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WRITERS ON ENGLISH 
 MONETARY HISTORY 
 
MORRISON AND GIBB, PRINTERS, EDINBURGH. 
 
Select Tracts and Documents 
 
 Illustrative of 
 
 English Monetary 
 History 
 
 1626— 1730 
 
 Comprising Works of 
 
 Sir Robert Cotton ; Henry Robinson ; 
 Sir Richard Temple and J. S. ; 
 Sir Isaac Newton; John Conduitt; 
 
 Together with Extracts from the 
 Domestic State Papers at H.M. Record 
 
 Office 
 
 By WM. A. SHAW, MA. 
 
 AUTHOR OF " THE HISTORY OF CURRENCY 
 
 Clement Wilson, London: 1896 
 
 9 
 
PREFACE 
 
 The following work is intended as a very simple 
 object-lesson in Currency History. It is scholastic 
 entirely, that is, in no sense controversial ; indeed, in 
 order to avoid any reproach of controversy, the range 
 of the book is deliberately restricted. To fill up 
 the measure of a handbook of documents illustrative 
 of English Monetary History, a much more extended 
 range of date and subject-matter would be required. 
 It would be necessary to go back to the earliest 
 Mint Indenture, and to come down at any rate to 
 the Peel Bank Act. The following pages are not 
 of this comprehensive nature. They are restricted 
 practically to a century as to extent, and that, 
 a century which is incapable by any strain of 
 innuendo of being made or held controversial. 
 Controversy apart, therefore, and assuming this 
 purely scientific disposition of the material of these 
 pages, what is their general substance? In very 
 brief, it is an illustration at five different points of 
 time, through the years 1620 to 1730, of the one 
 main difficulty which the monetary systems of every 
 State of Europe experienced, as the result of a 
 mechanism inherited from the Middle Ages, and 
 which they continued to experience until the reforms 
 
vi Preface 
 
 of quite modern times. More briefly still, it is an 
 illustration of the action of Gresham's Law, through 
 that period of our monetary history in which it is 
 most instructive to watch the action of that law. 
 There are, however, two objections to the use of this 
 term, Gresham's Law. In the first place, the principle 
 enunciated in an adage by Sir Thomas Gresham, 
 had been known and acted upon for centuries before 
 Gresham's time. And, in the second place, the form 
 of Gresham's adage is not to my mind completely 
 satisfactory. Instead of saying that bad money 
 drives out good, he should have said that under the 
 mediaeval European currency system bad money was 
 allowed to buy up good money. It is not true that 
 bad money drives out good. Such a principle would 
 imply a conscious and deliberate choice or election, 
 on the part of the community at large, of bad before 
 good money. What would have been true to say 
 is, that, given in one country an imperfect currency 
 system, in which two elements of unequal value are 
 concurrently circulating, and given no specific law of 
 tender, and given no law for the withdrawal of worn 
 or dipt specie, and given, with all this, another 
 similarly imperfect currency system, in one or more 
 countries near at hand, then the merchant exchanger, 
 whether Italian or Jew, had close to his hand all the 
 elements of an easy bargain. He could buy up the 
 good money by means of the bad, or the unworn 
 money by means of the worn, or the more valuable 
 money of one metal by means of the less valuable 
 money of the other metal. He could in a retail 
 way sell piece by piece the coin of one country to 
 another country. The most real and ample illustra- 
 
Preface vii 
 
 tion of all this would come if it could be got from 
 the ledger of some sixteenth or seventeenth century 
 Jew banker of Antwerp or Frankfort. But, in the 
 absence of such, there is quite a sufficiency of evidence 
 even in a selected form, as in the following pages, to 
 make the process and main channels of this trade or 
 traffic in coins as plain as daylight. In the mediaeval 
 currency system, which England equally with every 
 other country inherited and used and suffered from, 
 there was no general law of tender; silver and 
 gold could be used indifferently; secondly, the two 
 metals had in no two places the same legal or mint 
 value put upon them, whether considered absolutely 
 in regard to the particular minted pieces, or relatively 
 in regard to the ratio between the two metals which 
 could be deduced from such legal mint rates. As a 
 consequence, there was always a possibility of profit 
 in some direction, to be got from melting down the 
 coins of one State and minting them into the coins 
 of another State. The process was rendered possible 
 by the provision or mechanism of free coinage, and 
 I have pointed out in another connection that the 
 reform accomplished in the nineteenth century con- 
 sisted practically in the restriction of this privilege 
 of free coinage. It is only by means of a first- 
 hand or documentary knowledge of the monetary 
 needs and trials of the sixteenth and seventeenth 
 centuries that the necessity of this great reform 
 can be fully understood, and its significance fitly 
 estimated. 
 
 The general principles of the imperfect mechan- 
 ism by which seventeenth century governments 
 attempted to cope with the currency difficulty which 
 
viii Preface 
 
 beset them, are illustrated more fully in the intro- 
 duction to the first section (pages 2 to 24). After 
 vain attempts at restricting the activity of exchange 
 merchants and the use of bills of exchange, and that 
 by means of such institutions as the Giro Bank and 
 the Exchange Bank, of which latter the Amsterdam 
 Bank was the fullest seventeenth century expression, 
 the governments of Europe came uniformly to the 
 opinion that the only way to stop the secret traffic 
 in coin was to mate the merchant in his own craft, 
 to cut away the basis of his trade by altering mint 
 and exchange terms so as to deprive him of his 
 profit. 
 
 Accordingly, it became the most important part 
 of the duty of the mint officials to watch the fluctua- 
 tions in the value of the precious metals and of the 
 mint rates, and to accommodate their own mint 
 terms to the continually altering situation. Through- 
 out the five Sections treated of in this book, we can 
 see as it were the process of education by which the 
 mint officials of England gradually rose to a com- 
 plete mastery of their craft. Early in the seven- 
 teenth century (Section I.), those mint officials are 
 uncertain whether a debasement is not the same 
 thing as an alteration of tariff, and as effectual for 
 all practical purposes in stopping export of specie. 
 It is this which gives so dramatic an interest to the 
 debate of 1626, — ending as it did in a victory for 
 sound money, sound policy, and England's honour. 
 In the Second Section — the days of the Common- 
 wealth — there is ample evidence of the advance of 
 expert sense. Nothing could be more masterly than 
 the calculations (pages 96 to 113) in which the 
 
Preface ix 
 
 mint officials of the years 1651-52 lay bare the 
 difference in intrinsic value between the various 
 coinages of Europe and the possibilities of a highly 
 profitable trade which those differences afforded. 
 But there is no sign that this expert sense was 
 shared by those of their contemporaries who had the 
 duty of legislating, nor was it shared by Robinson, 
 wide as was his experience, and versatile as were his 
 powers (pages 5 7 to 8 2). Those were the days of 
 mercantilism in its blossom, and, according to the 
 mercantilist conception, the office of mint laws and 
 of a possible embryo law of tender had not yet 
 been disentangled from the general theory of a 
 balance of trade. It is due to the domination of 
 this theory that Locke's position shows so little 
 advance upon Robinson's on this point (pages 
 117 to 146). The insertion, indeed, of the whole 
 section relating to John Locke would be almost 
 uncalled for, — as marking no new advance in 
 monetary theory or practice, — were it not for the 
 importance which attaches to the record of the re- 
 coinage of 1696, a recq inage which, being under- 
 _tak en on a wrong basis t had its influeneejninakingr^ 
 _j£ ngland, in fact^ or practice, a gold mo nometallic 
 countryjbrthe gr eater part of the eighteenth" 
 7c CTtury7 and~Tha rTong~bej bre_lhe— adx£QL-QJJiny_ 
 thgoj3£bi^oTo^mo nometalI ism. 
 
 It is, however, in the mint reports of Sir Isaac 
 Newton (pages 149 to 204) that we see the fullest 
 expression of expert official sense on the question of 
 the action of mint laws and tariff, in steadying and 
 safeguarding the internal currency. In his hands the 
 mechanism of a mint law and tariff, which should 
 
x Preface 
 
 continually slide or adapt itself to the continental 
 rates, achieved all that it was intrinsically capable of 
 achieving, until the time was to come when the 
 development of a monometallic theory established 
 quite a new principle of financial practice, and 
 an infinitely safer and more efficient mechanism. 
 Mathematician and philosopher as he was, it is still 
 a matter for genuine admiration to note the un- 
 obtrusive skill and lucidity and modesty with which 
 Newton put himself abreast of the keenest coin 
 traffickers of his time, assaying with their assaying, 
 Aveighing with their weighing, counting fractions 
 with their fractions, and providing in his admirable 
 reports the means to cut the ground from under so 
 insidious and treacherous a trade. Compare the 
 uncertainty and "despair of Elizabeth and James and 
 Charles, in face of this secret trade, with the simple 
 exposition of Newton's reports, and the advance in 
 monetary practice which the century 1620 to 1720 
 records will be seized in a moment. 
 
 Let it be borne in mind that this is an advance 
 in the. practice of finance only, — not in the theory of 
 it. The era of advance in theory was to come at 
 the close of the eighteenth century, and Newton had 
 no conception of it, but that is not the point of the 
 present book. All I have wished to show is the 
 nature of the difficulty which the mediaeval system 
 of currency imposed upon the rulers of our country, 
 and the means which were gradually evolved and 
 put into use to meet those difficulties. It is simply 
 a study at first-hand, or from documents, of one 
 distinctly defined epoch of English monetary history. 
 That it will be instructive as such I venture to hope, 
 
Preface xi 
 
 apart altogether from the adventitious interest of 
 Locke's and Newton's names. 
 
 I have only to add my thanks to my sister, 
 Miss Edna Shaw, who has transcribed the Newton 
 reports from the originals at the Record Office, and 
 to my wife, who has transcribed the Robinson and 
 Conduitt tracts and corrected the proofs. 
 
CONTENTS 
 
 SECTION PAGES 
 
 I. Sir Robert Cotton and the Debasement of 
 
 1626 ....... 1-45 
 
 II. Henry Robinson : and Extracts from the 
 State Papers of the Commonwealth illus- 
 trative of the Monetary Movements of 
 1649-S 1 47-"3 
 
 III. Sir Richard Temple and J. S. Opponents of 
 
 John Locke in the Recoinage of 1696 . 115-146 
 
 IV. Sir Isaac Newton's Mint Reports (1701-25). 
 
 Hitherto Unpublished .... 147-204 
 
 V. John Conduitt's Observations upon the Pre- 
 sent State of our Gold and Silver Coins 
 (i73°) 205-244 
 
Section I. 
 
 Sir Robert Cotton 
 
 and the 
 
 Debasement 
 
 of 
 
 1626. 
 
The speech of Sir Robert Cotton here printed owes its 
 interest to the events of the first few months immediately 
 succeeding the accession of Charles i. In itself it is 
 just such a contribution to the elucidation of a practical 
 difficulty as might be expected from the mind of the 
 greatest antiquary of his age. It is historical, a priori, far- 
 fetched, and practically valueless. Nevertheless, tradition 
 has vaguely assigned to it a determining influence in the 
 councils of Charles i. at a moment of peculiar gravity. 
 The point is of no little interest, as this vague tradition 
 has never yet been submitted to a sufficient test either to 
 establish or discredit it. 
 
 The currency problem, inherited along with his crown 
 and kingdom by Charles i., was the same which had beset 
 every ruler of his own country and of every other country 
 of Europe for centuries. The monetary or mint systems 
 then existing permitted the coining of gold and silver at 
 certain rates fixed by the indenture between the King and 
 the Master of the Mint. If, as was perpetually the case, 
 those mint rates did not correspond with the actual market 
 rates and values of the precious metals, there arose a profit 
 or a loss on the minting of either or possibly of both metals. 
 If there was a loss, no importer would import gold or silver 
 to the mint; the mint would be idle, and bullion would 
 seek other markets — the Netherlands or France, or wherever 
 the mint rates prevailing favoured such importer with a profit. 
 If, on the other hand, a differential profit could be made, a 
 profit, i.e., based on the difference between the ratios of gold 
 to silver in the market and gold and silver in the mint inden- 
 ture terms — the cheaper metal would be imported, minted, 
 and used to buy up the dearer. The dearer would then be 
 exported, used to buy up a further supply of the cheaper 
 
4 Writers on English Monetary History 
 
 metal, which would again be imported, minted, and brought 
 to bear on the dearer, and so on. The individual who 
 conducted the secret operation pocketed the profit, while 
 the rulers of the country were at a standstill before the 
 problem of the mysterious disappearance of the nation's 
 good coinage. Gradually, as the secrets of the Jew's and 
 the exchanger's craft leaked out, precautions were adopted, 
 and the tariff or denominational value of the coin was 
 altered so as to equalise and cut off the private gain to be 
 had from such a trade in money. In so far as such a 
 change in denomination was defensive only, i.e., was limited 
 strictly to the purpose of making the mint prices in one 
 country equal to the market prices in another country, or in 
 surrounding countries, it was perfectly legitimate, indeed 
 sheerly imperative. If it went beyond that merely defensive 
 purpose, and, under pretence of preventing export of coins, 
 instituted a seignorage on mint prices over and above such 
 difference, and merely for the benefit of the Crown, it was 
 an insidious and dishonourable attempt at debasement. 
 
 What was the real nature of the proposition in this 
 particular instance against which Sir Robert Cotton spoke ? 
 The question will repay more than passing attention, as there 
 is in some respects a close analogy between Cotton's position 
 in 1626 and that of John Locke in 1695-96. Both were 
 men of learning rather than of practice, certainly neither of 
 them were men of practice in finance. Both take a wide 
 sweep of view, lay down axioms and deduce propositions a 
 priori from which it is not easy to dissent. And both come 
 to the very brink of conclusions which are the abnegation 
 alike of expert and of common sense. 
 
 Of the two, there would appear to be more excuse for 
 Cotton than for Locke, as the narrative of the events of 
 1626 would suffice to show. 
 
 Hardly had Charles 1. ascended the throne, when a pro- 
 position was laid before the Lord High Treasurer for 
 
Sir R. Cotton and the Debasement of 1626 5 
 
 "advancing His Majesty's revenues in his own right 
 ;£ioo,ooo a year, without wronging any subject." * 
 
 The scheme thus obscurely referred to was laid bare a 
 week later in a long paper, which proved to be from the 
 hand of John Gilbert, formerly a Warden of the Mint in 
 Scotland, and later Chief Engraver to the Mint in England. 
 
 The Humble Remonstrance of John Gilbert, His Majesty's 
 Servant. (April 25, 1625.) 2 
 
 The Royall favors his late Majesty . . . shewed unto me hath 
 enforced all my endeavours to . . . set downe to yr Lordship th' 
 experience I have learned by tradition as well from my grandfather 
 as father who before me served the late king and state of Scotland 
 as well as myself in the office of Warden of the Mint, together 
 with what I have learned in my long travails in fforaigne 
 landes as in Muscovie under the Emperor Damswicke Melvin and 
 amongst all the princes in Germany, Poland, Bohemia, Hungarie 
 and other places, where I have noted the great and excessive 
 gayne they have made by other princes Quoyne, besides the 
 unlawfull transportacon into their parts of ours out of England 
 wherby many of them have made themselves riche : and to pre- 
 vent further transportacon heareafter that whiche followeth under 
 reformacon I holde very nedefull and necessary and without it 
 noe possible meanes of prevencon. 
 
 Whereas the coinage of monies belongeth peculiarly to the 
 prerogatives of kinges, and that all monies doe consist of waight 
 fyneness and valuacon whearin valuacon (as the spirit) giveth 
 life, without which waight and ffynenesse are in nature bullyon ; . . . 
 and whereas kings & princes doe take a greate advantage one 
 against an other by theise meanes whearby many inconveniances 
 doe arise by the inhansinge of the price or imbaseinge the standard 
 of monies, especially when the merchants exchange for the said 
 moneys on eyther side is made under the true vallew of the 
 moneys of the Realm and the moneys of other countries which 
 is the publicque measure betwene us and them according to 
 which all our native commodities are solde and fforaigne com- 
 
 1 State Papers {Domestic), Charles 1. vol. i. No. 72. 
 
 2 Ibid. vol. i. No. 85. 
 
6 Writers on English Monetary History 
 
 modifies are bought beyond the seas, wheare great gaynes are 
 made upon the monies of the Realme of England which causeth 
 a contynual transportacon thereof : 
 
 And whearas his Majesty hath not any benefitt by monyes but 
 the ordinary coynadge which is little or nothing upon silver, 
 whearof his Majesty's mynt hath byn (in a manner) debard above 
 12 yeares by the over valuacon of goulde : 
 
 It may please your Lordship to consider of the reasons follow- 
 ing : 
 
 So longe as theare is a gayne in the waight and ffynenesse 
 of monies they will be still transported notwithstandinge any 
 laws or prohibitions. 
 
 I. In like manner so longe as there is a gayne in the valuacon 
 when our moneys are undervalued and foreign coyne overvalued 
 (in exchange), grounded upon the said waight and ffyneness, 
 monies will be contynually exported and none imported agayne 
 because of the losse had thearbye ; and if anye (upon occasion) be 
 brought in hither from Spayne in Ryalls of 8, or from Germany in 
 Dollars, they will be still exported for the greate gayne geven in 
 forraigne parts. 
 
 By these meanes England (wanting monies) is bereaved of the 
 spirit of commerce. . . . Maye it therefore please your good Lord- 
 ship to advise his Majestie to take alwaye that gaine and to make 
 a benefitt by his moneys (as other princes doe) over and above the 
 coynadge, that is to saye 6d. upon every ounce of Silver and that 
 the pieces made out of every pounde of 12 ounces troye may be 
 made soe much lighter as maye countervaile the same. This will 
 produce redy money and noe lesse benefitt to his Majesty than 
 100,000 pounds yearly. 
 
 This may conveniently be done by direction from his Majestie or 
 your Lordship unto one officer of the mynte and myselfe, if his 
 Majestie so please, without proclamation ; wherby no alteracon can 
 happen in the prices of commodities nor in the commixture of the 
 bullion or ffynenesse of the monies but only in the waight of the 
 pieces which are never wayed and will be correspondent with 
 the currant moneys in waight. 
 
 The warden and mynt masters and all other officers of the 
 mynte to be put to a good allowance for this greate coynadge and 
 not uppon the pound waight which as it will make his Majesty's 
 benefitt the greater soe will it yearly farre exceede the benefitt that 
 was made before upon the pounde to all the said officers of the 
 mynte. 
 
Sir R. Cotton and the Debasement of 1626 7 
 
 This is most requisit and necessary to be done for the reasons 
 followinge : 
 
 1. To the end that the monies of silver nowe coyned (beinge 
 heavier then the currante monies) which have been culled out be 
 not contynually exported. 
 
 2. That bullion and monie maye be imported into the mynte by 
 direction to be given by your Lordship to suche severall persons 
 as must necessarily be imployed hereabouts by order from your 
 Lordship and receive a yearly consideration for the same. 
 
 3. That the Bullyon and moneyes imported from Spayne and 
 other places maye remayne within the realme and be brought into 
 the mynte by the said parties menconed in the 2d reason above. 
 
 4. Theare will by this meanes be plentie of monye within the 
 Realme to enfuse liffe into our nations comodities and supplye the 
 occasions of the State. 
 
 5. That muche oulde plate maye be molten downe and bought up 
 -by the said parties menconed in the 2d. reason above to be converted 
 
 into monyes to make the same more plentifull. 
 
 6. That by the plentie of monye the price of usurye may of 
 course decrease and the price of landes be improved. 
 
 7. Lastly, that commerce may increase and incourage merchants 
 which nowe doe daylie breake for the wante of monies within the 
 Realme when forreigne comodities doe abounde and lye deade 
 upon their hands. 
 
 Hearin the example of the Emperor of Russya may be made a 
 presydence. Who finding a contynuall exportacon of his moneyes 
 called Denghen or Copocos made of ffyne silver caused them to be 
 made of half the waight or thereabouts but to goe currant never- 
 theless as before ; which caused the comodities of his domynions 
 to be vented and his moneys not to be transported because theare 
 is no gayne to be had thearby but a verye great losse and on the 
 contrarye forraigne Quoyne is brought in because of the gayne 
 had thearby which is humbly referred to his Majesty's and your 
 Lordships most seryous consideration and highe wisdome. 
 
 This which followeth is likewise as well to avoid transportacon 
 as better support and supply of his Majestyes wants. 
 
 As well to avoid further transportacon as supply his Majesty's 
 present occasions and replenish his coffers with store of Treasure 
 it is conceyved necessarye that all the coyne of the kingdom be 
 called in and newlye coyned and his Majesty to have out of evry 
 ownce of silver 6d. and out of Goulde after the same rate, with 
 the Crowne golde beinge accordinge to the standard of the Troy 
 
8 Writers on English Monetary History 
 
 waight, rated at 3 li. 7s. the ounce, which surpasseth the out- 
 landishe standard in waight which is the only cause of the 
 transportacon of our coyne to the greate indemnity bothe of his 
 Majesty and the wholl state, ffor prevencon whearof theare is no 
 other remedye but that the 7s. over and above the 3 li. for the 
 ownce be abated for the kinge, and soe muche allaye put in the 
 place thearof which said allaye shall make up the former weight 
 and abide the touche both in marking and goodness and showe 
 every way as fayre and good as before. And for your Lordships 
 fulle satisfaction whensoever you shall be pleased I will make good 
 in your owne sight eyther at your owne house or in any other place 
 where his Majesty and your Lordship shall thinke fittinge for this 
 secrett tryall which is the right redye waye to serve both his 
 Majesty and the wholle states turn by abandoninge transportacon 
 heareafter without wronginge the subject in any manner for they 
 shall still (by this course) have their waight and vallew as before 
 without any possible meanes of discovery. Only it is a secret 
 which muste be lodged in his Majesty's brest, your Lordships and 
 myne that hath found out the remedye for prevencon of soe greate 
 a mischief that hath been soe many yeares sought after and could 
 till nowe never be founde out, and thoughe it be late yet under 
 reformacon I should hold it a wellcome gest, because it bringeth 
 with it at least soe great a happynes. 
 
 Thus by this meanes the coyne shall still rest in the lande and be 
 as a. loadstone to draw bothe Gould and Silver from fforaigne 
 partes as the precedent of the Muscovites and other nations farre 
 of, besides our neare neighbours in the Lowe Countries, who have 
 upon lesse occasions 3 times in 12 yeares pulled downe and raysed 
 their coyne in a farre worse manner, to make use of all forreigne 
 Coyne (then in their lande) and to draw more daily unto them. 
 But here is noe such intent but only to preserve our owne coyne in 
 the lande as aforesaid. Nowe maye it please your good Lordships 
 I have sett downe 2 manner of ways. Your Lordship may be 
 pleased to please yourselfe in the choice. 
 
 The first, to doe it without alloye which makes abatement 6d. 
 in the ownce of silver and of gold after that rate ; which maye 
 (thoughe not justlye) offend the subject if he would consider of 
 everything rightlye ; ffor by that, transportacon should be pre- 
 vented which would breede the wholle comonwealthes' happy- 
 nesse. 
 
 The other maketh good their full waight as before by puttinge 
 in the allaye which will alsoe prevent transportacon and be as 
 
Sir R. Cot ion and the Debasement 0/1626 9 
 
 good for workinge and all other purposes as before, yet must be 
 done privately as I have set downe. Bothe which and myselfe I 
 humbly leave to your Lordships good pleasure and allwayes 
 remaine as I am bounde, 
 
 Your Lordships very humbly to be commanded, 
 
 John Gilbert. 
 2$th April 1625. 
 
 George Margitts to the Right Honourable James Lord 
 Lev, Lord Highe Treasurer of England. (May 4, 1625.) 1 
 
 Maye it please your Lordship, — Whereas I did drawe up Mr. 
 Gilberts draught delivered to your Lordship about the mynt service 
 soe is the same soe playne, I trust, as that your honor nede noe 
 further inlargement aboute the same, which undoubtedly is a verye 
 fayre busynes and no waye in the world to prevent soe great a 
 mischief for the good of his Majesty and wholle state awnswerable 
 to that by him sett downe. And as secresie is the liffe of the 
 busynes, about which your Lordship gave Mr. Gilbertes yesterdaye 
 very good contentment in affirminge that you would not make the 
 officers of the Mynte acquainted thearewith, which indeed would 
 be the distraction thearof, and cause him to be mortally hated, 
 neyther (under your Lordships favorable reformacon) must any 
 other be acquainted thearewith but only, as is sett downe in the 
 draught, his Majestie your Lordship and Gilbert the propounder ; 
 who is willinge to be punished with deathe if he should in the least 
 degree wronge the trust his Majesty and your Lordship reposeth 
 in him. And to satisfye all doubts no man of true understandinge 
 will be soe undutifull as to withstande his Majesty's benefitt therein 
 by takinge that 7s. in every ownce, which all strangers when it 
 comes in their contries doe take out and quoyne the rest into their 
 owne stampe and quoyne : and contrarye to this as his Majestie 
 takes away the 7s. soe thereby shall the rest alsoe be preserved in 
 the lande with an addition of allaye in the place to make up the 
 former waight wherby it still remaynes in his former vallue as 
 good and as fayre to sight as before and shall indure all tryalls of 
 touche and be every waye as good for all gouldsmithes workinge 
 with the hammer or otherwise as before. In which assured re- 
 spects better taken out by the kinge and save the rest rather then 
 to beare it taken out by strangers for their benefitt and alsoe loose 
 
 1 State Papers (Domestic) Charles I. 1625, vol. ii. No. 17. 
 
io Writers on English Monetary History 
 
 the rest as aforesaid to the highe prejudice bothe of kinge and 
 kingdom, which also bringeth this furder good with it as that only 
 by this meanes (and no other) it will alsoe drawe all other contrie 
 coynes into this his Majesty's kingdom to the greate happynesse 
 bothe of kinge and state : and further by Mr. Gilberts draught set 
 downe his Majestie to whom it rightly appertained to have the 
 buying up of all forraigne quoyne as Royalls of 8 and all Ricks 
 Dollors to be brought into the Mynte for his owne benefitt in steed 
 nowe that the same is bought up by gouldsmithes and other 
 merchants and requoyned to their owne quoyne who have univer- 
 sally known made a trade of it for many yeres insomuch as under 
 that cullor they take boldnes to try and sell his Majesty's owne 
 coyne contrary to lawe, which is as necessary of reformacon as the 
 rest ; the kinge allowinge no exchanger but his owne as appeareth 
 by theise auntyent statutes — 
 
 9 Edward I. 2 Henry IV. chap. 5. 
 
 15 Edward HI. 5 Henry IV. chap. 9. 
 
 18 & 27 Edward HI. 7 Henry v. 
 
 5 Richard II. 2 Henry VI. chap. 6. 
 
 4 Henry VII. chap. 22. 
 All which I thought good to give your Lordship notice of humbly 
 reterringe the same to your honourable Lordships better con- 
 sideration and ever remayne as in duty I am bounde. 
 
 Your Lordships most humbly to be commanded, 
 
 George Margitts. 
 4 May 1625. 
 
 What further notice was taken of the representation was 
 probably kept secret, for no indication appears in the State 
 Papers. But it is quite certain that the matter was debated 
 before the Privy Council as late as March of the following 
 year, 1626. There is still in existence a very interesting 
 paper of notes of a speech delivered at the Council Table, 
 "concerning altering, abasing, or enhancing of money, de- 
 livered at a conference upon the subject before his Majestie, 26 
 March 1626." 1 Like Sir Robert Cotton's, this speech is 
 abstract in nature and method, and strongly opposed to any 
 idea of alteration in the coin. Its authorship is doubtful, 
 
 1 State Papers {Domestic}, Charles 1. vol. xxiii. No. 75. 
 
Sir R. Cotton and the Debasement 0/1626 11 
 
 but it is clearly not in Cotton's style. It is equally clear 
 that the speech failed of its purpose, and that the advocates 
 of debasement, as it will be shown in reality to be, carried 
 the day. For in the following month, April 1626, a warrant 
 was issued which practically instituted a new mint inden- 
 ture of an unexampled nature, and one which can be 
 distinctly traced and attributed to Gilbert's scheme. The 
 warrant, equally with the mint indenture which it was 
 intended to introduce, was worded in an extraordinary 
 manner, and it is difficult to repress the suspicion that its 
 circumlocution was intended to cloak and conceal the real 
 nature of the step adopted. 
 
 Warrant directing Attorney-General Heath to prepare 
 an Indenture appointing Sir Edward Villiers and Sir 
 Wm. Parkhurst Wardens of the Mint, Richard Rogers 
 Comptroller and Andrew Palmer Assaymaster, Com- 
 missioners for Coining Money at the Mint for ii years. 
 (April 1626.) 1 
 
 . . . Whereas the officers of our mint have made tender of their 
 service unto us to advance our profit in and by our mint if we 
 would vouchsafe to give eare unto them and imploy them in the 
 executione thereof as our commissioners for that purpose, which 
 proposition made by them and signed by three of them under their 
 hands hath been shewed unto our . . . James Earle of Marlborough 
 Our High Treasurer of England, Henry Earle of Manchester 
 president of our Councell, Odory Duke of Bucks our High Admiral 
 of England, Wm. Earle of Pembroke the Lord Chamberleyn 
 nowe Lord Steward of our household and divers others to whom 
 we specially recommended the consideration of that proposition 
 by a commission or warrant under our signe manuell and they 
 uppon debate and due consideration thereof have soe farr approved 
 thereof as that they all delivered their opinions unto us that they 
 conceaved it fitt to make an experiment thereof upon the same 
 condition and in that way which our said officers of our mint have 
 propounded . . . and to which for your better warrant divers of 
 our said counsellors to whom we soe referred the same have also 
 indorsed their names ; all which we having seriously advised of 
 
 1 State Papers (Domestic), Charles i. vol. xxv. No. 96. 
 
1 2 Writers on English Monetary History 
 
 have resolved to put in execution accordingly : these are there- 
 fore to will and require you forthwith to draw up an indenture to 
 be made between us of the one part and Sir Edward Villiers and 
 Sir Wm. Parkhurst Knts. Wardens of our mint, Richard Rogers 
 Esq. Comptroller of our mint and Andrew Palmer Esq. assay- 
 master of our mint, whereby they foure or any three of them shall 
 be authorised by us as our commissioners for the making of all our 
 money of Gold and Silver to be coyned in our mint in our Tower 
 of London in such manner and with such allowance for our profite, 
 and the satisfaction of their paynes and charg as in that pro- 
 position soe subscribed by them as aforesaid is expressed. Such 
 commission to have continuance for I 1 years as they have humbly 
 desired, unless we shall in the meantime for other just reasons 
 declare our pleasure to the contrary. By which indenture our 
 said officers of our mint shall thereupon undertake the worke in 
 such sorte as they have propounded the same as aforesaid and 
 with such necessary conditions and covenants of their parts 
 as in the like case hath been used with or by the master or 
 worker of the moneyes etc. And because the drawing and pass- 
 ing of this indenture under our great seale must necessarily require 
 time, being a matter of so great waight etc., and we understand 
 that there is already a great mass of bullion readye to be coyned 
 at our mint, which without loss to ourselves and inconvenience to 
 our loving subjects we can not defer, our further will and pleasure 
 is that you allso draw a short warrant to be signed by us and 
 sealed with our signet containing in brief the substance of our 
 agreement with our said officers of our mint according to the pro- 
 position aforesaid which shall be a sufficient authority unto 
 them to make and coyne our money of Gold and Silver in such 
 manner in the meane time until by indenture as is intended the 
 same may be absolutely setled as aforesaid. All which we will and 
 require you to doe with all the convenient speed you can, this 
 being a service of great importance and for the doing thereof this 
 shall be your warrant. 
 
 This warrant was succeeded by a commission, bearing 
 date 1626, August 14, and intended to take the place of 
 a more usual and formal mint indenture. In an equally 
 specious tone this latter document commenced with a 
 recital of the King's determination to continue his monies 
 of the same standard that they then were, namely, the silver 
 
Sir R. Cotton and the Debasement of 1 626 13 
 
 at 11 oz. 2 dwt. fine, the Crown gold at 22 carats, and the 
 angel gold at 23 carats 3^ grs. fine. After this flourish, 
 however, it goes on to state that the pound of silver should 
 make in current money ^3, 10s. 6d., being cut into such 
 coin or species as were then usually coined in the mint. 
 Similarly, the pound weight of Crown gold was to make in 
 current money ^44 by tale. Out of every pound of silver 
 the Warden was to take up for the King's use 5s. 6d., of which 
 the money ers were to have in all is. 3d.; while out of every 
 pound of Crown gold the Warden was similarly to reserve 
 £2, 12s. for the King, out of which 5s. were allowed to 
 the workers for workmanship. 1 
 
 There can be little doubt as to the true bearing of this 
 remarkable instrument. Two criticisms of it immediately 
 suggest themselves. 
 
 Firstly, the terms of the indenture were such as English 
 mint history had not seen since the days of Edward vi. ; 
 and, secondly, it could not have been expected, even by the 
 merest novice in finance, that such a measure would stop 
 the drain of specie out of England, or turn the flow of 
 metal back into the country. 
 
 For the first, the mint indenture which was in force up to 
 the accession of Charles, was that of July 16 19. Under it 
 the pound of Crown gold was to be cut into ^41 by tale. 
 The King reserved to himself as seignorage out of this the 
 sum of 15s., and out of this small sum again he relinquished 
 in all 7 s. to the Master and Workers. In the case of silver 
 there could hardly have been any profit at all to the Crown, 
 as the mint gave 5s. an oz. for it, and issued it (i.e. under 
 this indenture of 1619) at a tale of £3, 2s. to the pound 
 weight. The difference will be seen at a glance. The tale 
 value of the pound of Crown gold is increased ^3, namely, 
 from ^"41 to ^44. Of this the King is to pocket 
 
 1 Rymer, Foedera, xviii. 740; Ruding, Annals of the Coinage, ii. 236. 
 
14 Writers on English Monetary History 
 
 £2, 12s. ; the remaining 8s. is thrown as a sop to the Masters 
 and Workers of the mint. Similarly, the tale of silver is in- 
 creased from 62s. to 70s., a matter of 8s. Out of this the 
 King was to receive 5 s. 6d., the remaining half-crown being 
 again relinquished as a bribe to the mint men. From the 
 times of the Tudor debasement, no such terms as these can 
 be found in any English mint indenture. 
 
 Secondly, Did such a measure hold out any prospects of 
 stopping the drain of coinage? Could it be justified on 
 that ground, as being equivalent to a rise in the tariff or 
 denomination of the coin ? Manifestly not. In all inter- 
 national transactions the debasement would be instantly 
 felt. The gold piece would be rated in the market at its 
 intrinsic value ; and if there had been a profit on the pur- 
 chase of its predecessors of 16 19, there would remain the 
 same or a proportionate profit now. To be clear. The 
 two methods of procedure, proposed to Charles in order to 
 stop bullion brokers sucking away all his nation's gold or 
 silver, were (1) to raise the tariff of his coins against foreign 
 coin. This method would be and always was instantly 
 effective — if judiciously calculated. The dealer who had 
 hitherto imported rix-dollars, in order to exchange them at 
 more than their intrinsic value, or who had exported native 
 specie in order to melt them into other coin abroad, suddenly 
 found that the common people were apprised of the true 
 value of the rix-dollar in English specie, or of the value of 
 English specie on the Continent, and that his profit was 
 gone — until such time as the market rates should alter 
 on the Continent, and again give him the opportunity he 
 required, while legislators were asleep or not as yet apprised 
 of the new change. This method, therefore, of issuing a 
 tariff, was simply a way of enforcing and bringing home to 
 people's consciousness the true value of the specie they 
 were daily passing through their fingers. So far from alter- 
 ing or detracting from the true value of the national 
 
Sir R. Cotton and the Debasement 0/1626 15 
 
 currency, it in reality only asserted that true value, and pro- 
 vided for its maintenance. 
 
 (2) Instead of this method of crying up the denomination, 
 Charles might — so said these insidious advisers in 1626 — 
 accomplish the same end by letting the denominational 
 value of the coin remain the same as before, and diminish 
 the intrinsic content — the actual weight of metal in the 
 issued piece. Instead of prescribing that in future a 
 sovereign should pass for so much more, or a rix-dollar for so 
 much less, a sovereign was to be issued which had not the 
 pure metal content of a sovereign, but which was to pass as 
 one all the same. If only so much metal was subtracted as 
 corresponded to the increased value to be put upon the 
 native specie under the first method, then the result would 
 be the same, and, in addition, the King would profit to the 
 extent of the seignorage. Such were the specious argu- 
 ments for the step into which for a few months Charles was 
 beguiled. Whether conscientiously advanced or not, it is 
 not easy to say, but certainly they were fallacious. It is 
 merely a matter of figures, and should never for a moment 
 have been doubtful. If half-a-crown's worth of gold were 
 taken out of the sovereign, then it became, whatever kings or 
 law might say, only worth 17 s. 6d. Its international value 
 would be that, and on that basis there would^ be the same 
 bullion transaction as before. If the bullion dealer found 
 a profit previously in purchasing a sovereign of 20s. value, 
 by means of so much foreign coin as were worth 20s., he 
 would now find just the same, or a proportionate, profit in 
 purchasing a sovereign of 17s. 6d. value, by means of so much 
 foreign coin as were worth 1 7s. 6d. The arithmetical pro- 
 blem was in no wise changed, and bullion transactions would 
 continue just as before. There would be nothing to stop them 
 in any such regulation. The only way to stop such trans- 
 actions, presuming this proposition of a debasement to have 
 been adopted, would be to issue some such proclamation as 
 
1 6 Writers on English Monetary History 
 
 this : " We have issued a sovereign that is only worth 1 7s. 6d. 
 We find that it is taken in international transactions at 
 17s. 6d. But we also find that on the Continent this 
 piece is worth 17s. iod. We therefore advise our subjects 
 of this fact, and prescribe that in future the sovereign shall 
 go and be exchanged for 17s. iod. This valuation is 
 to hold good until we are apprised of any further rise of 
 exchange prices on the Continent." 
 
 I am not here arguing the morality or the economic effects 
 of debasement, for they are perfectly well ascertained, but 
 only the question which was before Charles in 1626, namely, 
 whether a debasement was as good and allowable a safe- 
 guard against the bullionists as a change in the tariff. On 
 this ground the proposition of a debasement was as futile, 
 as on other and wider grounds it was dishonourable, and 
 might have been disastrous. 
 
 It was against this scheme that Cotton raised his voice, 
 and thereby has deserved the thanks of his country; but 
 it is curious that he never once joined issue on the actual 
 point which had been advanced and which was in question, 
 and that point, too, on which he could have achieved a 
 victory with five minutes' arithmetic more signally than 
 with all his parade of history and paraenesis. 
 
 Ruding was unable to determine whether or not any 
 minting took place under this "indenture of August 1626; 
 but it is demonstrable that there did. 1 
 
 It is equally clear that, during the period in which 
 the indenture was in force, the question of its efficacy 
 as well as its honesty was violently agitated. As it 
 
 1 State Papers (Domestic), Charles I. xxxvi. No. 7. Parkhurst 
 and the other officers of the mint to the Attorney-General, for the 
 stay of Sir Robert Hartley's indentures till they have completed 
 their accompts : ' ' Wee have some quantities of gold and silver in 
 our hands to coyne for the subjects, for which they have our bill 
 of receipt,'' etc. 
 
Sir R. Cotton and the Debasement 0/1626 17 
 
 proved, indeed, there was one point in which the new 
 arrangement showed itself more danger-fraught than ever, 
 as far as regards export of coin. The new indenture had 
 altered the ratio between gold and silver in a way exactly 
 the opposite or contrary to that which the situation at the 
 moment demanded. The legal ratio had previously been 13^. 
 At a time when the ratio was rising, or the value of silver 
 falling, all over Europe, the only wise step would have been 
 to alter the ratio in England accordingly — by a tariff and 
 mint proclamation combined. If the method adopted, -as 
 here, were that of a seignorage, such . seignorage ought to 
 have been on gold alone, or on gold more than silver. 
 Whatever profit was then made by the purchase of cheap 
 silver would disappear the moment fresh gold was brought 
 to the mint to be coined in order to be again exchanged 
 for silver. 
 
 Instead of following this simple rule, the indenture of 
 August 1626 enacted a palpable blunder by imposing a 
 comparatively heavier seignorage on silver, thus lowering 
 the ratio instead of raising it, and leaving the kingdom 
 more than ever exposed to the action of the financier and 
 bullion dealer. From this point of view the indenture 
 was assailed by the enlightened few who grasped the real 
 situation, and a remarkable evidence of the clear-sighted- 
 ness of that minority is afforded by the following paper, 
 which occurs among the State Papers. Its authorship is 
 doubtful, but the date can be quite certainly fixed as be- 
 tween the 14th August, when the new mint commission came 
 into force, and the 4th September, when that commission 
 was itself superseded. It was in all probability a paper 
 contributed to the same debate before the King on the 2nd 
 September, in which Cotton spoke, and which resulted in a 
 victory for those who had sound money and their country's 
 honour at heart. 
 
1 8 Writers on English Monetary History 
 
 Olde Proposition in the Remedy of the Disorder in our 
 Moneys what Effects are to be wished. 1 
 
 September 1626. 
 In the remedy of the disorder in our moneyes theis effects are to 
 be wished. 
 
 1. That there may bee an equality betwixt our monies and the 
 moneyes of other countries. 
 
 2. That the same be done without prejudice to the kinge or his 
 subjects in their Rents revenues debts etc. 
 
 3. That the same be sett content that though they [i.e. foreigners] 
 shall persevere in raysing their monies beyond the sea wee may be 
 able still to helpe ourselves without newe coyninge of our money 
 at the minte. 
 
 The first of theis by the proposition of the mintmen is for the 
 present set right but they faile in the other twoe desired effects for 
 the rents revenues will decrease as they have done ever since 
 Edward the 3d's time and our neighbours altering, wee must newe 
 coyne our monies and more and more decrease our rents etc. 
 
 To produce theis wished effects it is proposed— 
 
 1. That theis Species of our Silver monies viz. the 5s. piece the 
 half-crowne the I2d. the 6d. remayne as they stood before this 
 newe coyned Silver, and the Silver monies hereafter to be coyned 
 to the former waight and finenes with enritchinge thereof as tyme 
 shall serve. 
 
 That the gould be coyned as it is proposed by the mintmen, the 
 pound waight crowne gould into 44 pieces to be 20s. peeces and 
 the fyne gould as it is proposed likewise. 
 
 That the Silver Species be raysed by proclamation vizt. i2d. to 
 13d. obol [ = i3jd.] and so other species accordingly, then the 
 pound tale wilbee raysed to 2s. 6d. more and the pound waight in 
 Silver will make 3I1. 9s. 9 d. which is 9d. lesse then the propisicon at 
 the mynte. The silver thus raysed will support the valuacon of 
 the gould, the silver being nowe neare 12 & £ to one of gould which 
 formerly before this acte was 13 & \. 
 
 I. And that the raisinge of these species of our silver monies bee 
 not imaginary and in manner only the species of silver vizt. the 4d. 
 3d., 2d., 3 half-pence, penny and half-penny to stand as nowe they 
 doe and to be a basis whereby the best Species are really raised 
 and for supply of the kingdom in such other small monies to coyne 
 such as upon consultacon shalbee thought fitt. 
 
 1 State Papers (Domestic), Charles 1. vol. xxxvi. No. 102. 
 
Sir R. Cotton and the Debasement 0/1626 19 
 
 And that the kinge likewise by his proclamation ordayne that 
 the Rents revenues debts etc. formerly contracted or setled be paid 
 in the better species of the silver monies or the value thereof with 
 such further declaracon therein as shalbe thought fitt. 
 
 Which is hoped may possesse us of all the former desired effects. 
 
 From Mr. Aison touching the Proportion of Silver to 
 Golde. 1 (Sept. 1626.) 
 The pound weight of gould according as it is 
 
 now coyned is valued at 4I li. 
 
 Twelve pound weight of silver which should 
 
 answere to one pound weight of gould by the 
 
 due proportion as it is now coyned in England 
 
 isvaluedat 37li.4s.od. 
 
 The ounce whereof is valued at . . . . s s. 2 d. 
 
 According to which value one shilling should 
 
 weigh 3 denr. 2o/ F graines. 
 The difference betweene the two proportions is . 03 li. 18 s. 00 d. 2 
 If the silver were raised 5 s. 4 d. for every ounce 
 
 the 12 li. weight would be worth . . . 38 li. 08 s. ood. 
 The difference would be betweene the gould and 
 
 h 2 li. 16s. od. 
 
 Then every shilling piece should weigh 
 
 3 denr. 18 graines. 
 
 If the silver were raised to 5 s. 6 d. for every 
 
 ounce then 12 li. weight would be worth . . 39 li. 12 s. 00 d. 
 The difference betweene the gould and it would 
 
 be ili. 8s. od. 
 
 Then every shilling should weigh 
 
 3 denr. 15J graines. 
 
 If the silver were raised to 5 s. 8 d. for every ounce 
 
 then 12 li. weight would be worth . . . 40 li. 16 s. ood. 
 The difference betweene the gould and it would 
 
 be 4 s. o d. 
 
 Then every shilling would weigh 3 denr. I2| 
 
 graines and would be worth in money 11 d. 
 
 and almost one half-penny at the rate of 5 s. 
 
 the ounce, 
 
 1 State Papers {Domestic), Charles 1. vol. xxxvi. No. 103. 
 ? Sic, should be £3, 16s. od. 
 
20 Writers on English Monetary History 
 
 The great difference betwixt the proportion of gould and silver 
 doth give great occasion to the transporters of moneyes to cull 
 out and weigh the light money from the heavie and transporte 
 the heavie beyond sea, leaving all the light moneyes in the 
 countrie ; which in shorte time will much prejudice the comon- 
 wealth, because that the whole bodie of the land doth stand in con- 
 tinuall need of silver moneye for their daily traffique without which 
 a comonwealth can hardly subsist. And the merchant transporter 
 paieth noe custome inward nor outward for moneyes. 
 
 James Acheson. 
 
 The immorality and iniquity of the proposition which 
 led the most ill-fated of the Stuarts for a moment's space, 
 literally for only a few weeks, into the path of debasement, 
 may be safely left to Cotton's denunciation. That Charles 
 so quickly retraced his steps and retrieved his honour is 
 infinitely to his credit. The stir which the question raised is 
 now almost hidden from us, but it is clear from the follow- 
 ing letters that the moment the debased specie were issued 
 (probably in the last week of August) the fraud was de- 
 tected by the public, that it had indeed been anticipated, 
 that Charles was alarmed at the threatened consequences, 
 that the matter was anxiously debated before him in the 
 Council on the 28th August, and again on the Sunday and 
 Monday of the week following (viz. September 3rd and 4th), 
 that Cotton spoke on the Sunday, September 3rd, and that, 
 in spite of the opposition of Buckingham, sound policy 
 prevailed. A proclamation was hastily drawn up on the 
 4th September, the very day on which the last of these 
 debates was held, and immediately made public, to declare 
 the coins issued since the 1st August not current, and to be 
 accounted only as bullion, and that the monetary standard 
 should remain as it was before the execution of the debase- 
 ment indenture. Parkhurst and Villiers, the treacherous 
 instruments in this act of folly, were removed from the 
 charge of the mint, Sir Robert Harley was appointed 
 Master and Worker of the Mint, and a fresh indenture 
 
Sir R. Cotton and the Debasement of 1626 21 
 
 (dated November 8th) executed with, this time, no tinge of 
 corruptness or debasement in it. 
 
