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Updated: June 28, 2025
It was at last determined that the new regulations should take effect on the twenty-fifth of March, the first day, according to the old Calendar, of the year 1696. On the twenty-first of January the Recoinage Bill and the Bill for regulating Trials in cases of High Treason received the royal assent.
It may be confidently affirmed that this enactment was not suggested or approved by Locke. He well knew that the high price of gold was not the evil which afflicted the State, but merely a symptom of that evil, and that a fall in the price of gold would inevitably follow, and could by no human power or ingenuity be made to precede, the recoinage of the silver.
There might have been a recoinage in 1691 with half the risk which must be run in 1696; and, great as would be the risk in 1696, that risk would be doubled if the coinage were postponed till 1698.
The Recoinage Bill, framed in conformity with Montague's resolutions, had gone up to the Peers and had come back with amendments, some of which, in the opinion of the Commons, their Lordships had no right to make. The emergency was too serious to admit of delay.
The shrewd young financier, Montague, chancellor of the exchequer, who either by wisdom or good fortune had sanctioned the founding of the Bank of England, was at this very time addressing himself to the question of a recoinage of the specie of the realm of England. He needed help, he demanded ideas; nor was he too particular whence he obtained either the one or the other.
Those politicians whose voice was for delay gave less trouble than another set of politicians, who were for a general and immediate recoinage, but who insisted that the new shilling should be worth only ninepence or ninepence halfpenny.
Great opposition was made to a recoinage, which was a measure strenuously recommended and supported by Mr. Montague, who acted on this occasion by the advice of the great mathematician sir Isaac Newton.
He visited the court of Brandenburgh at Cleves; conferred with the states of Holland at the Hague; and, embarking for England, landed at Margate on the sixth day of October. The domestic economy of the nation was extremely perplexed at this juncture from the sinking of public credit, and the stagnation that necessarily attended a recoinage.
"Sir," said Sir Isaac, "as John Locke hath said, this is after all much a matter of clear reasoning. There come into this problem two chief questions: First, who shall pay the expense of the recoinage? Shall the Government pay the expense, or shall the owner of the coin, who is to obtain good coin for evil? "Again, this matter applieth not to one man but to many men.
The great body of the Whigs attributed the restoration of the health of the State to the genius and firmness of their leader Montague. His enemies were forced to confess, sulkily and sneeringly, that every one of his schemes had succeeded, the first Bank subscription, the second Bank subscription, the Recoinage, the General Mortgage, the Exchequer Bills.
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