Front Page Titles (by Subject) The Fourth General Head is to propose the Means that must be Obtained, and the proper Methods to be used in and for the Re-establishment of the Silver Coins. - A Select Collection of Scarce and Valuable Tracts on Money
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The Fourth General Head is to propose the Means that must be Obtained, and the proper Methods to be used in and for the Re-establishment of the Silver Coins. - John Ramsay McCulloch, A Select Collection of Scarce and Valuable Tracts on Money 
A Select Collection of Scarce and Valuable Tracts on Money from the Originals of Vaughan, Cotton, Petty, Lowndes, Newton, Prior, Harris, and Others, with a Preface, Notes, and Index (London: Printed for the Political Economy Club, 1856).
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The Fourth General Head is to propose the Means that must be Obtained, and the proper Methods to be used in and for the Re-establishment of the Silver Coins.
IN Case his Majesty (taking into His Princely Consideration the great Inconveniencies which the Nation Labours under by the badness of the Moneys) shall be pleased to Direct, That all such Silver Coins called Crowns, Half-Crowns, Shillings or Testers, as have been formerly Coin’d in the Royal Mint, or Mints of England with the Hammer, and are more or less Diminished by Clipping, Rounding, Filing, or any other Artifice, shall be Melted and Re-Coin’d, my humble Opinion is, That the General Cautions following are to be Observed;
First, That the Work ought to be Performed and Finished in as little time as may be, not only to Obviate a further Damage by Clipping in the interim, but also that the needful Advantages of the New Money may be the sooner Obtained for the Service of the Nation.
Secondly, That the loss, or the greatest part of it ought to be born by the Publick, and not by Particulars, who being very Numerous will be prejudiced against a Reformation for the Publick Benefit, if it is to be Effected at the Cost of particular Men, and who have great hopes of being Indemnified by the Votes Passed in their favour in the last Session of Parliament.
Thirdly, This whole Affair must be rendered Easie, and very Intelligible to the Common People, so that they must not be compelled to Travel very far when they part with their Clipt Money, or when they receive back the Value of it in the New Coins; and in the mean time they must be furnished with a Useful and Transferrable Credit that must take Place in Course of Repayment, as fast as the New Coins can be made.
Fourthly, That no room must be left for Jealousie. And therefore all the Clipt Moneys in the several Counties, far or near, are not to be brought entirely to London, to be Minted there; which would leave all the Countries very bare, and create great Suspicions till its Return.
Fifthly, That as soon as the King’s Officers begin to take in the Clipt Moneys, or presently after, the Course for Repaying the Stated Value thereof in New Moneys ought to begin also, and to be Carried on by the New Moneys, which shall be Coin’d from the Silver of the Old, so far as it will Extend; And that an Aid be given in Parliament to Supply the residue, in such time and manner, as that there be no Interruption or Intervals in the Course of Repayment, till such times as the Registers for the Clipt Moneys to be brought in shall be fully satisfied.
According to these General Propositions, and some other Requisites which have Occurred to me, I have imployed my Thoughts to Reduce this whole Affair into Practice, and do humbly Offer to your Lordships Consideration the Particulars following, as the Scope and Design of my Report: That is to say,
First, That an Aid be granted in Parliament, and strictly Appropriated for or towards the making good of the Loss by the said Clipt Moneys, or so much thereof as shall be thought Reasonable to be Defrayed by the Publick, and the incident Charges which shall be necessary in the Performance of this Service. Which Aid, if it be Commensurate to the whole Loss, will, by Estimation, as above, Amount to Fifteen hundred thousand Pounds; and if it be Resolved that the Publick shall bear but half the Loss, or any other part of it, then the Aid (in the grant thereof) may be proportioned accordingly. And the said Aid is humbly proposed to be either by a Land Tax of Twelve Pence in the Pound, or by a yearly Sum to be Answered out of the continued Impositions upon Goods imported, or some other certain Fund, to take Effect within a year to come at the farthest.
Secondly, That all the New Moneys, whether they be Gold or Silver, shall in the Coining thereof be made in Fineness or Purity, according to the present Standard, that is to say, the Gold to be Twenty two Carats Fine and Two Carats Allay: And the Silver Coins to be Eleven Ounces Two Peny Weight Fine, and Eighteen Peny Weight Allay, for the Reasons above given.
