying Bullion; Nor will any Person send Bullion to the Tower to be Coyn'd unless the Coyn'd Money be above the Price of Bullion.

Fourthly, What Price the Silver-Smiths shall Sell their Bulky Plain Plate at, being Standard, above the Price or Weight of New Coyn'd Money, which ought to be very little.

Fifthly, That a Duty answerable to what Foreigners will give for Silver, above the Price of our present Coyn, be laid upon Bullion, if Transported; (with a Proviso for the East-India Company, and all our Plantations; as also for what hath Reference to His Majesty's Affairs) which Duty will prevent the Melting down of our Coyn for Foreign Use. —

Sixthly, To consider if it will not be more convenient, and a great Ease and Satisfaction to the People; as also, a Help to [Page 40]Finish the Coynage with a quicker Dispatch, To have Twelve Mints set up in the most convenient Places of England and Wales, where the County-Offices shall be kept, rather than to bring all the Money from the Remote Parts of England and Wales to London: And that there be a Refiner at every Mint to Melt down the Bad Money, and to blow the Base Metal from it, till it is brought to the Perfection of Standard Silver.

Seventhly, That if You Raise the Coyn Thirty Pounds per Cent. That will nearly Discharge the Loss of the Clipp'd Money; and when it appears, by the Register of every par­ticular County, and the Parishes thereof, what further Damage than Thirty Pounds per Cent. each Parish shall suffer, That then it be Enacted;

THAT every Parish shall Tax and Assess it self with a Tax, to be Paid at Four Yearly Payments, to make the Remaining Damage good.

With Submission, I Humbly Offer this, as my Reason, because, in all Publick Affairs, one Parish doth not bear the Charges of another; for, certainly, the more Money there is in any Parish, the better able that Parish will be to bear this Tax. And I know no Reason why that Parish, or that Man, who hath little Clipp'd Money, should bear the Burthen of such as have.

Eighthly, Whereas some Persons have Writ against the Price of Guinneas going at Thirty Shillings, and seem to assert, as if that Price had been, or would be, a Damage to the Nation; this proceeds from Want of Consideration, and therefore renders them that think so Guilty of Mistake; for having not Examin'd the past, present, and future Cir­cumstances of England, their Opinions are given without [Page 41]any Reason, or just Cause, for what they say, as may appear by what follows. — I am of Opinion, That the Price of Guinneas coming up to Thirty Shillings, hath done the Nation such a piece of Service, that all the Industry and Wit of Man could not have found out a better way; for the Support of the Government, and Good of the People, in this Jun­cture, which I make out thus. — Suppose there have been 500000 Guinneas Imported in England since Christmas 1694, the Guinneas are but Return'd to the Countrey where they ought to be; and without this Accident of their Rise, we could not have contriv'd any way to have brought them to England again: Now, Valuing each Guinnea at Thirty Shillings, although they came in at cheaper Prices; but admitting them to be Eight Shillings and Six Pence more than they formerly went at, the Advance upon them comes but to 212500 l. — And, What if it doth? Is this so much? every Penny of this Money, and more, hath been, and will be got before Christmas next, by the Advance of our Goods, which have been, and will be, Shipp'd off for Foreign Use. Since the First of May last, by this Happy Accident of the Rise of Guinneas, we have brought all Europe, a great Part of Asia, some Places in Africa, and the most Parts of America, that have any Correspondence with Europe, to be Contributors towards the Charge of the War, which no other Contrivance or Invention could have affected, but only the Rise of Guinneas; and whe­ther this be taken Notice off or no, it is infallibly true. France it self, since the Rise of Guinneas, hath not escap'd bearing a proportionable Part of our Charge; for since the Rise of Guinneas, all Goods we Export have Risen, and now the Foreigners Pay for them, which, before the Rise of Guinneas, they had, in a manner, for Fetching away, whereby the Natives of England bore all the Burthen, and wrought only to make the Foreigner Rich.

Objection. But some may Object, and say, The Fo­reigners will pour in all their Gold upon us, if Guinneas go at this high Rate.

