Account of the Proceedings in the House of Commons, In Relation to the Recoining the Clipp'd Money, and Falling the Price of Guineas
AN
ACCOUNT
OF THE
PROCEEDINGS
IN THE
House of Commons,
In Relation to the Recoining the Clipp'd Money, and Falling the Price of Guineas.
TOGETHER
With a Particular List of the Names of the Members consenting and dissenting.
In Answer to a Letter out of the Countrey.
SIR,
I Received Yours, Aug. 14. and I hold my Self bound upon many Accounts to comply with your Desires, and to give you the best Satisfaction I can; and in the first place, I must freely acknowledg to you, that how astonishing soever the Difficulties the Countrey labours under may seem to you, they are not at all surprising to me, for I never expected otherwise, than <2> that the Grand Project of lowering the Guineas, and the Recoining our Silver, at this time, when such vast Quantities, and in truth all our good Money, had already been transported, into Holland, Flanders, Spain, Italy and Germany, must needs have a terrible Aspect on a Nation exhausted before, and drawn down to the last Degree. For a Man of half an Eye might easily perceive, that the great Pains and Labour the Court was at to gain an Act of Parliament for sinking our Gold, and putting a new Face on our Silver, was only to qualify them for Travel, and as necessary Preparations for the Journey they were design'd for, for they only staid at Home, because our Gold was too high, and our Silver too low, either light in weight, or base in Mettal, and when once these Obstructions were remov'd, they would be ready to cross the Seas to their Fellows, and become Denizens of another Countrey. And if a Kingdom hath not a third part sufficient Cash left to manage the Trade, and Interest of it; in such a Case to form a grand Design to diminish that by one half, by Coinage, and abatement of the current Value, and after that to send Abroad three Parts of four, ev'n of that half, can visibly tend only to impoverish the Rich, to starve the Poor, and to put the whole Nation at a Stand; it throws all the Remnant of our Money into the Hands of the Government, destroys all the Credit of the Nation, and at the same time leaves nothing to encourage and drive on Trade, nor to supply the Necessities of private Men and Families, and will in a short time reduce us to the Primitive State, not any more to buy, but to barter and exchange, to commute what we have for what we want; and those who want, and yet have nothing to exchange, will carve for themselves, and take it where they find it. These were the Thoughts I had of this Bill before it pass'd, and am therefore the less surpriz'd, when I see them, for the most part, already made good, and in truth they are obvious to any Man, and I cannot believe but the warmest Sticklers for it saw these Effects and Consequences, as clearly and plainly as those that oppos'd it, for what Ends soever they engaged so fiercely to promote it. And this brings me to the other Branch of your Letter, (viz.)
That the Country feeling these Effects, are provok'd to very great Anger against the Parliament, and can hardly restrain their Hands from offering Violence to the Persons, and Houses of the Members. Now, Sir, I must plainly confess to you on this Head, that I think (in the General) that the Countrey are in the Right, and have plac'd their Wrath on a true Object. For tho the Root <3> of this Project lies much deeper; yet it could never affect the People, but by them, and as passing thro their Hands, It had indeed another Head and Original, but the Mischief deriv'd to the People by it is purely thro them. The Country, when they chuse them, they look upon them as their Trustees, and that they ought to take care (especially in the matter of Money) that the People receive no Damage, but if thro their Default either by their Connivance, Partiality, Fear, Negligence, and much more by a corrupt Activity, the good People of this Nation are brought into Danger, they will charge it upon their Representatives, and so far they are right; they do but what is Equal and Fit; for no Man can think himself hardly dealt with, if he is charg'd only with his own Actions; if therefore the Members will vote, and the Parliament enact things the most intolerable and grievous, they must be contented to bear the blame on't, and take the Curses of the People for their Pains. It will not be sufficient here for any Man to say, that He was misled, impos'd upon, or frighted; for tho these may excuse in a private Capacity, and Ignorance and Mistake may atone for Personal and Private Miscarriages, yet if Men will take upon them great Trusts, if they will load themselves with other Mens Concerns, and take upon them the Charge of a Nation, they are Responsible for the Failures that pass thro their Hands, and must not take it ill, if when the People find themselves Suffering by their means, they lay it at their Doors, for it was Original Fraud for them, when they wanted Wisdom and Resolution, to take upon them a Post that requir'd so great a measure of both. It would be a ridiculous Excuse in a General: for the loss of an Army, that he was afraid, or mistaken, whereas the very Station requires and implies the direct contrary Qualities, the highest Circumspection and Valour, If therefore Men will be representing a Nation, they are bound at the same time to provide themselves with suitable Abilities; and if thro want of Wisdom, Caution, Courage, and other necessary Qualifications in a Senator, they are prevail'd upon to join in pernicious and destructive Votes, they are justly accountable for what miscarries under their