 The following documents and Charles' proclamation will 
 suffice to complete the record of this curious debasement, a 
 record which has hitherto, strangely enough, been quite 
 unsuspected and unknown : — 
 
 To the Rev. Joseph Mead. 1 (London, Aug. 25, 1626.) 
 
 Here hath been much ado about our new coinage of silver and 
 gold for which the king is to have in a lb. of gold 52/ whereas it 
 was before but 15/ and 3s. 6d. for a lb. of silver, was before but 
 2s. 6d. The Lords have sitten many times about it, and sent 
 for some merchants for their opinions of it ; who I know are of 
 opinion it is a most dangerous project for the king and kingdom, 
 for that although at first the king may perhaps get much by the 
 coinage yet will it overthrow trade by the altering of the exchange, 
 much impoverish king and all men in their revenues, improve 
 Spain's bullion, enhance the prices of all things and for the profit 
 occasion foreign countries to counterfeit our coin and therefore it is 
 thought will not hold. It is said to be the Earl of Middlesex's 
 project who now hath his pardon under the great seal at last. 
 
 Mr. Pory to Mr. Joseph Mead at Sir Martin Stuteville's, 
 at Dalham. 8 (London, Saturday, Sept. 2, 1626.) 
 
 On Monday last the matter of coinage of the new light pieces 
 being argued pro and con at the counsel table and the incon- 
 veniences palpably demonstrated the Lords checked Palmer the 
 chief officer of the Mint for giving out such coin without authority 
 and did as it were publickly condemn it ; saying when some 
 complained against it because it would not pass in payments that 
 they knew not of the divulging thereof, notwithstanding as it is 
 said there have been some three-score thousand pounds thereof 
 coined and as yet there is no order taken about it, although men 
 have been borne in hand it should either have been called in or set 
 at the just value. Now there is a project on foot to proportion our 
 silver coin to the gold because all King James time and hitherto it 
 hath been too rich and that is the reason why gold hath been more 
 
 1 Court and Times of Charles I. p. 142. 
 
 2 Ibid. p. 144. 
 
22 Writers on English Monetary History 
 
 frequent in payments than silver because strangers have gained 
 by exporting the silver, and therefore whereas all the said time 
 there have out of a lb. of silver been coined 63/ now there shall be 
 coined 65/. 
 
 To the Rev. Joseph Mead. 1 (London, Sept. 8, 1626.) 
 The proclamation against the new coin having been printed now 
 the 4th day, through the iniquity of the time or the man is not yet 
 proclaimed. Howbeit having passed through the great seal it 
 stands in force and the truth is he [Buckingham] is ashamed of the 
 great repulse he had on Sunday by a man of no greater outside 
 then Sir Robert Cotton and on Monday by his Majesty and the 
 whole council table. For on Sunday in the afternoon all the dis- 
 putants on both sides being warned to come before the Lords his 
 Majesty being then present and president Sir Robert Cotton then 
 drew out a paper and by his Majesty's command began to read it 
 unto him. But being come to the 3rd article the Duke began to 
 startle and looking with a stern countenance over his shoulders 
 said "Sir Robert Cotton are you come hitherto instruct the king 
 and the council " and so stopped his mouth from proceeding any 
 further. Sir Robert notwithstanding maugre his threats kneeled 
 down presently to his Majesty and (the Duke being next to him) 
 delivered the same unto his Majesty's hand and besought his 
 Majesty that he would by no means omit the reading of it over 
 advisedly. Moreover the same afternoon the Duke seeing his 
 party very strong and few of the contrary side present with all his 
 might and main urged that the Lords might presently sit down to 
 consultacon. Whereupon Sir Robert Cotton kneeling once again 
 before his Majesty signified unto him that the better half of their 
 number was absent and therefore that soe great a business might 
 not be treated in by halves he humbly besought his Majesty the 
 council might be adjourned till the next day which was Monday 
 last and so the king granted his request against the Duke's motion. 
 On Monday the king carried himself before the Lords so con- 
 siderately as till the upshot no man could discern by his counten- 
 ance to which side he inclined. In fine he declared himself in such 
 a manner as it appeared to their Lordships he thoroughly under- 
 stood the business and so his Majesty went against the Duke and 
 my Lord President taking part withal, as I have heard of the 
 council table besides. 
 
 1 Court and Times of Charles I. p. 145. 
 
Sir R. Cotton and the Debasement 0/1626 23 
 
 Proclamation by the King. 1 (Sept. 4, 1626.) 
 
 The kings most excellent Majesty by the advice of the privie 
 councill for divers important considerations doeth publish and 
 declare to all his loving subjects that all coynes of gold and silver 
 within his realme of England shall bee and shall bee taken and 
 received to be current in all receipts and payments in such species 
 and at such weight finenesse and value as the same were currant 
 the first day of August last past and not otherwise ; and that all 
 moneys of gold and silver coyned sithence the said first day of 
 August in any "other manner then according to the proclamations 
 in force the said first day of August shall be esteemed but as 
 bullion and not bee currant. 
 
 Given at our Palace of Westminster the fourth day of September 
 in the second yeere of our Reigne of England, Scotland, France, 
 and Ireland. 
 
 God save the King. 
 
 This speech was first printed in 1641 in Speeches and 
 Passages of this great and happy Parliament, and was 
 there entitled "Sir Thomas Rowe his speech at the 
 Councell Table touching brasse mony." In 1721 it was 
 included, still with the same title, in the print of Rushworth's 
 Collections (vol. iii. p. 1220). 
 
 This attribution of the speech to Roe is quite incorrect. 
 The speech is undoubtedly Cotton's, as it was, perfectly 
 correctly, described in 1651 in the edition of Sir Robert 
 Cotton's Posthuma, which forms the first authentic and com- 
 plete edition. On the other hand, the genuine speech of 
 Sir Thomas Roe, which occurs in various editions in the 
 Thomasson Tracts in the British Museum, and also as 
 reprinted in the Harleian Miscellany, vol. iv., is quite a 
 different performance. Roe's speech makes some slight 
 but very accurate references to exchange matters, but does 
 not at all touch on any question of debasement, being con- 
 cerned rather with the question of the advancement of 
 
 1 State Papers (Domestic) Charles I., "Collection of Proclama- 
 tions," No. 57. 
 
24 Writers on English Monetary History 
 
 English trade, the fishing industry especially. On the other 
 hand, the speech "of Sir Thomas Rowe on a copper 
 coinage," which is reprinted in Rushworth, has no trace 
 whatever of the genuine speech of Roe, as above. It is 
 identical with that of Sir Robert Cotton, though it has 
 undoubtedly been most carelessly reproduced, as there are 
 numerous alterations of single words, and here and there 
 of phraseology. 
 
 It would appear as if there were many MS. copies of 
 Cotton's speech in existence, as I myself possess a transcript 
 of a MS. formerly in the possession of Edmund Lodge, 
 Carshalton, which differs slightly from the text of both the 
 Posthuma and the speech as in Rushworth, and which is 
 indeed more archaic in form than either. 
 
 The last paragraph of Cotton's oration, p. 34 infra, yields 
 a much clearer and conciser view of the actual difficulty 
 and its possible solution than all the rest of his speech 
 taken together, and will go far to vindicate Cotton's claim 
 to a hearing from practical men. The real exposition of 
 that situation, however, as conceived by such practical men 
 and experts, is contained rather in the papers which occur 
 as appended to Cotton's speech, and which are printed 
 below, pp. 35-45. These papers are not to be attributed 
 to Cotton. They are the opinions and report of experts, ' 
 as their title implies, and had doubtless been preserved by 
 Cotton, along with the MS. of his own speech, as mementoes 
 of the great occasion. There attaches to them a high 
 historic interest and value. 
 
SPEECH 
 
 Made by Sir 
 
 ROB. COTTON, 
 
 Knight and Baronet, 
 Before the Lords of his Majefties 
 
 moft Honourable 
 
 PRIVY COUNCIL, 
 
 at the Council Table : 
 Being thither called to deliver 
 
 his Opinion touching the 
 
 ALTERATION 
 
 C OY N. 
 
 Sept. 2. Annoque Regni Regis Caroli 2. 
 
 L N DO N, 
 Printed in the Year, 1651. 
 
A 
 
 SPEECH 
 
 Touching the 
 
 ALTERATION 
 
 COIN. 
 
 My LORDS, 
 
 JINCE it hath pleased this Honourable 
 Table to command, amongst others, 
 my poor Opinion concerning this 
 weighty Proposition of money, I 
 most humbly crave pardon if with 
 that freedom that becomes my duty 
 to my good and gracious Master, and my obedience 
 to your great command, I deliver it so up. 
 
 I cannot (my good Lords) but assuredly conceive 
 that this intended project of enhauncing the Coyn, 
 will trench both into the. Honour, the Justice, and 
 the Profit of my Royal Master very far. 
 
 All Estates do stand magis Famd quant Vi, as 
 Tacitus saith of Rome : and Wealth in every King- 
 dom, is one of the Essential marks of their Great- 
 
28 Writers on English Monetary History 
 
 ness : and that is best expressed in the measure 
 and purity of their Monies. Hence was it, that so 
 long as the Roman Empire (a Pattern of best Govern- 
 ment) held up their Glory and Greatness, they ever 
 maintained, with little or no change, the Standard of 
 their Coin. But after the loose times of Commodus 
 had led in Need by Excess, and so that shift of 
 changing the Standard, the Majesty of that Empire 
 fell by degrees. And as Vopiscus saith, the steps by 
 which that State descended, were visibly known most 
 by the gradual alteration of their Coin. And there 
 is no surer Symptom of a Consumption in State than 
 the corruption in money. 
 
 What renown is left to the Posterity of Edw. the 
 first in a mending the Standard, both in purity and 
 weight, from that of elder and more barbarous times, 
 must stick as a blemish upon Princes that do the 
 contrary. Thus we see it was with Hen. the sixth ; 
 who, after he had begun with abating the measure, 
 he after fell to abating the matter ; and granted 
 commissions to Missinden and other to practise 
 Alchemy to serve his Mint. The extremity of the 
 State in general felt this aggrievance, besides the 
 dishonour it laid upon the Person of the King, was 
 not the least advantage his disloyal Kinsman took 
 to grace himself into the peoples favour, to his 
 Soveraign's ruin. 
 
 When Hen. the 8. had gained as much of power 
 and glory abroad, of love and obedience at home, 
 as ever any; he suffered Shipwrack of all upon 
 this Rock. 
 
 When his Daughter Queen Eliz. came to the 
 Crown, she was happy in Council to amend that 
 
Sir R. Cotton and the Debasement 0/1626 29 
 
 Error of her Father : For, in a Memorial of the Lord 
 Treasurer Burleigh's hand, I find that he and Sir 
 Thomas Smith (a grave and learned man) advising 
 the Queen that it was the honour of her Crown, and 
 the true wealth of her Self and People, to reduce the 
 Standard to the antient parity, and purity of her 
 great Grandfather, King Edw. 4. And that it was 
 not the short ends of Wit, nor starting holes of 
 devices that can sustain the expence of a Mon- 
 archy, but sound and solid courses ; for so are the 
 words. She followed their advice, and began to 
 reduce the Monies to their elder goodness, stiling 
 that work in her first Proclamation, Anno ii. A 
 famous Act. The next year following, having per- 
 fected it as it after stood ; she tells her people by 
 another Edict, that she had conquered now that 
 Monster that had so long devoured them, meaning 
 the Variation of the Standard : And so long as that 
 said Adviser lived, she never (though often by Pro- 
 jectors importuned) could be drawn to any shift or 
 change in the rate of her monies. 
 
 To avoid the trick of Permutation, Coyn was de- 
 vised, as a rate and measure of Merchandize and 
 Manufactures ; which if mutable, no man can tell 
 either what he hath, or what he oweth, no contract 
 can be certain ; and so all commerce, both publique 
 and private, destroyed ; and men again enforced to 
 Permutation with things not subject to wit or fraud. 
 
 The regulating of Coyn has been left to the care 
 of Princes, who are presumed to be ever the Fathers 
 of the Common-wealth. Upon their honours they 
 are Debtors and Warranties of Justice to the Subject 
 in that behalf. They cannot, saith Bodin, alter the 
 
30 Writers on English Monetary History 
 
 price of the moneys to the prejudice of the Subjects, 
 without incurring the reproach of Faux Monnoyeurs. 
 And therefore the Stories term Philip le Bell, for 
 using it, Falsificateur de Moneta. Omnino Monetm 
 integritas debet queri ubi vultus noster imprimitur, 
 saith Theodoret the Gothe to his Mint-master, Quid- 
 nam erit tutum si in nostra peccetur Effigie ? Princes 
 must not suffer their Faces to warrant falshood. 
 
 Although I am not of opinion with Mirror des 
 Justices, the antient book of our Common Law, that 
 Le Roy ne poit sa Mony empeirer ne amender sans 
 I'assent de touts ses Counts, which was the greatest 
 Council of the Kingdom ; yet^ can I not pass over 
 the goodness and grace of maney of our Kings : (As 
 Edw. I. and the 3. Hen. 4. and the 5. with others, 
 who out of that Rule of this Justice, Quod ad 
 omnes spectat, ab omnibus debet approbari, have often 
 advised with the people in Parliament, both for the 
 Allay, Weight, Number of pieces, out of Coynage 
 and Exchange ; ) and must with infinite comfort 
 acknowledg the care and justice now of my good 
 Master, and your Lordships Wisdoms, that would 
 not upon information of some few Officers of the 
 Mint, before a free and careful debate, put in execu- 
 tion this project, that I much (under your Honours 
 favour) suspect would have taken away the Tenth 
 part of every mans due debt, or rest already reserved 
 throughout the Realm, not sparing the King ; which 
 would have been little less than a Species of that 
 which the Roman Stories call Tabellcz novce, from 
 whence very often seditions have sprung : As that of 
 Marcus Gratidianus in Livie, who pretending in his 
 Consulship, that the currant money was wasted by 
 
Sir R. Cotton and the Debasement of 1626 31 
 
 use, called it in, & altered the Standard, which grew 
 so heavy and grievous to the people, as the Author 
 saith, because no man thereby knew certainly his 
 wealth, that it caus'd a Tumult. 
 
 In this last part, which is, the disprofit this 
 enfeebling Coyn will bring both to his Majesty and 
 the Commonwealth, I must distinguish the Monies of 
 Gold and Silver, as they are Bullion or Commodities, 
 and as they are measure : The one, the extrinsick 
 quality, which is at the Kings pleasure, as all other 
 measures, to name : The other the Intrinsick 
 quantity of pure metal, which is in the Merchant to 
 value. As there the measure shall be either lessened 
 or inlarged, so is the quantity of the Commodity 
 that is to be exchanged. If then the King shall cut 
 his Shilling or Pound nominal less than it was before, 
 a less proportion of such Commodities as shall be 
 exchanged for it, must be received. It must then 
 of force follow, that all things of necessity, as Victual, 
 Apparel, and the rest, as well as those of pleasure, 
 must be inhaunced. If then all men shall receive in 
 their Shillings and Pounds, a less proportion of Silver 
 and Gold than they did before this projected Altera- 
 tion, and pay for what they buy a rate inhaunced, it 
 must cast upon all a double loss. 
 
 What the King will suffer by it in the Rents of 
 his Lands, is demonstrated enough by the alterations 
 since the 1 8. of Edw. the 3. when all the Revenue 
 of the Crown came into the receipt Pondere & 
 Numero, after five groats in the ounce ; which since 
 that time, by the several changes of the Standard, is 
 come to five shillings, whereby the King hath lost 
 two thirds of his just Revenue. 
 
32 Writers on English Monetary History 
 
 In his Customs, the best of rate being regulated by 
 pounds and shillings, his Majesty must lose alike : 
 And so in all, and whatsoever monies that after this 
 he shall receive. 
 
 The profit by this change in Coynage, cannot be 
 much, nor manent. In the other the loss lasting, 
 and so large that it reacheth to little less than 
 (yearly) to a sixth part of his whole Revenue : for 
 hereby in every pound tale of Gold, there is nine 
 ounces, one penny weight, and 19 grains loss, which 
 is 25/. in account, and in 1 00 /. tale of Silver 5 9 
 ounces, which is 14/. 1 7 s. more. 
 
 And as his Majesty shall undergoe all these losses 
 hereafter in all his receipts ; so shall he no less in 
 many of his disbursements. The wages of his 
 Souldiers must be rateably advanced as the money 
 is decreased. This Edw. the 3. (as appeareth by the 
 account of the Wardrobe and Exchequer) as all the 
 Kings after were enforced to do, as oft as they 
 lessened the Standard of their monies. The prices 
 of what shall be bought for his Majesties service, 
 must in like proportion be inhaunced on him. And 
 as his Majesty hath the greatest of Receipts and 
 Issues, so must he of necessity taste the most of loss 
 by this device. 
 
 It will discourage a great proportion of the Trade 
 in England, and so impair his Majesties Customs. 
 For that part (being not the least) that payeth upon 
 trust and credit, will be overthrown ; for all men 
 being doubtful of diminution hereby of their personal 
 Estates, will call in their moneys already out, and no 
 man will part with that which is by him, upon such 
 apparent loss as this must bring. What danger may 
 
Sir R. Cotton and the Debasement 0/1626 33 
 
 befal the State by such a suddain stand of Trade, I 
 cannot guess. 
 
 The moneys of Gold and Silver formerly Coyned 
 and abroad, being richer than these intended, will be 
 made for the most part hereby Bullion, and so trans- 
 ported ; which I conceive to be none of the least 
 inducements that hath drawn so many Gold-smiths 
 to side this project, that they may be thereby Factors 
 for the Strangers, who by the lowness of minting 
 (being but 2 s. Silver the pound weight, and 4 s. for 
 Gold ; whereas with us the one is 4, and the 
 other 5 s.) may make that profit beyond-sea they can- 
 not here, and so his Majesty's Mint unset on work. 
 
 And as his Majesty shall lose apparently in the 
 alteration of moneys a 14. in all the Silver, and a 
 2 5 . part in all the Gold he after shall receive ; so 
 shall the Nobility, Gentry, and all other, in all their 
 former settled Rents, Annuities, Pensions, and loans 
 of money. The like will fall upon the Labourers 
 and Workmen in their Statute-wages : and as their 
 receipts are lessened hereby, so are their issues in- 
 creased, either by improving all prices, or disfurnish- 
 ing the Market, which must necessarily follow : For 
 if in 5. Edw. 6. 3. Maris, and 4. Elizabeths, it 
 appeareth by the Proclamations, that a rumor only 
 of an alteration caused these effects, punishing the 
 Author of such reports with Imprisonment and 
 Pillory ; it cannot be doubted but the projecting a 
 change must be of far more consequence and danger 
 to the State, and would be wished that the Actors 
 and Authors of such disturbances in the Common- 
 wealth, at all times hereafter might undergo a 
 punishment proportionable. 
 3 
 
34 Writers on English Monetary History 
 
 It cannot be held (I presume) an advice of best 
 judgment that layeth the loss upon ourselves, and 
 the gain upon our Enemies : for who is like to be 
 in this time the greater Thriver? Is it not usual, 
 that the Stranger that transporteth over moneys for 
 Bullion, our own Gold-smiths that are their Brokers, 
 and the Foreign Hedg-minters of the Netherlands 
 (which terms them well) have a fresh and full Trade 
 by this abatement ? And we cannot do the Spanish 
 King (our greatest enemy) so great a- favour as by 
 this, who being the Lord of this Commodity by his 
 West-Indies, we shall so advance them to our im- 
 poverishing ; for it is not in the power of any State 
 to raise the price of their own, but the value that 
 their Neighbour Princes acceptance sets upon 
 them. 
 
 Experience hath taught us, that the enfeebling of 
 Coin is but a shift for a while, as drink to one in a 
 Dropsie, to make him swell the more : But the State 
 was never throughly cured, as we saw by Hen. the 
 eighths time, and the late Queens, until the Coyn was 
 made up again. 
 
 I cannot but then conclude (my honourable Lords) 
 that if the proportion of Gold and Silver to each 
 other be brought to that purity, by the advice of 
 Artists, that neither may be too rich for the othdr, 
 that the mintage may be reduced to some proportion 
 of Neighbour parts, and that the issue of our Native 
 Commodities may be brought to overburthen the 
 entrance of the Forreign, we need not seek any way 
 of shift, but shall again see our Trade to flourish, the 
 Mint (as the pulse of the Commonwealth) again to 
 beat, and our Materials by Industry, to be a mine of 
 
Sir R. Cotton and the Debasement 0/1626 35 
 
 Gold and Silver to us, and the Honour, Justice, and 
 Profit of his Majesty (which we all wish and work 
 for) supported. 
 
 The Answer of the Committees appointed by your 
 Lordships to the Proposition delivered by some 
 Officers of the Mint, for inhauncing his Majesties 
 moneys of Gold and Silver. 
 
 2. September 1626. 
 
 The first Part. The Preamble. 
 
 WE conceive that the Officers of the Mint are 
 bound by Oath to discharge their several 
 duties in their several places respectively. But we 
 cannot conceive how they should stand tyed by Oath 
 to account to his Majesty and your Honours of the 
 Intrinsick value of all Forreign Coyns, and how they 
 agree with the Standard of the State (before they 
 come to the Mint) for it is impossible and needless : 
 In the one, for that all Forreign States do for the 
 most part, differ from us and our money infinitely 
 amongst themselves : In the other, it being the proper 
 care of the Merchants, who are presumed not to 
 purchase that at a dearer rate than they may be 
 allowed for the same in fine Gold and Silver in the 
 Coyn of England, within the charge of Coynage. 
 And therefore needless. 
 
 To induce the necessity of the Proposition, they 
 produce two instances or examples ; The one from 
 the Rex Doller, and the other from the Royal of 
 
2,6 Writers on English Monetary History 
 
 Eight; wherein they have untruly informed your 
 Honours of the price and value in our monies, and 
 our Trade of both of them. For whereas they say 
 that the Rex D oiler weigheth 1 8. penny weight and 
 12. grains, and to be of the finest at the pound 
 weight, io ounces, io pence weight, doth produce in 
 exchange 5 s. 2d. farthing of Sterling moneys. We 
 do affirm that the same Dollar is 1 8 d. weight. 1 8 
 grains, and in fineness I o ounces 1 2 d. weight, equal 
 to 4-y. 5 d. ob. of Sterling moneys, and is at this time 
 in London at no higher price, which is short thereof 
 by 13. grains and a half fine Silver upon every 
 Dollar, being 2 d. Sterling, or thereabout, being the 
 charge of coynage, with a small recompence to the 
 Gold-smith or Exchanger, to the profit of England 
 3 j. 6 d. per Centum. 
 
 Whereas they do in their circumstance aver unto 
 your Honours, that this Dollar runs in account of 
 Trade amongst the Merchants as 5 s. 2 d. ob. English 
 money : It is most false. For the Merchants and 
 best experienced men protest the contrary, and that 
 it passeth in exchange according to the Intrinsick 
 value only 4 s. 5 d. ob. of the Sterling money, or near 
 thereabouts, and not otherwise. 
 
 The second instance is in the Royal of Eight, 
 affirming that it weigheth 17 penny weight, 12 
 grains ; and being but of the fineness of 1 1 ounces 
 at the pound weight, doth pass in exchange at 5 s. 
 of our Sterling moneys, whereby we lose 6 s. yd. in 
 every pound weight. But having examined it by 
 the best Artists, we find it to be n ounces, 2 d. 
 weight fine, and in weight 17 penny weight, 12 
 grains, which doth equal 4 s. /^d. ob. of our Sterling 
 
Sir R. Cotton and the Debasement 0/1626 37 
 
 moneys, and passeth in London at that rate, and not 
 otherwise, though holding more fine Silver by 12 
 grains and a half in every Royal of Eight, which is 
 the charge of coynage, and a small overplus for the 
 Gold-smiths gain. And whereas they say that the said 
 Royal of Eight runs in account of Trade at 5 s. of his 
 Majesties now English money ; the Merchants do all 
 affirm the contrary, and that it passeth only at 4 s. 4 
 ob. of the Sterling moneys, and no higher ordinarily. 
 
 And it must be strange (my honourable Lords) to 
 believe that our Neighbours the Netherlander, would 
 give for a pound tale of our Sterling silver, by what 
 name soever it passeth, a greater quantity of their 
 moneys in the like intrinsick value by exchange ; or 
 that our Merchants would, knowing, give a greater 
 for a less to them, except by way of usance. But 
 the deceipt is herein only, that they continually 
 varying their coyn, and crying it up at pleasure, may 
 deceive us for a time, in too high a Reputation of 
 pure Silver in it, upon trust, than there is, unto a 
 trial; and this, by no alteration of our coyn, unless 
 we should daily, as they, make his Majesties Standard 
 uncertain, can be prevented, which being the measure 
 of Lands, Rents, and Commerce amongst our selves 
 at home, would render all uncertain, and so of necessity 
 destroy the use of money, and turn all to permutation 
 of such things as were not subject to will or change. 
 
 And as they have mistaken the ground of their 
 proposition, so have they upon a specious shew of 
 some momentary and small benefit to his Majesty, 
 reared up a vast and constant loss unto his Highness 
 by this design, if once effected. For, as his Majesty 
 hath the largest proportion of any, both in the 
 
38 Writers on English Monetary History 
 
 entrances and issues ; so should he by so enfeebling 
 of his coyn, become the greatest loser. 
 
 There needs no other instance than those degrees 
 of diminution from the 1 8 of Edward 3. to this day ; 
 at which time the Revenue of the Crown was paid 
 after five Groats the ounce (which is now five 
 Shillings) which hath lost his Majesty two thirds of 
 all his Revenue; and no less hath all the Nobility, 
 Gentry, and other his Majesties landed Subjects in 
 proportion suffered. But since, to our great comfort, 
 we heard your Honours the last day to lay a worthy 
 blame upon the Mint-masters, for that intended 
 diminution of the Gold-coyn done by them without 
 full warrant, by which we rest discharged of that 
 fear : We will (according to our duties and your 
 Honours command) deliver humbly our opinion con- 
 cerning the reduction of the Silver money now 
 currant to be proportionably equivalent to the 
 Gold. 
 
 The English sterling Standard, which was no little 
 honour to Edward the first, that setled it from an 
 inconstant motion, and laid it a ground, that all the 
 States of Europe after complyed to bring in their 
 account, which was of Silver a 1 1 to one of Gold, the 
 Kings of England for the most part since have con- 
 stantly continued the same proportion ; and Spain, 
 since Ferdinand, who took from hence his pattern, 
 have held and hold unchangeably the same unto this 
 day : but since with us, a late improvement of Gold 
 hath broke that rule, and cast, a difference in our 
 Silver of six shillings in the pound weight ; we can- 
 not but in all humility present our fear, that the 
 framing at this time of an equality, except it were 
 
Sir R. Cotton and the Debasement 0/1626 39 
 
 by reducing the Gold to the Silver, is not so safe and 
 profitable as is proposed by those of the Mint. 
 
 For whereas they pretend this, our richness of our 
 Silver will carry out what now remaineth : We con- 
 ceive (under favour) it will have no such effect, but 
 clean contrary. For' all the currant Silver now 
 abroad hath been so culled by some Gold-smiths, the 
 same either turned into Bullion, and so transported, 
 that that which now remaineth will hardly produce 
 65 j. in the pound weight one with another; and so 
 not likely, for so little profit as now it goeth, to be 
 transported. But if the pound sterling should be as 
 they desire, cut into 70s. 6d.it must of necessity 
 follow, that the new money will convert the old 
 money (now currant) into Bullion ; and so afford a 
 Trade afresh for some ill Patriot Gold-smiths, and 
 others, who formerly have more endamaged the State 
 by culling, than any others by clipping; the one but 
 trading in pounds, the other in thousands, and there- 
 fore worthy of a greater punishment. And we can- 
 not but have just cause (my Lords) to fear that these 
 bad members have been no idle instruments, for their 
 private benefit, to the publick detriment, of this new 
 project, so much tending to enfeebling the sterling 
 Standard. 
 
 We further (under your Lordships favours) conceive, 
 that the raising of the Silver to the Gold, will upon 
 some suddain occasion beyond Sea, transport our 
 Gold, and leave the State in scarcity of that, as now 
 of Silver. 
 
 And to that Objection of the Proposers, That there 
 is no Silver brought of late into the mint: The 
 causes we conceive to be (besides the unusual 
 
40 Writers on English Monetary History 
 
 quantities of late brought into the Mint in Gold) one 
 the overballancing of late of Trade ; the other, the 
 charge of Coynage. For the first, it cannot be but 
 the late infection of this City was a let of exporta- 
 tion of our best Commodity, Cloath, made by that 
 suspected in every place. To this may be added the 
 vast sums of money which the necessary occasion of 
 war called from his Majesty to the parts beyond the 
 Seas, when we had least of Commodities to make 
 even the ballance there. And lastly, Dearth and 
 scarcity of Corn, which in time of plenty we ever 
 found the best exchange to bring in Silver. And 
 therefore, since by Gods great favour the Plague is 
 ended, and general Trade thereby restored, and more 
 of plenty this year than hath been formerly these 
 many years, of Corn, we doubt not but if the Ports 
 of Spain were now as free as they were of late, there 
 would not prove hereafter any cause to complain of 
 the want of Bullion in the State. 
 
 The second cause that the Mint remains un- 
 furnished, will be the charge of Coynage, raised in 
 price so far above all other places, constraining each 
 man to carry his Bullion where he may receive by 
 Coynage the less of loss. And therefore if it may 
 please his Majesty to reduce the prices here to the 
 Rates of other of our Neighbour Countreys, there will 
 be no doubt but the Mint will beat as heretofore. 
 
Sir R. Cotton and the Debasement 0/1626 41 
 
 Questions to be proposed to the Merchants, Mint- 
 masters, and Gold-smiths, concerning the 
 Alteration of the Silver Moneys. 
 
 1 ■ \ A 7" Hether the English moneys now currant 
 V V are not as dear as the Forreign of the 
 Dollar and Real of 8. in the intrinsick value in the 
 usual exchanges now made by the Merchants beyond 
 Seas? 
 
 2. Whether this advancing will not cause all the 
 Silver Bullion, that might be transported in mass or 
 Forreign Coyn, to be Minted with the Kings Stamp 
 beyond Sea, and so transported, and his Mint thereby 
 set less on work than now? 
 
 3. Whether the advancing the Silver-coin in 
 England will not cause a transportation of most of 
 that that is now currant to be minted in the Nether- 
 lands, and from them brought back again, whereby 
 his Majesties Mint will fail by the exported benefit. 
 
 4. Whether the advancing the Silver Coin, if it 
 produce the former effects, will not cause the Markets 
 to be unfurnished of present Coin to drive the 
 exchange, when most of the old will be used in 
 Bullion ? 
 
 5 . Whether the higher we raise the Coin at home, 
 we make not thereby our Commodities beyond Sea 
 the cheaper? 
 
 6. Whether the greatest profit by this enhauncing, 
 will not grow to the ill members of the State, that 
 have formerly culled the weightiest pieces, and sold 
 them to the Stranger- Merchants to be transported ? 
 
42 Writers on English Monetary History 
 
 Certain general Rules collected concerning 
 Money and Bullion, out of the late Con- 
 sultation at Court. 
 
 GOld and Silver have a two-fold estimation ; in 
 the Extrinsick, as they are moneys, they are 
 the Princes measures given to his people, and this is 
 a Prerogative of Kings: In the Intrinsick they are 
 Commodities, valuing each other according to the 
 plenty or scarcity ; and so all other Commodities by 
 them ; and that is the sole power of Trade. 
 
 The measures in a Kingdom ought to be constant : 
 It is the Justice and Honour of the King ; for if they 
 be altered, all men at that instant are deceived in 
 their precedent contracts, either for Lands or Money, 
 and the King most of all ; for no man knoweth then, 
 either what he hath, or what he oweth. 
 
 This made the Lord Treasurer Burleigh in 
 i 5 7 3, when some Projectors had set on foot a. matter 
 of this nature, to tell them that they were worthy 
 to suffer death for attempting to put so great a 
 dishonour on the Queen, and detriment and dis- 
 content upon the People. For, to alter this publick 
 measure, is to leave all the Markets of the King- 
 dom unfurnished ; and what will be the mischief, 
 the Proclamations of 5. Edw. 6. 3. Maries and 4. 
 Elizabeths, will manifest ; when but a rumor of the 
 like produced that effect so far, that besides the faith 
 of the Princes to the contrary delivered in their 
 Edicts, they were inforced to cause the Magistrates 
 in every shire respectively to constrain the people to 
 furnish the Markets to prevent a mutiny. 
 
Sir R. Cotton and the Debasement of 1626 43 
 
 To make this measure then, at this time short, is 
 to raise all prizes, or to turn the money or measure 
 now currant into disise or Bullion : for who will 
 depart with any, when it is richer by seven in the 
 hundred in the Mass, than the new monies, and yet 
 of no more value in the Market ? 
 
 Hence of necessity it must follow, that there will 
 not in a long time be sufficient minted of the new to 
 drive the exchange of the Kingdom, and so all 
 Trade at one instant at a stand ; and in the mean 
 time the Markets unfurnished : Which how it may 
 concern the quiet of the State, is worthy care. 
 
 And thus far as money is a measure. 
 
 Now, as it is a Commodity, it is respected and 
 valued by the intrinsick quality. And first the one 
 metal to the other. 
 
 All commodities are prized by plenty or scarcity, 
 by dearness or cheapness, the one by the other : If 
 then we desire our Silver to buy Gold, as it of late 
 hath done, we must let it be the cheaper, and less in 
 proportion valued, and so contrary; for one equi- 
 valent proportion in both will bring in neither. We 
 see the proof thereof by the unusual quantity of 
 Gold brought lately to the Mint by reason of the 
 price ; for we rate it above all other Countries, and 
 Gold may be bought too dear. To furnish then this 
 way the Mint with both, is altogether impossible. 
 
 And at this time it was apparently proved, both 
 by the best Artists and Merchants most acquainted 
 with the Exchange, in both the examples of the 
 Mint-masters in the Rex Dollar and Real of Eight, 
 that Silver here is of equal value, and Gold above, 
 with the forreign parts in the intrinsick ; and that 
 
44 Writers on English Monetary History 
 
 the fallacy presented to the Lords by the Mint- 
 masters, is only in the nomination or extrinsick 
 quality. 
 
 But if we desire both, it is not raising of the value 
 that doth it, but the balasing of Trade ; for buy we 
 in more than we sell of other Commodities, be the 
 money never so high prized, we must part with it to 
 make the disproportion even : If we sell more than 
 we buy, the contrary will follow : 
 
 And this is plain in Spains necessities : For should 
 that King advance to a double rate his Real of 8. 
 yet needing, by reason of the barrenness of his 
 Countrey, more of forreign Wares than he can 
 countervail by exchange with his own, he must part 
 with his money, and gaineth no more by enhauncing 
 his Coin, but that he payeth a higher price for the 
 Commodities he buyeth, if his work of raising be his 
 own. But if we shall make improvement of Gold 
 and Silver, being the staple Commodity of his State, 
 we then advancing the price of his, abase to him our 
 own Commodities. 
 
 To shape this Kingdom to the fashion of the 
 Netherlands, were to frame a Royal Monarch by 
 a Society of Merchants. Their Countrey is a con- 
 tinual Fair, and so the price of Money must rise 
 and fall to fit their occasions. We see this by rais- 
 ing the Exchange at Frankford and other places, at 
 the usual times of their Marts. 
 
 The frequent and daily change in the low 
 Countreys of their moneys, is no such injustice to 
 any there, as it would be here. For being all either 
 Mechanicks or Merchants, they can rate accordingly 
 their labours or their wares, whether it be Coin or 
 
Sir R. Cotton and the Debasement 0/1626 45 
 
 other Merchandise, to the present condition of their 
 money in exchange. 
 
 And our English Merchants, to whose profession 
 it properly belongs, do so, according to the just 
 intrinsick value of their forreign Coin, in all barter 
 of Commodities, or exchange, except at Usance ; 
 which we, that are ruled and tyed by the extrinsick 
 measure of moneys, in all our constant Reckonings 
 and Annual bargains at home, cannot do. 
 
 And for us then to raise our Coin at this time to 
 equal their proportions, were but to render our selves 
 to a perpetual incertainty ; for they will raise upon 
 us daily then again ; which if we of course should 
 follow, else receive no profit by this present change, 
 we then destroy the Policy, Justice, Honour and 
 Tranquillity of our State at home for ever. 
 
Section II. 
 
 Henry Robinson 
 
 and 
 
 Commonwealth 
 Monetary History. 
 
The monetary history of the period of the Commonwealth 
 has not the dramatic interest of the episode of the Stuart 
 debasement, treated in the preceding section. To com- 
 pensate this, however, there is a peculiar personal interest in 
 the figure of the man here introduced — Henry Robinson. 
 In a period which was to witness the short-lived triumph 
 of dogmatic Calvinism and of ecclesiastic Presbyterianism 
 in this country, it was, strangely enough, a layman and a 
 business man who was to be the first to point intolerant 
 Presbyterian and fighting Independent to the true path of 
 free development and wisdom — the path, namely, of toler- 
 ance in matters of religion — of freedom of conscience. 
 That layman, unskilled, long-winded, and lumbrous as a 
 writer, yet of wonderful originality and width of view, was 
 Henry Robinson. 
 
 Dr. Gardiner was the first to point out the existence of 
 an anonymous tract on Liberty of Conscience, the date of 
 which is distinctly anterior to the similar tracts which the 
 Baptist Church or any other has claimed to have been the 
 first to anticipate the modern spirit, by showing the way of 
 toleration. By a brilliant process of deduction, Mr. Firth 
 has traced the authorship of this anonymous tract to 
 Robinson, and the identification has revealed, in the 
 figure of this London merchant, a versatility of gift 
 and inventiveness of nature, which are little short of 
 astounding. 
 
 Robinson was the eldest son of a London mercer, Wm. 
 Robinson by name. He was born in 1605, and educated 
 at St. John's College, Oxford, but was apparently taken 
 from Oxford and put to business before he had opportunity 
 to graduate. He visited and lived in Constantinople, pro- 
 bably as his father's factor, and at the age of twenty-eight 
 
50 Writers on English Monetary History 
 
 was residing at Leghorn. Several indications exist in his 
 works of other places on the Continent where he doubtless 
 resided and traded. There can be little question that it was 
 his travel which gave him his broad views on religion, as well 
 as thatintimate first-hand knowledge of businessand exchange 
 matters which he evinces in such of his tracts as bear on 
 trade and commerce. On his return to England he con 
 tinued to pursue his merchant business, but not that alone. 
 He set up a private printing-press, from which he preached 
 toleration to his countrymen, who were then fighting an 
 internecine semi-religious war ; he brought forth propositions 
 without measure or end for the practical advancement of 
 trade, for the ease of the poor, for the registration of land, 
 for the reform of legal procedure, for the establishment of 
 banks, of state pawnshops, and what not more ? He laid 
 claim to the farm of the post-office both inland and foreign, 
 and at the Restoration asserted that he had increased the 
 value of the revenue to the Crown from that institution, 
 from ^3000 to ^30,000 a year. Under Cromwell he 
 was Auditor of the Excise, he was a member of the 
 committee for taking the accounts of the Common- 
 wealth, and was Comptroller for the sale of the King's 
 lands. He saw the inner workings of the Commonwealth 
 national finance, as well as of Commonwealth commerce 
 and navigation. And yet he has been entirely ignored 
 by, or unknown to, the economic and the political 
 historian. 
 
 His tracts on trade deserve to be reprinted entire, as well 
 for the practical details of the 17th century commerce, 
 which they contain, as for the curious originality of many of 
 Robinson's propositions. The following pages, however, 
 contain only such portions of two of these tracts as bear 
 on the questions of Exchanges and of English Monetary 
 History. There is a strong and a special interest in these 
 extracts, in the propositions for a national bank which he 
 
Henry Robinson 5 1 
 
 brings forward, and also in the position which he takes up 
 on the question of the policy to be adopted, in order to 
 preserve the national currency from the operations of the 
 bullion broker. For this purpose he believes in the efficacy of 
 a balance of trade, over that of a change of tariff of coin, and 
 would appear at first sight to be an out-and-out mercantilist. 
 But through his long-winded and ungrammatical utterance 
 there flashes occasionally the light of a piercing prescience, 
 as if he foresaw a time when, or could presuppose a con- 
 dition in which, the coinage systems of Europe should 
 become fixed, and the trade of dealing in coins should 
 thereby cease, and bullion movements be left to the natural 
 and healthy action of international commerce. It is in 
 such indications and flashes that lie the chief interest in the 
 following extracts. 
 
 Looked at, however, from the point of view of the 
 practical difficulty of the time, Robinson's propositions 
 must be judged inadequate, and his condemnation of a 
 change of tariff premature and out of time. In the years 
 1649-165T the Commonwealth was face to face with just 
 such a movement of coin exportation as had proved so 
 fatal to the Stuarts in 1620-1630. The problem was 
 the same now as then, and the only remedy was the 
 same now as then, situated and conditioned as the 
 monetary systems of Europe at that time were. That 
 remedy was a change of tariff, and by the side of it 
 Robinson's propositions must be judged comparatively 
 futile. 
 
 In order to a completion and to a right understanding 
 of the condition of this question in the Commonwealth days, 
 therefore, I have added a selection of hitherto unpublished 
 papers, on the monetary situation of the years 1649-1653, 
 taken from the State Papers, and which will serve to correct 
 the imperfectness of utterance and argument evinced by 
 Robinson. They will also, I venture to hope, prove of 
 
52 Writers^ on English Monetary History 
 
 general use, for the history of European exchanges in those 
 years, from the details they afford of the values of the 
 coins of France, the Netherlands, and elsewhere, in the year 
 1 65 1, and the par of exchange between the most important 
 trading states of that time. 
 
ENGLAND'S 
 SAFETY, 
 
 IN 
 
 TRADES 
 ENCREASE. 
 
 Most humbly Presented to the High Court 
 of Parliament. 
 
 Mercatura tenuis, sordida ; si magna, 
 splendida, 
 
 querenda pecunia primum. 
 
 BY 
 
 HENRY ROBINSON, Gent. 
 
 LONDON, 
 
 Printed by E. P. for Nicholas 
 Bourne, at the South Entrance of 
 the Royall Exchange. 1641. 
 
 9 
 
ENGLAND'S SAFETY 
 
 (Pp- 34 + . 53 + 
 
 The tenth [of Robinson's propositions for the ad- 
 vancement of trade, etc.] is the erecting of a Banke 
 or Grand Cash on such foundation and securitie, as 
 all men may thinke their monies more sure there, 
 than in their houses, whereby they may bee induc'd 
 to bring them in, and receive a certaine moderate 
 interest of about 5. per 100. or keep them there, till 
 they shall have occasion to dispose of them, or pay 
 them to another: and these payments, when the 
 Bank hath once got credit, may be done by assigna- 
 tion, or turning them over from one man to another, 
 without any reall assuring of monies : which besides 
 saving trouble to tell so much money, becomes ex- 
 ceeding beneficiall to a Common-wealth, increasing 
 the trade and traffick so much more as all the 
 monies this Bank hath gained credit for doth im- 
 port : as for example thus ; 
 
 Suppose I be cash-keeper to ten wealthy men, 
 that amongst them al for the most part have 
 1 0000 li. stil lying dead, expecting a good oppor- 
 tunity and advantage to purchase Land, or other- 
 wise : I that am Cash-keeper, knowing there can be 
 no occasion of these ten thousand pounds till such a 
 time ; or if there should be sooner, know where to 
 have as much to put i'th place of it, and withall 
 having the owners consent, doe put these ten 
 thousand pounds out at interest, or imploy it in 
 one commodity or other for my owne account and 
 
56 Writers on English Monetary History 
 
 benefit, to the increase of Trade, which is equally 
 done as well with credit as ready money. 
 
 Thus a Banke is no more than a Grand Cash- 
 keeper of this whole Kingdome, or so many as doe 
 bring in their monies, whereof few or none will make 
 any scruple, when due securitie be given, and this 
 securitie at present perhaps will bee desired, no lesse 
 than the High Court of Parliament ; which, if they 
 please out of their deep wisdomes to resolve upon, 
 and the monies which shall lie idle to be made use 
 of, for their benefit and behoofe, to take account 
 thereof in their Trienniall Parliament, and dispose it to 
 the good of the Common-wealth, with their gracious 
 permittance, I should in all humilitie be bold to say, 
 there never passed Act of Parliament so capable to 
 advance the trade and welfare of this Kingdome, with 
 such facilitie and speed as this, as I doubt not but to 
 make better apparent when e're I be commanded. 
 
 And whereas it may be thought, that few will 
 bring their monies into this Banke, conceiving it not 
 so safe for them to lye thus deposited in a Monarchie, 
 as if it were a free state, especially since the monies 
 in the Tower were so lately seized upon without 
 regard of violating the publick faith, which in States 
 and Princes affaires ought to be kept so much more 
 sacred, as Princes are exalted above Subjects and 
 termed Gods : I will crave leave to present unto 
 their consideration the state of Tuscanie, well 
 knowne to have continually flourished in peace and 
 plentie, ever since the politique and sage family of 
 Medici had rule and government thereof, and it may 
 justly have beene observed unto this day, that no 
 Prince makes use of a larger prerogative, and pro- 
 
Henry Robinson 57 
 
 ceeds in some cases more arbitrarily than these who 
 yet end and sentence according to the Lawes in full 
 force of equitie and justice. 
 
 This Prince in what part of his state so ever hee 
 bee, gives audience twice a weeke to all that come, 
 though very beggers, (O that our gracious Soveraignes 
 more large affaires could but permit him to grant 
 his loving -and loyall Subjects the like but once a 
 month, whereby we might not onely have beene 
 sooner eased of many just grievances, but his 
 Majestie perhaps both truer and speedier informed 
 of the causes, and so better enabled through his pro- 
 found judgment to prevent these great distractions, 
 which have and doe still at present so much perplexe 
 these Kingdoms) and no man delivereth a Petition, 
 but within three days at farthest, shall be certaine of 
 a reference, so that his prerogative arid arbitrarie 
 proceedings are so farre from being unjust, as they 
 serve onely in casualties, which the Lawes have not 
 provided for, certaine conjunctions which may not 
 expect, or then regard the Ceremonial Rites, and 
 slow or over-hasty foot-steps of a Court of Justice 
 (may it upon this occasion be so termed without 
 offence) and to prevent the summum jus, which even 
 by Proverb wee have learned to terme but Summa 
 injuria : In this state I say, whose Prince is so 
 absolute and Soveraigne as none in Christendome so 
 much (notwithstanding the Popes supremacy, which 
 in his owne understanding is of unlimited extent) 
 there is such course took for due administration of 
 justice, distinguishing betwixt meum and tuum, and 
 preserving each mans propriety in his goods, as not 
 onely those Natives, but others, strangers, think not 
 
58 Writers on English Monetary History 
 
 their estates securer, then depositing them in the 
 Florentine Banke, which is by them called Monte di 
 Pieta, where they have five per 100. interest per 
 annum, and may receive out the principall at 
 pleasure : In the same Banke are infinite summes 
 left by particulars for the like interest, entail'd upon 
 their posteritie, which cannot be remov'd, or alien- 
 ated ; And that you may ghesse how vast a Capitall 
 this Mount or Banke consists of, it lends likewise 
 upon Pawnes at 5f per 100, and to a landed man 
 upon securitie of such another, which is equall to a 
 Mortgage, because their Lands being registred in an 
 office for that purpose, the true title thereof is seene in 
 an instant, and as his Majestie here in England, so the 
 Banke there is to bee first satisfied in case of Bank- 
 rupt, and what is thus lent, by the best information I 
 could get, was thought to bee above a million sterling. 
 