Answer. The more they bring, the better, Experience will shew it self, and 'twill certainly prove true, Where-ever the Gold or Silver is, there the Trade must and will be. But there is no Reason for such Persons to believe, that any Part of Europe is so flush of Gold, as to hold out Annually with the Production or Manufactures of the Goods of England. Gold doth not multiply and increase in Holland every Day, Week, and Month, as the Goods and Manu­factures of England do, (especially when they are incourag'd in Price). Those that sent the Guinneas before, may send as many more, if they can tell where to have them, and be furnish'd with Goods again. They have nothing but the Labour of our Hands for their Gold; and that Labour, or the Product thereof, for good Prices we are very willing to afford them, and should be glad of the Opportunity, that all our Hands might go to work. — But some Persons (whose Heads are only possess'd with Chimaera's) are apt to say, The Dutch and Hamburghers have Bought as many Goods as will serve them some Years, and that they will want no more for some time. These are the Fancies and Expressions of such People as neither know nor consider what Use or Occasion all the North-East Parts of Europe have for our Cloathing in these times; such Persons never thinking what Consumption and Expence there is of them in Holland, Flanders, Germany, Poland, Russia, Sweedland, Norway, Hamborough, and Denmark; if they did, they might see or understand there hath been no more Bought than what there is present Demand and Occasion for; and so 'twill be found, they'll be as ready to Buy the next Year, as they have been this, especially if they could hear of the Fall of your Goods, and the Price of Guinneas. —

Another sort of People are so Ignorant to affirm, by our taking their Guinneas at high Prices, they have drain'd us of our Goods. I wonder at the Weakness of such People▪ and tell them, at this Day there is in England, in the Oars of Tin and Lead, and in those Morals ready made, in Wool, and the Woolen Manufactures ready wrought up, above the Value of Two Millions in Pounds Sterling; all which we are ready to part with for good Prices, and should be either glad of more Gold or Silver for them; — Knowing very well we can soon make as many more: But I desire such Persons to consider and understand, It is not Holland, Hamborough, nor any Part of Europe, that is in a Condition, or can and will spare or part with One Million of Guinneas, or the Value thereof in other Gold, in these times, unless we English will sell them our Goods for little or nothing, as we have done of late Years; and then, doubtless, they'd be ready to purchase them. —

Is there any thing more fresh in Memory, than what the People of this Kingdom have suffered for Six Years last past? during all which time, the Manufactures and Goods of our Product, as Lead, Tin, all sorts of Cloathing, &c. have been at such low Prices, that many Thousands of Families could scarcely get Bread; nay, Multitudes have been forc'd to go a Begging, and leave their Habitations, because those that had Stocks of Money, and used to Imploy them, cast them off, in regard they could get no­thing by their Labour, when they had Wrought it up, by reason of the low Price of our Goods? Did not this Discourage the Undertakers for Imploying them? upon which, many have been frequently heard say, lamenting their Condition; What should I Work for? My Work affords me nothing when I have made it? Can this be thought any thing but a dismal and deplorable State of the People? and since those times are grown better, by the Advance of Guinneas, which occasioned this Rise of Goods, is it not necessary [Page 44]to keep Both up, whereby to prevent the People from Groaning under that Burthen again? What better can any Person be by Lowering the Price of Guinneas, which have done so much Good? I am sure there are few, if any, in England, that will be Gainers by their Fall; but, 'tis certain, Abundance would be very great Losers, if their Price should come lower. And You may conclude, The Foreigners desire nothing more than the Fall of Guinneas here, whereby they might have an Opportunity to compass them; and then they doubt not but to bring down the Price of our Goods again, and so free themselves from Bearing any Part of our Charges of the War; Therefore, I will lay down this for a Maxim: Whilst such Goods of our own Growth carry a high Price, as are Exported for Fo­reign Vse, all Parts of the Earth, where-ever they are used, contribute towards our Charges of the War; and when such Goods are low here, we only bear the Burthen, and the Foreigners have the Advantage thereof. Therefore, What Prudence can there be in Lowering the Price of Guinneas, which have caused so much Good? If Guinneas fall, the Price of Goods go down, and then You will hear of fresh Complaints from these People and Places following, who, for Six Years past, have labour'd under very great Difficulties, and a Multitude more in England besides these, whose Number is not a few.

In the County of Cornwall there may be Imployed in the Tin-Mines, and such as have a Dependance upon them for their Livings, one way or another, about 30000 People. And upon Lead-Mines, in the Counties of Somerset, Cardigan, Montgomery, Denby, Flint, Shrewsbury, Derby, York, Westmore­land, Cumberland, Northumberland, and Durham, about 120000. In all Sorts of Woolen Manufactures, and Cloathing Trade, in the Counties of England and Wales, at least 1500000. Making in all 1650000.

