rate, a guinea is worth 20s. 8d. I consider not here the confusion made in the monies in France, by frequent edicts to send them to the Mint, and give the king a tax out of them: I consider only the value of Gold and Silver in proportion to one another. "The ducats of Holland, and Hungary, and the empire, were lately current in Holland, among the common people, in their markets, and ordinary affairs, at five guilders in specie, and five stivers; and commonly changed for so much Silver-monies in three-guilder pieces and guilder-pieces, as guineas are with us for 21s. 6d. sterling; at which rate, a guinea is worth 20s. 7 d. "According to the rates of Gold to Silver in Italy, Germany, Poland, Denmark, and Sweden, a guinea is worth about 20s. and 7d. 6d. 5d. or 4d. for the proportion varies a little within the several governments in those countries. In Sweden, gold is lowest in proportion to silver, and this hath made that kingdom, which formerly was content with copper money, abound of late with silver, sent thither (I suspect) for naval stores. "In the end of king William's reign, and the first year of the late queen, when foreign coins abounded in England, I caused a great many of them to be assayed in the mint, and found by the assays, that fine gold was to fine silver in Spain, Portugal, France, Holland, Italy, Germany, and the northern kingdoms, in the proportions above-mentioned, errors of the mints excepted. "In China and Japan, one pound weight of fine gold is worth but nine or ten pounds weight of fine silver; aud in East-India it may be worth twelve: and this low price of gold in proportion to silver carries away the silver from all Europe. fore may be diminished, by lowering the value of gold in proportion to silver: If gold in Eugland, or silver in East-India, could be brought down so low as to bear the same proportion to one another in both places, there would be here no greater demand for silver, than for gold to be exported to India; and if gold were lowered only so as to have the same proportion to the silver money in England which it hath to silver in the rest of Europe, there would be no temptation to export silver rather than gold to any other part of Europe: And to compass this last, there seems nothing more requisite than to take off about 10d, or 12d. from the guinea; so that gold may bear the same proportion to the silver money in England, which it ought to do by the course of trade and exchange in Europe; but if only 6d. were taken off at present, it would diminish the temptation to export, or melt down, the silver coin; and, by the ef fects, would shew hereafter, better than can appear at present, what further reduction would be most convenient for the public. "In the last year of king William, the dollars of Scotland, worth about 4s. 6d. were put away in the North of England for 5s and at this price began to flow in upon us: I gave notice thereof to the lords commissioners of the treasury; and they ordered the collectors of taxes to forbear taking them; and thereby put a stop to the mischief. "At the same time, the lewidors of France, which were worth but seventeen shillings and three farthings apiece, passed in England at 17s. 6d.: I gave notice thereof to the lords commissioners of the treasury; and his late majesty put out a proclamation, That they should go but at 178.; and thereupon they came to the Mint; and 1,400,000l. were coined out of them and if the advantage of 54d. in a land so great a quantity of French money, and the advantage of three farthings in a lewidor to bring it to the mint, the advantage of 9d. halfpenny in a guinea, or above, may have been sufficient to bring the great quantity of gold, which hath been coined in these last fifteen years, without any foreign-silver. "So then, by the course of trade and ex-lewidor, sufficed at that time to bring into Engchange between nation and nation in all Europe, fine gold is to fine silver as 144, or 15, to one; and a guinea, at the same rate, is worth between 20s. 5d. and 20s. 84d.; except in extraordinary cases, as when a Plate fleet is just arrived in Spain, or ships are lading here for the East Indies; which cases I do not here consider: And it appears by experience, as well as by reason, that silver flows from those places, where its value is lowest in proportion to gold, as from Spain to all Europe, and from all Europe to the East-Indies, China, and Japan; and that gold is most plentiful in those places, in which its value is highest in proportion silver, as in Spain and England. "Some years ago, the Portugal moedors were received in the west of England at 28s. a-piece; upon notice from the mint that they were worth only about 27s. 7d., the Lords Commissioners of the Treasury, ordered their receivers of taxes to take them at no more than 27s. 6d. Aftertowards many gentlemen in the west sent up to the treasury a petition, that the receivers might "It is the demand for exportation which take them again at 28s. and promised to get hath raised the price of exportable silver about returns for this money at that rate; alledging, 2d. or Sd. in the ounce above that of silver in that when they went at 28s. their country was coin, and hath thereby created a temptation full of gold, which they wanted very much: to export, or melt down, the silver coin, rather But the commissioners of the treasury, conthan give 2d. or 8d. more for foreign silver;sidering, that at 28s, the nation would lose 5d. and the demand for exportation arises from the higher price of silver in other places than in England in proportion