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A52733 A proposal for amending the silver coins of England, and the possibility of it, without any great charge to the nation. Demonstrated in two different ways. Neale, Thomas, d. 1699? 1696 (1696) Wing N349; ESTC R222058 18,870 64

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drawn each 50 100     20000 l. And for the Hundred Thousand Pound remaining they are to be employed for paying the Blank Tickets at Twenty Shillings a Year each for sixteen Years together as in the Million Adventure of 1694 and for the Charges of the same It remains only to pay the two Banks of the Five Hundred Thousand Pound advanced by them and for that the Author of this Proposal has a Project ready at hand to raise that Sum as also the Hundred Thousand Pound for the Yearly Rent of the Million Adventure which he has not thought fit to publish here The Computation hereunto annexed will shew what Charges the Nation must be at besides this new Million Adventure Would I deal with others as I was dealt by in the first Million Adventure of which I can boast I was the Inventor Though tulit alter honores I should say that I am the Contriver of this but I act by other Principles and therefore I own that Major Hayens a worthy Citizen of London is the first who has Invented how to apply such a Lottery to the Mending of the Coin and I add nothing to it but that Twenty Pound of counterfeited Mony ought to be Equivalent to Ten Pound of clipt Mony and taken for a Ticket in this Adventure From what I have said it follows that the Publick shall lose nothing upon clipt Mony and it were to be wished that they should be no losers by Guineas but besides the Difficulty of the Thing there is no Justice that the State should make good the loss of Eight Shillings and above upon every Guinea seeing they have been advanced to that extravagant Price against the general consent of the Nation as it is plain from an Act of Parliament passed last Sessions to prevent Clipping The King has got nothing by it but on the contrary has lost very much and therefore it is but just that those who have got by raising the Price of Gold should now suffer by lowering of the same The Prejudice which the King and the Nation in general have suffered by the high price of Guineas may be well guessed at by this only Instance viz. That whereas Six Millions were sufficient for the Charges of the War when Guineas were at 21 s. 6 d. Nine Millions or very little less are now absolutely Necessary to bear the very same Charges Cloath and all other Commodities having been raised in Proportion to Guineas This Observation by the by sheweth that we lose every Year to no purpose twice as much as it will cost us once for all to reform our Coin However to help the Publick as much as possible I make bold to propose that Guineas be lowered by degrees according to the Table annexed to my first Project viz. every Three Months and so that Guineas be current from the First of Ianuary 1695 6 to the First April 1696 at 28 s. 8 d. From the First of April to the First of Iuly at 26 s. 10 d. From the First of Iuly to the First of October at 25 s. 1 d. And from the First of October to the First of Ianuary 1696 7 at 23 s. 3 d. ½ and thenceforth that no Body presume to take them above the Price of 21 s. 6 d. This will prevent many Disputes but let the Parliament fix the Price of Guineas or not they must needs fall to 21 s. 6 d. as soon as Silver is fixed at 5 s. an Ounce I have considered this Matter these Three Years since and though what I propose be directly against my own private Interest I think it is an absolute Necessity for the Honour and general Interest of the Nation to melt down our old Clipt Mony and make new Coin of the same Standard Weight and Price as the former and when that is done and our Trade and Navigation secured I question not to see England the happiest Country in the World which is my Hearts desire FINIS A Computation of the whole Charge that the Nation will be at to make the Clipt Mony good to the Owners thereof besides the voluntary advance of one Million in Clipt Mony towards the Mending of it by way of an Adventure according to the New Proposal   Quantity of ounces of silver that ought to be in 4 Millons of Coyn.   Quantity of Oun. of Silver that by clipping c. are left in 4 Mil. of Coin 1 Mil. or 4 Mil. of Cro. which at 19 dw 8 gr 1 half ought to Weigh ounces dw gr 3870833-13-8 The said Crowns or their value in half Cro. shillings c. though reduced by Usage to something less than 19 dw 8 gr half Being Milled mony are not to be melted down and are reputed to weigh Ounce dw gr 3870833-13-8 One Millon or 4. Millons of Crowns 3870833-13-8 By Clipping c. are reduced one with another to 15 dw 3000000-0-0 Two Millons or ● Millons of Crowns 7741667-6-16 By ditto reduced one with another to 12 dw 4800000-0-0 One Millon or 4 Mil. of Crowns which will be taken up for Tickets on a New Mil. Adventure 0000000-0-0 By ditto reduced one with another to 7 dw 12 gr will render towards the mending of the Coin 1500000-0-0 5 Mil. or 20 Mil. of Cro. Being the whole of the Silver Coyns   The benefit of 3 one fourth per Cent upon 3 Millons that are to be melted weighing 9300000 Ounces 302250-0-0 2010251-0-0 4 Mil. ought to weigh Ounces 15483334-13-8 It remains to be made good in Bank bills 15483334-13-8 The said 2010251 Ounces of silver at 5 s. an Ounce make sterling 502562l 15s 0 FINIS