Account of the Provisions in Parliament to remedy ye ill state of ye Coin. Annoy 1695
Account of the Provisions in Parliament to remedy ye. ill state of ye. Coin.
Anno 1695.
The confusion and distraction in all receipts and payments by the Guineas and clipt mony came to that pitch that nothing lesse than recoyning all the hammer'd silver monys and reduceing the Guineas could remedy the generall disorders: and the people grew so weary of this greivance, that our Ennemys abroad depended upon a new Revolution and their Partizans here were in great hopes that some disorders would happen thereupon; {illeg}but to their[1] {illeg}great mortification they found, after all their utmost essays to corrupt the loyalty of the people, that they remain'd inflexible in their allegiance and affection to the King: His Gouvernment and martial genius had purchas'd him the universall love of his people: & every body knew where to charge all our miserys, and publick misfortunes; and plac'd all their hopes of relief in some expedient to be found out in ye. ensuing session of 169: {illeg} aAs soon as the King was return'd from abroad he was fully and particularly informed of the very ill state of the Coin, and the universall complaints and generall uneasinesse of his subjects <54v> on that Account. The Lords of the Treasury, who had for some time before considered of this matter, wherein they were particularly concern'd, were prepar'd to debate it in Parliament and to propose their Expedient to the House for redressing a greivance {sic} that was become intollerable. And divers members of both Houses took some pains likewise in inquiring into the state of the Coin, and considering what measures were fitt to be pursued att their next meeting; & many of 'em receiv'd it as an instruction, from the Country Corporations w.ch they represented, to take a particular Care in reprresmentdying the ill state of the silver mony. The generall mischiefs that were allready felt, and the fatall consequences that must have attended a delay in ref{illeg}iorming it allarm'd the whole Kingdom, & entirely convinc'd the Members of both Houses of the necessity of begin̄ing the session with this important debate. Every body without doors was inspir'd with an unusuall zeale for the publick on this occasion, which produced a world of papers containing Proposalls to the Parliamt. for amending the silver coins, providing funds for ye. warr, reviving the publick credit, and supplying the necessitys of our Inland trade.
Some of which Papers, I doubt not, were of good use and service afterwards to diverse Gentlemen in their Parliamentary debates; Mr. Lowndes his Memorial was well received by the publick. But what Mr. Lock had written about ye. Coin, was in very great esteem with every Iudicious Reader; for he expos'd the delusion of raising the value of our monys, and very much contributed to the preservation of ye. legal weight of& purity of 'em, which some persons mightily endeavoured to change. The Kingdom was oblig'd to that very worthy Gentleman, for the pains he took to serve his Country, yet the affairs was of that moment and generall concern that no privat person could perhaps foresee all that was proper to be done, to restore the coin and our creditt to their ancient standard.
The King himself would not undertake to remedy the ill state of the Coin by his meer pPrerogative; but, as ye wisest of his Predecess.rs had done before him, thought fitt to advise with his Parliament about it; and was pleasd at the opening of the winter session the 23 November 1695 after other weighty matters to tell 'em in his speech, That he could not but take notice of the great difficulty's wee lay under by sReason of the ill state of the Coin, the redresse of which might prove a further charge to the nation; but 'twas a matter of such generall concern, and <55v> [2]of so very great importance, that he thought fitt to leave it [3] entirely to the consideration of his Parliament.
Whereupon both Houses immediatly took into their consideration this part of theirhis Majesties speech: and accordingly on the 5.th of December the Lords had a conference with the Commons about the ill state of the Coin, and the same matter was again consider'd by a Committee of the whole houses on the 6,7,8,9 and on the 10th. day The Honorable Coll. Granville reported from the Committe of the whole House the following Resolves, vizt
1 That the most effectuall way to putt a stop to the mischiefs which the nation suffer'd by the currency of the clip'd mony, was to recoine the same.
2. That it was the opinion of the Committee that all such mony be recoyn'd according to the establish'd standard of the Mint both as to the weight and finenesse.
3 That the loss of such clip'd mony as is silver and coin'd at the lawfull Mints of this Kingdom be born by the publick.
4. That a day or days be appointed after which no clip't Crowns or Crowns be allowd in payment or to pass; except only to the Collectors and Receivers of his Majesties Revenues <56r> and Taxes, or upon Loans and payments into the Exchequer.
