Holograph drafts, at various stages of development, of MINT00261 (Mint 19/2/608-11)

<624r>

some of wch before the last 10 years was either carried out & spent abroad by travent merchants & seamen or melted down into plate or counterfeit money {illeg} Which being recconed or exported {sic} to bring in gold or culled out & brought back to the Mint & so is not lost to us & some of {illeg}which before ye last 10 years carried out for pocket money by tr & spent abroad by travellers merchants & seamenor culled out & brought back to the Mint. AllWhich being recconed at halfhalf a million or above a million & an half there will remain a mill & $\frac{\mathrm{1}}{\mathrm{2}}$ or 2 millions or 2$\frac{\mathrm{1}}{\mathrm{2}}$or 2$\frac{\mathrm{1}}{\mathrm{2}}$ of the old milled money exported {illeg}wasted during the French war before the reco & in ye same time there might be perhaps half a million of the old weightiest old hammd money culled out & exported& lost to us besides what was exported to bring in ☉ or run into counterfeit moneybesides what was rund into counterfeit moneys. For this old money being part of it clipt or culled out for melting before that war & all of it grown lighter since the coynage by wearing afforded the last 10 years a much less quantity of heavy money fit to be culled out for melting or exportation then the milld money did. Now All these recconnings put together make about four millions or between four & five millions of silver give millions wasted during the war part of wch has been turned into Gold plate & counterfeit money & so it not lost to us. From these five millions subduct fthe gain of 3$\frac{\mathrm{1}}{\mathrm{2}}$ millions of gold & there will remain about a million & a half of or treasure of ☉ & ☾ wasted during the war {illeg} in the firs {sic} six years of the war wch is after ye rate of 250000li per an. And if ywe reccon the same wast to have continued till to ye end of the war & since to theis present time by the two east India companies striving to refurnish the nation wth Indian commodities & breake one another the (for Bullion the demand of bullion for exportation hads been greater since the war then in it) there will the whole wast of or treasure ☉ & ☾ treasure (including plate & the old hammered money wch still continues to flow out of the country to London & is partly of it exported) will amout {sic}will in the last 10 or 11 years will amout {sic} to 2$\frac{\mathrm{1}}{\mathrm{2}}$ millions or perhapsperperhaps 3 millions.

In these recconings I differ in somethings from Mr P. hHe reccons or wishesconsiders only ye quantity increase & decrease of silver monies I reccon or wealth in gold & silver money & plate together. He reccons (according to one of ye papers above mentioned) that or coynage has decreased ever since the currency of nNotes I that 1660, I that it increased exceedingly till ye first year of ye prsent reign 16789 & decreased only since the prsent late French war, He that we had 10 millions of hammered money before 1663 I if because so much was lately recoined I deduct above a million & an half for waste & weare & counterfeit money & weare. He adds three millions more of ye weightiest hammerd money melted melted down, wch I take to be less then a million & omitts the hammered money which since the recoinage has flowed & still flows out of ye country to London & I has most of it been run into plate & may be accounted above half a million. {illeg}And from these accounts he reccons that half there was of broad hamd money before ye year 1675 when then {illeg} clipping trade began to increase there was 13 millions of broad hammered money besides three millions of milled money whereasin all 16 millions wch recconning seems to me too bigg by at least 3 millions 3 or 4 millions.

<624v>

Guineas culled out & sent back to ye mint be recconed about $\frac{\mathrm{1}}{\mathrm{8}}$ of ye whole a million of wch {illeg} there will remain about six millions, one million of wch may be supposed thenat that time to be current abroad in Holland & other neighbouring parts of Europe. The other 5 remaining 5 millions added to ye 12$\frac{\mathrm{1}}{\mathrm{2}}$ millions of silver moneys makes the whole cast of England at the beginning of the French war where we were richest to be 17$\frac{\mathrm{1}}{\mathrm{2}}$ millions in intrinsic value, besides broad Gold coyned before ye death of Cha. I.

SinceFrom Dec 31 1689 to Dec 31 1699 there has bin coyned in Guineasgold 2059384. 6. 7 from wchIf an eighth ꝑt thereof be subducted for {illeg} as weighty guineas culled cut & sent back to ye Mint & to ye remainder be added the French & Spanish Pistols & the Guineas abroad wch returned hither when Guineas were at 30s each & afterwards at 22s & wch I reccon at about a million, & all wch (considering yt above a million has been coyned here out of forreign gold monies & yt Pistols are here at a highest value then Guineas) Ile reccon at about a Million & an half or aboveor above, the whole increase of or ☉ since Dec decrease fromafter since Dec 31 1689 to Dec 31 1699 will be about 3$\frac{\mathrm{1}}{\mathrm{3}}$ millions. And this added to the 5 millions of {illeg}in Guineas recconed before will make about 8$\frac{\mathrm{1}}{\mathrm{3}}$ millions in Guineas in England at prsent. And this added to ye 6$\frac{\mathrm{2}}{\mathrm{3}}$ millions of silver makes 15 millions of Gold & silver milled monies now in England. Which deducted fro the 17$\frac{\mathrm{1}}{\mathrm{2}}$ millions now above mentionedwch we had in 1689 leaves a waste of loss of 2$\frac{\mathrm{1}}{\mathrm{2}}$ millions of ☉ & ☾ wasted during together, during in ye last 10 or 11 yearsmade since that year 1689 by means of the war with France. since ye year 1689 so then yor money {illeg} decreased by this war in the proportio of 6 to 7 or thereabouts, & we lost but a seventh part of the whole.