Working People, who if Guinneas fall, and the Price of Goods go down, at a time when the Money's Call'd in, and they Charg'd with further Taxes (than they have been) which, together with their then Want of Credit, added to to the Loss by Clipt and Counterfeit Money, will render them inclinable to reckon themselves like so many Victims Sacrific'd by Oppression, and thereby appear both Unable and Unwilling to Pay their Proportions of their Taxes.

So that, with Submission, in all Humility, I Humbly offer it as my Opinion, for the Good of the People, That Guinneas be Establish'd at Thirty Shillings during the Time of the War, or till there is greater Plenty of Silver, and good Money abroad in the Nation, which will add very much to make the People easie, and enable them to Pay their Taxes chearfully; and also conduce to the Keeping up the Prices of such Goods as are fit for Foreign Vse, whereby our Exports will over-balance our Imports, and, in a little time, remove that great Mischief and Damage there is, at present, by the Exchange of Money; which Loss hath insensibly stol'n upon us, by Reason of the low Price our Goods have Sold at for some Years past. —

For Example.—

Suppose my Correspondent at Amsterdam in May last sent me One Hundred Pounds Weight of Cloves at Four Shillings a Pound, which cometh to Twenty Pounds; and ordered me to Return him Two Fodders of Lead by the same Ships, which being very low at Nine Pounds a Fodder, came to Eighteen Pounds; so I became Forty Shillings indebted to him, by reason of the low Price of the Lead, which if it had been at Eleven Pounds a Fodder, as it hath been since the Rise of Guinneas, he must have allow'd me Twenty Two Pounds for my Lead, and then he would have been [Page 46] Forty Shillings Indebted to me; and so my Export had over-balanc'd my Import. This hath been the unhappy Circumstance we have lain under, for several Years past in all Goods; which, if this Sessions of Parliament would be pleased to consider, and think upon some Expedient to Remedy this Mischief, it would alter the Exchange, and cause a considerable Advantage to the English. To Accomplish which, I shall offer my Opinion as followeth. —

It is very well known, The Danes, Sweeds, Nor­wegians, Bremors, Hamburghers, Hollanders, and Flemmings, can fetch our Goods from Yarmouth, Boston, Hull, Stockton, and Newcastle, and carry them into any of their Countries as Cheap as we can bring them from these Places on our own Coast to London; so that we can send no Goods from London, to any of those Places, in English Ships, Seal'd by English Men, but what will stand us in near Ten Pounds per Cent. more than they will do them. —

It is also known, That the Genouese, Portuguese, and the People before-mentioned, do fetch our Goods from London, and carry them Abroad, much Cheaper than we can, because our Freights are dear, and Seamens Wages high; and they Sealing with fewer Hands, and Paying lesser Freights, over-do us. Therefore, I Humbly move it with Submission, Whether it may not be reasonable to lay such a further Duty upon all Goods that are Shipp'd in Foreign Bottoms, and Seal'd with such Hands, as may reduce this Advantage they have of us at present, and enable us to perform our Delivery of Goods Abroad as Cheap as they can? — This, although a Digression from the Coy­nage, I hope may be Pardoned. —

Lastly, Be pleased to consider, That Man who had 100 Pounds Worth of Goods at May-Day last, and makes Four [Page 47]Returns of them between that time and Christmas next, hath or will have, One Hundred and Sixty Pounds Worth in New Goods or Gold; and so proportionably for a greater or lesser Sum; Doth not this enable him to Pay the King's Taxes, assist him in setting Hands to Work, and gives him such Encouragement as to go chearfully on? and, Who Pays for this? Is it not the Foreigner, who desires to hear of nothing more than the Fall of our Guinneas, and the Price of our Goods; concluding then he should be freed from bearing any Part of our Charges, and we only left to Support the Burthen of the War: Whose Desires and Designs therein, 'tis hop'd, You, in Your Great Wisdom, will take all the Care that may be to prevent. Which is what offers at present upon this Subject,

By Your most Humble, And most Obedient Servant, T. H.

POSTSCRIPT.

