Letter to the Earl of Godolphin (Lord High Treasurer) concerning a proposal for recoining copper money

To the RtReverent Honourable the Earl of Godolphin Lord High Treasurer of great Britain.

May it please your Lordship
In obedience to your Lordships order of the Reference of May 6th upon the annexed Proposal of Mr William Morgan & others brought to us by the Proposer Iune 30th for taking in the old copper money & coyning a thousand Tunns of better copper money in its stead within the term of seven years, provided the loss which they may sustain by changing the old money for the new & the interest of forty thousand pounds dead stock may be allowed them over & above the price of the new metal & charges of coynage: We have considered the same & are humbly of the opinion that the loss which would be sustein by melting down the old copper money & the interest of the dead stock would amount to above eighty thousand pounds & are an unnecessary charge, & that the coynage of a thousand Tunns would make a very great clamour, six hundred Tunns being sufficient to stock the nation. And we further humbly represent that a constant coynage of about eight or ten Tunns per annum may be sufficient to supply the yearly wast of the present copper money, that such a small coynage is safest but not yet wanting, that it may be above ten or twelve years before the coynage of an hundred Tunns shall be wanting & that a greater coinage will not be advisable untill there be a great & general complaint of the want of copper money.

All which is most humbly submitted to your Lordships great wisdome