For thisOne quarter of this loss{illeg}decrease of or money was occasionedwas made in {illeg} the beginning of the war by or paying ye Dutch for their charges of the Kings expedition hither, to rescue us from Popery & slavery — — & the rest of by or buying naval stores of the Northern Crowns by or maintaining armies in Ireland & Flanders, by also supplying their losses {sic}the losses of or merchants recruites of {illeg} at sea & in general by the&& general& decay of Trade & of late by the contention of the two east India companies contending to replenish the nation with Indian commodities & to break one another. All which wasere in some respect or other directly or indirectly the effect of the French war. Yet I decry not but this And or Luxury occasioned by or great riches tillboth in money & credit before ye war began{illeg} to affected wausus, may come in for another cause there being no nation {illeg} fonder of Iapan & China The superfluities wch must be purchased wth ready moneythen we of shapeless China pictures & other superfluitiesTrinkets of China then we of far fetcht Trinkets & all manner of expensive guildery for Bows & Ladies. For thô or riches are abated yet or Luxury remains. And if this could be duly checkt the danger from paper credit would cease But while the advantage of it remains for promoting Trade & business.

The l The loss This loss

The loss we have susteined bin or Coyn by ye French war has bin only of silver. We have lost six millions of ☾ & g{illeg}ained 3$\frac{\mathrm{1}}{\mathrm{2}}$ of gold. And this inequality must have some other currt cause then Paper credit. In ye 18 years before ye enacting of the Coynage Duty there was twice gold coyned silver coyned or while silvercoyned in ☉ 259359li. 3. 0 in Gold & 969559. 9. 5 in ☾ as muchso that the silver coyned was above triple coyned was doubletriple. {sic} in value to ye gold. coyned. In ye 1st 9 years of yt {illeg}Act paper {illeg} there was coyned in Gold monies 1154487. 8. 10 (recconing a guinea at 21s 6d). & in silver monies 11{illeg}05103. 4. 4 wch is very nearly an equality In the next nine years there was coyned in gold monies 3055473. 5. 8 & in silver {illeg}mo 1647517li. {illeg}8s. 8d wch is but a little abovemore then half of ye goldalmost two to one of gold In the next five years there was coyned in gold monies 2414239li. 4s. 5d. & in silver 578021li. 2s. 6, wch is above four to one of gold. And thesthise {sic} last 10 years there has been coyned abo little or no forreign silver & above two millions of Gold. The, Besides the Guineas & Pistoles wch came from abroad. If Theis decrease of the coynage of ☾ & running or cash into ☉ proceed{illeg}s not from the wantbe recconed the effect ofbe attributed to paper credit or of Luxury or the late French war, the cause of the distemper is mistaken

<625r>

Mr Lowndes reccons that in the reigns of Q. Eliz, K Iames & K. Charles I there was coyned 15$\frac{\mathrm{1}}{\mathrm{10}}$ millions of silver monies: whereof all the crowns & {illeg}& all the money smaller then sixpences are long {sic} are long since gone & also all ye $\frac{\mathrm{1}}{\mathrm{2}}$ Crowns of Queen Eliz. And no doubt many of the shillings & sixpences of Q Eliz & $\frac{\mathrm{1}}{\mathrm{2}}$ Crowns shil & 6p of K Iames & K Cha were also lost before {illeg}the recoynage of ye money. This loss Mr Lowdesin computes at aboutut 10 mil but by subducting thye 9$\frac{\mathrm{3}}{\mathrm{5}}$ millions wch remained attillat ye recoinage it appears to be but about 5$\frac{\mathrm{2}}{\mathrm{5}}$ millions. It happened1 by the wearing away & losing of all ye small money, &3 by culling out melting down ye largest & weightiest pieces for goldsmiths uses or to be recoyned &or of later years to be exported by ye ye {sic} East India company. & by principally2 by seamen merchants & Travellers carrying always some pocket money along with them in their voyages & spending it abroad, by burying summs of money or accidentally lsoing many pieces & in these last 10 years by exporting some of it for defraying such charges as the French war put as {illeg}occasioned. Let us suppose that of these 5$\frac{\mathrm{2}}{\mathrm{5}}$ millions, four fiftthree fourth parts were lost before ye war & one fiftfourth part or about 1$\frac{\mathrm{1}}{\mathrm{3}}${illeg} million in ye first 67 or 7 years of the war & this 1$\frac{\mathrm{1}}{\mathrm{3}}$ million added to the {illeg}$\frac{\mathrm{22}}{\mathrm{45}}${illeg}8$\frac{\mathrm{1}}{\mathrm{4}}$ & 9$\frac{\mathrm{1}}{\mathrm{3}}$ millions will make about {illeg}9$\frac{\mathrm{9}}{\mathrm{12}}$ millions of sterlinghammered silver in ye all ye hammered moneycontainedA. C. 1689I exercise & counterfeitin tale & in {illeg} weight & intrinsic value & 10$\frac{\mathrm{2}}{\mathrm{3}}$ in tale {illeg} of in all ye hammered monies are genuine & counterfeit {illeg} wch {illeg} remaining in the nation in ye year 1689 according to ye intrinsic intrinsic value thereof & about 10$\frac{\mathrm{2}}{\mathrm{3}}$ millions in the tale of all ye genuine part of those hammered silver monies.

