Proposal concerning the premption of tin
Preemption of Tin; ꝑ me W:T: 1705
To the R:tHonor:ble Sidney Ld Godolphin (i Lord High Treasurer of England
An humble Proposal for Improvemt of her Maj.ts Preemption & coynage of Tin by raising and perpetuating the Vallue thereof by Wm Tindale & By R{illeg}Gent
That her Maj:tie hath an undoubted Right as well to the Preemption as Coinage of all Tin found within the Counties of Cornwall & Devonshire cannot be dispited by any who considers that the sole property of it was Antiently in the Earles & Dukes of Cornwall Brother and was enjoyed by that famous RIchard Duke of Cornwall Brother of King Henry the third to whom they yeilded vast revennues, But Edward his Son meeting with Some discouragemt Did by his Charter grant the working of the Mines to diverse ꝑsons Reserving an halfe penny <text in Unknown Hand begins>- <text in William Tyndal’s hand begins>ꝑ pound for coinage, and the Right Preemption of all Tin they should ꝑduce, and thus it continued untill the Same Escheated to and was Settled in ye Crown, by Act of <text in Unknown Hand begins>Ed. 3d farmd, & <text in William Tyndal’s hand begins>Parliamt in ye Reigne of Edward the 3d, who lett the same to Farme, So that it is plaine that the Preemption & Coinage of Tin, had one and the Same Original, & to Question the Right of the Crown to either, is not only to question the Right to both, and to make doubtfull the very Charters granted to ye Tinners, but at the same time to make void the Right any ꝑticular Land Ld hath to make the best of his own Demeasnes.
The right of Preemption being thus undoubtedly in the Crown the Want of a Good and constant method, for well mannaging the same hath been the cheif, if not the Sole cause of the great decay of the Value of this Great Com̄odity of Tin both at home & abroad.
For a Comidity so imperishable and usefull to the World, of which we are in a manner Sole Ma:rs could never have so fallen in price, if the particular necessityes of Some <601v> 2) private Tinners had not made them under Sell one another to the Merchants and the Publique Farmers of this Branch of her Maj:ts Revennue for want of Stock sufficient to Support so great an undertaking were continually found to over burthen the Market, by vending the said Com̄odity continually, and by consequence at mean rates, whereas had they been able to forbear their money & detein their Tin but for a Moderate term, They might more have improved th{illeg}e vallue of it, than they by the contrary course, have Since debased it, and this can be not otherwise prevented by by some Method of man̄aging the Preemption which shall both raise and ꝑpetuate the Value thereof for the future.
Howe it follows, That to carry on this great concerne by ready money in the Species of Gold and Silver only will require a vast Stock or Sum̄e wch will be attended with great Interest, & other indicents, in abatement of the ꝑfits of the Undertaking, and is a matter of Such difficulty, hazard and charge, which may (as heretofore) prove fatall to it.
Therefore it is humbly conceived, That the best & only Expedient to ꝑfect the Worke is to Coin the Tin into money at the Established value, which by the Governmt must be fixed and Settled without Variation during the Whole terme, And the Crowne to engage to accept in all paymts at ye Same rate it is to passe in other lands, which will bring it to a Parr with the Species of Gold and Silver, and render it not only equally Currant here, but pass at a greater value abroad and consequently be more eligible & currant among Merchants & Traders than either of those Comodities
<602r>3Remedies or Expedients humbly offered to prevent the decay, and to raise and Perpetuate the value of Tin for ye future
1st That her That her Maj:tsy doe assur{illeg}e & set on foot the Preemption as well as Coinage of all Tin found within the Counties of Cornwall and Devon, and therein to contract with the Country for the Term of fourteen or Twenty one years, to tabe all their Tin at an Encouraging rate not exceeding ꝑ cent Stannary weight they paying the Coinage Duty as now they doe.
2d= That her Maj:ty by contracting for So considerable a Term, will encourage the Country, and might before the expiraton of the sd Term Enter into new Contracts with them to continue the Preemption on the Same foot, which may be don to Generall advantage if due provision be made by a Clause for that purpose, which otherwise they may not be so easily brought to when they Shall find the certain improvement this method of Managemt will bring Tin to.
3:d And the better to accomodate this Matter for encouragemt of intercourse Trade and dealing within her Maj:ts Dominion, that ye Crown do reduce the sd Tin Value, which Should be fixed & settled without alteration during the Whole terme, and the same as near as may be in all places within her Maj:ts Donions {sic}, and at Such a value as will not discourage the Market, by hindring the Vent & consumption thereof, and if the Vallue so Sett & established <602v> 4th do not exceed Ten pence ꝑ pound, It is humbly conceived it wilbe no obstruction tothat Trade.