5. That a day or days be appointed after which no clip'd Crowns or Crowns shall pass in any payment whatsoever.
6. That all such Crowns and half Crowns, as they come into his Majesties Receipt be reoind into mild mony.
7. That a day or days, be appointed after which no mony clip'd within the ring be allow'd in payment or to pass, except only to ye Receivers and Collectors of his Majesties Revenues and Taxes, or upon Loans and payments into the Exchequer.
8. That a day or days be appointed after which no mony clip'd within the Ring, shall pass in any payment whatsoever.
9. That a day or days be appointed for all persons to bring in their clip'd mony to be recoyn'd into mill'd mony, after which no recompence shall be made for the same.
10. That a fund or funds be settled for supplying the deficiencys of the Coin.
All which Resolutions were agreed unto by the House; and the 12 December 1695 a Committee was appointed to draw up an Adress {sic} to the King pursuant to these Resolutions, and to prepare and bring in a Bill to regulate the Coin, on the 14th. the Honorable Charles Montague Esqre. then Chancellr. of the Excheqr. reported the Address which was presented to the King the 16th. by him and other Members of the Privy Councill, and <56v> the same day the Lords presented an Address to the same effect.
On the 17 Mr. Chancelr. reported to the house his Majesty's Answer and brought in a Bill to regulat the Coin, which was received and read the first time: and {illeg}Col.. Granville reported the Resolution of the Committee of ye. whole House, which was that a fund or funds 1200000 was necessary to supply the deficiencys of the Clipd monys. On the 19th. following the King issued his Proclamation pursuant to the Address of both Houses wherein he declares, that
1 From the 1st. Ianuary 169 no Clipd Crowns or half Crowns should pass in any payment except only to the Receivers and Collectors of Taxes or Loans and payments into the Exchequer. and
2. From the 3d. February 169 no Clipd Crowns or half crowns should pass in any payment whatsoever in London or forty mils distance, and
3. From the 22th. February 169 no clip'd Crowns or half crowns should be current in any paymentss what ever within the Kingdom et Cæta. And
4. From the 13 Febr. 169 no shillings clipd within the ring should pass in any payment except only to the Kings Receivers, and Collectors or in Loans and payments into the Exchequer. and
5. From the 2d. March 169 no other species of mony Clip'dsuch shillings should pass in any payment whatever.
6. and From the 2d. March 169 no other species of mony clip'd within the ring should pass in any payment except only to Receivers or Collectors or in Loans and payments into the Excheqr. And
7. From the 2d. Aprill 1696 no such clip'd mony should ass in any payment whatever.
These Resolutions and the Proclamation issued thereupon were absolutly necessary in the present Circumstances of the Coin: for had all the silver monys been cry'd down in one day, as had been sometimes done in former reigns, the people had been depriv'd all together of a Medium of Exchange, all business must have ceas'd, and our Marketts and Fairs would have been at an end; which had putt us instantly into great confusion: and on th'other hand, if the terme allow'd by ye. Proclamation for the currency of the severall species, had been for a longer date, it had tempted a world of people to have fallen upon the clip'd mony afresh, and had given an opportunity for abuses farr greater than had yet been committed: The people 'tis true, were mightily perplex'd after the Proclamation was issu'd, and the Resolutions of the house became publick; but the disease was desperate and requir'd a speedy cure, or the Government must have been dissolv'd. There wanted not at that time some Gentlemen who charg'd the publick greivances {sic} occasion'd by the ill state of the Coin to the accompt <57v> of the Government, and those Gentlemen were grown wonderfull Patriots, and would not have their Country undone by the Remedys then prepareing in Parliament; thô some of their freinds {sic} were busy at the same time in a secret design against the life of the King. They were mightily concern'd (good men!) that wee were putt into a way of recovery; for they had great hopes the reform of the Gold and Silver coin, would have been diffeffer'd, 'till the nation had been ruin'd: but since that was undertaken this session; thô the undertaking was ridiculed by 'em before (and by some Gentlemen too who pretended zeal and Loyalty to the Government) they began to be afraid at last it might succeed, and then all their endeavours were employ'd to expose and perplex the measures that were taken; and to desfame persons of the highest honour and integrity engag'd in so necessary a work. who however were not discouraged by the greatest difficultys and reproaches they encounter'd: and they had such difficultys to conquer as most men thought insuperable: for the warr had continued so long, that the Taxes began to be very uneasy to ye Nation, thô every body was satisfyed in the justice and necessity of continueing it, 'til we could obtain an honorable Peace. The Funds settled in ye. foregoing years, fell short considerably of the summs propos'd to be rais'd by 'em, so that the Arrears of <58r> the publick debt amounted at this time to no less than [4]which were to be provided for this session: And the state of the war for the year 1696 required no less than
| { | 253453: | 19: | 11 | } | for the Land Service | } |
| { | 2500000: | 0: | 00. | } | for the sea | |
according to the Resolutions of a Committee of the whole House on the 6.th and 14.th days of December 1695. And the supply for the deficiency of the clipt mony was estimated at 1200000L. more.