Let us suppose

Untill the end of the year 1689 the coynage of the milled silver money continuedsilver bullion came to ye mint in good plenty & the whole coynage of milled silver money amounted to about 360051l. 18s. 00d of wch if we suppose about {illeg}a fift or sixt part to have been then wasted partly by culling out seamen merchants & travellers culling carrying pocket money beyond sea & partly by culling out ye weightiest pieces for ye use of Goldsmiths or to be recoynd or exported to India there will remain (for this weighty money was much fitter for the cutters use then ye worn hammered money) there will remain about three millions wch wth ye 9$\frac{\mathrm{7}}{\mathrm{12}}$ millions of hammered money makes about 12$\frac{\mathrm{1}}{\mathrm{2}}$ millions of silver money in the (good & bad) not in tale but according to ye standd. weight & intrinsick value thereof in or near ye end of the year 1689 when I reccon we had most silver money in the nation.

But in the end in ye late recoynage there was binhas bin 6900000li of {illeg} newmilled money made out of the hammered money {illeg}& plate to neplate & by the proportion of ye old milled money to ye new at pre{illeg}est in {illeg} ordinary payment (wch I have not must observed, but lately found {illeg} an in a certain parcel an eighth part of ye whole in a certain parcel) Ile suppose if the old be recconed at 7 or 800000li tale & 800000 or a million subducted same the wast of all the milled money by exportation since ye year 1696 at as much or perhaps at 10 or 12 {illeg} a million there will b remain now in the nation about 6$\frac{\mathrm{2}}{\mathrm{3}}$ millions of silver money, (besides plate wch wth is as much or more increased since the recoynage thereas decreased by it). Deduct this 6$\frac{\mathrm{2}}{\mathrm{3}}$ millions from ye 12$\frac{\mathrm{1}}{\mathrm{2}}$ millions since & the whole loss of silver monies since the year 1689 will beremain about six millions. Did B

But all this was not lost to the nation, some part of it was turned into Gold. The Guineas coyned till Dec 31 1689 amounted to 5843056. 11. 9 reccon a Guinea at 2{illeg}1s 6d. If about an eighth part hath been culled out the weighty

<625v>

Mr P. reccons that there wasere recoyned 10 millions of hammd money & three million morerecoyned wch was good wch was good {sic} broad money befpre 1676 when ye clipping trade began. to increase & that 3 mill more have bin melted down before since ye year 1676. {illeg} To wch he adds 3 millions of milled money coyned before 1676that year & so reccons that we had then 16 millions of good silver coyn of wch scarce 6 millions remains now in ye nation so yt we have since the year 1676 we have lost 10 millions./ But in this account the loss should be dated rather from ye year 1689 then from ye year 1676 & there should be an {illeg} allowance abatement of ye counterfeit money which was part of ye 10 millions recoyned & may amount to a million or a million & an half. There should also be an abatement for the wear of the money wch by weighing some parcels of broad hammered unclipt money I reccon may be about 6might amount to about 6960000li. And after a good part of a the weightiest hammered money have been culled out to be sent back to ye Mint or for ye Goldsmiths or Merchants use, to reccon a $\frac{\mathrm{1}}{\mathrm{5}}$ pt {illeg}fo & the remainder lightned by long wearing to reccon& some of it by clipping & some of it & at length a good part of it further lightned by clipping with before whist {sic} the culling trade increasedbefore the culling trade came to perfection,. to reccon a third or 4thor 4thor 4th part of the whole still fit for the cullers usepurpose seems to me {illeg}too much./In a paper laid one of ye above mentioned Accounts written in November 1675 I find a great complaint against the East India Company for exporting great quantities of gold & silver whereby the price of standard silver was then inhansed from under 5s ye ounce to 5s & 4d, wch occasioned all ye weighty coyn to be culled out & melted into bBullion. And after this complaint it probable that there remained not above ye {illeg}6th or 8th part of ye weighty hammered money silver so fit for the cullter to beculled {sic} out for its weight, [& that of the {illeg} three millions of milled money {illeg} above half a million had been then culled out, for its weight this money being less worn & weightier than ye hammered] the milled money being generall we money so weighty & fit for ye culler as the generality ofall the milled money was. // Let us therefore out of ye millions recoyned subduct a$\frac{\mathrm{1}}{\mathrm{4}}$ million so yt instead of 3 millions of weighty hammered money melted as down since the year 1678 I would not reccon above {illeg}a millions or at most a million & an half. {sic} of counterfeit money [made of clippings & good money melted down either alone or wth base allay. or without] partly sterling, & bothpartly standard & partly of coarse allay & add half a millionabout 5 or 600000li more of other broad hammered money wch has flowed out of ye country to London & been wrough used by the Goldsmiths ever since the recoinage & the whole tale of the genuine hammered money at ye time of the recoinage & will be about 9$\frac{\mathrm{3}}{\mathrm{5}}$ or 9$\frac{\mathrm{2}}{\mathrm{3}}$ millions whereof {illeg} about 8$\frac{\mathrm{3}}{\mathrm{4}}$ millions (the excess of the 10 millions above ye counterfeit money) was recoyned & together with ye intermixed counterfeit money intermixed made about 6$\frac{\mathrm{3}}{\mathrm{5}}$ millions of milled money, so that from the 8$\frac{\mathrm{3}}{\mathrm{4}}$ millions there was a losst of about 2$\frac{\mathrm{3}}{\mathrm{20}}$ million of silver by ye wearing & clippings. /It there By weighing some parcels of broad unclipt hamd money I reccon that there was about have a million lost be wearing & by consequenceOf {illeg}this I reccon about $\frac{\mathrm{1}}{\mathrm{2}}$ a million lost by wearing & by consequencesubduct about $\frac{\mathrm{1}}{\mathrm{2}}$ a million for the wearing & there will remain aboutabout 1$\frac{\mathrm{2}}{\mathrm{3}}$ millions lost by clipping, & running the clippings either into plate or milled money or Ingots for the exportation. Let us suppose one third part of this to be lost before ye year French war began to affect us A.C. 1689 & there will remain 1$\frac{\mathrm{1}}{\mathrm{9}}$ million lost in that war before ye recoynage afar{illeg}ye ensuiinyg{illeg} first 6 ye 7 years of that war untill ye 1st year of the recoynage wch added to ye 6$\frac{\mathrm{3}}{\mathrm{5}}$ millions will make 7$\frac{\mathrm{32}}{\mathrm{45}}$ millions of silver sterling silver conteined in ye {illeg}8$\frac{\mathrm{3}}{\mathrm{4}}$ millions Allof money seven years be/ in the begining of that war A.C. 1689, {illeg}besides ye 5 or 600000li of weighty hammd money wch has since flowed {illeg} out of ye Country wch {illeg} makes the whole hamd money about 9$\frac{\mathrm{1}}{\mathrm{3}}$ millions in tale & 8$\frac{\mathrm{1}}{\mathrm{4}}$ millions in value to be {illeg} in ye year 1689 when that war began we entered into that war.