Thirdly, That every Pound Weight Troy of such Gold, shall be cut into Eighty nine Half Guineas, or Fourty four Guineas and an Half, or proportionably for greater Pieces, as the same ought to be by the present Indenture of the Mint; with a Remedy for the Master, of the Sixth Part of a Carat, in Case the Gold be found too strong or too feeble in Weight, or in Fineness, or in both. And that every Pound Weight Troy, of the New Silver Moneys, to be made as aforesaid, be cut into such Numbers of Pieces as will correspond in Weight with the Undiminished Crowns, Half-Crowns, Shillings, Six-pences, Groats, Three-pences, Two-pences and Pence, Coin’d by the late Indentures, except the Twelve Peny Pieces, all which may be performed, as is above offered. And that the Master be allowed a Remedy of Two Peny Weight in every Pound Weight Troy, of the Silver Moneys, in case they be found too strong or too feeble in Weight, or in Fineness, or in both.
Fourthly, That by Authority of Parliament, or by a Royal Proclamation to be Grounded on an Act of Parliament, the Silver Crowns, Half-Crowns, Shillings and Six-pences of the Lawful Coins of this Realm now in being, and not Diminished by Clipping, Rounding, Filing, Washing, or other Artifice, be Publicly Cried up, and Raised to the Foot of Seventy five Pence for the Crown, and proportionably for the rest, as I have also proposed; and that the other small Pieces of the Old Coins (which are few in number) go as they do at present. And that the New Coins to be called the Sceptre, or Unite, the Half-Sceptre, or Half-Unite, the Testoon or Fifteen Peny Piece, the Shilling or Twelve Peny Piece, the Half-Testoon, the Gross or Five Peny Piece, Quarter-Testoon, the Half-Gross and Prime be made Currant upon the same Foot, as I have also proposed, Pag. 61, &c.
Fifthly, That Coin, as well as English Bullion, not exceeding a limited Sum yearly, may be Exported for the Service of the present War by His Majesty’s Warrant and Command, and not otherwise; which will help to keep down the Price of Silver.
Sixthly, That all the New Moneys be made by the Mill and the Press, and not by the Hammer.
Seventhly, That all the present Silver Pieces called Crowns, Half-Crowns, Shillings and Six-pences of the Hammer’d kind, which are Diminished by Clipping, Rounding, Filing, Washing, or other Artifice, be Cried down, so as not to be Currant after a Day to be prefix’d. And that no Person whatsoever shall hereafter be obliged to accept in Legal Payment any Money whatsoever that is already Clipt, or may hereafter be Clipt or Diminished; and that no Person shall Tender or Receive any such Money in Payment under some small Penalty, to be made easily Recoverable; the Passing, Selling, or Changing of such Clipt or Diminished Moneys, in Order to the Re-Coining thereof, as is herein after mentioned, only Excepted.
Eighthly, That no Crown Piece (of Old Hammer’d Money) shall be said or alledged to be Clipt or Diminished, or be Refused as such in any Payments whatsoever if it hold Eighteen Peny Weight; and proportionable Weight shall render the Half-Crowns, Shillings and Six-pences of the said Hammer’d kind to be Currant in all Payments; which seems necessary, because of the wearing of the Old Pieces, though they are not Clipt.
Ninthly, That besides the Principal Mint within the Tower of London (where Six Presses can be wrought at the same time) there be Settled and Established Nine other Mints within England and Wales, to Work with Two Presses in each, Namely, One at Newcastle upon Tyne, to serve principally for the Counties of Durham, Northumberland, Cumberland, and Westmoreland: One at York to serve for the Counties of York and Lancaster: One at Nottingham to serve for the Counties of Nottingham, Lincoln, Derby and Leicester: One at Chester to serve for Cheshire, Staffordshire, Salop, and North Wales: One at Hereford to serve for the Counties of Hereford, Gloucester, Worcester, and South Wales: One at Exeter to serve for Cornwall, Devon, and Somerset: One at Salisbury to serve for the Counties of Wilts, Dorset, and Hantshire: One at Oxon, to serve for the Counties of Oxon, Bucks, Warwick, and Berks; And One at Cambridge to serve for Norfolk, Suffolk, Huntingdon, Cambridge, and Bedfordshire: and that at London will serve for the rest. Nevertheless these several Mints are not intended to be so Restrained but that a Man may carry his Money to any of them that lies most in his way; whereby there may be Coined Weekly (as I am inform’d) about Fifty or Sixty thousand Pounds easily, which will finish the whole Work in much less than a Years time. And that the Dyes, Presses and other Implements may be providing with as much haste as is possible, so as to be all fit for Use by or before Christmas next.