4:th That the Said Tin being brought thus to a Standard, that their Maj:tie doe order the dividing ye Same equally into Barrs, Blocks or Peices of different values or denominations; each Barr, block, or peice exactly agreeing in bulbk, weight and finest with those of the same Species or Denominations And to direct the Stamping or coyning the Same as a certain marke of its being good money, that no man upon any occasion may be obliged to try or assay it, but that the true value of each species may be known and distingguished and accordingly attested, and Warranted, thereby wch being don ad valorem will render it effectually effectively wall money, the same being Secured against all Imbasements & counterfeiting under like penalties with other money.
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| mer Waines 16: Ton |
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| Worley&c 6- |
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5th The Coinage of toeksn of Tin, as half pence and farthings only, will occasion no extraordinary Consumption, and it hath been experiencedmented here alreddy, and found inconvenient, it therefore may be better Supplyed by the Copper of our own groweth, of which the Nation produceth and makes about five or Six ton ꝑ weeke amounting to about fower hundred and fifty finds ꝑ ann̄ or more. <text in Unknown Hand begins>This don ꝑ W Tindale but we was formerly forcd TO send our money to headland & lose tin et Manufacted wch now our owne poor make in0 ꝑfection
<text in William Tyndal’s hand begins>6xt The Tin therefore to render it usefull to Trade and dealing in generall, tis best to coine it into Barr's Blocks or peices of different values, as into three peices Six pences 12 pences 2sh= 6 pences <603r> 5:shills - 20:shills - and into blocks or barrs of Five or tenpounds value
7th For the outward forme or figure of it, whether Square broad, narrow, or round, with this or that Stamp or make under one denomination or another, wch are all Incidents Subjected & left intirely to ye Majestrates direction, It Suffices that {illeg}he hath touch not the Substance of it, which he ought not to doe; for hwe may not coin money, but of the known value, nor sell a false price upon it, which ought to pass at the Intrinsict value, (vizt) for So much mettall as there is bona fide in it, And the money of the same alloy or finesse be worth as much in the Barr, as whom it is coined, so that it may <text in Unknown Hand begins>to win & Melt & Coyne <text in William Tyndal’s hand begins>without any expence pass from the Mettall into Coin, and from the coin into the Mettall again, as of other coins, and therefore to be exact in this case the Crown ought to be at the Sole charge of ye Coinage, which has been formly ꝑvided for, by the Wisdom of the Nation in Parliament, Who laid a duty of tenn shillings ꝑ Tun on Wines & 20s: on Brandy, to defray the charge of coinage, It being a great dishonour to a Prince to have his or her Image & Inscription Stampt upon the Currant money of the County, the Original end and Institution whereof was to attest & warrant its true value when upon examination it should be found defective & false:
8:th That her Maj:ty be pleased therfore to direct the putting a Stamp upon all Tinn from time to time raised within the Counties of Cornwall & Devon which her Maj:ty can do by Law, It being one of the Regalias of the Crowne, and to engage to accept <603v> 6 it in all paym:ts at the same rate it is to pass in other hands, which will marke it passable and <text in Unknown Hand begins>ye Cornish Dan or Columba Dianæ <text in William Tyndal’s hand begins>currant as a Coin, but the sd Tin in Colour resembling Silver, it may be thought necessary it should differ in the figures & form of it from our Com̄on Species
Therefore ꝑpose it to be an Oblong Square her Maj:ts offigies in the Middle, and the Value of the Coin under it in Numeral letters & round ye Same. Anna Br Francia et Hibniæ Regina And on the Reverse a Britania with a Cornicopia in one hand and a pair of Scales equally peited in the other hand, with this or Such like Motto Par pari refert
9th And because the Bulk & Ponderosity of the sd Tin money may be offered as a Material objection in prejudice of this concern to obviate or answer which, That ye Tin so coined be brought & reposited in certain convenient places to be appointed for that purpose, where the Credit or Owner P of al Such Tin may be transferred betwixt the Queen and Subject, and Subject to Subject, till the same be delivered out, to be either Manufactured at home or transported abroad, all wch will certainly terminate in Gold & Silver at last, and prevent Counterfeiting, So that the Bulk & Ponderosity of it, can be no objection, but found a great conveniency and Emolument to ye Publique, Not only by establishing Staples or Bank's in Divers parts or Members of her Maj:ts Dominion's, but will ꝑvent the charges of Warehouse Room, Portage Cartage and Weighage &c
<604r>10th(7 - That the places appointed for the Repositing the Tin thereof under Comission:ers will become So many Staples or Banks, who are entrusted with the Custody only of all such Tin converted into Coin, but not the dispose thereof, the Same being left free to ye Propriators to draw out or Transfer to any other.