Before the enacting of the coynage Duty the Master & Worker of his Majts Mint coyn {sic}ed every pound weight of Silver {sic}

<626r>

It proceeds from the cheapness of Gold in China & Iapan, whereby or Merchants make great profit by carrying silver from hence to purchase it, {sic} Iapan gold of ye Dutch & China Gold of the natives gold being there almost twice as cheap as with us so that yeor Merchants can get 60 pr cent or above by turning silver into gold purchasing gold in China, & the Dutch as much by the like trade in Iapan make a considerable advantage by purchasing ChiI Iapan gold of ye Dutch & of late a greater (above 50 pr cent) by purchasing I China gold of ye natives.

Now if this be the case then tis or interest not to run the East India trade leastnot to keep or silver bor to send it to China & to encourage ye trade ofwth China moreuch more then that ofwth India, for China is inclined to take off or manufactures wch India is not & there is no trade more profitable to ye nation then that {sic} of b for their gold. {sic}trade for their gold therebywch is now Commencgringeatly must greatly increases or coyn being as profitable to the nation For the as to ye merchant himseflf. {illeg} And tho it should s{illeg}d decrease or silver yet if it leave us but silver enough tor paying markets & workmens wages the Gold will serve for all other uses. I woul The da[anger is thatThis trade by incre draining us of or silver wil will make it so scarce dearer creating plenty of Gold & want of silver it may make fall {illeg}lower pthe price of gold wch when all or wealth consists in gold would be to or dammage. But if we may {illeg} first get more wealth in gold by the trade then we shall afterwards losse in its price by ye fall of its price thethere we are in no great danger I see not why we should leave the trade with this advantage to any other nation. upon a suspition of danger. Its better that wee should {illeg} drain other or neighbouring of their silver by supplying them with Indian & China commodities & then turn their silver into ☉ at 60 pr cent profit then that other any other nation should sell us Indian commodities & buy ☉ wth or ☾.]

Tis certain that before the late French war or coyne encreased very much by or Trade & th & this increase grew greater & greater till the war put a check to it, & therefore now the war is over I see not why or trade in a little time may not become moraseas profitable thenas before especially now or disadvantageous trade wth France is checkt & there is a prospect of bringing gold from & naval stores from New England & of setting the poor on work. But because& thant also with India for wrought silks & staind Callicos & instead thereof solve hopes of bringing & there is such a duty upon I other Indian perishable commodities as make the may begin to make it moreas profitable to bring gold home from the gold we purchase in China thenas to lay it all out in India & thesupposing the trade of running goods to trwade the Kings customes can be stopt. Also It is to be considered also that, paper credit is upon a much better foundation in the Bank of England then formerly in BankersGoldsmiths hands who took greater interest & frequently broke, both wch are prejudicial to trade., The & the old east India company are b {illeg}twho have done us most mischief {illeg}may after another year trade for no more then 3{illeg}25000li pr an & must export in English manufactures 100000li pr an. in {illeg} English manufacturers If those And if wo If not s It would further help us of setting of foot trade to New England for naval stores, & to set trade by of exclude[ {sic}& Ofdiscourage all trade to England & to all it dominions an Foreigne bottones] {illeg} set on footthere is some prospect of setting much further foot a trade to New Engl. for naval stores And if to these advantages Ireland in general laws were added a general law (wth such temporary exceptions as might be requisite to make the law pass more easily& give trade time to make) that no manufacture shall be imported hither from any natio wch does not take off as much in value of manufacture from hence, I speak ofit wouldit would {sic} set trade right much enrich us I speak of manufacture only, not of commodities of native growth. Such a general law would set us right diminish {illeg} abate or luxury <626v> & make us Whilst ye trade for commodities of the native growth of all countries remains free, no ship shoulds {sic} import more manufacture from abroad then it carried out to exchange for them hence into ye country where it took its lading.

