[PDF]A report containing an essay for the amendment of the silver coins

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REPORT


Containing an


ESSAY

FOR THE

Amendment

O F T H E

r


LONDON,

Printed by Charles Bil/^ and the Executrix of
Thomas Nervcomby deceased ; Printers to the
Kings moft Excellent Majefty. 1695.


To the Rijrk HonouraUe the Lords
Commifjwners of His Majeflfs
Treafiiry.

May it pleafe your LordJJjips^

N Obedience to your Lord-
iliips Command, I have en-
deavoured to inform my felf
of divers Matters which con-
cern the Gold and Silver
Moneys, and of the moft Praflicable Me-
thods for new Coining the Latter, and
Supplying, in the mean time, fufficient
Coins to pay the Kings Taxes and Reve-
nues, and to carry on the Publick Com-
merce 5 and I do humbly reprefent to youc
Lordflii'ps,

That I have made diligent Search into
feveral Records, Books and Writings, to
fee what A5:s or Things have been former-
ly doneorprafiifed, which might ferve for
Precedents, or give any Light for the Re«
eiftablifhment of the ®oin$ that Ihould

h 2 iiow


4 An E(Jaj for Amendment

now go^ and have Courfe as the Lawful
Money of the Kingdom.

It is true ( as I find in a Book of great
Authority, remaining in the Exchequer,
called The Blach^Booh^^ written by Ger^uaje
of Tilbury^ in the time of HeJiry the Se-
cond ) that there were anciently Falfifiers
and Clippers of Money ^ for when King
William the Firft, for^the better pay of his
Warriours, caufed the Firmes^ which till
his time, had for the moft part been an-
fwered in Viftuals, to be converted in Pe-
cHniam Numeratam^ he direfted the whole
from every County, to be Charged on the
Sheriff, to be by him brought into the Ex-
chequer 5 adding. That the Sheriff fhould
make the Payment, ad Scalam^ hoc eft ( as
the aforefaid Author expounds it^joheret
prefer qnamlihct fiumeratam hhram fex dena-
rios ^ and the Money afterwards declining,
and becoming worfe, it was Ordained,
That the Firmcs of Manors fliould not on-
ly be paid ad- Scalam^ but alfo ad Fenfam^
which latter was the paying as much Mo-
ney for a Pound Sterlings as weighed
Twelve Ounces Troy , fo that Payment
of a Pound de Islifhtero imported Twenty

Shillings,


of the Silver Coins. 5

Shillings, ad Scalam imported Twenty
Shillings Six Pence, and ad Pcnjltm import-
ed fo much as weighed Twelve Ounces.
And in the time of King Hc/;rv the Second,
when the Billiop of Salisbury was Treafu-
rer, who confidered, that though the Mch
ney did Anfwer Nnmero d^ Fondere^ it
might neverthelefs be mixt with Copper
or Brafs j therefore (yCo/ifilio Regis (^ nt
Kegi<£ firmtl ^ Fublicx Pro'videretur 'Vtili-
tati ) a Conftitution was made, called the
Trial by Combufliou, The whole Progrefs
whereof, as it was praftifed in the Exche-
quer in thofe Days, is exaftly fet down in
the faid Book, and differs little or nothing
from the prefcnt method of Affaying Sil-
ver for its Finenefs •, as plainly appears in
that place where the faid Ger^ajc treats
of the Office of the Miles Argcfnarins^zwd
that of the I'HJor^ an Extraft whereof is
hereunto Annexed.

It appears alfo that the Crown Rents were
many times rcfervedin LibrisAlbis oxBlancb
Firmes ^ in which cafe the Payer was holden
Dealbare Firmam^ that is. His Bafe Money
or Coin worfe than Standard was Molten
down in the Exchequer, and Reduced to

A 3 the


£ An Efay for Amendment

theFinencfs of Standard Silver, or (inftead
thereof) he Paid to the King Twelve
Pence to the Pound by v^ay of Addition.
But the moft Remarkable Deceipts and
Corruptions found in Ancient Records to
have been committed upon the Coins of
the Kingdom, by Offenders, were in the
time of King Edrvard the Firft, when
there was Imported^ fort of Light Mo-
ney made with a Mitre ^ another fort of
Light Money with Lyons upon it ; a
Third fort of Copper Blancht, to Refem-
ble the Money of England ; a Fourth
fort of Light Money Refembling that of
king Edward , a Fifth kind that was Pla-
ted: And the Crime of Rounding Money
( which I take to be the fame with Clip-
ping) was then in Fafliion, all which was
done out of England, And the Merchants
to avoid the Search at Dover and Sand-
rpich^ concealed the Parcels in Bails of
Cloth, and brought them in by other
Ports, hes qtienx chofes fi elks fniffent
longent foeff'erts ( fays the Book ) elles
ijjettere yent la Monye D^englitere a nient :
And the Chief Remedies then Applied
Were h ' ' ' ' '


$f the Silver Coins. 7

Firfi^ To Cry down all Money that
was not of England^ Ireland or Scotland :

Secondly^ That fuch as arrived from be-
yond Seas, fliould fhew the Money they
brought with them to the King*s Officers :

