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| Nov. 18. Monday Afternoon. |
Present: ut supra. |
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John Penneck, gent., is to be Supervisor of the Tin Blowing Houses, in the room of Robert Cock, deceased. |
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Lord Bellomont is called in and is told that the King is not inclined to reverse the outlawry against Sir Valentine Browne in England because it will let in divers other pretensions; but he [the King] does desire to show favour to Col. Pursell and that Lord Bellomont should agree with him and that his Majesty reversed the outlawry in Ireland with respect to him. |
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Send to the Earl of Ranelagh and the gentlemen of the Bank to be here to-morrow afternoon. |
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Mr. Neal and Mr. Overton [attend]. My Lords desire them to be preparing the dies for the new money to be coined. They are to be here on Friday afternoon with Mr. Harris and Mr. Rotiers. |
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[Treasury Minute Book VIII. p. 105.] |
| Nov. 19. Friday Afternoon. |
Present: Sir Stephen Fox, Mr. Smith. |
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Desire Mr. Blathwait to be here on Thursday morning about business relating to the Colonies. |
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Sir William Scawen and other gentlemen of the Bank are called in upon [the matter of] their paper by which they would decline to go on with the remises [exchange remittances] to Holland. They say 'tis impossible for them to carry on the service as matters stand now with regard to the [recoinage of the] coins [of the realm], and that the borrowing of 200,000l. more in Holland will not help them in this business because it must be paid [back] again and perhaps to more disadvantage hereafter than at present; and that the money borrowed there costs them 7½ per cent. before they touch it. |
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Sir Thomas Powys [attends with] Mr. Jennings et al. about the grant intended for the Earl of Portland. My Lords desire to know their whole objections at once. They say there are lands granted instead of rents; the King's tenants are well used; the stewards of private lords will be very uneasy and inquisitive; there are large commons and cottages; the King will not take these away, but another lord may trouble them; the tenants paid 10,000l. for their fee farms and other privileges; it's some honour to live in a place where the King is landlord and [as for the premises] 'tis part of the Principality of Wales and [the office of] steward of Denbigh is a grant at will which will be determined and there are other stewardships and the [Welsh] Judges' salaries are paid out of these revenues. |
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Mr. Jenings [urges that] there are mises paid on a creation of a Prince of Wales which will be gone; the Act of Parliament for sale of fee farms does not authorise the sale of these rents. |
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Mr. Powys [urges that] these lorships are annexed to the Principality of Wales anno 3 Car. I. |
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Send to the Attorney General to be here on Saturday afternoon. |
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The Customs Commissioners come in and Mr. Farishe's case is read, with the report and minutes concerning him, and he speaks for himself and against Mr. Nash, an officer at Carlisle. My Lords agree to the dismission of Farish. My Lords desire to know from the Commissioners the character of Mr. Richard Eglesfield. |
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Lord Godolphin acquaints the Commissioners that the King is informed that French wine is brought to St. Sebastian and from thence to England as Spanish wine. My Lords speak to them about a great seizure at Hastings. Mr. Reneu has proposed a reward of 50l. to be given by the King to those that shall discover the correspondents here [concerned in this business]. |
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My Lords order Mr. Reneu to bring the draft of such an advertisement for the Gazette. |
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Mr. Thomas [is] to be Receiver of the Casual Revenue in Barbados and Mr. Willy to be Comptroller of the Four and a Half per cent. Duty [there]. |
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Send to Mr. Montagu that my Lords will meet here to-morrow at 11 o'clock. |
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[Treasury Minute Book VIII. pp. 106–7.] |
| Nov. 20. Wednesday Forenoon. |
Present: Lord Godolphin, Sir Stephen Fox, Chancellor of the Exchequer, Mr. Smith. |
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[No entry of any minute.] |
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[Ibid. p. 107.] |
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eodem die. Kensington. |
Present: The King, Lord Godolphin, Chancellor of the Exchequer, Mr. Smith. |
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The Earl of Ranelagh and Mr. Blathwayt are called in. The King directs that the gentlemen of the Bank be sent for and [that they be] told that they must perform their contract for remittances [for subsistence for the Forces in Holland]. [Send them] a letter to come to-morrow morning to the Treasury. |
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[Write] to Mr. [Auditor] Hill to state the accounts of Machado and Pereira and all other several contractors for forage, bread and bread waggons and to report to my Lords [the state of the said contracts up] to 1st November old style, and to examine the proper vouchers, viz. the warrants under authority of which they delivered and the receipts upon the deliveries as well for contracts determined as for those in being. |
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[The King orders] 2,881l. for recruits of English killed at Namur to be paid: and [he also orders payment of] the sums in Mr. Blathwayt's paper for recruits for the other Forces. |
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Send to Mr. Burton to come to the Treasury to-morrow morning. |
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[The King orders] Col. Stuart to be paid his demand of 547l. 10s. 0d.