Hands; for altho in point of Malignity there is some difference between the active and busy Members, those who pursued this matter with the utmost Diligence and Application, and those who were lead on to give their Concurrence, yet in point of Danger, 'tis all one, and the People are undone, as well by the Supineness and Cowardise of some, as by the Forwardness and Zeal of others; <4> as a Nation may be as soon ruin'd by ill Conduct, as by Treachery. So that so far as every particular Man had a share in laying this heavy Oppression upon the People, so far he must expect to bear share in their ill Will; and the People do Justice to their Representatives, as well as to themselves, by imputing to them all that present Misery and Calamity they now groan under. But then here is the Fault, they are apt to lay this Charge promiscuously, without Discretion or Distinction, as if every Gentleman that sits in that House was equally chargeable with all the Proceedings, whereas 'tis a Collective Body, made up of Gentlemen of differing Tempers and Dispositions, and there were a great many very worthy Patriots, who wisely and honestly consider'd the case of the People, and with great Courage and Prudence oppos'd these Proceedings to the utmost of their Power, altho they were at length over-rul'd by a Majority, which they could not help, and had us'd all their endeavours to hinder. And it is the highest Injustice in the World to ascribe that to them which they were so far from concurring in, that they oppos'd to the last, and the utmost Ingratitude for the People to repay them with Hatred, only for endeavouring faithfully to serve them, tho they were not able to effect it. But this arises from two Causes, the one is the Station and Circumstances of the Generality of the People, they have no opportunities to know the particular Proceedings in Parliament, nor means to distinguish between their Faithful Representatives, and others; for tho the Votes are Printed, the Yeas and Noes, the Names of the Persons concurring and dissenting are not, and the Nation hath no way of knowing that but by particular Information. And I confess I have often wonder'd that those Gentlemen who had so signally distinguished themselves in Parliament, should hitherto suffer themselves to lie under the common Obloquy and Hatred, and not endeavour to remove it by informing the respective Counties, Cities, and Boroughs, of their Honest and Faithful Care to preserve them from those terrible Inconveniencies which they foresaw these Proceedings would inevitably bring upon them. Another cause of this sinister and undistinguishing Construction, is the Artifice of the Leading Men, and the Great Sticklers, who having themselves been the Sole Authors of these unhappy Circumstances, and at the same time being sensible how very ungrateful and prejudical they are to the People, are very industrious to keep the People Hoodwinkt, hoping thereby to pass undiscern'd and undistinguish'd in the Crowd, and that they may <5> escape well enough so long as they lie in Common, and have no particular Mark set upon them; nay, in good truth some of these are not contented to do all the Mischief themselves, but think they have not play'd the whole Game out, 'till they have laid the Blame on other Mens Backs; and I cannot forbear remarking to you, that, at this very time, in several Cities and Counties, perhaps in all, these very Men who were the most active & forward, and made it their Business to bring this dreadful Desolation on the Kingdom, are washing their Hands and wiping their Mouths, and craftily insinuating into the credulous Multitude, that the present Calamities are purely owing to the other Members, and that they, honest Men, are harmless and clear of the whole matter, and so think to escape themselves by diverting the Stream of the Peoples Rage on innocent Men; and thereby hope to gain too Points, both to cover their own Guilts, and at the same time to satiate their Revenge, by exposing to popular Fury those who would not be as bad as themselves; ev'n as Joseph's Mistress attempted his Chastity, and then transferred it to him to hide her own Crime, and to be reveng'd on him for his Refusal. This must be confessed to be a high slight in Politicks, but 'tis great Pity but it was turned upon them, by setting things in a true Light, that is, by giving a full State of this Matter, that the People may know their Friends from their Foes, and plainly see whom they are to thank for this consuming Act, which hath devoured our Trade, and in a short time will swallow up all the Money in the Nation. And this leads me to the Third and Last part of your Letter: And that is, you desire from me an account of the Management of this whole Affair in Parliament, and withal you desire me to be very particular and express, because, you say, you have been apt hitherto to err with the Multitude, and you think it becomes every honest Man to rectify his Mistakes, and to have a right Opinion both of Persons and Things. And in order to your entire Satisfaction in this Point. I shall First give you the plain Matter of Fact, and lay before you a short Abstract of the Progress of this matter in the House of Commons. And Secondly, I shall give you a List (as far as my Memory serves) of all the Yeas and Noes, that is, of all the Persons who consented, and who dissented, who were for, and who against, the sinking of the Guineas, &c. whereby you will be fully enabled to judge uprightly of this Matter to translate the Opinion of Persons and Things to their true Objects; and, according to the English Proverb, To lay the Saddle on the Right Horse.
