In all 15,109,476 13 5 Then he considers, how far this sum is to be abated. 1. All queen Elizabeth's crowns, halfcrowns, groats, quarter-shillings, half-groats, three-half-penny pieces, three-farthing pieces, and half-pence are wholly sunk. 3. Great numbers of her shillings and six-pences are melted down or lost. 3. The crowns, groats, twopence, pence and half-pence, of James 1, and Charles 1, are quite gone; with many of their half-crowns, shillings, and six-pences. So that he reckons, there was not left above a third part of the whole, coined in those three reigns, 5,036,492/. To this he adds the unmelted coins of Charles 2, James 2, and king William, which he supposed to amount to about 563,5081. So the whole of the silver money clipped and unclipped, boarded and current, then was 5,600,000l. Of this sum he reckons 4 millions consisted of clipped money, and the remaining 1,600,000l. to be unclipped, and lying in ho irds, or current in the remote counties.-The author proceeds to compute, how far the clipped pieces may have been diminished in the weight, In order to this, he observes, that of 1007. sterling in silver, according to the standard of the Mint. ought to be 321b. 3 oz. 1 pw. and 22gr. Troy. Now there had been brought in promiscuously, in the months of May, June, and July, 1695, 572 bags of 1007. each, Which 572 bags, according to the standard, should have weighed, Troy weight, But upon examination they weighed only Deliciency The weight of a hundred pounds sterling,according to the standard The medium of the weight of each hundred pounds of the clipped money, The medium of the deficiency, it. oz. pw. gr. 18,451 6 16 8 9,480 11 05 8,970 7 11 0 8 Hence it appears, that the current silver coins were diminished near one half, about the proportion of 10, to 22. Consequently, if there were 4 millions of clipped money to be recoined, it would make but about 2 millions. So there would be a loss of about that sum. The real loss proved to be 2,200,000l. The next step was so consider, Whether the several Denominations of the new Money should have the same weight and fineness as the old; or Whether the established Standard should be raised? This question produced many debates: Those who were for raising the Standard, argued, "That the price of an ounce of silver-bullion was advanced to 6s. 3d. and therefore the Standard ought to be raised to an equalily. That the raising the Standard would prevent this exportation of our coin, and the melting of it down, which of late years has been much practised, to the great prejudice of this kingdom; and that it would encourage people to bring in their plate and bullion into the mint." The Court party, who were for preserving the old standard, urged, "That the worth of money was relative, and to be rated by the measure of such goods, labour, advice, skill, or other assistances, as could be purchased from another by our parting with it. That the value of money among foreigners, who lived under different municipal laws, was intrinsic, and consisted in its weight and fineness. That common consent had given it this value, for the common conveniency of supplying one another's wants. That the weight and fineness was the only worth, that other nations regarded in our coin, as we in theirs; all money being between subjects of different governments of no greater value, excepting the workmanship, than so many pieces of uncoined bullion. That therefore, should our standard be altered, we should still be upon the same foot with our neighbours; for, if we were to pay them for their goods, or exchange our money with theirs, whatever denomination we gave our money, they would in their change ever reduce it to an equality with theirs, and proportion the quantity and goodness of their commodities to the weight and fineness of the money they were to receive for them; so that in respect of our foreign commerce, there was no reason to alter our standard. That at home, if the standard were raised, great confusions would attend it; the landlord would be defrauded of a great part of his rents, and the creditor of his debts. That the seaman and the soldier would be wronged in their pay; and many the like injuries and inconvenience would happen. That it was no answer to say, that they might buy as much goods and conveniencies of life with this coin raised above its standard, as they could before, because, by degrees, the seller would infallibly raise the price of his goods, in proportion to the new raised standard; and that of this there was an instance before them, all commodities being raised in their price, while guineas were paid for thirty shillings. That whereas it was alledged, that the price of bullion was risen to 6s. 3d., and therefore the standard of the silver coin ought to be raised likewise; it was replied, That it was a thing impossible, that the price of silver could rise and fall in respect of itself: That it was an unchangeable truth, than which no mathematical demonstration could be clearer, that an ounce of silver would ever be worth another ounce of the same fineness, and no more, allowing some inconsiderable disparity upon the account of the coin, if one ounce be in money and the other in bullion. That it was true indeed that the people commonly gave 6s. 3d. for an ounce of bullion; but that they gave only clipped pieces, that had no more than the sound of shillings and pence, but were by no means the things themselves; that is, they were not the standard shillings of due weight and fineness, and were no more so in the just sense of the word, than an ell is an ell, when the third part of it is cut off. That the case was so plain, that when they demanded of those, who affirmed an ounce of bullion to be worth 6s. 3d., whether