11th That fifty thousand pounds is a Stock Sufficient to commence and compleate the worke during the whole Term, which will not incom̄ode the Exchequer because they will have in the Room of it another Species of Coin equally valuable & currant.
12th That the ꝑsons comissioned to man̄age this affaire of Tin, do not excede five or Seaven in number at most, and that their Salaries be encouraging & the ꝑsons qualified for the undertaking <text in Unknown Hand begins>} wth a good Treasurer a Controuler or inspector to accont Every of a yr how Deposity Stand betwixt partyes
<text in William Tyndal’s hand begins>13:th To incourage the Pewterers or Workers in Tinn, all block Tin expor{illeg} exported to pay the usual custom <text in Unknown Hand begins>10s ꝑcent <text in William Tyndal’s hand begins>and over and above Twelve shillings ꝑ cent for Lycence to Export it which was a duty reserved antiently by the Earles of Cornwall, being the sole Merchants as well as Propriators of Tin, which her Majesty ought no more to part from than the Coinage duty.
14:th That the 5 shills 10 shills 20 shills peices being easily carried on Shipboard in order to exportation without paying the Custom or Lycense, to prevent which, that those Smaller peices, be brought to a Parr with block Tin, in Coining them, because they are to be expected free of either.
15:th That from and after a certain day to be limitted by her Majestie no unwrought Tin, be exported, but what Shalbe thus coined, attested & Warranted by the Mint as other Coines are which will Scarce the 12 Shills ꝑ cent Lycense as well as the Customes <604v> 8) on theall Tin, and will oblige the Pewterers to Manufacture al the Block Tin they have in Stock, or shall in the interim purchase, before the Preemption; and also prevent their Interloping upon the Merch to the prejudice of their Trade.
16:th That the Tinners are not to be restrained in the quantum to be raised annually, should they be able to ꝑduce double or treble the Quantity they have over yet don, because when all the Tin is once <text in Unknown Hand begins>{illeg} <text in William Tyndal’s hand begins>Turned into money, it can be no more a clogg up on the Nation, than the Species of Gold and Silver after it became Currant money, which otherwise would have been as great a Burden & Clogg, upon the World in Generall, as Tin now is to the Nation in particular
17th That the Tin becoming Currant as a New Species of money can never decline it in value as Sett and limitted by the Governmt, but will rather advanvance as Bullion hath from twenty pence to <text in Unknown Hand begins>Bullion from 20d to 5s ꝑ oz <text in William Tyndal’s hand begins>five shillings ꝑ ounce, which was never known to decline in its value Since.
18th That Since the Coinage of money is allowed on all hands to be one of the Regalias of the Crown, the Nature and use of it Serves but to distinguish betwixt bulloin {sic} money'd or not moneyed.
19th That Bullion not moneyed is but a Comidity, and is no more currant than any other mettall or Com̄odity, That any other mettall or comodity moneyed may be made currant as wel as Bullion.
<605r>20.th(.9. That any other Metall or Comodity is then Moneyed when Such a Value is put upon it as will render it equal to the Species of Gold & Silver, and is effectually So, when its value is established and Warranted by the Stamp in the Mint, where like care is to be taken in assaying it, as of other money.
21th Nothing is here offered but what or the like hath been practised by the Wisdom of antient times, as appears upon Record, who did not think fir to place the SOle & universal credit in gold & Silver Species only (which are here both forreign comodities) but for the like purpose made use of inferiour mettalls as Brass, Copper, &c - ad Valorem, and the same pracrice is continued by the Sweeds with good Success, but not in So good a Method as is hereby proposed.
<text in Unknown Hand begins>aꝑposed <text in William Tyndal’s hand begins>Benefits accrewing by the Practice of this Method, as is humbly conceiv'd
1:st That it will bring into her Maj:ts coffers a consid:ble annual Revenue
2 That it will be a consid:ble advantage to ye Tinner's Enabling them to Sell at a price certain above double the Value of their present Note ꝑfit.
3 That it will be a great advantage to ye Kingdom in genll in augmenting the Coin, also the Kingdom may be Supplyed with Small money at a true intrinsique value, without danger of being Counterfeited.
4 That it wilbe double the Stock of the Nation in that Comodity by raising the value thereof, and the Value wilbe ꝑpetuated thereby, and as the Stock of money is encreased Trade will thereby be quickened.