Tenthly, That the Warden, Master Worker, Comptroller, and Assay-Master of the Mint do continue at the Tower, and take the immediate Care of the Work there: And that they Substitute Fit and Skilful Persons as their Deputies (such as the King, or the Lord Treasurer, or Commissioners of the Treasury for the time being, shall approve of, and such as must be Answer’d for by their respective Superiors) to Carry on the Works of the said Nine Mints in the Countrey; which Substitutes shall be all Sworn, for the faithful Discharge of their respective Trust; and that the Members of the Corporation of the Moneyers, and other Ministers, Officers, and Servants, be distributed accordingly, and small Private Marks (if thought fit) may be made to distinguish the Money that shall be Coin’d at the respective Mints.
Eleventhly, That the Charge of making every Pound Weight Troy of Silver Moneys, which at present is One Shilling and Four Pence Half-peny, be made more Reasonable, now so much is to be Coin’d and Re-Coin’d.
Twelfthly, That at or near every Town or Place where there shall be a Distinct Mint Established, as aforesaid, there shall be also Settled and Fixt an Office, which shall be, and be called An Office of the Kings Change; and the Chief Officer therein (to be Named by His Majesty, or the Lord Treasurer, or Commissioners of the Treasury for the time being) shall be called The Kings Changer; and that these Changers shall have Tellers or Substitutes under them. And they, as well as their Substitutes, shall be Sworn for the Due and Just Execution of their respective Trusts, with regard not only to the King, but also to every Person that shall have to do with them in respect of their places.
Thirteenthly, The said Officer called The Changer, with such Tellers or Substitutes as shall be necessary, shall daily and every Day (Sundays only excepted) attend at the Publick Office whereunto he or they shall be Assigned, or at some other Market Town within the Counties of his District; and when he is to attend at such other Market Town, he shall cause the same to be Publickly Notified there, by Affixing a Paper in some open Place in the Market next preceding; and at the said Publick Office, or at such other Market Towns, as aforesaid, the said Changer by himself, or by his Tellers or Substitutes, shall Receive and Take in all such Clipt or Diminished Money as are beforementioned, as any Person or Persons shall bring to him in order to be Re-coin’d; and in Performance of his Office or Duty, he or they shall be holden to Observe the Rules following.
“HE or they shall carefully View and Examine by the Sight every Piece or Parcel of the said Moneys as shall be so brought in; and if he or they shall Observe any Piece or Pieces, which shall seem to be so Weighty, as that by the Eighth Proposition, the same ought to be Currant upon the New Foot (of Six Shillings and Three Pence for the Crown) abovementioned, he or they shall forthwith cause the Weight thereof to be Tried in the Scale; and if he or they do thereby find, that such respective Piece or Pieces are of such Weight, as that the same ought to be Currant upon the said New Foot, without being Melted down, the same shall be immediately Marked (with some Impression) by a Hammer, and Redelivered to the Bringer thereof to be Currant at the Raised Value, intended as aforesaid. The Marking is Design’d chiefly to prevent his being troubled with it again at the Office.
“IF the Changer, or his Teller or Substitute, shall suspect any Piece or Pieces of Money, brought in as aforesaid (either Alone or in a Sum) to be Counterfeit, or to be such money as was not Originally Coin’d in the Royal Mint of England, that then, and in every such Case, he or they shall and may cause such Suspicious Piece or Pieces (in the Presence of the Bringers) to be Divided by Shears for that Purpose to be kept and used in the Office. And if upon Dividing the same, it shall Appear by the Grain or the Touch, that such Piece or Pieces are of the goodness of Sterling Silver, that then and in every such Case, he or they shall retain such Silver (as if it were not divided) in order to be Re-coin’d. But if upon such Division, the Silver shall appear to be worse than the Goodness of Sterling, every Piece so divided shall be delivered back to the Bringer thereof, who in that case must be contented with his own again, in such a Condition that it will not serve to Defraud any Body else.