And tho we lost between 2 & 3 {illeg}millions by the war yet this loss is so well made up by the Credit of ye Bank of England & some other new credit {illeg}that Interest if is fallen to 5 pr cent as it was before the war And if

<627r>

We have recconed or losses in silver alone to be much greater then in ☉ & ☾ together, & {illeg} the gold encreasing while ye silver was exported. {illeg}And this certainly proceeded from some other cause then paper credit.

<627v>

so that instead of gaining 5 or 6 hundred thousand pounds pr an as we did before ye war we lost between 2 & 3 hundred thousand pounds during ye war

TWhisch loss accrued to us by the 9600000li we600000li pd ye Dutchch of decay of trade {illeg}& the losses & charges abroad during ye war, & since by ye 600000li we gave ye Dutch d{illeg} in contention between ye 2 E. I. companies contending to replenish ye nation wth Indian commodities & break one another. But as for paper credit that was so far from hurting us yt we suffered most by ye war when we most wanted it./ that ye want of it during ye recoynage brought us into ye greatest difficulties. It was then found by experience that the want of it made {illeg} the Interest of money very high wch was very chargeable to the governmt & put a great dapmp upon trade & as this credit recovered Interest fell & trade revived. And if Interest be not yet low enough for the advantage of trade, & aArts (as understanding men think it is not) the only proper way to lower it is more paper credit till by trading we can get more money. To lower it by Act of Parliamt is a violent method., The & force is apt to put trade & business out of humour. The law should rather follow & comply with the nextnaturalfree & voluntary course of interest then attempt to force it. {illeg} Let it be considered therefore what Interest is best for the nation & let there be so much credit & no more as brings money down to that Interest. For this is the due proportion of credit for making ye nation p{illeg}flourish.

Had we lost 10 millions since yewe were richest were at ye(as Mr P. reccons there would now need to be millions of new credit to supply itthat loss, but so as to bring down Interest to the former rate wch was about 5 pr cent: whereas we find it now brought down to that Interest without much the addition of 32 or 3 millions of credit more then we had before ye war wch is an argumt that or whole loss of gold & silver monies doth not much exceed [two2$\frac{\mathrm{1}}{\mathrm{2}}$ millions, as I recconed above & so s] two or three millions.

The Mr & Worker of his Majts Mint coyns every pound weight of standard silver into 62 shillings & before ye enacting of the Coynage Duty paid 60 shillings to the Importer & two shillings to the King, and if by the triall of the Pix it appeared that he had coyned it into more or less then 62 shillings (for it iswas impracticable to be exact) the excess of defect was entred of record & the Master accounted with the King for the excess ofsame defect being bound to do so by the followinga clause in the Indenture of the Mint. BAu {sic}td since the making of thaet A coynage Act the Master is bound by that Act to pay to the Importer the whole pound weight in new monies whether it make more or less then 62 shillings{illeg} coyns the money by the same assay by wch he receives it so that he can neither get nor lose thereby the excess or Defect, & yet the said clause remains still in the Indenture.

Quære. Whether may the King by virtue of the said clause in the Indenture demand of the Master the a recconing for the said excess & defect, & in order thereunto require the Officers of ye Mint to enter the same of record?

And this loss is made up by the new Credit of ye Bank & Exchequrer so as to bring down interest to 5 per cent as it was before ye warrFrench war: wchFor this new credit amouts to only to & so answers well to that loss but is much too little to make up {illeg}a loss of ten millions {illeg} so as to bring down interest to ye same rate of 5 pr cent.

<628r>

Colsterworth in in the Soak of Grantham & Northwitham in the Hundred of Bettisloe &The Lordship of Twyford Gentry is in the Parish of Colsterworth & Hundred of Bettisloe & accordingly hath time out of mind paid to Coulsterworth all Assessments to Church & poor & for the High ways to Coulsterworth & also Constables levies & all by a statute of the 14th of Char II ch 6 & 3 & 4 W & M ch 12 all lands liable to Church & Poor ought to pay to ye Constables {illeg}Assessments (vide the statute). Coulsterworth is in the soak of Grantham & Twyford is no{illeg}tth of in the soak of Grandtham buout in ye hundred of Beltisloe & for theat reasontherefore the Constable of the neighbouring town of Northwitham wch is also in ye hundred of Beltisloe, hath bee{illeg}n imply to collected ye Kings Taxes at Twyford & pay beenbeen allowed by the Constable of Coulsterworth the sessions charges of Twyford toBentisloe {sic}Hundred And thenow because the Constable of Witham collects the Kings Taxes at Twyford the Iustices at their Quarter Sessions held last time for ye parts of Kesteven in the County of Lincoln Ian 8 1699 have ordered that Twyford shall pay thence forward pay (not Assessmts to ye AChurch & Poor & Highways, but only) Constables Levies to Northwitham.

Q. 1. Whether the Constable & Inhabitants of Northwitham can make a legal Assessmt upon Twiford without the Consent of the Churchwardens &c of Colsteroth. dAnd of the Constable of Northwitham do levy notwithstanding that Order Parish Assessmts to be raised by the said statutes ought not to be paid to Coulsterworth, the several statutes in such cases limiting them to be raised by the Churchwardens & Constables of the Parish

2. If the town o the Constable & town of Witham Le levy an Assesmt upon Twyford & distrein within ye Parish of Coulsterworth what will be the properest way to try the matter at Common law? by Replevin, or action for taking & deteining the goods quous &c

3 Whether may not the Constable of Coulsterworth make a Deputy at Twyford & by himselfDepu or his Deputy collect ye Kings taxes at Twyfordif notif notby himself act in Bentisloe {sic} hundred && approve the ye sessions for Benltisloe without giving the Constable of Northwitham any further trouble.