 Besides, there is another kind of Bank in Florence, 
 which is called II giro ; as thus, Every three moneths 
 the Merchants of Florence chuse one amongst them- 
 selves of best credit, who is to be (as it were) the 
 general Cash-keeper of all moneyes delivered, or 
 taken by exchange, for that present Faire ; the 
 manner whereof you will finde explaned at large 
 hereafter, so that what moneyes bee delivered, or 
 drawne by any man during this Faire, the sayd 
 generall Cash-keeper makes him Debtour or Creditour, 
 turning the said summes over from one to the other, 
 provided hee be such a man as hath Cash, and at 
 three moneths end hee makes up his Cash, payes 
 everie man his owne, and the Merchants choose 
 another for the next Faire, or three moneths following. 
 
 Now if the benefit and conveniencie of these 
 
Henry Robinson 59 
 
 Banks are thus enjoyed in Tuscany, where the 
 Prince is so absolute; but withall, his Treasurer 
 and other Ministers so punctuall in payments and 
 other dealings for the Princes peculiar service, as 
 no Merchant can be more; for which cause Mer- 
 chants hold it more secure, and seek rather to deale 
 with them, than with the best meere Merchants like 
 themselves : Why may not we, under so pious and 
 gracious a Soveraigne, in a Kingdome founded and 
 established upon such wholesome Lawes, expect the 
 like good successe from a Banke in England? For 
 being so exceedingly beneflciall both to King and 
 Countrey, as would daily still more and more appeare, 
 wee may easily beleeve it should be furthered and 
 cherished by both ; the rather since it may be setled 
 and credited by Act of Parliament, with command 
 that neither principall nor profit shall bee stirred or 
 employed, save for their account, according to ex- 
 presse order and direction of the Trienniall Parlia- 
 ment, whereto onely such as oversee and manage it, 
 may be made accountable, if so thought fitting. 
 
 And as it may be observed amongst Merchants and 
 prodigall Spendthrifts, that such as are bad Pay- 
 masters, or of little credit, can neither buy, sell, or bee 
 entrusted to such advantage as others are : So is it 
 doubtlesse with Princes and their Ministers that are not 
 punctuall in their dealings ; for in delaying payments, 
 the verie time unto a Merchant eats out eight per centum 
 in a yeare, besides the inconveniencies which may befall 
 him by being disappoynted, and this verie justly too, is 
 so fearefull unto most Merchants, that those few as are 
 more adventurous will not deale with such Ministers 
 of Princes as are bad Pay-masters, but upon such odds 
 
60 Writers on English Monetary History 
 
 as must needs bee an excessive dammage to the affaires 
 of those Princes ; and yet this cannot well be remedied, 
 untill the cause be first removed ; for since gaine is 
 that which all, especeally Merchants, doe chiefly aime 
 at, it might be justly thought indiscretion for anyone 
 in buying, selling, or any businesse of like nature, to 
 refuse the more punctuall Pay-master, and take the 
 lesse at the same price : and how much his Majesties 
 affaires have suffered in this kind, such as were em- 
 ployed in them doe best know. But for my part, I 
 may be bold to wish they be managed hereafter with 
 such credit and punctualitie, that which formerly was 
 lost for want thereof, may be hereby regained : more 
 may, though not well so publikely, be sayd on this sub- 
 ject, and the consequence of it, both for the private 
 benefit and publike wellfare of his Majestie and King- 
 domes ; and part thereof will be obvious to such as 
 have the managing of it, as will infallibly appeare 
 when it once comes to be put in practice. 
 
 Consider the great quantities of goods of all 
 sorts wee export hence for forraine parts, the 
 greatest part whereof is sold for money, and many 
 hundred thousand pounds sterling thereof made over 
 hither by Exchange; and yet strangers have more 
 monies to send out of England, than we have to 
 bring into England, which is most evident in that 
 the Exchange from forraine parts (according to the 
 intrinsecajl Value of the several species respectively) 
 to England is more advantagious than to England 
 from forraine parts ; for even as the scarcity of any 
 commoditie makes it to be more valued, and held at 
 a dearer price ; so there being few deliverers abroad 
 of monies for London which are English, in respect 
 
Henry Robinson 61 
 
 of the Takers, which are strangers, and many De- 
 liverers in London, which are strangers in comparison 
 of the Takers which are English, the few English 
 Deliverers abroad and Takers at home stand upon 
 their termes, bringing the Exchange in their favour, 
 and this is called the Merchandizing Exchange, be- 
 cause quite opposite to the nature of Exchange, 
 which was found out to prevent carriage of monies 
 up and downe : this invites the exportation of them 
 in specie, and therefore a table of Rates is propounded 
 which should stint the Exchanging our severall 
 Coyns with those of other Nations, according to the 
 paritie and puritie both in weight and goodnesse of 
 allay, and so settle the price of Exchanges for all 
 Countries, which Merchants might not exceed in 
 delivering or taking monies by Exchange. 
 
 For answer hereto, I conceive it may be granted, 
 that in delivering monies by Exchange in England for 
 forraine parts we receive not the true value or par 
 according to the intrinsecall goodnesse of the Coyne ; 
 but this is our advantage, and only dammageable to 
 strangers, because they {and- not English) are the De- 
 liverers in England ; neither will this Merchandizing 
 Exchange likely carrie away our monies, so long as the 
 Exchange produces as good profit, as the money it selfe, 
 if it were transported, would yield in specie, tvhich for 
 the most part may hitherto have been observed ; but 
 hereon, as also about the said Table of Rates, I hope 
 it may give a little light to enlarge somewhat more, 
 though not altogether so Methodically. 
 
 Granted it is then (by me at least) that our monies 
 are undervalued by Exchange with strangers, and that 
 though we may commonly make as much of them by 
 
62 Writers on English Monetary History 
 
 Exchange, as carrying them in specie, to spend in 
 ordinarie payments, yet the Mint in forraine Countries 
 may give more for them, {otherwise they are not 
 undervalued) and this profit from the Mint may 
 doubtlesse intice them over : but whether a Table of 
 Rates can prevent this or no ; or if it could, whether 
 such a Table might not prove more prejudiciall in 
 another respect, will be the question. 
 
 For though our moneyes be under-valued, it is 
 our advantage, in regard we English doe buy our 
 owne moneyes thus under-valued, so often as wee 
 take moneyes by exchange in England, or deliver 
 them by Exchange abroad, and strangers are they 
 that sell us our owne moneys thus cheap, or under- 
 valued, so that this is but buying and selling good 
 cheap, whilst strangers sell good cheap, and we buy 
 it : and this profit wee have questionlesse upon all 
 our moneys delivered for England, out of the proceed 
 and sale of our goods abroad. Neither is this all, 
 for since we advance in delivering our moneyes abroad 
 by exchange for England, we are enabled to sell our 
 cloth and other commodities the cheaper ; for if for 
 35 shillings Flemish delivered abroad, I can have 
 20 shillings sterling in England, I may sell my cloth 
 for one eighth part lesse in Flemish money, than if 
 I were to give 40 shillings Flemmish to have 
 20 shillings sterling in England, being all one to a 
 Merchant that sels for money, and delivers it after- 
 wards by exchange, to sell his wares at a bad price, 
 and have a good exchange for his moneyes, or sell 
 his wares at a good price, and have a bad exchange 
 for his moneyes. 
 
 This stinting then, as it will bring the Exchange 
 
Henry Robinson 63 
 
 in favour of the English coyne, and consequently 
 beat down the price of what commodities Forrainers 
 sell in England, thereby encreasing the vent of them ; 
 so will it raise the price of our commodities sold 
 abroad, and diminish their vent, which being well 
 considered, may perhaps prove a dammage to us, at 
 least for such a portion as is sold for money to be 
 made over hither by exchange, for though we seem 
 to get so much the more as we sell our commodities 
 the dearer, yet when we remit the provenue by ex- 
 change, by reason of this stint, we lose by exchange 
 a part of what we advanced on our commodities ; 
 and what we lose by exchange, onely a few Mer- 
 chants strangers make benefit of; and what we get 
 more in the price of our cloth, comes out of all their 
 purses that weare our cloth, which proving deare to 
 them, will make them leave wearing it, and hinder 
 so large a vent as formerly. 
 
 And I believe it will bee thought more beneficiall 
 for a Common- wealth to vent store of their native 
 commodities, at such lower, but moderate rates, as 
 both Manufactors and Merchants may live thereby, 
 though with lesse profit, than to sell a lesse quantitie 
 at greater rates, the profit of the greater parcell in 
 the whole exceeding that of the lesser, especially so 
 many men more being set a work untill we have 
 other employment for them ; and the rather it 
 concernes us to sell good cheap, in that all other 
 Nations now almost make cloth of their owne, or 
 other cloathing, which may serve neere as well : 
 So though it be granted that our moneyes being 
 under-valued by exchange hinders importation and 
 invites exportation, which notwithstanding through 
 
64 Writers on English Monetary History 
 
 severitie may be in part prevented ; yet since under- 
 valuing our coyne, wee get in making our moneyes 
 home by exchange, and by that meanes can afford 
 our cloth the cheaper, and so vent greater quantitie, 
 the most beneficiall state is to be wished for, which 
 perhaps upon due scrutinie, may appear to be this 
 low exchange, in respect of the intrinsecall value of 
 our moneyes, the rather for that though they were 
 raised but to the pretended just paritie and puritie ; 
 yet that would likely bring in verie little Bullion 
 more, which besides the losse of time in expecting 
 a ship to bring it hither, carries the charge of 
 Insurance with it, and when it is here, I can have 
 but the just value at the Mint, and so much I 
 should have had for it by exchange, according to 
 the table of rates, besides usance which is use or 
 interest from the date of the bill of Exchange, till 
 it be paid in England ; so then the benefit which I 
 might have made by exchange, being taken from 
 me through this table of rates, and no profit to be 
 got by Bullion, the money which would otherwise 
 have beene made hither by exchange, will likely be 
 employed in forraine commodities, whereof there 
 comes too great quantitie already. 
 
 Besides, stinting the Exchange may seeme lesse 
 needfull through this following consideration, which 
 is, that as there was anciently no exchange at all 
 by bils, so may we presuppose the like case at 
 present, and find that an English Merchant abroad 
 may buy forrain commodities for money, or take 
 them in barter against English commodities, without 
 so much as a thought or consideration of the ex- 
 change ; as thus : — 
 
Henry Robinson 65 
 
 An English Merchant carries abroad with him an 
 hundred peeces of yard-broad Perpetuana's, which 
 cost with all charges fortie shillings per peece, is 200 
 pound sterling. At Ligorne hee sels these hundred 
 peeces of Perpetuana's at 1 1 dollers [or] Spanish Reals 
 of f per peece, which make dollers 1 1 00 in all, and 
 knowing that Florence black Sattins are a vendible 
 commoditie in England, and may likely yield him 
 about 1 1 shillings per yard, buyes of a Florentine 
 Merchant 1 8 3 li. \ of Florence black satins (for 
 plaine sattins are sold in Florence per pound) at 
 Dollers 6 of f per pound, which amounts to Dollers 
 1 1 00, the full provenue of his 1 00 peeces Per- 
 tetuanaes, and the 183 li. \ containe about braces 
 5 1 per pound, which is braces ioo8f, whereof braces 
 4. make yeards 2 J are in all yeards 630. which 
 sold at lis. per yard, as was supposed, yeelds 346 
 li. — 1 os. od. sterling; out of which he knew like- 
 wise the custome and charges of the sattins were to 
 be deducted : And in like manner he might have 
 put off his . 1 00. peeces of yard broad Perpetuanaes 
 at Dollers 1 1 . per piece in Barter or Truck, to be 
 paid in Florence black Sattins at Dollers 6. per 
 pound, which will produce the same reckoning about 
 300. li. for his 200. li. carried out in Perpetuanaes, 
 so that it appears a Merchant may buy or sell, and 
 bartar for forraine commodities to this benefit, and 
 bee altogether ignorant of the Exchange ; which 
 ignorance 'tis true might have prejudic'd him, as 
 also his not knowing the intrinsecall value of those 
 Dollers 1 1 00 of f, and so have brought them for 
 England in specie in case of gaine, or that the 
 Exchange would have produced better profit than 
 5 
 
66 Writers on English Monetary History 
 
 the Satins. But thus much I conceive may follow 
 nereupon, that we need not stand so peremptorily 
 upon rating or stinting the Exchange, for what 
 concerns all forraine commodities to be bought or 
 bartered for by us abroad, and for what monies wee 
 make home from thence hither by Exchange, 'tis 
 our advantage that the Exchange bee low, and the 
 Kingdome advances more upon the whole proportion 
 of monies made home now, the Exchange being low, 
 than it would get by a part of it, being brought 
 home in Bullion or specie, if the Exchange were 
 higher: And wee cannot expect that all should 
 come home in Bullion : for that (presupposing 
 the possibilitie) would utterly impoverish other 
 countries, and cause those Princes to prohibit the 
 exportation of it, and the verie scarcitie it selfe, 
 through our exporting it, would make it in a short 
 time so hard to come by, and our commodities for 
 the same cause so much beaten downe in price, as 
 the trade without doubt would bee quite abandoned 
 at last ; for it is our benefit that monies bee plenti- 
 ful! also in such Countries where we carrie our 
 commodities to sell ; and shall otherwise have little 
 encouragement to continue it, so that a moderation 
 is to be desired, and must be observed in all pro- 
 ceedings, lest we fare as Alexander the great, who 
 having neare conquered the whole world, wept 
 because there was no more left for him to conquer. 
 
 And yet I will further adde in favour of this 
 Table of rates for stinting the Exchange, that since 
 the statute permits us not to take above eight per 
 cent, for use or interest money, which is hoped (for 
 the further quieting of Consciences and publick good) 
 
Henry Robinson 67 
 
 may yet be brought to 6 per 100. in regard as we 
 sell our commodities cheaper or dearer, according to 
 the long or short time wee give with them, or the 
 partie to whom we sell, being of great or lesse credit 
 and esteeme, and many desiring to put their money 
 out at interest, somewhat under the statute, to a 
 surer man, than at a higher rate, to one whose 
 credit or estate is not thought so good ; even so is 
 it in Exchanges, and I know not well how it can be 
 helped, yet as the rate of interest is stinted to all 
 alike, in such manner as none may take above the 
 statute ; so were it to be wished that for usance 
 single, double, or treble, they should not require of 
 any above the rate of statute interest, which the 
 Bankers or Exchangers will yet be able to counter- 
 minde by putting the price of the Exchange so 
 much more in their favour, unlesse that be stinted 
 too. And this might seeme verie facile, if there 
 were nothing in it save the prevention of transport- 
 ating monies to and fro, and just as many Takers as 
 Deliverers ; for then he that desires nothing but his 
 monies in another place, if he can have, as is likely, 
 the just value according to the intrinsecall. worth by 
 Exchange receives a great accommodation, and the 
 price being once settled to remaine constant, needs 
 onely look after the surest men to Exchange 
 withall ; and a Merchant may likewise for same 
 reason know sooner what he gets or loses by sale of 
 his commodities, whereas now he cannot untill his 
 monie be likewise made over through the un- 
 certaintie of the Exchange, which falling or rising 
 still varies somewhat. But put the case I had 
 urgent occasion to use 100 1. in Paris, and find 
 
68 Writers on English Monetary History 
 
 no body that will take it by Exchange, if it be free 
 for one to export it, or prohibited, but the danger 
 or penaltie not answerable to my expected profit, no 
 doubt I may likely be moved to export it in specie : 
 but if there be another who has the value of ioo 1. 
 in Paris, and equally desires his ioo 1. pound here 
 as I do mine in Paris, both of us alike understanding 
 the true intrinsecall value of the severall species, it is 
 probable wee two shall quickly agree to exchange 
 with one another, according to the real par : But 
 if there be sundrie Takers and Deliverers, though 
 equall on both sides, some whereof being over-hasty 
 either in delivering or taking, out of feare their 
 turnes would not otherwise be served ; this may 
 cause the Exchange to rise or fall above or beneath 
 the par on one side or other. But if there be more 
 Deliverers than Takers, that is, more monies to be 
 delivered by Exchange from London, then returned 
 by Exchange to London, and that all yeare long, 
 and for many yeares together, as hath been most 
 certaine in respect of England, with forraine parts, 
 doubtlesse the few Takers will have more oppor- 
 tunitye to stand upon their termes, in bringing the 
 Exchange down in their advantage by so much 
 undervalueing of our monies. And though this be 
 very obvious to any mans apprehention, yet it may 
 be made further appeare so ; thus : 
 
 'Tis then first presuppos'd upon good ground as 
 you have heard, that the undervalueing of our monies 
 by Exchange is prejudiciall to such as are deliverers 
 of money by Exchange in London, and takes by 
 Exchange abroad. 
 
 Secondly, that these Takers abroad, and Deliverers 
 
Henry Robinson 69 
 
 here at home are strangers, is likewise presum'd ; 
 and 
 
 Thirdly, that out of the sale and provenue of our 
 goods exported there are great summes of money- 
 returned hither weekly from abroad will as easily be 
 granted. 
 
 Now since this undervalueing our moneyes by 
 Exchange is onely dammagable to the Deliverers 
 at home, and Takers abroad, and both these are 
 strangers, why doe strangers deliver here in England, 
 and take abroad by exchange thus to their losse? 
 Certainly nothing but necessity can force them to 
 continue losers all yeare long for sundry years 
 together : nor can there be any necessitie, had they 
 not such store of monies, which they must neces- 
 sarily deliver here, and that in far greater quantitie 
 than we have return'd us from abroad by sale of our 
 goods exported. 
 
 So then if it be granted, as well it may, that 
 strangers have more monies to send away than we 
 have to bring into the kingdome, though a Table 
 of Rates were established as is propounded, yet 
 strangers would have the same or greater encourage- 
 ment some times to export monies in specie; for 
 whereas at present the Exchange being favourable 
 to the Takers at home, and Deliverers abroad which 
 are English, the English are moved through gain to 
 take a good proportion of those monies which the 
 strangers must necessarily make over by Exchange, 
 or send away in specie, for they have occasion to use 
 them in other countries : But this Table being setled 
 in dammage and prejudice of the Takers at home, 
 and Deliverers abroad being English, the English 
 
jo Writers on English Monetary History 
 
 will forbeare to take at home, or deliver by Exchange 
 abroad, so that whereas strangers did formerly export 
 onely a part of their monies, they will now be con- 
 strained to convey away the whole : wherefore I will 
 onely adde, that though this Table be setled for 
 exchanging, yet since there may, and that likely 
 enough, as great necessity befall strangers to export 
 monies notwithstanding, it will be altogether as 
 requisite to practice exactest diligence alongst the 
 Coast, and strictest penalties for preventing exporta- 
 tion of them ; and if it prove by this meanes to be 
 secured, then may this stinting Table be verie well 
 forborne, in that the sting lies in the exportation of 
 our monies, and the undervaluing them is the benefit 
 of the English, who are the Takers at home, and 
 Deliverers abroad, and by the low Exchange at 
 home, and high Exchange abroad enabled to sell 
 their Cloth so much better cheap, and consequently, 
 venting the greater quantitie, at last win the whole 
 trade from other Nations. Since then as the scarcitie 
 of every commodity makes it more to be esteemed, 
 and yet money through want of plentie raises or 
 diminishes the price of all things ; in same manner 
 doth it predominate the Exchange ; for as the 
 Takers and Deliverers of money by Exchange doe 
 over-ballance one another, so doth the Exchange 
 rise or fall accordingly, as is demonstrated by daily 
 experience; and strangers being found thus re- 
 plenished with monies to cause the undervaluing of 
 our species by Exchange, if to ripe judgments and 
 understandings it appeare so prejudiciall to the State 
 as is alledged, which for my part I doe not as yet 
 apprehend, (though I confesse it invite the exporta- 
 
Henry Robinson 7 1 
 
 tion of our monies, since diligence may reclaime it in 
 the greatest part) certainly the onely remedy must 
 be to take away the cause, which furnishes them 
 with such store of monies, and that is by preyenting 
 the great Revenues they make of interest monies in 
 England, which continually they draw from hence to 
 furnish their occasions, no otherwise than everie man 
 doth for receiving of his Rents in one Countrie which 
 hee intendeth to spend in another: and secondly, by 
 raising the customes of strangers goods, especially 
 inwards, both Spaniards, Germanes, Italians, and 
 those of the Low Countries, all so much as may 
 keep them from bringing in such quantities as 
 formerly. 
 
 Others are of opinion, the exportation of our 
 moneys might be hindred by raising them in Deno- 
 mination, or embasing the allay ; but if other Princes 
 doe the like, wee are still where wee were : besides, 
 this would encourage many private Mint-Masters in 
 England, and Strangers to bring it from abroad, 
 though not altogether so much as brasse money, yet 
 povertie and ruine would be the end of it; but had 
 this latter motion taken effect, and greater species 
 beene once made currant, what through counterfeit- 
 ing at home, and importing from abroad, it would in 
 probabilitie so exorbitantly have encreased, untill 
 brasse kettles had beene more worth than brasse 
 money, by how much the workmanship of kettles is 
 more costly. 
 
 Then would a full period have beene put to 
 trading, and no dealing or exchanging heard of, save 
 barely to suffice nature, and so remained untill the 
 brasse money had beene called in againe, which then 
 
72 Writers on English Monetary History 
 
 must needs be growne so common, as not esteemed 
 or accounted a reward worth working for. But 
 if this over-ballancing of trade were granted, and 
 merchandizing exchange found to bee so dammage- 
 able to the Commonwealth as is alleaged ; since 
 certainly they cannot be well prevented otherwise, it 
 will serve exceeding appositely to enforce the burden 
 of this discourse, which is : 
 
 That unlesse the fishing imployment and East India 
 traffique be followed and enlarged, other Nations will 
 gaine upon us, our trade infallibly decline daily, and 
 the whole State with the same speede and paces post 
 on to poverty and utter ruine. 
 
CERTAIN 
 
 PROPOSALLS 
 
 IN ORDER TO THE PEOPLES 
 
 FREEDOME AND ACCOMMODATION 
 in some Particulars. 
 
 With the Advancement of Trade 
 and Navigation of this Common- 
 Wealth in genera] 1. 
 
 Humbly tendered to the view of this 
 prosperous Parliament, in this juncture of time, 
 wherein They may both with more safety and farre 
 better deliberation judge thereof, and if they see 
 requisit, put them in a way of speedy execution, 
 to the great enriching, securing, cementing, 
 and contenting the Universality of 
 this Nation, which hath been 
 much desired, and shall 
 be still endeavoured 
 
 BY 
 
 HENRY ROBINSON. 
 
 L N DO N ; 
 
 Printed by M. Simmons, in Alders- 
 gate-streete next doore to the 
 Golden Lyon. 1652. 
 
CERTAIN PROPOSALS 
 
 (Pp. 14-19 and 22-3.) 
 
 Prevent the over-ballancing of Trade, 1 Encourage 
 the Importation of Bullion and Forreigne Species of 
 Moneys ; and Regulate the Marchandizing Exchange, 
 which because they are the most mysterious parts of 
 Trade, I shall crave leave to enlarge a little upon them. 
 
 Moneys were invented to be a measure or price of 
 all things, and to prevent the carrying up and downe 
 more bulkie Commodities to Barter or Exchange 
 withall, which was first in use, and for that purpose 
 moneyes were made of the scarcest, finest, and 
 purest Mettall, that it might be so much more trans- 
 portable to and fro. 
 
 Then as the world went on more refining it selfe, 
 Exchanges were found out, as well to prevent the 
 exportation of moneys out of one Countrey into 
 another, as also the danger and troublesomenesse of 
 carrying moneyes to and fro within each severall 
 Countrey and Jurisdiction : upon which respect the 
 most pollitick and expert Merchants in lieu of money 
 send nothing but a small piece of Paper, called A 
 Bill of Exchange, which being subscribed by men of 
 credit, is thought equivalent to so much money as 
 the Bill of Exchange engages for. But whereas 
 Exchanges were especially contrived to prevent the 
 
 1 The substance of much of the following- extracts occurs over 
 again in an almost identical form in a document at the Record 
 Office [State Papers, Interregnum, ix. 64, of date May (?) 1650] 
 which is also by Robinson, but unfortunately rather mutilated. 
 
J 6 Writers on English Monetary History 
 
 exportation of moneys out of one Countrey into 
 another, through regardlesnesse of our Magistrates, 
 the said Exchanges have been so Managed by the 
 selfe-seeking Interest of particular Merchants, as did 
 not only prevent the importing of Bullion, or moneyes 
 into this Land, but necessitated the exportation of 
 our moneyes, both Silver and Gold. 
 
 Moneyes are likely carry ed out of England. 
 
 i. Either because there is more profit to be got 
 by our moneyes abroad, then by remitting them by 
 Exchange, or imploying them in Commodities. Or, 
 
 2. Because it may be most commodious for 
 Travellers, or other Passengers to carry them : Or, 
 
 3. Because such passengers are ignorant both in 
 imploying them, and remitting or returning them by 
 Exchange. But, 
 
 4. And especially, because all the Corn which is 
 brought by Strangers, and all the Fish which the 
 Hollanders take upon our Coast or elsewhere, and 
 sell in England, as at Yarmouth, Plymouth, etc. are 
 sold for ready moneys in likelihood all exported, etc. 
 
 The Gaine on transpoi'ting Moneyes may proceed. 
 
 1. Either because our Commodities are growne 
 dearer here in England to be bought. Or, 
 
 2. Growne cheaper abroad in Forreigne Parts to 
 be sold. Or, 
 
 3. Because that they give more for our Moneys 
 then the Intrinsecall value, to melt them in Forreigne 
 mints, or make them currant in Payments above 
 their value. 
 
Henry Robinson 77 
 
 And all these three respects will vanquish if we 
 can but keep our Trade in Ballance, or rather en- 
 large our Exportation of Commodities, above our 
 Importation, and establish the Exchange betweene 
 us, and other Nations according to the Par. 
 
 The undervaluing our moneys by Exchange, the 
 accommodating Passengers with moneyes wherever 
 they goe, who desire not to be troubled with Com 
 modities though they might get somewhat by them, 
 and the supplying their ignorance both in imploy- 
 ing and returning them, may be done by engaging 
 all Merchants to observe the Par in their exchanging 
 according to certaine Tables wherin the intrinsecall 
 value of Forreigne Coynes in relation to ours is to 
 be published; and if this faile, it may infallibly be 
 effected, by constituting a Publick Exchanger, or an 
 Agent of the Commonwealths, who may be obliged 
 to Furnish all Passengers with the ful value of their 
 moneys in most principall places where they goe, 
 as likewise all Merchants with whatsoever Summes 
 they desire ; . in which case men will not hazard the 
 danger of exporting their moneys, and if they doe 
 and be discovered must be made to pay for it without 
 remission. 
 
 And when this course is settled, then it is pro- 
 pounded, That all persons be againe prohibited exporta- 
 tion of moneys ; and that if the Captaine or Master, 
 Masters Mate, Purser, Master Gunner, or Gunner Mate, 
 or Boatswayne doe contrive or assist the Exportation 
 of moneys, or but knowe thereof, and doe not dis- 
 cover it, it shall be Confiscation of the Ship, besides 
 double penalty to each of the parties so assisting, or 
 concealing ; and that the accuser or discoverer have 
 
78 Writers on English Monetary History 
 
 one I of what is recovered, provided it be within five 
 years after the fact was done. Within which time 
 if any of the parties shall accuse the other, and make 
 it appeare by one or two Witnesses, or otherwise 
 the accuser for the first time shall not onely free 
 himselfe from any penalty, but enjoy one halfe as 
 discoverer. And the having above such a summe 
 of money aboard any Ship or Vessel, so long time 
 together, and in such places, shall be understood a 
 guiltinesse of an Exportation thereof. And if any 
 other Marriner or person belonging to the Ship or 
 Vessel shall assist, or conceale the Exportation as 
 above said, such Marriners or person shall forfeit all 
 his Wages then due to him, and if he have none due, 
 be lyable to a Fine, etc. 
 
 Now for enabling the Publick Exchanger, or 
 furnishing the Common-wealths Agent with a stock 
 of money and credit, whereby he may furnish all 
 mens occasions by Exchange, according to the Par, 
 as aforesaid : It is necessary that he have a Stock, 
 and how that may be raised gratis hath been made 
 out to several Worthy Members, and shal be further 
 demonstrated when required. Then, 
 
 If the Common-wealth keep a Correspondent, or 
 Banker in Paris, Antwerp, Amsterdam, Roterdam, 
 and in such like principal places of Trade, and have 
 a stock of money, or Credit with each of them, their 
 Publick Exchanger may eyther returne moneys upon 
 them, or receive Charges from them according to the 
 Par, or intrinsecal value, which will hinder transporta- 
 tion, and this can be no dammage or losse unto the 
 Parliament, because their Agents deale onely accord- 
 ing to the true worth of the Coynes in themselves at 
 
Henry Robinson 79 
 
 the Mint, what ever the denominations be, or how- 
 ever they be Lightened or Embased : and besides 
 
 1. If all moneys Delivered or Received by Ex- 
 change, passe through this Publick Exchanger or 
 Banckers hands, or be ordered to be paid in Bank, 
 you may see who are Deliverers, and who Takers, 
 and to and from what parts moneys are remitted, 
 and received, and by whom : and by this Ballance 
 of Exchanges you may see how the pulse of the 
 ballance of Trade beats, by whom, and from whence 
 the Mischiefes concerning the same proceed, and be 
 enabled to redresse them. 
 
 2. As by an exact rule in the Custome-House 
 you may know what Goods each Forreigner Imports 
 and Exports ; so here you may see what moneys he 
 remits, or receives and make a ballance ; for Strangers 
 may be thought to be the greatest Exporters of our 
 moneys, and those Sea-men, Chiefly dealing likewise 
 much in Merchandise. Now til this be more fully 
 made out by practise, it is humbly moved — 
 
 First, That no Gold-Smith or other person upon 
 great Penalties be suffer'd to melt any of the Common- 
 wealths Coin. 
 
 Secondly, That no Gold and Silver Lace be made 
 in England, but of such Silver and Gold Thred or 
 Plate, as 'is imported, until we see the Bullion begin 
 againe to be imported into England. 
 
 Thirdly, That no moneys be permitted to be sent 
 into Ireland, New England, Barbadoes, New-found- 
 Land, or any of our other Plantations, until Bullion 
 begin to come in againe. 
 
 Fourthly, That all Gold and Silver Mines formerly 
 discovered within this Land, may be now further 
 
80 Writers on English Monetary History 
 
 searched into and others more neerly sought after, 
 for supplying us with a Money Stock of our owne, 
 until we can bring in one from abroad. 
 
 Fifthly, That there be no pence or halfe pence 
 made of SSlver, because so subject to be worne 
 out, broken, and quite lost. 
 
 Sixthly, That it be afresh declared what Quantity 
 of the Common-wealths Coyn, and how much 
 Forreign Coyne every Ship may carry for her owne 
 Store or Provision, against all wants or accidents, 
 etc. And how they are to be furnished etc. against 
 all Immergent occasions. 
 
 Be pleased to erect a Court of Merchants for the 
 speedy determining all Controversies about buying 
 and selling, or any other emergensies relating to 
 Trade and Navigation. 
 
 That Bonds, Bills of Exchange, or other Bills of 
 Debt, be made irrevocably assignable from one man 
 to another, as often as the last Assigne shall please, 
 together with the delivery of the sayd Bonds or Bills 
 of Debt, which will virtually multiply the stock of 
 this Nation, as to trading to all intents and purposes, 
 especially if you can induce the People by advant- 
 ages to a voluntary registring thereof, for which 
 purpose onely there is a short Proposall ready pre- 
 pared to be produced upon command. 
 
 But above all other Engines or Instruments, the 
 greatest pre-eminence is due unto a Banck, which hath 
 a capacity of infallible preventing the exportation of 
 our own moneys, and necessitating the Importation 
 of Bullion and Forreign Coines, it will prevent the 
 passing of false or dipt money, with the weare and 
 wast of money by telling it ; save all the time now 
 
Henry Robinson 81 
 
 spent in telling money ; Over-rule the Merchandizing 
 Exchange, whereby the Merchants of this Nation 
 have been meerly cheated in all parts of the world,, 
 where exchanging by Bills of Exchange is practiced. 
 
 It is this onely that can reduce and keepe thd 
 Grand Ballance of Trade in favour of this Nation, by 
 preventing the Importation of a greater quantity of 
 Forreigne Commodities, than wee export of Native.; 
 It is capable of multiplying the stock of the Nation,. 
 for as much as concerns trading in Infinitum .■ In 
 breife, it is the Elixir or Philosophers Stone, to which 
 all Nations, and everything within those Nations, 
 must be subservient, either by faire meanes or. by. 
 foule. 
 
 Be pleased to let the Bill for a County, Register 
 at last to passe, which hath been so many yeares. 
 preparing, and yet retarded, no doubt by some, 
 private respects or Interests ; I meane to passe in. 
 such a manner, as that a man being to make a 
 purchase of Lands or Houses, may in a quarter of 
 an houre, and for a twelve-penny matter or. there- 
 abouts, see who is the true Proprietor thereof, and 
 what Judgements, Mortgages,, and other Incumbrances" 
 there are upon them ; which with the voluntary 
 Registring of Bonds and Bills of debt, as aforesaid,, 
 will prevent three fourth parts of all Law-suites, that, 
 otherwise will happen, and shorten such as shall be 
 hegun hereafter. 
 
 But what is it I have with so much confidence, 
 affirmed ? Is there so great complaint of the want 
 of moneys, especially at such low Interest, as were 
 requisit to drive Trade withall ? And will the assign- 
 ing over Bonds and Bills of debt irrevocably, virtu- 
 6* 
 
82 Writers on English Monetary History 
 
 ally multiply the stock of the Nation so much, or so 
 often,. as the innumerable Bonds and Bills so many 
 severall times turned or assigned over from one man 
 to another amount unto? And hath a Banck yet a 
 farther capacity, even of encreasing it unto an . In- 
 finitie, as I may say, by multiplying it virtually, as to 
 trading compleat in all its dimentions and perquisits, 
 to whatsoever summe a Nation can possibly stand 
 in need of, though it were to engrosse and monopolize 
 the whole Trade of the world unto themselves, as 
 much and as effectually, as if all the money of the 
 world were effective brought into that one Nation?. 
 And is it possible that the numberlesse Law-suites 
 may thus easily be prevented, the Remainder 
 shortned, and the unmercifull expensivenes abated, 
 and will we not make use thereof? Will such easie 
 and obvious meanes be still rejected, or not made 
 use of for multiplying' our money-stock, and . for 
 , encreasing Trade, which onely will, . and without- 
 which nothing can revive and repaire this wasted 
 Nation? I beseach Your Honours to pardon this 
 seeming familiar manner of Interrogating, uttered 
 in much tendernes, and with all submissivehess 
 tendered to Your gracious censure and acceptance :- 
 and yet I may not, nor can I smother how heavily : 
 and sharply the Proceedings of the Courts of West- 
 minster, and even that of Parliament pinches us- 
 Commoners, which will be easier digested, and sooner 
 forgot, if it be remedied hereafter. 
 
A Selection 
 
 of 
 
 Commonwealth State Papers 
 
 Illustrative of 
 
 the 
 
 Monetary Movements 
 
 of 1649-51 
 
[Endorsed.] PROPOSITION TO HAVE THE EXAMINA- 
 TION of all Gold and Silver licenced 
 to be transported, and to se no more 
 to be sent then what goes by licence 
 and to have ob. ( = ^d.) the pound troy 
 for all Silver coyned in the Tower, 
 and six pence upon every forty pound 
 in Gold coyned in the Tower. 1 
 
 [Headed.] Proposition to have the Examina- 
 tion of all Gold and Silver trans- 
 ported INTO FORRAN PARTS, BY WARRANT 
 
 or other ways to seas it w th the fee 
 and alowance of an half-penny the 
 pound wayt for all silver coyned in 
 the Tower. 
 
 i. Whereas seaverall warrants have bine obtained 
 by the East India Company, for the transporting of 
 seaverall great quantities of Gold and Silver the 
 lik som tymes is granted to seaverall merchants 
 and others, upon ther pet 10 " and suggestions, and 
 weras under culer of thes warrants to divers other 
 great soms of money, both English Gold and Silver, 
 as well as forrane Gold and Silver is transported out 
 of the nation, w ch might be prevented yf the stat 
 would apoynt a sworen countroller one skilled in 
 this affaire, to tak a vew and serch of all badgs and 
 
 1 State Papers (Domestic), Interregnum, xvi. No. 97. 
 
84 Writers on English Monetary History 
 
 cases of tresur, that are transported out of the 
 nation, and to see to the packing and making up of 
 the said treasur, and that ther be sent no mor, then, 
 what the stat gives licence for, both for quantytie 
 and quality, and registered, and retorned yearly to 
 the councill of stat, and that the s d controller for 
 his vew and search and sealing and marking it up 
 shall demand and have tow shillings appon every 
 hundred pounds sterling by tayl, or the valew of 
 every hundred pounds sterling, if that the Gold or 
 Silver should be in bares or ingots, for all Gold and 
 Silver that shall be exported by licence, either the 
 East India Company or any other person whomso- 
 ever, and that it shall not be lawful for any man to 
 transport Gold or Silver befor it be vewed and 
 examined by Tho. Violet or his sufficient debity, and 
 registered. 
 
 This to be done only in the ports of London and 
 Dover, by w ch means the abuses that have formerly 
 bine practised will be prevented, and no more Gold 
 and Silver transported then what is transported by 
 licence, and weras great quantities of Gold and 
 Silver is imported into this nation cuninglie and 
 desetfully is exported beyond seas by wich meanes 
 the mint hath bin wholly neglected, and a trayd 
 inwards and outwards driven w th out paying any 
 custom by bringing in Gold and Silver w ch never 
 pays custom, because the stat expects to have it all 
 coyned for the augmentation of the coyne of this 
 nation ; but now generally the Gold and Silver is 
 exported and never comes to the mint, a mischief of 
 a most dangerous consequence. 
 
 I having bin privey and acquainted w th the wayes 
 
State Papers, Commonwealth 85 
 
 how to discover when Gold and Silver is landed, 
 and w c!> way to cause the owners to bring it into 
 the mint, had I an alowance for my chardges and 
 expenses in atending the service, my Request is to 
 have the alowance of a half peny the pound wayt 
 troy, for all Silver that is coyned in, the Tower, and 
 six pence the pound w 1 for every pound wayt of 
 Gold is coyned in the Tower, w ch is but one shilling 
 threpence for every 1 00 ''■ in Gold and sixteene- 
 pence for every hundred pounds by tayle in Silver, 
 and according to the medium for the last four yeares 
 my request is not fifteen pounds a yeare, and what- 
 soever it makes me mor, it will and must be my 
 industry in seting y r mint agoing, w ch must be 
 done by keeping intelligence beyond seas and hold- 
 ing correspondence in the sea ports and seaverall 
 other places and this I can aferm that by reason of 
 my long experience in mints and exchange of forran 
 countreye and the knowledge of the seaverall secrett 
 ways, the transporters of Gold and Silver use that I 
 may have the vew and controle of all persons that send 
 out Gold and Silver by licence to se it all registered 
 and to have the fees before recited, both for the mint 
 and registering all Gold and Silver transported by 
 licence, by this way I shall be enabled to hinder the 
 transportation of that Gold and Silver that is once 
 imported, except it pass out of the nation by licence 
 of the state, and uppon thes termes that I offer to 
 serve the state, I do humbly say it is a great benefit 
 to the Comonwealth. 
 
 1 8th November 1651. 
 
 Thomas Viol(et). 
 
86 Writers on English Monetary History 
 
 [In Violets Hand.] PROPOSITION ABOUT RAIS- 
 ING Gold and making foran coynes 
 
 CURANT. 1 
 
 i. The Rex dolers, the Cardeques, the Sevill 
 Realls of Spain, and seaverall other Silver coynes 
 in the tables of exchange may be alowed to go 
 currant at as full a valew as our own moneys, the 
 like for yo r Holands Rider, yo r Alberties of Flanders, 
 yo r French and Italian and Spanish pistolets and 
 Hungary duckets, and divers other Gold coynes in 
 the Placart or tables of exchange. 
 
 2. That you may raise the Gold coynes both 
 forran and English, and make it advantag to the 
 Stat but under favor, not the Silver moneys, for yf 
 you rase not the Gold coynes none will be brought 
 into yo r mints, all other mints in Christendom 
 giveing more for Gold than wee do. 
 
 3. That it must be justly calculated what rates 
 Gold goes at in the mints of Holand, Flanders, 
 France and Germany, and such a valew set on Gold 
 that it may incuredg and Inabl all merchants for the 
 bringing Gold into England, and yf you mak the 
 principall forran Gold coynes currant at the full 
 valew, the peopell will quicklie learne to know them 
 when they se them printed in the Placart, for at all 
 the seaport towns they now know allmost all the 
 forran coynes in Christendom and. ther valew so 
 that will be quickly learned. 
 
 4. To have yo r Placart finished and not to delay 
 a busenes of that consequence any longer, consider- 
 
 1 State Papers (Domestic), Interregnum, xvi. No. 99. 
 
State Papers, Commonwealth 87 
 
 ing what a deale of truble and paynes it hath cost 
 to bring it about, and the benefit the whole nation 
 will have when the placart is put forth. 
 18 Nov. 165 1. 
 
 Sir Peple Madison's Means to bring Money 
 to the Mint. 1 
 
 First, that no merchant, no exchanginge goldsmith 
 or other shall give for any forraine or English 
 monyes, above the rate they yield at the minte 
 accordinge to the statute of 1 8 of Elizabeth. 
 
 And that none do sell any monie or bullion be it 
 Gold or Silver to any above the value aforesaid, soe 
 every goldsmith knoweth directly whether it be to 
 be carryed to the minte or to be transported, by the 
 price for Spanish money full weight at the minte 
 is worth ij s - profitt upon 1 IL tayle and noe more, 
 refined fyned and sterlinge silver accordingly now 
 sold, wherby none cometh to the minte, and this is 
 knowne to all trads men that deale herein, that when 
 it is sould at the prices in the margent, 6 s - 6 d '' 
 5 s - 8 A * and 5 s - 2 d -' it is for transportation. 
 
 And the cause of the transportinge of the saide 
 bullion is the great profitt of the returne made by 
 bils of exchange home. Wherein the byer for 8 d ' 
 lying out in the pound sterlinge, they upon returne 
 home by bills of exchange do gett iij s ' 2 d ' which is 
 1 2 }'■ 12 s ' p. cent, upon everye returne, beinge made 
 
 1 State Papers {Domestic), Interregnum, xvi. No. 106. 
 
88 Writers on English Monetary History 
 
 5 or 6 tymes in the yeare which begetteth 50 or 60 
 p. cent, in anno. 
 
 So the melting houses are the means to furnish 
 the exporters w th bullion of what fyneas ether the 
 consumer or exporter desyreth ; there is yet a more 
 secrett way of exportinge, but this may be sufficient 
 for a gent to know. Therefore no law will prevent 
 or remedye this evill, but onely to take away the 
 gayne, yet most necessary laws must be made as 
 have bene of ancient tyms, as hath bene at soom 
 tyme heartofore delivered in wrytinge. 
 
 Great hath bene the struglinge this 3 hundred 
 years and more between the kings of this nation, 
 and the craftye merchants to preserve their coyne 
 and bullion at home, as might be shewed by 34 
 severall state provisions, which may sufficiently 
 demonstrate the importance thereof, as also the 
 difficulty of the cure when the disease doth happen 
 by reason of the obstruse entrance or knottye 
 difficultyes in the same, but when it cometh to the 
 demonstration by tables of exchange, it -will prove 
 evident and easy to all inteligent gent. 
 
 The 35 attempts and remedye to prevent the 
 overballancynge of comodityes caused by the ex- 
 change of moneys, by bills of exchange wherein the 
 true reformation doth consist. 
 
State Papers, Commonwealth 89 
 
 Arguments for the Tables of Exchange. 1 
 
 Pos7ult. unequall Exchange is greatly disadvan- 
 tageous in a commonwealth, which this rectifies by 
 setting forth the par betwixt us and other nations. 
 
 Because it doth in such a trade as England im- 
 poverishe the merchant man £100,000 per annum, 
 by receivinge less in specie by exchange beyond seas 
 of forraine coines, according to the intrinsicall valew. 
 
 2 ly - Because the impoverishinge of the merchant 
 causes an abasing of our comodities by the lessininge 
 of our treaseur drawn away by this means, and 
 causes an inhansinge of forreine commodities upon 
 us thereby to make up their losses. 
 
 3 ly ' All other wise commonwealths that have 
 experimented the binefitt thereof! doe it constantly, 
 as Holland and France, etc. 
 
 Pos. 2. Whatsoeverstate doth unjustly doth not thrive. 
 
 But this is a great injustice to exchange Gold or 
 Sylver above its true standard valew. 
 
 The proportion throughout the world is to give 
 for pure Gold 1 2 ounces waite for waite of Silver. 
 
 A pound tale in Silver is 20s., and a pound waite 
 in Silver is 3 li. accordinge to troy waite, which con- 
 sists of 12 ounces, eaehe ounce being 20 penniwaite, 
 which is in valew 5 sh. every id. waite being 3d. 
 
 A pound tale Englishe ought to have in Exchange 
 with the Flemish 36 sh. and 6d. at the least, but of 
 late they have paide us but 32 Flemishe. 
 
 24 carates is a pound troy of Gold, and each 
 carate is in Silver 30 sh. and somethinge more. 
 
 1 State Papers, Interregnum, 1651, vol. xvi. No. 103. 
 
90 Writers on English Monetary History 
 
 Propositions for Bringinge in Monies into 
 the Commonwealth. 1 
 
 [Endorsed] REASONS FOR MAKING FORRAINE 
 COINES CURRANT. 
 
 i. That the forraine coihes assaied and valewed 
 in the Tables of Exchange be made currant in this 
 Commonwealth. 
 
 Objection. The fillinge of the nation with false 
 monaies. 
 
 Answer. Since it be treason to import knowingly- 
 counterfeit coins, or to coine them, which done, ther 
 can be noe more prejudice by allowinge them than 
 your owne coine. 
 
 Objection. But your people are ignorant of their 
 valewes, and will be disseived. 
 
 Answer. The tables of exchange, which are first 
 to be published by the parlement will exactly and 
 plainly sett forth every coines valew as to our money 
 to all persons, and weights are to be made and sold 
 by order of the state for preventinge receivinge light 
 money without allowance of 2d. the graine for what 
 they want besides the remedie. 
 