“AS to all the said Clipt or Diminished Moneys, which shall consist of the Old Crown, holding any Weight less than Eighteen Peny Weight; the Half Crown holding any Weight less than Nine Peny Weight; the Old Shilling holding any Weight less than Three Peny Weight, and Six Tenth Parts of a Peny Weight; and the Old Tester or Six-pence holding any Weight less than One Peny Weight, and Eight Tenth Parts of a Peny Weight, which shall be so brought in to be Melted down and Re-Coined; whereupon the loss above-mentioned is to be Born either by the State or by particular Persons, or Both; It is not certain at present, how much of the said Loss, by the Resolution of the Parliament, shall fall upon the one or the other. Nevertheless, for the Explanation of this Project, and to shew how far it is practicable, one may (as I humbly Conceive) Assume any certain Part of this Loss, to be born by the Public, as if it were Resolved. And Considering that One hundred Pounds by Tale of all these Clipt or Diminished Moneys, if they were in One Heap, would not (by the Estimation which I have made thereof under the Second General Head) hold above Sixteen Pound Weight Troy, or thereabouts, one with another (which the King’s Subjects dealing therein, do also find by daily Experience) I do from thence infer, that if the said Sixteen Pounds Weight Troy (which now Runs for One hundred Pounds by Tale) be brought to the Changer, to be by him Received at Eight Shillings per Ounce; then the said Eight Shillings per Ounce, when it comes to be Paid in the New Money, will Amount to Seventy six Pounds and Sixteen Shillings, which will plainly cast about Half the Loss upon the State and the rest upon the Owner of the Money (who will also find some Recompence in the Raised Value of his Unclipt Moneys, if he has any such.) Therefore let Eight Shillings per Ounce in the New Money be the Assumed or Stated Price, to be Computed by the Changer, for all the real Silver which he shall find to be remaining in these Clipt Moneys; which Method of making good part of the Loss to the Subject by Allowing him a large Price for every Ounce of the real Silver remaining in his Clipt Money, seems to me to be much more secure, and to be (in all respects) a better way, than by Allowing him a Market Price only for the said Silver remaining, and Contributing to his Loss in Proportion to the Deficiency or Silver Clipt off; because in the latter Case it will be in his Power before he brings in his Money to Clip it over again, and Reduce it so low, as that the deficient Weight (if it were to be made good at the Charge of the Publick) might be Twice, Thrice, Four times, Five times, &c. as much as the real Silver brought in by him would amount to. Whereas by this Third Rule, the danger of farther Clipping is perfectly obviated, for no Man will Clip off Silver to Sell at Six Shillings Five Pence an Ounce by the Market Price, when he may carry it to the King’s Change, and there Receive Eight Shillings per Ounce for it.
