Proceedings in Parliament about the Coin in the Winter Session 1696/7

<79r>

Proceedings
in Parliament about the Coin in the Winter Session 169$\frac{\mathrm{6}}{\mathrm{7}}$

On the 20.th October, 1696, The late King in his speech to both houses &c. said he thought it a great Happiness, that the year had past without any disadvantage abroad or disorder at home, by the disappointment in the Funds given the last session, and the difficultys by the recoyning the mony: that this was a convincing proof of the good disposition of his army, and the steady affection of his people, for our Ennemys, says the King, hop'd this conjuncture might had prov'd fatal to us. And he thought it might deserve the serious consideration of the Parliament whether there did not still remaine some inconveniencys relating to the Coin, which ought to be remedied.

Hereupon the Commons that day entered upon debates about the Coin, and came to this seasonable Resolution, That they would not alter the standard of the Gold or silver monys in fineness, weight or denominattion.

This putt an end to the greed hopes of Goldsmiths, Bankers, usurers and many others, who had a large Cash an amass'd great summs in expectation of good advantage <79v> from the Government by an alteration of the standard. Some were so weak, notwithstanding what had pasd the last year, to think it still necessary to lighten or debase the Coin to keep it in the Nation. Others who knew that to be pure mistake; yet believ'd reasons of state, and the necessitys of the Gouvernment upon the account of scarcity of mony, would induce the Parliament to give 'em some recompence for their old and new milld mony, or advance it's denomination. And there was some ground for this conjecture, which people were generall aware of; for the credit of the nation was sunk excessively, the Government had been disapointed by the failure of a fund of 2,5694,000L. proposd to be rais'd the last session by establishing a National Landbank; and the other funds prov'd very deficient. The Kings necessitys abroad reduced him to great extremitys, the army wanted their pay, and when by Lord Portland came over out of Flanders in August from the King to gett a speedy supply for his pressing occasions; the Council at first was at a loss, which way to raise it; in so much that some thought it would be necessary to propose a loan, wherin Guineas should be taken again at 30s. few of 'em appear'd in the Running cash. 4695,303£.16s. 2d. of our silver monys was <80r> actually melted down at the Exchequer besides what was melted at the 5 County Mints. the new an old hammer'd mony was all kept up, but what came abroad in necessary Expences: no clipt mony was to pass by Law after the 4th. may –96. Bank Notes and Goldsmiths Notes which before had answer'd great payments went at a vast discount, and were not cleerd but by severall endorsments: and complaints came thick out of all parts of the Kingdom of the want of mony in our marketts and fairs, and even for private Expences.

All these hardships were generally known and could not be conceal'd; so that they who had provided for an advance in the silver and gold monys were mightily pleas'd at the prospect of the great profitt they should reap by it: and were as much disappointed at the vote of the House before mentioned. Others who had maintain'd in their writings abroad, and debates in the House, the Expediency of raising our coin in proportion, as they expres'd it to the rise of gold and silver in Bullion, began now to conclude it absolutely necessary. But seeing the Experience of what had hapned since the last session, as to the price of gold and silver, did not convince 'em of this mistake; this new Resolution of the House, not to alter the standard of either, gave entire satisfaction to those who were not <80v> obstinat or stupid; for as soon as it was publickly known, the traders in mony seeing all their hopes at an end, opened their Chests, issued their gold and silver milld monys, paid their Bills, and bought up Commoditys and fell to trade: and wee found the pretended high price of gold and silver abroad had not so exhausted us, as was commonly reported Standard Gold was on the 29.th of this instant october 1696 at no more than 3L. 19s. 0.d per ounce. And standard silver both foreign and English between 5s. 1d. & 5s. and 2d. per ounce which is as cheap as they had been since the restauration, and at this rate they have continued ever since with little variation, excepting the forreign silver bought up & exported by the new and old East India Companys.

On the 23 october a Bill to Import Guynea's and coin gold at the Tower was read and pass'd the 3d. november following. The Act that hinderd the one and the other did not expire till the 1st. January 1696. But Gold being now brought down to a pretty reasonable value, neer the proportion it held over Europe with Silver, 'twas a proper time to encourage the importation and coyning of it too, to help out the want of the silver Cash in the Inland Trade.