 Objection. But why was not this done upon the 
 like exigencie formerly? 
 
 Answer. It was done in queene Elizab. dayes, and 
 had bin done againe in king James and Charles his 
 time, but that the private interests of the maisters 
 of the Mint for their own profitt did opose it, as 
 receiving then the profitts of the coinage to them- 
 
 1 State Papers {Domestic) Interregnum, vol. xvi. No. 104. 
 
State Papers, Commonwealth 9 1 
 
 selves ; besides the commonwealth was not within 
 the memory of man soe empty of coine. 
 
 Argument 1. This must necessarily draw in great 
 quantities of forraine coine into the lande, because of 
 the addition of profitt to the merchants that will 
 bringe it in, this givinge profitt 4 1. in the hundred 
 above what they now gett by bringing it in to our 
 mint — beinge 4,000 1. in the importinge of every 
 100,000 li. 
 
 Argument 2. This hath bin and is now done by 
 the Low Countrie, and hath brought in a great 
 quantity of treasure into that commonwealth, to the 
 great encrease of their trade. 
 
 Argument 3. The revivinge of trade by an acces- 
 sion of treasure, which is the life of it. 
 
 Argument 4. The great want of monie, which must 
 necessarily bring a mutiny and free quarter upon the 
 army, decay of trade, fallinge of rents, and to exchange 
 commodity for commodity. 
 
 2 Proposition. To put as great a value upon all 
 forraigne coine of Gold as is given by the Low 
 Countries. 
 
 Argument 1. This will bring in great quantities 
 of Gold, which is a merchandize, and therefore we 
 must give as other nations give, or else it will not be 
 brought hether, which is the cause they have so much 
 in France and Holland and we none at all. 
 
 [On next leaf, and in a different kand.] 
 
 1. To give currency to fforeigne coyne w th in the 
 realm I humbly conceive to be against the law of 
 nations which is to be observed in all states. 
 
92 Writers on English Monetary History 
 
 2. It is a hard busines to bring any mans estate 
 and life in question that may meete with eny false 
 monye made by blanched copper is so hard to be 
 discovered, and hath bene and will be used by cun- 
 ninge imposteurs to the inestimable hazard and de- 
 triment of the innocent partyes that may receave it. 
 
 3. I denye that it was done in queene Elizabeth 
 her tyme, for contrariwise she repaired & what 
 was amisse before her tyme, to her immortall fame, 
 as is recorded upon her epitaffe. 
 
 4. What is done by the way of toleration in the 
 Low Countryes I will not contend about, but it is to 
 be considered that there [is] great difference betweene 
 tolleration and currencye. 
 
 5 . Likewise for the using (?) of Gold wher we have 
 Silver sufficient to seal our common trade may come 
 on, but in the meantyme I humbly conceave it better 
 to let Gold be solde out then silver, or allowance 
 given to passe out to the East Indyes trade then 
 silver. 
 
 6. Lastly, I do think the tyme may come that 
 trade beinge well governed, it may come to passe that 
 Gold or Silver may come or go free as in Holland. 
 
 In the meane tyme, before the tables of Exchange 
 be published, I pray let the act be published for pre- 
 monition, and then punishe those that make exchange 
 under the value of new monyes, which is always the 
 chiefe exchange that belongeth to our State or com- 
 monweal. Stop that leak, and you cure the maladye 
 soon. Say more, but all is to no purpose if that is 
 left undone. 
 
State Papers, Commonwealth 93 
 
 [Endorsed] A Law agenst Underratinge our 
 Monyes in Exchange accordinge to the 
 Ancient Laws of this Realme. [165 1. 
 1 8th Nov.] 1 
 
 Right Honourable, — 
 
 This proclamation followinge beinge turned 
 into a law because proclamations be abolished will 
 shorten and facilitate the worke of the minte which 
 now standeth : for warninge must goe before execu- 
 tion of anye law in force agaynst offenders of the 
 laws of Exchanges and rechanges or brokers and in 
 case they give obedience it is necessarye warninge 
 be given for their indemitye in their course of 
 tradinge. 
 
 Proclamation 1 8 of Elizabeth, recorded in the rolls. 
 
 Forasmuch as there are so great abuses of late 
 yeares growne by the corrupte dealinge of sundrye 
 merchants' and brokers as well strangers as Inglish 
 upon exchanges and rechanges of moneys to be 
 payd both out and w th in the realme as not onelye the 
 good laudable profitable use of naturall merchandize- 
 inge is greatly decayed, the true values of the monyes 
 of this realme much abased and her ma tles customes 
 and subsidies that are the ancient inheritance of the 
 Crowne diminished and w'Mrawne, w th sundrye other 
 inconveniences to the noteable damages of this realme 
 for the due remedye whereof there hath bene made 
 
 1 State Papers (Domestic), Interregnum, xvi. No. 94. 
 
94 Writers on English Monetary History 
 
 heartofore sundry good laws and statutes of this 
 realme which do still continue in force. The Queens 
 majestye intendinge to have such great inormityes 
 and mischiefs remedied doth give all maner of mer- 
 chants brokers and all other persons usinge to bar- 
 gain by exchanges and rechanges to understand that 
 her meaninge is to have such laws and statutes to 
 be put in execution as have bene provided and do 
 remaine in force for this purpose and therefore 
 warneth all maner of persons to have heareafter 
 due regard thereunto upon such penaltyes as in the 
 sayd laws statutes and other ordinances remaininge 
 in there force is provided and for the lawful satys- 
 faction of all such as shall have necessary cause to 
 take or delyver anye monye by exchange, ther shal 
 be certain orders set up in writinge in places con- 
 venient declaringe the rate thereof as the same should 
 and ought to be paid to the use of her m aye or to 
 her ministers and officers thereunto authorised. 
 
 Geven the 20 th of Sept. 1576 in the 18 yeare of the 
 prosperous raigne of the Queens ma tye . 
 
 [On reverse of same .] 
 
 a coppye of the law against the abuse of 
 Merchant Exchange. 
 
 Forasmuch as there are so great abuses of late 
 yeares growen by the corrupt dealings of sundry 
 merchants and brokers as well for strangers as 
 English upon exchanges and rechanges of monyes 
 to be payd both w th en and w th out this comonwealth 
 of Ingland as not onelye the good and laudable and 
 
State Papers, Commonwealth 95 
 
 profitable use of mutuall merchandizinge is greatly 
 decayed the true values of the monyes of this' 
 comonwealth much abased and the customs and 
 subsidies of the state diminished and withdrawn 
 with sundrye other inconveniences to the noteable 
 damage of the people of this comonweale ffor the 
 due remedye whereof there hath bene heretofore 
 made sundrye good lawes and statutes which do 
 still continue in force. Now the parliament of 
 Ingland intendinge to have such greate inormities 
 and mischiefs for the future remedied do give all 
 manner of merchants brokers and all other persons 
 usinge to bargain by exchange and rechange to 
 understand that ther meaninge is to have such lawes 
 and statutes put in execution as have bene provided 
 and do still remaine in force for this purpose, and 
 therefore do warne all manner of persons to have 
 hereafter due regard thereto upon such penaltyes as 
 in the said lawes and statutes or other ordinances 
 remaininge full in force are provided, and further 
 for the lawful satisfaction of all such as shall have 
 necessarye cause to take or deliver anye monye 
 by exchange ther shall be certain orders set up in 
 writing in places convenient whereto the people may 
 have recourse declaringe the rates thereof as the 
 same should and ought to be payd to the use of the 
 Comonwealth or to the minister and officers thereto 
 authorised or any person or persons whatsoever. 
 
96 Writers on English Monetary History 
 
 [G. Frost to Day] 1 
 
 M r Day, 
 
 You are desired to provide and bring w th [you] 
 to the Councel the next Wednesday the last placcart 
 of the valuation of moneyes for Holland and by the 
 States, and the last Edict for the valuation of moneys 
 in France. 
 
 [Endorse.] 
 
 The Severall Pieces and Species of Foraine 
 Coynes whereof Essayes are Desired. 
 
 Sylver. — France, . 
 
 Cardecue. 
 
 j) • 
 
 Testone. 
 
 j» 
 
 Franks. 
 
 Netherlands, 
 
 Silver royall. 
 
 »» 
 
 Rex dollar. 
 
 j) 
 
 Lion dollar. 
 
 >i 
 
 Spread eagle dollar. 
 
 a 
 
 Shilling'. 
 
 Flanders, 
 
 Albertus crosse dollar. 
 
 » j 
 
 Ducatons of Flanders. 
 
 )> 
 
 Phillip dollar. 
 
 Germane, 
 
 Reiches dollar of the Empire. 
 
 ,, 
 
 Florins. 
 
 Italy, . 
 
 Ducatons of Venice Florence Genoa etc. 
 
 
 ( t Sevill. 
 
 Spaine, . 
 
 . Pieces of Eight Realls of < 2 Mexico. 
 
 
 ( 3 Peru. 
 
 1 State Papers (Domestic), Interregnum, xvi. No. 100. 
 
State Papers, Commonwealth 97 
 
 "THE PAR OF THE SYLVER COYNES, HOW THEY ARE 
 BY THE FFRENCH PLACART AND BY THE NOW 
 ENGLISH PLACART." 1 
 
 A French crowne= 3 lyvers. 
 A lyver [livre] = 20 sols. 
 A sol =12 deniers. 
 
 The 
 The 
 The 
 
 Dound English =20 shill. 
 :rowne = 5 shill. 
 shilling =12 pence. 
 
 
 Par. 
 
 Currant. 
 
 20s. English of sylver is 
 is. English „ 
 id. English „ 
 4s. 6d. English ,, 
 is. 6d. English „ 
 
 
 Sol. 
 266 
 
 13 
 
 I 
 
 60 
 
 20 
 
 60 
 266 
 
 Den. 
 
 8 
 ■ 4 
 
 ■i 
 
 
 
 
 
 
 
 8 
 
 Sol. Den. 
 220 O 
 II O 
 O II 
 
 49 6 
 16 6 
 
 60 
 
 266 8 
 
 Lewis of sylver . 
 
 So [or therefore] . 
 
 English Mo. 
 
 Shil. Pence. Mites. 
 
 460 
 
 20 
 
 Garderas 
 So 
 
 170 
 
 20 
 
 21 
 266 
 
 'I 
 8 
 
 21 
 263 3 
 
 Realls of eight 
 So 
 
 4 6J 
 20 
 
 68 
 266 
 
 3i 
 
 8 
 
 58 
 256 7 
 
 Duckatoone 
 
 5 6J0 
 
 73 
 
 '5* 
 
 65 
 
 So 
 
 20 
 
 266 
 
 8 
 
 23S 10 
 
 Dollars of the Empfire] 
 So 
 
 4 7| 
 20 
 
 61 
 266 
 
 11 
 8 
 
 SS 
 236 9 
 
 Phillip doll. . 
 So 
 
 S 2 1 
 20 
 
 68 
 266 
 
 11 
 8 
 
 60 
 232 
 
 Cross dollar 
 So 
 
 4 4fo 
 20 
 
 58 
 266 
 
 7i 
 8 
 
 54 
 
 245 8 
 
 1 State Papers, Interregnum, 1651, vol. xvi. No. 102. A little 
 book, 8"x6", 8 leaves; endorsed 18 Nov. 51. Interregnum 
 Mint, 1651. 
 
 7 
 
98 Writers on English Monetary History 
 
 THE PAR OF THE GOLD COYNES, HOW THEY ARE 
 BY THE FFRENCH PLACART AND BY THE NOW 
 ENGLISH PLACART. 
 
 Par. 
 
 Currant. 
 
 20s. Eng. of Gold is 
 is. Eng. of Gold is 
 id. Eng. of Gold is 
 
 French Lewis . . . 
 So [or therefore] 
 
 Dou[ble] Spafnish] 
 
 Pist[ol] . . . . 
 
 So 
 
 Sing. Gold Sou . . 
 So 
 
 Albirtus of Flanders . 
 So 
 
 Checune [sequin or 
 zecchino] of Venis 
 So 
 
 Italian Pisto[l] . . . 
 So 
 
 Hungary Duck[at] 
 
 So 
 
 Holland Ryder . . 
 So 
 
 Myllre [Mil Reis] of 
 
 Portugfal] . . . 
 
 So 
 
 English Mo. 
 
 Shil. Pence.Mites. 
 14 7 IO 
 
 20 O O 
 
 14 
 20 
 
 12 
 20 
 
 8 
 20 
 
 14 
 20 
 
 8 16 
 
 1 13 
 o o 
 
 6 
 o 
 
 18 
 o 
 
 2 12 
 O O 
 
 21 II 
 
 20 O 
 
 2 5 
 20 
 
 S 18 
 o o 
 
 Sol. Den. 
 
 273 6 
 
 13 8 
 
 o 13S 
 
 200 o 
 273 6 
 
 201 
 2 73 
 
 166 
 2 73 
 
 i5 2 
 273 
 
 112 
 2 73 
 
 194 
 2 73 
 
 112 
 2 73 
 
 299 11 
 273 6 
 
 348 6 
 273 6 
 
 Sol. Den. 
 
 240 O 
 
 12 O 
 
 I O 
 
 200 O 
 
 273 6 
 
 200 
 271 
 
 130 
 
 213 
 
 120 
 215 
 
 90 O 
 
 219 10 
 
 192 o 
 
 269 10 
 
 90 
 
 219 
 
 260 
 240 
 
 260 
 204 
 
State Papers, Commonwealth 99 
 
 FRENCH. 
 
 Par. Current. 
 
 Sol. Den. Sol. 
 
 20s. in Gold 273 6 240 
 
 Difference 33^, which is 12J per cent. 
 20s. in Silver 266 8 220 
 
 Difference 46$, which is 17J per cent. 
 
 Diff. 6 10 20 
 
 The French hath raysed their Gold above their sylver, £2, 
 us. 3d. per cent. 
 
 Which is upon 20s. English, 6d. 3J mites. 
 And they make 20s. English in sylver less currant than 20s. 
 Gold, is. 8d. 
 
 Which is £9 is. 8d. per cent. 
 
 Lyvers.Sols. Den. 
 The par with France is upon 20s. English in Sylver 13 6 8 
 
 But currant there for . . . . 1 1 o o 
 And their par upon 20s. English in Gold . . 13 13 6 
 
 But currant there for . . . . 1200 
 
 ("John Reynolds. 
 Examined by us -j Tho. Burghes. 
 I Jo. Hoare. 
 
 [Table 
 
ioo Writers on English Monetary History 
 
 THE PAR OF THE SYLVER COINS, HOW THEY ARE 
 BY THE DUTCH PLACART AND BY THE NOW 
 ENG. PLACART. 
 
 A guilder, 20 sty. 
 
 A Fle[mish] Shill. 6 sty. 
 
 A Styver, 2d. 
 
 A Styver divided ") 
 
 into 16 parts J- Penins. 
 termed J 
 
 
 Par. 
 
 Currant. 
 
 20s. Eng. of Sylver is 
 i2d. Eng. ,, 
 A peny Erig. ,, 
 
 
 Sty. Pen. 
 217 II 
 
 HiA- 
 50 
 
 217 II 
 
 5° 9 
 
 217 11 
 
 60 
 
 217 11 
 
 47 13 
 217 11 
 
 49 2 
 217 11 
 
 12 4 
 217 11 
 
 8 z\ 
 217 11 
 
 217 11 
 
 Sty. Pen. 
 210 
 10 8 
 14 
 
 50 
 
 217 11 
 
 50 
 215 
 
 63 
 228 8 
 
 47 
 213 8 
 
 48 
 
 212 
 
 12 
 
 213 
 
 8 
 
 213 
 
 210 
 
 
 
 
 Rix doller .... 
 So [or therefore] 
 
 Dollars of the Empire 
 So 
 
 Duckatoonsof Flanders 
 So 
 
 Cross Dollrs. . . . 
 So 
 
 Spa[nish] Reall . . 
 
 Scotish mark . . . 
 So 
 
 The Harp .... 
 So 
 
 English Mo. 
 
 Shil. Fence. Mites. 
 
 4 7 3 
 20 
 
 4 7 18 
 20 
 
 S63 
 20 
 
 4 4 18 
 20 
 
 466 
 20 
 
 13 12 
 20 
 
 090 
 20 
 
State Papers, Commonwealth 101 
 
 THE PAR OF THE GOLD COYNES IN THE DUTCH 
 PLACART, AND HOW THEY ARE IN THE NOW 
 ENG. PLACART. 
 
 
 Par. 
 
 Currant. 
 
 20s. Eng. of Gold 
 
 Sty. Pen. 
 229 13 
 II 8 
 154 
 
 252 
 229 13 
 
 279 12 
 229 13 
 
 127 14 
 229 13 
 
 169 2 
 229 13 
 
 252 O 
 
 229 13 
 
 229 13 
 217 II 
 
 Sty. Pen. 
 230 O 
 II 8 
 154 
 
 252 
 230 
 
 280 
 
 230 
 
 126 
 226 8 
 
 170 
 
 231 
 
 252 
 230 
 
 230 
 
 2TO O 
 
 
 
 
 
 Holland Ryder . . 
 So [or therefore] 
 
 Sovereigne of fflanders 
 So 
 
 Albertus of Flanders 
 So 
 
 Spanish Dou. pist. 
 
 So 
 
 The Jacobus . . . 
 
 The Carrolus . . . 
 
 20s. Eng. in Gold is 
 20s. Eng. in Sylver is 
 
 English Mo. 
 
 Sllil. Pence. Mites 
 
 21 II 4 
 20 
 
 2 4 4 3 
 20 
 
 11 1 13 
 20 
 
 14 8 16 
 20 
 
 22 
 20 
 
 Differei 
 
 ice, . . . 
 
 12 2 
 
 20 
 
 So the Dutch values their gold above their sylver, £5, 5s. 6d. 
 
 per cent. 
 Which is upon 20s. English, is. ojd. 
 And 20s. English of Sylver money is less currant with the Dutch 
 
 than 20s. English of Gold by, is. 8Jd. 
 Which is ,£8, 13s. nd. per cent. 
 
102 Writers on English Monetary History 
 
 The par with the Dutch is upon 20s. English of Sylver, 36s. 3jd. 
 
 scant. 
 But currant there for, 35s. 
 
 The par with the Dutch is upon 20s. English of Gold, 38s. 4d. 
 scant. 
 
 And is currant there for 38s. 4d. 
 
 John Reynolds. 
 Examined by us \ Tho. Burghes. 
 Jo. Hoare. 
 
 Considerations of the Value or Parr of 
 the Coynes of France, the Archdukes 
 Country, and the United Provinces in 
 Relacon to the Intrinsique Value w ch 
 they beare in weight and finesse w th 
 the Coynes of this Nation. 1 
 
 In order to the cleer^r and better understanding 
 and conception of the value or parr inquired may- 
 be declared and first knowne- — 
 
 1. The Reckninge and accompt of monies w ch 
 these countries makes in themselves, and each with 
 other respectively. 
 
 2. How the value and parr of these monies doth 
 arise uppon the Reckoninge or accompt of these 
 countries respectively. 
 
 Uppon w ch premised the examinacon of the value 
 or parr of them to our monies may cleerly (by due 
 calculations uppon essayes made) be drawn forth 
 and 
 
 And first as to the Reckuninge and accompt it is 
 found — 
 
 That ffrance Reckons and accompts by livres, 
 
 1 State Papers {Domestic) Interregnum, xvi. No. 105. 
 
State Papers, Commonwealth 103 
 
 sols, and deniers ffrench. Every livre is 20 sols., 
 and every sol. is 1 2 deniers ffrench. 
 
 Holland and Flanders Reckons by pounds, 
 shillings, and pence Flemish. Every pound is 20s., 
 and every shilling is 1 2d. Flemish. 
 
 England Reckons by pounds, shillings, and pence 
 sterlinge. Every pound is 20s., and every shillinge 
 is 1 2d. sterling. 
 
 Again France reckons by crowns of 3 livres or 
 60 sols., and Holland and Flanders by Gulders. 
 Every Gulder is 20 stivers, and every stiver is 2d. 
 or 2 gross fflemish, and 6 stivers or 1 2 gross makes 
 one shillinge fflemish. 
 
 And so England Reckons by crownes of 5 s. or 
 6od. sterlinge, and by marks of 1 3s. 4d., and by 
 nobles of 6s. 8d., etc. 
 
 In the yeare 1586, and before and since, these 
 countries respecting each other by way of commerce 
 and the weight, finess, and valuacon of theire sev r all 
 coynes, did reckon and accompt as parr and equall 
 in manner following, viz. : — 
 
 In France Ten sols, ffrench was valued and par 
 to one shilling, or 1 2d. sterling, wh ch made one livre 
 ffrench equall or par in accompt to 2s. sterling, and 
 10 livres ffrench to 20s., or one pound sterlinge, et e 
 contra. 
 
 Likewise one sol. ffrench was valued or par to 
 one stiver of fflanders or Holland, and 20 sols, or 
 one livre ffrench was valued on parr to one Gulder 
 in Holland or fflanders. 
 
 And 120 stivers or 20s. fflemish was valued or 
 parr to 6 livres ffrench, et e contra. 
 
 And in the accompt between England, fflanders, 
 
io4 Writers on English Monetary History 
 
 and Holland, 10 stivers was valued or accompted 
 parr to one shillinge, or I2d. sterling, and soe 33s. 
 4d. fflemish was valued or parr to 20s. sterlinge, and 
 a Gulder to 2 s. sterlinge, et e contra. 
 
 And this Reckoninge or reputed parr was then 
 the true and reall parr grounded upon the sev r all 
 weights finess and valuacon of the monies of these 
 countries respectively, for by the edicts, placarts, and 
 ordinances of those tymes the species or pieces of 
 coyne (whereby the above-menconed values were 
 paid) were rated and fixed as followeth : — 
 
 The Phillipp dollar of fflanders at 5 o stivers. 
 
 The cross dollar of Burgundy at 45 stivers. 
 
 The Reix dollar of the Empire and united Pro- 
 vinces at 45 stivers. 
 
 The ffranke of ffrance at 20 stivers. 
 
 The Quart d'Escue at 1 5 stivers. 
 
 The piece of Eight Reall of Spain at 42 stivers. 
 
 The English shilling at IO stivers. 
 
 And soe 20s. English was paid w th and equall to 
 4 Phillipp dollers, or 4 and a half Reix dollers, or 
 w th 10 ffranks, or w th thirteene Quarte d'Escues 
 and \ of ffrance, or w th 4f Realls of Eight of Spaine, 
 et e contra. 
 
 And then little or noe advantage could be had 
 uppon these valuacons, the species houldinge intrinsi- 
 cally the like quantities of silver, and all marchandizes 
 and commodities traded betweene them respectively 
 had their just and equall prizes accordinge to the 
 valuacons of theire coynes. 
 
 From this (fiosito) equality or parity by the 
 Inhancinge of these species or pieces of coynes in 
 the parts beyond the seas (whereby the price was 
 
State Papers, Commonwealth 105 
 
 there altered in name or denominacon, our monies 
 remayninge here at a stand, and the accompts and 
 Reckonings remayninge as formerly, and not beinge 
 altered accordinge to the sev r all Inhauncements of 
 theire monies), wee are fallen now to very great 
 inequality, great disadvantages in our traffique 
 arisinge by reason thereof, and beinge consequent 
 to the same. 
 
 For the better and clearer manifestacon thereof 
 let it bee examined — 
 
 1. Whether our monies are undervalued in 
 Holland, Flanders, and ffrance in manner as is 
 pretended and how much.- 
 
 2. What Inconveniences and disadvantages doe 
 thence arise to the obstructinge of the minte or the 
 traffique of the nation. 
 
 And first for Holland. 
 
 By the last placcart of Holland of the year 1622, 
 the Reix doller of the united Provinces, the cross 
 dollar of Burgundy and those of the Empire are 
 valued promiscuously at 50 Stivers (or 8s. 4d. 
 fflemish), and the English shillinge is there valued 
 at 10 Stivers and a half, upon w cb a foundation is 
 laid of a new Reckoninge betweene us, viz. : — ■ 
 
 Of a shillinge to be now parr or equall to IO 
 stivers and a half, and 20s. to be equall to 35s. 
 fflemish, upon the grounds of this accompt, and this 
 is the positive or reputed parr between our monies 
 and those of the united Provinces. 
 
 Now if this reputed parr bee tryed by due calcula- 
 tion grounded uppon the Essayes made of the 
 sev r all species of coyne hereafter menconed (by 
 order from the councill of State), the disparitie 
 
io6 Writers on English Monetary History 
 
 or inequalitie will appear as hereafter followeth, 
 viz. : — 
 
 In Holland. 
 
 Twentie shillings English is valued to and 
 
 paid w th 35s. fflemish. 
 
 Thirtie five shillings fflemish money is in 
 
 value English but 18s. o,d. 5 mites. 
 
 The difference is . . is. 2d. 15 mites. 
 P. cent. 6£, 3s. 
 
 Twentie shillings English is valued to and! 4^ Reix dollars of 
 paid w th / Holland. 
 
 ffower J Reix dollars is in value English 
 
 but 19s. 3d. 10m. I2dr. 
 
 The difference . . 8d. 9m. I2dr. 
 
 P. cent. $£, 12s. 3d. 
 The difference p medium is near £$ p cent. 
 
 In Flanders. 
 
 For fflanders and other territories of the arch- 
 duke, the old accompt or Reckoninge remains still, 
 viz. of 10 stivers flemish, to one shillinge or I2d. 
 sterlinge, and a gulder 2s. sterlinge, and 20s. 
 English to be valued to and paid w ,h 33s. 4d. 
 fflemish, through all the archduke's dominions, ffor 
 although the English shillinge bee not valued in any 
 of theire ordinances, yett the custome of marchants 
 hath for a long tyme fixt this accompt and the 
 Phillipp dollar allwayes equall to 5 s. English, and 
 the fift p l thereof valued in theire ordinances at 10 
 stivers, holdeth out the same Reckoninge, and soe 
 20s. English is valued and paid w th 10 gulders, or 
 200 stivers money of fflanders. 
 
State Papers, Commonwealth 107 
 
 By the late ordinance of Flanders, 1647, their 
 coynes are thus valued, viz. : — 
 
 The new silver ducaton 
 
 The silver Soveraigne or partagon and cross 
 
 dollar 
 
 Soe that by this ordinance twelve shilling's is 
 
 valued to and paid w th . 
 Three silver ducatons and \ is in value 
 
 English 
 
 The difference j> pound 
 
 P. cent. £8, is. 5d. 
 
 Twentie shillings is valued to and paid w" 1 
 ffower J patagons is in value English . 
 
 The difference 
 
 P. cent. £8, 8s. 
 The difference p medium 
 
 Gulders. Stivers. 
 3 ° 
 
 2 8 
 
 3J silver ducatons. 
 18s. 4|d. 
 
 is. 7jd. 
 
 4J patagons. 
 
 1 8s. 3d. 15 mites. 
 
 is. 8d. 5m. 
 £8, 4 s. 8d. 
 
 In France. 
 
 By the last edict of 164.1, the silver Lewis or 
 crowne of ffrance beinge valued at 60 sol., the old 
 Quart d'escue at 21 sol. and the English shillinge 
 but at 1 1 sol. Thereuppon the received or reputed 
 parr between their monies and ours is as followeth, 
 viz. : — 
 
 Twentie shillings English is valued to and 
 
 paid w th 1 1 li. or 220 sols. 
 
 Eleven livres or 220 sols, is in English value . 16s. 6d. 
 
 The difference p pound . . 3s. 6d. 
 
 P. cent. £i"j, 10s. 
 Twentie shillings English is valued to and 
 
 paid w th 10J Quart d'escues. 
 
 Tenn \ Quart d'escues is in English value . 16s. "j&. 10 mites. 
 
 The difference 
 
 P. cent. \(y£, 17s. 6d. 
 
 3s. 4d. 10 mites. 
 
io8 Writers on English Monetary History 
 
 Now the under valuacion of our coynes to that 
 of our neighbour countries beinge evinced from true 
 calculations uppon essayes made betweene theire 
 coynes and ours, compared accordinge to theire 
 respective weights and finess, intrinsique values, and 
 the said under valuacons beinge soe much respect- 
 ively as the difference above sev r ally declared and 
 sett forth, and thereby the error, falsities, and mis- 
 takes of our p r sent Reckoninge or accompt betweine 
 us and these our neighbours appearinge, it remaines 
 only to declare uppon the true valuacons of these 
 coynes what the true parr Reckoninge or accompt 
 betweene them and us ought to bee. 
 
 Our shillinge or \2&. sterlings is equall or 
 
 parr to and ought to be paid w th . 
 Twentie shillings English is equall or parr 
 
 to and ought to be paid w th . 
 Twentie shillings English is equall or parr 
 
 to and ought to be paid w' 
 Twentie shillings English is equall or parr 
 
 to and ought to be paid w th . 
 Fower shillings sixpence, or fifty-four pence i 
 
 sterlinge, is equall or parr to and ought L 
 
 to be paid to and w«> . . .J offrance 
 
 1 3 sols. 4 den. french. 
 
 13 lv. 6 sols. 8 den. 
 
 4$ Lewis. 
 
 13J Quart d'escues. 
 60 sols, or a crown 
 
 In Flanders. 
 
 One shillinge or I2d. sterlinge is equall or 
 
 par to and ought to be paid w th 
 Twentie shillings English is equall or parr 
 
 to and ought to be paid w th . 
 Twentie shillings English is equall or parr 
 
 to and ought to be paid w Ul . 
 Twentie shillings English is equall or, parr 
 
 to and ought to be paid w th . 
 
 1 o^f stivers. 
 36s. 6d. flemish. 
 3i and i| ducatons. 
 44 and ^ patagons. 
 
State Papers, Commonwealth 109 
 
 In Holland. 
 
 One shillinge or I2d. sterlinge is equall or 
 
 parr to and ought to bee paid w th . .11 stivers. 
 Twentie shillings English is equall or parr to 
 
 and ought to bee paid w th . . . 36s. 8d. fflemish. 
 Twentie shillings is equall or parr to and"! 4! Holland and 
 
 ought to be paid w th . . . ./ Reix dollars. 
 Twentie shillings English is equall or parr to 
 
 and ought to bee paid to and w th . . 5^ Lyon dollars. 
 
 Now from hence is concluded the quantum in this 
 disparity, or how much our monies are respectively- 
 undervalued, w ch from what hath byn before mani- 
 fested appeares to bee 
 
 In 1. France, p cent., 16^, 17s. 6d. in circa. 
 
 2. Flanders, p cent., 8£, 4s. 8d. 
 
 3. Holland, p cent., $£ in circa. 
 
 The inconveniences and disadvantages hence aris- 
 inge to this commonwealth may be considered in 
 Relacon to the mint or to the gen r all tradinge of 
 this nation. 
 
 As concerninge the mint — 
 
 This under valuacon is a meanes of & inables 
 these countries to give a greater Rate for Bullion 
 or coyne than is or cann bee given in the mint of 
 England, accordinge to the difference betweene the 
 true and mistaken parr or valuacon of our monies 
 above declared, by reason whereof all bullion and 
 silver is bought from us and diverted. Bullion 
 and the coynes of this commonwealth are exported 
 and converted into the coynes of these countries 
 w ch occasions the obstructions and standinge still of 
 the mint, the scarcity of English coyne, and many 
 other consequences dependinge thereuppon. 
 
no Writers on English Monetary History 
 
 As to the gen r all traffique — 
 
 The same is a meane of and occasions the under 
 valuacon of the comodities exported. The over 
 valuacon of fforeigne comodities imported all 
 tendinge and helpinge forward the overballancinge of 
 fforaigne trade, drawinge w th it the impoverishinge 
 of this comonwealth, and daunger of Ruine to the 
 trade and traffique of the same. 
 
 The more pticular demonstracon of all, w ch for 
 brevitie I for this p r sent omitt, and the rather for 
 that the same doth result, and is easily drawne out 
 from what hath hitherto byn held out and declared. 
 
 Of the Valuacon or Parr of the Coynes 
 of Gold. 1 
 
 Havinge examined the valuacon or parr of the 
 Silver coynes of ffrance, fflanders, and the united pro- 
 vinces in Relation to the Intrinsique value w ch they 
 beare in weight and ffiness w th the silver coynes of this 
 nation, wee may pass to the valuacon of the Gold 
 Coynes of the said countries, and heire compare — 
 
 I st - The Gold w th the Gold coynes respectively. 
 
 2. The Gold coynes w th the Silver, or the ^portion 
 held in these countries betweene the Gold and Silver. 
 For the first, 
 
 Supposing the Gold coynes of these countries (viz.) 
 the double and single Gold Soveraigne of fflanders, 
 the Single, Double, and quadruple Lewis or Gold 
 crowne of ffrance, The Rider and half of the united 
 provinces, and the Jacobus and half and quarter of 
 
 1 State Papers (Domestic) Interregnum, xvi. 101. 
 
State Papers, Commonwealth 1 1 1 
 
 England to bee all of one finess, as indeed they are. 
 The difference, if any bee found by essay, beinge w th in 
 the remedy equally allowed and found in ours as in 
 those fforaigne coynes. Then the difference of the 
 valuacon of the pieces must be (if true) in pportion 
 to the difference of their weights. 
 
 Holland. — And therefore the ould Jacobus and the 
 Holland Rider beinge of the same weight are valued 
 alike by the last edict of ffrance, placcart of Holland, 
 and the ordinance of fflanders. 
 
 But the same is not soe justly observed in 
 
 ffrance— ffor by the last edict (1641) the gold 
 Lewis or crowne, weighinge but 2 dwt. 3 \ gr., is 
 valued to 9s. and 2d. English, and the ould Jacobus, 
 weighing 6 dwt. \o\ gr i; is valued to xxiij s. viij d. 
 scarce, whereas 2 dwt. 3 \ gr. of Standard Gold is but 
 7s. 3d. 3m., and soe overvalued is. 8d. in every 
 piece more then our Gold, w ch ought, accordinge to 
 this valuacon, to have byn set at 27s. 
 
 Soe 20s. English gold is valued to and paid w th 
 2§ Lewis Gold ; 2% Lewis is in value English Gold 
 but 17s. 6d. 8m. of ffrance. 
 
 Difference 2s. 5c?. 12m. 
 
 Per cent 12^, 6s. 
 
 Againe, 3 Lewis of Gold of the weight of 2 d. 3 gr. 
 1 o m. makes but one ould Jacobus of the weight of 
 6 d. 1 o gr. 10 m., w ch beinge of the same weight and 
 
 finess ought to be equally valued. 
 
 1 
 
 Yet 3 Lewis of Gold by the said edict is valued to . 300 sols. 
 One old Jacobus is valued but to ... . 260 ,, 
 
 Difference . . . 40 ,, 
 The difference p. cent., 3668 sols., or \&£, 13s. p. cent. 
 
1 1 2 Writers on English Monetary History 
 
 Nor in Flanders — Though the difference bee farr 
 less, for the Gold Soveraigne weighinge 7 dwt. 3 gr. is 
 by the last ordinance of fflanders (1647) valued at 
 8s. 2d. 4m. more than the ould Jacobus, whereas it 
 weighs but I7gr. more, w ch makes but 2s. 7d. 17m. 
 The difference is 6d. 7m. per peece. 
 
 Soe — 
 
 ioo£ or peeces of English Gold is valued to and paid in fflemish 
 
 Gold w th 80J Golden Soveraigns. 
 
 80J Golden Soveraignes is in value English Gold but 96^, 9s. 5d. 
 Difference, %£, 10s. ?d. 
 
 The consequence is that the Gold coynes of England 
 makinge a better Reckoninge in the mints of ffrance 
 and Flanders then abroad will by all that knowe the 
 advantage bee carryed thither to be made into their 
 coyne. 
 
 2 FFOR. THE PROPORTION. 
 
 In England — The pound weight of Standard Gould 
 makinge in value cleere 3_£ (the coynadge allowed 
 & deducted to both), the value of Gold devided by 
 the value of the Silver shewes the rjportion here to bee 
 1 3^ of Silver to one of Gold. 
 
 And the pound waight of Standard Gold currente 
 for 4i£, and the pound waight of Standard Silver 
 currante for $£, ~2s. by like division, shewes the 
 rjporcion of 1 3$ fine. 
 
 In Holland — The Reix dollar of Holland con- 
 taines in fine Silver 1 6 dwt. 4 gr. 1 o m. ; one pound 
 or 1 2 ounces Troy (of England) of fine Silver will 
 make I4f such dollars, w ch is in value accordinge to 
 50 stivers, p dollar 737^ stivers. 
 
 The Rider of Holland contayninge in fine Gold 
 
State Papers, Commonwealth 1 1 3 
 
 5 d. I9gr. 9 m., the said pound makes 42 such 
 Riders, w ch is in value [equal] to 12 Gulders 12 
 Stivers, or 25 Stivers p Rider, 10,840 Stivers, w ch , 
 divided by 737J stivers, makes the proportion of 
 Gold to Silver in Holland to be one of Gold equall 
 to 1 4f of Silver and better. 
 
 62 shillings, at io| Stivers p shillinge, makes 
 631 Stivers the value of the pound of silver. 
 
 37£ Jacobus, at 12 gul. 12 stiv. p piece, makes 
 9374 stivers the pound Gold. 
 
 W ch , divided by the value of the Silver, shewes the 
 pportion to bee 14^ fine. 
 
 For Flanders — The marke of Silver Lewis, or 
 Quart d'Escu, is by the last ordinance valued at 
 420! stiv., being 1 1 ounces fine, and the marke of 
 Soveraigne Gold beinge of like standard, and beinge 
 coyned, is valued at S77° stiv., w ch , devided by 
 427^ stiv., the value of the Silver, shewes and pduceth 
 the pportion to bee 141V of Silver to one of Gold, 
 savinge the coynadge of the Gold must bee here allowed. 
 
 Againe, ffrance — 
 
 22s. in Silver is valued to and paid w th . . 242 sols. 
 22s. in Gold „ ,, . . 260 „ 
 
 Difference, 18 sols, or is. yd. 
 
 Holland— 
 
 22s. English Silver is valued to and paid w th . 231 stiv. 
 22s. in Gold „ „ . 252 „ 
 
 Difference, 21 Stivers, or 2s. p. piece. 
 
 Flanders — 
 
 20s. English Silver is valued to and paid w th . 200 stiv. 
 20s. English in Gold „ ,, . 214 ,, 
 
 The difference, 14 Stivers, or is. 4d. 4m. p piece. 
 
 And soe much is our Gold respectively valued 
 above our silver in these countries. 
 8 
 
Section III. 
 
 The Recoinage of 1696 
 
 and the 
 
 Opponents 
 
 of 
 
 John Locke. 
 
The interference of the philosopher Locke in the monetary, 
 debates which centred round the great recoinage of 1696, 
 affords one of the most conspicuous instances of the weak- 
 ness of even piercine intellects before a purely practical and 
 technical question! and-of the danger at such junctures of 
 preferring broad generalisations before expert sense. 
 _ The story of that recoinage, and of the part Locke played 
 , in it, is well known. For a long series of years the silver 
 coinage of England had been exposed to the operations of 
 bullionists, owing to its undervaluation. The state of de- 
 preciation to which those operations had reduced the silver 
 specie is to us almost inconceivable, amounting, as it did, 
 to almost 50 per cent, of the nominal value of it. The 
 nation was not without guidance in the matter. The whole 
 storedrup experience of centuries of history lay accessible to 
 its hand, the action of foreign governments was a subject 
 of daily knowledge and conversation to it, and there existed 
 in its midst a sufficient race of experts and practical-minded 
 men, who saw the secret of the evil and could point the 
 cure. Nevertheless, in the transactin g of that great re- 
 coinagej__the country went astray. Instead_of__h£ing con- 
 ducted on a newHbasis"p = OTTe~ r wriicTi~would de prive the 
 bullion -dealer of lin y "profit: in melting and exporting the 
 specie^— the recoinagejwasjCMiducted on the old basis or 
 "standard, that of" the values or~~mint terms which had 
 
 had led to the evil. 
 
 And i n consequence, after that recoinage was over, the 
 bullio n-dealers found themselves supplied w ith a huge re- 
 servoir o f new-minted undervalued coins, on which they 
 could operate to their heart's content for years to c ome. 
 
 JJnliLthg j.ime was to come in which the cojna ge standards 
 of Europe should be fixed, and in which a traditior^ofhonojir- — 
 
1 1 8 Writers on English Monetary History 
 
 should have grown to th^^indingJorce__pXA_EOSjtlre_sanc^ 
 
 Jjaan^jLsSLimi^ 
 tain an inflexible mintr ate and~stan o!ard in face of the^ 
 general movement^Jn_the market prices_ of th e precious 
 
 - m e ta l s , and- of the -mintj ates in the countries surrounding. 
 Th e wise in every nation^ sa w this,.an d_accorn modated th eir 
 country's monetary system Jo_the_per petuaIly changing con^ 
 
 ^3ItionsT~ On previou s occasions^ andsubsegup^tly, t^ p ™'^ p 
 in Englan d saw it a nd did the same ; but in this conspicuous 
 instance in 1696. when the advic e of a jahiktsQnhejLpregaikd 
 i n its counsels, the Englisj uGoyefHrneB t w e nt astray , and . 
 
 ^comm itted a blu nder._ . 
 
 Locke had had his attention drawn to the subject of 
 money, according to his own statement, more than twelve 
 years before he first printed anything on the subject. But 
 it is evident that the question which had been submitted to 
 him for his judgment, say in 1680, and which he had con- 
 sidered by request, and only by request, related entirely 
 and merely to the subject of interest and the usury laws. 
 The written epistolary matter lay unprinted for years, until, 
 in 1691, another question arose to agitate men's minds, that, 
 namely, of a recoinage and of a change of standard. Then, at 
 the instigation of, doubtless, Somers, Locke printed his old 
 thesis on interest and the unwisdom of an usury law, and 
 added to them a longish tractate on this new subject of 
 raising our coin. The two were published together as one 
 work in 1691, with the title, Some Considerations of the Con- 
 sequences of the Lowering of Interest and Raising the Value 
 of Money, in a Letter sent to a Member of Parliament. 
 
 Although thus appearing as a single and continuous 
 treatise, it is quite patent to-day that there has been a join 
 between two tracts treating of wholly sundry and different 
 matters. But it is also further evident, even to a cursory 
 criticism, that the train of thought which ran through 
 the first treatise, and which conducted Locke to perfectly 
 
The Recoinage of 1 696 1 1 9 
 
 sound conclusions as to the unwisdom of usury laws, was 
 continued by him in the second portion, which treats of 
 monetary standards (a wholly different matter), and that 
 there the same train of pure generalisation and a priori 
 argument led him astray. 
 
 The indiscriminate praise which has been bestowed on 
 his performance, from his own day downwards, has been, in 
 one half of it, therefore, peculiarly unhappy. It is hard 
 indeed to speak of this treatise with the respect that would 
 befit any mention of the philosopher's great name. In it 
 Locke confuses capital and money ; he evinces narrow mer- 
 cantilist views ; he has not that sense of money as a common 
 denominator or as the sign of equation to which writers 
 centuries before him had attained ;" he blindly asserts that 
 value is determined "by the proportion of ready money we 
 have in comparison with the quantity of that thing and its 
 vent," and much more the like. But, apart from the lack 
 of the simplest economic conceptions, Locke displays the 
 more serious weakness when he leaves the question of 
 interest, and approaches that of coinage and standard, of 
 ignoring the plain teaching of history, and of arguing still 
 in the abstract without reference to, or acknowledgment of, 
 the commonest facts which were daily transacting under 
 his eyes. 
 
 His general train of argument was this : The intrinsic 
 value which has made silver the instrument and measure 
 of commerce, is that estimate which common consent has 
 placed upon it. This estimate it is impossible to alter by 
 any change of nomenclature. Money differs from uncoined 
 silver only by the stamp. It is, therefore, equally impossible 
 to alter the value of money by any mere change of nomen- 
 clature. To raise the denomination will be, therefore, quite 
 without effect, and will neither bring silver into the country 
 nor keep it there. On the contrary, it will be a great loss 
 to all creditors and landed men. The only way to keep 
 
120 Writers on English Monetary History 
 
 coin in the country is to have a profitable balance of trade, 
 on which the movements of metals entirely depend. 
 
 Such is a perfectly fair and succinct statement of Locke's 
 position. It is both illogical and opposed to fact. Money 
 is not synonymous with bullion, not even under a regime of 
 free coinage and fixed monetary standards, much less was 
 it so synonymous in Locke's day, when standards were not 
 fixed, and when governments were accustomed to make 
 profits out of coinage by means of a seignorage, or were 
 equally accustomed to alter the mint rates as a measure of 
 defence. And it was as much against plain fact, also, as it 
 would be to-day, to assert that the movements of the pre- 
 cious metals are due to the balance of trade. There are 
 movements of the precious metals to-day which are due to 
 arbitrage, — the conception that money can get better em- 
 ployment or interest in one place than in another. There 
 were movements of the precious metals in Locke's days which 
 were due to something much more insidious, namely, the 
 actual selling of one nation's coin to another nation, not for 
 the profit of either or for the general ease of commerce, but 
 simply for the nefarious gain of the secret dealers ; and the 
 various States of the world had to alter their currency 
 systems, after centuries of trouble, before that trade in coins 
 ceased, if, indeed, it has ceased. 
 
 On his own ground of purely deductive, abstract, a priori 
 argument, Locke was answered with admirable point, and 
 with much more of a trained economist's skill, by Nicholas 
 Barbon, in A Discourse concerning Coining the New Money 
 Lighter, in Answer to Mr. Lock's Considerations about Raising 
 the Value of Money (1696, London). 
 
 But what is more to the point of the present extracts is, 
 that the true answer to Locke ought not to have been sought 
 or given on this wider ground of mere generalisation. The 
 true answer was there in the past currency history of his own 
 country, in the then present action and attitude of every 
 
The Recoinage of 1 696 1 2 1 
 
 ruler of Europe, and in the simple calculations of the 
 dealers in coins, who were reckoning their profits in frac- 
 tions while the philosopher generalised. 
 
 It was this ground which was taken up, with the skill at 
 once of a financier and a historian, by the then Secretary of 
 the Treasury, William Lowndes. The anonymous A Report 
 containing an Essay for the Amendment of the Silver Coins 
 (1695, London), which Lowndes produced at the request 
 of the Government, and which the Government had printed 
 in order to submit it to experts, is a remarkable production, 
 whether considered as a contribution to history or finance. 
 Lowndes practically went through the mint indentures of a 
 large portion of English history to show what and why 
 changes in the monetary standard had been made, and 
 then turning to the situation in his own days, showed, by 
 a simple process of arithmetic, the serious undervaluation 
 of the English silver coinage. He ended by proposing a 
 rise in the denominational value of that money by a matter 
 of 25 per cent., "a raising of the coins to the foot of six 
 shillings three pence for the crown." This he advises, not 
 as an act of debasement, which he discusses and rejects, 
 but as a mere act of precaution, and one which involved 
 only a nominal and not a real change of standard. 
 