“WHEREAS the said Clipt Moneys, so to be brought in, do retain very different and uncertain Weights and Sizes, as they are more or less Clipt; and it is evident that a Clipt Crown, holding more than Twelve Peny Weight and Twelve Grains, will produce more than Five Shillings in New Money if it should be Changed by it self at Eight Shillings an Ounce; and an Half-Crown holding more than Six Peny Weight and Six Grains, will (if it were Changed by it self for Eight Shillings an Ounce) produce more than Two Shillings and an Half in the New Money; and the like may be said of the Old Shillings and Six-pences not Clipt to a lower Degree in Proportion. I have Considered (although the Government would not suffer in this Case) that Goldsmiths and other Subtil Dealers in Money, will be very apt (if an effectual Remedy be not Provided against their Artifices) to Cull out the Heaviest of their Clipt Pieces, and to get such into their Hands from their Neighbours, to Change them at Eight Shillings an Ounce, and thereby Gain for them more New Moneys in Tale than ever they Amounted to in their old Denominations. And in regard One hundred Pounds by Tale of the said Clipt Moneys, holding in Weight Two hundred and fifty Ounces Troy, when it is Changed at the said Rate of Eight Shillings an Ounce, will produce One hundred Pounds in Tale of the said New Moneys; therefore it is Proposed, That every Person who brings any Clipt or Diminished Moneys to be Changed, as aforesaid, shall be obliged to mingle so many of his lighter Pieces with his heavier Pieces, as that upon the Draught or Weighing of them together, they may not at the said Rate of Eight Shillings an Ounce fetch more of the New Moneys in Tale than the said Clipt Money was Coined for in its Old Denominations, that is to say, One hundred Pounds by Tale of such Clipt Moneys, shall be so mingled with heavier and lighter Pieces as that it shall not exceed Two hundred and fifty Ounces in Weight; and every other Sum of Clipt Money shall be restrained to the same proportion: This will effectually prevent the said trick of Culling, and create little or no Difficulty in Practice, because amongst all the Clipt Moneys, those which might be converted to the Advantage above-mentioned are few in comparison of the rest, and a Sum consisting only of such Weighty Pieces will not in probability ever be brought to the Changers by any, but by Crafty or Designing Men. And by this device your Lordships may be pleased to take notice that there will be no need of Weighing every individual Piece, which (as I think) would render the Work endless and impossible. The Changer, or his Substitute, when he shall have carefully Counted and Weighed the said Clipt Money (observing the Caution aforesaid) shall compute the Value to be paid for the same, at the said Rate of Eight Shillings an Ounce, and enter into a Leger Book to be kept for this purpose, the Day, Month and Year of his Receipt thereof, the Name of the Person that brings it, the Sum of the Clipt Money told, the exact Weight thereof, and the said Value which is to be paid for the same in New Moneys in several Columes to be made for that purpose, for which Value a Bill or Ticket is to be given, as is after-mentioned.
“THE Changer, or his Substitute, shall from time to time deliver over the Clipt or Diminished Moneys, by him or them received or taken in, as aforesaid, to the proper Officer of the respective Mint for that District where it was Received, in Order to be Re-Coined, taking Receipts for the same, by the Weight and Tale of every Quantity so delivered over; which Receipts are to be the Vouchers for the Account of the Changer, and the same, together with his Leger, will serve to Charge the Accounting Officer of the Mint.
“THAT there shall be provided for every Changer a Book or Books, in which every Leaf shall be divided into Two Columes by a Figure or Cypher to be Printed therein, and shall be so drawn with Lines cutting the Cypher at Right Angles, as that Six Pair of Bills may be contained in every Leaf, and so that every Counter part may be separated from its Principal Indent-wise, by cutting through the Cypher or Flourish, all which Bills shall be numbred in Pairs Arithmetically (1, 2, 3, &c.) as far as there shall be occasion, and there shall be Printed thereupon the Name of the Place (where it is at last to be satisfied) and other Words to this Effect:
No. 1. Nottingham. This Bill Intitles the Bearer to the Sum of to be paid with Interest, after the Rate of Five Pounds per Centum per Annum out of the Fund Settled by Parliament for Satisfaction of the Register for Clipt or Diminished Money kept at the Place aforesaid.
“And the said Changer, or his Substitute, upon Adjusting (by the Third and Fourth Rules aforesaid) the Value of which is to be paid in New Money for any Parcel of Clipt or Diminished Moneys brought in, as aforesaid, shall deliver to the Party bringing the same, an Indented Note (to wit, one of those of the Extream Colume) cut out from the said Book, and Signed by himself for the said Value, to be paid in Course as is hereafter mentioned, taking Care that the Sum Expressed in the Note so delivered be also Written in Words at length in the Counterpart remaining in the Book, which Book by this means will not only be useful and ready in the City or Countrey to Cheque the Principal Bill, if there should be occasion for so doing, but will also well serve for an Exact Register (without making any other) to Guide and Govern the Payment of the Principal in the due Course intended, and the just Computation and Payment of the Interest upon every such Bill.
“THAT no such Bill shall be given, or asked for any Sum less then Twenty Shillings in Tale of the New Money; and if several Pieces be brought to the Change for any Sum or Sums smaller than Twenty Shillings, several of them may be joyned in One Bill, which may be taken in such Name as the Owners of the Money shall desire; and if they cannot agree, it may be in the Name of the Mayor, Bailiff, or other Chief Magistrate of the Place or (if there be no Magistrate) in the Name of the Minister of the Parish, in Trust for the several Owners of such small Sums.