Thirdly^ And not hide it in Fardels,
upon Pain of Forfeiture :

Fourthly , That the Light Money and
the Clipt Money might be Bored through
without contradiction :

Fifthly^ And that the fame fliould be
Received and Paid by Weight at a cer-
tain Rate ^ and that the Perfons having
fuch Clipt or Light Money, fliould bring
the fame to the King's Changers, who
were fettled in fevcral great Towns in
the Kingdom, to be new Coined. And
by what 1 have Read in Lihro Rnbea
(which is in the upper Exchequer ) con-
cerning the Changers ( who, as well as
the Mafiers of the Mint, had fevcral Of-
fices Erefted in divers Parts of the King-
dom '•) Namely , at London , Canterbury^
Briflol^ Kingjion upon Hull^ 'Nervcafxle
and Exeter ) a Principal Bufinefs of thefe
Changers was to Buy in the Silver of the
Bad Money j qiie les Pollards C^ Crock^rds

A 4 O^


8 An Ejfaj for Amendment

^ les autres Manvaifes Monet f Contrefaits
Soront abatues : And there was a Writ
then direSed to the Sheriffs, to Prohibit
the laiportation of CHpt or Counterfeit
Moneys, and the life thereof in Mer-
chandizing or Negotiating, under fevere
Penalties, and Commanding thofe that
had fuch Money to Bore it thorough, and
to bring it to the King's Change to be
new Coined.

And I find by an Indenture in the
Third Year of Queen Eli%abeth ( at
which time there was Bafe Moneys that
had been Coined by Publick Authority )
That it was Ordained that Fketrvood^ Un-
der Treafurer for the Upper Houfes of
the Mint in the Tower, (hould take in by
Number and Tale, the Bafe Moneys there-
in mentioned, at fuch Rates or Values as
were Appointed by a Proclamation in that
behalf 5 giving Bills to the Parties under his
Hand for the Receipt thereof And the
OfHcers of the Mint were to Melt down
and Repay the fame in Sterling Moneys,
to the Parties or their Deputies, iliewing
and delivering their Bills^ having regard
|p the time when every Man brought in

his


of the Silver Coins. j

his Money. And the Bafe Money Recei-
ved, and the Sterhng Money Repaid
were to be Entred in Two Legers ,
one to be kept by the faid Under-Trea-
fiirer, and the other by the Tellers. And
the Comptroller and Affay-Mafter were
to keep fcveral Books of Refining and
Melting the Bafe Money, to the intent
they might be Vouchers to the faid Un-
dcr-Treafurer, who was to Account to
the QjLieen for the whole.

Thefe or fuch like Provisions might
ferve well enough in thofe Times, when
there was not much Money, and but lit-
tle Trade or Occafion for it , and when
the Species then in being , which one
would think confifted Anciently of
Pence or Pieces of fmall Denomination,
were not Corrupted or Diminiflied to
that degree as they are at this day.

But confidering the prefent low Con-
dition to which Our Moneys are almoft
generally Reduced, and the neceffary
Life thereof in daily Occafions, and par-
ticularly in the ways of Trade, upon
which this Nation depends more at this
time than it did formerly , I do not fee

how


lo An Effaj for Amendment

how the Prudence of our Anceftors
( which in many Conftitutions relating to
the Exchequer and the Mint, appears to
have been Tranfcendent and Admirable,
cfpecially in Matters of Charge and Dif-
charge, and preventing Frauds and Abu-
fcs upon the Crown) can, without the
devifing new or additional Means and
Methods, be made Applicable to a pre-
fent Work of new Coining the Silver
Moneys, and Supplying Currant Coins
for the Commerce , and for the Payment
of Taxes and Revenues in the mean
time.

If therefore the King ( to whofe Re-
gahty the Power of Coining Money, and
Determining the Weight, Finenefs, De-
nomination and Extrinfick Value there-
of doth Solely and Inherently Apper-
tain ) Ihall Judge it neceffary to have the
old or prefent Species of Silver Coins, or
fo much thereof as hath been Clipt or
otherwife Diminifhed , to be Melted
down and Recoined, I humbly con-
ceive new Means and Methods for doing
the fame muft be Devifed. And in
Regard Money (which fome Lawyers

have


of the Silver Coins. 1 1

have called Firmameiitnm Belli (^ Orna^
ijietitum Facis^ is mofl: certainly of the great-
eft Importance to His Majefty, in fupply-
ing the Taxes, Revenues and Loans, for
Carrying on the War, and Supporting His
Royal Eftate ^ as alfo to His Subjeft*?,
w^ith relation not only to their Trade
and Commerce , but al(b to all other or-
dinary Means of Livelihood : The faid
Means and Methods for Re-eftablilhing the
Coins, and the many w^eighty things de-
pending thereupon, ought to be well Ex-
cogitated, and to be Confidered and Ad-
jufted by Perfons of the greateft Judg-
ment and Sagacity, and (if I had not
been Enjoyned by your Lordlliips) I
fliould fcarce have Adventured upon a
Subjeft fo very Difficult and Curious.