On the 28 October the house being informed of a printed Libel entitled, An Account of the Proceedings in the <81> House of Commons in relation to the recoyning of clipt mony and falling the price of Guineas, which reflected by name on the Chancellor of the Exchequer, my Lord Coningsby, and many other Members for their diligence in the house to fall the Guineas. The House resolved that the Libel was false, scandalous, seditious, and destructive of the freedom and Libertys of Parliament, and it was burnt by the Common Hangman, and 500L. by a proclamation of the 5.th November offerd for the discovery of the Author. The Authour was afterward discoverd to be one Gras–mbe a Nonjurat Parson, and in great reputation with his party for this and his other Insolent Libels against the Government.

On the same day a Committee of the whole Houses came to the following Resolutions; That all the Hammer'd mony of England should go in payment by weight only at 5s. and 2d. per ounce. That til the1 Ianry. 96. it shou'd be received at the Mint at 5s. & 8d per ounce.. and by his Majesties Receivers and Collectors in all ayds, Taxes Revenues and Loans: and the like allowance per ounce standard to be given for all wrought plate 'till the said 1.st of January.

On the 3d. November Mr. Roberty Harley from the Commissioners for taking and stating the publick Accompts presented an Accompt to the House of the clipt mony deliver'd out of the Exchequer to be coyn'd, and of the new mony paid back from the Mint into the Exchequer <81v> from the 17 January –95 to the 3.d October 1696, whereby the House might judge of the Care & dispatch that was us'd by the persons and officers immediatly concern'd in so important a businesse.

On the 6.th November after, diverse Petitions from severall trading Corporations were presented to the House relating to the Coin, and to the abuses of Receivers generall in not receiving from the Collectors the clipt mony receiv'd by 'em before 4.th May last; and in paying more mony into the Exchequer than they received from the said Collectors, which practice refus the Recompence Allowd by Act of Parliament in the first case: and extended it beyond the meaning of the Act in the later case. and a Comittee was appointed on the 9.th to enquire into these abuses.

On the 19.th a Committee was appointed to inspect the Mint at the Tower and to report their proceedings and observations weekly to the house: This Committee came twice or thrice and finding all the good order, diligence and dispatch in the coynage that could be expected, they took an Account of what had been coyn'd, and a List of the Officers, Clerks, and Corporation of Monyers, and of others employ'd in the service: and made their Report to the House the 5.th December following.

<82r>

On the 3d. December the Act for importing & coyning Guineas and half Guineas, and another Act for the further Remedying the ill state of the Coin had the royall assent. The Guinea Act was read the 1st. time the 23d. October and the other Act the 30th. of that month.

The Guinea Act recites, That whereas an Act had passd the 7th. March 1695 to take off the obligation and encouragement to coin gold from 2d. March05 to 1st. January –96 and to prevent the importation of Guineas, becasue of the high & prejudicial rate at which they were then current; and they being now reduced, it was enacted that the said statute be repeal'd, and the officers of the Mint are requird by 10th. November to sett a part one or more mill or mills and presses for the coynage of gold. This last clause for setting a part mills and presses for coyning of gold, was inserted for want of due information in the manner of the Coynage: the intent of it was doubtless to promote dispatch in the work; but had it been comply'd with, such mills and presses must have stood still very often, and the coyning of the silver would have been mightily retarded.

The Act for further Remedying the ill state of the Coin observes that upon the great Mischiefs and Inconveniences which did arise by counterfeiting clipping and diminishing the silver coin, it was thought necessary, that <82v> all the hammerd mony should be recoyn'd by the Mill and press. Hereupon it was enacted, That all hammerd mony clipt or unclipt brought by private persons to any of the Mints after 4th Novr.96 to the 1st. Iuly –97 be received there at 5s. 4d. per ounce. But the Kings Receivers and Collectors were to take it at 5s. 8d. per ounce from 14 November to 1st. February following in all Loans and in Arrears of Aids and taxes due before the said 1st. February, and in all future aids and Taxes to the 1st. Iune –97.