they meant six milled shillings and three-pence, they knew not what to reply; for this alteration of the value of bullion was merely in relation to diminished money. And, to make it yet more evident, they urged, that it was matter of fact, that, with 5s. 2d. of new milled money, they could buy as much bullion as they pleased; while those, who bought it with clipped pieces, paid 6s. 3d. That whereas it was urged, that the raising the standard would prevent the exportation of our money, it was answered, that there was no other way possible to keep our money at home, than by out-trading our neighbours; that is, by sending them more commodities, or of greater value, than those, which we received from them. For if, upon the balance, we were found in their debt, there was no way left but to pay it in coin or bullion; and that therefore, whatever denomination we gave our coin, we must be necessitated to send it abroad, if the commodities we exported could not pay our debts. And that all the other arguments for raising the standard would sink to the ground, in case these two, on which the rest were built, had no reasonable foundation. Dec. 10. After deba te, the commons solved to recoin the clipped money, according to the established standard of the Mint, both as to weight and fineness; and to make it more easy to the people, they voted a recompense for the deficiency of the clipped money; aud that the loss of such clipped money should be borne by the public, and a fund of 1,200,000l. settled for that purpose. Accordingly, for raising that sum, a tax for 7 years was laid upon all dwelling-houses, except cottages (now called the Window-Tax) namely 2s. yearly upon each house; 48. upon every house having ten windows; and 8s. upon such houses as have 20 windows, over and above the 2s. re The Parliament was not insensible of the inconveniencies that would attend the calling in and recoining of the Clipped Money, the principal of which would be a cessation of payments, and thereupon an interruption of commerce. It was plain, that England could not subsist, unless some expedient was found out to support its trade, till the New Money returned from the Mint; and, since gold alone was not sufficient for that purpose, to fix up on such an expedient was a very difficult thing. They therefore agreed to call in the money by degrees; that, while some denominations of coin were suppressed, others, might be current; hoping, that, before the last old money should come in to be recoined, so much of the new might circulate from the Mint, as might sufficiently answer the necessities of the nation. They resolved therefore, 1. That a day be appointed, after which no clipped Crowns or Half-Crowns, as also no money clipped within the ring, be allowed in payment, or pass, except only to the collectors of his majesty's revenues or taxes, or upon loans or payments into the Exchequer. 2. That a day be appointed, after which no Clipped Money should pass, in any payment whatsoever. 3. That a day be appointed for all persons to bring in their Clipped Money, to be recoined into Milled Money; after which no recompence should be made for the same." Dec. 11. An Address was ordered to be prepared, to desire his majesty to regulate the currency of Clipped Money, according to the preceding resolution; which Address being drawn up, and reported by Mr. Montague, and afterwards (Dec. 19.) presented by him to the king, his majesty caused a Proclamation to be issued out accordingly. It is to be remarked, that the lords had already addressed the king to the same effect. The days appointed by the king's Proclamation for putting a stop to the currency of clipped money were so short, that an immediate stop was thereby put to trade. This was partly occasioned by the backwardness of the people to receive any old money, though allowed at present to pass, upon an apprehension, that at last it would be left upon their hands; partly from the slowness of recoining in respect of the people's wants, though otherwise dispatched with all the expedition imaginable in so great an affair; and partly by reason of the unequal intrinsic value between the new milled money, and those pieces or denominations of the old, which were allowed to be current. For while the hammered money, and pieces not clipped within the ring, were permitted to pass for the present necessity of trade, no body was willing to make payments in new money, which so much exceeded the old in its intrinsic worth. And therefore the new silver money, as fast as it issued from the Mints and Exchequer, was in a great measure stopped in the hands of the first receivers; for none were disposed to make payments in the new silver coin at the old standard, when they could do it in clipped pieces so much below it. And those, who had no payments to make, kept their new money as medals and curiosities in their chests; and there is reason to believe, that, at first, a great quantity of new money, by the help of the melting pot, went abroad in ingots to purchase gold, which at this juncture was a very profitable commodity in England. These inconveniencies being represented to the commons, the house in a grand committee considered the state of disturbance and clamour in the nation; that therefore it ought to be considered, how far it was fit to incense the common people in this juncture of affairs, who had already suffered so much by the war. Those, who were for reducing the price of guineas, argued, that there was as great reason to bring down guineas, as there was to recoin the silver money at the old standard. And here they reckoned up the mischiefs mentioned before on that head. That however the parliament might be obliged to manage by the necessity of affairs, and