RESOLUTIONS WITH RESPECT TO A NEW COINAGE.

This important affair being discussed, the commons proceeded to examine the accounts and estimates, and voted above five millions for the service of the ensuing year. The state of the coin was by this time become such a national grievance as could not escape the attention of parliament. The lords prepared an address to the throne, for a proclamation to put a stop to the currency of diminished coin; and to this they desired the concurrence of the commons. The lower house, however, determined to take this affair under their own inspection. They appointed a committee of the whole house to deliberate on the state of the nation with respect to the currency. Great opposition was made to a recoinage, which was a measure strenuously recommended and supported by Mr. Montague, who acted on this occasion by the advice of the great mathematician sir Isaac Newton. The enemies of this expedient argued, that should the silver coin be called in, it would be impossible to maintain the war abroad, or prosecute foreign trade, inasmuch as the merchant could not pay his bills of exchange, nor the soldier receive his subsistence; that a stop would be put to all mutual payment; and this would produce universal confusion and despair. Such a reformation could not be effected without some danger and difficulty; but it was become absolutely necessary, as the evil daily increased, and in a little time must have terminated in national anarchy. After long and vehement debates, the majority resolved to proceed with all possible expedition to a new coinage. Another question arose, Whether the new coin, in its different denominations, should retain the original weight and purity of the old; or the established standard be raised in value? The famous Locke engaged in this dispute against Mr. Lowndes, who proposed that the standard should be raised; the arguments of Mr. Locke were so convincing, that the committee resolved the established standard should be preserved with respect to weight and fineness. They likewise resolved, that the loss accruing to the revenue from clipped money, should be borne by the public. In order to prevent a total stagnation, they further resolved, that after an appointed day no clipped money should pass in payment, except to the collectors of the revenue and taxes, or upon loans or payments into the exchequer; that after another day to be appointed, no clipped money of any sort should pass in any payment whatsoever; and that a third day should be fixed for all persons to bring in their clipped money to be recoined, after which they should have no allowance upon what they might offer. They addressed the king to issue a proclamation agreeably to these resolutions; and on the nineteenth day of December it was published accordingly. Such were the fears of the people, augmented and inflamed by the enemies of the government, that all payment immediately ceased, and a face of distraction appeared through the whole community. The adversaries of the bill seized this opportunity to aggravate the apprehensions of the public. They inveighed against the ministry as the authors of this national grievance; they levelled their satire particularly at Montague; and it required uncommon fortitude and address to avert the most dangerous consequences of popular discontent. The house of commons agreed to the following resolutions: that twelve hundred thousand pounds should be raised by a duty on glass windows, to make up the loss on the clipped money; that the recompence for supplying the deficiency of clipped money should extend to all silver coin, though of a coarser alloy than the standard; that the collectors and receivers of his majesty’s aids and revenues should be enjoined to receive all such monies; that a reward of five per cent, should be given to all such persons as should bring in either milled or broad undipped money, to be applied in exchange of the clipped money throughout the kingdom; that a reward of threepence per ounce should be given to all persons who should bring wrought plate to the mint to be coined; that persons might pay in their whole next year’s land-tax in clipped money, at one convenient time to be appointed for that purpose; that commissioners should be appointed in every county to pay and distribute the milled and broad undipped money, and the new coined money in lieu of that which was diminished. A bill being prepared agreeably to these determinations, was sent up to the house of lords, who made some amendments which the commons rejected; but in order to avoid cavils and conferences, they dropped the bill and brought in another without the clauses which the lords had inserted. They were again proposed in the upper house and over-ruled by the’ majority; and on the twenty-first day of January the bill received the royal assent, as did another bill enlarging the time for purchasing annuities and continuing the duties on low wines. At the same time the king passed the bill of trials for high treason, and an act to prevent mercenary elections. Divers merchants and traders petitioned the house of commons that the losses in their trade and payments, occasioned by the rise of guineas, might be taken into consideration. A bill was immediately brought in for taking off the obligation and encouragement for coining guineas for a certain time; and then the commons proceeded to lower the value of this coin, a task in which they met with great opposition from some members, who alleged that it would foment the popular disturbances. At length, however, the majority agreed that a guinea should be lowered from thirty to eight-and-twenty shillings, and afterwards to six-and-twenty. At length a clause was inserted in the bill for encouraging people to bring plate to the mint, settling the price of a guinea at two-and-twenty shillings, and it naturally sunk to its original value of twenty shillings and sixpence. Many persons, however, supposing that the price of gold would be raised the next session, hoarded up their guineas; and upon the same supposition, encouraged by the malcontents, the new coined silver money was reserved, to the great detriment of commerce. The king ordered mints to be erected in York, Bristol, Exeter, and Chester, for the purpose of the re-coinage, which was executed with unexpected success, so that in less than a year the currency of England, which had been the worst, became the best coin in Europe.