to gold; that is, from the higher price of gold in England than in other places in proportion to silver; and there a piece, rejected the petition: And if an advantage to the merchant of 5d. in 28s. did pour that money in upon us, much more hath an advantage to the merchant of 94d. in a guinea, or above, been able to bring into the Mint great quantities of gold, without any foreign silver; and may be able to do it still, till the cause be removed. "If things be let alone till silver money be a little scarcer, the gold will fall of itself; for people are already backward to give silver for gold, and will, in a little time, refuse to make payments in silver without a premium, as they do in Spain; and this premium will be an abatement in the value of the gold; and so the question is, Whether gold shall be lowered by the government, or let alone till it falls of itself, by the want of silver money. "It may be said, that there are great quantities of silver in plate; and if the plate were coined, there would be no want of silver money: But I reckon, that silver is safer from exportation in the form of plate than in the form of money, because of the greater value of the silver and fashion together; and therefore I am not for coining the plate, till the temptation to export the silver money, which is a profit of 2d. or 3d. an ounce, be diminished; for as often as men are necessitated to send away money for answering debts abroad, there will be a temptation to send away silver rather than gold, because of the profit, which is almost four per cent.; and, for the same reason, foreigners will choose to send hither their gold rather than their silver. "All which is most humbly submitted to your lordships great wisdom. up the time of about six weeks; and there have been two embossments, and two puncheons, made for the halfpence, and one for the farthings; and now these are finished, and some dies are made from the puncheons, it will take up a little time to examine the copper, and settle the best method of preparing, sizing, nealing, and cleaning it, and making it fit for the Mint; this being a manufacture different from that of coarse copper, and more difficult, and not yet practised in England; and as soon as this method is fixed, we shall begin to coin in quantity. "All which is most humbly submitted to your lordships' great wisdom. Mint-Office, Nov. 23, 1717. IS. NEWTON." This day both Houses adjourned to the 13th of January*. January 13, 1718. The House of Commons met, and came to the following Resolutions: 1. "That this House will not alter the Standard of the Gold and Silver Coins of this kingdom in fineness, weight, or denomination. 2. Resolved That this House will, upon Thursday sennight, resolve itself into a Committee of the whole House, to take into consideration the State of the Nation, in relation to the Gold and Silver Coins of this kingdom+." Debate in the Lords on the State of the Coin.] January 16. The Lords met this day, purISAAC NEWTON.suant to adjournment. The prince of Wales went to the House of Peers, which being very Mint-Office, 21st September 1717. To the Right Hon. the Lords Commissioners of full, my lord North and Grey stood up, and his Majesty's Treasury. "May it please your Lordships; "In obedience to your lordships? order of reference of the 19th instant, That an account be laid before your lordships of all the gold and silver, coined in the last 15 years; and how much thereof hath been coined out of plate upon public encouragements; and what copper money hath been newly coined; it is humbly represented, that since Christmas, 1701-2, to the 19th instant, there hath been coined in gold 7,127,8357. in tale, reckoning 444 guineas to a pound weight troy, and 21s. 6d. to a guinea; and in silver 223,380l. sterling, reckoning 3 25. to a pound weight troy; and that part of this silver, amounting to 143,0861. sterling, was coined out of English plate, imported upon public encouragement, in the years 1709 and 1711; and another part, amounting to 13,342. was coined out of Vigo plate in the years 1703 and 1704; and another part, amounting to 45,7321. was coined from silver extracted from our own lead-ore; and the rest, amounting to 21,220l. was coined chiefly out of old plate melted down by goldsmiths; and some of it out of pieces of eight. "The graver of the Mint has been hard at work, ever since the last session of parliament, in making the embossments and puncheons for the halfpence and farthings, and taking off a few dies from them: the making of an embossment, and a puncheon, for halfpence, takes VOL. VII. "took notice of the great ferment that was in "It was generally believed this adjournment was occasioned by some measures that were then taken, in order to reconcile the royal family, which not having the desired effect, it was expected, the king would, on the day of meeting, have come to the House of Peers, and acquainted the parliament with some matters of importance; but the court took another course, to the great disappointment of some persons."-Tindal. +"The lowering the value of gold, which was thought a proper expedient to procure a greater circulation of silver species, had, during the recess, a contrary effect, either, as was supposed, through the covetousness of some monied men, who hoarded up silver, in hopes that the same would be raised; or out of fear that gold would still be lowered; or through the malice of the disaffected, who, by the same method, thought, if not to distress the government, at least to raise murmurings against it among the common people, upon account of the stop which was thereby put to petty trade. In order therefore to remedy this great evil, as soon as the Commons met, they came to a Resolution, That this House will not alter the standard of the gold and silver coins of this kingdom in fineness, weight, and denomination: the Lords came also to the same Resolution, and ordered a bill to be brought in to prevent the melting down of the silver coin,"Tindal. 