That no Hammerd Mony be current after 1.st December –96 but by weight only at 5. 2d per ounce standard, Except in payments to the King as aforesaid. That such pieces as had both the rings and the greatest part of the letters remaining, or sterling six pences not clipt within the innermost ring receive'd by tale before 18 Novembr. 96 by any particular Collector or Receiver should be received likewise from them by tale, and not by weight, and be allowd in their accompts by the generall Receivers 'til the 18 December, and the Receivers generall were allowed to account for the same in like manner with the Exchequer 'til the 10th. January following. The mony so received was by Indenture with the Master of the Mint to recoyn'd, and the new mony, except the charges of first melting and coynage, was to be repaid into the Exchequer <83r> and apply'd to the respective funds of Hammer'd mony whence it did proceed, and a clause was added for carrying the publick hammer'd mony receiv'd at 5s. 8d. to the adjacent Mints to be coyn'd; which sav'd indeed a little charge and trouble in bringing all to the Tower, but hinder'd the dispatch of the coyning, for by the direction of the Lords of the Treasury and diligence and cre fo the officers of the Mint, the offices, Monnyers, and workroomes were in so good a posture, at this time, that wee could coin weekly between four score and one 100 thousand pounds and actually did coin above 100000L. in one week, which was about six times more[1] than had ever been known to be coynd in silver at the Tower in the like time, and more than ever was don at any Mint in Europe before so that supposing 36 millions to be near the amount of the silver Cash of Europe, wee could have recoynd it all at the Tower in 6 or 7 years

After this provision was made in Parliament for preserving the just standard of the gold and silver monys, and for recoyning the hammerd mony with all neceessary Expedition. On the 16 December a Committee of the whole House took into consideration how to raise a supply to answer the deficiency by recoyning the said Mony and to give a recompence to such as brought plate to the Mints to be coynd. On the 9th <83v> January the summ of 125000L. being thought necessary for those purposes, it was resolved that to raise the same a duty of 6d. per ounce should be layd upon all wrought plate not brought to the Mints to be coynd, which did not take effect, but the other resolutions did, for laying severall dutys upon vellum, Parchment and paper mentioned hereafter in the Abstract of that Act.

On the 14 January the House appointed a Committee to examine what Dyes were gott out of the Tower and by what means. and on the 2d. Feburary all the Puncheons Dys and presses and other Tools belonging to the Mint, & in the hands of James Rotier the Engraver, were order'd to be seis'd by the officers of the Mint; which was done accordingly. And the Commitee continued to enquire into other miscarriages and draw up a report accordingly, was putt off from time to time; the matters therein contain'd not deserving, it seems, the consideration of the whole House; save only in Mr. Bartons case, the Deputy Controler at YorkMint, against whom Information being given the 10th. February of some abuses committed by him; the matter was heard the 4.th March by the House, and he had the good luck to have the accusation against him declard groundless.

<84r>

At the same time some Publick Receivers were complaind of tp the House for furnishing severall Clippers with broad mony.

On the 8.th March 1696 the Act for laying severall Dutys on Paper, vellum and Parchment to incourage the bringing Plate and Hammerd mony into the Mints to be coynd, had the Royall assent. The Preamble whereof recites that whereas in a late Act for further remedying the ill state of the Coin, all Hammerd mony (not received in Taxes for the King) brought by any person to the Mint between the 4.th November –96 and the 1.st Iuly –97, should be there received at 5s. 4d. per ounce. And that his Majestys Receivers and the Collectors of his revenues, do take the same at 5s. 8d. To make good therefore the said 5s. 4d and the deficiency by Loans at 5s. 8d. to pay the allowance for wrought Plate coynd, and to bear the charge of wast and coyning the said hammerd Monys, 'tis Enacted in and by this present Act that a Duty of 20 per Cent according to the true value be layd upon all Paper, vellum and Parchment <84v> made during the term of 2 years beginning the 1st. March 1696, and 25 per Cent for the same imported within that time: and 17L. 10s per Cent for the same in stock on the said first of March. And such mony as should be raisd by this Act and imprested to the Master of the Mint, or his sufficient Deputys, together with the produce of the Hammerd monys receivd at 5d. 4.d, after charges deducted, were to be paid to the respective Importers of the said Hammer'd mony. And the new monys proceeding from Hammerd monys received in Loans at 5s. 8d. per ounce were to be paid back to the Receivers and Collectors (except the necessary charges of receiving the said Hammerd mony at the Mint, and the charge of first melting, refining, coyning, wast and Incidents) which Receivers were to pay such new monys into the Exchequer on the respective funds, whence they did arise, and the deficiency, that is, the difference between the summ imported at 5s. & 8d. per ounce and the new mony paid to the said Receivers, was to be allowed in their Accompts at the Exchequer.

And the mony levied by this Act was to be applyd (except so much as would repay the deficiency of the Loans at 5s. 8d per ounce) to pay 5s. 4d. per ounce to privat Importers, and encourage <85r> the coyning wrought Plate, and for bearing the wast and charges of melting and coyning the said Hammerd mony and Plate and other expences belonging thereunto.