to suffer for a time the guineas to pass at that excessive rate, that in some measure there might be a currency of money, while the Mints were employed in new coining the silver; yet now they were obliged to sink the price nearer the old standard, that the silver money might not be stopped and hoarded up as fast as issued out from the Mints. And that, whatever losses and inconveniences the people might suffer by reducing of guineas, yet the mischiefs that arose, and would daily increase from not doing it, infinitely overbalanced those on the other side. Upon this the commons resolved to lower the price of guineas; and, that they might do it with less grievance and disquiet to the people, they at first reduced them from 30 to 28s.; afterwards to 26, till at last a clause was inserted in the bill' For en the nation, and how to prevent the interruption of commerce, during the recoining of the clipped monies. After some debates on several days, the commons Resolved, " 1. That the recompence for supplying the deficiency of clipped money should extend to all clipped money, which was silver, though of a coarser alloy than the standard. 2. That the collectors and receivers of his majesty's aids and revenues be injoined to receive all such monies. 3. That a reward of five pounds per cent. be given to all such persons, as should bring in either milled or broad unclipped money, to be applied in the exchange of the clipped money throughout the kingdom. 4. That a reward also of 3d. per ounce be given to all persons, who should bring in wrought plate to the Mint to be recoined. 5. That, for the sooner bringing in the clipped money to be recoined, any persons might pay in their whole next year's tax of 4s. in the pound in clipped money, at one convenient time appointed for that purpose. Lastly, That commissioners be appointed in every county to pay or distribute the milled and broad unclipped money, and the new coined money, and to receive the clipped money." These Resolutions were formed into a Bill, with a clause to prohibit the melting down and exportation of our coin or bullion, and to prohibit the use of plate in public houses; which last article proved the best expedient to supply the Mints with bullion,couraging the bringing Plate to the Mint,' there being at this time scarce any public house in England, that had not silver tankards and other utensils of the same metal, which the owners chose rather to carry to the Mint, and turn into ready money, than to keep so much useless and dead silver at home.* The lords having made several amendments to this bill, most of which, after some debates and conferences between both houses, were dis-be raised at the next agreed to by the commons, the Chancellor of the Exchequer, according to order, presented to the house another Bill for remedying the Ill State of the Coin of this Kingdom,' which passed both houses and received the royal assent.t Upon a petition to the commons by divers merchants and traders, to desire that the difficulties and losses in their trade and payments, occasioned by the rise of guineas, might be taken into consideration; the house first ordered a bill to be brought in, for taking off the obligation and encouragement of coining guineas for a Gertain time; and then proceeded to the lowering their value, wherein they met with some opposition. The reasons against the sinking the price of guineas were, that the people were easy, and pleased with it: that abundance of people would be losers, in whose hands the guineas should be at last found, which would raise great *This was grown to such an extravagance, that one ale-house, near the Royal Exchange, had, in silver tankards, to the value of above 5001. + See Burnet, Boyer, Tindal, and the Works of lord Halifax, whereby they were settled at 228. from which they naturally sunk to their former price of 21s. and 6d. However, it is to be observed, that though the parliament lowered the value of the guineas, hoping by that means to bring out the new money into circulation, yet by the artifice and management of some men the people were made to believe, that the price of gold would session: upon which many persons, who had great sums of guineas, kept them close in their chests. By this means, though the circulation of the new money was a little promoted, yet that of guineas, by which the nation chiefly subsisted, was considerably obstructed; the new silver money too, which the people were likewise industriously persuaded to believe would be advanced in value, when the parliament should come next together, was for that reason in a great measure hoarded up, to the great damage of commerce. Another evil arose during the recoining of the money; a general loss of credit which indeed shook the state. But this was cured by a seasonable and wise remedy, which the parliament applied the next session; and on the other band such diligence was used, not only in the Mint of the Tower, but likewise in those, which the king caused to be set up in York, Bristol, Exeter, and Chester, that at last this great undertaking of the highest difficulty, yet of absolute necessity, was happily accomplished, to the immortal honour of the parliament in general, and in particular of Mr. Charles Montague, who had the chief managenent of this weighty and arduous affair, which was executed with an order and justice, and quiet and exactness, beyond all customs. And that, when that nation should have settled themselves in plantations in Ame men's expectation; so that the nation was freed from a great and threatening mischief, without any of those effects, which were generally ap-rica, the English commerce in tobacco, sugar, prehended from it, and, in less than a year's cotton, wool, skins, masts, &c. would