The Seven Rules before going concern the Duty and Office of the Changer only.
Fourteenthly, That all the Silver which will arise from the said Clipt or Diminished Moneys, or from the Plate of the Vintners and Victuallers, or that shall be brought to be Coined by the Merchants, or by any other means, shall be Coined into Moneys, according to these Propositions. In the doing whereof the Chief Officers of the Mint, and all their Substitutes, Officers and Servants shall be subject to the same, or the like Constitutions and Orders touching Assaying, Melting, Refining, Trying, Charging, Discharging, or any Matters or Things relating to the Fabrication of these Moneys as are already Established for Moneys made at the Tower of London: And that the respective Substitutes shall be Accountable to their respective Superiours, and that the Superiour Officers shall be answerable to the King, as now they are.
Fifteenthly, That the aforesaid Bills for the Values of the Clipt or Diminished Moneys shall be payable to the respective Bearers, who shall shew forth, and bring in the same Bills, whereby the Property thereof will be easily Transferrable without writing; and the Voluntary Acceptance thereof in payment shall be a good Discharge, as if the Payment were made in Money. And the better to Encourage the Currancy of these Bills, it is Proposed, That they bear an Interest after the Rate of Five Pounds per Centum per Annum from the Date thereof (which will plainly appear not only in the Bill it self, but in its Counter-part, remaining in the Register Book) until its full Satisfaction. So that it cannot be doubted, but these Bills being Charged upon so good a Fund, in so near a Course, and made Profitable by the Interest, will be preferrable to the Bills of any Banks, or Goldsmiths, or private Persons whatsoever, and serve as well (to all intents) as so much Cash, whilst the Clipt Money is Converting into Sterling Money; and for the sake of the Interest those that have the Clipt Moneys will bring them in the more speedily.
Memorandum, As soon as the Bill becomes payable in Course, although the Owner do not fetch his Money, it must be reserved for him, only the Interest must cease from that time.
Sixteenthly, That the time for taking in of the Clipt Moneys be limited to Six Months.
Seventeenthly, For Settling and Establishing an ample and Sufficient Fund and Security for the Payment and Satisfaction of the Principal and Interest, to be contained in the aforesaid Bills, in such due Course and Order, as that every Person who parts with his Clipt or Diminished Moneys, may plainly see and be satisfied, That he or his Assigns shall certainly receive the Value thereof; and that the Course of the Payments will Commence in a very little time, and be continued without any Interruption till the whole be compleated (which will very much influence this whole Affair) It is humbly propos’d that it may be Enacted as follows,
1st, “That all the New Moneys which shall be Coin’d in every distinct Mint of the Silver of the Old Clipt or Diminish’d Moneys brought into the Office of Change, to be particularly Assigned to or for the same Mint, shall be Appropriated to the Payment of the Bill standing in the Register belonging to that Office, and shall be applied thereunto de die in diem, as fast as the said old Moneys can be Re-Coin’d. And as the Kings Changer shall be obliged in the giving out his Numbred Bills, to observe and have regard to the Day or Time upon which the Party brings his Clipt or Diminish’d Money; so in the paying off the said Bills he shall keep a due course, as they shall be Numbred and Stand in the Book of the said Register, without giving an undue Preference, under pain of Forfeiting double the Value to the Party grieved.
2ndly, “That it shall and may be lawful to or for any Person or Persons, Bodies Politick or Corporate to Advance or Lend at the Exchequer, in such Unclipt Moneys as will be Currant by this Project, any Sum or Sums of Money not exceeding, Eight hundred thousand Pounds (which by Estimation will make good so much of the loss as is to be born by the State, or Publick, if the Clipt Moneys are taken in at the said assumed Rate of Eight Shillings an Ounce) and such Loans will consequently be accepted in Money at the Raised Value abovementioned. And the same, together with Interest after the Rate of Seven Pounds per Centum per Annum, may be Charged upon the aforesaid Aid, in the same manner as Loans at the Exchequer have usually been Charged upon other Aids. And that the Weighty Moneys that shall be so Lent, be also Appropriated, and be made Auxiliary to the Paying off the said Bills in the several Registers thereof, and be Applied, Distributed and Transmitted to and amongst the same, by the Commissioners of the Treasury, and the Lord Treasurer for the time being, in such Proportions as they shall find to agree with the Sum, that shall be Due and Owing from time to time upon those Registers respectively.