<6>As to the First of these, when I have represented to you the several Steps and Movements of this matter in Parliament, and laid them together before you, you will have a direct view of the whole, you will at once see the Original, the Rise, Progress and Perfection of it; you will easily perceive the Struglings of the Members, and how at length the Court Party carry'd it; you will see what Overtures have been made to scoure and uphold the People with respect to it, and how those have been rejected; and in short, you will have before you the Methods, or (in Parliamentary Language) the Ways and Means, whereby the Country hath been brought into these desolate Circumstances; and then, in the Second Place, by the particular List you will see by whom.
Be pleased then to observe, that at the opening of the Parliament, the King recommended to them the redressing the ill State of the Coin; and in pursuance of that, Martis 10 Dec. 1695. Colonel Granvil reports from the Committee appointed to consider the State of the Nation, several Resolutions relating to the Recoining of Clipt Money, and putting a stop to the Currency of it after a certain time; which were agreed unto by the House. And 14 Dec. an Address was agreed upon to his Majesty, pursuant to the said Resolutions; and 17 Dec. the Chancellor of the Exchequer (Mr. Mountague, to whom the said Resolutions were chiefly owing) reported the Address, and likewise the King's Answer to it, That he would issue his Proclamation accordingly with all convenient speed; and at the same time Mr. Mountague presents a Bill to the House for regulating the Coinage of the Silver Money. But when the Proclamation was issued, the Days appointed by it for putting a stop to the Currency of Clipt Money were so sudden, (and the same done, as is said by the Advice of Mr. Mountague, contrary to that of the major part of the Council) that an immediate Stop and great Difficulties ensued in Trade and Commerce; which being represented, and every Gentleman sensible of it, 31 Dec. they resolved on the morrow to consider in a Committee of the whole House farther of the State of the Coin, and for preventing the Stop of Commerce during the Recoining of Clipt Money. And after some Debates on several days, Jan. 9. Colonel Granvil reports from the Committee of the whole House, who were to consider of the State of the Coin, several Resolutions (very different from the former) which were agreed unto by the House, and a Bill ordered to be brought in upon them. These Resolutions are very considerable; and among the rest.
<7>That the Recompence for supplying the Deficiency of Clipt Money, shall extend to all Clipt Money which is Silver, although of a coarser Alloy than the Standard.
That the Collectors and Receivers of his Majesty's Aids and Revenues be enjoin'd to receive all such Monies.
That a Reward of Five Bound per Cent. be given to all such Persons as shall bring in either Mill'd or broad unclipt Money, to be applied in exchange for Clipt Money throughout the Kingdom.
That Commissioners be appointed in every County, to pay and distribute the Mill'd and broad unclipt Money, and the new coined, Money, and to receive in the clipt Money.