3 Whether is not ye Constable of Coulsterworth alsoconstable of the whole parish including Twyford, wth power to act inBentisloe {sic}Hundred for Twyford or to makeeither by himself or a Deputy thererein Twyford wthout givingwthout giving the Constable of Witham any further trouble.

<628v>

–above a million since ye year 1688 when we were richest & if upon all ye above mentioned accts an abatement be madebe made {illeg}out of the 16 millions be madebe made there will remain but about 12 millions or 12$\frac{\mathrm{1}}{\mathrm{2}}$[of standard silver monies ( {sic}according to the intrinsic valuein weight & fineness in the year 1689 when we were richest.] T{illeg} wch insfo T Too which if we add about $\frac{\mathrm{1}}{\mathrm{2}}$ a million for of old hammered money wch has since the recoynage been flowing out of ye country & wasted by ye Goldsmiths or exported the whole will be about {illeg}12$\frac{\mathrm{1}}{\mathrm{2}}$ millions of silver monies in intrinsic value in ye year 1689 when we were richest.

:And in the time year 1688 I reccon that we had about 7$\frac{\mathrm{1}}{\mathrm{2}}$ millions of milled money old & new together wch being deducted leave a loss of about 5 millions, besides what hads been exported since by the{illeg} eEast India Companies wch if it I reccon less then a million & if it should amount to a million would make the whole loss in or silver monies {illeg}but about six millions during the late Franch war & since.

But all this was not lost to ye nation.

{illeg}And if we may reccon one half oth of this to have been afterwards clipt & ye other half melted down & exported wthout clipping & that there was as much or more exported between ye years 1676 &1689 as afterwards between ye year in ye 8 {illeg} following years untill ye hamd money ceased to go by tale. the weighty hammd money melted down & exported without clipping in those 8 years will not {illeg} scarce exceed half a million

Recconing therefore this half million instead of the three millions & making{illeg} melted down and that in ye year 1689 there were but several atabout 3$\frac{\mathrm{1}}{\mathrm{3}}$ millions of milled monieds {illeg} & making the other abatements above mentioned & addingthere will be about there will be about {sic}& adding the we{illeg} shall have instead of the 16 millions in ye year 1676 something less then 12 millions in ye year 1689 when we were richest to wch if we add the old hammered money wch remained in the country & in Ireland in ye end of ye recoynage & [most of wch has been since either run{illeg} into plate or exported] wch I'le re{illeg}ccon at a million, the whole will be almost 13 or about 12$\frac{\mathrm{3}}{\mathrm{4}}$ millionsof silver monies, {illeg} not in tale but in {illeg} weight & fineness.

And In the year 1697 when end ofThe new milled silve monies made in ye recoynage ye new milled money& since wasis about 60900000ll & ye old almostabout{illeg}abovuteaboutalmost a million as I gather by the proportion of ye old to ye new in a some parcells or two. {illeg} To wch add the million of hammered money supposed to remain in ye country & in Ireland & in the whlole will amount to about 8$\frac{\mathrm{3}}{\mathrm{4}}$ millions. {illeg} Of wch {illeg}if I may reccon about 1$\frac{\mathrm{1}}{\mathrm{2}}$a millions & an half to have been mel{illeg}ted down since 1696 during the recoynage & since partly for ye goldsmiths uses & partly for exportation during the recoynage & since there will just remain about 7$\frac{\mathrm{1}}{\mathrm{4}}$ millions of silver money illed & {illeg}hammered {illeg}still in the nation. Which deducted from ye 12$\frac{\mathrm{3}}{\mathrm{4}}$ millions leaves a loss of about 5$\frac{\mathrm{1}}{\mathrm{2}}$ millions during the late French war & since the year 1689made during the late French war & since, wch one year wth another amounts to about half a million per an.

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yeares thenwas more in ye 20 years following & in alleach of the four periods of 20 years the coynage seems toincreased & decrease varied so very much upon according to other or various to other causesvarious causes that it seems were to : have depended more upon those other causes then upon ye rise & growth of paper credit.

{illeg}For from ye year 1640in the reign of K. Cha. I. unto ye yeare 1648 {illeg} that is end of the wars of Spain wth hHolland & Fr. wch made the Spanish money flo great quantityies of mon{illeg}ies{illeg} were coyned{illeg}1648 Gold & Silver were sent h{illeg}ither in great plenty by the by the Spaniards for of en{illeg}ers& coyned in or mint for provisions wch we supplied them with & b{illeg}But in ye next 12 years 18 years untill the encouragement of the coynage by the Coynage Act, there was coyned but a m in both gold & silver but(including the money for Dunkirk) only 1211000li which is {illeg}but about 672000li per anno & since in ye first 23 years of that Act, that is till the {illeg}beginning of this present reign in ye first nine years after ye rate of 242000li one year wth another & in ye next nine years after the rate of 500000 & in the last four years after the rate of 6502000 pr an. In the next year wch was the first year of the present reign the coynage was but 225000li & in the next fourive years but 70000li pr an, this great & sudden fall of the coynage being occasioned by the payment of the Dutch the great expences of the Irish {illeg} warr in Ireland & Flander & at sea & the supplies of ye losses of ye the sending out new ships to supply the losses of the old East India Companys east& at supplying their lossesdiscouragemt of {sic}of naval stores & the general discouragemt of trade during theat war, & the old East India sending out new ships to supply the losses of the old East India company. To then the old coynage increast notably wth paper credit till the French war checkt it. I do not say that the coynage of silver increaIst {illeg}but that of both Gold & silver together And if the coyn they being both together the perquisit of {illeg}riches of ye Nation acquired by trade. And if that of Gold increased most in proportion, it was {sic} was by setting too high a price upon it in proportion to silver & sending silver to ye Indies there to purchase Gold of the Dutch for carrying on that trade.where Gold is cheaper ytn here.