On the 21 December –95. a Committee of the whole house consider'd of the Exportation of the Coin, and of laying a duty upon Bullion exported; and the 23 the Committee for regulating the Coin were directed to prepare a clause for giving a recompence to all persons who lent mony to the Governmt. The 24 ofThe Chancellr. of the Exchequer reported the Amendments to the Bill for regulating the Coin, w.ch were agreed, and the Bill pass'd ye. 27, & was carryed up by him to the Lords for their concurrence. On ye. 31 some Resolutions were reported to the House for raising a supply for ye. deficiency of the clipd mony when recoyn'd, which were, that a Duty be lay'd upon all dwelling houses (except Cottages) of 2s. p an. on each House and 4s. more upon every house having 10 windows, & 8s. over and above the said 2s for every house having 20 windows; pwhich pass'd in a Bill that had the Royall assent the 10th. Aprill following; and the mony levyd by the said Act was from time to time to be paid into the Exchequer to answer <58v> the deficiency of the clipd mony, & not diverted to any other use, and paid out again in the same course, as the new monys proceeding from the clip'd monys had been, in case there were no deficiency.
On the 1st. Ianuary which was the day whereon the Crowns, and half Crown pieces were stop'd by Proclamation in all payments but to the King; a Committee of the whole House considerd further of the state of the Coin, and how to prevent the stop of Commerce during ye. recoynage; and a Committee sat dayly to consider of it. On the 2d. the House was inform'd that the Receivers of London and Middlesex had refus'd to receive half Crowns of sterling silver whereupon they address'd the King who issued a Proclamation the 4.th of Ianuary requiring all his Receivers & Collectors, of hisin Taxes and Loans to take and receive Crowns and half Crowns of sterl. silver 'till the 3d. of February inclusive in London and 40 miles distance, and 'til the 22d. of February in any other placeart of ye. Kingdom, and all cliptd shillings of sterling silver 'till the 2d. March inclusive and all other clipd pices of silver sterling mony, till the 2d. Aprill 1696 inclusive.
The House having for severall days considerd the Amendments of the Lords to the Bill for regulating the Coin, and in a Conference shown their reasons for disagreeing <59r> with them, on the 9th. Coll. Granville reported these new Resolutions of the Committy of the whole House, vizt.
1 Resolved that in order to remedy the ill state of the Coin the Recompence to & given for supplying the deficiency of the clip'd mony, shall extend to all clip'd mony, thô of a coarser allay than standard.
2 That the Collectors and Receivers of his Majesties aids & Revenues be enjoyn'd to receive all such monys.
3. That a Reward of 5s. per Cent be given to such as bring milld or broad unclyp'd mony to be apply'd in Exchange for clip'd mony thorough {sic} out the Kingdom.
4. That a Reward of 3d. pr. oz be given to such as import wrought plate to be coyn'd.
5. That to hasten the bringing in clip'd mony to be recoyn'd any person may pay in their whole next years tax of 4s. in the pound, at an appointed time.
6. That Commissionrs. be appointed in every County to receive the clip'd mony and to pay and distribute mill'd, & broad unclipd mony.
The 4 first Resolutions were in the main putt in practice afterwards, but the 5th. and 6th. which would have put the Government to an extraordinary charge and mightily enriched Goldsmiths and others who had a large cash were by the prudent endeavours of some <59v> Members layd aside, thô they were afterwards libelld for their pains. However at that time a Committee was appointed to bring in a Bill pursuant to those Resolutions with a clause for recoyning the clip'd mony as the same came into the Exchequer.