2 M the nation”—As his lordship made here a small pause, the Lords began to be very attentive, and some io pain, fearing his lordship would touch upon matters of a high and nice nature: but his lordship soon eased them, by mentioning only the great Scarcity of Silver, which occasioned a general stop of trade, and very much distressed the poor. Upon which, the Lords resolved to take that matter into consideration on Thursday the 23rd.* January 23. The Lords in a grand committee, took into consideration the state of the nation, in relation to the Gold and Silver coins. The Lord Bingley, having represented the great prejudice that trade received from the scarcity of silver, said, among other things, it was a matter of wonder a remedy had not sca sonably been applied to so great an evil, which had visibly been growing for so many months past. to his majesty, I will, on his arrival, smite the usurper in his palace. In this confusion, if sufficient forces may be raised, his majesty may appear, if not, he may retreat or conceal himself till a fitter opportunity. Neither is it presumptuous to hope, that this may suc'ceed, if we consider how easy it is to cut the thread of human life; how great confusion 'the death of a prince occasions in the most peaceful nations; and how mutinous the people are, how desirous of a change. But we will suppose the worst, that I ain seized, and by torture examined. Now, that this may endanger none but myself, it will be ne cessary, that the gentleman, who defrays my charges to Italy, leave England before my departure; that I be ignorant of his majesty's abode; that I lodge with some Whig; that 'to none. But, be the event as it will, I cạn "About this time a design against the king's life was discovered. The author of it seemed to be fitter for Bedlam than Newgate. His name was James Shepheard, a youth of eighteen years, apprentice to a coachmaker in Devonshire-street. On the 24th of January, he came to the house of Mr. John Leake, a non-juring clergyman, and, not finding him at home, left a letter with the maid, who delivered it to Mr. Leake's daughter. When Mr. Leake came home, the letter was given to him, who, upon reading the superscription, found it directed for the reverend Mr. Heath; upon which he doubted of its being left for him; but being told by the maid, that it was left for him, and considering that there was no such person as Mr. Heath, a clergyman, in that neighbourhood, he opened the letter, and, having read it to himself, told his maid and dangh-you abscond; and that this be communicated ter, it was a wicked and villainous letter, and then read it to them, and afterwards threw it into the fire. But, upon considering the matter, and suspecting that some person might have sent it with a design to get his house searched, and fix an odium upon him, he went to sir John Fryer, alderman, the next morning, and acquainted him with the matter. Sir John advised him to secure the writer of the letter, if he should call again at his house, as it seems he had promised to do. According to his promise he called again in three days, when Mr. Leake asked him whether his name was James Shepheard, and if he had left a letter for him on the Friday before? he answered in the affirmative; upon which he was seized and carried before sir John Fryer; Shepheard owned to him the bringing of the letter; and being asked, if he had a copy of it? he answered, he had no copy about him; but, if he had pep, ink, and paper, he could soon write one; which he did, and gave it to sir John; who observing to him, that he had not pat his name to it, he immediately subscribed it, affirming, that he believed it to be a true copy of the letter he had left at Mr. Leake's; and that, if at all, it differed only in some few words: The copy was as follows: "Sir John Fryer committed him prisoner to the Compter, and afterwards went with him and Mr. Leake, his daughter and maid, to the earl of Sunderland's office, where the copy of the letter was produced and read to him; which he owned with the greatest unconcern imaginable. He owned likewise, that, while he was at school at Salisbury, he had imbibed the principles, which he then acted upon, by conversation with his school-fellows, who, in the time of the rebellion in the north, wished the Pretender might have success, and was confirmed in his opinion by reading some pamphlets he saw lying on some booksellers' stalls, particularly, A Vindication of the Bishop of 6 Exeter,' and especially from the improvement of the words of St. Paul, That persons ought to be obedient to the powers that were set over them, although they were tyrannical.' That he had three years ago resolved upon the Sir; From the many discontents visible design to assassinate the king, and did deterthroughout this kingdom, I infer, that, if the mine to put it in execution, when opportunity prince now reigning could be by death re-offered. He was brought to his trial on the moved, our king being here, he might be settled on his throne without much loss of blood. For the more ready effecting of this, I propose, that, if any gentleman will pay for my passage into Italy, and if our friends will entrust one so young with letters of invitation 6th of March, for high-treason; and the evidence against him was very strong. Being called upon by the court to make his defence, he acknowledged the truth of what had been deposed against him; and owned, that he meant it, that he intended it, and did not think Lord Stanhope answered him, that the scarcity of silver species was owing to several causes; 1st, The encreasing luxury, in relation to silver plate. 