252 Mineral Trades 



the royal excise.^ The owner of the tin and the merchant higgled 

 for the price per thousand.- It was the opinion of the above cited 

 complainant that the bargaining power of the miner-owner might be 

 strengthened by a system of credit based upon pawns of tin in a public 

 ware house.^ But it does not appear that this would have brought 

 much relief, for under the existing system the owner received a certifi- 

 cate of deposit from the coinage officers which was negotiable and 

 which he generally disposed of immediately to the merchants at a 

 discount.'* By 1750 the smelters appear to have inaugurated a per- 

 sonal credit for the tin left with them by the mine-owners, which bills 

 circulated freely "at the market price as well as bank bills."^ 



The merchants acquired an economic duress over the miners by 

 making advances of money to them on pledge of delivery of their tin 

 at the next coinage. " When any Western Gent, or person of accompt, 

 wanteth money to defray his expences at London, he resorteth to one 

 of the Tynne Marchants of his acquaintance, to borrow some; . . . 

 they give bond for euerie twentie pounds so taken in lone, to deliver 

 a thousand pound waight of Tyn at the next Coynage, which shal be 

 within two or three months . . . "^ Since the price of tin was 

 usually about £25 per thousand these advances were made at high 

 usury; "reaping thereby a double commoditie, both of excessive gaine 

 for his lone, and of assurance to bee serued with Tynne for his 

 money." In the opinion of this outsider this was "cutthroate and 

 abominable dealing." The advances were sometimes made in com- 

 modities, such as cloth and provisions, and a profit was made on these. 



The merchants about 1600 were mostly Londoners — the haber- 

 dashers of London.^ Their profits appear to have been exorbitant.* 

 As a relief against the exploitation waged by the merchants against 

 the tinners Elizabeth and the first two Stuarts tried their method of 

 privileged monopoly, establishing fixed preemption prices at which 

 the tin would be bought, and providing loan funds out of which loans 

 were made at low interest to the miners between coinages. '•• These 



' See descriptions in Carew, 13-14; V. C. H., Cornwall, I, 537-Q; Pococke, I, 12.5. 

 - See description of this action by Carew, 13-14. 

 '"Dialogue," 128-9. 



^\. C. H., ComwaU, I, 537; Lewis, 211-212. 

 '" Pococke, I, 122. 

 « Carew, 14-15. 



' S. P. Dom. Eliz. CCLIII, 46; Welch, I, 268; II, 10; Lewis, 216. 

 « Ibid., CCXLIII, 13; Jas. I, VI, 138. 



9 Ibid., CCLXXIII, 74; CCLXXXVI, 26; Chas. T, CCCXXII, 1-2; CCCXXVI, 

 2, 8, 60; Lewis, 219. 