<605v>5th That it will pass in all payments as Curran money as coines of gold and Silver differing only in Bulke and ponderosity, but not in vallue, and consequently the Comodity is vended as effectually as Bullion when coyned
6:th Itt may also be Exchanged into any other Species of money as easily as Silver into gold, or an half crown into two Shillings and Six pence
7:th Ireland and the Plantations will take of all the Surplusage Tin, that can be Spared from the Market to the value of many hundred Thousand pounds, it being better than Spanish money or Species.
By this method Tin will become a Universal Comoditie as Gold or Silver is, which otherwise would Serve but for few purposes, being now cheifly taken of, by Pewterers Merch:ts Founders &c
8 That The Traders in Tin will hereby not only Save Interest of money frequently taken up for carrying on that Trade, but may then draw Interest from it, as the Owners of other Coines do, besides all the Pewter and Tin in any private man's possession will become real double value to what it is at present.
<text in Unknown Hand begins>{illeg}<text in William Tyndal’s hand begins>9:th That this being don the Importation of Forreigne Tin will no more bring down the Price of Tin here than the annual Importation of Gold & Silver does the price of either of these comodities.
10:th By all which it appears that hereby the decay of this great Comodity of Tin is prevented at present & the value not only raised & ꝑpetuated but the Vent therof Secured for ye future.
11:th That Tin being native & of oyr owne growth, & the Mines yt <text in Unknown Hand begins>Columbæ Diana produce it thought a Treasure inexhastable that can never be drawn dry, there is enough to be had, to Supply ye Nations want of money, without being beholding to any other forreign Prince or Potentate, whereas money consisting of Gold & Silver only, being both forreign mettalls the Nation cannot have it such ꝑportions as will Supply all men's occasiones towards that increase of Trade wth a greater quantity if it could be had would do, nor the Security where there are no mines to ꝑduce it, be so easily Supplyed.
(11Suis contenta bonis
12th That money made of Gold or Silver below ye Denominated value is base money, and a quant great damage to a Nation
13th- That money made of Tin Brass Copper &c ad valorem thô base Mettals, is not base money.
That the Bulk made & Ponderosity of this New Species of Tin money will be a means to introduce into ye Nation & other parts & places of her Maj:ties Dominions ye laudable use & practice of Staples, or Banks, of meer necessity which ought to be of choice, Which Staples So erected (wch the Law both directs & sufficiently impower's the Crown to Establish) will give such places an Universall Credit in all parts where we hold any comerce or Traffick to the making this Kingdom the Emporium of the World to ye benefit of Crown and people, the Collateral advantages whereof must be very considerable Surmounting the Prime cost of all the Tin annually raised without interfering with the Bank of Engl:d or Rivalling it in point of Power or ꝑfit.
The difference between the Bank of England & the Said Tin Staple or Bank is (viz.t) The Bank of England hath both the dispose and custody of other Mens properties, This the Custory only, but not the dispose thereof, neither is it to borrow or lend any money, receive or pay any Interest, or discount any Bills of Exchange Foreign or Domestick or ought else Subject to any contingency or hazard but is to be Subject Subsist from the advantages accrewing cheifly from remittances or returnes of money to and from all parts and Members of her Mats. Dominions whereby the Mutual Intercourse of Trade & deadling of & from all parts wilbe equally Safe & Secure, tho never So remote, & be ye occasion of drawing into ye Nation incredible Sum̄es of money to the encrease of our Stock & Treasure even to a vast accumulation, which wilbe Sufficient to Support <606v> 12) and recompence the charges of SO great an undertaking without engageing it in any Secret or indirect negotiations which may prove dangerous and perhaps fatall to it.
And to conclude that if what is hereby humbly tendred meet with your Lordships good opinion, and her Majesties Royal Approbation, and Shall think fit to ꝑceed upon these or such like Methods, her Majesty will have the Glory and your Lordshp the Honor of laying the Foundation of a Fabrick that can scarce be parrelled and which, I must ꝑsume to Say will render your Lordshps name Illustrious, and the Nation happy to future generations & ages to come.
All which is humbly Submitted by
My Lord
Your Lordshps most dutyfull & obedient Humble Servts. W: T: RT{illeg} <text in Unknown Hand begins>Tindale
John Seger Weidenffeild; a Jermaine Proposes out of 200, weight of Tin totale out A 100: oz of Silver, & ye Tin & Charge Cost 10£ the Silve above 25£, soe yt there will be above 1 x 15£ Clear & Either can preserve or Destroy the Tin, This vnder consideracon W T
Source
MINT 19/3/600-606, National Archives, Kew, Richmond, Surrey, UK1705, c. 3,522 words.