18, 19. And if both ☉ & ☾ e taken together the whole coynage since the currency of Notes 1660 (as appeardrs{illeg} by the Mint book.) hads been above twelve millions ( {sic}has appears by the Mint, wch I take to be a much greater addition to or stock thean what was taken from it by culling clipping & melting down: especially since the gold alone wch is still in ye nation amounted to {illeg} mill {sic}

But in examining by such acts {illeg}of ye coynage as have been heretofore given in by command of ye h of commons, {illeg}or now remain in the Mint, whether {sic} whether England has been more dammaged by the this credit has been of more advantage to England by increasing its trade ofr disadvantage by increasing its luxury [I could wish we had distincted accts of ye coyange then some of those heretofore given in by command of ye House of Commons] I do not find that but that we haveit has hitherto been losers thereby done us any great hurt.

Here he mentionsexamines sets down only ye coynage of silver and whereas that of ☉ ought also to be examined & in ye first 20 years he tells us yt 400000 pr an was coyned in silver alone where as itthis summ was ye whole coynage of both gold & silver together. And the coynage of the last 60 years he distinguishes into 3 periods of 20 years each wthout wch have no relation to ye main causes of ye increase & decrease thereof. For ye coynage was very great in ye reign of K. Cha. 1. & the main causes & periods of ye increase & decrease of ye coynage he considers not.

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I designed to have in

Vpon perusing Mr Polixfin's paper designed to have informed myself about ye history several quantities of ☉ & ☾ money wch have been coyned from time to time since ye reign of H. 8. but find I cannot do it in any convenient time there being no records remaining in ye Mint ancienter then ye return of Cha II & I

When I first

When

21 Tenn millions of hammd money were brought into th

Since I first perused Mr Polixfin's paiscourse about Paper-credit I have been endeavouring to get an acct of the several quantities of hammered money abot.of Gold & ☾ wch have been coyned from time to time since the reign of Edw VI in order to make a judgment upo upon ye causes of the increase & decrease of the coynage but have not yet been able to compass my designe the records thereof befor the year 1669 being taking out of yt. A{illeg}nd therefore least I should detein his dpaper in my hands too long I have here set down whatev such observations upon it as at present occurr to me about that pt of his Discourse wch is grownded uponfrom such papers accounts of the coyn as are commonly known

I agree wth him in the main of his argument set down in sect 2, 3, 4, 5, 6, 7, 8 that too great much paper credit in proportion to money is not sage & if every nation where the cre such credit is large & upon ye increase & the money upon ye decrease ought to take case, before it be too late, least it prove bankrupt to support {illeg} credit. And the danger is thethat credit. it. For paper credit is a sort of riches & riches incline men to luxury & luxury promotes ye expence of forreigne far fetcht commodities & by consequence the exportation of money to pay for them

But in examining how far this aff is the England has already been dammaged by ye rise & growth of such credit I could wish we had better recor distincter accounts of the coynage then those papersformerlyheretofore laid before the house of Commons. {illeg}//Out of those papers Mr P. (sect 14, 15, 16, 17 represented that 20 years before Notes had a currency wch {illeg} vizt from 1640 to 1600 there was coyned in ye tower in silver money 400000li communibus annis he saith It should have been said {illeg}[This was rather in both Gold & silver monies according to that paper He adds] that from 1660 to anno 1680 there was not coyned above 200000li per an including the Harp & Cross money & that for the price of Dunkirk. [This was only in silver & it does not appear that more silver was coyned in the 20 years before]

And that from an 1680 to an 1695 there was not coyned above 80000li including the money from the wreck & yt since the year 1695 we have only coyned or old money wthout {illeg} {illeg}very little forreign bullion so that the coynage snce ye currency of notes that is since 1660 hath been upd the decrease. But the money coyned in the in the first period 20 years there {illeg}seems to be a mistake the 400000ll pr an being of both gold & silver

By the 400000 per an coyned in ye first 20 years was of both of gold & silver & what silver was co according to ye above mentioned paper & it does not appear that the coynage of silver alone in those

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coynage ever since the Compa 1657 when the establishmt of ye Company 1657 is fallacious invalid, &being contradicted by matter of fact.

In the first year of the present reign before the French war began much to affect us {illeg} vizt from Dec 31 1688 to Dec 31 1689 there was coyned 234647. 18. 4 & in the next five years almost no silver & but 70000li per an one year wth another in gold this great & sudden decrease of the coynage being occasioned by the not by paper credit or the ordinary East India tTrade but by the paymentdecay of trade & expences & losses wch ye French war occasioned vizt by payment of {sic}in paying the Dutch for their Fleet wch brought the Kingdom or assistance in, {sic} maintaining armies in Ireland o& Flanders, in buing {sic} naval stores, & in repairing the losses of the East India & other Merchts at sea, & by the general decay of or trade during that war These things not only put a stop to ye coynage of silver but {illeg} caused it to be exported in considerable quantities f[wch promoted the clipping & melting down of or silver monies.] to the decrease of or silver coyn. whereby the silver coyn has for the last 100 years been greatly upon the decrease.

