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Subject Area: Economics
Topic: Money and Banking

REPRESENTATION SECOND. - John Ramsay McCulloch, A Select Collection of Scarce and Valuable Tracts on Money [1856]

Edition used:

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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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 Reference 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 Proclamation, 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 the late Act of Parliament requires for the Conviction of Counterfeitors of those Coins. And upon comparing 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 bring them hither a little worn, weigh one with another 6 Penny-weight 21¾ 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 13d. the Moydore of this Weight is worth 29s. 11½d. reckoning Gold 22 Carats fine at 4l. 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 21 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 Proclamation, 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 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 18 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 Proclamation at 3s. 2d. It’s Weight before Wearing is 11 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. 9d. which is the Value in the Proclamation, they should weigh at least 17 Penny-weight 18 Grains.

I am humbly of Opinion therefore, that the Gold Coins should be of the Weight and Fineness expressed in the Paper hereunto annexed,* 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 18 Grains to the Weight of the Dollars.

All which is humbly submitted to your Lordship’s great wisdom.

Is. Newton.

[* ]A Table of the weight, fineness, and value of different coins was added to this Representation, which it has not been thought necessary to reprint.