Vietnam or Thailand ? Vote for the TOP Country of the Week !
Early in February the panic which had been caused by the first debates on the currency subsided; and, from that time till the fourth of May, the want of money was not very severely felt. The recoinage began.
Leicester entered, and shook Lichfield's hand; then came Charles Mordaunt, Earl of Peterborough and Monmouth, the friend of Locke, under whose advice he had proposed the recoinage of money; then Charles Campbell, Earl of Loudoun, listening to Fulke Greville, Lord Brooke; then Dorme, Earl of Carnarvon; then Robert Sutton, Baron Lexington, son of that Lexington who recommended Charles II. to banish Gregorio Leti, the historiographer, who was so ill-advised as to try to become a historian; then Thomas Bellasys, Viscount Falconberg, a handsome old man; and the three cousins, Howard, Earl of Bindon, Bowes Howard, Earl of Berkshire, and Stafford Howard, Earl of Stafford all together; then John Lovelace, Baron Lovelace, which peerage became extinct in 1736, so that Richardson was enabled to introduce Lovelace in his book, and to create a type under the name.
Even before the late recoinage of the gold, therefore, the coin, gold and silver together, when compared with silver bullion, was not supposed to be more than eight per cent. below its standard value, In 1695, on the contrary, it had been supposed to be near five-and-twenty per cent. below that value.
Had he been an English king he would have called his parliament together, and have found national support and national supplies. The French King preferred having recourse to a recoinage. In 1294 he had forbidden any persons to keep plate unless they possessed an annual revenue of six thousand livres.
The expense of this recoinage I am sure we can find maintained by the stockholders of the Bank of England, and for their pay we shall propose a new tax upon the people of England. We shall tax the windows of the houses of England, and hence tax not only the poor but the rich of England, and that proportionately with their wealth.
Before the late recoinage, when the gold currency of England was two per cent. below its standard weight, as there was no seignorage, it was two per cent. below the value of that quantity of standard gold bullion which it ought to have contained.
In 1695 Newton was appointed Warden of the Mint, and his mathematical and chemical knowledge were of eminent use in carrying on the recoinage of the mint. Four years later he was made Master of the Mint, and held this office during the remainder of his life. In 1701 he was elected one of the members of parliament for Oxford University, and in 1705 he was knighted.
One mode, he observed, had already been in use. Each time that a state makes a recoinage, it becomes momentarily the depositary of all the money called in, belonging to the subjects of that state.
If there was a reasonable seignorage, while at the same time the coin contained its full standard weight, as it has done very nearly since the late recoinage, whatever the bank might lose by the seignorage, they would gain upon the price of the bullion; and whatever they might gain upon the price of the bullion, they would lose by the seignorage.
The misunderstanding which had arisen between the Houses touching the Recoinage Bill had produced inconveniences which might well alarm even a bold politician. It was necessary to purchase concession by concession.
Word Of The Day