3rdly, “That any Merchant, or other Person whatsoever, having, or that shall have any Silver Bullion whatsoever, whether it be Foreign Silver, Plate in Vessels, the Silver of Counterfeit Moneys, or any other kind of Bullion whatsoever, shall have liberty to carry the same to any of the said Mints, and have it in his own Election, either to have it Coined into New Money, upon the New Foot to his own use; in which case he must receive his Coin’d Money according to the present Course of the Mint; or else to declare that he will Lend the Value of it at the Exchequer, as part of the said Sum, not exceeding Eight hundred thousand Pounds. In which Case last mentioned, the Officers of the Mint shall Certifie to the Officers of the Exchequer the Quantity of Sterling Silver, or Silver reduced to Sterling, that shall be so delivered to them, and the Value thereof, after the Rate of Six Shillings and Five Pence Halfpeny an Ounce, and the Officers of the Exchequer, upon producing these Certificates shall give to the Party Tallies and Orders, Charged upon the said Aid, for the Values so Certified, as if it were Lent in the said Currant Money at the Receipt, in part of the said Sum not exceeding Eight hundred thousand Pounds, and for the Interest thereof. And in this Case the New Moneys which shall proceed from the Bullion so Lent, shall be Appropriated, and be Transmitted, and Distributed to and for the satisfaction of the said Registers, in the like manner as the other Moneys which shall be lent, as aforesaid.
4thly, “In Case the Silver of the Clipt Moneys, and such Loans, as aforesaid, shall not suffice to clear all the Registers, then the Remainder must be paid by the Overplus Moneys, to be Collected for the Aid it self; and in Default thereof (which is not very likely) the last Deficiency ought to be paid out of the then next Moneys to be Raised by Parliament.
Eighteenthly, That the present Coinage Duty may be Applied towards the Charge of the said Mints in general.
Nineteenthly, That the Commissioners of the Treasury, or Lord Treasurer for the time being, and such Person as the King shall Appoint to be the Under Treasurer, or Supervisor for this purpose, shall have the Oversight, Rule, Order and Government of this Affair, according to the Laws that shall be Enacted for the same, and shall have power to administer the Oaths, and take sufficient Securities in the Kings Name, from all the Officers belonging to the Change, and such of the Officers of the Mint as ought to give Security, and to require Weekly, or other Accounts from the several Offices, and particularly to cause the general Accounts of the said Changers, and of the Accompting Officers of the Mint, to be Passed in the Exchequer, in such due Form as they ought to be, and to allow such Salaries, and Incident Charges as shall be reasonable for the performance of this Service, and also to allow the reasonable wast in the Coinage.
Twentieth, That all Persons Concerned may have free Access to the several Legers and Registers beforementioned; and no Fee or Charge shall be asked or taken of them, for any Matter or Thing which is to be done by any Officer in Execution of this Project.
Twentyfirst, That at the first Session of Parliament after Michaelmas, 1696, the said Commissioners of the Treasury, or Lord Treasurer for the time being, and the said Under-Treasurer or Supervisor General for this Affair, shall deliver fairly Written to each of the Two Houses of Parliament, a True and Exact Account of all the Clipt or Diminish’d Moneys which shall have been brought in to be Re-coin’d, by the Tale and Weight thereof, appearing in the respective Offices of the Changers; and of all the New Moneys which shall have been Coin’d in the said several Mints, distinguishing those proceeding from the Silver of the Old Moneys from the Coins made of any other Bullion, and shewing particularly the Plate of the Retailers of Wine, Beer, and other Liquors, and the Quantities of Money made thereof; also the Totals of the said Registers for the Values of the Clipt Money, and the Discharging of the same, and how much (if any part) shall then remain Unsatisfied, and the like Account shall be Presented to His Majesty.