And a Bill was brought in accordingly to incourage the bringing milld mony and broad unclipd to be exchanged by severall Commissioners through out the Kingdom and to incourage the bringing Plate to the Mint, to be coyn'd, but after severall debates and hearings, that part of it which concern'd the Exchange of the broad for the clipd mony was dropt.
On the 14.th Ianuary –9 the Honourable Charles Montague Esqre Chancelour of the Exchecquer (now Lord {illeg}Hallifax) brought in a Bill for remedying the ill state of the Coin, which was read 3 days successively and past both Houses the 17.th & 20th. and had the Royall Assent the 21. which dispatch was absolutly necessary at this juncture, for all the cliptd Crown and half Crown pieces were becom a dead stock from the 1st of Ianuary, and the other species of clipd mony would be all such in a few weeks which 'till the rise of Guineas and the late proclamation had been the only running Cash of the Kingdom.
This Act takes notice, that the Silver Coins were exceedingly <60r> diminishd, and the currency of 'em become very difficult to the unspeakable wrong of the King and his subjects: and that there was no other remedy but to recoyne 'em; in order to which it was enacted, That one or more of the Lords of the Treasury et Cæt.a on or before the 1st. February (and the like in every 14 days or oftner) should cause all the clip'd mony standard or coarser silver monys then found in the Excheqr to be weighed and told exactly and distinctly enterd according to the severall branches of the Revenue to which they belong'd, and then to be melted down into Ingots, assayd and sent to the Mint, and there refind and there refind and coyn'd into milld mony, at the present standard appointed by the Indenture of the Mint, which by ye. Act is to continue to be the standard of the silver monys.
And the new monys proceeding from such clip'd monys, except 14d. pr. L.wt for making, and the necessary charges of first melting and refining, were to be paid back weekly, or as fast as they could be coyn'd into the Exche{illeg}quer and be apply'd to the severall branches of the revenue in proportion to the tale of the clyp'd monys, from whence the said {illeg}New monys did proceed, and not be apply'd or diverted to any other uses. A true Accompt of which applications of the said new monys, was to be kept at the Exchecqr. that the respective deficiencys might appear, and be made good at the publick charge.
And the Receivers and Collectors of the Kings Taxes, aids, <60v> Revenues and Loans were to take and receive by tale from the people all clypd monys, whether of standard or coarser allay, unlesse they were apparently copper, or base mettal plated over, or wash'd with silver, in all Taxes and Payments to ye. King, 'till the 4.th may 1696. And the Tellers at the Excheqr. were to receive it by tale from the Collectors and Receivers and from any other persons for loans 'till the 24 Iune 1696.
And to prevent the un-clipd Hammerd mony which was most lyable to clipping and rounding from being diminish'd it was enacted that before the 10.th February 1695 all such pieces should be punch'd as had both the rings and ye. greatest part of the Letters; after which if they appear'd to be clyp'd no person should tender or receive 'em in any payment.
These punch'd pieces and the six pences with guineas and half guineas at their overvalue of 30s & 15s. a piece were all the running Cash in the Kingdom 'til about the begining of May 1696.
And for the advantage of trade and smaller payments the Master Worker was from the 4.th February to coin of the new monys made by this Act, 40Lwt. into shillings, and 10Lwt. into six pences in every 100Lwt. Troy, besides other lesser Coins he stood obliged to make by ye. Indenture of the Mint.
And the Act concludes with this Exception that nothing therein should prohibit the receiving or paying, or oblige to melt <61r> down and recoin standard six pences not clypt within the innermost ring, which clause gave 'em a mighty currency for a month or six weeks in all payments.
On the 21 Ianuary, the day this Act had the Royall assent a motion was made by [5]That the price of Guineas should be considerd, but it passd in the negative, wch. however deserv'd the consideration of the house as much as any one thing whatever, the high price at which they pass'd being a vast loss to the Kingdom in generall, and had been much complain'd of by the honest and fair dealing Marchts. a Petition being deliver'd by 'em to the House 7 February to that purpose by divers hands. The Guyneas had risen upon the badness of the silver monys from September –94 every wee almost 'till Iune 95 from 21s. and 6d. to 30s. a piece, at which they pass'd with little variation 'till this session of Parliament; and this exorbitant rate thô it held a proportion pretty well with the clip'd and debasd mony, yet 'twas easy to see, was a great overvalue with regard to the mill'd mony and therefore unless it had been speedily lower'd the new mill'd mony had been good purchass to forreigners for exportation, and would all have vanish'd infallibly, as soon as it came out of the Excheqr.