On the same day the Act for Encouraging the bringing wrought Plate to be coynd had likewise the royall assent, whereby all persons who brought wrought Plate to the Mints to eb coynd between the 1.st January –96 & 4 Novemb. 97, which had the Goldsmiths and workmans marks upon it were to receive at the time they brought it 5s. 4.d for every ounce of such plate, and in case those marks were wanting, then such plate was to be estimated at the standard value by a sworn officer or assayd and reduced to standard, and the Importer to receive for it at the rate of 5s. 4d per ounce standard. And the new monys proceeding from such imported Plate, together with the other monys levyed and appropriated by the forementioned Act, for this service, were to be applied to pay the 5s. 4d per ounce to the Importers of Plate and not otherwise.

And the Lords of the Treasury were empowred to issue and apply 50000L part of the 125000L levyed by the said Act to pay the 5s. 4d on Plate. And the officers where such plate was imported, and where the Hammerd monys were recoynd were required under a penalty <85v> of 20L. to publish in writing an account how much of both had been imported and coynd, and what remayn'd when coyned. It was further enacted that any person before the 1st. Iune 97 might pay a part or the whole years tax in such wrought Plate. and 'twas further enacted that the standard of all wrought Plate made after the 25 March –97 should be 11oz. 10.dwt of fine silver in a pound Troy, which was an Expedient thought on to prevent the melting down of the silver Coins in a scarcity of forreign Bullion to make wrought Plate & other silver utensills.

And lastly a Clause was added, That such Hammerd mony as was received and paid into the Exchequer at 5s. 2d per ounce and all plate received on this Act by the Kings Receivers at 5s. 4d. for taxes were both to be melted down and coynd into milld mony and the new monys proceeding from the same, were to be applyd to the respective and particular Revenues whereunto they did belong, as darr as such new monys would extend, and not be diverted to any other use.

Whilst the House of Commons were making this necessary provision for recoyning the old mony and increasing the publick Cash by the coyning of wrought Plate. The House of Lords had prepared a Bill for the better preventing the counterfeiting the Current Coin of this kingdom, <86r> which was highly necessary to prevent any future corruption of the coin, after the Nation had been at so vast an expence in reforming it. This Bill came down from the Lords on the 12 Aprill –97 and passd the House the 15th.th and had Royall Assent the 16. Wherein it was enacted, That (since the counterfeiting of mony was an offence, that was like dayly to encrease, notwithstanding many former good Laws in force to the Contrary) Therefore from the 15 May 1697 no smith, Graver, or Founder shall in any wise make or mend any puncheon, counterpuncheon, matrix, stamps, dye, pattern or mould of steel Iron or silver or other mettalls or of spaud or of fine Founders Earth of sand or any materials whatever which shall or will make the stamp or Impression of the Coin of England: or any edgeingtool. or cutting engine for blancs, or buy or sell or keep or conceal any such engine or Instrument, under the penalty of high treason.

And whoever after the said term conveys or assists in conveying the Instruments above mentioned or any other coyning tools out of the Mint in the Tower or any other Mint, and whoever shall, (not being employd in his Majesties Mint or Mints) mark the edges of the current Coin or of clipt & counterfeit coin with Letters, or grainings; and <86v> whoever shall coulour, gild or case over with gold or silver or any wash or materialls produceing the colours of gold or silver any Coin of base mettall or other resembling any of the current Coins of England of gold or silver, shall be guilty of high treason; and the Tools and Engines aforesaid produced in Evidence, and such counterfeit mony after evidence given, shall be destroyd and cutt in pieces. And whosoever shall after the term aforesaid blanch copper for sale or mix blanched Copper with Silver, or offer the same to sale; or shall buy or sell any mix'd mettall heavyer than silver, and that looks, touches, and wears like standard Gold, or take, receive pay or putt off any counterfeit milld mony, or milld mony unlawfully diminishd and not cutt in pieces, at a lower rate than its denomination shall be adjudged guilty of felony. But this Act was temporary and to continue only 'til the end of the next session of Parliament.

