68o A. D. 1696. 



All poor labourers, foldiers, and failors, would thereby be defrauded of 

 part of their jufl wages; as would alfo the creditors of part of their juft 

 debts ; as alfo the landlord of part of his rent ; or elfe great confuiion 

 and difpute would arife about thefe matters. All which, and fuch par- 

 ticulars, were mofl judicioufly and clearly demonflrated by the great 

 Locke, in his excellent treatife on coin, which then came forth in print, 

 in anfwer to Lowndes's report, containing an eflay for the amendment 

 of the lilver coins, to the ablblute filencing of the oppofite opinion. In 

 conclufion, it was finally refolved to recoin the filver money of the old 

 weight and finenefs ; and that the nation, colleftively confidered, fhould 

 bear the lofs. The great inconveniences of calling in all the diminiflied 

 money at once were alfo duely confidered, and obviated by calling it in 

 by degrees, and recoining it as quickly as pofllble ; to promote which, 

 by an adl, [7, 8 Giil 111, c 19] fixpence per ounce was allowed on all 

 wrought filver plate brought to the mint : and an acft was alfo pafl^ed, 

 [8 Gill. III^ c. 7] for encouraging the bringing in wrought plate to be 

 coined ; whereby the old ftandard of finenefs of filver, being 1 1 oz. 2 pwt. 

 was thenceforth altered to 1 1 oz. 10 pwt. fine, and i o pwt. allay *. Laftly, 

 the ule of filver plate (fpoons. excepted) was prohibited in public houfes, 

 then much ufed both in town and country ; infomuch that one alehoufe, 

 near the Royal exchange in London, had to the value of L5C0 in filver 

 tankards, &c. 



Means were alfo ufed for reducing the price of guineas to near their 

 juft value in filver in foreign parts ; the parliament, with great judge- 

 ment, directing the manner of gradually lowering them, viz. from 30/" 

 to 29/", 28/i 2^/, and lafi;ly to 22/, whereby the leaft hurt was done to 

 private men. So, in about a year's time, or little more, our filver coins 

 came forth from the mint, the finefi: and mofi: beautiful of any in all 

 Europe. And although many inconveniences happened in trade before 

 the coinage was finiflied, yet, in the end, it afiionifiied and confounded 

 all the enemies of the king and kingdoni, both at home and abroad, 

 and procured great credit to Mr. Montague (afterwards Lord HaUifax) 

 who then had the chief management in the treafury. 



It was on this occafion that Mr. Montague firfi; fet on foot a new 

 circulating paper credit, by iffuing bills from the exchequer ; at the fame 

 time contradling (as has ever fince been done) for their being circulated 

 for ready money on demand. And as many of thofe firfi; exchequer bills 

 were for funis fo low as L5 and Lio, they were of very good ufe at this 

 time, when there was fo great a fcarcity of filver money during the re- 

 coinage, as they were taken at the exchequer for all payments of the 

 revenue, and as, when re-ifllied, they were then allowed L7 : 12 per 



* This regulation mufl be undcvftood, not of the money, but of wrought plate ; and ft was intend- 

 ed to prevent lilver-fmiths from melting t!ie current filvsr money, as the ad exprefsly fays. M. ■ 



