Proposal to raise £28,333 per 1,000 tons of copper coined by reducing the weight of halfpence and farthings W. F. c. 963 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 21 May 1717, c. 963 words. Treasury

Further proposal to invest the money thus saved in work schemes to employ the poor. Offer to reveal another scheme to raise above two million pounds in a year.

 MINT 19/2/378-9, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/378-9 21 May 1717 English Clerical Hand MintEconomic Theory and Legislation Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young Catalogue exported to teiHeader by Michael Hawkins Transcribed by Will Scott
378334

May it please your Lordships

It is humbly conceived ytthat the Copper Coin might be made much more useful to the Nation that it is, and bring in a vast proffit to the King; for as the Copper Farthings and half pence now are, the Coinage will cost as follows. vizt

£sd Copper at 12d ꝑper llpound 00:01:00 Hammering and making Blanks 5 Coinage 2 Vending and making the Die 1:9

This your Lordships see that 1ll coined Copper stands in 1s: 9d Charge and the vallue being but 1s: 9d there results no proffit from it; nay I fear yt.that coining them as they now are (as is discoursed is intended) will prove a Charge to the Public.

But I humbly beg leave to propose a Method by which these small Coins may bring in above 280'000£ to ye.the Public, but some believe it will near double ytthat sum, and this will be done by altering, our half-pence into two penny weight; wch.which will be bigger than our silver six-pence, and our Farthing a Penny weight wch.which will be as much bigger than our Silver three-pence as Copper is lighter than silver; this will make a pound Troy of Copper worth 5s. when coined; This Copper coin so regulated will have three times yethe Pieces in a Pound it had before; so that the Hammering & Coinage which before cost 7d ꝑper llpound will now be 1s: 9d to which adding yetthat Charge of Copper and cutting yethe Die the pound will stand in 2s: 11d charge. Now

£sd There being 2720ll Troy in a Tun Averdupoize ye.the Tun will cost } 396:13:04 The pound being worth 5s. The Tun will be worth 680:00:00 The Charges of Tun being as above 396£: 13s: 4d the Charge of one thousand Tun will be 3'96'666:06:08 And the Vallue of 1000 Tun at 680£ ꝑper Tun, is 6'80'000:00:00 So the proffits arising from this thousand Tun amounts to 2'83'333:13:04

But it is believ'd we can vend 2000 Tun between Great Brittain and our West India Plantations, for the Plantations themselves 'tis believed will take above 1000 Tun

Now if your Lordships think fit to receive this Proposal it is demonstrated that many thousands of Pounds Proffit will accrue to the Government, and it being the undoubted Right and Prerogative of the King, to affix what vallue he pleases to his Coin, and since the Copper Coin as it now is will yield no Proffit to the King or Public, and yt.that this Method proposed Answers the same End, it is hoped it will not be thought unreasonable to alter its Fabrication as to its weight.

For the present Coin by its largeness and eight is so cumbersome to the Pocket, that People having less of them than otherwise they wou'd it much hinders the Charity of good People.

I beg leave to offer another scheme to your Lordships Consideration, that if the Proffit arising from this Proposal which I have shewn is £283'333 be not applyed to the use of the King or Public ytthat then it may be lent by the King as a stock to employ the Poor of Great Brittain, and to set to every County a part according to its bigness, some part to build work-houses, or hire others fit for that purpose, & the rest to remain as a Fund to employ ytthat Poor in the Manufacture of each County (as is now practiced in Bristol, by an Act passed in the Reign of ytthat late King William in the Year 1696) and the Proffits of these Manufactures to be at ye.the King's Disposal, and thus besides ye.the Proffits wch.which wou'd immediately arise from the Manufactures, it wou'd allso vastly increase the Customes and take away a great part of the Poors Tax, and make a great Part of the Nation Merchants.

Thus the dissaffected in each County their Evil wou'd be overcome by Good, and this Charity wou'd be a true and a lasting Glory to the King and his Government; for it wou'd by this means be as rare to see a Beggar in England, as in other Places it wou'd be to see none, But if the Ennemies to the King and Government shou'd ever rise in any County, and the Magistrates be remiss in suppressing them, then the Fund for such County where the disorder is, to be recalled and disposed of as the King shall direct, this wou'd make yethe Poor as well as the rich (to whome they are now a Burden) Zealous in yethe Kings Interest, this wou'd make your Kingdoms Powerful & yr.your People rich, and the idle and Poor that have no Employment wou'd by their Labour bring in a Considerable Yearly Revenue.

In short a Work of this Nature, wou'd make all Great Brittain have just Cause to hold in happy Memory, yt.that his Majesty King George & your Lordships were the Beginners of so proffitable, Praise-Worthy & renown'd a work, and draw all his subjects Love to him.

379334

But if it so please your Lordships, I am ready upon Notice in the Gazette to offer your Lordships a Proposal of another Nature, wchwhich will raise above two Million of Money in one Year, without any Grieveance to the subject, and will allso save the Nation a great many thousands of Pounds Yearly, and this is as demonstrable as any Diagram in Euclid.

My Zeal to the King and the Public induced me to give yr.your Lordships this trouble, and wch.which I hope will procure yr.your Lordships Pardon for ye.the length of this Letter as well as ye.the Presumption of

My Lords

Your Lordships

London May yethe 21st 1717 }

most dutiful and

obedt.obedient humble Servt.Servant

W. F