At this period the attention of the commons was diverted to an object of a more private nature. The earl of Portland, who enjoyed the greatest share of the king’s favour, had obtained a grant of some lordships in Derbyshire. While the warrant was depending, the gentlemen of that county resolved to oppose it with all their power. In consequence of a petition, they were indulged with a hearing by the lords of the treasury. Sir William Williams, in the name of the rest, alleged that the lordships in question were the ancient demesnes of the prince of Wales, absolutely unalienable; that the revenues of those lordships supported the government of Wales in paying the judges and other salaries; that the grant was of too large an extent for any foreign subject; and that the people of the county were too great to be subject to any foreigner. Sundry other substantial reasons were used against the grant, which, notwithstanding all their remonstrances, would have passed through the offices, had not the Welsh gentlemen addressed themselves by petition to the house of commons. Upon this occasion, Mr. Price, a member of the house, harangued with great severity against the Dutch in general, and did not even abstain from sarcasms upon the king’s person, title, and government. The objections started by the petitioners being duly considered, were found so reasonable that the commons presented an address to the king, representing that those manors had been usually annexed to the principality of Wales, and settled on the princes of Wales for their support; that many persons in those parts held their estates by royal tenure under great and valuable compositions, rents, royal payments, and services to the crown and princes of Wales; and enjoyed great privileges and advantages under such tenure. They therefore besought his majesty to recall the grant which was in diminution of the honour and interest of the crown; and prayed that the said manors and lands might not be alienated without the consent of parliament. This address met with a cold reception from the king, who promised to recall the grant which had given such offence to the commons, and said he would find some other way of showing his favour to the earl of Portland.

The people in general entertained a national aversion to this nobleman: the malcontents inculcated a notion that he had made use of his interest and intelligence to injure the trade of England, that the commerce of his own country might flourish without competition. To his suggestions they imputed the act and patent in favour of the Scottish company, which was supposed to have been thrown in as a bone of contention between the two kingdoms. The subject was first started in the house of lords, who invited the commons to a conference; a committee was appointed to examine into the particulars of the act for erecting the Scottish company; and the two houses presented a joint address against it, as a scheme that would prejudice all the subjects concerned in the wealth and trade of the English nation. They represented, that in consequence of the exemption from taxes and other advantages granted to the Scottish company, that kingdom would become a free port for all East and West India commodities; that the Scots would be enabled to supply all Europe at a cheaper rate than the English could afford to sell their merchandise for, therefore England would lose the benefit of its foreign trade; besides, they observed that the Scots would smuggle their commodities into England, to the great detriment of his majesty and his customs. To this remonstrance the king replied that he had been ill served in Scotland; but that he hoped some remedies would be found to prevent the inconveniencies of which they were apprehensive. In all probability he had been imposed upon by the ministry of that kingdom; for in a little time he discarded the marquis of Tweedale, and dismissed both the Scottish secretaries of state, in lieu of whom he appointed lord Murray, son to the marquis of Athol. Notwithstanding the king’s answer, the committee proceeded on the inquiry, and, in consequence of their report confirming a petition from the East India company, the house resolved that the directors of the Scottish company were guilty of a high crime and misdemeanor in administering and taking an oath de fideli in this kingdom, and that they should be impeached for the same. Meanwhile, Roderick Mackenzie, from whom they had received their chief information, began to retract his evidence, and was ordered into custody; but he made his escape and could not be retaken, although the king at their request issued a proclamation for that purpose. The Scots were extremely incensed against the king when they understood he had disowned their company, from which they had promised themselves such wealth and advantage. The settlement of Darien was already planned and afterwards put in execution, though it miscarried in the sequel, and had like to have produced abundance of mischief.