Whilst Gold continued at this rate vast quantitys were imported from abroad and every body receiv'd and payd their debts <61v> in Gold; A {illeg}very great summx[6] was coyn'd at the Tower in 1695, and every bodys running cash was little else but Gold; which made some Gentlemen, 'tis likely, unwilling to be looosers by the falling of Guyneas, thô they could not be so stupid as not to discern the Reasons for it uppon the publick Account.
The 10th. of February, notwithstanding the consideration of the price of Guinneas had been layd aside on ye. 21 Ianuary, The Officers of the Mint were orderd to lay an Account before the House of what had been coyn'd since Lady day –94 and for whome, and a Bill was brought in the 12 and passd 7th. march to create the obligation and incouragement to coyn guineas which Bill taking notice of the unusuall and prejudiciall rate at which they pass'd, that they run the nation in debt to Forreigners and would exhaust the silver Coins, hereupon it was enacted that from the 2d. March 1695 to the 1.st Ianuary 1696 the officers of the Mint should not be obliged+[7] to coyn any Gold but Affrican and no Guineas or half Guineas were to be imported within that term upon forfeiture of the whole summ imported.
And on the 13 February the price of Guyneas was again considered in a Committee of the whole house, who came to this Resolution on the 15th. that Guineas should not pass for more than 28s. a piece. This was still too high a rate, and some who well understood it, endeavour'd all they could to reduce 'em to 24s, but finding their endeavours ineffectuall at that time, they with better success <62r> attempted it again ye. 28 February, when they were reduced to 26s. and a clause with penaltys for passing 'em at a higher rate was inserted in an Act for continuing severall dutys on CoWine, vinegar et cæta. On the 19 March another clause was offerd to lower 'em to 22s. each, which was rejected the 20; but after a long debate on the 26.th it passed the House and was inserted in the Plate Act.
So difficult a matter is is to remedy a publick inconvenience, that's upported by private Interest and Intreague.
Diverse Marchands and Goldsmiths have doubled their Estates by the rise of Gold, they were very unwilling so gainfull a Commodity should sink in their hands; wherupon some of 'em took great care to inform the members of both Houses, that Gold and Silver too were at a high price in forreign Countrys, and the only way to keep 'em from being exported, was to continue 'em so here; but this was a pretence to serve their own Interest; and wee found by Experience that Gold which in November –95 was 5L.. 10s pr. oz, an English silver 6s. 5d. did both upon settling the standard of silver and the reduction of guineas by ye. Parliament, sink in March following the former to 4ll. pr. oz, and the latter to 5s. 2d. which could not possibly have hapned, had it not been neer their reall value abroad; for who would sell 'em here at that low rate, if they could have a better markett for 'em abroad? And this by ye. way is a <62v> standing confutation to the Naotion many about this time had unwarily inbib'd vizt, that silver and Gold being risen in the marketts abroad, wee also ought to raise the denomination of our Coins in England. But of this Notion I have given an Account at the end of these Memoirs.
What loss the nation sustaind by this overvalue of Guineas from September –94, when they began to rise, 'till March –9 when they were reduc'd, cannot certainly be know'n. Some have computed it at neer a Million, and others at more; and if it be consider'd what vast quantitys were brought over from abroad in specie, and how much was imported in Ingots coyn'd at the Tower and then dispos'd of at 24s. 5,6,7,8,9 & 30s. pr. guinea at which last rate guineas went current for above 6 months, vizt. from the begining of Iuly to the end of Ianuary following, if not longer,. aAnd further if Wee add the prodigious quantitys of our staple Manufactures and Commoditys that were bought up by forreigners with gold at its overvalue exported and sold at forreign marketts cheaper than the English Marchants could ship 'em off here: considering all this the loss above mentioned is unlikely computation.