These were the Proceedings in the 2d. session of this Parliament for further remedying the ill state of the Coin. which immediately brought out the milld monys that had been hoarded, revived our Inland trade and raisd our creditt abroad effectually; for though the proceedings in the former session had reduced the price of silver in England and brought down the extravagant price of Guineas, to the <87r> great benefitt of the publick: yet the artifice of monnyed men, Broakers and stock Iobbers had kept up the new milld mony, lowerd the publick stocks; and at the same time, the Exchange continued all the year 1969 to our disadvantage, and was in August at 28s$\frac{\mathrm{1}}{\mathrm{2}}$ between London and Amsterdam, but on the 20 October following soon after the Resolutions of this session were made publick, it rise to 38.

The Mints were by this time so well settled that nothing was wanting to putt the forementioned Acts in Execution. and in pursuance of 'em, the following quantitys of Hammerd mony and Plate were imported, and coyned at the Tower, and the 5 Country Mints.

At the Tower

Silver from Hammerd mony Imported	}		Gross Weight					Standard					Whole Tale
			ozs		d.wt	gr.		£wt.	oz.	d.wt	grs		£.	s	d	}
From the Exchequer		{	80812.	2.	10.	21	}	080812.	02.	10.	21.	}	251408.	07.	00
Privat Importers at 5s. 4d. per oz	}		847896.	10.	21	070239.		11.	08.	15	18858.		17.	09
Receiver Generall of the Custom's	}		985495.	12.	15	081641.		07:	16:	06.	254439.		17.	03
Receiver Generall of the Excise	}		1,638,764.	7.	23	136213.		11.	18.	06.	424241.		15.	00
Other Publick Receivers of the Kings revenues	}		2,936,611.	17.	00	243442.		10.	03.	14.	758235.		19.	06.
Undertakes for wrought Plate	}							084620.	04.	19.	05.		263733.	11.	00
							£.	696,971:	00:	16.	19	£.	2,170,978.	07.	06

			£.	s.	d.
The charges in Coining the said Hammerd mony & wrought Plate were as follows, vizt.	{	Incidents at the Exchequer for 1st. meltings &ca.	05669:	05.	01. $\frac{\mathrm{3}}{\mathrm{4}}$
		Second melting and waste––––	11616.	03.	07. $\frac{\mathrm{2}}{\mathrm{4}}$
		Refining at 12d. per L.wt–––––	01114.	14.	11.
		Coyning at 14d. per £.wt–––––	46645:	12.	10. $\frac{\mathrm{3}}{\mathrm{4}}$
		Incidents at the Mint –––––	01183:	14.	8. $\frac{\mathrm{1}}{\mathrm{4}}$
		The whole charge was––	60,240:	11.	3. $\frac{\mathrm{1}}{\mathrm{4}}$
		The cleer Tale was––––	2,110,737:	16.	2. $\frac{\mathrm{3}}{\mathrm{4}}$
		Whole Tale–	2170,978.	07.	06

<87v>

Account
of Hammerd, Mony, Wrought, Plate, and Bullion Imported and Coynd at the 5 Country Mints pursuant to the aforesaid Acts of Parliaments, vizt

Imported and Coyn'd at Bristoll Mint. 1697.

	Gross weight							standard weight.						new mony.
		Lw.t	oz.	d.wt	grs	}		{	£wts	oz	d.wt	grs		L.	s.	d.
By private Importers at 5s 4d per ounce.	} P	82423.	03.	00.	00.		.		82163.	01.	04	07.	}	255929.	10.	00.
By the Kings Receivers. at 5s 8d per ounce.		25292.	08.	02	00				35191.	14.	14.	00		109612.	19.	00.
By the Undertakers for wrought Plate–		– –	–	–	–		–		01118.	07.	16.	05.		003487.	03.	06.
In Bullion – – – –		– – –	–	–	– .		– – .		00168.	00.	11.	10.		000524.	02.	00.
		Totall – – –					£		118,641.	02.	05.	22		£.369,553.	14.	06.

At Chester Mint.

		{	Gross weight. L.w.ts	ozs.	dwts	grs		£w.ts	standard weight ozs.	d.wts	g.rs	} {	£new monys.	s.	d
By private Importers of Hammered mony at 5s. 4d. per oz	}		25306.	08.	03.	00.	} {	25098.	03.	18.	03.		078049.	16.	00.
By the Kings Receivers of of hammered mony at 5s. 8d. per oz	}		61,887.	08.	00.	00		61545.	07.	10.	00.		191392.	04.	06.
By the Undertakers for wrought Plate	}		– – –	– –	–	–		00599:	09:	06:	18.		111871.	05:	00.
By private Importers of Bullion & wrought Plate	}		– – –	–	–	–		01160:	10.	18.	21.		003610.	03.	06.
Totall	£wt						£	88404.	07.	13.	18.		£. 274923:£ 274,923:	09.:09:	00.00 v