 By Locke's own confession, this treatise of Lowndes 
 carried conviction with it. But so obstinate was the 
 philosopher to the abstract train of thought into which 
 he had been led by his considerations of usury and interest, 
 and so completely was he unable to understand the dif- 
 ference between a debasement and a change of mint terms 
 or nominal change of standard, that he again lent his voice 
 to the wronger side. In 1695 ne answered, or attempted to 
 answer, Lowndes by his Short Observations on a Paper in- 
 tituled "For Encouraging the Coining Silver Money in England, 
 and after for Keeping it Here" (if it be true that this paper is 
 really Locke's), and in his Further Considerations concerning 
 
1 2 2 Writers on English Monetary History 
 
 Raising the Value of Money, wherein Mr. Lowndes's Argu- 
 ments for, it in his late Report, containing "An Essay for the 
 Amendment of the Silver Coins" are particularly Examined. 
 The result is well known. The reputation of Lockeand 
 the political influence of Montagu carried the day against 
 the righTeT se¥se~W^xpe rts J _andjhe re coinage of 1696 was 
 accomplished on a ratio basis which left the English coinage 
 exposecTTor many XTong~yeaFTo^ juat_the--same_emls__of_ 
 itions^whTch - had reduced it previously to so 
 
 extraordinary a nd deplorable a state ot depreciation. 
 
 Lowndes's report was reprinted some two generations 
 since by the Political Economy Club. On this account, and 
 because of its length, it is not included here, though eminently 
 deserving reprint. In its place I have reproduced two 
 shorter tracts, both of which meet Locke on the only 
 feasible and true ground, that of actual past experience and 
 of present business knowledge. That they are an answer 
 speaks for itself, and there may well be some truth in the 
 tradition which relates that the philosopher was subsequently 
 very impatient, alike at the criticisms of his antagonists and 
 at the part which he had played in the discussion of a matter 
 which was practically beyond his acquaintance. 
 
 Sir Richard Temple, the author of the first of the two 
 following tracts, was of Stowe, Bucks, a baronet and K.B., 
 and representative for the borough of Buckingham in all 
 the parliaments from 1679 to 1695. In the last of these 
 parliaments he was succeeded on his decease by his son in 
 1697. 
 
 With regard to the second tract here reproduced, there is 
 quite a curious piece of literary deceit connected with it, 
 and one which has hitherto escaped detection. The author 
 was a certain J. S., whom I cannot identify. He may be 
 John Sergeant, the opponent of Stillingfleet, or a certain 
 J. S. Gentleman, who abridged Amadis de Gaul, wrote a 
 Description of France, and produced other miscellaneous 
 
The Recoinage of 1696 1 23 
 
 works. Whatever his identity, his literary method was 
 remarkable. Instead of arguing with Locke under his 
 own shield and arms, he speciously or pretendedly reprinted 
 Sir Walter Raleigh's Observations on Trade, and at the 
 particular point where it suited his purpose he introduced 
 into the body of Raleigh's tract a long interpolated dis- 
 quisition of his own, directed against John Locke. It is 
 this passage which is here reprinted. The interpolation is 
 not indicated, nor is it at all announced, save for the vague 
 words "with some additions" in the preface. But a com- 
 parison with Raleigh's genuine tract reveals at once the 
 extent and impudence of the manipulation. Apart, how- 
 ever, from the discreditable method of his warfare in thus 
 fathering upon Raleigh arguments directed against Locke, 
 three-quarters of a century after Raleigh's execution, J. S. 
 displays in this interpolated passage a first-hand and prac- 
 tical knowledge of the monetary question in 1696, which 
 will, I hope, justify the reprint of his tract in this connec- 
 tion. His answer to Locke must be considered as simple 
 and, for its range, complete. 
 
SOME SHORT 
 
 Remarks 
 
 UPON 
 
 Mr. LOCK'S BOOK, 
 
 IN 
 
 ANSWER 
 to Mr. LOUNDS, 
 
 And several other Books and 
 Pamphlets concerning Coin. 
 
 By Sir Richard Temple, Knight 
 of the Bath, and Baronet. 
 
 LONDON, 
 
 Printed for Richard Baldwin, 
 near the Oxford - Arms Inn in 
 Warwick Lane. (i^6. 
 
TEMPLE ON LOCKE 
 
 ALTHOUGH Mr. Locke, by all his writings, hath 
 justly acquired the character of a very ingenious 
 person, yet, without detracting from his merit in 
 this late discourse of his, he hath fallen into the 
 error which often attends those who write upon 
 subjects of which they have no practical knowledge, 
 or experience, to frame notions, and lay down sup- 
 positions, which are either false or fallacious, of 
 which my present design is only to give a short 
 specimen, having not the leisure, as yet, to pursue so 
 large a discourse. 
 ■-' First, That an ounce of silver is of equal value to 
 an ounce of silver of the same weight and fineness, 
 admits of no dispute; but that an ounce of silver 
 will buy an ounce of silver of the like fineness, is an 
 absurd proposition, since there is no occasion for any 
 barter or exchange. 
 
 Secondly, That the intrinsick value of silver is the 
 true instrument and measure of commerce, is partly 
 true and partly false; for the money of every 
 country, and not the ounce of silver, or the intrinsick 
 value, is the instrum ent an d measure of commerce 
 there, according to its denomination, and the 
 'standard of the coin of each nation is very different, 
 and does often vary according to time, place, and 
 circumstances : Nor are the commodities of any 
 country, bought by foreign coin or bullion, of the 
 makers, or first vendors, but by the coin of the 
 country, and is therefore bought by commodities ; 
 
128 Writers on English Monetary History 
 
 they are first invested into the money of the country, 
 or if by foreign coin or bullion, it must be also con- 
 verted into the coin of the place before it can be 
 useful for barter; and the merchant or goldsmith 
 will gain something to reduce it to the coin of the 
 country, unless the matter be transacted by bills of 
 exchange, in which they endeavour, as much as may 
 be, to make a par between the money of each 
 country, according to the intrinsick value, and hence 
 comes the necessity and use of exchange. Never- 
 theless, that intrinsick value is governed by the value 
 of bullion in each country at that time, which varies, 
 as other commodities do, and other circumstances. 
 
 Thirdly, Bullio n is a comm odity, and has no 
 certain universal sTated price or value agreed upon 
 by mankind, as he supposes, but varies in every age 
 and nation, according to the scarcity, plenty, or use 
 of it : notwithstanding, it must be allowed, that the_ 
 silver coming wholly from the West Indies, the price 
 of it does govern the value in all Europe ; nor does 
 it vary so much as other commodities do, unless 
 there be some extraordinary accident of interrupting 
 the trade to those parts, by reason of war, etc., or by 
 the increase of the demand of it in Europe, or in 
 some particular nations thereof, and therefore is the 
 fittest to be the material for the instrument and 
 measure of commerce, namely, money. 
 
 Fourthly, Against his assertion, that advancing 
 the denomination, or lessening the weight or fineness 
 of our coin, would be a loss of so much to the landed 
 men in their rents, and the creditors in their debts, at 
 least as to all bargains already made, I offer to con- 
 sideration, That nothing is more evident than that 
 
The Recoinage of 1 696 1 29 
 
 such a change can have no such effect or consequence 
 upon anything at home, but only exchange and 
 commerce abroad ; for proof whereof, I shall appeal 
 to the historical part of Mr. Laund's book, as to the 
 frequent: alteration of the standard in weight, fine- 
 ness, and denomination here, which is yet much 
 more practised in other neighbouring nations, as I 
 could easily demonstrate, the standard of whose 
 coin is much below ours, and who have also great 
 quantities of coin of base alloy current among them, 
 which they have never thought fit to change, even 
 in the times of the greatest wealth or plenty among 
 them, for the ease of commerce at home, and aug- 
 menting the species of money. 
 
 Fifthly, In the next place it is as evident, that 
 whatever the value of the coin be, more or less, it 
 will have the same effect according to the price 
 current of it as to our home commerce ; for instance, 
 if our shilling be above the standard of all other 
 nations, and worth thirteen-pence abroad, as it has 
 been for many years, yet without melting or export- 
 ing, or by way of exchange, it will purchase no more 
 than a clipped shilling, or twelvepence in halfpence 
 or farthings ; and while our clipped money passed, 
 and no discountenance put upon it, we found no 
 such rise of commodities, or fall of our rents, or 
 damage to the subject in taking it ; nor has it the 
 same influence now, as to any commodities that are 
 not for foreign consumption, since corn, flesh, etc. 
 have risen or fallen according to the scarcity, plenty, 
 or vent, and not according to the value, or denomi- 
 nation of money, for these three years last past, 
 before the project of re-coining our money was set 
 
130 Writers on English Monetary History 
 
 on foot, which posibly hath of late made some 
 alteration in these commodities also. This indeed 
 must be allowed, that when the standard of coin was 
 by public authority, for perpetuity, altered from 
 twentypence to sixty-two in point of denomination, 
 but not in weight or fineness between the time of 
 Edward III. and Queen Elizabeth, by degrees the 
 price of commodities and rents did advance ; but the 
 ounce of silver being generally raised through all 
 the world accordingly, and rather more abroad by 
 reason of the frequent wars upon the continent, as 
 also that of their being then the principal seats of 
 trade and manufacture, which required greater sup- 
 plies of silver, there was no loss as to the old rent. 
 
 Sixthly, To keep up an old standard under an 
 old denomination, below the value of bullion, is the 
 greatest folly imaginable, and what is not practised 
 in any other nation for which we have paid dear, 
 and yet are not grown wiser, for it first caried away 
 all our gold, which was very plentiful here in the 
 time of King Charles I., then all our old and broad 
 money, and lastly, all our milled money, which was 
 as plentiful in King Charles u.'s time; notwith- 
 standing the balance of trade was much on our side, 
 and has put an absolute stop to our mint, as to 
 silver for many years past, and brought such a want 
 of the species, that our money was dipt down to 
 above half, and yet not sufficient to keep out a vast 
 quantity of false money to supply the defect. And 
 whereas it has been alleged, that the rise of guineas 
 to thirty shillings hath been by a trick of the gold- 
 smiths, their rise has been naturally necessary, and 
 would have produced no ill effect could foreign 
 
The Recoinage of 1 696 131 
 
 guineas have been kept out, for at highest they were 
 advanced not to a full third, and our other coin, by 
 reason of its clipping, was not indeed worth a moiety 
 in- its intrinsic value, and the counterfeit part much 
 less taken altogether. 
 
 Lastly, Although it were desirable, were we in 
 better circumstances as to the balance of our trade, 
 that our silver money should be kept up in weight 
 and fineness near the intrinsic value of bullion, or at 
 least the standard of our neighbour's coin, yet it 
 ought always to be below, rather than above it, to 
 prevent the exportation of money, instead of com- 
 modities, and to bring bullion into the mint ; especi- 
 ally since the plenty of the species of money is the 
 only thing that can advance trade, and the value of 
 lands ; but as our present circumstances are, there is 
 an absolute necessity that we raise the denomination 
 of our silver, both in respect of gold and the over- 
 balance of our dealings abroad, if you will have 
 any money at home to support commerce ; nor can 
 such an advance hurt us in the least, since at worst 
 abroad they will only take their measures according 
 to the intrinsic value, or rather the standard of their 
 own coin ; and if they raise their commodities pro- 
 portionably, it will bring us a double benefit, to 
 discourage the consumption (whereof we are too 
 prodigal), and encourage the advance and consump- 
 tion of our own commodities, and keep our money at 
 home, which will be the least thing carried out, when 
 it will pass for more here than there. 
 
 As for guineas, the fall of them was not only un- 
 necessary, but highly prejudicial to the kingdom ; 
 first, because guineas have bought up all the silver 
 
132 Writers on English Monetary History 
 
 money that was left in the country, and consequently 
 left us no other coin to carry on trade and subsist- 
 ence ; and, after the raising of seven millions, will be 
 a tax of eight shillings and six-pence upon the sub- 
 jects, and the plenty of silver money is the only 
 thing that will reduce them gradually. 
 
 To conclude, as to our foreign commerce, the 
 price of our commodities were raised accordingly, 
 and therefore could not hurt us ; now if guineas fall, 
 all commodities must fall, and the want of fixing 
 them at a certain price will cause a mighty loss, and 
 interruption in our traffick ; and this is certain, that 
 nothing but care of our trade at home, and lessening 
 the expense of our army abroad, by having a free 
 port, altering the quotas of our allies, or capitulating 
 with the Dutch for the payment of the subsistence of 
 our forces in Flanders, can possibly enable us to 
 carry on our war, trade, and home commerce. 
 
SELECT 
 
 Observations 
 
 of the Incomparable 
 
 SIR WALTER RALEIGH, 
 
 relating to 
 
 Trade, Commerce, and Coin. 
 
 As it was Presented to 
 
 King James. 
 
 Wherein is Proved ; 
 
 That Our Money, our Sea and Land 
 
 Commodities, serve to Enrich and 
 
 Strengthen other Countries against 
 
 Our OWN. 
 
 With other Matters of the highest Moment 
 for the Publick Welfare. 
 
 L N DO N: 
 
 Printed for jf. S. and are to be 
 Sold by R. Baldwin, near Oxford- 
 Arms-Inn in Warwick-lane, 
 
 MDCXCVI. 
 
SELECT OBSERVATIONS 
 
 (Pp. 6-n) 
 
 Some Additional Remarks and Observations 
 Relating to Coin and Trade. 
 
 i. That Nation can only be in a prosperous 
 Estate, that hath a proportionable quantity of Silver 
 or Gold to ballance the Strength and Trade of its 
 neighbouring Nations. 
 
 2. That whilst the Current Cash of this. Kingdom 
 can be converted into Bullion, and so made a trading 
 Commodity (as hath been practis'd this hundred 
 Years) 'twill either be convey'd to the best Market, 
 or wrought in to Plate at home, notwithstanding the 
 utmost rigour and vigilancy, to the great and daily 
 Consumption of the Coin, and Detriment of the Nation. 
 
 That it is evident, notwithstanding those great 
 Sums coin'd in the two last Reigns, 'twas no sooner 
 made than converted into a trading Commodity 
 (some inconsiderable Sums excepted, that hapt not 
 into Hucksters hands) and if from the like Causes the 
 same scarcity of Mill'd Mony should happen at any 
 time hereafter (which God forbid) tho' morally 'tis. 
 not impossible for the reason above alledged, and as 
 a part bears to the whole (that without raising the 
 value of our Coin) the Nation may totally be drain'd 
 of it, and may possibly be then at too great a dis- 
 tance to be had for calling for ; ' and were there no 
 more Silver now in the Nation, than the standard 
 Mony that has past the trading hands of Merchants 
 
136 Writers on English Monetary History 
 
 and Goldsmiths, the Nation were in a deplorable and 
 irreparable Condition. 
 
 3. That what Custom makes the Medium, 
 Measure or Reward of Labour, Industry, and Com- 
 merce, is universally call'd Money, and ought not to 
 be convertible to a trading Commodity to the Publick 
 Damage and diminution of the Species, be it what it 
 will : For the stamp of Authority on a Brass Farthing 
 for its currency, for I2d. would with Submission, 
 better accommodate and suit the conveniency of our 
 Domestick Commerce, than the Paucity of our 
 glorious Silver Species, as our present Circumstances 
 demonstrate. 
 
 That 'tis a Truth beyond Contradiction, that the 
 goodness and excellency of the Spanish Coin (tho' 
 dispersed thro' all parts of the Trading World) hath 
 not been a means to enrich that Kingdom, nor the 
 little esteem'd value of the current Cash of the 
 Hollanders, a means to Impoverish them. 
 
 _T_haL-Eajging__the value of_ou r Coin, is the only 
 ^certain means to_keep_i£jn the N ation, to make us 
 
 a rich and thriving State, to recover our lost Trade, 
 .ancTthe best .Bulwark and Defence against all the - 
 
 our Enemies. 
 
 _That diminishing the quantity, or raising the 
 jtalue of pur Standard Coin is equivalent fT5ut at this 
 Juncture 'tis humbly t houffht_more adyantagious to 
 lessen the_Weight, by reason_the_ 
 
 dbe at 
 less-F^qaencfLioImakirit good, as also being mor 
 cummodious for Commerce and~^Tale, when 
 
 parts of a Pound as beforeTTKari "when"Tractional, as 
 must^ be if the valueTof the ancient Stan^arcTWelfhT 
 be_advanced. (That raising The value of our Coin," 
 
The Recoinage of 1696 137 
 
 __will^b e a dishonour to the Natioi ^ seems, an empty I 
 NotionTi r Profit be joi n'd withTE — ' 
 
 ~~2T hat"our_Silver Coin nnghr rn npar a higW Valnp 
 at_ho me, than elsewhere, ? ° w^ll *" Hring it home, as 
 we have already done the Gold, and to keep it here , 
 jas also encourage th e bringing in of Bullion, which is 
 now much wanted. 
 
 That contrary to the Policy of Nations, our 
 standard Coin is of greater value in all places than 
 at home {Spain only excepted) for which reason 
 we bring Spanish Mony hither, and for the same 
 Reason our Mony is transported to other places, to 
 the great Impoverishment of the Nation. 
 
 That Gold and Silver is the commanding Species, 
 and if we Export more than we Import, the Nation 
 is so much a loser ; and tho' as a Gentleman 
 observes, if we yearly send out Commodities to the 
 value of 400,000 Ounces of Silver more than the 
 Commodities we bring home from abroad cost us, 
 there is 1 00,000 /. every year clear gain, which must 
 come home in Mony or Bullion, and be a real 
 increase of our Wealth, and will stay here as he is 
 pleased to think. 
 
 This over ballance of Trade, so much talk'd of, 
 will prove a Fallacy, and may be a great loss to the 
 Nation ; for Example, if 400,000 ounces of Silver or 
 Commodities be exported, and the worth of 800,000 
 Ounces of unprofitable Commodities imported, viz. 
 as French and Port Wines, Silks and Linen, wrought, 
 and many other things that are all expended and 
 consum'd here at home, the Nation is so far from 
 gaining 100,000/. that 'tis 200,000/. the worse, 
 viz. 1 00,000 /. sent out of the Nation, and the 
 
138 Writers on English Monetary History 
 
 1 00,000 /. which is the over ballance, is gain'd from 
 the Publick Treasure and Stock of the Kingdom 
 into private hands, which will again be sent abroad 
 to the same loss : Now the true cause why the 
 Hollanders have acquir'd such great Riches by Trade, 
 is (as the Excellent Sir Walter observes) an over 
 ballance of Trade truly stated, that is ; they Import 
 of Commodities 100 times the quantity of what 
 themselves expend, and the rest is again transported 
 to divers Countries, and brings them in Gold and 
 Silver, to their great and real Profit, whereas we 
 scarcely Export the hundredth part of what is Im- 
 ported, and if we should send all the Silver in the 
 Nation abroad, and have treble the value return'd 
 in unnecessary Commodities, which we spend and 
 consume at home, pray what would the Nation get 
 by this over ballance of Trade, being depriv'd of all 
 its Silver ? 
 
 The same Gentleman observes, that if a Million 
 of Bullion was yearly imported from Spain, it would 
 not encrease our Wealth ; this seems a Paradox, for 
 there is not a Necessity that it should again be ex- 
 ported, nor that our Money should be of more 
 intrinsick Value, or less price than the rest of our 
 Neighbours, and consequently we may keep it at 
 home as well as they do, and need not send out a 
 1 00,000 /. of our own Money with it, as he is 
 pleased to say we must. The same Author further 
 Remarks, that the true liberty the Hollanders have 
 of exporting their Money, does not empoverish 
 them ; but on the contrary they are Rich, and the 
 severe Penalties the Spaniard imposes on those 
 that Export their Coin, does not prevent their great 
 
The Recoinage of 1696 139 
 
 want of Money. This I take to be a convincing 
 Argument of the Necessity of raising our Coin ; for 
 the great Allay and Extrinsick Value of the Dutch 
 Coin, as effectually secures it from Exporting, as the 
 Clipping of our Coin has kept it at home, and the 
 Goodness of the Spanish Money transports it to all 
 parts of the World, which demonstrates the in- 
 validity of any Law that can be made to the 
 contrary, to the great Diminution of their Money, 
 and Impoverishment of their People. 
 
 He further adds, that raising the denomination, or 
 value of our Coin, will not bring one Grain of Silver 
 more into England. This is denying it's day when 
 the Sun shines (and begging the Gentleman's Pardon) 
 he might with as much truth have said, and as 
 easily been believ'd, that the advance of Guineas 
 hath not brought one Guinea more into the King- 
 dom than was here four years ago. 
 
 The further Objections against raising the value 
 of our Coin, 'tis humbly thought will also prove a v. / 
 Fallacy, and by this Dilemma we will attempt to S"*- 
 unLOCYL the Mystery. The ancient Standard of \ 
 our Coin hath been advantage or disadvantage to ) 
 the Kingdom. 
 
 If an advantage, why should we alter it ? 
 
 If a disadvantage, why should it not be alter'd? 
 
 That the Standard of our Coin hath been advan- 
 tagious to the Publick, will be a Task too difficult 
 for the most cunning Sophister to prove. 
 
 The contrary is in great part already demon- 
 strated, but for further Confirmation, 'tis observable, 
 that according to Mr. Lownde's Accompt from the 
 Mint, there was coin'd from the 1st of Q. Eliz. to 
 
 
140 Writers on English Monetary History 
 
 the beginning of K. Ch. lis. Reign, more than 1 5 
 Millions of Pounds Sterling, and in the two last 
 Reigns, and since, we'll suppose 7 Millions, that is 
 22 Millions of Silver Coin in Specie, besides great 
 quantities of Bullion that hath been imported and 
 exported. Now the question is what is become of 
 all this Treasure. 'Tis true, that some part of it is 
 made into Plate ; and it had been well in the 
 present Circumstances we are in, if it had all been 
 so, and there is thought to be in the Kingdom 5 
 Millions left of Coin good and bad, of the 22 
 Millions, the rest is gone by the over Balance of an 
 unprofitable Trade, for 1000/. sent to Burdeaux 
 advances at first hand more than 2 5 per Cent, and 
 though a double value of Wine return, yet we are so 
 much the Poorer for it, if expended here, and 1000 
 such Merchants would rob the publick stock of 
 1 oo,ooo[o] /. yearly : and tho' they pay great Sums 
 for Customs, 'tis not with the Money they bring 
 in, and more laudable and profitable ways for, the 
 Publick good, and his Majesties encrease of Customs 
 might be introduced, and all the profit we can 
 expect by this French Commodity for 100,000/. 
 yearly Exported is, that possibly at last, we may 
 find a way to make Salt-peter of it. 
 
 [Table 
 
The Recoinage of 1696 
 
 141 
 
 A CATALOGUE OF THE NAMES OF MOST FOREIGN 
 COINS WITH THEIR VALUE HERE AS BULLION, 
 AND THEIR PARTICULAR ALLAY; WHEREIN IT 
 PLAINLY APPEARS HOW MUCH BETTER OUR 
 STANDARD COIN IS, THAN THE COIN OF ALL 
 EUROPE, SPAIN ONLY EXCEPTED. 
 
 
 
 Value here. 
 
 
 Oun 
 
 Dwt. 
 
 s. d. 
 
 Flanders or Spanish Duckatoon, is Better 
 
 
 
 044 
 
 5 ° 6 
 
 Mexico Real, is Standard 
 
 
 
 00 
 
 4 °4i 
 
 Sevil Real, is better .... 
 
 
 
 01 
 
 4 °4i 
 
 Holland Dollar, is worse 
 
 
 
 08 
 
 4 °4 
 
 Lyon Dollar, is worse .... 
 
 2 
 
 °3 
 
 3 °4i 
 
 Rix-dol of the Emp. is worse . 
 
 
 
 074 
 
 4 °Sl 
 
 Old Cardecu, is worse 
 
 
 
 01 
 
 1 06J 
 
 French Lew, or Crow, is worse 
 
 
 
 ooj 
 
 4 °4i 
 
 Doub. Milrez. of Portu. is worse 
 
 
 
 oij 
 
 3 °9i 
 
 Sing-. Milrez of Portu. is worse 
 
 
 
 01 
 
 1 09 
 
 S. Mark of Venice, is worse . 
 
 
 
 014 
 
 2 06 
 
 Doub. D. Stivers Skil. and Gilders, is 
 
 
 
 
 worse 
 
 4 
 
 06 
 
 00 
 
 Cross Dollar, is worse .... 
 
 
 
 12 
 
 4 o2^ 
 
 Zealand Dollar, is worse 
 
 2 
 
 OO 
 
 2 03 
 
 Old Philip Dollar, is worse 
 
 1 
 
 00 
 
 5 °° 
 
 Ferdinan. Dollar, 1623 is worse 
 
 
 
 I*i 
 
 \ 03 
 
 Pr. of Oran. Dol. 1624, is worse 
 
 
 
 IO^ 
 
 4 °3i 
 
 Leopoldus Dol. 1624, is worse 
 
 
 
 °9i 
 
 4 °3± 
 
 Rodolph Dol. 1607, is worse . 
 
 
 
 10 
 
 4 04 
 
 Maximilian Dol. 1616 is worse 
 
 
 
 04I 
 
 4 °4i 
 
 Danish Dollar, 1620, is worse . 
 
 
 
 13 
 
 2 nj 
 
 Portugal Teston, is worse 
 
 
 
 01 
 
 1 02I 
 
 Quar. of a new Fr. Lew. is worse . 
 
 
 
 00J 
 
 1 01 
 
 The Allay of our standard is 11 oun. 2 dwt. Silver, 18 dwt. of 
 Allay, that is in an oun. id. J. Note the Ounce is 5s. and peny 
 weight is 3 pence. 
 
 The Use that may be made of this Catalogue of 
 Coins, is first, that no Coin but Spanish can be 
 brought hither to advantage, nor can any other 
 Money be made Bullion, and brought hither, but 
 with great loss ; and for this reason they keep it at 
 home. 
 
142 Writers on English Monetary History 
 
 That tho' all the above Foreign Coins have a 
 greater Allay, and so much worse than ours, yet 
 their Extrinsick value is raised above ours, and the 
 Spanish Money, for a Spanish Duckatoon, whose 
 Intrinsick value is nigh double a Dutch Duckatoon, 
 yet goes for no more there than 63 Stivers, as their 
 own does ; and 'tis worth Remarking, that an 
 English Crown, whose intrinsick value is 6d. better 
 than a French Crown, and in Holland current at 67 \ 
 Stivers, and yet have but few of them neither, the 
 Reason is plain, the advance the Fr : have made on 
 their Crown of 72, 73, 74, Sols, and more now, and 
 since all Princes have a Prerogative of raising their 
 Coin when it suits their Interest, and we find it 
 practically done by all the rest of the Thriving 
 World, without those Chimerical Whimsies, and 
 Inconveniences, our Dreamers would bewitch the 
 World to believe, for they value the English and 
 Spanish Coin at no greater price, because they can 
 have it so, and they give so much more for the 
 French because they can't have it without. 
 
 By this Table may be found how much of any ot 
 these Species our Standard Coin will make, and 
 thereby find the advantage all Countries will have by 
 melting our Mony down : And can it reasonably be 
 thought, that what is carried out will ever return, 
 when in some places, 1 00 /. of our Standard Coin 
 will make nigh 200 /. current of the Country, and in 
 other places somewhat less ; for don't we melt down 
 the Sp. Mony here, to make our own, to far less 
 advantage. And if we send over Silver with privilege 
 to Coin their Species ; 'tis so much loss to the 
 Nation and never can return, but raising the value 
 
The Recoinage of 1696 143 
 
 of our Coin, notwithstanding great Sums sent out of 
 the Country, will as effectually return again, as all 
 the Dutch Mony did, that was brought over hither. 
 Nor will there be any loss by Foreign Exchange, 
 when our Commodities are valu'd accordingly, and 
 at worst cannot stand in Competition with the Incon- 
 veniences the Nation hath labour'd under for many 
 Years, when the greatest part of our Trade was 
 carry'd on by Mony generally so abased, that 1 OS. 
 would scarcely weigh a Crown piece, according to 
 the Value 'tis now proposed to be made at. And 
 then no such great damage and wrong, or incon- 
 venicy was talk'd of, nor so much as thought on to 
 have been done to the Landlords in their Rents, etc. 
 as some endeavour now to insinuate, will be the 
 Issue of making the Coin so much better than it was 
 at that time. 
 
 That this Kingdom can never be drain'd or 
 exhausted of the Riches of its native Produce, and 
 Excellency of its Manufactories, nor prejudic'd by 
 any other means, but under valuting our Coin and 
 Commodities, by which we are out-done and under- 
 rated in all Markets ; tho' we have a continual spring 
 of natural Product, as Lead, Tin, Allom, Wood, etc., 
 and other Materials for Manufactory, yet by reason 
 of the scarcity of Gold and Silver Species amongst us, 
 our People have been unemploy'd and empoverish'd, 
 and our Manufactory greatly decay'd, and attempted 
 to be carry'd into other Countries, to almost the ruin 
 of our Nation, had not God Almighty put this 
 Opportunity into our hands, for regaining our lost 
 Trade, Gold and Silver ; the plenty whereof amongst 
 our selves would greatly encrease manufactory to the 
 
144 Writers on English Monetary History 
 
 great Encouragement of Trade, and People in 
 general. 
 
 Though raising the value of Coin to so -high a 
 pitch as is hoped ours may be, might Prejudice a 
 Nation that have little or no Natural Product, and 
 Manufactory, but their Commodities fetcht from 
 other Countries, and consequently might be drained 
 of all they have, by those that have most Mony, 
 and so ruined, not being able to Supply themselves 
 again with the same quantities, for what the other was 
 sold for, nor having native product or Manufactory 
 to set themselves on Work ; but that is not our Case. 
 
 Experience demonstrates that nowithstanding the 
 good intention of all our Laws, yet many of them 
 have failed in answering the ends proposed, particu- 
 larly the late Act, to prevent Melting down and 
 Exportation of Coin, where Oath and Penalty was 
 imposed, and yet no Person was accused thereon, 
 tho' many Thousand Pounds are supposed to have 
 been exported since that Act. Wherefore 'tis evident 
 that all Laws and Penalties tho' of Life and Goods, 
 to prevent Exportation of Coin or Bullion, would be 
 invalid and of no effect, if the Coin can be made Bullion, 
 and will yield a better price abroad than at home. 
 
 That those Trades only deserve Encouragement 
 that bring in Gold and Silver, and such profitable 
 Commodities, that by Manufactory and Exporting 
 may bring it in ; and those justly Merit discourage- 
 ment that bring in unprofitable Commodities, as 
 Wines, Silk, etc., which are Expended and Consumed 
 here without profit, and this to be done by laying 
 great Impositions on them brought hither, and 
 Effectually made to sell them at under Rates. 
 
The Recoinage of 1696 145 
 
 That the French have done the Confederates more 
 mischief by the Silver and Gold they have exhausted 
 from this Kingdom, for 3 5 years last past, than with 
 his 1 Armies and Fleets ; and the same Methods he 
 has taken to keep his Coin, possibly might prove as 
 prejudicial to him if executed by us, as the loss of a 
 Land Battle, for he that is strongest in Purse, is 
 strongest in Power, and hath the longest Sword, and 
 may give Laws to his Enemies : And 'tis observable, 
 that before our Mill'd Mony was made, there was 
 great scarcity of Silver in France, having little trade 
 with Spain, and their usual Payments were then in a 
 worse Species. And yet to the great loss & dis- 
 honour of the Kingdom, that Trade is still continued, 
 and will be whilst the Back-door of Portugal is open ; 
 and there is now as great plenty of Fr. Wines sold, 
 as when we had open trade with France, notwith- 
 standing the Act of Prohibition, to the great pre- 
 judice of his Majesties Customs, and the Nation in 
 general, and this under the name of Port, tho' I 
 have heard it disputed whether the whole Produce of 
 Oporto can furnish a dozen of our best Taverns with 
 what they expend under that Name. 
 
 That contrary to the Policy of Nations, we raise 
 the value of our own Product, and Manufactory 
 amongst our selves, which ought only to be advanced 
 when Exported by the Imposition of Publick 
 Authority ; by this means the rise of Guineas would 
 be no loss if we now keep them here, by selling little 
 more abroad of any Commodity, than when they 
 went for 1 /. is. 6d. 
 
 That the Burthen of this War would not be 
 grievous to the Nation, were but the prices of our 
 10 
 
146 Writers on English Monetary History 
 
 native and necessary Commodities regulated, having 
 little need of Foreign Assistance ; but by the 
 Covetous and Arbitrary sway of great Traders, and 
 without just Cause the Poor are pincht, and over- 
 rated in their Bread, Cloths, Coals, Soap, Candles, and 
 in short, in all things, as if we had nothing of our 
 own growth, but all were brought from the Indies : 
 Nor is it a small Inconveniency they suffer by Abuse 
 in exchange for Farthings. 
 
 That what Impositions are laid on Sugars, Salt, 
 Coals, Spirits, Tobacco, East-India Goods, Vinegars, 
 etc., whatsoever imported, we our selves only pay for 
 it, whereas if our Impositions were levied on our 
 Native Product and Manufactory Exported, others 
 would bear a part and must pay for it. 
 
 That the French Refugees may be serviceable to 
 the Government, by forming them into Colonies in 
 Ireland, where is want of People, and Store of waste 
 Ground to plant Mul-berries and make a Silk-work 
 there, and to be dyed and Manufactured here. 
 
Section IV. 
 
 Sir Isaac Newton's 
 Mint Reports. 
 
 (Hitherto unpublished.) 
 
Sir Isaac Newton was offered the post of Warden of the 
 Mint by Montagu on the 19th March 1696. The offer 
 was accepted, and for the three years which witnessed the 
 great recoinage Newton acted in that capacity. In 1699 he 
 succeeded as Master of the Mint, and held the post until 
 his death in 1727. The thirty years or more during which 
 he continued Master and Warden of the Mint are of no 
 little interest in English monetary history. Apart from the 
 recoinage of 1696, through which he piloted the nation, 
 apart too from the adventitious drama of Wood's halfpence, 
 and Swift's nefarious rancour, these years witnessed that 
 change in the relative values of the precious metals which 
 virtually consecrated England to gold by actually, through 
 the greater part of the eighteenth century, restricting the 
 currency to that metal. Yet there is a paucity of first-hand 
 information on mint affairs during those years. Newton 
 contented himself with official reports to the Lords of the 
 Treasury on the subject of exchange, or on the state of the 
 coins. He never appeared before the world as an author 
 in this connection. 
 
 Of these official reports only three have hitherto appeared 
 in print. In the following pages, however, I have reprinted 
 from the original copies in the Treasury Board Papers at 
 the Record Office all these papers which distinctly bear on 
 coinage or exchange matters. 
 
 The papers are mostly in Newton's own hand ; and as 
 being the copies actually forwarded as reports to the 
 Treasury, must be regarded as the most final and authentic 
 form of the documents he drafted. On the other hand, it is 
 quite apparent that the Treasury Board Papers do not now 
 contain many reports and papers of Newton on mint, coin- 
 
1 50 Writers on English Monetary History 
 
 age, and exchange affairs, which he drew up during his 
 official career. 
 
 Newton's stepniece, Elizabeth Barton, daughter of his 
 stepsister, Hannah Barton, married John Conduitt, who 
 succeeded Newton in the Mastership of the Mint, on the 
 latter's death. Conduitt's daughter Catherine married John 
 Viscount Lymington, eldest son of the first Earl of Ports- 
 mouth, and carried with her into the Portsmouth family all 
 Newton's papers. Of these papers the scientific portion has 
 been presented to the Cambridge University Library. But 
 the portion containing his official papers, mint documents 
 and correspondence, etc., are still preserved in the library of 
 the Earl of Portsmouth, Hurstbourne Park, Hampshire. 
 
 The mint papers were arranged with loving care by 
 Conduitt, and are now bound in three large folios. A 
 glance at their contents (see Historical Manuscripts 
 Reports, viii. 60) reveals the fact of Newton's immense 
 industry in equipping himself for and in executing his office, 
 and at the same time the smallness of the number of his 
 papers which have survived in the national archives as com- 
 pared with the drafts and reports -which are preserved in 
 these family papers. It would be gratifying if this attempt 
 at a reproduction of the official papers of Newton should 
 lead to something further. 
 
 All merely administrative papers — such as relate to 
 appointments of officers under Newton at the mint, or to' 
 the conduct of the Scotch mint, or to the management of 
 the tin revenues of the Crown, on all which subjects 
 numerous papers exist among the Treasury Board Papers — 
 are here "omitted. Those alone are printed in which 
 Newton reports on questions relating to coinage or exchange. 
 They will speak for themselves, with their masterly brevity 
 and clearness. And if the train of thought which runs 
 through this volume has been grasped, it will be at once 
 apparent how different, and more expert and true, was his 
 
Sir Isaac Newton s Mint Reports 1 5 1 
 
 attitude of mind towards the monetary difficulty of his time 
 than that of John Locke in 1696. It would be difficult to 
 express sufficient admiration of the skill and modesty with 
 which Newton pierced the secrets of the exchanger's 
 craft. 
 
\Dorso.] Mr. Newton's Memorial Concerning 
 the Proportion of Gold and Silver in 
 Value. 1 
 
 1701, Sept. 28. 
 
 To the Rt Honble the Lords Commrs of his Majties 
 Treasury. 
 
 May it please yor Lordps., — 
 
 By the late Edicts of the French King for raising 
 the monies in France the proportion of the value of 
 Gold to that of Silver being altered, I humbly pre- 
 sume to give yr Lordps notice thereof. By the last 
 of those Edicts the Lewis d'or passes for fourteen 
 Livres & the Ecus or French crown for three livres 
 & sixteen sols. At wch rate the Lewis d'or is worth 
 1 6s. 7d. sterling, supposing the Ecus worth 4s. 6s. as 
 it is recconed in the court of exchange & as I have 
 found it by some Assays. The proportion therefore 
 between Gold & Silver is now become the same in 
 France as it has been in Holland for some years. 
 For at Amsterdam the Lewis d'or passes for 9 
 Guilders and nine or ten styvers wch in our money 
 amounts to 1 6s. 7d. & it has past at this rate for the 
 last five or six years. 
 
 At the same rate a Guinea of due weight, & allay 
 is worth £1, os. 1 id. 
 
 In Spain Gold is recconed (in stating accompts) 
 
 1 Treasury Papers, vol. lxxvi. No. 36. Autograph in Newton's 
 hand. 
 
Sir Isaac Newtoris Mint Reports 153 
 
 worth sixteen times its weight of silver of the same 
 allay, at wch rate a Guinea of due weight and allay 
 is worth i£ 2s. id. but the Spaniards make their 
 payments in Gold & will not pay in Silver without 
 an abatement. This abatement is not certain, but 
 rises & falls according as Spain is supplied with Gold 
 or Silver from the Indies. Last winter it was about 
 five per cent. 
 
 The state of the money in France being unsetled, 
 whether it may afford a sufficient argument for 
 altering the proportion of the values of Gold & 
 Silver monies in England is most humbly submitted 
 to yor Lordps great wisdome. Is. Newton. 
 
 Mint Office, Sept. 28, 1701. 
 
 Report of the Officers of the Mint about 
 the Preservation of the Coyne. 1 
 
 ljtkjuly, 1702. 
 
 To the Rt. Honble. Sidney Lord Godolphin Ld. High 
 Treasurer of England. 
 
 May it please your Lordp., — 
 
 According to yor Lordps direction we have 
 examined the values of several forreign coyns & 
 endeavoured to inform our selves of the values of 
 Gold in proportion to Silver in several nations & 
 considered the ways of preserving the coyn. And by 
 the accompts we have met with, Gold is higher in 
 England than in France by about ad. or iod. in the 
 
 1 Treasury Papers, vol. lxxx. No. 105. 
 
154 Writers on English Monetary History 
 
 Guinea, then in Holland by nd. or 12 pence in 
 the Guinea, then in Germany & Italy by 1 2d. in 
 the Guinea or above. In Spain & Portugal Gold is 
 higher than in England by about 1 id. in the Guinea, 
 for the great quantity of Silver coming from the 
 West Indies has brought down the price of silver in 
 all Europe in proportion to Gold and principally in 
 Spain where the Bullion first arrives. The low price 
 mends the market and thereby carries Silver from 
 Spain into all Europe & from all Europe to the East 
 Indies & China, the Merchant bidding more for it 
 than it goes for among the natives. In Spain the 
 Merchants advance about six per cent, or above, for 
 silver : At which rate a Guinea is worth about 21s. 
 3§d. & sometimes less. In England they advance 
 3d. or 4d. per ounce, and at the rate of 3d. per 
 ounce advance a Guinea is worth but 20s. 6\d. 
 
 Gold is therefore at too high a rate in England by 
 about iod. or I2d. in the Guinea. And this tending 
 to the decrease of the silver coyn we humbly conceive 
 that one way of preserving this coyn is to lower the 
 price of Gold suppose by taking 6d. 9d. or 1 2d. from 
 the price of the Guinea so as that Gold may be of 
 the same value in England as in the neighbouring 
 parts of Europe. France has set us an example for 
 in the last year when the Lewidor was raised there 
 to 14 livres the Ecu was raised only to 72 sols, but 
 it is now raised to 76 sols, tho'the Lewidor be raised 
 only to 1 4 livres as before. So that Gold in respect 
 of Silver is lower in France now then in the last war 
 in the proportion of 76 to 72 that is by above^i 3 Jd. 
 in the Guinea. 
 
 The liberty of melting forreign monies into ingots 
 
Sir Isaac Newton! s Mint Reports 155 
 
 in private shops & houses- for exportation gives 
 opportunity of melting down the money of England 
 for the same purpose, for restraining of wch a law 
 might be usefull against exporting any Ingots of 
 Silver melted down in England except in a publick 
 Office to be appointed or erected for that purpose. 
 
 The law by barring the exportation of forreign 
 silver after it is coyned prevents the coynage thereof, 
 because the merchant cannot afterwards export it, & 
 tends to discourage the importation of silver into 
 England because the merchant can make no use of 
 it whilst it stays here in the form of Bullion. The 
 bringing of silver to the market of England & the- 
 turning it into money should rather be encouraged 
 as the proper means of encreasing the coin, silver 
 being more apt to stay with us in the useful form of 
 money then in the useless form of Bullion. If the 
 merchant might export what he coyns, some part of 
 what he coyns would be apt to be laid out here, 
 and this liberty may be allowed him after some such 
 manner as is described in the scheme hereunto 
 annexed. 
 
 The licensing the exportation of Bullion whilst the 
 exportation of the money is prohibited makes silver 
 worth more uncoyned than coyned, & thereby not 
 only stops the coynage but causes the melting down 
 of the money in private for exportation. For remedy- 
 ing this mischief it may be perhaps better on the 
 contrary to prohibit the exportation^ of Bullion & 
 license that of money, & whenever the money is in 
 danger to license the exportation of so much money 
 only as shall from time to time be coined out of 
 foreign Bullion. 
 
156 Writers on English Monetary History 
 
 The safety & encrease of the coyn depends prin- 
 cipally on the ballance of trade. If the ballance 
 of trade be against us the money will be melted 
 down & exported to pay debts abroad & carry 
 on trade in spight of laws to the contrary, & 
 if the ballance of trade be for us such laws 
 are needles & even hurtful to trade. If trade 
 can be so ordered that no branch of it be detri- 
 mental to the nation the money will be safe. For 
 which end luxury in foreign commodities should be 
 checkt & the exportation of our own commodities 
 encouraged. If a law were made & well executed 
 against trading with more gold and silver by any 
 Merchant or company of Merchants then in certain 
 proportions to the value of the goods exported, such 
 an addition to the Act of Navigation might put 
 Merchants upon searching out sufficient ways of 
 vending our commodities abroad & as we humbly 
 conceive, be more effectual for preserving the coyn 
 then the absolute prohibition of the exportation 
 thereof. 
 
 As for the alteration of the standard we are 
 humbly of opinion that if the value of the several 
 species to be hereafter coyned be diminished without 
 changing the denomination, it will occasion the 
 melting down & recoyning the species already 
 coyned, for the profit that may be made thereby. 
 And if the value be increased the Merchants & 
 people will value their goods by the old money 
 already coyned in wch they are to be paid, & the 
 new money of greater value (if any shall be coyned) 
 will be pickt out for exportation & the Importer 
 who coins it will lose the over value to the dis- 
 
Sir Isaac Newton's Mint Reports 157 
 
 couragement of the coynage, & in payments made by 
 tale to forreigners the nation will also lose the over 
 value. 
 
 But if it be purposed to retain the value of the 
 several species or quantity of fine silver therein & 
 only to alter the allay, we humbly are of opinion, 
 that if small money which by continual use weares 
 away fast & is apt to be lost, were coined of coarse 
 allay as is done in several countries abroad, provided 
 it were well coyned to prevent counterfeiting, such 
 money would weare longer and be less apt to be lost 
 than the small money now in use. By small money 
 we understand Groats, Threepences, Twopences & 
 pence, unless the penny by reason of its smallness 
 should be made of copper. 
 
 All wch is most humbly submitted to yor Lordps 
 great wisdom. J. Stanley. 
 
 Is. Newton, 
 Jn. Ellis. 
 
 Mint Office, 7 July 1702. 
 
 [Table 
 
1 58 Writers on English Monetary History 
 
 [Appended to preceding.] 
 
 THE VALUE OF SEVERAL FOREIGN COYNS— SILVER 
 COYNS UNWORN. 
 
 
 Assay. 
 
 Weight. 
 
 Standard 
 Weight. 
 
 Value 
 
 in 
 Pence. 
 
 
 
 Dwt. 
 
 Dwt. Gr. 
 
 Dwt 
 
 . Gr. 
 
 Mi. 
 
 D. 
 
 The Ecu of France or 
 
 
 
 
 
 
 
 
 piece of 60 sols. Turnois 
 
 W ] 
 
 I 
 
 '7 13 
 
 l 7 
 
 11 
 
 2 
 
 54-13 
 
 The three-Guilder piece 
 
 
 
 
 
 
 
 
 of Holland or piece of 
 
 
 
 
 
 
 
 
 60 styvers . 
 