These Sir, you see, are wholsome Resolutions, very profitable for the Country, and (if persisted in) would have supply'd them with good Money, and have kept Trade on foot; and by them you see the Temper of the House at that time, what good Inclinations they had to the Country, and what Care was taken that they should be no Losers, nor their bad Money to lye on their hands to be useless and unprofitable. But this, it seems, was too advantageous to the People to be ripen'd into an Act, and was at the same time (particularly what related to the Exchange of Clipt Money, and supplying the Deficiency of it) oppos'd by Mr. Mountague, Mr. Clark a Commissioner of the Excise, Sir W. Young a Commissioner of the Customs, Sir J. Elwel, and others of the Court-Party. However,
21. Jan. the Bill upon the foregoing Resolutions was read the second time, and committed to a Committee of the whole House: But then a new Artifice was started, and the Price of Guinea's brought into play, altho that Point could not be gained at that time; for a Motion being made, and the Question put, that it be an Instruction to the said Committee that they do consider the Price of Guinea's; It passed in the Negative.
But this Artifice failing, another was ready at hand; viz. To put off this Committee from sitting, which was done for several days, notwithstanding the honest Patriots got some Resolutions pass'd in order to it; as Febr. 4. an Instruction, that the said Committee do consider of a farther Encouragement to be given for bringing in Plate to be coined, and broad Money in order to be exchang'd for Clipt Money. And Feb. 6. another Instruction to receive a Clause to prohibit the Use of Place in Publick Houses: which was consented to, upon the Consideration of exchanging the Clipt Money. So that hitherto the Case of the People was considered, <8> and there were Endeavours to make Provision to exchange their Clipt Money, that so they might have had a Sufficiency of good Money, to drive on Trade, to pay their Rents, and to supply their Families.
But now the Price of Guinea's was started again, and Feb. 10. it was resolved, That this House will on Thursday next resolve it self into a Committee, to consider the Price of Guinea's. And on Thursday, Feb. 13. the House (to make sure work) resolv'd it self (twice the same day, one immediately after the other) into a Committee of the whole House to consider of the Price of Guinea's, and came to a Resolution; which Resolution Mr. Palmes reports Feb. 15. and was agreed unto by the House, viz. That no Guinea's do pass in any Payment at above the Rate of 28 Shillings. I must acquaint you, that at this time there were warm Endeavours used to have reduced them to 24 Shillings, and Mr. Palmes behaved himself with such Partiality to them of his Opinion, as was never seen in Parliament, and he deservedly check'd for it by the old Members. His Son (who can scarce tell ten) is one of the Tellers in the Exchequer; but 'tis sufficiently understood that Place was given with regard to the Father, who contrived this way to save his Honour, after the repeated Declarations he had made in Parliament against Places.
However, this Fall of Guinea's did not satisfie; they must be brought one step lower: And accordingly Feb. 28. upon the Report of the Bill for continuing several Duties granted by former Acts upon Wine, Vinegar, Tobacco, &c. to which the Clause about the Price of Guinea's was added, according to the Resolution Feb. 15. After a long Debate, several Gentlemen were unwarily drawn in, to admit that Guinea's should not pass in Payment at an higher Rate than 26 Shillings, upon Assurance then given, That the Court would acquiesce, and not seek to reduce them lower; and the Clause was so amended.
But did the Court acquiesce? No such matter; but instead of that, pursued with all Vigour the sinking Guinea's much lower, and at length gain'd it: and not only so, but by several Artifices prevail'd to throw out all that related to the Exchanging with the People broad or mill'd Money for their clipt Money; insomuch that on March 10. the Title was changed, and whereas it always before stood in the Votes with this Title, The Bill to Encourage the bringing in of Mill'd, Broad, or Unclipt Monies to be exchanged by Commissioners in the several parts of this Realm, with the <9> Common People for their Clipt Monies, and for the Encouraging of Persons to bring Plate into the Mint to be coined. Now all the first part was struck out, and from the 10. of March, and ever after, it bore only this Title, A Bill for the Encouraging of Persons to bring Plate into the Mint to be coined.
