About Mending the Coyn

'Tis PROPOSED,

1. THat a Fund of 50000l. yearly (to which the late House of Commons seemed willing) should be setled to make good the Loss, which cannot well be conceived to amount to what the said 50000l. yearly will (in the manner hereafter Proposed) make good, and some easie Fund may be found for it.

2. That a Million of Money (which also may this way be easily raised) in Clipt Half Crowns, be sunk by a Lottery, which 'tis believed will take them all up; and if that it be Enacted, That such shall be taken for Tickets, and that no person shall be obliged to take any Clipt Half Crowns (any otherwise than by Weight) after Three Months, they all will come tumbling in, and the Owners of them will be pleased, having a Courtesie done them. Supposing such Allowance in the Lottery given, that every Adventurer shall be no Looser by it, which 40 s. yearly for each 10l. paid in for each Ticket will do, and so few Prizes over (and without any Rebate) will encourage its filing; That whereas 40000l. yearly, (besides a Rebate) for a Sixteen years Term, worth 300000l. to bring in the Money was allowed as a Gift in the last, a bare 50000l. in Money, put into a 1000 Fifty pound Prizes, will be sufficient to do it in this, and a Fund may be easie found for it.

3. That the rest of the Clipt and Silver Money, Sixpences and Shillings, should be received by the King (as now 'tis) in all Loans and Payments whatsoever, to be made in the Exchequer, for Six Months after the Three allowed for the Half Crowns, and that nothing but Silver Money (as now 'tis) should <2> during that time, be taken for Taxes by the Crown. This will in that time bring it all into the Exchequer, if that it be made publick, That His Majesty will not, and that no other shall be obliged to take it (but by weight) afterwards; this will keep it Currant for publick Convenience, for so long as the King takes it, and will make the Owners willingly part with it to the Publick, that it may not remain, and afterwards fall in their Hands.

This leaves not the least room for Complaint, every Owner of Clipt Money having opportunity given him to part with't, without Loss if he will and so in no sort will give Discontent, nor prove any way Prejudicial to the Currant Trade of the Nation, but on the contrary, bring out the heavy Money laid up of late, in hope that the Standard would be raised; which (in case it be not by Authority) will go for no more than its weight, and whilst this is doing, so much New Money, from the old Melted down, will be Coyned, as with the help of the Old Money unclipt, will serve for the Publick Convenience, and not interrupt Trade in the least.

Now to this 'twill be presently said,

If your Money now Currant be allowed so long to pass, as before is proposed, the Clipping Trade still will go on. To which it may be answered, and so 'twill if nothing be done, and the inconvenience that would accrew to the People in general, if the Currancy of it were stopt all at once would certainly be greater by much. And

To this it will further be said,

If the King takes the Million in half Crowns, Proposed to be raised by the Lottery as a good Million of Money, and the other One or Two Millions (tho I cannot think so much will be) in the other Clipt Money, as good: Whereas in value it may not, (it may be) arise to above Three fifths, one with another of it: that is, supposing every Million so received not worth above 600000l. What shall the King do, if he may not pay it out at the rate he received it, for the other 400000l. which will of such Million be wanting?

Note, By this Proposal his Majesty's Affairs need not to be disappointed, nor to suffer at all in the least, since it may be avoided thus:

Let the Money so received by the Crown from the Lottery, half Crowns and otherwise in Clipt Money be, (by Sworn Officers on purpose appointed) melted down and assayed, and then by Weight and Fineness delivered to the National Land Bank, or other trusty Persons for that purpose to be appointed: and for every Hundred Pounds (reckoned at the Standard the Money shall be Coined at) that shall be wanting of what 'twas taken by the King at, by Tale, let 5l. yearly, out of the aforesaid 50000l. yearly, be settled (till paid off by Parliament,) which will fully enable such Bank, or other Persons intrusted, to answer the King his full and whole Money by Tale, as fast as he'll draw it upon them; and the Money so Melted, may, and must forthwith be Coined; and thus this may be done with all Justice and Ease, as aforesaid.

Decemb. 4.
1695.