 W 
 
 2 
 
 20 8 
 
 20 
 
 3 
 
 12 
 
 62.46 
 
 The Ducaton of Holland 
 
 
 
 
 
 
 
 
 or piece of 63 Styvers 
 
 S 2 
 
 3 
 
 20 21 
 
 21 
 
 3 
 
 IS 
 
 6 5-59 
 
 The Paragon or Rix- 
 
 
 
 
 
 
 
 
 doller of Holland or 
 
 
 
 
 
 
 
 
 piece of 50 Styvers 
 
 w 
 
 14 
 
 18 
 
 16 
 
 20 
 
 15 
 
 52.28 
 
 The 10-schelling piece of 
 
 
 
 
 
 
 
 
 Zeland, or piece of 60 
 
 
 
 
 
 
 
 
 styvers .... 
 
 w 
 
 2 
 
 20 6 
 
 20 
 
 1 
 
 '3 
 
 62.21 
 
 The Lyon Doller of 
 
 
 
 
 
 
 
 
 Holland or § of the 
 
 
 
 
 
 
 
 
 Ducaton 
 
 w 
 
 44 
 
 17 14 
 
 14 
 
 2 
 
 7 
 
 43-7 
 
 The Ducaton of Flanders 
 
 
 
 
 
 
 
 
 or pieces of 60 sols or 
 
 
 
 
 
 
 
 
 Patars 
 
 s 
 
 4i 
 
 20 22 
 
 21 
 
 8 
 
 2 
 
 66.15 
 
 The Patagon or cross 
 
 
 
 
 
 
 
 
 Doller of Flanders or 
 
 
 
 
 
 
 
 
 piece of 48 Patars 
 
 w 
 
 12 
 
 18 1 
 
 n 
 
 1 
 
 13 
 
 52.91 
 
 The Doller or Patagon 
 
 
 
 
 
 
 
 
 of the Bishop of Liege 
 
 w 
 
 12 
 
 17 22$ 
 
 16 
 
 22 
 
 5 
 
 52.48 
 
 The Ducaton of Cologn 
 
 s 
 
 3 
 
 20 18 
 
 21 
 
 
 
 15 
 
 65.2 
 
 The Doller of Cologn . 
 
 w 
 
 1 3 
 
 18 O 
 
 16 
 
 22 
 
 14 
 
 5 2 -53 
 
 The Piastre of Spain or 
 
 
 
 
 
 
 
 
 Sevil piece of 8 Reaus 
 
 
 
 
 
 
 
 
 now raised to 10 . 
 
 w 
 
 ii 
 
 17 12 
 
 i i 
 
 9 
 
 3 
 
 53-88 
 
 The New Sevil piece of 
 
 
 
 
 
 
 
 
 eight .... 
 
 w 
 
 il 
 
 14 O 
 
 '3 
 
 21 
 
 15 
 
 43-n 
 
 The Crusado of Portugal 
 
 
 
 
 
 
 
 
 of 400 Res now raised 
 
 
 
 
 
 
 
 
 to 480 .... 
 
 w 
 
 2 
 
 II 4 
 
 11 
 
 1 
 
 13 
 
 34-31 
 
 A Ducat of Naples of 10 
 
 
 
 
 
 
 
 
 Carlins or 5 Tarins 
 
 w 
 
 3 
 
 14 Oj 
 
 '3 
 
 1 
 
 
 
 4°-43 
 
 Weak, 
 
 Strong. 
 
Sir Isaac Newton's Mint Reports 159 
 
 THE VALUE OF SEVERAL FOREIGN COINS— continued. 
 
 
 Assay. 
 
 Weight. 
 
 Standard 
 Weight. 
 
 Value 
 
 in 
 Pence. 
 
 
 Dwt. 
 
 Dwt. Gr. 
 
 Dwt. Gr. 
 
 Mi. 
 
 D. 
 
 An Escuti or Ecu of 
 
 
 
 
 
 
 Rome or piece of 10 
 
 
 
 
 
 
 Julios 1684 . 
 
 
 20 14 
 
 
 
 
 The Teston of Rome or 
 
 
 
 
 
 
 piece of three Julios . 
 
 W 1 
 
 S 21 i 
 
 5 20 
 
 19 
 
 18.21 
 
 The Ducat of Florence & 
 
 
 
 
 
 
 Leghorn or piece of 7 
 
 
 
 
 
 
 livres .... 
 
 S 8 v 
 
 20 2J 
 
 20 19 
 
 18 
 
 6 4-57 
 
 The Crown of Florence 
 
 
 
 
 
 
 & Legorn or f of the 
 
 
 
 
 
 
 Ducat .... 
 
 W 1 
 
 16 17J 
 
 16 16 
 
 O 
 
 51.66 
 
 The Croisat of Genoa or 
 
 
 
 
 
 
 piece of l\ lires . 
 
 S 7 
 
 2 4 1 S 
 
 2 5 9 
 
 II 
 
 78.74 
 
 A Ducat of Venice with 
 
 
 
 
 
 
 the words Ducaton 
 
 
 
 
 
 
 Venetus upon it . 
 
 W 23! 
 
 14 14 
 
 13 
 
 19 
 
 40.42 
 
 Another Ducat of Venice 
 
 
 
 9 
 
 
 
 with the. number 124 
 
 
 
 
 
 
 upon it 
 
 
 18 2 
 
 
 
 
 A Crusat of St Mark of 
 
 
 
 
 
 
 Venice with the numb. 
 
 
 
 
 
 
 140 upon it . 
 
 
 20 6 
 
 
 
 
 The double Gulden of 
 
 
 
 
 
 
 the Elector of Hanover 
 
 W 7 
 
 18 18 
 
 18 3 
 
 16 
 
 56.29 
 
 The Gulden of the Elector 
 
 
 
 
 
 
 of Hanover or piece off 
 
 s 174 
 
 8 10 
 
 9 1 
 
 18 
 
 28.14! 
 
 The half Gulden of the 
 
 
 
 
 
 
 Elector of Hanover or 
 
 
 
 
 
 
 piece of J . 
 
 S i7i 
 
 4 S 
 
 4 12 
 
 19 
 
 14.07 
 
 The Gulden of the Elector 
 
 
 
 
 
 1 
 
 of Saxony or piece 
 
 
 
 
 
 
 off . 
 
 W 41 
 
 11 3 
 
 9 1 
 
 14 
 
 28.12 
 
 The Gulden of the Duke 
 
 
 
 
 
 
 of Zell, or piece of 16 
 
 
 
 
 
 
 Gute Grosh 
 
 W 43 
 
 11 1 
 
 8 21 
 
 13 
 
 27.6 
 
 An half Gulden of Bran- 
 
 
 
 
 
 
 denburg' or piece of J . 
 
 W 43 
 
 5 13 
 
 4 12 
 
 s 
 
 14.0 
 
 An old Gulden of the 
 
 
 
 
 
 
 Elector of Branden- 
 
 
 
 
 
 ; 
 
 burg 1 now raised from 
 
 
 
 
 
 ; 
 
 , 24 to 26 Marien Grosh 
 
 W 43 
 
 12. 4 
 
 9 19 
 
 9 
 
 3O.4I 
 
[6o Writers on English Monetary History 
 
 THE VALUE OF SEVERAL FOREIGN COINS— continued. 
 
 
 Assay. 
 
 Weight. 
 
 Standard 
 Weight. 
 
 Value 
 
 in 
 'ence. 
 
 
 
 Dwt. 
 
 Dwt. Gr. 
 
 Dwt. 
 
 Gr. 
 
 Mi. 
 
 D. 
 
 A Gulden of the Bishop 
 
 
 
 
 
 
 
 
 Hildesheim or piece of 
 
 
 
 
 
 
 
 
 24 Marien Grosh now 
 
 
 
 
 
 
 
 
 raised to 26 
 
 W 
 
 4°i 
 
 II 22 
 
 9 
 
 17 
 
 17 
 
 30*21 
 
 The four Mark piece of 
 
 
 
 
 
 
 
 
 Danemark of coarse 
 
 
 
 
 
 
 
 
 allay .... 
 
 W 
 
 61 
 
 14 8 
 
 10 
 
 9 
 
 IO 
 
 32.23 
 
 The four Mark piece of 
 
 
 
 
 
 
 
 
 Danemark of finer 
 
 
 
 
 
 
 
 
 allay .... 
 
 W 
 
 21 
 
 II 134 
 
 10 
 
 11 
 
 5 
 
 32.45 
 
 The eight mark piece of 
 
 
 
 
 
 
 
 
 Swedeland . 
 
 [Standard] 
 
 20 4 
 
 20 
 
 4 
 
 
 
 62.52 
 
 The four Mark piece of 
 
 
 
 
 
 
 
 
 Swedeland . 
 
 W 
 
 58 
 
 13 IO 
 
 9 
 
 21 
 
 7 
 
 3°-73 
 
 The Rixdoller of the last 
 
 
 
 
 
 
 
 
 Emperor Ferdinand in. 
 
 W 
 
 10J 
 
 18 9 
 
 17 
 
 12 
 
 4 
 
 54-27 
 
 The Rixdoller of the pre- 
 
 
 
 
 
 
 
 
 sent Emperor Leopold 
 
 W 
 
 10^ 
 
 18 9 
 
 '7 
 
 12 
 
 4 
 
 54.27 
 
 The Rixdoller of Sigis- 
 
 
 
 
 
 
 
 
 mund in. & Vladislaus 
 
 
 
 
 
 
 
 
 nil. Kings of Poland . 
 
 W 
 
 10 
 
 18 9 
 
 17 
 
 13 
 
 4 
 
 54-4 
 
 The Rixdoller of Ferdi- 
 
 
 
 
 
 
 
 
 nand Archduke of 
 
 
 
 
 
 
 
 
 Austria 
 
 W 
 
 10J 
 
 18 5 
 
 17 
 
 8 
 
 17 
 
 53-78 
 
 The old Banck Doller of 
 
 
 
 
 
 
 
 
 Hamborough 
 
 W 
 
 8 
 
 18 9 
 
 17 
 
 '7 
 
 4 
 
 54-92 
 
 The old Rixdoller of 
 
 
 
 
 
 
 
 
 Dantzick 
 
 W 
 
 io£ 
 
 18 9 
 
 17 
 
 12 
 
 4 
 
 54-27 
 
 The old Rixdoller of 
 
 
 
 
 
 
 
 
 Thome neare Dantzick 
 
 W 
 
 12 
 
 18 8J 
 
 "7 
 
 8 
 
 15 
 
 53-85 
 
 The old Rixdoller of 
 
 
 
 
 
 
 
 
 Nuremburg . 
 
 W 
 
 6 
 
 18 10 
 
 '7 
 
 22 
 
 1 
 
 55-55 
 
 The old Rixdoller of 
 
 
 
 
 
 
 
 
 Hanover 
 
 W 
 
 8 
 
 18 12 
 
 '7 
 
 20 
 
 2 
 
 55-3 
 
 The old Rixdoller of 
 
 
 
 
 
 
 
 
 Lunenburg . 
 
 W 
 
 10 
 
 18 11 
 
 17 
 
 15 
 
 2 
 
 54- 6 5 
 
 The old Rixdoller of the 
 
 
 
 
 
 
 
 
 Elector of Branden- 
 
 
 
 
 
 
 
 
 burg . . . . 
 
 W 
 
 9 
 
 18 13 
 
 17 
 
 19 
 
 1 
 
 55-17 
 
 The old Rixdoller of 
 
 
 
 
 
 
 
 
 Lubec .... 
 
 w 
 
 9 
 
 18 16 
 
 17 
 
 21 
 
 17 
 
 55-5* 
 
Sir Isaac Newton's Mint Reports i 6 1 
 
 GOLD MONIES— UNWORN. 
 
 
 Assay. 
 
 Weight. 
 
 Standard 
 Weight. 
 
 Value 
 at4£ 
 per oz. 
 
 
 Car. Gr. 
 
 Dwt. Gr. 
 
 Dwt. Gr. Mi. 
 
 S. D. 
 
 The Lewid'or . 
 
 W 1 
 
 0$ 
 
 4 
 
 8 
 
 478 
 
 17 2.8 
 
 The Spanish Pistole 
 
 W 
 
 oj 
 
 4 
 
 8 
 
 478 
 
 17 2.8 
 
 The Moeda of Portugal . 
 
 w 
 
 o| 
 
 6 
 
 21 
 
 6 20 11 
 
 27 5- 1 
 
 The old Italian Pistole . 
 
 w 
 
 if 
 
 4 
 
 6| 
 
 4 415 
 
 16 9-5 
 
 The Sequin Chequin or 
 
 
 
 
 
 
 
 Zacksen of Venice 
 
 s 2 
 
 1 34 
 
 2 
 
 sS 
 
 2 10 11 
 
 9 9- 1 
 
 The Hungary Ducat 
 
 s 
 
 1 2 
 
 2 
 
 SS 
 
 297 
 
 9 6 -7 
 
 The Ducat of Holland 
 
 
 
 
 
 
 
 coyned ad legem 
 
 
 
 
 
 
 
 Imperii 
 
 s 
 
 1 2 
 
 2 
 
 si 
 
 2 9 3 
 
 9 6 -3 
 
 The Ducat of Campen 
 
 
 
 
 
 
 
 in Holland . 
 
 s 
 
 1 2 
 
 2 
 
 si 
 
 2 9 3 
 
 9 6 -3 
 
 The Ducat of the Bishop 
 
 
 
 
 
 
 
 of Bameberg 
 
 s 
 
 1 2 
 
 2 
 
 S§ 
 
 297 
 
 9 6.7 
 
 The Double Ducat of the 
 
 
 
 
 
 
 
 Elector of Hanover 
 
 s 
 
 1 2 
 
 4 
 
 ioi 
 
 4 17 9 
 
 18 10.9 
 
 The Single Ducat of the 
 
 
 
 
 
 
 
 Elector of Hanover 
 
 
 
 2 
 
 Si 
 
 
 
 The Ducat of Poland . 
 
 s 
 
 1 2 
 
 2 
 
 s 
 
 2 8 12 
 
 9 S- 2 
 
 The Ducat of Swedeland 
 
 
 
 2 
 
 5i 
 
 
 
 The Ducat of Danemark 
 
 s 
 
 1 2 
 
 2 
 
 Si 
 
 2 9 3 
 
 9 6 -3 
 
 A Double Pistole of Pope 
 
 
 
 
 
 
 
 Urban 1634 
 
 
 
 8 
 
 i4i 
 
 
 
 An half Pistole of Pope 
 
 
 
 
 
 
 
 Innocent XI. 1685 
 
 
 
 2 
 
 4 
 
 
 
 A double Pistole of 
 
 
 
 
 
 
 
 Placentia 
 
 
 
 8 
 
 10 
 
 
 
 A double Pistole of 
 
 
 
 
 
 
 
 Millain . 
 
 
 
 8 
 
 I3i 
 
 
 
 A single Pistole of 
 
 
 
 
 
 
 
 Millain 
 
 
 
 4 
 
 6i 
 
 
 
 A double Pistole of 
 
 
 
 
 
 
 
 Genoa .... 
 
 
 
 8 
 
 16 
 
 
 
 A Pistole of Savoy 1675 
 
 
 
 4 
 
 8i 
 
 
 
 Mint Office, Jul. 1702. 
 
 J. Stanley. 
 Is. Newton. 
 Jn. Ellis. 
 
 1 Weak. 
 
 ' Strong. 
 
 II 
 
1 62 Writers on English Monetary History 
 
 [Appended to Preceding^ 
 
 The Value of Gold in proportion to Silver 
 in several parts of europe. 
 
 The Ecu of France goes there for 3 livres 16 sols. 
 & by the weight & assay is worth 4s. 6d. Eng- 
 lish, and thence the Livre is worth is. 2.2 id. The 
 Lewid'or goes there for 1 4 livres, which [is in] amount 
 1 6s. 6'94d. English, at which rate a Guinea is worth 
 20s. 8£d., for as 17s. 2.8d. (the value of an unworn 
 Lewid'or in England according to the annexed 
 Table), is to 16s. 6.94d. (the value of the same in 
 France) so is 21s. 6d. (the value of an unworn 
 Guinea in England) to 20s. 8£d. 
 
 By the French King's Edict of 17 Sept. 1701, 
 the Mark of fine gold is valued at 494 livres 6 sols. 
 4 deniers & the mark of fine silver at 32 livres 16 
 sols. 7 deniers. According to which proportion a 
 Guinea of just weight & fineness, is worth 20s. 8|d. 
 in English Silver money of just weight and fineness. 
 
 The Ducat is coyned every where in Germany 
 & some northern countries adjoining of the same 
 weight & fineness, excepting that the Hungary 
 Ducats are more certainly of full value. It is coyned 
 for two old Rix dollars of the Empire or nine shillings 
 English & usually goes at that rate or within two or 
 three Styvers more or less whereas in England it is 
 worth 9s. 6d.3. But if the Rix dollers be of a lower 
 value, as are the Rix dollars of Holland, Flanders, 
 Danemark & some other places, the Ducat may go 
 for two Rix dollars & 6, 8, or 10 Styvers or above. 
 
 In Holland the Guilder or Floren is of equal 
 
Sir Isaac Newton's Mint Reports 163 
 
 value with 20s. 8.2d. English, & the Styver is 
 id.041. as may be collected from the said Table. 
 And there the Ducat goes usually for 5 Guilders & 
 about 5 Sty vers that is in our money for 9s. id. 3. 
 At which rate a Guinea is worth 20s. 6|d. 
 
 The Lewid'or goes in Holland for 9 Guilders 
 & about 9 styvers, or 16s. 4|d. At wch rate a 
 Guinea is worth 20s. 5^ d. 
 
 In the Countries of the Electors of Brandenburg 
 Saxony & Hanover & Dukes of Zell, Brunswick, 
 Lunenburg, Wolfenbuttel & some other places are 
 coyned Guilders of one & the same value by consent 
 of the Princes, tho'of various allays. This Guilder 
 consists of 16 Gute Groshes or 24 Marien Groshes, 
 & 46 Marien Groshes are accounted the value of an 
 old Rix dollar or 4s. 6d. English. So that a Guilder 
 is worth 2s. 4|d. or thereabouts. By the Table it 
 is worth 2s. 4^-d. according to the weight & assay. 
 Now a Ducat goes in the countries above mentioned 
 for 3f Gilders or 8s. gfd. & sometimes for two or 
 three Groshes more. If it be valued at 9s., a 
 Guinea at that rate will be worth 20s. 4d. In the 
 same countries a Lewid'or is valued at 7 Guilders 
 or thereabouts, that is 16s. 5d. At which rate a 
 Guinea is worth 20s. 5fd. 
 
 At Hamborough the Ducat goes for two Dollars 
 & about 8 or 9 sols, lubs or sols, of Lubec. This 
 Dollar is three marks lubs that is 48 sols, lubs 
 reckoning 16 sols, to a mark. But the Cross 
 doller which is worth 4s. 4.9d., goes for 52 sols, 
 lubs and therefore the other doller which goes but 
 for 48 sols, lubs is worth only 4s. o.84d. or there- 
 abouts. The Marks & sols, lubs are at Hamborough 
 
164 Writers on English Monetary History 
 
 accounted double to the Marks & sols. Dans or 
 of Danemark, & the four Mark piece or Crown of 
 Danemark goes at Hamborough for two Marks lubs 
 & by the assays of several pieces is worth 2s. 8.4d. 
 as in the Table. And at this rate three Marks lubs 
 are worth 4s. o.6d. English. This is the value of 
 the common Hamborough Doller, & two Dollers 
 
 6 nine sols, lubs (the value of the Ducat) are 
 8s. io.4d. At wch rate a Guinea is worth 20s. o\d. 
 
 At Dantzich Gold is very scarce. Their Guilder 
 consists of 30 Grosh, & the Bank Doller wch is 
 worth about 4s. 6d. goes for three Guilders 23 
 Grosh. Whence the Guilder is I4|d. The Ducat 
 is there valued at about 7 Guilders 12 Grosh, or 
 two Bank Dollers wanting 4 Grosh, that is about 
 8s. io.ood. And at this rate a Guinea is worth 
 19s. 1 i^d. 
 
 At Geneva the Hungary Ducat was lately valued 
 at two Ecus & 2 or 3 sols, of France, that is at 
 9s. 2d. or 9s. 3d. At which rates a Guinea is worth 
 about 20s. 9^d. There also the Lewid'or was 
 lately valued at 3f Ecus of France or 16s. io^d. 
 At which rate a Guinea is worth 21s. o^d. But Gold 
 was lately higher in France then at present, wch 
 might raise the price of Lewid'ors at Geneva. For 
 there the Spanish Pistole was valued only at 3$ Ecus 
 or 1 6s. 6d. 
 
 At Geneva the Croisht goes for 7^ lires & by 
 assay is worth 6s. 6|d. & therefore the lire of Genoa 
 is io^d. And there the Pistole is valued at 17J 
 lires, that is 15 s. 3fd. 
 
 At Florence & Legorn the silver Ducat goes for 
 
 7 lires and by assay is worth 5 s. 4-S7d. & there- 
 
Sir Isaac Newton s Mint Reports 165 
 
 fore the lire of those places is 9.224c!. And there 
 the Pistole of Italy goes for 20 lires or 15s. 4^d. & 
 the Lewid'or & Spanish Pistole for between 20 & 
 21 lires. 
 
 At Rome Florence Legorn Bullogne & Ancona 
 (a city upon the Gulph of Venice) three Julios make 
 a Teston & the Teston by assay is worth is. 6.2 id. 
 & thence the Julio is 6.0yd. Ten Julios make the 
 Escudi or Ecu of Rome but I cannot yet procure 
 that piece of money for an assay. At Florence 
 three Julios are 2 lires & io£ Julios make the Ducat 
 & thence the Julio is 6.1 sd. Now in those cities 
 the Pistole of Italy goes for 30 Julios or 15 s. 4jd. 
 & the Spanish Pistole for 31 Julios or 15s. io.65d. 
 supposing the Julio 6.1 5 d. 
 
 At Bologne & Ancona the Sequin of Venice goes 
 for 18 Julios or 9s. 2.7d. & the Hungary Ducat 
 for 17 Julios or 8s. 8.5 5d. If the Ducat of Venice 
 whose value is set down in the Table, be that Ducat, 
 as I am told, wch goes now at Venice for 6 lires 4 
 sols, de Piccoli, the Lire of Venice will be 6.5 2d. 
 And there the Hungary Ducat wch goes for 1 6 lires 
 will be worth 8s. 8.8 2d. & the Sequin of Venice 
 wch goes for 17 lires will be worth 9s. 2.84d. & the 
 Pistole of Venice wch goes for 28 lires will be worth 
 15s. 2.56d. 
 
 At Millain the Piece of eight went lately for 5 
 lires 1 7 sols. & the Philip or silver Ducat for 6 lires 
 so that the Philip is to the piece of eight (or 4s. 6d.) 
 as 40 to 39 & therefore is worth about 4s. 7-j^d. 
 This piece, as I am informed, goes at Venice for 8£ 
 lires & therefor the Sequin wch goes at Venice for 
 17 lires is there worth 9s. 2jfd. as before. 
 
1 66 Writers on English Monetary History 
 
 At Naples the Ducat of Silver is worth 3s. 4.43d. 
 And there the Pistole as I am imformed goes for 
 45 Carlins or 4J Ducats that is for 15s. 2d. 
 
 By all wch gold seems to be lower in Italy then 
 in France, 'the Spanish Pistole being everywhere 
 worth less then 1 6s. At which rate the Guinea is 
 worth less then 20s. 
 
 In Spain the Pistole is recconed at 4 pieces of 
 eight or 1 8s. wch is 9. 2d. more then in England. 
 And in Portugal the Moeda is recconed at ten 
 Crusados or 28s. 7. id. wch is I4d. more then in 
 England — At wch rates a Guinea is worth 22s. s|d. 
 in Spain & 22s. sd. in Portugal. 
 
 In these recconings standard Gold is valued in 
 England at \£ per ounce as Goldsmiths value it 
 for the melting pot. The standard value is 
 3£ 19s. 8|d. At wch rate about |th of a penny 
 are to be added to the value of the Guinea in foreign 
 Countries. J. Stanley. 
 
 Is. Newton. 
 Jn. Ellis. 
 
 Mint Office, 7 Jul. 1702. 
 
 [Appended to Preceding^ 
 
 Propossals for Preserving and Encreasing 
 the Silver Coin of this Kingdom. 
 
 All Silver imported & designed for Exportation 
 except Forreign Money to be examined & enterd 
 in the Mint ; & for that end, upon its first arrival at 
 London, to be brought to the Mint by the Owner, & 
 two or more other Witnesses, who shall there prove the 
 importation upon oath. And such of the said Silver 
 
Sir Isaac Newton's Mint Reports 167 
 
 as is not yet in the Ingot, to be there melted down 
 into Ingots, the Mercht: paying a id. per pound 
 for the melting. And these Ingots & all other 
 Ingots of the Silver above mentioned shall at the 
 choice of the Merchant be coin'd into Moneys, or 
 markt with a Stamp provided in the Mint for that 
 purpose. And the Master of the Mint (if desir'd) 
 shall give the Merchant an indebted Ticket, certify- 
 ing the weight of the Moneys coyn'd out of the said 
 Forreign Silver, & the time of the Coynage thereof, 
 which Ticket shall be cut out of a Book provided 
 in the Mint, & be enter'd in the same book. 
 
 Ingots not marked with the Mint Stamp may not 
 be Exported, nor carry'd on Board any Ship, nor 
 bought or sold, but may be brought to the Mint for 
 encreasing the Coin, excepting that Ingots of fine 
 Silver may be sold by Refiners to Silver Smiths, 
 Wyerdrawers & such other Artificers as manufacture 
 the same. This Law now obtains in France by an 
 Edict of March was a Twelvemonth for preventing 
 the melting of the moneys. 
 
 The Merchant upon delivering the Mint Tickets at 
 the Custom House, may within a Year after the 
 Coinage of the Moneys mention'd therein, by warrant 
 of the Commissioners of the Customs upon a day 
 appointed in the Warrant, Ship for Exportation the 
 said Moneys, or the same weight of like moneys, or 
 any part thereof & also any Ingots wch have the 
 Mint Stamp upon them, and any Forreign Moneys 
 & the customer shall enter the same & file the 
 Tickets. 
 
 All Silver English Moneys before shipping for 
 Exportation, to pay i^d. per ounce Troy, at the 
 
1 68 Writers on English Monetary History 
 
 Custom house, for the Charges of assaying, melting 
 & Coyning the same. Which Duty shall be kept 
 apart with the Duty already granted for Encourage- 
 ment of Coynage; & therewith paid into the 
 Exchequer and thence imprest to the Mr. of the 
 Mint for the same uses. 
 
 Penalties on them who counterfeit the Mint 
 Stamp, or the Mint Tickets or ship off Silver not 
 licensd, or without paying the duty, or upon any 
 other day then that appointed in the Warrant, or 
 under any other name than that of the true Owner. 
 Or buy or sell unmarkt Ingots or knowingly bring 
 Silver to the Mint to be marckt, or Coin'd as 
 Forreign which is not foreign. 
 
 Such a Law would enable the Officers of the 
 Mint to understand the State of the Money, wth 
 respect to Trade. It would render Trade freer than 
 at present. It would save the Merchant the trouble 
 of attending with his Bullion, and Witnesses at 
 Goldsmiths Hall, & Guildhall, after he has melted it 
 at the Refiners, or Goldsmiths. It would check the 
 melting down of her Majesty's moneys for Exporta- 
 tion or for sale to Goldsmiths, much better than 
 the Laws do at present. It would encrease the 
 Coynage in her Maties Mint & decrease the Indian 
 Manufacture of coyning our Bullion in Ports, where 
 the company have not a Mint of their own, for 
 which coynage the Indians receive of us a large 
 Seignorage. It would be profitable to the Merchant 
 by the use of his Gold & Silver when turn'd into 
 Money before Exportation. It would encrease our 
 coin, as well by the Merchants Money running 
 amongst us, till Exportation, as by what is not 
 
Sir Isaac Newton's Mint Reports 169 
 
 Exported within the year. It would be of great 
 Credit to the Nation, by the Merchants exporting 
 their Gold & Silver in the form of English money 
 to be current in Forreign Nations and thereby make 
 us appear abroad more rich, & potent, then We do 
 at present. And all this would be done without 
 any new charge to the Government. And if the 
 Government should pay the Charge of Coynage, or 
 any part thereof, it would be paid by one part of 
 the Nation to another part thereof, without loss to 
 the whole. J. Stanley. 
 
 Is. Newton. 
 Jn. Ellis. 
 Mint Office, 7 Jul. 1702. 
 
 [Dorso.] The Case of Mr. Allarde's Report. 
 (Feb. 16, 1709.) 1 
 
 To the Most Honble the Earl of Godolphin Lord 
 High Treasurer of Great Britain. 
 
 May it please yor. Lordp., — 
 
 In obedience to yor Lordp's. verbal Order I 
 humbly lay before your Lordp. the state of the 
 question about the allowance to be made in the 
 Accounts of Mr. Allardes for the late Coynage of 
 Silver moneys at Edinburgh. 
 
 By the Indenture of the Mint in the Tower the 
 Master & Worker is allowed sixteen pence half- 
 penny upon the pound weight Troy for the coinage 
 of Silver moneys. The words of the Indenture are 
 
 1 Treasury Papers, vol. cxx. No. 44. 
 
i jo Writers on English Monetary History 
 
 by her Majties Warrant of June 20th, 1707; for 
 putting the Act of Union in Execution the Officers 
 of her Majties Mint at Edinburgh were directed to 
 observe the rules of coinage set down in the Indenture 
 with respect to their several Offices. But I do not 
 remember that any alteration in the allowance for 
 coinage or in the salaries was then under con- 
 sideration. 
 
 The words of the Warrant are hereunto an- 
 nexed. 
 
 By an Act of Parliament made in Scotland, A. C. 
 1 690, the Master of that Mint was allowed twenty 
 pounds Scots upon the stone weight Scots for coinage 
 of Silver moneys & this allowance was in use till the 
 Union. 
 
 The words of the Act are hereunto annexed. 
 
 Three pounds Scots are worth four shilling six- 
 pence halfpenny English at their just value, but the 
 nation of Scotland valued thirteen shilling Scots at 
 twelve pence English before the Union while the 
 said Act of Parliament was in force, as at thirteen 
 pence English in distributing the Equivalent. The 
 allowance for coinage comes in the first case to 
 almost seventeen pence halfpenny, upon the pound 
 weight Troy, in the second to something more then 
 seventeen pence halfpence, in the third to something 
 more then nineteen pence. There hath been coined 
 104227 dwt. 10 oz. Troy, &the whole allowance for 
 the coinage thereof comes in the first case to 7533;£, 
 13s. 2d., in the second to £765, 18s. iod., in the 
 third to £8293, 1 8s. 9d., & by the Indenture of the 
 Mint it comes only to £7165, 12s. 5d. And for 
 paying all Accounts relating to that coinage, there is 
 
Sir Isaac Newton's Mint Reports 1 7 r 
 
 a deficiency in the funds of about two or three 
 thousand pounds, the question is, what shall be 
 allowed in the account of Mr. Allardes upon the 
 pound weight Troy for the said coinage. 
 
 Which is most humbly submitted to your 
 Lordship's great wisdome, 
 
 Is. Newton. 
 Mint Office, 16 Feb. 17^. 
 
 The Clause in the Indenture of the Mint 
 appointing the allowance per pound 
 weight for coinage. 
 
 AND the said Isaac Newton shall have & receive 
 the summe of one shilling & fourpence halfpenny to 
 be by him taken for the coinage of every pound 
 Troy of Silver moneys for the paying bearing & 
 sustaining all manner of wasts, provisions necessaries 
 & charges coming arising & growing in or about the 
 coining of her Majtes Crowns, half-crowns, shillings & 
 sixpences of silver moneys by the mill & press out of 
 the moneys to be paid & payable unto him as is 
 herein after expressed. 
 
 And the said Master shall out of the one shilling 
 & fourpence halfpence allowed to him as aforesaid & 
 received by him for every pound weight Troy of the 
 moneys of silver, from time to time pay unto the 
 moneyers the summ of eight pence for the making of 
 every pound weight Troy of the said silver moneys 
 by the mill & press, according to the undertaking & 
 agreement of the said moneyers with the said Master 
 & Worker. ... 
 
172 Writers on English Monetary History 
 
 The Clause in her Majtes Warrant directing 
 the Officers of Her Mint at Edinburgh 
 to observe the rules of coinage set down 
 in the said Indenture. 
 
 It is our will & pleasure, & we do hereby authorize 
 & require you & every of you, that in the coinage of 
 such Gold & Silver as shall be imported into our 
 Mint at Edinburgh, you act under & observe the 
 Rules of coinage wch respect your several Offices & 
 are continued & exprest in the copie of the Indenture 
 herewith sent ; attested by Sr John Stanley Warden 
 of our Mint in the Tower of London, Sr Isaac 
 Newton, Master & Worker & John Ellis Esq. 
 Comtroller of our said Mint ; wch Indenture was 
 made in the first year of the reign with the said Sr 
 Isaac Newton etc. To the General, Master, Warden 
 Counter — Warden Essay-master, & other Officers of 
 the Mint at Edinburgh. The clause of the Act of 
 Parliament made in Scotland 1690, entitled an Act 
 anent an humble offer to his Majesty for an im- 
 position upon certain commodities for defraying the 
 expence of a free coynage. 
 
 It is ordered that considering that by the Act 
 of Parliament 1686 anent a free coinage there is 
 only allowed eighteen pounds Scots upon the stone 
 weight of Silver, for defraying the whole charge wast 
 expences & loss upon its coinage, wch allowance is 
 found by experience to be too small & insufficient 
 therefore their Majesties with the advice & consent 
 of the said estates do hereby rescind in all time 
 coming that clause of the above said Act & 
 Statute & ordain that the Master of the Mint have 
 
Sir Isaac Newton's Mint Reports I 73 
 
 allowed him in time coming twenty pounds Scots 
 instead of eighteen pounds Scots upon the just & 
 reasonable allowance for defraying the said charge 
 expence & loss upon its coynage in manner provided 
 in the said Acts. 
 
 \Dorso.\ Mint Sr Is. Newton's mem ll - with 
 Mr. Att[orney] Gen[erall]'s Opinion con- 
 cerning Plate carryd into the Mint 
 to be coyned 1 7 1 1 } 
 
 Upon the first of May the House of Commons 
 made this Vote, Resolved that for encouraging the 
 bringing wrought plate into the Mint to be coined 
 there shall be allowed to such persons as shall so 
 bring the same after the rate of five shillings & 
 five pence per ounce for the old standard & five 
 shillings & eight pence per ounce for the new 
 standard for all plate on wch the mark of the Gold- 
 smith's company of London or any other City is set 
 & for uncertain plate not so marked (being reduced 
 to standard) after the rate of five shillings per ounce. 
 Upon the fifth of May the Commons made these 
 further Votes, Resolved that an humble address be 
 presented to her Majty that she will be pleased to 
 give directions to the Officers of the Mint to receive 
 in all such wrought plate as shall be brought to 
 them & to give Receipts to such persons as shall 
 bring the same for the amount thereof at the 
 several rates & prices agreed by the House to 
 
 1 Treasury Papers, vol. cxxxv. No. 36. In Newton's hand. 
 
1 74 Writers on English Monetary History 
 
 be allowed for such wrought plate as shall be 
 brought to the Mint to be coined ; & that the same 
 be immediately coined into shillings & sixpences. 
 
 Resolved that all such receipts to be given by 
 the Officers of the Mint for any wrought shall be 
 accepted and taken for the full amount thereof in 
 any payments to be made in any Loanes or con- 
 tributions upon any funds to be granted in this 
 Session of Parliament. 
 
 And upon the said address her Majty gave 
 directions accordingly by a Warrant dated May IO 
 a copy of wch is here unto annexed. 
 
 Upon the n 1 2 & 1 4 of May we took in plate & 
 upon the 14th in the evening an order came from 
 the Treasury to the Mint a Copy of wch is here 
 unto annexed. And upon that Order the following 
 subscription of the Importers of plate was taken for 
 the Future. We whose names are underwritten do 
 declare that we do not expect that the value of the 
 Plate by us this day delivered to the Officers of her 
 Majesties Mint shall be accepted as part of the first 
 payment of the Summ for which there is a bill now 
 depending in the House of Commons. 
 
 Upon the 1 7th of May the House resolved that 
 the bill for regulating Hackney Coaches &c. should 
 be Committed to the Committee to whom the Bill 
 for raising £1,500,000, was committed, and that it 
 should be an instruction to the said Committee to 
 receive a clause, that the Receipt given by the Officers 
 for Plate brought in pursuant to the Resolution of this 
 House of the first instant be accepted as so much 
 money in the contributions towards the said summ 
 not exceeding two millions. 
 
Sir Isaac Newton's Mint Reports 1 75 
 
 Upon the 12th. of June the Bill passed & upon 
 the 1 9 was published & from that time the Officers - 
 & people of the Mint gave notice to the Importers of 
 Plate that the Parliament had made no provision for 
 accepting the Receipts given for Plate since the 
 
 1 4 day of May. 
 
 By her Majesties Warrant above mentioned the 
 Master & Worker of her Majties mint is authorised 
 & required to pay the moneys produced from the 
 said Plate into the Receipt of her Majties Exchequer 
 & take Tallies for his discharge. But the Receipts 
 for Plate imported since the 14th of May being not 
 enacted to be accepted & taken in the Exchequer 
 Query Whether her Maty may not authorise & 
 direct the sd Master & Worker by a Warrant, 
 a form of wch is here unto annexed, to pay 
 to the Importers of Plate whose Receipts are 
 dated since the 14 of May after the rate of five 
 shillings per ounce imported, &* so let the further 
 account rest till the next Sessions of Parliament. 1 ' 
 
 The plate brought into the mint on or after the 
 
 15 th day of May 171 1 being melted & coyned & 
 notes having been given for the value thereof accord- 
 ing to her Matys directions to the officers of the 
 mint, the money wch is the produce of the plate 
 belongs to her Maty & her Maty having directed 
 the same to be payd into the Receit of the 
 exchequer on a presumption that the Parliamt 
 would have made provision that those notes 
 should be taken as money on some of the funds 
 given, wch not being made I am of opinion her 
 
 1 Up to this point in Newton's hand. 
 
176 Writers on English Monetary History 
 
 Maty may by a privy Seale direct trie moneys to 
 be applied towards discharging those notes as pro- 
 posed. Edw. Worthey {July 24, 171 1.) 1 
 
 [Dorso.] Off es - Mint. Ab t - Value of Spanish 
 Riall. (21 Aug. 1 71 1.) 2 
 
 To the Rt Honoble the Earl of Oxford & Earl 
 Mortimer Lord High Treasurer of Great Britain. 
 
 May it please yor Lordsp, — 
 
 The Spanish piece of money of two Ryalls sent by 
 yr Lops. Order to the Officers of the Mint to be 
 weighed assayed & valued is in weight 3 dwt. 6 grs., 
 in assay 3^ dwt. worse then standard, & in value 
 ten pence wanting the third part of a farthing. And 
 twelve such pieces are worth 9s. 1 1 d. 
 
 Cra. Peyton.. 
 Is. Newton. 
 
 Mint Office, 21 Aug. 171 1. 
 
 To the Right Honourable the Earl of Oxford and 
 Earl of Mortimer, Lord High Treasurer of 
 Great Britain. 
 
 171 1-2, March 3. 
 
 May it please your Lordship, — 
 
 According to your Lordship's Order, signified to 
 me by Mr. Secretary Harley, in his Letter of February 
 
 1 Sir Edward Worthey, Attorney-General. 
 
 2 Treasury Papers, vol. cxxxvi. No. 39. In Newton's hand 
 writing. 
 
Sir Isaac Newton 's Mint Reports 1 7 7 
 
 26th last, I have considered the Letter of his Grace 
 the Duke of Ormond, Her Majesty's Lieutenant- 
 General and General Governor of Ireland, sent to 
 your Lordship, together with the Representation 
 sent to his Grace from the Lords of Her Majesty's 
 Most Honourable Privy Council of that Kingdom, 
 mentioning a late Proclamation for making current 
 in that Kingdom some Pieces of Foreign Gold and 
 proposing to make current there, by further Pro- 
 clamation, several other Pieces of Foreign Gold 
 therein named, to prevent the Counterfeiting thereof : 
 and as to the Value of the Pieces, I humbly re- 
 present, that the Spanish Pistoles, one with another, 
 as they are brought hither by the Merchant, weigh 
 103 Grains each at a Medium, and are in Fineness 
 half a Grain worse than Standard, and after the 
 Rate that a Guinea is valued in England at 1 /. 
 1 s. 6d. are here worth 1 7s. 1 d. and in Ireland, where 
 the Silver Money is raised a Penny in the Shilling, 
 if the Gold be raised in the same Proportion, be- 
 come worth 1 8s. 6d. And in Proportion the Quad- 
 ruple Pistole weighs 412 Grains, the Double Pistole 
 206 Grains, and the Quarter Pistole 25 f Grains: 
 But in the Representation the Quadruple Pistoles 
 are said to weigh 408 Grains, the Double Pistole 
 204 Grains, and the Quarter Pistoles 25 and an half 
 Grains, whence I gather, that in the former Pro- 
 clamation the weight of the Pistole was but 102 
 Grains, which is a Grain lighter than the just 
 Weight, this Grain, as I conceive, being abated to 
 give a legal Currency to such lighter Pieces as 
 want not above a Grain of their just Weight ; and 
 upon this Consideration the Quadruple, Double, and 
 
 13 
 
178 Writers on English Monetary History 
 
 Quarter Pistoles may be put in Weight and Value 
 as is expressed in the Representation ; and so may 
 the Double and Quarter Luidores, they being of the 
 same weight, Fineness and Value with the Double 
 and Quarter Pistoles. 
 
 The Moydores of Portugal, one with another, as 
 they are brought hither by the Merchant, weigh 
 i6sf Grains at a Medium, and a Quarter of a Grain 
 better than Standard, and in England are worth 
 27s. 8d. Half-penny, and being raised a Penny in 
 the Shilling, become worth 30s. in Ireland : In the 
 Representation their Weight is put 168 Grains, 
 which is certainly too much ; and thence it comes to 
 pass, that they are therein valued at 1 /. 10s. 6d. 
 which is 6d. too much. I have examined the 
 Weight of 30 Parcels of Moydores, containing a 
 Thousand Moydores in each Parcel, and thereby 
 found, that the Moydore, at a Medium, weighs only 
 165! Grains; if in Favour of the lighter Pieces the 
 Fraction be abated, their Weight and Value, in a 
 new Proclamation, may be put as follows. The 
 Portugal Piece of Gold, called a Moydore, and 
 weighing 165 Grains, to pass at 1 /. 10s. the Half 
 Moydore weighing 82 Grains and an half, at 15 s. 
 and the Quarter Moydore, weighing 4 1 Grains and a 
 Quarter, at 7s. 6d. 
 
 Gold is over-valued in England in Proportion to 
 Silver, by at least 9d. or iod. in a Guinea, and this 
 Excess of Value tends to increase the Gold Coins, 
 and diminish the Silver Coins of this Kingdom; and 
 the same will happen in Ireland by the like over- 
 valuing of Gold in that Kingdom. But it's conveni- 
 ent that the Coins should bear the same Proportion 
 
Sir Isaac Newton's Mint Reports 1 79 
 
 to one another in both Kingdoms, to prevent all 
 fradulent Practices in those that Trade between 
 them, and that the Proportion be ascertained by 
 Proclamation. 
 
 All which is most humbly submitted to your 
 Lordship's great wisdom. Is. NEWTON. 
 
 Mint-Office, 3rd March, 1 7 1 1 - 1 2. 
 
 Representation Second. 
 
 TO THE 
 
 Right Honourable the Earl of Oxford and Earl of 
 Mortimer, Lord High Treasurer of Great 
 Britain. 
 
 May it please your Lordship, — ■ 
 
 In obedience to Your Lordship's Order of Refer- 
 ence signified to me by Mr. Taylor in his Letter of 
 June 16 inst. I have perused the Representation 
 from the Lords of the Privy Council of Ireland, 
 touching a late Order of Council here for giving 
 Currency in that Kingdom by Proclamation to some 
 Foreign Coins, which were omitted in a former Pro- 
 clamation, a printed Copy of which they have sent, 
 desiring a Clause to be added to the said Order, for 
 making such Allowance for light Pieces as was made 
 in the said Proclamation ; and that the Order may 
 comprehend also the foreign Coins mentioned in that 
 Proclamation, because the Original thereof under the 
 Great Seal was destroyed by the late Fire that 
 happened there at the Council-Chamber, so that the 
 Clark of the Council cannot now certify that the 
 printed Copy agrees with the Original verbatim as 
 
180 Writers on English Monetary History 
 
 the late Act of Parliament requires for the Conviction 
 of Counterfeitors of those Coins. And upon com- 
 paring the said Representation with the said late 
 Order of Council and printed Proclamation, I humbly 
 represent, that the Weight of the single Pistole and 
 Luidore, being in the said Proclamation put 4 Penny- 
 weight 8 Grains ; the Weight of the Double Pistole 
 and Double Luidore ought in Proportion to be put 
 in a new Proclamation 8 Penny-weight 16 Grains, 
 and that of the Quadruple Pistole, or Double 
 Doubloon, 17 Penny-weight 8 Grains. And that 
 the Moydore of Portugal (which as the Merchants 
 iring them hither a little worn, weigh one with 
 another 6 Penny -weight 2 if Grains, and before 
 wearing may be a Quarter of a Grain heavier or 
 above) may be put in weight 6 Penny- weight 22 
 Grains in the same Proclamation, and valued at 30s. 
 For in Ireland, where an English Shilling passes for 
 1 3d. the Moydore of this Weight is worth 29s. 1 1 \&. 
 reckoning Gold 2 2 Carats fine at 4 /. per Ounce, 
 as is usually done, and 30s. is a Medium, and the 
 nearest round Number. And a Grain being allowed 
 for Wearing, this Piece will be current till it weighs 
 but 6 Penny-weight 2 1 Grains, as was stated in the 
 late Order of Council, and after that it will be still 
 current by abating 2d. per Grain in its Value for 
 what it wants of the Weight of 6 Penny-weight 22 
 Grains. For the latter Part of the printed Pro- 
 clamation, concerning the Allowance for light Pieces, 
 and concerning the Scales and Weights for weighing 
 them, I am humbly of Opinion, should be continued 
 in the next Proclamation. 
 
 I humbly beg leave to represent further to your 
 
Sir Isaac Newton's Mint Reports 1 8 1 
 
 Lordship, that the Weights and Values of the Silver 
 Coins in the printed Proclamation would answer 
 better to one another, and to the Coins themselves, 
 if 2d. were taken from the Value of the Crusado of 
 Portugal, and 1 8 or 20 Grains added to the Weight 
 of the Dollars, for the Crusado is reckoned in 
 Portugal to be the 10th part of the Moydore in 
 Value, and the Moydore is worth 30s. in Ireland as 
 above, and yet the Crusado is valued in the Pro- 
 clamation at 3s. 2d. Its Weight before Wearing is 
 1 1 Penny-weight 4 Grains, and a Crusado of this 
 Weight is worth but 3s. 
 
 Rix-dollars, Cross-dollars, and other Dollars, are in 
 the Proclamation put of the same Weight and Value 
 of the Pieces of Eight and Lewises, and ought to be 
 18 or 20 Grains heavier to be of the same Value. 
 Rix-dollars are of several sorts, and before wearing 
 weighed about 18 Penny-weight and 6, 8, or 10 
 Grains, and Cross-Dollars 18 Penny-weight 1 Grain. 
 That they may be worth 4s. ad. which is the Value 
 in the Proclamation, they should weigh at least 17 
 Penny-weight 1 8 Grains. 
 
 I am humbly of Opinion therefore, that the Gold 
 Coins should be of the Weight and Fineness ex- 
 pressed in the Paper hereunto annexed [wanting], 
 and the Silver ones, as in the printed Proclamation, 
 unless for the Reasons above mentioned, it should 
 be thought fit to take 2d. from the Value of the 
 Crusadoes, and add 1 8 Grains to the Weight of the 
 Dollars. 
 
 All which is humbly submitted to your Lordship's' 
 great wisdom. Is. Newton. 
 
 Mint-Office, 23 June 17 12. 
 
1 82 Writers on English Monetary History 
 
 [Dorso.] Report of the Comptrollers of the 
 Accounts of the Army upon the Memorial 
 of Mr. Brydges's relating to the Reduc- - 
 tion of the Current Money at Dunkirk 
 into Sterling Money for the Paying of 
 the Forces there. (7th October 1712.) 1 
 
 To the Most Honble. Robert Earl of Oxford and 
 Earl Mortimer, Lord High Treasurer of Great 
 Britain. 
 
