Elementary arithmetic, with brief notices of its history... by Robert Potts.

MONEY.4

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reformed faith, and not to faith in the Romish dogmas, which are
described in the Articles of the Reformed Church of England as
"blasphemous fables and dangerous deceits" and as "repugnant to
the Word of God."
In 1717, there was a coinage of halfpence and farthings issued from
the Tower. The pound of copper Avoirdupois was coined into 28 pence
instead of 21 as in the time of King William, and about 213J tons were,
coined, giving the amount of ~46,000 sterling.
In the same year after an address of the Commons, a Royal Proclamation was issued, which declared that the relative value of gold
and silver in the current coins, was in England greater in proportion
than in other nations of Europe; and this had been the chief cause
of the export and lowering the species of the silver coins. It was in
consequence ordered that no person should either give or receive any
of the gold coins of England called guineas, at a higher rate than
twenty-one shillings, and in like proportion for the half-guinea and
smaller pieces. The guinea itself was originally coined of the value
of twenty shillings, but had been current at twenty-one shillings and
sixpence. This order was intended to bring the guinea nearer to its
value in silver bullion, which Sir Isaac Newton had stated to be
twenty shillings and eightpence.
The House of Lords also in Committee took into consideration the
matter of gold and silver coins.' Lord Stanhope imputed the scarcity
Pope had no authority at all in England, either by the Laws of God, or by the
Laws and practice of the Primitive Church, or by the Laws of the Land." Om
this Report was founded the Act 24 Henry VIII., c. 12, which declared the
supremacy of the Crown, and the independence of the Realm of any foreign
prince, potentate or prelate. Next the Act 28 Henry VIII., c. 10, with some
other Acts, abolished all usages in England which had been founded on no other
authority than the Papal decrees.
In " The Cambridge Documents," published by Dr. Lamb, late Master of
Corpus Christi College, will be found an account of a public disputation held at
Cambridge on the question-" Whether the Pope had granted him by God in the
Scriptures any greater authority or power in this kingdom than any other foreign
bishop?" The question was determined in the negative, and this decision was
confirmed by the votes of the Senate on 2 May, 1534.
The king, however, was so leavened with the old superstition, that he lived
and died a devoted adherent to the dogmas of the Church of Rome, which he had
defended in his work on, the Seven Sacraments. It was the same Sovereign, in
the 31st year of his reign, who signed the Act for the suppression of Monasteries, and the Act of the Six Articles, which latter imposed submission to the
Romish dogmas under the pain of death by burning, and, as in the case of high
treason, the forfeiture of lands and goods.
1 In a Report of Sir I. Newton in 1717, then master of the mint, it appeared
that in the last year of William III., the French Louis d'or was current for
17s. 6d. when its real value was only 17s. Od. An order was issued that the
Louis d'or should be current at 17s., and therefore they were brought to the
mint as bullion, and the coinage from the bullion produced ~1,400,000. In this
case the advantage of 5-d. for each Louis d'or brought them very largely into>
the kingdom, and the loss of Ad. onl each, drove them out of circulation. OiL
another occasion, Portuguese moidores passed for 28s., and they abounded in
the country. A Report was made that they were intrinsically worth 27s. 7do
each, and their currency was ordered at 27s. 6d. A complaint was raised andt
the moidores disappeared, so that a profit of 5d. -on each brought them into the
kingdom, and the loss of ld. sent them out again. It may also be noted, before
the issue of the new silver coinage in the time of George IV., an immense
number of francs and half-francs were inl circulation as shillings and sixpences.
The intrinsic value of the franc was 10d., and the gain of 2d. on every franc
passed as a shilling, brought some millions into circulation in this country. Onl