By this time you see the People were likely to be in a hopeful Condition, and to shift with their Clipt Money as well as they could. And here you see the Root of that Decay of Trade, that Desolation among the Poor, that Stock of dead and unprofitable Money that lies upon Mens hands. Why, Sir, their Faithful Representatives took all Care to stop it from passing, and to give Twelve hundred thousand pound to supply the Deficiency of it, but never thought of supplying the Deficiency of the Country; nay, actually oppos'd it to the utmost. And it seems as if these Gentlemen had formed a Design that the Country should have no Money, or (which is the same thing) none that will pass in any Payment; for altho the Parliament left a Liberty, and permitted Six pences not clipt within the Ring, and Shillings with the greatest part of the Letters, to pass in Payment, whereby a proportion of Trade was carried on, and the People supply'd in some degree, yet now these are as useless, and lie as dead as the other: And if you will enquire into the Occasion of this Stop of such passable Money, you will find it to begin at the Collectors for the Tax; they first refused to receive it, and from them it was derived to others: and I need not remark to you, that the Sub-Collectors are under the Conduct of the Head-Collectors, and the Head Collectors under the Direction of the Treasury and Exchequer; the principal Officers of which were the chiefest and warmest Sticklers in the Case now before us: so that the Persons who would not have the Peoples Clipt Money exchanged for good Money, are the very same who have put a final Stop to the Currency of their other Money.
But whatever becomes of our Silver, we have yet our Guinea's passable at 26 Shillings. But now comes the last and finishing Stroke of this sweeping Project; for at the Report of the Bill (with half its Title) for Encouraging bringing Plate to the Mint, &c. March 9. a Clause was offered by the Lord Coningsby about setling the Price of Guineas. This Clause settled them at 22 Shillings, and the Consideration of it was put off till the next day: and March 20. the Clause was rejected; but March 26. the Lord Coningsby offer'd his Clause again, at the third reading of the Bill; and after many hours Debate, it passed by a small Number.
<18 [10]>And thus, Sir, I have given you a plain and impartial Account of the Proceedings relating to this Matter; and you plainly see by what Methods this Consumption is brought upon us. It needs no Animadversions, and I shall make none; you have the Matter of Fact before you, and you may judg as you see Cause: only I crave leave to tell you, that the Party who carried these, struggled hard to have had all Clipt Money pass by weight immediately, and Guineas reduced to 21 s. and 6 d. and none of the Loss to have been born by the Publick. Mr. Mountague, Chancellor of the Exchequer, had eminently a share in these things, who deliver'd this as his Maxim, That he had rather do Wrong than do nothing. And whoever considers the Resolutions taken, will find him faithful and true to it, and pursuing it in several Instances. He had a great many partners, as you must observe by the carrying their Point, particularly all that had any Interest in the Bank, Places at Court, Civil or Military, &c. But this is more proper in the next Head, viz.
To give you a List (as far as my Memory will serve) of the Members Consenting to these Votes, and Dissenting from them, under the Parliamentary Title of Yea's and No's: where (for your Information) I desire you to observe, that those under the Title Yea's are the Members who voted for these Proceedings, those under No's, who voted against them; or, in other words, the Yea's are those who sunk the Guineas to 22 Shillings, &c. the No's those who oppos'd it.
And now, Sir, I have, I think, fully answer'd all your Desires; you have the state of the Case, and the Persons concern'd; the Action and the Actors: and if you will give your self the Trouble to tell over the Names, you will find that (after all the Artifice and Endeavours) the Odds was not extraordinary on the Court side: and you may be satisfied, that there were a great many Gentlemen who were, and still are, very careful of the Good of the People for whom they serve. However, you have the whole Case before you, and now you are impowered to make a just and righteous Judgment both as to Persons and Things: and if you do not, that is not my Fault, but yours. I shall conclude, like a Divine, with a Sentence of Scripture; He that justifieth the Wicked, and he that condemneth the Just, even they both are Abomination to the Lord, Prov. 17.15. I am, Sir,
London, Aug. 20. 96.
Yours, &c.
Source
Unknown, An Account of the Proceedings in the House of Commons, In Relation to the Recoining the Clipp'd Money, and Falling the Price of Guineas. Together With a Particular List of the Names of the Members consenting and dissenting ([London]: 20 August 1696).20 August 1696, c. 5,195 words.