ALL such as have, or shall hereafter use any Arguments against the — Raising the Value of the New Coyn'd Crown Piece to Six Shillings and Six Pence, or are not for Esta­blishing Guinneas at Thirty Shillings, as afore-said, are desired to consider, That Silver was formerly at Twenty Five Shil­lings the Pound Weight; and then such a piece of Silver as the New Crown Piece is, 27 Ed. 3d. went for Two Shillings; and, at the same time, a Pound Weight of Gold was Valued at Fifteen Pounds, or Twenty Five Shil­lings an Ounce; and then a piece of Gold of the Weight of our Guinnea went for Six Shillings and Nine Pence; whereby it appears, That the Prices of Silver and Gold have risen in all Kings Reigns, proportionable to the Trade there was then in Merchandizing, and to the occasions the Governments had for them in those times; so that it hath been Customary to raise the Value of Silver and Gold, as the Occasions of Trade and the Exigency of the State have required. And every Rational Man must own and confess, There is a greater Want of Money now, to Supply Trade, and to Support the Government, than ever there hath been; and therefore the greater need to raise them. — Neither have such Persons any solid or true Reason to offer against Raising their Values, but because they have been lower before, they would yet have them be so; and this is no Reason at all; for Time, Trade, and Circumstances, have quite Alter'd and Chang'd EUROPE extreamly to what it was formerly, when no Standing Armies were on foot; which things being well con­sider'd, such Persons may find, and see Cause sufficient to be of another Mind. They ought also to consider, That Foreigners have nothing to do with the Species or Substance of our Coyn, but only with the Value thereof.—

Furthermore, Be pleased to consider, as an expedient to remove that great Mischief we labour under by the Exchange of Money, and for and towards making our Exports balance our Imports; as also, for Increasing the King's Revenues, and for a Fund for Raising Supplies.

In all Dutiful Submission, I Humbly Propose,

That a BILL may be brought in to lay a Double Duty upon all Goods that shall be Shipp'd for Foreign Vse, after the 25th of March 1696, from any Port or Place in England or Wales, excepting the Port of London; and that the Duties and Customs may remain and continue there as they now are; because, it is manifest, since the Wars began, and Goods have been Sold at low Prices, either Foreigners, or any others, may Ship them from these Places, and carry them Abroad Ten, Fifteen, Twenty, and Twenty Five Pounds per Cent. Cheaper than they can be Shipp'd out of the Port of London, which, like a Snake in the Grass, hath bit the Nation extreamly: Few Persons knowing the true Reason of this, have met with great Disappointments in the Sales of their Goods Abroad, not understanding where their Misfortunes lay.

As for Example.

A Dutch Ship, or any other Foreign Ship, takes in One Hundred Fodder of Lead at Hull, at Nine Pounds Ten Shillings a Fodder, which, with Twenty Shillings a Fodder for the Customs, and Three Shillings a Fodder for other Charges, stands him on board in One Thousand Sixty Five Pounds, and so returns to Holland for the rest of his Cargo. — At the same time I Ship One Hundred Fodder of Lead from the Port of London, at Ten Pounds Fifteen Shillings a Fodder, and Twenty Three Shillings for the King's Duty, and other Charges, as afore-said, which stands me in One Thousand One Hundred and Ninety [Page 50]Pounds; and his Costing but One Thousand Sixty Five Pounds, stands him in less by One Hundred Twenty Five Pounds than mine doth me; besides, he hath Seven Fodder and Three Hundred and Twelve Pounds Weight in Lead, in One Hun­dred Fodder of Lead at Hull, more than I have at London, which over-Weight is worth Eighty Eight Pounds more to him; so that in the over-Weight, and the difference of Price, he hath an Advantage of me to the Value of Two Hundred and Thirteen Pounds in One Thousand One Hundred and Ninety Pounds laying out; and, therefore, at Lisbon, Cales, Leghorn, or Venice, can under-Sell me Twenty Five Pounds per Cent. and yet get as much as I do. Is not this a prodigious Ad­vantage to the Foreigner, or who-ever makes use of it? and 'tis real Matter of Fact.

Therefore, with Submission, I humbly conceive, It is but reasonable, during the Wars, to double the King's Cu­stoms in all Places of England and Wales, the Port of London only excepted: and, by this means, the Foreigner will be brought to bear some part of our Burthen of the War, by Paying for our Goods, whether he hath them at Home or Abroad; and this Additional Duty will be a good Fund to raise Supplies for His Majesty's Use; and will raise near Two Hundred Thousand Pounds per Annum, and greatly conduce to amend the Loss there is now by the Exchange of Money.

FINIS.

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