Request for an increase in Mint funding Isaac Newton c. 299 words The Newton Project Oxford 2016 Newton Project, University of Oxford

This metadata is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported License.

 9 February 1715 [= 1716], c. 299 words. Treasury

Signed by [warden] Richard Sandford.

Variant draft of PRO, Mint 1/7, p. 71 (of the same date, unsigned and printed in NC, 6: 276-7).

In the three years 1713-15, Mint income lagged seriously behind expenditure. Coinage has increased since peace, and if the increase continues the deficit will rise to £5,000 or £6,000 p.a. The deficit has hitherto been financed from surpluses amassed during the war when little money was coined, but the remaining surplus is now under £1,000. In renewing the Coinage Act, which is about to expire, the Commons should be encouraged to increase coinage duty by 50% (from 10s. to 15s. a ton on wine and from 20s. to 30s. a ton on brandy).

 MINT 19/1/325, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/1/325 9 February 1715 [= 1716] England English Holograph Unknown Hand MintAccounts and Expenses Catalogue information compiled by Rob Iliffe, Peter Spargo & John Young Catalogue exported to teiHeader by Michael Hawkins Transcribed by Will Scott Will Scott finished transcription

To the RtRight Honble the Lords Commissioners of his MajtsMajestys Treasury.

May it please yoryour LordpsLordships

The Act of Coinage being near expiring We have thought it orour Duty humbly to lay before yoryour Lordships the annexed Abstract shewing what the moneys leviable by that Act have amounted unto these three years last past, & what the charges of the Mints in the Tower & at Edinborough have amounted unto during the same time. By this Abstract the Income has been about 9600li yearly at a medium & the Expence about 14380li yearly. And this expence is greater than the Income by about one half, on in the proportion of three to two.

The coynage has increased every year since the peace, & if it continues to be so great as it has been the two last years, the charge of the Mint will exceed the Income by about five or six thousand pounds yearly. This charge has been supplied hitherto out of the stock which accrued to the Mint in the time of war when the coynage was small, and by the great coinage since the peace this stock is now reduced to less then one thousand pounds wchwhich will scarce serve to carry on the coinage above a month longer.

Wherefore we humbly propose to yoryour Lordships that the House of Commons may be moved that the Act of Coinage may be renewed this session of Parliament with an augmentation of the Duty from ten shillings to fifteen shillings per Tun upon wines &c & from 20s to 30s per Tun upon Brandy, with such Restrictions or Applications of the money arising therefrom as the House shall think fit.

Which is most humbly submitted to your Lordships great Wisdom

Rich Sandford

Mint Office 9 Feb. 1715 325