 May it please Yor Lordsp., — 
 
 In Obedience to your Lordship's Order of Refer- 
 ence Signified to Us by Mr. Taylour, the 21st 
 August last, upon the annexed Memorial of Mr. 
 Brydges for Directions as to the Rate that French Cur- 
 rent money shall be Computed at for the Subsistence 
 of Her Maties Forces in Dunkirk, and Yor. Lordp. 
 Directing Us to Consult Sir Isaac Newton thereon. 
 
 We, the Comptrollers of the Accounts of the Army 
 and Master Worker of Her Majesties Mint, Do humbly 
 Report to Yor. Lordship That Twenty shillings Ster- 
 ling pass at Dunkirk for Seventeen Livres, but are 
 worth (Intrinsick Vallue) Nineteen Livres thirteen 
 sols., which leaves a Loss of two Livres thirteen sols., 
 or two shillings eight pence Sterling, Whereas in 
 Flanders the loss is but about twelve Stivers, or One 
 Shilling two pence Sterling (whereof about half was 
 borne by the Queen), as appears by the Annexed 
 Computation. 
 
 We further Observe to your Lordsp. That We 
 
 1 Treasury Papers, vol. clii. No. 44. 
 
Sir Isaac Newton's Mint Reports I &$ 
 
 cannot yet learne what may be the Loss of buying 
 Bullion of the Merchants, and sending it to Dunkirk 
 to be Coined at the next Mint for paying the Forces. 
 But We are Credibly Inform'd the Forces at 
 Dunkirk are willing still to Accept of Small Bills by 
 way of Antwerp, as has hitherto been practised, and 
 upon the old Allowance, which seems to be Cheapest 
 for Her Majesty, and may be Continued by the pre- 
 sent Signe Manual till further Reason occurs to 
 alter it. 
 
 We also offer to Your Lordships Consideration 
 whether provisions may not be Sent from hence in 
 part of their Subsistence. 
 
 All which is humbly submitted to Your Lordship. 
 
 P. Medows. 
 Ja. Bruce. 
 Is. Newton. 
 Comptrollers Office, Privy Garden, 
 yth October 171 2. 
 
 \Dorso.\ Mr. Brydges's Meml. for Paying the 
 Troops in Dunkirk in French Money. (19 
 Augt. 1712.) (Reed, the 22th Augt. 171 2.) 1 
 
 May it please your Lordship, — 
 
 Her Maties fforces in Dunkirk being to receive 
 their subce in French Money, and there being yet 
 noe direction or Authority for reducing the Same 
 into Sterl. Money, whereby it might appear how 
 much of that Currt. Money shall be pd. the fforces 
 
 1 Treasury Papers, vol. clii. No. 44a. 
 
184 Writers on English Monetary History 
 
 for the pound sterl., I humbly move your Lordship 
 for proper Directions therein. 
 
 The directions w ch regulate the rate of the Holland 
 & Brabant Money are by her Maties Royall Signe 
 Manual, whereby I have all alonge pd. the subject 
 troopes after the rate of 1 o Guildrs. & 1 5 stivers 
 for each pound sterl., as my Predecessor, Mr. ffox, 
 did. And I am humbly of opinion it will be neces- 
 sary that I have a like Authority for computing the 
 ffrench Currt. Money. 
 
 All which is most humbly submitted to your Ldp. 
 
 J. Brydges. 
 
 Whitehall Pay-Office, 
 igtk Augt. 171 2. 
 
 In the course of Exchange, nine pounds sterling 
 are recconed at a par with 1 00 Gilders specie money 
 of Holland, or £1 wth 1 1 Gilders 2§ Sty vers. But 
 £\ sterling lately passed in Holland only for 10 
 Gilders & 9 or 10 Styvers, or at a medium for 
 1 o Gilders o| styvers. The defect is 1 2\% Styvers, 
 wherof Her Majty allowed to the forces in Flanders 
 5 \ Styvers, wch is almost one-half of the defect or 
 loss by the exchange. 
 
 The par between English and French money of 
 the new species is not yet setled by the course of 
 exchange, but by weight & assay I find that an 
 unworn French crown piece of the new species, wch 
 passes at Dunkirk & in France for five livres, is worth 
 Ss. id. sterling. And at this rate 20s. sterling are 
 worth 19 livres 1 3§^ sous. But 20s. sterling pass 
 at Dunkirk for only 17 livres. The defect or loss is 
 
Sir Isaac Newton's Mint Reports 185 
 
 2 livres 1 3f ^ sous, to be divided between her Maty 
 & the forces. And as 1 2}| styvers [are] to S^ styvers, 
 so are 2 livres 1 3§f sous to 1 livre 3 sous, her Majts 
 proportional part of the defect: wch added to 17 livres, 
 the current value of 20s. Sterling at Dunkirk, makes 
 her Majts allowance for the pound sterling 1 8 livres 
 
 3 sous, recconing a French crown, new species, at 
 5 livres. But her Maty may alter the proportion at 
 pleasure, & make the allowance in a rounder number. 
 
 When £g sterling are recconed at a par with 
 1 00 Gilders as above, the specie money of Holland 
 is overvalued by about 3^ per cent. For the three 
 Gilder piece unworn is worth only 62| pence sterling 
 by the weight & assay. And thence 9 li. sterling are 
 intrinsecally worth about 103I Gilders, 8c £1 sterling, 
 wch lately passed at about 10 Gilders g\ stivers, is 
 worth 1 1 Gilders q| stivers, and the loss by the ex- 
 change is about a Gilder, wherof her Maty bare only 
 Si Stivers, wch is about a quarter of the whole loss. 
 And according to this proportion her Maty should 
 beare but a quarter of the loss by the exchange at 
 Dunkirk. But the rules of the Exchange where they 
 are setled being generally followed, I presume it 
 might be her Majts intention to beare about one- 
 half of the loss by the Exchange in Holland, as in 
 the recconing first set down in this paper. 
 
 Is. Newton. 1 
 
 1 Treasury Papers, vol. clii. No. 446. In Newton's hand. 
 
1 86 Writers on English Monetary History 
 
 [Dorso.] Report of the Mint upon the Peti- 
 tion of Tunnah & Dale. (27 Jan 17 - 17 if.) 
 (Read, and my Lord agrees with the report.) * 
 
 To the Most Honble. the Earl of Oxford & Earl 
 Mortimer, Lord High Treasurer of Great Britain. 
 
 May it please yor Lordp., — 
 
 In Obedience to yor Lordps Order of Reference 
 upon the annexed Memorial of Mr. Charles Tunnah 
 & Mr. William Dale for coyning in ten years a 
 thousand Tunns of half pence and farthings of an 
 artificial metal wch touched like ordinary gold, & for 
 cutting a pound weight Avordupois into 32 pence. 
 We humbly represent 
 
 That the selling blancht copper, or making it for 
 sale is forbidden by law upon pain of death, because 
 of its fitness to be used in counterfeiting the silver 
 moneys, & for the same reason it may be of dangerous 
 consequence to encourage the making of an artificial 
 metal which toucheth like gold, & is used in making 
 sword hilts & other wares in imitation of gold. The 
 half pence made of this metal, & melted down with 
 a little fine Gold, may make a composition very 
 dangerous for counterfeiting the Gold moneys. 
 
 That in the last coynage of copper moneys an 
 hundred Tunns per annum at the end of six years, 
 occasioned great complaints in Parliament, so as to 
 cause the coinage to be stopped for a year. And 
 after another hundred Tunns were coined, the nation 
 
 1 Treasury Papers, vol. clxxii. No. 25. In Newton's hand 
 throughout. 
 
Sir Isaac Newton s Mint Reports 187 
 
 was overstockt for four or five years. And therefore 
 six hundred Tun»s may be deemed sufficient for the 
 use of all England, wherof there seem to be about 
 500 Tunns already current. 
 
 That the secret of making this metall being known 
 only to the Petitioners, it has no known intrinsic 
 value or market price ; whereas half pence & farthings 
 (like other money) should be made of a metal whose 
 price among Merchants is known, & should be coyned 
 as neare as can be to that price, including the charge 
 of coynage. 
 
 And that the people are not nice & curious in 
 taking good copper money, but may be imposed 
 upon by money made of princes metal instead of the 
 metal here proposed, and that the cutting a pound 
 weight into 32 pence may be a great temptation to 
 counterfeit such money. 
 
 All wch reasons incline us to preferr a coynage of 
 good copper according to the intrinsic value of the 
 metall. But we most humbly submitt our opinion 
 to your Lordships great wisdom. 
 
 Cra[ven] Peyton. 
 Is. Newton. 
 
 Mint-Office, 23 Jan. 171%. 
 
1 88 Writers on English Monetary History 
 
 [Dorso.] The Humble Memorial of Charles 
 Tonnah, Gent, & William Dale, Citizen. 1 
 
 To The most Honble The Earl of Oxford, Lord High 
 Treasurer of Great Britain, The humble 
 Memorial of Charles Tunnah, Gent, & William 
 Dale, Citizen. 
 
 Sheweth, — 
 
 That they propose to Coin a fine Metal that 
 Toucheth like ordinary Gold into half Pence & 
 Farthings at Two Shillings & Eight Pence a Pound, 
 tho' it is now Sold at Ten Shillings a Pound, for 
 making Sword Hilts & other Uses. 
 
 That this Metal not being to be made for Twice 
 that Money, unless they can Vend great Quantitys 
 they Humbly Propose & Desire that they may have 
 a Grant for Ten Years to Coin any Weight not 
 exceeding a Thousand Ton (being One Hundred 
 Ton each Year). 
 
 That they humbly beg leave to assure your 
 Lordp this Metal cannot be Counterfeited no Person 
 but themselves having the Secret. 
 
 That they Propose every four half Pence shall 
 Weigh an Ounce Averdupois, which will bring the 
 half Pence to be by Weight Two Shillings & 
 Eight Pence a Pound as above mention'd. 
 
 That the Metal being Malleable & so capable 
 of Receiving any Impressions, they Humbly con- 
 ceive the Glorys of her Maties Reign may be Trans- 
 
 1 Treasury Papers, vol. clxii. No. 25a. 
 
Sir Isaac Newton's Mint Reports 189 
 
 mitted to late Posterity by Inscriptions & Devices 
 upon these half Pence. 
 
 All which is most humbly Submitted to your 
 Lordships Consideration. 
 15 Augst. 17 1 3. 
 
 TO THE OFFRS. OF THE MlNT. 
 
 [Dorso.] Sir Isaac Newton's State of the 
 Gold and Silver Coin. (25 Sept. 1717.) 
 [Minuted] " Read " — 1 
 
 To the Rt. Honble. the Lords Commrs. of his Mats 
 Treary. 
 
 May it please yor Lordps., — 
 
 In obedience to yor Lordps. Order of Reference 
 of Aug. 12 that I should lay before yor Lordps. 
 a state of the Gold & Silver Coyns of this King- 
 dom in weight & fineness, & the value of gold 
 in proportion to silver with my observations & 
 opinion, & what method may be best for prevent- 
 ing the melting down of the silver coyn, I humbly 
 represent that a pound weight Troy of Gold, eleven 
 ounces fine & one' ounce allay, is cut into 44^ 
 Guineas, & a pound weight of silver, 1 1 ounces, 
 2 pennyweight fine, & eighteen pennyweight allay 
 is cut into 62 shillings, & according to this rate, 
 a pound weight of fine gold is worth fifteen pounds 
 weight six ounces seventeen pennyweight & five 
 grains of fine silver, recconing a Guinea at i£, is. 6d. 
 in silver money. But silver in Bullion exportable 
 
 1 Vol. ccviii. 43. 
 
190 Writers on English Monetary History 
 
 is usually worth 2d. or 3d. per ounce more then 
 in coyn. And if at a medium such bullion of 
 Standard allay be valued at 5s. 4|d. per ounce, 
 a pound weight of fine Gold will be worth but 
 1 4 lbs. wt., 11 oz. 12 dwt. 9 grs. of fine silver in 
 bullion. And at this rate a guinea is worth but so 
 much silver as would make 20s. 8d. When ships 
 are lading for the East Indies, the demand of silver 
 for exportation raises the price to 5s. 6d. or 5s. 8d. 
 per ounce or above. But I consider not those 
 extraordinary cases. 
 
 A Spanish Pistole was coyned for 32 Reaus, or 
 four pieces of eight Reaus, usually called pieces 
 of eight, & is of equal allay & the sixteenth part 
 of the weight thereof. And a Doppio Moeda of 
 Portugal was coyned for ten Crusados of Silver, 
 & is of equal allay, & the sixteenth part of the 
 weight thereof. Gold is therefore in Spain & 
 Portugal of sixteen times more value then silver of 
 equal weight & allay, according to the standard 
 of those Kingdoms. At wch rate a Guinea is worth 
 22s. id. But this high price keeps their gold at 
 home in good plenty, & carries away the Spanish 
 Silver into all Europe, so that at home they make 
 their payments in Gold, & will not pay in Silver 
 without a premium. Upon the coming in of a 
 Plate fleet, the premium ceases or is but small : 
 but as their silver goes away & becomes scarce, the 
 premium increases, & is most commonly about six 
 per cent. Which being abated a Guinea becomes 
 worth about 20s. & gd. in Spain & Portugal. 
 
 In France a pound weight of fine gold is recconed 
 worth fifteen pounds weight of fine silver. In 
 
Sir Isaac Newton's Mint Reports 191 
 
 raising or falling their money, their kings' Edicts 
 have sometimes varied a little from this proportion 
 in excess or defect : but the variations have been so 
 little that I do not here consider them. By the 
 Edict of May 1709, a new Pistole was coyned for 
 four new Lewises, & is of equal allay & the fifteenth 
 part of the weight thereof, except the errors of their 
 Mints. And by the same Edict fine Gold is valued 
 at fifteen times its weight of fine silver. And at 
 this rate a Guinea is worth 20s. 8^. I consider 
 not here the confusion made in the monies in France 
 by Frequent Edicts to send them to the Mint, & 
 give the king a Tax out of them. I consider only 
 the value of Gold & Silver in proportion to one 
 another. 
 
 The Ducats of Holland & Hungary & the Empire 
 were lately current in Holland among the common 
 people in their markets & ordinary affairs at five 
 Guilders in specie, & five styvers, & commonly 
 changed for so much silver moneys in three Guilders, 
 and guilder pieces as guineas are with us for 2 1 s. 6d., 
 at which rate a guinea is worth 20s. y\d. 
 
 According to the rates of Gold to Silver in Italy, 
 Germany, Poland, Denmark, & Sweden, a Guinea is 
 worth about 20s. & 7d., 6d., 5d., or 46. For the 
 proportion varies a little within the several gover- 
 nments in those countries. In Sweden Gold is 
 lowest in proportion to silver, & this hath made 
 that kingdom, which formerly was content with 
 copper money, abound of late with silver sent thither 
 (I suspect) for naval stores. 
 
 In the end of King William's reign, & the first 
 year of the late Queen, when foreign coyns 
 
192 Writers on English Monetary History 
 
 abounded in England, I caused a great many of 
 them to be assayed in the Mint, & found by the 
 assays that fine Gold was to fine Silver in Spain, 
 Portugal, France, Holland, Italy, Germany, & the 
 northern kingdoms, in the proportions above men- 
 tioned, errors of the Mints excepted. 
 
 In China and Japan one pound weight of fine 
 gold is worth but nine or ten pounds weight of 
 fine silver, & in East India it may be worth twelve. 
 And this low price of gold in proportion to silver 
 carries away the silver from all Europe. 
 
 So then by the course of trade & exchange 
 between nation & nation in all Europe, fine gold is 
 to fine silver as 1 \% or 1 5 to one. And a Guinea at 
 the same rate is worth between 20s. 5d. & 20s. 8jd., 
 except in extraordinary cases, as when a Plate 
 Fleet is just arrived in Spain, or ships are lading 
 here for the East Indies, which cases I do not here 
 consider. And it appears by Experience as well as 
 by reason that silver flows from those places where 
 its value is lower in proportion to gold, as from 
 Spain to all Europe, & from all Europe to the East 
 Indies, China & Japan, & that Gold is most 
 plentifull in those places in which its value is 
 highest in proportion to Silver, as in Spain & 
 England. 
 
 It is the demand for exportation which hath 
 raised the price of exportable Silver about 2d. or 
 3d. in the ounce above that of Silver in coyn, and 
 have thereby created a temptation to export or melt 
 down the silver coyn rather then give 2d. or 3d. for 
 forreign silver. And the demand for exportation 
 arises from the higher price of silver in other 
 
Sir Isaac Newton's Mint Reports 193 
 
 places then in England in proportion to Gold, that 
 is, from the higher price of gold in England then in 
 other places in proportion to silver ; & therefore may 
 be diminished by lowering the value of gold in 
 proportion to Silver. If gold in England or Silver 
 in East India could be brought down so low as to 
 bear the same proportion to one another in both 
 places, there would be here no greater demand for 
 silver then for gold to be exported to India. And 
 if Gold were lowered only so as to have the same 
 proportion to the silver money in England, wch it 
 hath to silver in the rest of Europe, there would be 
 no temptation to export silver rather then gold to 
 any other part of Europe. And to compass this 
 last there seems nothing more requisite then to take 
 of about 1 od. or 1 2d. from the guinea, so that gold 
 may beare the same proportion to the silver money 
 in England, which it ought to do by the course of 
 Trade & Exchange in Europe. But if only 6d. 
 were taken off at present, it would deminish the 
 temptation to export or melt down the silver coyn, 
 & by the effects would shew hereafter better then 
 can appear at present, what further reduction would 
 be most convenient for the Publick. 
 
 In the last year of K. William, the Dollars of 
 Scotland, worth about four shillings & six pence 
 half penny, were put away in the north of England 
 for 5 s., and at this price begap to flow in upon us. 
 I gave notice thereof to the Lords Commrs. of the 
 Treasury, & they ordered the collector of Taxes to 
 forbear taking them, & thereby put a stop to the 
 mischief; 
 
 At the same time the Lewidors of France, which 
 13 
 
194 Writers on English Monetary History 
 
 were worth but seventeen shillings & three farthings 
 a piece, passed in England at 17s. 6d. I gave 
 notice thereof to the Lds. Commissioners of the 
 Treasury, and his late Maty, put out a Proclamation 
 that they should go but at 17s., & thereupon they 
 came to the Mint, and fourteen hundred thousand 
 pounds were coyned out of them. And if the 
 advantage of five pence farthing in a Lewidor 
 sufficed at that time to bring into England so great 
 a quantity of French money, & the advantage of 
 three farthings in a Lewidor to bring it to the Mint, 
 the advantage of 9M. in a Guinea or above may 
 have been sufficient to bring in the great quantity 
 of gold which hath been coined in these last fifteen 
 years without any forreign silver. 
 
 Some years ago the Portugal Moedors were 
 received in the West of England at 28 s. a piece. 
 Upon notice from the Mint that they were worth 
 only about 27s. 7d., the Lords Commissioners of the 
 Treasury ordered their Receivers of Taxes to take 
 them at no more than 27s. 6d. Afterwards many 
 gentlemen in the west sent up to the Treasury a 
 Petition that the Receivers might take them again 
 at 28s., and promised to take them again at the 
 same rate [erased], to get returns for this money at 
 that rate, alledging that when they went at 28s. 
 their country was full of gold, which they wanted 
 very much. But the Commissioners of the Treasury, 
 considering that at 28s. the nation would lose five 
 pence a piece, rejected the Petition. And if an 
 advantage to the Merchant of 5d. in 28s. did pour 
 that money in upon us, much more hath an advan- 
 tage; to the merchant of a|d. in a Guinea or above, 
 
Sir Isaac Newton s Mint Reports 195 
 
 been able to bring into the Mint great quantities ol 
 gold without any forreign silver, & may be able to 
 do it still, till the cause be removed. 
 
 If things be let alone till silver money be a little 
 scarcer, the Gold will fall of itself. For people are 
 already backward to give Silver for Gold, and will 
 in a little time refuse to make payments in Silver 
 without a premium, as they do in Spain, & this 
 premium will be an abatement in the value of the 
 gold. And so the question is whether Gold shall be 
 lowered by the government, or let alone till it falls 
 of itself by the want of silver money. 
 
 It may be said that there are great quantities of 
 silver in Plate, & if the Plate were coyned there 
 would be no want of Silver money. But I reccon 
 that silver is safer from exportation in the form of 
 plate then in the form of money, because of the 
 greater value of the Silver & fashion together. And 
 therefore I am not for coyning the Plate till the 
 temptation to export the silver money (wch has a 
 profit of 2d. or 3d. an ounce) be diminished. For 
 as often as men are necessitated to send , away 
 money for answering debts abroad, there will be a 
 temptation to send away Silver rather then Gold, 
 because of the profit which is almost 4 per cent. 
 And for the same reason forreigners will chuse to 
 send hither their gold rather then their Silver. 
 
 All which is most humbly submitted to yor 
 Lordps. great wisdome. 
 
 Isaac Newton. 
 JYLint Office, 21. StpL 1717. 
 
196 Writers on English Monetary History 
 
 [Dorso.] Sir Isaac Newton. (Read, 1 2th April 
 1720.) 1 
 
 To the Rt. Honble, the Lords Commrs. of His Maj ties 
 Treasury. 
 
 May it please yor Lordps, — 
 
 In obedience to yor Lordps Order of Reference 
 signified to me by Mr. Tilsons letter of the 5 th 
 instant, that I should report the value of Imperial 
 Dollars both intrincecally & by the way of Exchange 
 with Sweden : I humbly represent that the specie 
 Rix dollars are coined of several values by several 
 Princes of the Empire from 4s. 4d. to 4s. 8d. But 
 in books of Exchange the Rix dollar is valued at 
 48 Schellings Lubs of Hamburgh, at 48 styvers of 
 Antwerp, at 50 Styvers of Amsterdam, & at 4s. 66. 
 English. There is also a Common Dollar of the 
 Empire in respect of which the Guide or Guilder is 
 usually marked f to signify that is two-thirds of this 
 Dollar. The Guide is 24 Marien grosch, the Com- 
 mon Dollar 36 Marien Grosh, & the Rix Dolar two 
 Gulden, so that the common Dollar is three quarters 
 of the Rix Dollar. The difficulty is to know whether 
 by the Imperial Dollar be meant the Common Dollar 
 of the Empire or the Rix Dollar. 
 
 If any payments have been made to Sweden since 
 the Treaty of ^ January 1700, the Precedent is to 
 be followed as the best interpreter of the Treaty. If 
 
 1 Treasury Papers, vol. ccxvii. No. 31. In Newton's hand 
 throughout. 
 
Sir Isaac Newton's Mint Reports 197 
 
 none; I am told that the Imperial Dollar is some- 
 times taken for the common Dollar but more usually 
 for the Rix Dollar, & that the word Reichs or Rycks 
 Thalere signifies Imperial Dollar. But I am not 
 skilled in the German language. 
 
 In the weekly Tables of Exchange with London, 
 the number set over against Hamburgh signifies the 
 number of Bank Schelling and Deniers to be paid 
 or received at Hamburgh for one pound sterling 
 at London, & 3^ Schellings are at a par with one 
 pound sterling. How the exchange is between 
 London & Stockholm I do not find in the Tables. 
 But by the Treaty the money is to be paid at 
 London to the Order of the Crown of Sweden. He 
 is to receive at London 288,000 Imperial Dollars, 
 & if these be Rix Dollars they amount unto 64,800 
 pounds sterling. 
 
 All wch is most humbly submitted to yor Lordps 
 great wisdome. 
 
 Is. Newton. 
 
 Mint-Office, 12 Apr. 1720. 
 
 [Newton's report is followed by an extract' in 
 Latin and French from the treaty of peace between 
 Great Britain and Sweden, ^th January 1 700, con- 
 taining the subsidy clause referred to in this report.] 
 
1 98 Writers on English Monetary History 
 
 [Dorso.] Mem. Report, Sr. Isaac Newton about 
 Tryall of the Copper Coynage, Ireland. 1 
 
 To the Rt. Honble. the Lords Commrs. of his Majties 
 Treasury. 
 
 May it please yor Lordps., — 
 
 In obedience to yor Lordps. Order signified to me 
 by Mr. Scope in his letter of 10 Apr. instant, con- 
 cerning the trial of the Pix of copper moneys coyned 
 by Mr. Wood at Bristoll, I humbly represent that the 
 moneys there reserved for a trial are kept lockt up in 
 a box or Pix under the keys of Mr. Wood & the 
 comptroller of that coynage, or of their deputies. 
 And that in my most humble opinion the trial thereof 
 may be more authentick & satisfactory & something 
 cheaper if the Box before opening be brought up to 
 London & the moneys be tried in his Majties Mint 
 in the Tower by his Majties Assaymaster before such 
 person or persons as your Lord or his Majty in Council 
 shall appoint to see the Trial performed & report the 
 event to your Lordp., & before the officers of the said 
 Mints & before the parties concerned, viz. Mr. Wood 
 & the Comptroller of that coynage who are both in 
 town, & their Deputies, & one or two Gentlemen of 
 Ireland whom your Lordships may give leave to be 
 present if desired. And at the same time any other 
 parcel or parcels of Copper moneys old or new may 
 be tried there before the persons above mentioned & 
 the weight & Value ascertained & compared with the 
 
 1 Treasury Papers, vol. ccxlvii. No. 39. In Newton's hand. 
 
Sir Isaac Newton's Mint Reports 1 99 
 
 Value of the copper moneys now coyned at Bristoll 
 & the Trial reported to your Lordps. 
 
 But if your Lordps. had rather that the copper Pix 
 be tried at Bristoll I will look out for a man to do it 
 & treat with him and see him instructed & furnished 
 with necessaries with all convenient speed. 
 
 All which is most humbly submitted to your 
 Lordship's great wisdome. 
 
 Isaac Newton. 
 
 Mint-Office, Apr. 13, 1724. 
 
 [Dorso.] Mr. Fauquiere's Report of the Bal- 
 
 LANCE ON THE COPPER COYNAGE ACCOUNT. 
 (2 8th July, I725.) 1 
 
 Mint Report. 
 
 To the Right Honourable the Lords Commissioners of 
 his Majesty's Treasury. 
 
 May it plaes your Lordships, — 
 
 In obedience to your Lordships' order Signified to 
 me by Mr. Scrope the 20th instant to inform your 
 Lordships what sum is remaining in Sir Isaac New- 
 ton's hands to ballance his Account of the copper 
 coynage, and by what means the said ballance hath 
 arisen, I do hereunto annex a Coppy of that account 
 by which it appeareth the Ballance now remaining to 
 be £1712, 10s. 3d. 
 
 His Majesties' Sign manual that has directed that 
 coynage has settled the price of the copper fillets or 
 
 1 Treasury Papers, vol. ccliii. No. 28. 
 
200 Writers on English Monetary History 
 
 blanks ready to be stamped at Eighteen pence per 
 pound; hath likewise ordered that it should be 
 coyned, as near as it might be, at twenty-three pence 
 per pound, and has allowed three pence half penny per 
 pound for all the charges of receiving, coyning, and 
 disposing of the Monies coyned, the Incidents that 
 attend that coynage being to be defrayed out of the 
 three half pence remaining, which is the Ballance 
 that is now resting in his hands, the incidents 
 proving very small. 
 
 The said Sign manual has ordered that Sir Isaac 
 Newton should account before the Auditors of the 
 Imprest in the same manner as he accompts for the 
 Gold and Silver coyned, and as he is now ready to 
 pass that account for seven years past, he humbly 
 craves that he may have an allowance of one hundred 
 pounds for declaring and passing said accompt 
 through the several offices of the Exchequer, ex- 
 clusive of the Auditor's fees, which may be Twenty 
 pounds more. 
 
 All which is most humbly submitted to your 
 Lordships. 
 
 F. F. FAUQUIERE. 
 
 Mint-Office, 2% July 172$. 
 
Sir Isaac Newton s Mint Reports 201 
 
 (Enclosed in preceding, ) 
 
 THE ACCOMPT OF SIR ISAAC NEWTON KN T MASTER 
 AND WORKER OF HIS MAYT S -MINT WITHIN THE 
 TOWER OF LONDON, CONTAINING THE PRO- 
 DUCE OF SEVERAL QUANTITIES OF COPPER 
 (WCH PURSUANT TO THE DIRECTIONS OF HIS 
 MAY E s ROYALL SIGNE MANUAL BEARING DATE 
 THE i 3 TH DAY OF SEPTEMBER 1717) HAVE BEEN 
 COINED INTO HALF PENCE & FARTHINGS BE- 
 TWEEN THE 15 DAY OF JANUARY 1717 [= 1717-8] 
 AND THE 14 DAY OF JANUARY 1724 [= 1724-5]. 
 
 The Accomptant charges himself wth the sum of £ s. d. 
 
 five hundred pounds by him received by way of 
 imprest out of his Majes Exchequer in August 
 17 1 7, to sett on foot the said Copper coinage . 500 o o 
 
 More, wth the produce of 139 Tons 17 cwt. 1 qr. 
 12 lb. of Copper coined into halfpence & farthings 
 which pursuant to the Directions of the above- 
 said Warrant have produced by computation 
 (particularly sett down in the Roll sworn to by 
 Richard Walker gentleman appointed comp- 
 troller to the said coynage) The sum of . . 30,288 17 2 
 
 Total Charge . . £30,788 17 2 
 
 Discharge. 
 
 The Accomptant craves in this accompt an allow- £ ». d. 
 
 ance for the £500 received out of the Exchequer 
 to sett up copper coinage by reason he has already 
 accounted for the same in his yearly accompt of 
 the Mint ending at Christmas 1717, the said sum 
 being by mistake charged in the Imprest Roll of 
 the year 500 o o 
 
 Monies by him paid at several times, and in several 
 payments to Mr. Henry Hines & Mr. John Apple- 
 bee Junior for the blanks of the abovesaid 139 Tons 
 1 7 cwt. iqr. 1 2 lb. of copper money coyned amount- 
 ing at the rate of eighteen pence per pound to the 
 sum of 23,497 16 o 
 
 Forward . £23,997 l6 ° 
 
202 Writers on English Monetary History 
 
 £ s. d. 
 Brought forward . 23,997 J 6 ° 
 Allowances for the coynage of the said copper 
 monies at the rate of three pence half penny per 
 pound pursuant to the directions of the abovesaid 
 sign manual ........ 4>56g o 4 
 
 Monies by him paid to Mr. Richard Walker being 
 the Clerk appointed of this copper coynage by the 
 Right Honourable the Lords Commissioners of 
 his Majesties Treasury's Constitution dated 22nd 
 Octbr 1717 at 20s. pr ton ..... 139 17 4 
 
 Monies by him paid & disbursed for incident 
 charges in setting up this copper coynage, as 
 appears by Bills examined and allowed by the 
 comptroller appointed to examine the same, viz. 
 Paid for fees of several Warrants, £ s. d. 
 and signs manual relating to the 
 said Coynage as by particulars . 14 16 6 
 Paid John Snart for brass weights 446 
 
 Paid Charles Rawson stationer for 
 
 books . . . . . . 1 13 o 
 
 Paid Richard Driver for Carpenters 
 
 work 42 17 o 
 
 Paid Francis for several petty 
 
 charges . . . . . 8 17 6 
 Paid the Moneyers for several tools 
 
 as by Bill 232 5 6 
 
 Paid James Head for Coopers Work 7 17 o 
 Paid Benj Glanfield for Mill Wrights 
 
 work . . . . . . 26 o -o 
 
 Paid John Ryalles for Masons work 1 18 o 
 Paid Thos Churchill for Bricklayers 
 
 work . . . . . . o 16 o 
 
 Paid Richard Driver for Carpenters 
 work . . . . . . 850 
 
 Paid John Applebee for Copper 
 used about a Bevvill made up to 
 cleanse the Copper money . . 12 19 6 
 Paid ditto for two copper cillinders 7 3 9 
 
 369 '3 3 
 
 £29,076 6 11 
 Ballance . . 1,712 10 3 
 
 £30,788 17 2 
 
Sir Isaac Newton s Mint Reports 203 
 
 [Indorsement.} Mint Report on Portugese 
 Coins. (10 Nov. 172s.) 1 
 
 To the right honble. the Lords Commisioners of Her 
 Majesty's Treasury. 
 
 May it please your Lordships, — 
 
 In obedience to your Lordships order of reference 
 of the 2 3 of September last, in which your Lordships 
 are pleased to direct us to cause the weight and assay 
 to be taken of 5 sorts of Portugal gold moneys men- 
 tioned in your order, and to report the same to you 
 with our opinion at what value they may reasonably 
 go in Ireland in case his Majestie by his proclama- 
 tion shall think fit to make them current in that 
 kingdom : we have caused 5 pieces of those 5 sorts 
 one of each sort fresh out of the Portugal mint to be 
 weighed and assayed by our assaymaster and valued, 
 and they proved as follows : 
 
 Pieces. 
 
 Weights. 
 
 Assay. 
 
 Value in England. 
 
 i 
 
 Oz. Dwt. Gr. 
 013- 
 
 sta weak 
 
 £ s. d. 
 044 
 
 2 
 
 028 + 
 
 sta strong 
 
 9 1 
 
 3 
 
 4 15- 
 
 sta weak 
 
 18 
 
 4 
 
 °9 5 + 
 
 sta strong 
 
 1 15 10 
 
 5 
 
 18 9 + 
 
 standard 
 
 3 » 6J 
 
 1 Treasury Papers, vol. ccliii. No. 48. 
 
204 Writers on English Monetary History 
 
 By these assays taken one with another the money 
 is standard and by the weights of the 5 pieces the 
 species increase in weight and value from the least 
 to the greatest in the proportion of two to one, the 
 second being double to the first, the third to the 
 second, the fourth to the third and the fifth to the 
 fourth. Whence the value of the highest species 
 gives the values of the other four. 
 
 The biggest piece being standard and weighing 
 l8dwt. 9 gr., is worth .£3, us. 6|d., supposing a 
 guinea to be worth 21 shillings, and this may be 
 reckoned the value of the pieces of the biggest 
 species one with another when they come fresh out 
 of the Portugal mint. 
 
 But the merchants will be apt to cull out the 
 lightest species for Ireland and to send the heaviest 
 to the melting pot ; and the pieces will quickly grow 
 lighter by wearing in Portugal before they come into 
 Ireland and the smallest pieces will wear fastest in 
 proportion to their weight and value and if they are 
 to be made current by proclamation some abatement 
 of the value must be made for this lightness. Sup- 
 pose by putting the pieces of the biggest species 
 singly equal in value to 3 guineas and a third part 
 of a guinea, or 3 of them equal in value to 1 o guineas, 
 3 of the next sort to 5 guineas, 3 of the middle sort 
 to 2 1 guineas and the rest in proportion. 
 
 All which is humbly submitted to your Lops, 
 great wisdom. 
 
 W. Cary. 
 Is. Newton. 
 
 Mint-Office, Nov. io, 1725. 
 
Section V. 
 
 John Conduitt. 
 
 1730. 
 
The relationship between John Conduitt, the author of 
 the. following tract, and Sir Isaac Newton has been ex- 
 plained above (p. 150). He was the mathematician's 
 step-nephew by marriage. Until the days of Jevons, who 
 first drew marked attention to the following tract, his name 
 would appear to have survived simply as an appendage to 
 that of Newton's. But this is decidedly unfair. Before he 
 became connected with Newton by marriage, Conduitt had 
 attained to some position. He was born in 1688, educated 
 at Trinity, Cambridge, and afterwards served as Judge- 
 Advocate to the British forces in Portugal, and as a 
 member of Parliament for Whitchurch in Hampshire. 
 Then in 1717 he married the " gay and witty " Catherine 
 Barton, Newton's step-niece, whose name is linked with 
 that of Montagu, Earl of Halifax, in so curious and dis- 
 putable a way. The connection thus formed with the 
 Newton family has preserved for us many memorials of the 
 mathematician which might otherwise have been lost, for 
 Conduitt displayed the most loving zeal in collecting in- 
 formation and preserving records of his great relative. 
 That the connection had an intellectual effect on Conduitt 
 is not to be doubted. In his administration of the mint, 
 in which he succeeded Newton, he continued the latter's 
 tradition and method. His reports, unpublished like 
 those of Newton hitherto, to the Lords of the Treasury 
 are exactly in Newton's style — terse, concise, and logical, 
 and his conclusions are always in the style of his prede- 
 cessor. But that Conduitt's individuality should be sunk 
 in that of his greater relative is unjust, as the matter and 
 method of his only surviving treatise shows. Jevons com- 
 mended it as "luminous, sound, and masterly,'' and it will 
 be at once apparent from the treatise itself how keen and 
 
208 Writers on English Monetary History 
 
 true was his insight into the currency needs and currency 
 history of his country. 
 
 His tract may indeed be regarded as the expression of 
 his own and Newton's united opinions as practical men, 
 men judging the currency crux of their times by the only 
 possible method — figures and assay — as against mere 
 generalisation or doctrinairism, such as was evinced by 
 Locke. 
 
 Conduitt died in 1737, and was buried in Westminster 
 Abbey, on the right hand side of Sir Isaac Newton. 
 
 His tract, though composed in 1730 and bearing on that 
 period, was only published in 1774, and then from a MS. 
 copy formerly in the possession of Swift. How the MS. 
 came into Swift's possession has not been explained. 
 
Observations 
 
 UPON THE 
 
 Present State of our 
 Gold and Silver Coins, 1730. 
 
 By the late John Conduitt, Esq. ; 
 
 Member for Southampton, and Master of 
 
 His Majesty's Mint. 
 
 From an Original Manuscript, 
 
 Formerly in the Possession of the late 
 
 Dr. Jonathan Swift. 
 
 L N DO N, 
 
 Printed for T. Becket^ Corner of the 
 Adelphi, in the Strand, mdcclxxiv. 
 
 14 
 
Observations upon the Present State of 
 our Gold and Silver Coins. 
 
 When we cannot pay in goods, what we owe 
 abroad, on account of the balance of trade, or for 
 the sale or interest of stocks belonging to foreigners, 
 or for foreign national services, our debts must be 
 paid in gold or silver, coined or uncoined ; and when 
 bullion is more scarce or more dear than English 
 coin, English coin will be exported, either melted or 
 in specie, in spite of any laws to the contrary. All 
 that can be done in such cases is, to take care from 
 time to time, that a pound weight of fine silver be 
 worth as much fine gold in our monies, as it is in 
 the good coins of the neighbouring nations, with 
 whom we have the greatest dealings, that it may 
 turn equally to the merchant's account to pay any 
 balance he owes abroad, or to have any balance that 
 is due to him, sent hither, either in gold or silver; 
 for if gold be valued here higher than in other parts, 
 and silver lower, any debts due to us from abroad, 
 will be paid only in gold, and. any debts we owe 
 abroad, will be paid only in silver ; and over and 
 above the balance to be paid or received, it will be a 
 profitable trade to import gold, which is over valued, 
 and export silver, which is under valued. The value 
 of gold and silver in respect of each other, has con- 
 stantly varied in all nations, and must vary accord- 
 ing to the plenty or scarcity of either. In Europe^ 
 for many years, 12 pounds weight of fine silver 
 
212 Writers on English Monetary History 
 
 were equal to one pound weight of fine gold. By 
 the discovery of the silver mines in America, silver fell 
 gradually, from the proportion of 1 2 to 1 , to 1 6 to 1 . 
 In England, by the high price of guineas, it has 
 been at all rates, from 12 to above 21 to 1. By 
 the discovery of the new gold mines in Brasil, and 
 an increase of the demand for silver, gold has for 
 some years been falling, and silver rising all over 
 Europe. If the importation of gold should still 
 increase, and that of silver decrease, or a greater 
 demand arise for it, a pound of gold may again be 
 worth no more than 1.2 pounds of silver, as it was 
 formerly in Europe, or than 9, as it is now in China ; 
 and whatever nation will not alter the proportion 
 between gold and silver, according to the general 
 want or abundance of either, only exposes itself to 
 be the dupe of those who do, and to be bought and 
 sold with its own money. In England, reckoning 
 the guinea at 1 1. 1 s., 1 5 lb. 2 oz. 1 o dwt. 7 grs. of 
 fine silver are equal to one pound weight of fine 
 gold. In Portugal, a mark of gold of 22 carrats 
 fine, and two carrats allay, is coined into 102,400 
 rees, and a mark of silver 1 1 ounces fine, and one 
 ounce allay, into 6,400 rees ; so that at the mint 
 price, one pound weight of fine gold is equal to 1 6 
 pounds of fine silver ; by reason of which high 
 valuation of gold, and low valuation of silver, there 
 has been no silver coined or current there for 
 several years last past, though but twenty years ago 
 it was in greater plenty than gold. To supply the 
 want of it, they coin pieces of gold of several de- 
 nominations, from pieces of five moedas, as low as 
 the tenth of a moeda, and a great quantity of copper 
 
John Conduitt 213 
 
 money ; but notwithstanding these helps, they are 
 obliged to open books of debtor and creditor for 
 small sums, and the retailers often refuse to sell 
 their goods, unless the buyers bring change with 
 them : which are difficulties, that would be insup- 
 portable in a nation that subsists by trade, carried 
 on chiefly by multitudes of labourers and manu- 
 facturers. Though a mark of silver at Lisbon 
 produces at the mint only 6,400 rees, yet without 
 considering the high price it bears, when the 
 Portugueze East-India ships are going out, it is not 
 to be bought at a medium, one time with another, 
 under 7,200 rees, which reduces the real proportion 
 between silver and gold in Portugal as 1 4 lb. 2 oz. 
 1 3 dwt. 8 grs. of fine silver, is to one pound weight 
 of fine gold, at which rate a guinea is worth 
 19s. 7d.|. In Spain, till lately, one pound weight of 
 fine gold was equal to 16 lb. of fine silver at the 
 mint ; but weighty silver had always a premium 
 upon it, sometimes as high as 1 5 per cent. Two 
 years ago, pistoles, that used to go for 32 ryals, 
 were made current for 36; and weighty dollars, 
 which used to go for 8 ryals, were raised to 9J, to 
 put them upon a par with the base silver money 
 current in Spain : which is an augmentation of 1 2^ 
 per cent, on gold, and 1 8f on silver, and reduces the 
 proportion between silver and gold, at the mint in 
 Spain, as 15 lb. 17 dwt. 2 1 grs. to one pound 
 weight, at which rate a guinea is worth 20s. lid. 
 But besides the additional augmentation of 6\ per 
 cent, more on silver than on gold, there is still a 
 further premium upon weighty silver ; and notwith- 
 standing both the augmentation and the premium, 
 
2 1 4 Writers on English Monetary History 
 
 silver only continues to be exported, and only gold 
 and base silver is left in Spain. As Spain is the 
 country in Europe to which the greatest quantities 
 of silver must be brought, and it cannot be trans- 
 ported elsewhere without new charge and risque, it 
 must be cheapest there, and consequently, ought to 
 have a higher value set upon it in other countries 
 than it has in Spain. In France, when Sir Isaac 
 Newton made his table of assays on foreign coins, 
 silver was to gold as 15 to 1; but at present 88 
 French ounces of fine gold, and 8 ounces of allay, 
 are coined into 360 louis-d'ors, which at 24 livres 
 each, make 8640 livres; and 88 ounces of fine silver 
 and 8 ounces of allay, are coined into gg crowns 
 and three-fifths of a crown, which at 6 livres each, _ 
 make 597 livres and 12 sols. So that silver to 
 gold in France is as 14 lb. 5 oz. 9 dwt. 2 1 grs. to 
 1 lb, at which rate a guinea is worth 19s. iid.£. 
 In Holland, five silver ducatons are generally equal 
 to three gold ducats. The ducatons weigh generally 
 one ounce and twenty-one grains. I have made 
 several assays of the year 1727, and find, they are 
 only 1 1 oz. 4 dwt.|- fine ; whereas they were formerly, 
 like the ducatons of Flanders, 11 oz. 7 dwt. fine, 
 and they go still in payment for as much as the 
 Flanders ducatons. The gold ducats weigh gener- 
 ally 2 dwt. and 6 grs. ; and according to several 
 assays I have made of some of the year 1727, they are 
 23 carrats 2\ grains fine ; at which rate, silver to gold 
 is as 14 lb. 8 oz. 16 dwt. 14 grs. to 1 lb., and a 
 guinea is worth 1 1. os. 4d. Sir Isaac Newton, in his 
 table of assays, makes the ducat only 2 3 carrats and 
 two grains fine, and the ducatons 1 1 oz. 5 dwt. fine, 
 
John Conduitt 215 
 
 at which rate silver to gold is in Holland as 1 4 lb. 
 1 o oz. 6 dwt. 1 3 grs. to 1 lb., and a guinea is worth 
 20s. 6d. As the several provinces differ somewhat 
 in the fineness of their ducats and ducatons, I shall 
 take the medium of these two computations, which 
 is 1 4 lb. 9 oz. 11 dwt. 1 3 grs. to 1 lb., at which rate 
 a guinea is worth 20s. 5d. These are the nations 
 with whom we have the greatest dealings. I have 
 not yet been able to inform myself thoroughly of the 
 proportion between gold and silver in the Variety 
 of coins in Germany and Italy ; but according to 
 Sir Isaac Newton's table of assays, silver is higher 
 in proportion to gold in these countries than in 
 Holland. It appears from hence that gold is at 
 present much higher, and silver lower in England, 
 than it is even in Spain, in any other part of Europe, 
 or in any mint, except that of Lisbon. According 
 to the foregoing computations, the number of grains 
 of fine gold contained in one pound sterling, or in 
 f }• of a guinea, will produce in France only 23 livres 
 and 9 sols., and in Holland only 35 schellings and 
 7 grosche in ducats or ducatons : Whereas the 
 number of grains of fine silver contained in 20 
 shillings will produce in France 24 livres 14 sols., 
 and in Holland in ducats or ducatons 36 schellings 
 and 7 grosche : so that, it is a profit of above 5 per 
 cent, to import gold from France, and of near 3 per 
 cent, to import gold from Holland, and export our 
 weighty silver coin in lieu of it, and a greater advan- 
 tage in proportion to bring gold hither, rather than 
 silver, to buy goods or pay debts. Anyone who 
 considers how often this exchange of silver for gold 
 may be made in a year, will easily account for the 
 
216 Writers on English Monetary History 
 
 small quantities of silver current now, in proportion 
 to what they were formerly, and see that nothing 
 could prevent a total exportation of our silver coin 
 but the lightness of the greater part of what is re- 
 maining ; there is still a considerable profit to be 
 made, by culling out the weightiest pieces, and pick- 
 ing up those that are new coined. Whoever melts 
 down any new silver coin, and carries it to market 
 where standard silver in bars now sells for 5 s. 6d. 
 per ounce, will make a profit of 6 1. 8s. on each 100 1. 
 sterling, and proportionally for any greater or lesser 
 part. As great quantities of our gold coins are 
 likewise considerably too light, foreigners who take 
 our guineas in quantities only by weight, may melt 
 down the heavy ones, and have 2 1 s. here in silver 
 for the lightest, which will make it turn in some 
 measure to account to exchange them for light 
 silver ; but even allowing that it is not worth while to 
 export any silver that is not weighty, it is but an 
 uncomfortable reflection that we shall have no silver 
 coin left among us but what is light, and that every 
 ounce of new silver (which at a medium is a loss of 
 2d.| an ounce to those who are obliged to coin it) will 
 very probably be either exported or melted down the 
 moment it becomes current, without which it is use- 
 less. Since December 1 70 1 , when the great re-coinage 
 was entirely ended, the only quantities of silver sent 
 to the mint were what was taken at Vigo, or bought 
 by the publick in the year 1709 at 2d.| per ounce 
 loss, and in 1 7 1 1 at 46. per ounce loss, or sent by 
 the South-Sea Company in 1723, when the two 
 millions were remitted, or annually by the Welsh 
 Copper Company, and Company for smelting lead 
 
John Conduitt 217 
 
 with pit-coal, pursuant to an act of parliament : So 
 that in 26 years, no silver has been imported to the 
 mint but what was forced thither, though above 1 1 
 millions of pounds sterling have been coined there 
 in gold within the same time. This total cessation 
 of any free coinage of silver for so many years, has 
 not been owing to any want of silver in the" nation : 
 for it appears by the custom-house books, that 
 within that time, many millions of pounds weight of 
 silver in bullion and foreign coin have been exported ; 
 and by the entries at Goldsmiths Hall, that immense 
 quantities have been wrought into plate. If gold 
 and silver had been these last 26 years of the same 
 value in proportion to each other here as in other 
 countries, it is very probable that a great deal of 
 that part of the 1 1 millions of gold, as was a 
 balance of trade in our favour, would have come to 
 the mint in silver, as it used to do formerly. In 
 the 26 years next after the Restoration, near four 
 millions sterling were coined in silver, though the 
 guinea was then valued as high or higher than it is 
 now. 
 