2ndly, To the vast exports of bullion and other plate to the East Indies. And 3dly, To the clandestine trade that had lately been carried on, of exporting silver and importing gold to and from Holland, Germany, and other parts. To prove these particulars his lordship produced several papers, and, among the rest a scheine drawn up by Henry Martin, esq. inspector general of the exports and imports at the custom house, whereby it appeared, that in the year 1717, the East India company had exported near three millions of Ounces of silver, which far exceeds the imports of bullion in that year; it necessarily followed, that vast quantities of silver species must have been melted down, both to make up that export, and to supply silver-smiths. His lordship added, that it was impossible for those in the administration to remedy this evil, without the interposition of the parliament; and as for the trade of exporting silver, and importing gold in lieu of it, which encreased the scarcity of the first, the most effectual method that could be thought of to prevent it, had been already Mr. Cruggs answered those two gentlemen used, viz. the lowering the price of gold, which with a great deal of vivacity, and as much would not have failed to have in great mea-strength of reason as the nature of the several sure, produced the desired effect, but for the covetousness of some, or the malice of others, who, by hoarding up silver, thought either to make considerable gains, or to distress the government so that, upon the whole matter, no fault could be found upon this score with the managers of his majesty's treasury; but that, on the contrary, it might to their praise be observed, that the public credit never ran so high in any other hands, since the government could now borrow great sums at 34 per cent. The Earl of Oxford answered the lord Stanhope, and made some reflections, which the other returned very smartly. Though the word viscount Townshend, the lord Coningsby, and some other peers, spoke also on this occasion, yet their lordships came that day to no Resolution; but the farther consideration of that matter being put off till Saturday the 25th of January. It was on that day resolved, "That no alteration should be made in the standard of the Gold and Silver Coins of this kingdom, in fineness, weight or denomination;" which Resolution was, on the 27th, reported and agreed to by the House. The next day their lordships resumed the consideration of that affair; and after having examined the officers of the mint, and the master and wardens of the goldsmiths company, ordered a Bill to be brought in," to prevent the melting down of the Coins of the kingdom,” Debate in the Commons concerning the HalfPay Officers.] January 22. The House of Commons, in a committee of the whole House, considered further of the Supply, and particularly in relation to the Half-Pay of the reduced OMcers. Mr. Hutcheson, who had already prepared the minds of the assembly, by causing his book of Abstracts and Observations, to be distributed gratis to most of the members, made use of his own lucubrations and remarks to shew, That the Lists of Half-Pay were charged with many officers who had no right to it; and was powerfully supported by Mr. Robert Walpole, who, in particular, ex- . cepted against the allowing Half-Pay here, to the officers of the 13 regiments lately reduced in Ireland. | particulars objected against would admit or; And because it was suggested by Mr. Walpole, That he had not been long in his office; Mr. Craggs readily owned, That he could not boast of so much experience in affairs as a certain gentleman; but this he was sure of, that though a novice, he would, ten years hence, be of the same opinion he was of at present, and not imitate them who changed theirs, as they were in or out of place. Hereupon Mr. Walpole, who could not but perceive that this bolt was levelled at him, appealed to the assembly, Whether, while he had the honour to be in the employment, he had not declared his opinion as freely as he did at present, particularly in relation to the matter now before them? Mr. John Smith, sir Henry Bunbury, and sir William Wyndham, supported Mr. Walpole, and all of them did justice to the Officers who had served their country in the two last wars; excepting only against the abuse which had been made of the national bounty, in granting Half-Pay to those that did not deserve it. On the other hand, Mr. Aislabie, colonel Bladen, sir Charles Hotham, sir Richard Steele, general Wade, Mr. Lowndes, and several others, supported Mr. Craggs; and there was any harm in it, or any guilt in the Mr. Boscawen, said, That, in his opinion, the Officers who had lately served against the rebels Scotland, and in the north and west of England, `had no less merited than those who had served many years in foreign wais, since by suppressing a most unnatural and detestable rebellion, they had delivered their country from its most dangerous enemies. But though the court party, instead of about 130,3617. to which the list of Half-Pay for 