I have Imployed my Thoughts chiefly
upon fuch Matters as are Reduceable to the
following Heads, "viz..

Firfi, Concerning the Standard
of the Gold and Silver
Coins, and the Eftablifli-
ment of a Juft and Reafon-

able


J 2 An Effay for Amendment
able Foot for the Courfe of
the fame.

Second, Concerning the Prefent
State and Condition of the
Gold and Silver Coins.

tkird. Whether it be or be not
Abfolutely neceffary at this
Time to Re-eltablifh the
fame.

Fourth, The Propofing of Means
thatmuft be Obtained, and
the Proper Methods to be
ufed in and for the Amend-
ment of the Silver Moneys.

Fifth, To Confider what mufl
Supply the Commerce, Pay
Taxes, 6c. Whilft the Clipt

Money


of the Silver Coins. 13
Money is under its New Fa-
brication.

As to the Particulars.

Firfi, Of the Standard.

This properly brings under Confidera-
tion Two matters relating to the Coins ;
namely, the Degree of Finenefs, and the
Weight of the Pieces. In treating upon
which I (hall humbly take leave to obferve
this Method.

Firjl^ To explain what is meant by Ster-
ling Moneys.

Secondly^ To fet down Hiftorically the
Proportions of Fine Gold, and Fine Silver,
with the refpeftive Allays, which the Ma-
fters or Workers of the Mints have been
holden to Obferve in the Fabrication of
the Moneys of this Realm, by their refpe-
6Hve Indentures which I have found out,
Beginning with thofe in the time of King
Edrpard the Third, ( the fartheft Extant )
and Ending with the Indenture of the
Mint now in being,

Thirdl^^


14 A/i E(faj for Amendment

Thirdly , To propofe the Standard of
Fincncfs, which ( in my humble Opinion)
ought to be continued for the new Coins,
which His Majefty may be pleafed to di-
red at this time, with my Reafons for the
fame, to be deduced from the Experience
of former times, and an Impartial regard
to prefent Circumftances.

Fourthly^ To fet forth how the Value of
the Gold and Silver in our EngUpj Coins
hath been Raifed from time to time, which
confiders the Weight and Number of Pie^
ces in a Pound Troy,

Fifthly,, To offer my humble Opinion
upon that Subje6}-, in reference as well to
the Old Coins now in being and Unclipt,
as alfo to the New Moneys, which may
be direfted tobemade, asaforefaid, toge-
ther with my Reafons for the fame, to be
alfo Grounded upon the Experience of
former Times, and a due Confideration
of prefent Circumftances : All or moft of
which Points being of great Moment, to
be well weighed in this Affair, I do
humbly pray youf Lordfliips that I may
Difcufs them feverally.

Firfl^


of the Silver Coins. 15

Firfi , It is believed by fome Authors,
( and not without Reafon ) that in the
moft Ancient times, when Money wasfirft
Coined withi/i this Ifland, it ^yj^^^^^^gg
was made of ^ Pure Gold ofShenpAc-
and Silver, like the Moneys ^^'^''^^'P5-
now Currant in fome other Nations, par-
ticularly in Hungary and Barbary^ where
they have Pieces of Gold called Ducats
and Stihaneffes , and in the Kingdom of
hicbifla?!^ where they have Pieces of Silver
called Rupees^ which I have feen, and
wherein ( as I am Informed ) there is lit-
tle or no Allay : And that afterwards it
being found convenient in the Fabrication
of the Moneys, to have a certain Quanti-
ty or Proportion of Bafer Metal to be
mixt with the Pure Gold and Silver,
the word Sterling was introduced, and
hath ever fince been ufed to denote the
certain Proportion or Degree of Finc-
nefs, which ought to be retained in the
refpeftive Coins compofed of fuch mix-
ture, as aforefaid. There are fome Au-
thors that fancy this Word Sterling took
its Name from a Caftle in Scotland^ as if
it were firft Coined there. Some have

derived


1 6 An Effaj for Amendment

derived it from a Star or Aftracifm,
which they imagine to have been Impref-
fed thereupon. There are thofe that fetch
it from the Name of an Ancient Inden-
ture or Bond which was taken by the
Jews ( thofe old Uferers ) for Security of
their Debts , and which was called the
Jews Star. But others think it comes from
the Name of a People called Eaflerlings^
as the firft Workers of it in England, Of
which latter Opinion is the Author of a
very old Trcatife concerning Money, En-
tred at large in the Red jB^{?J^ abovefaid,
in the time of King Edward the Third.
For my own Part, I do not believe the
word Sterling ( denoting the degree of
Finenefs or Goodnefs as aforefaid^ was
known in the time of the Conqueror, in
regard there is no mention thereof in Li-
bra Jnditiario or the Dooms-day Book ^which
Valueth every Manor fas it was worth in
the times of the Confeflbr and Conque-
ror refpe&ivcly ) in Money ad Nnme^
ram^ or ad Penfam or ad Pondm^ but not
in Sterling Money ^ and yet the Denomi-
nation of Sterling was foon after introdu-
ced, becaufc the Statute of the Twenty

mi]


of the Silver Coins. 1 7

fifth of Edward the Third refers to An-
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