 To bring the silver and gold to the same propor- 
 tion here as they bear to each other in the neighbour- 
 ing nations, either the value of the guineas must be 
 lowered in respect of the silver, or the value of the 
 silver raised in respect of the gold. The reasons 
 given for lowering the gold are, that gold is only to 
 be looked upon as a commodity, and so should rise 
 or fall as occasion requires ; that it either is not, or 
 ought not to be a legal tender at any certain rate, 
 but go only according to its intrinsic value ; and 
 
2 1 8 Writers on English Monetary History 
 
 therefore no person will have any reason to com- 
 plain of any necessary reduction ; that if the guinea 
 be 6d. too high, the landlord, who receives his rents 
 in gold, receives 6d. less in a guinea from his tenant 
 than he ought to have, and is defrauded so much ; 
 and that if you lower the gold, that will sink the 
 price of the silver, and bring it equally with gold to 
 the mint, and that the exchange will alter to your 
 advantage in the proportion you lower the gold. 
 The objections made to the lowering the gold are, the 
 immediate loss that will accrue upon all the cash in 
 the Exchequer and publick offices, and in the Bank, 
 and in the hands of bankers and private persons, and 
 in the payments to be made to foreigners, at least 
 for debts now due to them ; for though when you 
 buy anything of foreigners they will take your gold 
 and silver only according to the intrinsic value, they 
 must receive their debts according to the denomination 
 you put upon them. Thus, all those who lent money 
 in Spain upon the flota and galleons, when pistoles 
 went at 32 ryals, and dollars at 8, were by the 
 intermediate augmentation of the money obliged 
 to receive it back again in pistoles at 36 ryals, and 
 dollars at g\ ; and e contra, if a foreigner orders his 
 correspondent here to sell for him iool. South-Sea 
 stock, and to remit him the produce of it, which we 
 will suppose to be 105 1. if guineas go here at 21s., 
 the foreigner is paid with 1 00 guineas ; but if they 
 are reduced to 20s. 6d. his correspondent must remit 
 him 102 guineas and nine shillings for what he 
 bought perhaps with guineas at 1 1. is. 6d. The 
 objections to the raising the silver are, that where 
 leases have been made or goods sold, or money lent 
 
John Conduitt 219 
 
 for a certain number of pounds sterling, upon a pre- 
 sumption that a pound weight of standard silver 
 should be paid for 3 1. 2s., if you cut it into 3 1. 4s. 
 the lessor and vendor are defrauded of the additional 
 2s. That an ounce of fine silver is, "and always has 
 been, and ought to be the standing and invariable 
 measure between nation and nation ; and that if you 
 once alter the silver, which is your bushel, no nation 
 will know how to deal with you hereafter, and that 
 the exchange will alter to your disadvantage in pro- 
 portion to the extrinsic augmentation of your silver. 
 In answer to these objections it may be said, that it 
 is worth considering, whether the person who pays 
 ought not to be regarded as well as he who receives ; 
 and whether it would not be as hard to hurt the first 
 by lowering the guinea, as the other by raising the 
 silver. That nine parts in ten, or more, of all pay- 
 ments in England, are now made in gold, and if so, 
 they will be very little affected by any alteration in 
 the silver. But supposing, for argument sake, that 
 all payments in England are paid in silver, the 
 receiver, in that case, loses more at present than he 
 would do if a pound weight of standard silver was 
 cut into 3 1. 4s., for the species of silver in which 
 payments are chiefly made, are now, by wearing, 
 considerably lighter than new coin made after that 
 rate would be. I received from the bank a 1 o 1. bag 
 of sixpences, another of shillings, another of half- 
 crowns, and another of crowns : and weighed at the 
 mint three single pound-weights out of each bag, and 
 found, that at a medium, 3 1. 1 os. in sixpences made 
 but a pound weight, 3 1. 6s. in shillings, 3 1. 4s. 2d. 
 in half-crowns, and 3 1. 3s. iod. in crowns. The 
 
220 Writers on English Monetary History 
 
 greatest part of silver now remaining in the nation, 
 and most likely to remain, is in sixpences and shillings, 
 and a pound weight of standard silver coined into 
 3 1. 8. would be equal to them : but allowing there 
 is an equal quantity remaining of each species, a 
 pound weight of silver coined into 3 1. 6s. would be 
 of equal intrinsic value with the present silver. The 
 6d. was taken off from the guinea, by a proclamation, 
 bearing date the 22d of December, 1717. The 
 exchange was, according to Castaigne's papers — 
 
 Ansterdam 
 
 20 Dec. 
 
 24 Dec. 
 
 27 Dec. 
 
 31 Dec. 
 
 34 2 "3 
 
 34 7 a6 
 
 34 6 a s 
 
 34 4»3 
 
 Paris . 
 
 47 \ a l 
 
 47 
 
 47 ° a i 
 
 47 §«£ 
 
 Cadiz . 
 
 54 
 
 5 2 »5 I i 
 
 5 1 i"i 
 
 5 1 i«5 2 
 
 Lisbon 
 
 57 
 
 55f 
 
 5SS 
 
 55 1 
 
 By this account it appears, that though the several 
 exchanges altered in our favour the 24th of December, 
 which was the next post after the reduction of the 
 6d., yet almost all of them returned to the same 
 course again in two more, except that of Lisbon, in 
 which 5s. 7d. is so much beyond the usual course, 
 that it would have been no wonder if it had not kept 
 long there, though no reduction had been made in 
 the guinea. According to the best information I 
 have been able to get, out of the books of those who 
 buy and sell silver, the price of silver of the old 
 standard was, at a medium, in 171 3, at 5s. 3d. the 
 ounce; in 17 14, at 5s. 4d. ; in 1715 and 1716, to 
 
John Conduitt 221 
 
 February , 1 7 1 6-1 7, 5 s. 3d.; from the first of February, 
 1716-17, to July, 1717, 5s. 3d. |; from July to 
 August, 1 7 1 7, 5s. 4d. ; from August, 1717, to March, 
 1717—18, (during which time the 6d. was taken off 
 the guinea) $s. Sd. ; and from March to April, 171 8, 
 5 s. 6d. By this account, silver was cheaper in the 
 year 1 7 1 7, and some years before than it was in the 
 year 1 7 1 8, after the lowering the guinea ; nor has it 
 been cheaper any year since than it was in the year 
 1717, so that the reduction of the 6d. upon the 
 guinea had no lasting effect upon the ' exchange ; 
 did not apparently lower the price of the silver ; 
 nor bring one ounce of silver to the mint. When 
 both gold and silver are raised in any country, be- 
 yond their intrinsic value, as now in France, the 
 exchange will fall in proportion ; but as nine parts 
 in ten, or more, of all payments in England, are 
 made in gold, and, for want of large parcels of 
 weighty silver, great quantities of guineas are ex- 
 ported, it is to be doubted, whether the raising the 
 silver will alter the exchange even so long to our 
 disadvantage, as the lowering gold did to our advan- 
 tage. It is certain that the giving silver here the 
 same value, in respect of gold, as it has in other 
 countries, is no reason for falling the exchange ; and, 
 in money matters, what is not grounded on a solid 
 foundation, cannot have any durable effect ; and the 
 fear of giving foreigners only a groundless pretence 
 for falling the exchange, ought not to deter or divert 
 us from preventing the real advantages they make at 
 present, or may make, at our expense. Necessity 
 and convenience will make that coin the measure 
 which is in greatest plenty : It was for this reason, 
 
222 Writers on English Monetary History 
 
 that silver, and not gold, was the first measure. 
 Wherever the silver coin of any country is bought 
 at a premium, with the gold coin of the same 
 country, there gold is the measure, and silver is the 
 merchandize ; and wherever gold is a legal tender, at 
 a certain rate, it is as much a measure as silver. In 
 Denmark and Sweden the good silver coins are not 
 to be had without a premium : In Portugal gold is 
 now the only measure, and in Spain too ; for no 
 payments are made there in any silver, but what is 
 base, without a premium, even for bills that run 
 payable in dollars. 
 
 Gold in France is as much a measure as silver; 
 and, whatever it was formerly, is at present as much 
 a measure as silver here, and as legal a tender ; 
 being so established by his late Majesty's proclama- 
 tion, bearing date the 2 2d of December, 1 7 1 7, 
 which was grounded on an address from the House 
 of Commons ; the title of which is, " A proclamation., 
 declaring the rates at which gold shall be current in 
 payment " ; and in the body of it, after specifying 
 that a guinea shall be current for no more than 21s. 
 and broad pieces for no more than 25s. and 23s., 
 there are these words, " at which rates and values we 
 do hereby declare the said respective pieces of coined 
 gold to be current." In France, Spain, Portugal, 
 and Holland, the mark of silver, as well as the mark 
 of gold, has, from time to time, been cut into more 
 pieces in tale; and the silver, as well as gold coins 
 of England, have been raised and lowered, sometimes 
 by altering the standard, but oftener, and almost 
 constantly, for several centuries together, by cutting 
 a pound weight into more or fewer pieces. In the 
 
John Conduitt 223 
 
 20th of Edward the Third, a pound weight of silver, 
 of the present standard, was coined into 1 1. 2s. 6d., 
 and afterwards, not gradually, but sometimes falling, 
 and sometimes rising, into 1 1. 5 s., 1 1. 10s., 1 1. 17s. 
 6d., 2 1. 5s., 2 1. 8s., 3 1. (I do not take into this 
 consideration the great debasement of the silver coin, 
 in the reigns of Henry the Eighth, and Edward the 
 Sixth, in the 5 th of whose reign a pound weight of 
 silver, 3 ounces fine, and 9 ounces allay, was coined 
 into 3 1. 1 2s., at which rate fine silver was raised to 
 1 1. 4s. per ounce.) In the 2d of Queen Elizabeth, 
 the antient standard of 11 oz. 2 dwt. fine, and 1 8 
 dwt. allay, (which has been observed ever since) was 
 restored, and a pound weight was coined into 3 1. 
 from that year till the 43d of her reign, when the 
 silver was raised 2s. in the pound weight, which was 
 then coined, for the first time, into 3 1. 2s., at which 
 rate it has continued ever since. In the 20th of 
 Edward the Third, a pound weight of gold, of 23 
 carrats, 3i grains fine, and \ grain of allay, was 
 coined into 14 1., and afterwards, not gradually, but 
 sometimes rising, and sometimes falling, a pound 
 weight of the same standard, or of 22 carrats fine, 
 and 2 carrats allay, was cut into 1 5 1., 1 6 1. 1 3s. 4d;, 
 22 1. 10s., 251. 2s. 6d., 27 1., 28 1. 1 6s., 30 1. In the 
 2d of Elizabeth a pound weight, 22 carrats fine, was 
 cut into 33I. and so continued till the 43d of her 
 reign, when it was cut into 33 1. 10s., and afterwards 
 into 36 1., 36 1. 1 os., 37 1. 1 os., 40 1. 1 os., 40 1. 18s. 
 4d., 41 1., 44 1., till the 12th of Charles the Second, 
 when a pound weight, of 22 carrats fine, and 2 
 carrats allay, (which has been the standard of gold 
 ever since) was, for the first time, cut into 44 guineas 
 
224 Writers on English Monetary History 
 
 and a half, which,, at i 1. is. per guinea, is 46 1. 14s. 
 6d. If it were a fundamental and unalterable 
 maxim, that silver should be the bushel, and the only 
 and invariable measure always ; and a pound weight 
 never cut into more or less pieces, it would not have 
 been raised in other countries, gradually with the 
 gold, nor here from 1 1. 2s. 6d. which it was coined 
 into in Edward the Third's time, to 3 1. 2s., nor 
 would such frequent, and almost constant alterations 
 have been made in the silver coin, from the time of 
 Edward the Third, to the reign of queen Elizabeth. 
 I have searched the council books of the 43d of 
 Elizabeth ; but cannot find there the reasons for 
 raising, at that time, the gold coin 1 os. in the pound 
 weight, and the silver 2s. In Townshend's Collec- 
 tions, mention is made of a bill, brought that year 
 into the House of Commons, to restrain the trans- 
 portation of money, and to reform certain abuses in 
 the foreign exchanges ; and notice is taken, that one 
 of the members for the city, who spoke to the bill, 
 complained, that the Netherlanders exported the 
 money out of the realm, and did not coin their 
 money of due standard, as England and France and 
 Germany did ; and so gained by all the three. The 
 bill did not pass; but a proclamation was issued, 
 commanding the execution of the old laws against 
 exporting gold or silver, in coin or bullion. From 
 these circumstances, it is not improbable that the 
 cutting the pound weight of gold into 10s. more, 
 and the pound weight of silver in 2s. more, that 
 year, was to put a stop to the carrying out of our 
 money ; and that the raising the silver one thirtieth 
 part, and the gold only one sixty-sixth part, was in 
 
John Conduitt 225 
 
 regard to the proportion they bore to each other in 
 the neighbouring countries : Whatever the reasons 
 were, it is plain, that great queen, who thought the 
 reforming the coin one of the glories of her reign, 
 and valued herself to her people, for conquering that 
 monster, as she called it, after she had restored it to 
 its antient purity and value, and had continued it 
 upon the same foot, without any alteration, for 41 
 years, found it necessary to alter the measure, and to 
 raise the silver, as well as the gold, and in above a 
 double proportion. I must observe, that in the 43rd 
 of Elizabeth, when a pound weight of silver was first 
 fixed at 3 1. 2s., a pound weight of gold, of 22 carrats 
 fine, which is now coined into 46 1. 1 4s. 6d., was coined 
 into no more than 3 3 1. 1 os., so that, since that time, 
 gold has been raised almost one third, according to 
 the present rate, and much more, according to the 
 former rate of guineas ; whilst the silver (which, in 
 other countries, has been raised gradually with the 
 gold, and in France, since the 43 rd of Elizabeth, has 
 been raised from 20 livres, 5 sols., 4 deniers per mark, 
 to 49 livres, 1 6 sols.) has not been raised here at all, 
 though, since that time, the importation of gold into 
 Europe has been much increased, by the discovery 
 of the new mines in Brasil, and, consequently, it is 
 less valuable ; and the real intrinsic value of silver is 
 much enhanced, by the great demand of silver for 
 the several East India Companies set up in Europe, 
 and a much greater consumption of it in wrought 
 plate and gold and silver laces, and must still in- 
 crease ; for silver is of much more general use than 
 gold in manufactures, and the demand of it for 
 China and the East Indies is not likely to lessen : 
 IS 
 
226 Writers on English Monetary History 
 
 Whereas gold is imported from the East, as well as 
 the West Indies ; nor is there any particular demand 
 for it out of Europe. These considerations have 
 raised the silver I2| per cent, in Portugal, and pro- 
 bably induced the Dutch to make their ducatons 2£ 
 dwt. worse than they used to be, and the French to 
 bring their silver from 15 to 1, to under \\\ to 1, 
 and the Spaniards to raise the silver 6\ per. cent. 
 more than the gold. In England, where the silver 
 has not been raised in so many years, the coinage of 
 silver has sunk gradually: In the first six years 
 after the Restoration, four times more money was 
 coined in silver than in gold ; in the next 1 4 years, 
 more gold than silver ; in the next 8 years, above 
 three times more gold than silver ; in the next 
 1 3 years, out of foreign bullion, above 1 5 times 
 more gold than silver ; and in the remaining 26 
 years, above 1 1 millions of gold, and no silver, but 
 what was forced into the mint in the manner already 
 mentioned. 
 
 Gold and silver, on account of the workmanship, 
 and the certainty of the standard, ought to be worth 
 more in money than in ingots. Laws have been 
 made here, and in other countries, to compel gold- 
 smiths to sell them at a lower rate in bullion than 
 they were worth in coin. It is a policy in several 
 countries, and turns to a good account in Holland, 
 to make base silver monies current for much more 
 than the intrinsic value; but no where, except in 
 England, any metal is worth less in coin than in 
 bullion ; and wherever it is so, there can be no 
 coinage but what is forced, and the public is at the 
 charge of coinage, only to encourage and supply 
 
John Conduitt 227 
 
 the unlawful trade of exporting and melting it down. 
 Whilst an ounce of standard silver sells at market 
 here for 5s. 4d.£ at a medium, one time with 
 another, and will yield as much, or more abroad,- 
 and will produce but 5s. 2d. at the mint, it is 
 beyond dispute a profit of 2d. \ per oz. to melt the 
 weighty coin into bullion, or to export it, and a loss 
 of 2d. \ per oz. to send it to the mint ; and, con- 
 sequently, it is in vain to expect silver should come 
 to the mint, or the coin not be melted down and 
 exported. This is clear in reason, and is confirmed 
 by the fatal experience of many years : There may 
 be variety of opinions about the cause, but the fact 
 is undeniable. Some think it is owing to the high 
 price of gold, and low price of silver, at the mint ; 
 and others attribute it to the prohibiting the exporta- 
 tion of our own coin, and allowing that of bullion 
 and foreign coin. The real, value of silver is not to 
 be taken from the price it bears, at any particular or 
 extraordinary occasion ; but from a. medium of the 
 rate it has been at for several years. The proper 
 period to compute from seems to be, from the time 
 of the reduction of the 6d. upon the guinea, that the 
 effect the lowering the gold had on the silver, what- 
 ever it was, may enter into the computation. Silver 
 which yields at the mint only 5s. 2d. per ounce, is 
 worth, at a medium, taken from the price it has been 
 at, according to Castaigne's papers, from December, 
 1717, to August, 1728, 5s. 4d.£ in bars, and 5s. 
 t,d.\ in foreign coin ; to which last article f d. per oz. 
 more must be added, because pieces of 8 are, one 
 with another, at least the value of |d. per oz. worse 
 than standard ; so that an ounce of standard silver, in 
 
228 Writers on English Monetary History 
 
 pieces of 8, costs at least $s. Sd.f . Gold, which yields 
 at the mint 3 1. 1 8s. per oz., is worth at a medium, 
 taken from the price it has been at for the same 
 time, according to Castaigne's papers, 3 1. 1 8s. 3d. 
 in bars, and 3 1. 1 8s. 6d.f in foreign coin. Though 
 the allowing the exportation of bullion and foreign 
 coin only, certainly gives them a value over and 
 above our coin ; yet the difference between the price 
 of silver, in the mint and at market, cannot be 
 wholly owing to that ; for we have not, during 26 
 years, been always under a necessity of exporting 
 gold and silver to pay debts abroad : At several 
 times all the foreign exchanges have been to our 
 advantage, and silver, in foreign coin, which, on 
 account of the certainty of the standard, and the 
 conveniency of the tale and distribution, is, at a 
 medium, worth 1 d.\ per oz. more than in bars, has 
 been many times as cheap as in bars, and sometimes 
 cheaper, as it was for several months in the years" 
 1 7 1 9, and 1722. If the prohibition of the exporta- 
 tion of our coin, and the allowing that of bullion, 
 was singly the cause of the stoppage of the coinage 
 of silver, it would have the same effect on the gold, 
 which lies under the same disadvantage of being 
 legally inexportable, and yet that has been coined 
 in great plenty; and if silver and gold bore the 
 same proportion here to each other, as in the 
 neighbouring countries, it would turn to a better 
 account to export gold than silver, it being more 
 easily transported, and often paying less freight ; but 
 the difference between the premium upon gold in 
 bars and gold in foreign coin, is, according to the 
 foregoing computation, only 3d.f in 3 1. 18s.; and 
 
John Conduitt 229 
 
 upon silver id.£ in 5s. 4d.£, which is near five 
 times as much, and yet more silver is exported than 
 gold, which is a plain indication that gold has a 
 better market here than silver, and in other countries 
 silver than gold ; and that consequently is one great 
 reason of the cessation of any free coinage of silver. 
 It is certain that the prohibition of the exportation 
 of English coin, and the allowing that of bullion in 
 England, which concerns us only, can have no effect 
 upon the price of silver in other countries : and all 
 over Europe, silver is dearer, in proportion to gold, 
 than at the mint in England. 
 
 It is a very great misfortune for any nation, 
 especially a trading one, to be under the necessity of 
 prohibiting the exportation of their coin ; and a loss 
 whenever it is put in practice. If the balance of 
 trade be in our favour, laws for that purpose are 
 needless ; and if it be against us, they are in a great 
 measure ineffectual ; and only put the honest and 
 the timorous to the necessity of buying gold at 
 3 1. 1 8s. 3d. an ounce, and silver at 5s. 4d.| an 
 ounce, perhaps of those who have it at 3 1. 1 8 s. and 
 5s. 2d. by melting down the coin. The prohibiting 
 the exportation of our coin does not save us from 
 paying our debts abroad, nor keep more gold or 
 silver in the nation ; on the contrary, it obliges us to 
 pay our debts at a dearer rate, and carries out a 
 greater quantity of gold and silver than would be 
 sufficient in our own money. When we oblige a 
 merchant to give 3 1. 1 8s. 6d.f for the same quantity 
 of fine gold In moedas, as he may have for 3 1. 1 8s. 
 in the guineas, with which he pays for those moedas ; 
 
230 Writers on English Monetary History 
 
 and 5 s. 6d.f per ounce for the same quantity of 
 silver in pieces of 8, as he may have in weighty 
 English money for 5s. 2d., we raise the coin of the 
 King of Portugal and King of Spain here so much, 
 and pay for the extrinsic value we ourselves put 
 upon it. According to the accounts laid before 
 the House of Commons, from December, 1722, 
 to December, 1727, 490,805 ounces of gold, and 
 14,316,424 ounces of silver, were exported in foreign 
 coin; and 39,377 ounces of gold, and 1,076,046 
 ounces of silver in bullion. Allowing the premium, 
 on account of the exportability, only to be 4d.| 
 per oz. on gold in foreign coin, and id. per oz. on 
 gold in bullion ; and id.f per oz. on silver in foreign 
 coin, and £d. per oz. on silver in bullion ; the loss to 
 the nation, within those 5 years, by prohibiting the 
 exportation of our own money, and allowing that of 
 bullion and foreign coin, was 116,5 10 1. 5 s - 5^-1, 
 without reckoning the loss on the great quantities 
 which are exported unentered, by private traders to 
 the East Indies, and other places. In those 5 years, 
 above 1 3 times as much silver, and above . 1 2 times 
 as much gold, was exported in foreign coin as in 
 bullion ; and if gold be worth 3d.f more in moedas, 
 and silyer id.£ in pieces of 8, than in bars, the 
 English coin, if exportable, would be better worth 
 that additional value, as being better coined, more 
 equally sized, and less varying from the known 
 standard. The Merchant is at present unwilling to 
 import bullion into England, because the re-exporta- 
 tion of it, when the court of aldermen is not sitting, 
 is impracticable, and, at best, is attended with 
 difficulties. Whereas Holland, by giving credit at 
 
John Conduitt 231 
 
 the bank for gold and silver, at £ per cent, per annum, 
 and by allowing the free exportation of their money, 
 is become the great mart and repository of gold and 
 silver, 'whilst Portugal and Spain, which are the 
 fountains of both, can keep neither, though the 
 exportation of them be capital by law. The Hol- 
 lander is never under the necessity of giving 1 \ per 
 cent, more for gold, and above 7 per cent, more for 
 silver, in moedas and pieces of 8, than in the coin of 
 his own country, as the English merchant does at 
 this time; and whenever the exchange is against 
 him, remits the coin of his own country, instead of 
 drawing at loss, by which means the exchange, which 
 is often, for many months together, 5 per cent, or 
 more against us, can never be long above \ per cent. 
 to the disadvantage of Holland. 
 
 I have been informed, that in the year 1 7 1 8, a 
 bill was prepared at the Treasury, for allowing the 
 exportation of English coin, and prohibiting that of 
 bullion and foreign coin, but was never brought into 
 the house ; in lieu of it, quarter guineas were ordered 
 to be coined, to supply the want of silver, which 
 were soon discontinued, as being of no service. The 
 objections to such a bill are, that where paper credit 
 is carried to a great height, a free exportation of 
 money, without any restraint, in case of any shock 
 to credit, might be of ill consequence ; that the East 
 India Company will always want great quantities' of 
 silver ; that all the wine, brandy, brocades, toys, lace, 
 and cambrick, from France and Flanders, and the 
 iron, and naval stores and timber, from Denmark 
 and Sweden, are paid for with gold and silver; and 
 
232 Writers on English Monetary History 
 
 that foreigners have great sums in our stocks, the 
 interest of which goes constantly out of the kingdom, 
 and often the principal ; all which articles will 
 occasion a constant exportation of money. On the 
 other hand, it is to be considered, that Holland and 
 several other countries are great gainers by allowing 
 the exportation of their coin, and have never found 
 any inconveniency by it; that since gold and silver 
 are, and must be exported, to answer foreign de- 
 mands, it is best to let them go out in such a shape 
 as will cost the nation least, and produce the most in 
 foreign markets. Most of our silver coin (especially 
 the shillings and sixpences, which are of the greatest 
 use) and much of our gold coin is at present so light, 
 that the greater part of it is likely to remain with 
 us, without some very urgent necessity, though the 
 exportation of it should be allowed. It, therefore, 
 seems advisable to make a temporary law, by way of 
 trial, to allow any persons to export, within a certain 
 time, the same quantity in weight of gold and silver, 
 English money, as they import in bullion to the 
 mint, upon paying the charge of coinage when they 
 export it; and to lay, at the same time, a duty, 
 much greater than the charge of the coinage, upon 
 the exportation of bullion, to prevent the melting 
 down the coin into bullion for exportation ; and a 
 duty, at least equal to the charge of the coinage, 
 upon foreign coin, when exported, that silver and 
 gold may not, as at present, be worth more in 
 foreign than in English coin. Such a law would 
 not be entirely new and unprecedented ; for in an 
 act of the 27th of Edward the Third, c. 14, entitled, 
 " An Act allowing merchants to bring in gold or 
 
John Conduit t 233 
 
 silver to the King's exchanges, and carry out as 
 much," there is the following clause : " That none 
 carry out of our said realm and lands the old 
 sterling, nor other money but our new money of 
 gold and silver," (both which were raised that year, 
 the gold one fifteenth, and the silver one tenth), 
 " except the merchants strangers that bring to our 
 said realm and lands any manner of money, and 
 there will employ this money within our realm and 
 lands ; whom we will, that they may re-carry into 
 their country all this money, or as much as shall 
 remain thereof not employed, without impeachment, 
 so always that good and lawful search be thereof 
 made, in the ports and other places, where any 
 arrival is ; and that all the money that every mer- 
 chant stranger shall bring within our said realm and 
 lands, shall be put in writing by the searchers, to the 
 intent that no merchant shall carry more beyond the 
 sea than he brought into the same realm and lands." 
 A law of this nature would very much encourage the 
 importation of bullion, and lessen the necessity and 
 temptation of exporting money clandestinely ; none 
 could be exported publickly, by virtue of it, but 
 what was first coined at the expense of the exporter, 
 which he would be enabled to bear, by saving the 
 premium he now pays for bullion and foreign coin, 
 on account of its being exportable, and the interest 
 he pays for money borrowed upon bullion ; for, by 
 carrying the mint bills to the bank, he would have 
 the immediate use of the bullion, as soon as it was 
 imported to the mint, and the nation the benefit of 
 it whilst it circulated amongst us, which it would be 
 more apt to do in the useful form of money, than 
 
234 Writers on English Monetary History 
 
 in the useless form of bullion; and it is highly- 
 probable, that when so much would be coined, some 
 of it would stick and remain in the nation. The 
 height of paper credit is the strongest argument for 
 trying this, and all other methods that are likely to 
 encrease the coinage ; for whilst- paper credit does, in 
 a great measure, the business of money at home, 
 merchants and bankers are not under the necessity, 
 as they were formerly, of coining a quantity of 
 specie for .their home trade; and as paper credit 
 brings money to the merchant to be exported, the 
 money may go away insensibly, and not be missed 
 till it be too late ; and where paper credit is large 
 and encreasing, if the money be exported, and the 
 coinage decrease, that credit may sink at once, for 
 want of a proportionable quantity of specie, which 
 alone can support it in time of distress. A liberty of 
 exportation of money would probably encrease the 
 trade of picking out the heaviest pieces, and perhaps, 
 in time, create a premium upon weighty gold and 
 silver, as in Spain, unless prevented by rigorous 
 laws, as in France, where the culling out the weightiest 
 pieces, and selling them for a premium, (as well as 
 many other undue practices relating to the money, 
 not taken notice of by our laws) is a capital crime. 
 This leads to the consideration of the lightness of our 
 present money, which is a matter of so great con- 
 sequence, and deserves so particular an attention, 
 that I have taken all possible methods to come at as 
 true a state of it as the nature of the affair will 
 admit. Were the lightness of the money no more 
 than what must happen by wearing, the mis- 
 chief would not be so grievous; but some persons 
 
John Conduitt 235 
 
 have been convicted, several prosecuted, and more 
 suspected, of filing, washing, and otherwise diminish- 
 ing it ; and what is still worse, there is too much 
 reason to fear, that foreigners, who are out of the 
 reach of our laws, and have the command of great 
 quantities of our coin, are guilty of the same practices. 
 If the unavoidable lightness,, occasioned by wearing, 
 should be carried to any great height, by illegal 
 methods, the money may, in a shorter time than is 
 imagined, be in as bad a condition as it was formerly 
 by clipping, and put the nation hereafter to the great 
 inconvenience, and immense expense of another re- 
 coinage. The lightness of the broad pieces has 
 already, in a manner, cried them down ; for though 
 they pass currently among private persons, especially 
 in the country, the officers of the revenue and the 
 bank have, for some years, refused to take even 
 weighty ones, to the great detriment of trade, and in 
 direct contradiction to his late Majesty's proclama- 
 tion, by which they are as current at 25s. and 23s. 
 as the guineas are at 21s. This shews, that when- 
 ever the other gold and silver monies shall be 
 reduced by wearing, or otherwise, to want as much 
 of their just weight, in proportion, as broad pieces do 
 now, the same fate may attend them, and is a warn- 
 ing to take due and timely care to obviate, as far as 
 possible, so great an evil. If proper methods had 
 been taken, from time to time, before the dipt silver 
 monies were reduced to the condition they were in 
 1 69 5, the great inconvenience and expense of the 
 re-coinage, which became then unavoidable, might 
 have been prevented. I have already observed, that 
 of the several parcels of silver I weighed at the mint, 
 
236 Writers on English Monetary History 
 
 3 1. 1 os. in sixpences, 3 1. 6s. in shillings, 3 1. 4s. 2d. 
 in half crowns, and 3 1. 3s. iod. in crowns, made but 
 one pound weight; so that, at an average, all the 
 species together were 4s. too light in 3 1. 2s. Upon 
 four 1 00 1. bags of crowns, weighed at the bank, 
 after deducting 1 oz. 5 dwt. for the weight of each 
 bag, there were wanting, at an average, upon each 
 1 00 1., 1 1 oz. 9 dwt. 1 o grs., which is 7 dwt. 2 grs. or 
 is. 9d.f on one pound weight, or 3 1. 2s. Upon 
 four iool. bags of half crowns, at an average, 1 lb. 
 
 2 oz. 4 dwt. 1 o grs. upon each 1 00 1., which is 8 dwt. 
 19 grs. or 2s. 3d. \ on 3 1. 2s. Upon four iool. 
 bags of shillings, at an average, 1 lb. 1 1 oz. 1 o dwt. 
 1 6 grs. on each 1 00 1., which is 1 4 dwt. 1 4 grs. or 
 3s. 9d. on 3 1. 2s. Upon 4 100 1. bags of sixpences, 
 at an average, 3 lb. 4 oz. 18 dwt. 4 grs. on each 
 1 00 1., which is 1 oz. 5 dwt. 8 grs. or 6s. 6d. £ on 
 
 3 1. 2s. The lightness upon these crowns, half 
 crowns, shillings, and sixpences together, is, at an 
 average, 1 lb. 1 o oz. 1 o dwt. 1 6 grs. on 1 00 1., which 
 is 13* dwt. 22 grs. or 3s. jd. on 3 1. 2s. Twenty- 
 five 1 00 1. bags of promiscuous silver at the bank 
 weighed each, at an average, exclusive of the bags, 
 3 lb. 2 oz. 9 dwt, which is 2 lb. o oz. 12 dwt. 
 22 grs. below the standard weight of iool., and 
 15 dwt. 6 grs. or 3s. nd.£ upon 3 1. 2s. Taking 
 the medium of the weight of the several parcels of 
 crowns, half crowns, shillings, and sixpences, weighed 
 separately at the mint, and at the bank, and of the 
 25 1 00 1. bags of promiscuous silver, weighed at the 
 bank, the lightness upon the silver coin is at present 
 3s. iod. upon 3 1. 2s., which is 6 1. 3s. 7d.| per cent. 
 According to an account laid before the treasury, by 
 
John Conduitt 1%"] 
 
 the officers of the mint, in February, 171 2, there 
 were then wanting, by wearing and unlawful diminish- 
 ing together, on a 1 00 1. bag of sixpences, from 
 
 14 oz. to 15 oz. ; upon a 1 00 1. bag of shillings, 
 7 oz.£ ; upon a 1 00 1. bag of crowns or half crowns, 
 4 oz..; so that in the last 1 6 years, from 1 7 1 2 to 
 1728, 1 00 1. in crowns is diminished from 4 oz. to 
 11 oz. 9 dwt. 1 o grs., 1 00 1. in half crowns, from 
 4 oz. to 1 lb. 2 oz. 4 dwt. 1 o grs., 1 00 1. in shillings, 
 from 7 oz. I to 1 lb. 1 1 oz. 1 o dwt. 1 6 grs., 1 00 1. in 
 sixpences, from 14 oz. \ to 3 lb. 4 oz. 18 dwt. 
 4 grs., which is, upon the whole, above two-thirds 
 more than in the preceding 16 years, from the great 
 re-coinage in 1 696, to 1 7 1 2 ; and this is the more 
 extraordinary, because any want of weight there was 
 in the single pieces, when first coined, was included 
 in the computation upon the first 1 6 years ; and 
 complaints were made, at the time of the re-coinage, 
 that some of the country mints made the money too 
 light. Though, perhaps, old silver, worn so smooth 
 that the whole superficies is rubbed, may wear faster 
 than the new, where only those parts that rise are 
 touched, that alone could not occasion such a dis- 
 proportionate decrease of the weight, which must be 
 owing to the exportation or melting down of the 
 weightiest pieces, or more illegal diminutions than 
 were practised formerly. 
 
 I weighed at the mint three times 44^ guineas, 
 in guineas and half guineas, separately, of all reigns 
 but the present, and found, at an average, 3 dwt. 
 
 1 5 grs. wanting on 44 guineas and one half, which 
 is 1 gr. 85-89ths on a guinea, and 6 dwt. 6 grs. 
 
238 Writers on English Monetary History 
 
 on 89 half guineas, which is 3 grs. 33-89T.I1S on 
 two half guineas. As the number of half guineas 
 bear no proportion to the number of guineas, I 
 weighed likewise three times 44 \ guineas, in guineas 
 and half guineas promiscuously, as they came from 
 the bank, and found them, at an average, 4 dwt. 10 
 grs. too light, which is 2 grs. 34— 8c)ths on a guinea. 
 At the bank, 25 bags of 1000 1., containing 952 
 guineas and 8 shillings, weighed, at an average, 
 (exclusive of 1 oz. 5 dwt. for the bag, and 1 oz. 
 9 dwt. 2 grs. for the 8s.) 21 lb. o oz. 1 1 dwt. 5 grs., 
 which is 4 oz. 3 dwt. 4 grs. below the standard 
 weight of 952 guineas, and is 2 grs. 23— 2 38ths on 
 a guinea. Taking the medium of the weight of 
 these several parcels of guineas and half guineas, 
 weighed at the mint and at the bank, the lightness 
 at present is 2 grs. 40-89ths on a guinea, which is 
 near 2 per cent. ; but as it is not probable that the 
 lightest guineas are carried to the bank, which is 
 the only place where they are weighed, and where 
 light ones are often rejected ; it is to be feared 
 that the lightness upon all the half guineas and 
 guineas which are current in the nation, is much 
 greater. It is difficult to make any exact computa- 
 tion of the lightness of the broad pieces ; for, since 
 the exchequer and bank refuse taking them, no 
 information can be had from thence ; and they differ 
 much more, in respect of each other, than the 
 guineas. I have weighed several singly, and in 
 parcels, and find, at a medium, that the whole 25s. 
 and 23 s. pieces are about ten grs. too light, one 
 with another ; it is to be feared that the halves and 
 quarters are much lighter, in proportion. There 
 
John Loncluitt 239 
 
 were several proclamations, in the reigns of Queen 
 Elizabeth, James the First, and Charles the First, or- 
 daining, that upon account of the wear of the gold 
 monies, a 20s. piece that wanted but 3 grains should 
 be current, without any abatement ; and that any 
 that wanted above 3, and not more than 6 grains, 
 should be current, upon paying after the rate of 2d. 
 for every grain wanting ; and that any that wanted 
 more than 6 should be punched, and current only 
 by weight. It might not be, perhaps, improper to 
 make some regulation of this nature concerning the 
 broad pieces, making a proportionable allowance for 
 the further diminution by wearing, since the reign of 
 Charles the First. As they are liable to be clipped, 
 which guineas are not, and equally liable to be filed 
 and washed, and we find, by daily experience, that 
 they are illegally diminished, the evil will encrease, 
 and the sooner a remedy is applied, the less the loss 
 will be, wherever it is to fall ; and it is a great 
 inconvenience to trade, and some reproach to the 
 government, to have the coin of the country current 
 between man and man, and yet not taken in the 
 public receipts. Though the other gold and silver 
 monies be not yet so light as to require a remedy of 
 this kind, private orders may be given to the officers 
 of the revenue to weigh- constantly all large parcels 
 of gold, as well as silver money, and to refuse such 
 as are so light as to give a suspicion of their being 
 unlawfully diminished ; which rules would of con- 
 sequence be followed by the bank and goldsmiths, 
 and would make it more difficult to put off light 
 money, and might, in some measure, prevent further 
 illegal diminutions. New rewards may likewise be 
 
240 Writers on English Monetary History 
 
 given, to encourage the discovery of those who are 
 guilty of such practices, and the conviction of them 
 made more practicable. The wear upon the gold 
 and silver monies would be much greater, but for 
 the general use of bank bills ; and as it is a dead 
 loss to the nation, and a very considerable one, it 
 might not be improper to oblige the officers of the 
 revenue and the bank, and all bankers, to cover the 
 counters where they tell their money, with cloth or 
 leather ; for, the telling money on wood, especially 
 with a mixture of sand, very much encreases the 
 wear. As foreigners receive our gold and silver 
 monies in large parcels, only by weight, it is highly 
 reasonable to prevent there imposing light money 
 upon us, by enacting severe penalties against any 
 who shall import any quantity of gold monies, above 
 40 grains too light upon the pound weight; or 
 silver, being above two pennyweight too light upon 
 the pound weight ; and by making all single pieces, 
 light in proportion, forfeited to the searchers and 
 collectors, and any others who shall discover them ; 
 and the examining and weighing the gold and silver 
 monies, when imported, may be a means of discover- 
 ing such as are counterfeited abroad. If foreigners, 
 who take our money in large parcels only by weight, 
 are suffered to pour in light money upon us, at the 
 same rate as if it was weighty, we may happen to 
 pay them over and over again, for a diminution of 
 their own making; and it is to be feared, so large 
 a profit, without any danger of punishment even if 
 discovered, is too great a temptation to be resisted. 
 
 •These are the observations which have occurred 
 
John Conduitt 
 
 241 
 
 to me upon the present state of our gold and silver 
 monies, in regard to the lightness of them, the 
 making them exportable, and the present dispropor- 
 tion between gold and silver, which I have put 
 together, because it is proper to have them all under 
 consideration at once ; for, any regulations that shall 
 be thought proper to be made, about the lightness 
 of the silver monies, must be governed by the 
 number of pieces into which the pound weight shall 
 be coined for the future ; and it will be necessary, 
 before any exportation of money be allowed, to 
 bring the gold and silver coin nearer a par to one 
 another, in proportion to the value set upon each by 
 the neighbouring nations. 
 
 According to the foregoing computations, silver 
 to gold is 
 
 In 
 
 
 Lb. 
 
 Oz. 
 
 Dwt. 
 
 Gr.' 
 
 Portugal . 
 
 14 
 
 2 
 
 13 
 
 8 
 
 Spain . . . 
 
 • is 
 
 1 
 
 17 
 
 21 
 
 France . . 
 
 • 14 
 
 s 
 
 9 
 
 21 
 
 Holland . . 
 
 • H 
 
 9 
 
 11 
 
 13 J 
 
 Lb. 
 to 1 of gold 
 
 At a medium, 14 lb. 07 oz. 18 dwt. 3 grs. of fine 
 silver is equal to one pound weight of fine gold. 
 
 According to the foregoing proportions, a guinea 
 is worth 
 
 In 
 
 
 
 
 5. 
 
 a. 
 
 Portugal . 
 
 
 
 19 
 
 71 
 
 Spain . . 
 
 
 
 20 
 
 1 1 
 
 France 
 
 
 
 19 
 
 ni 
 
 Holland . 
 
 
 
 20 
 
 5 
 
 
 At a 
 
 medium 
 
 80 
 
 1 of 
 
 
 20 
 
 2f 
 
 16 
 
242 Writers on English Monetary History 
 
 The real value of silver is still encreasing, as has 
 been already observed ; silver money is, at all times, 
 of more general use than gold ; less liable to illegal 
 diminutions ; and of particular service in any distress 
 of credit : Very great quantities of it have been 
 melted down and exported, and very little coined 
 for many years ; for which reasons the coinage of 
 silver money ought at present at least to be en- 
 couraged preferably to that of gold. If a pound 
 weight of silver be. cut into 3 1. 4s. and a guinea 
 remain at 1 1. is., the proportion between gold and 
 silver will be 14 lb. 8 oz. 16 dwt. 4 grs. of silver to 
 1 lb. of gold ; at which rate silver will be lower here 
 than it is at a medium of the proportions in the 
 countries above-mentioned, though Spain be taken 
 into the computation ; and £d. per oz. cheaper than 
 it has been sold for, at a medium, at market in bars, 
 these last ten years, |d. per oz. cheaper than what the 
 public gave for it in 1 709, and 2d. cheaper than what 
 the public gave in 1 7 1 1 , to encourage the coinage. 
 It will not introduce any necessity of re-coining the 
 old silver monies ; for the sixpences, shillings, and 
 half crowns, coined after that rate, will be heavier 
 than the old ones, and the crown pieces so very 
 inconsiderably lighter, that it is not worth taking 
 notice of. If the prohibition of the exportation of 
 money should be continued, and, in order to make 
 some amends for that disadvantage upon our coin, 
 it should be thought proper to raise the silver higher, 
 by cutting a pound weight into 3 1. 4s. 6d., the pro- 
 portion between gold and silver will then be as 14 lb. 
 7 oz. 8 dwt. 20 grs. to I lb., which is about the 
 medium of the proportions observed in the above- 
 
John Conduitt 243 
 
 mentioned countries; 5s. \\&. per ounce is the 
 medium of the market price for these last ten years, 
 which the money ought rather to exceed. Shillings 
 and sixpences so coined will not be so light as the 
 old ones, and the crowns and half crowns so little 
 lighter, that they will not be in so much danger of 
 being melted down, for the sake of so small a profit 
 at the mint, as they are at present, when they 
 produce Ss. 6d. per oz. at market. If anything 
 shall be thought proper to be done on this head, it 
 cannot be put in practice more seasonably than at a 
 time when the great quantities of silver, which have 
 been so long locked up in the West Indies, are 
 about to be distributed, and so great a portion of 
 them is likely to come to England. If nothing be 
 done, it is in vain to expect any silver should come 
 to the mint freely, or that what is new coined, or 
 weightiest of the old money, should not be melted 
 down or exported. The effects of the Flotilla, 
 which have been distributed some time, and of which 
 large quantities have been sent to England, have 
 not brought any silver to the mint, nor lowered 
 the price of silver at market ; nor is there any 
 reason to hope, that whilst the present mint price of 
 silver continues, and the money is inexportable, the 
 silver in the galleons, when sent home, will bring 
 more silver to the mint than has been brought 
 hither by the many Spanish fleets that have come to 
 Europe these last 26 years. The raising the silver 
 to 3 1. 4s. or 3 1. 4s. 6d. cannot bring any silver to 
 the mint, whilst it bears so much higher a price at 
 market as it does at present ; but it will certainly 
 prevent the importing gold to the mint, only for the 
 
244 Writers on English Monetary History 
 
 sake of exchanging it for silver, which is such a 
 coinage as is only advantageous to private persons, 
 but highly detrimental to the public, and therefore 
 ought to be discouraged. When gold and silver 
 bear the same proportion to each other here, as in 
 the neighbouring countries, the mint is the pulse of 
 the trade of the nation in general, as the constant 
 course of exchange is of that with any particular 
 country. If our imports exceed our exports, we 
 spend more than our income, and must consequently 
 grow poorer; and whatever expedients may be 
 thought of, neither gold nor silver can naturally 
 come to the mint ; but what is already in the nation, 
 near the just weight, must, by degrees, be exported, 
 in spite of any laws to the contrary. The only 
 effectual methods to increase the coinage, and keep 
 what is coined in the nation, is to follow the 
 examples of other nations, in encouraging our own 
 manufactures, and retrenching our luxury, especially 
 such part of it as is bought of foreigners, who take 
 nothing of us in exchange but Gold and Silver. 
 All which is most humbly submitted. 
 
 John Conduitt. 
 
 finis. 
 
 MORRISON AND GIBE, rRINTERS, EDINBURGH. 
 
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