1718 amounted, would have been contented with 115,000l, yet a mo tion being made, and the question put, That the chairman leave the chair, it was carried in the affirmative, by 186 voices against 148. given to bring in a Bill to enable his Majesty to be Governor of the South Sea Company: Which bill was accordingly immediately brought in, Jan. 24. The House went into a grand com- read twice, engrossed, read the third time, mittee to consider farther of the Supply; parti- passed, and sent to the Lords; who, the same cularly in relation to Half-Pay; and Mr. Hutche-day, read it three times, and concurred in it son and Mr. Walpole chiefly insisted, That the Officers of the 13 regiments reduced in Ireland, ought to have been placed on the establishment of that kingdom. The Lord Viscount Broderick, (lord Chancellor for Ireland), endeavoured to justify the ministry there, and represented how hard the case of those officers would be, if they were struck off the English establishment. Mr. Walpole replied, That it was matter of surprize, that an end had been put to the session of the parliament of Ireland, without making provision for the said officers. After this, it was agreed to strike off the List of Half-Pay all the minors under 16; several Warrant Officers, the officers of the 13 regiments reduced in Ireland, and the chaplains not provided for. Notwithstanding which, the courtiers still demanded 115,000l. for the List of Half-Pay; but the farther consideration of that matter was put off to the next day. Jan. 25. The Commons went again into a committee of the whole House on the Supply, and the courtiers renewed the demand of 115,000l. for the List of Half-Pay. On the other hand, the opposite party were for reducing that sum to 80,000l. But Mr. Walpole having proposed 94,000l. the same was readily accepted on both sides. Then Mr. Freeman moved, "That the vacancies in the Guards should be supplied by Half-Pay Officers:" But the question being put thereupon, it was carried in the negative by 164 voices against 156. Mr. Farrer immediately reported to the House, "That the committee had directed him to move, and it was accordingly resolved, That an humble Address be presented to his majesty, that all vacancies which shall happen in the troops upon the British establishment, be supplied by Half-Pay Officers, or Officers reduced, in Great Britain, of the same rank, except in the horse and foot-guards, and horsegrenadiers." The King's Message on being chosen Governor of the South Sea Company] February 1. Mr. Comptroller acquainted the Commons, That he had a Message to this House, signed by his Majesty; and he presented the same to the House, as follows: "G. R. "His Majesty having received a very dutiful Address from the South Sea Company, That he would be graciously pleased to permit himself to be elected Governor of the said Company; and his Majesty being willing to condescend thereto, recommends it to this House, to consider of proper methods to remove any difficulties that may arise on that occasion." Hereupon it was ordered, That leave be without any amendment. On the following day, his Majesty came to the House of Peers, and gave his assent to the said Bill.* Feb. 4. The Commons put off the call of their Debate in the Commons on the Mutiny Bill.] House till that day sennight, and the order of the day being read, for the House to resolve itself into a Grand Committee, upon the Bill 'for regulating the Forces to be continued in his majesty's service, and for the payment of the nishing Mutiny and Desertion: The Serjeant 'said Forces, and their quarters, and for pu Westminster-hall and courts there, and court at Arms was ordered to go with the mace into of requests, and other places adjacent, and vice of the House; and he went accordingly : summon the members there to attend the ser be an instruction to the said Committee of the and being returned, it was ordered, "That it whole House, That they have power to receive a Clause, to take away unreasonable protections of soldiers from their just creditors, and also to prevent unjust or fraudulent arrests upon them." Then the House, which was more numerous than had been known for many years past, resolved itself into a grand committee, of which Gyles Erle, esq. was chosen chairman, a gentleman of bright parts, and equally well versed in civil and military affairs. After the reading of the Bill in question, and of the Articles of War, enacting, "That it shall be and may be lawful Mr. Hutcheson excepted against the clause, to and for Courts Martial to punish Mutiny and Martial was never allowed of in England in a Desertion with death;" urging, that a Court time of peace, as being inconsistent with the rights and liberties of a free people; and moved, "That the offences committed by the soldiery be cognizable and punished by the civil magistrate." Sir William Thompson answered Mr. Hutche son, and the latter was seconded by Mr. Auditor Harley, who, to shew the danger of a standing army, governed by martial law, quoted, with great commendation, a book written some years ago by a noble member of that House, entitled, 'An Account of Denmark.' Hereupon "As every thing is influenced by party in England, the Whigs of the company had formed their plan, to chuse under the king Mr. Samuel Shepherd and sir Theodore Jansen: but the Tories laid their measures so well, that sir James Bateman, one of that party, was elected subgovernor, by a majority of 983 against 600, and the Whigs were forced to be satisfied with chusing Mr. Shepherd for deputy-governor." Tindal. |