How much the coyn in these 10 years has decreased is difficult to recccon {sic}. There has been coyned in gold silverfrom Dec 31 1689 to Dec 31 1699 2059384li. 11s. 1d. And if the Guineas & French & Spanish Pistols wch flowed into England in ye year when Guineas were at 30s or —. & afterwards at 22s a piece be recconed between one & two millions the whole increase of Gold in these last 10 years will be between 3 & 4 millions.

The hammered silver moneys brought to ye Mints to be recoined were about 10 millions of wch I reccon above a million to be counterfeit money made by Counterfeiters of the coyn out of Clippings & milled or other weighty money sometimes allayed & some times without allay. This being subducted there remains almostless than nine millions of geniune money coyned in the Kings Mint. This such wch wth the counterfeit money when recoyned made wth ye 6600000li so yt besides 300000li coyned out of Plate, soll that by the recoynage there was lost in ye tale of the Kings true genuine hammered money two millions or above 2$\frac{\mathrm{1}}{\mathrm{4}}$ something above or two & a quarter: & of wch loss arose partly from ye wearing of the money & partly from clippings melted down & exported or run into palate. The If the wearing be recconned at about 600000li (as by some experimentsweighing some unclipt hammered money I find it may be) there will remain almostless then two millions lost by clippings melted down & exported {illeg} & there is wanting about 3 millions of {illeg}the milled mon silver money coyned above 10 years ago. [And above $\frac{\mathrm{1}}{\mathrm{2}}$ a million of milledbroad hammd money which for the two last years has been constantly flowo{illeg}ing out of ye country to London has been either run{illeg} into plate or exported. So that there is wanting from ye ☾ monies eabout 5$\frac{\mathrm{1}}{\mathrm{2}}$ millions except yt about 300000 has been new coyned out of plate. This being subducted from ye 5$\frac{\mathrm{1}}{\mathrm{2}}$ millions leaves 5 millions or something more want. From wch take ye 23$\frac{\mathrm{1}}{\mathrm{2}}$ millions of ☉ & there will be {illeg}about 1$\frac{\mathrm{1}}{\mathrm{2}}$ or 2 millions of money less now then{illeg} 10 years ago

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From ye last of March 1638 to May 1657 were coyned 7733521. 13. 4$\frac{\mathrm{1}}{\mathrm{4}}$. And from ye 30th of Ian 164$\frac{\mathrm{8}}{\mathrm{9}}$ to ye 9th of May 1660 aboutalmost a million [of cross & harp money & broad gold wch was afterwards recoyned &] made per an about 80000 & in ye first 8 years & 4 months {illeg}670000li subduct this from ye 7733521 & there will remain about 7060000 coyned from ye last of March 1638 to ye 30th of Ian 164$\frac{\mathrm{8}}{\mathrm{9}}$ wch was co per an about 650000li.

The moneyGold & Silver coyned between the death of K. Cha{illeg}I & the return. of K.C.II & afterwards recoyned was about million that is per an about 8080000li & till ye Mell{illeg} & in ye first {illeg}8$\frac{\mathrm{1}}{\mathrm{3}}$ years about 720033300l. Subduct this from the moneys Gold & Silver monies coyned from the last of March 1638 to May 1657 wch according to a paperone of the Acctsone of ye papers mentions by Mr Polixf. was 773352{illeg}1. 13s. 4d$\frac{\mathrm{1}}{\mathrm{2}}$ & there will remain about 7 seven millions coyned from ye last of March 163 to ye death of K. Cha I wch was pr an about 646 thousands pounds pr an. For in this Kings reign Gold & Silver {illeg}money flowed in from Eng Spain & was coyend here for our commodities {sic} provisions wch we supplied them with untill ye {illeg} peace was concluded between Span & Holland anno 1648. But afterwards the coynage ab abated & became but the 8th or 10th part of wt it was before, so that in ye next 18 years from ye death of K. Cha. I for taill the {illeg} making of the coynage Act there was coyned in both gold & silver (including the money for Dunkirk) but 1228917li. 12s. 3d. recconing Guineas at 21s. 6d., wch coynage was but about 68 thousands pounds per an. But since the making of that Act the coynage has been exceedingly augmented thereby being constantly great & upon the increase untill the French war put a stop to it. For in ye first 9 years of that Act that is from Dec 21 1666 to Dec 21 1675 it was after ye rate of 250000li pr an & in the next 9 years vizt to Dec 1684 it was after ye rate of 500000l pr an & in the next 4 years vizt to Dec 31 1688 it was after ye rate of 680000li pr an

Whence it follows appears 1 that ye Coynage Act has been of very greatvast advantage to ye nation. 2 Tha{illeg}t the coyn was up notwithstanding the diminishing thereof by clippers was uponclipping melting & exporting thereof & the disadvantageous trade wth {illeg} India & the northern crowns the rebuilding of London & the luxury of the English did notably increase till the beginning of the late French war & was mo{illeg}re upon the increase at the very beginning of that war then at any other time before since the reign of K. Cha. I. & 3dly that therefore paper credit till ye beginning of that war did the nation more service by promoting trade then disservice by promoting luxurity. untill [& 4thly & that the a{illeg}rgumt agt ye E. India Company taken from ye decrease