At Exeter Mint

			Gross weight					Standard weight				new mony
							Lwt.	oz.	d.wt	grs	L.wt	s.	d.
By privat Importers		{	57628.	00.	12.	00	} {	57522.	11.	19	06.	} {	178964:	00.	11
By the Kings Receivers			57628.	00.	12.	00		56073.	11.	01.	07		174455	19.	01.
By the Undertakers &ca.			. . . .	.	.	. .		.1892.	8.	00.	16.		..5896.	10.	06.
By Undertakers of wrought Plate	}		. . . .	.	.			..234.	2.	4.	00		...749:	07.	04
Totl							L.	115,723.	9.	5.	05.		£360,065:	17:	10

At Norwich Mint

		Gross weight					Standard weight					New Moneys
By privat Importers	{	20,775.	20,7.	5.	00	} {	20664.	08.	06.	19	} {	64185.	08.	00
By the Kings Receivers		45253.	3.	2.	00.		44900.	04.	08.	17.		139385.	15	08.
By the Unertakers &ca.		– –	–	–			.1409:	03.	03.	21.		04392:	12.	06.
By privat Importers of Bullion–		– –	–	– –	–		0000:	00	00.	00		00000.	00.	00
Tot~ Lwt.						L.wts	66974.	03.	19.	09.	L.	207963	16.	02

<88r>

at York Mint.~

			Gross weight					standard weight					New monys
			Lwt.	ozs.	d.wt	g.s	} {	Lwt.	ozs	d.wt	gs.	} {	Ls.	s.	d.	}
By Privat Importers		{	19439.	10.	15.	00.		19105.	10.	12.	8		59546.	13.	5
By the Kings Receivers.			56770.	0.	5	00		55800.	6.	2.	12		173911.	11.	10
By the Undertakers &ca.			. . .	.	. .	.		01539:	10.	14.	00		4799:	06:	07
By privat Importaters of Bullion.	}		. .	.	.	.		00000.	0.	0.	0.		0000.	00:	00
Totall Lwt							Lwt	76446:	03:	08:	20		£238257.	11.	10	~

Having now given an Account of what was coin'd at each of the six Mints separately in pursuance of the Acts for further Remedying the ill state of the Coin, and for encouraging the bringing wrought Plate to the Mints to be coyn'd: here follows.

An Account
of all the mill'd monys coyned from Hammerd Mony, Plate and Bullion in pursuance of the forementioned Acts at all the 6 Mints together.

	£.	s.	d.				£.	s.	d
London.	2,170,978:	07:	06.	London alone	2170,978:	07.	06.
Bristoll	+369553:	14:	06.	}
Chester	+274923	09:	00.
Exeter	+360065:	17.	10.		CountryMints – –	}	1,450764.	09.	04.
Norwich	207963:	16:	02.
York	238257:	11	10.
					Tot. £. 3,621,742:			16:	10.

<88v>

The first Act for remedying the ill state of the Coin produced as I have mentioned in the foregoing Chapter            in new milld mony, which upon expectation that the price of silver would be raisd this session, did not circulate, but was kept up in prospect of the proffitt many propos'd to receive by an alteration in the standard or denomination. But as soon as the Resolution of the House was known to the Contrary, the new mony aforesaid began to appear in all payments, and by that time, the Hammerd Mony and Plate were coynd in pursuance of the respective Acts pass'd in this session 1697. The Nation was pretty well supplied with silver monys. The Coynage of the clipt and hammerd mony and Plate together with the Bullion amounting in that is about $\frac{\mathrm{6}}{\mathrm{10}}$s of the silver Cash of England before the Recoynage.

The perplexitys in all trade and payments by the clipt and Counterfeit mony grew to a greater height yearly from the Revolution til January 169$\frac{\mathrm{5}}{\mathrm{6}}$. But the obstruction and hindrance in all Trade by the Recoynage lasted no longer than from December 1695 'til about March 169$\frac{\mathrm{6}}{\mathrm{7}}$ that is about one year <89r> and a Quarter, and it had not continued so long but for the expectation many had of making advantage by their new milld mony, as has been said before, which with the fears many had of some generall disorders, & the Artificcs of stockIobbers and the Ennemys of the Government were the true Reasons that hindred the due Circulation of the milld mony Coyn'd by the first Act.