Money and trade considered : $b With a proposal for supplying the nation with moneyLaw, John
General
Money and trade considered : $b With a proposal for supplying the nation with money
Law, John
Banks and banking -- Scotland; Currency question -- Great Britain
That for a year and a half the commission be limited to a certain sum,
after that time to have power to coin what sums are demanded: unless
restricted by ensuing parliaments.
That these who desire to have money from the commission, give in a note
to the lawyers for the commission, a month before the term, of what
sums they want, with the rights of the lands they offer in pledge: and
that these who have notes to pay in to the commission, give warning 10
days before the term.
That the state of the commission, the sum of notes coin’d, the debt and
credit, with the highest number of the different notes, be publish’d
every term.
That any person who shall discover 2 notes of the same number, or of a
higher number than these publish’d, shall have a 100 lib. reward.
That the under-officers be intrusted with the sum of 20000 lib. to
change notes with; and that they attend the whole year.
That any member of parliament may inspect the state of the commission.
That no notes be coined, money lent, or rights assigned by the
commission, but at the terms of Whitsunday and Martinmass: and in
presence of at least 20 commissioners, and one third of the committee.
That the revenue of the commission, over what pays the charges, and
what part the parliament thinks needful to make good any losses
may happen to the commission, be applyed by way of drawback, for
encouraging the export, and manufacture of the nation.
That paper-money do not rise more than 10 per cent above silver-money;
so that he who contracts to pay in paper, may know what he is to pay in
case he cannot get paper-money.
The parliament may enter into a resolve, that the next sessions of this
or the next ensuing parliament, the state of the commission be taken
into consideration, preferable to all other business: and if found
hurtful to the country, the parliament may discharge any more notes to
be given out, and order what notes are then out to be called in.
That after 3 months from the date of the act, Scots and foreign money
be reduced to the English standard. the English crown to 60 pence, and
the other money in proportion to its value of silver. the 40 pence to
38 pence, the new mark to 13 pence 1/2, the old mark to its weight, the
ducatdowns to 68 pence, dollars to their weight. guineas not to pass 22
sh.
That after 4 months no Scots money, (except what shall be coined after
the act) nor any foreign money except the English money, be received in
any payments, or be sold as bullion but at the mint.
That for what old money or bullion is brought to the mint, the mint
return to the full value in new money of 12 pence, 6 pence, and 3
pence pieces; of eleven deniers fine, the 12 pence of 3 drops 3 grains
weight, the other pieces to weigh in proportion: the expence of coinage
to be payed out of the funds appropriated to that use.
That for 3 months, after the act, the new money pass for 13 pence, 6
pence half-penny, and 3 pence 1/4.
Public-domain text, read in full here on John Shaqi.
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