Memorandum. 'Proposals touching the Amendment of the English Coins'

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<text in Unknown Hand begins>Proposals touching the Amendment of the English coins.

Proposal. I.

That Bullion & Milled money be enacted of an equal value under a severe penalty to any one who shall give or take more then the value of a crown piece for an ounce of bullion

For the raising ye price of bullion has for some years put a stop to the mMint & caused milled money to be either melted down into bullion <text in Isaac Newton’s hand begins>& base money <text in Unknown Hand begins>or transported & sold for bullion abroad. And these mischiefs are not otherwise to be remedied then by this Proposal.

Pr. II.

That a crown piece & an ounce of Bullion be enacted (at present) of a middle value betwen {sic} them both; suppose at 5s 6d, or 5s 8d or at most 6s; & that every year, or every half year, a penny be deducted from their common value untill they be both brought down to 5s.

For this temper of the value will make the least alteration in ye present state of affairs, & so is safest; & the grevances which may arise to some persons from equalling the value of milled money & bullion will this become moderate & of short continuance{illeg}. For should bullion on a sudden be brought down to ye value of milled money, it might be too detrimentall to all that trade in bullion & Plate, & should milled money be raised to ye present value of bullion suppose a crown piece to 6s 3d or 6s. 6d it might cause too great profit to those who have milled money hoarded & continue to raise the price of all merchandices too much to the injury of Land, standing rents & Annuities & of all estates wch cannot rise in the same proportion. But if it be set at 5s 6d or 5s 8d or perhaps 6s the injury already done to standing estates by the rise of bullion, will be abated by the present Fall of bullion<text in Isaac Newton’s hand begins>thereof <text in Unknown Hand begins>& in four or five<text in Isaac Newton’s hand begins>a few <text in Unknown Hand begins>years by the reduction of its value to 5s {illeg}<text in Isaac Newton’s hand begins>per <text in Unknown Hand begins>ounce, it will cease

Prop. III.

That all ye unmilled half crowns be speedily milled into half ounce pieces of sterling allay, & of a particular new stamp whereby they may be easily distinguished in tale from the <text in Isaac Newton’s hand begins>other <text in Unknown Hand begins>milled half crowns; & that a <text in Isaac Newton’s hand begins>common <text in Unknown Hand begins>value (at present) be set upon them <text in Isaac Newton’s hand begins>(at pre{illeg}sent) <text in Unknown Hand begins>almost equal to the value of the money out of wch they are coyned, suppose of <text in Isaac Newton’s hand begins>3s or <text in Unknown Hand begins>3s 6d or 4s or at most 4s 6d the piece, & that this value be lessened a penny or 2d in the piece every year, or every half year, untill it be brought down to 2s 6d, wch <605v> is ye just intrinsick value of the pieces.

I propose this as reasonable to be now done because 'tis better in all respects then to let the unmilled money continue as it is. For it will make the least alteration in ye affairs of the nation & so is safest <text in Isaac Newton’s hand begins>for the Government<text in Unknown Hand begins>. The quantity of money will not be thereby too much diminished on a sudden. It will put an end to ye clipping of half crowns & therefore I propose it to be done speedily <text in Isaac Newton’s hand begins>for putting an end to clipping half c{illeg}rowns<text in Unknown Hand begins>. And tho this <text in Isaac Newton’s hand begins>new <text in Unknown Hand begins>money will for a time went of intrinsick value yet this is no new greievance but a step to the remedy of {illeg}the old one. For it will be of more intrinsick value then the current money <text in Isaac Newton’s hand begins>is <text in Unknown Hand begins>at present, & every year grow better and better till it have its Full intrinsick value: which gradual amendment will be safer to the government then too sudden a change. And Tthe losse by milling will<text in Isaac Newton’s hand begins>may <text in Unknown Hand begins>not be so great but that every subject may beare it without putting the nation to charge, or calling in plate before its <text in Isaac Newton’s hand begins>be <text in Unknown Hand begins>necessary, wch would make an ill sound abroad,. And tho its want of intrinsick value will for a time make it liable to be cou{illeg}nterfeited, yet it will be much lesse liable thereto then ye unmilled money is at present

Prop. IV

That no bullion or plate be milled with this new stamp upon pain of treason, nor brought to ye Mint during the milling of this money; & that so soon as the time is expired for milling this money,<text in Isaac Newton’s hand begins>it <text in Unknown Hand begins>the sStamps be defaced, & it be treason to mill any more money in this Stamp, or to have instruments for that end; and all the unmilled half crownes thence forward to be decried and cease to be current or valuable any otherwise then as Bullion. For this will hasten all people to bring in their light money to ye mint before the time for milling it be expired

It would be easiest to mill all the money in ye Tower as it comes into ye Kings hands: but this will be long in doing & all the loss in milling would be the Kings. Tis better that a speedier end be put to clipping or& that every man bears his own loss in coynage, then that ye King b{illeg}eare {illeg}the losse of the whole nation.

I pass by <text in Isaac Newton’s hand begins>other <text in Unknown Hand begins>particulars of less moment as

1 whether every man shall carry his money to ye Tower, or one or more new mints (for saving this carriage) be erected in others parts of the nation, & remain fixed there or be removed from city to city till the money be milled

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2 Whether ye half crowns wch weigh more then 2s 2d or perhaps then 2s should be exempted from this coynage of light money & valued as Bullion & accordingly milled with that stamp wch is now in use.

3 Whether ye Shillings & sixpences shall be new milled at the same time with the half crowns & after the same method or let alone till another year, & if they be let alone whether for putting a limit to clipping them, those, shillings & sixpences wch are clipt wthin ye ring shall all be new milled & decryed t together wth the half crowns

4. Whether an Office should not be a{illeg}nnexed to ye Mint for refining base money (the platted brass by Quicksilver, & the silver of course allay by other due means) & what rules shall be observed in such an office.