On the 19th July news arrived from the North that the Scots were about to seize Newcastle—a very serious matter to the Londoners, as they would thereby be cut off from their supply of coal. Charles took advantage of this, writes Dr. Gardiner,(411) and sent Lord Cottington and Sir Henry Vane to the Common Council—specially summoned to meet on the 23rd by the king’s order(412)—to assure them that if the long-desired loan of £200,000 were granted the citizens would hear nothing more of the project recently promulgated of debasing the coinage, a project which, if carried out, would have worked great mischief to the London merchant and tradesman. "Leaving the Common Council to discuss the demand, the privy councillors amused themselves by strolling through the Cloth Exchange at Blackwell Hall. The owners of cloth gathered quickly round them. They hoped, they said, that they were not to be compelled to sell for copper goods for which sterling silver had been paid. After a debate of an hour and a half Cottington and Vane were re-admitted, to be informed that the Common Council had no power to dispose of the money of the citizens." (M165) Having failed once more in this direction, and driven to his wits’ end for money, Charles applied to the livery companies for a loan of £120,000. They were told that the money was not required for the purpose of making war, but only to enable his majesty to make the more honourable peace, sword in hand. It would be used to pay off the soldiers and so prevent them pillaging the country after disbandment. Each company was assessed according to its wealth; but most of the principal companies pleaded inability to subscribe on the ground that the Londonderry plantation had "consumed their stocks." It was believed at the time that not a tenth part of the money would be raised.(413) (M166)