Whilst the two Houses were engaged in ye making necessary Laws and provisions for restoreing the Coin, supplying deficient Funds, and settling new ones for the state of the warr in 1696, the King on the 24th. February acquaints 'em with a conspiracy <63r> carried on by diverse persons here in England but begun and contrived in France, to assassinat his person, and invade us with a body of men that lay ready at Dunkirk and Calais, which were to be joynd by other forces, some had undertaken to raise here in England
This alarm'd the Kingdom and putt both Houses upon forming an Association and some necessary Laws, to secure the Kings person and Government but the state of the Coin admitting of no delay, the House continued their Debates upon it, and on the 22 February orderd the Committee who were to inquire what Guineas had been coyn'd, to take an Account also what silver had been exported since Lady day 95 and the Commissionrs of the Customs deliverd an Account of.
On the 10th. March the Bill to encourage the bringing the plate to the Mint to be coynd, was considerd in a Committee of the whole House and again the 13 and 19 days, and pass'd the House the 26.
On the 1931.th March –96 a Committee was appointed to goe to the Mint in the Tower and see in what forswardnesse the Mint was for the Dispatch of the Coynage.
On the 10th. Aprill the Place Act had the Royall assent, wherein it was enacted, that from the 4.th May to the 4.th Novembr. 96. all Plate should be coynd gratis, that the standard weight and 6d. besides for every ounce standard be paid the Importers as a Recompence. That no plate but spoons be us'd in any publick <63v> houses. That monys received on the Hereditary Revenue of the Excise and the Post office be melted down at the Excheqr. and recoyn'd at Mint and applyed respectively as farr as they would extend. That no Presses be kept by any privat person,s or artificer which might be us'd for coyning upon 500L. penalty. In pursuance of this last Clause severall presses were brought to the Mint and destroy'd in the presence of Mr Newton the warden who took particular care to examin the fabrication and powers of diverse Engines on this occasion, when he had the least suspicion that they were within the Coynagempass of ye Act.
And to prevent the Exportation of silver, 'twas enacted that no silver be carryd on board any ship or vessell to be exported unless two wittnesses should first make Oath before the Lord Mayr. and Court of Aldermen and had a Certifficat from them that the silver intended for Exportation was really forreign, and no part thereof the Coin clippings or wrought plate of England.
But for the Kings occasions abroad, there was an Exception allowing 200 thousand pounds to be exported to pay his Forces in Flanders.
And further it was enacted, that no clipt mony should pass after the 4.th May 1696, as lawfull mony, upon forfeiture of double the value.
And yt since that the uncertain values of coynd gold had been highly prejudiciall to trade, and it had been raisd and fallen to the great prejudice of landed men, it was enacted that no Guineas should pass at no more than 22s. upon forfeiture of double the value, and 20L. besides for every offence.
At 22s. value the Guineas passd from the 10th. Aprill 1696 to the 16 February 1698, when the Commissionrs. for trade by an order of the house of Commons, layd before a Committee a representation of the difference in value between Gold and silver, and that being considerd in a Committee of the whole House, upon thea motion of the Chancelour of the Excheqr. they came to this Resolution that no person was obliged by the above mentioned clause in the Plate Act to take Guineas in payment at 22s. which rate was now found to be & adjudged an overvaluation with regard to silver and the marketts abroad. Hereupon the Kings Receivers and Collectors being orderd by the Commissionrs. of the Treasury to receive 'em at 21s. 6d. and an advertisement to that effect being publish'd in the Gazette, the Guineas fell to 21s. 6d. at which they pass'd many years before –95 and have continued so ever since.
Which by the way may be an Instruction to the Gentlemen who in 169 so zealously espousd the keeping up of ye. Guineas at 28 or 30s. a piece and treated all such, particularly the then Chanclelour of the Exchequer, and some other Members who <64v> saw the fatall consequences of it, and endeavour'd to red{illeg}uce 'em to their just value, as Ennemys to their Country; but notwithstanding this ill treatment and many other aspersions, this good service to the Kingdom was effectually don; and the good Patriots, who did all they could to hinder it, have ever since reaped the advantage of it, as well as their Neighbours, and stand equally obliged with the whole Nation to those worthy Gentlemen who did it without 'em, and very much against their will.
Source
Lansdowne MS 801, ff. 54r-64v, British Library, London, UKc. 1700, c. 5,214 words.