be utterly time, England, that had for so many years the lost, because the privileges of that nation, worst money of any nation in Europe, had then granted to them by this act, were such, that the best, to the great disappointment of the Ja- that kingdom must be the magazine for all comcobites, who had conceived great hopes of throw-modities, and the English plantations, and the ing the nation into confusion. traffic there, lost to this nation, and the exportation of their own manufactures yearly decreased. That besides these and many other obstructions, that the act would unavoidably bring to the general trade of this nation, anopromised to interpose his authority to have restitution, reparation, and satisfaction made for any damage, that might be done to any one of the ships, goods, merchandize, persons, or other effects whatsoever belonging to the said company, and that upon the public charge; did seem to engage his majesty to employ the shipping and strength at sea of this nation, to support this new company, to the great detriment even of this kingdom." To this address the King made answer, “ That he had been ill served in Scotland, but he hoped some remedies might be found to prevent the inconveniences, which might arise from this act." Soon after this, the king turned out both the Secretaries of State in Scotland, and the marquis of Tweedale; And great changes were made in the whole ministry of that kingdom, both high and low; particularly the lord Murray, son of the marquis of Athol, was made secre Proceedings relating to the Scotch East India Company.] Dec. 14. The lords, in a conference, communicated to the commons an Address to his majesty, in relation to an act of parliament made in Scotland for erecting a Com-ther clause in the said act, whereby his majesty pany trading to Africa and the East Indies; to which Address the commons gave their concurrence; and a committee was appointed to examine, What methods were taken for obtaining that Act? Who were the Subscribers to that company? and who were the promoters and advisers of it? Both houses attended the king with their Address, wherein they represented to him, | "That, having taken into their consideration the state of the trade of this kingdom, they found, that, besides many other disadvantages and difficulties it now lay under, an act of parliament, which had lately received his majesty's royal assent in his kingdom of Scotland, for erecting a company trading to Africa and the Indies, was like to bring many great prejudices and mischiefs to all his majesty's subjects, who were concerned in the wealth or trade of this nation. That the said act did provide, That * all ships, merchandize, and other effects whatsoever, belonging to that company, should be free from all manner of restraints or prohibi-tary of state. tions, and of all customs, taxes, sesses, supplies, or other duties imposed, or to be imposed by act of parliament, or otherwise, for the space of 21 years. And farther, that the said 6 company, whose members, officers, servants, or others belonging thereto, should be free, both in their persons, estates, and goods, employed in the said stock and trade, from all manner of taxes, sesses, supplies, excises, quar'tering of soldiers transient or local, or levying of soldiers, or other impositions whatsoever, 'during the space of 21 years.' That, by reason of the great advantages granted to the Scots East India company, and the duties and difficulties, that lay upon that trade in England, a great part of the stock and shipping of this nation would be carried thither; and by this means Scotland might be made a free port for all East India commodities; and consequently those several places in Europe, which were supplied from England, would be furnished from Scotland much cheaper than could be done by the English; and therefore this nation would lose the benefit of supplying foreign parts with those commodities, which had always been a great article in the balance of their foreign trade. Moreover, that the said commodities would unavoidably be brought by the Scots into England by stealth, both by sea and land, to the great prejudice of the English trade and navigation, and to the great detriment of his majesty in his Lord Bellhaven and others impeached thereon.] However, this business did not stop here; for the committee appointed by the commons to examine by what methods this act was obtained, having made their report, and delivered a copy of an oath de fideli taken by the directors of the Scots East-India company, and of the journal of the proceedings of the directors ; and the report, oath, and journal being examined; as also the petition presented to the house by the English East-India company, it was resolved, "That the directors of the company of Scotland trading to Africa and the Indies, administering and taking here in this kingdom an oath de fideli, and under colour of a Scots act of parliament, stiling themselves a company, were guilty of a high crime and misdemeanor; and that the lord Bellhaven, William Paterson, David Nairne, James Smith, James Cheisly, William Shepherd, Robert Blackwood, James Balfeur, James Fowlis, Thomas Coutts, Abraham Wilmer, Daniel Van Mildert, Robert Williamson, Anthony Merry, Paul Docminique, Robert Douglas, Thomas Skinner, Hugh Fraizer, James Bateman, Walter Stewart, and Joseph Cohene d' Azevedo be impeached of the same." While the impeachments were drawing up, Roderick Mackenzie endeavoured to suppress the Evidence, which he had given against these persons, for which he was ordered into custody, but he made his escape; nor could he be apprehended, though the king, at the request of the commons, issued out a proclamation for that purpose. A Council of Trade voted.] The losses of the merchants gave great advantages to those, who complained of the administration: their conduct, with relation to our trade, was represented as at best a neglect of the nation, and of its prosperity; some, with a more spiteful malice, said, it was designed, that we should suffer in our trade, that the Dutch might carry it from us: and, how extravagant soever this might seem, it was often repeated by some men of virulent tempers. And in the end, when all the errors with relation to the protection of our trade, were set out, and much aggravated, the commons proceeded to consider the state of the nation in relation to trade, and resolved, 1. "That a Council of trade be established by act of parliament, with powers for the more effectual preservation of the trade of this kingdom. 