'Proposals for preserving and encreasing the Coyn of this Kingdome.' Draft of second appendix to <ref target="/catalogue/record/MINT00281">MINT00281</ref> (Mint 19/2/78-9) Isaac Newton c. 902 words The Newton Project Oxford 2017 Newton Project, University of Oxford

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 c. 7 July 1702, c. 902 words.

Draft of T. 1/80.105, MINT00940 (dated 7 July 1702 and printed in Horton, Silver Pound, 270-71 and Shaw, 166-9).

Various suggestions for countering the depletion of gold and silver reserves. A ban, or at least a restriction, should be imposed on the use of gold and silver in clothes, household goods, etc. The allowance of plate for personal use on board ship, at present unlimited, should be regulated. Above all, the excessive exportation of gold and silver by the East India Companies (especially the new one) should be curbed by obliging them to export an equal amount, or at least half as much, in commodities. All imports and exports of bullion should be examined and recorded by the Mint.

 MINT 19/2/602-3, National Archives, Kew, Richmond, Surrey, UK UKSurreyKew, RichmondNational Archives MINT 19/2/602-3 c. 7 July 1702 England English Holograph 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 Metadata amended by Will Scott
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Proposals for preserving & encreasing the Coyn of this Kingdome

All gold & silver designed for exportation shall be examined & entred in yethe Mint. And for that end all Ingots of Gold & Silver imported & all old Plated iexmported & designed for exportation & all sand gold & virgin gold & virgin silver shall upon its first coming up the River of Thames to the Custome house be brought to the Mint by the Master of the ship & other witnesses who shall there shew their Bill of lading & be examined about the importation of the said Gold or Silver. And the said sand gold & Virgin gold & virgin silver & plate & all forreign monies designed for exportation shall be there melted into Ingots. And these Ingots & all other Ingots of gold & silver above mentioned shall at the choise of the Merchant be either coyned into moneis or marked wthith a stamp provided for that purpose. And the Master of the Mint if desired shall give the Merchant an indented Ticket certifying the weight of the monies coyned out of the said forreign gold or silver & the time of cthe coynage thereof, wchwhich Ticket shall be cut out of a book of yethe Mint & entred in the same book.

Ingots not markt with the Mint stamp may not be exported nor carried on board any vessel, nor bought or sold but may be brought to yethe Mint for encreasing the coyn of this kingdom. This law now obtaning in France by an edict of last March for preventing the melting down of yethe monies

The Merchant upon delivering the Mint Tickets at yethe Custome house may within a year after the coynage of the monies mentioned therein by Warrant of the CommrsCommissioners of the Customes, upon a day appointed in the Warrant ship for exportation the said monies or the same weight of the native monies or any part thereof & also any Ingots wchwhich have the Mint stamp upon them & the Customer shall enter the same & file the Tickets.

All silver monies before shipping for exportation shall pay 1d ob12 ꝑper ounce Troy at yethe Custome house for the charges of assaying standarding melting melting & coyning the same. And all gold monies shall pay 6d12 ob12 ꝑper ounce for yethe like charge. Which Duties shall be kept apart wthwith yethe Duty already granted for encouragemtent of acoynage & therewith paid into the Excheqruer & thence imprest to yethe Master of the Mint for yethe same uses. And all Ingots stampt shall pay to the Master of yethe Mint before stamping a fartingfarthing per ounce of silver & 1d per ounce of gold for defraying charges of the first meltings & stamping & towards yethe charges of assaying melting & coyning the monies & of providing & repairing things necessary for yethe same. For wchwhich Duty the Master of the Mint shall be answerable to yethe King.

No gold or silver other then pocket money already allowed shall be exported out of any other port of England then that of London nor ourt of Ireland except into England. Felony wthwithout benefit of Clergy to counterfeit the Mint stamp or the Mint Tickets. And other penalties on them who ship silver not licensed or wthwithout paying the Duty or upon any other day then that appointed in the Warrant or buy or sell unmarkt ingots or knowingly bring gold or silver to the Mint to be markt or coynd as forreign wchwhich is not forreign. Such a Law would enable the Officers of the Mint to understand the state of the money with respect to trade. It would render trade freer then at prresent. It would save the Merchant the trouble and charge of attending with his bullion & witnesses at Goldsmiths Hall and Yeild hall after he has melted it at the Refiners or Goldsmiths. It would check the melting down of orour monies for exportation or for sale to Goldsmiths much better then the laws do at prresent, & prevent the open or publick importation of go more gold & silver then is imported. It would bring down the price of Bullion nearer to a par with money & thereby make the money less liable to be melted down into Bullion. I would increase the coynage by bringing all gold & silver through the Mint & laying on that wchwhich is not coyned a small Duty to pay for the first meltings: for wchwhich Duty there is a precedent in Holland. It would decrease the Indian manufacture of coyning orour Bullion in Ports where the Company have not a Mint of their own, for which coynage the Indians receive of us a large seigniorage. It would be profitable to the Merchant by the use of his gold & silver when turned into money before exportation. I would encrease orour coyn as well by the Merchants money running amongst us till exportation as by what is not exported within the year. It would be of great credit to the nation by the Merchants exporting their gold & silver in603 in the form of English money to be current in forreign nations & thereby make us appear abroad more rich & potent then we do at prresent. And all this would be done without any new charge to the government.