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PROPOSALS humbly offer'd for Coining New MONEY, disposing of the Old, and avoiding Clipt Money for the future.
WHEN I consider what base Money goes now throughout this Nation for Currant, how the Mint lies unemploy'd, and how-many counterfeit Coiners are set up, I cannot but admire that no Expedient is yet found out for redressing this Grievance; which, the longer it runs, the harder 'twill be to cure, and at length prove of fatal Consequence. I humbly conceive, there is no way like setting the Mint on work (to stop this Inundation of Clipping and Coining) by making of Mill'd Money; which is hitherto unclipt, and may be accomplish'd af∣ter this manner, viz.
I. The Fire Office, which I proposed about three years ago, will be a good Fund to work upon, which I have hereto annex'd, adapting it only to Houses, and will raise above 1700000 l.
II. If an Act was made to prohibit the use of Plate in Publick Houses, (which the generality of them would be glad of) and the Plate they now have, or∣der'd to the Mint, allowing them 5 s. 6 d. an ounce for it; and a Mulct or Fine set upon such of them as should presume to use any for the future, would be a means to furnish the Mint with present Materials to work on.
III. If the Merchant be allow'd 5 s. 6 d. an ounce for his Bullion, which is a greater price than our Goldsmiths at home, or any Nations round about us give for it, will occasion the bringing most part of it hither, and be another mean to raise Materials for the Mint.
IV. If the Coin be lower'd two Penny-weight in the Crown-Piece, and so proportionable for smaller Moneys, 'twould pay not only for the Bullion that is brought to be Coin'd, but the Coinage too; and as Sterling goes now, the Shilling will be very little more than a Farthing of less worth than it was before.
V. Our Gold Coins may be likewise dealt with at the same rate; for our Guineas which were Coin'd for 20 s. pieces, weigh 5 Penny-weight and 9 Grains; which, as gold goes now, is worth 18 d. more than 'twas intended for, and may be lower'd at least 9 Grains.
VI. If any Act was made that no Clipt Money should go, after one or two years time, and all the old Money, as it comes into the Exchequer, sent to the Mint; (which the first Proposition makes good) the Nation will be sufficiently stock'd with New Money the Clipt Money wear away insensibly and the Brass and Birmingham Money scatter'd and sunk by that time, (as Birmingham Groats were of late) and be no considerable loss to any.
This Method will prevent the melting, hoarding, or Exporting the Coin; because more cannot be made of it any other ways. 'Twill advance our own Growth and home Trade and Manufactory, and set our Poor on work; because Merchants then will set Handycraft-men and others to Work, and barter Goods, instead of Money; and the Kings Taxes will be better paid; because the keeping our Money at home will make it circulate more freely.