2. That the commissioners constituting the council be nominated by parliament. 3. That the commissioners should take an oath, acknowledging, that king William was rightful and lawful king of this realm; and that the late king James had no right or title thereunto; and that no other person had any right or title to the crown, otherwise than according to the act of settlement made in the first year of his majesty's reign, &c." Of these and ten more resolutions, the first and second, with some others, were indeed approved; but several, and especially the fourth, whereby king William was to be acknowledged rightful and lawful king, and which occasioned a warm debate, were rejected by the house. And a Bill was ordered to be brought in, upon the resolutions agreed to; though it was opposed by those, who looked on the establishment of a Council of Trade by an act of parliament, as a change of our constitution in a very essential point. They urged That the executive part of the government was in the king; so that the appointing any council by act of parliament began a precedent of their breaking in upon the execution of the law, in which it could not be easy to see how far they might be carried. It was indeed offered, that this council should be much limited as to its powers; yet many apprehended, that, if the parliament named the persons, how low soever their powers might be at first, they would be enlarged every session; and, from being a council to look into matters of trade, they would be next impowered to appoint convoys and cruizers. This, in time, might draw in the whole Adiniralty, and that part of the revenue or supply, which was appropriated to the navy; so that a king would soon grow to be a duke of Venice. And indeed those, who set this on most zealously, did not deny, that they designed to ingraft many things upon it. The king was so sensible of the ill effects, which this would have, that he ordered his ministers to oppose it, as much as possible they could. The carl of Sunderland, to the surprize VOL. V. of many, declared for it, as all that depended on him promoted it. He was afraid of the violence of the republican party, and would not venture upon provoking them. The ministers were much offended with him for taking this method to recommend himself at their cost. The king himself took it ill, and declared to bishop Burnet, That if the earl went on, driving it as he did, he must break with him; and imputed it to his fear. For the unhappy steps, which he had made in king James's time, gave his enemies so many pretences for attacking him, that he would venture on nothing, that might provoke them. Here was a debate plainly in a point of prerogative, how far the government should continue on its anticnt bottom of monarchy, as to the executive part; or how far it should turn to a commonwealth; and yet, by an odd reverse, the Whigs, who were now most employed, argued for the prerogative, while the Tories seemed zealous for public liberty; so powerfully does interest biass men of all forms.” " A Grant of the Revenues of Wales to the Earl of Portland strongly opposed.] There was another affair depending in this session, which very sensibly concerned his majesty. The earl of Portland bad begged of his majesty the lordships of Denbigh, Bromfield, and Yale, and other lands in the principality of Wales; which his majesty, before he went last to Holland, had readily granted to him and his heirs for ever: The Warrant coming to the lords of the treasury, the gentlemen of the county, upon short notice, were heard on May the 10th, before their lordships. Sir William Williums then alleged, That these lordships were the ancient demesnes of the prince of Wales. That the Welsh were never subject to any but God and the king. That in the statute for granting fee farm rents, there was an exception of the rents belonging to the principality of Wales; which imported, that the parliaments took those revenues to be unalienable. That upon creation of a prince of Wales, there were many acknowledginents payable out of those lordships; and though there were at present no prince of Wales, yet he hoped to see one of the king's own body, &c.' 6 Sir Roger Puleston alledged, That the revenues of these lordships did support the government of Wales, by paying the judges and other officers their stated salaries; and if given away, there would be a failure of justice.' Mr. Price, a gentleman of great parts, since one of the Barons of the Exchequer, did boldly urge, That the grant was of a large extent, being five parts in six of a whole county, which was too great a power for any foreign subject to have; and that the people of the country were too great, to be subject to any foreigner: Let it be considered, (says he) can it be for his majesty's honour or interest, (when the people hear this and understand it) that he daily gives away the revenues of his crown; 3 R * Tindal. |