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My Lords are [directed by the King] to speak with some merchants about sending cloth to Amsterdam to pay the subsidies to the Foreign Princes. |
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The King would have the grants to Lord Auverquer et al. to be passed. |
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[Ibid. p. 108.] |
| Nov. 21. Forenoon. |
Present: Lord Godolphin, Sir Stephen Fox, Chancellor of the Exchequer, Mr. Smith. |
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Lord Godolphin acquaints the gentlemen of the Bank (Sir William Scawen, Abra. Houblon, Sir William Gore et al.) with the King's resolution to adhere [and to expect the Bank to adhere] to the contract for remittances to the Low Countries. |
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Sir William Scawen says they have not sent out 50,000l. of the 700,000 oz. They are told others offered 20 per cent. for the privilege of that exportation. Sir William says they have lost 50,000l. already. |
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[Send] to the Chamberlain to attend my Lords on Saturday afternoon. |
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Mr. Harris and the Rotiers and the Officers of the Mint are put off till then. |
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[Treasury Minute Book VIII. p. 109.] |
| Nov. 23. Saturday afternoon. |
Present: Lord Godolphin, Sir Stephen Fox, Mr. Smith. |
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Col. Pursell is told of the King's intention of favour to him, but not to reverse the outlawry against Sir Val. Browne in England; and that he would do well to agree with my Lord Bellomont. His counsel, Sir Bartholomew Shore, is to be here on Tuesday afternoon. |
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The Attorney General thinks Lord Portland's grant will pass best by the [taking the precaution of reciting or] naming the rents issuing out of the lands. |
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Mr. Harris and Mr. Rotiers [the Misters Roetier and the Principal Officers of the Mint attend and are ordered by my Lords] to provide the dies for 24 presses [for the recoinage] and to give my Lords an account what materials are ready and what [remains] to be provided; and to consult with the Moneyers for this purpose. |
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[Send] to the Mansells [to attend here] with their counsel on Tuesday afternoon. |
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[Ibid. p. 110.] |
| Nov. 26. Afternoon. |
Present: Lord Godolphin, Sir Stephen Fox, Chancellor of the Exchequer, Mr. Smith. |
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Mr. Brunskell is to have 50l.
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Mr. Pratt is called in about a proposition for amending the coins. My Lords say if the proposition be presented and liked and put in practice and be a new one, my Lords will not think 2,000l. too much for a reward, and if any part be advantageous he will have encouragement. |
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Mr. Pratt reads to this effect: Five millions is necessary for the current cash; current silver money may be two millions; that the hoarded may be one million; there is [therefore] three millions and should be five millions, so two [millions are] wanting for the commerce [of exchange]: the two millions has intrinsic weight [of only] one million: if a way be found without greiving any subject it should be preferred: to be voluntary is better than compulsion: raising the value will be a grievance: the coin having an intrinsic in proportion to the price of silver is the cause of melting down and hoarding and exporting, that is if the price will yield 5s. in the crown and 4s. when melted it will not be melted, hoarded or exported: no real value can be added to the intrinsic [value] that cannot be settled on a good security and made transferable: [he therefore proposes] the two millions to be called in on a Parliamentary security to satisfy the proprietors: this two millions will produce one million that will produce 1,250,000l. in wt. that will bear proportion
as four to five, thereby the Government gains 250,000l.; then his Majesty to buy four million ounces of plate, to be brought in within two months, to buy this at 1d. in 5d. more than the present price of silver [will make] 6s. 6d. for a crown: then all persons will bring in their plate (but if to be 60l. for [? 60d. or] less the King saves): if he gives one fifth more [as above] the 250,000l. will pay it: then there will [be] 1,250,000l. current, the Government indebted a million, the King has in the Mint four million ounces for which he owes 1,250,000l. new money; coin 3,200,000 ounces which produces one million and with the 250,000 saved before, he has paid for the plate and has 800,000 ounces left; this to be paid for the King's present use for exportation, but it must go towards paying for the clipped money: so now the Government owes but 750,000l. and two millions of new money will be current and every man for his clipped money will have 62l. per cent. and the Government will owe him 38l. more: as to old unclipped money [the King has the choice, viz.] to raise it equal in value to the new or leave it on its old value, and then a man will as soon take an old crown at 5s. as a new crown at 4s.: after the coining of three millions the subject will be satisfied for his clipped money after the rate of 75 per cent. |
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Then there will be four millions of money wanting one fifth of the real value, less by 800,000l. than it ought to be, which the Parliament will have borrowed of the nation: if this should be paid in principal the first receivers will be no losers, for if I have re[ceive]d 110l. holding 80l. and the Parliament gives me 20l. I am no loser; but the next receiver will be a loser. |
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It must be done by [payment of] an interest: 6, 7 or 8 per cent. must be paid; the present possessor must be entitled to the one fifth and its interest, then it is no matter what the possessor of 10l., 20l. etc. is entitled to, for they may come under the 100l.
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If there be four millions there will not be above two in 100 bags to be entitled to this interest. |
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The four millions want one fifth to make good the intrinsic value, 800,000l. for which you pay interest or if 400,000l. [then] 28,000l. a year will pay it. |
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Difficulty: When and where the interest shall be received: pay it yearly, but rather quarterly: a great many will lose this interest rather than combine to make 100l. to fetch it: the 28,000l. may be paid at 4,000l. a year expense. |
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Two hundred Commissioners [will be required] in England, of whom 100 in London, who receiving 10,000l. a man amounts to two millions: at the day of payment ways may be found to ease great corporations, banks etc., and everyone carrying 100l. must receive his interest, which may be all right to prevent being brought again next day: it must be done in one day in the year: the Parliament to establish a time for repayment of the 20l.
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My Lords tell him they think the proposition ingenuous and would pay for the printing. My Lords will allow him not exceeding 100 guineas, but would not direct the printing. |
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[The Principal] Officers of the Ordnance and Sir William Pritchard [attend] about the guns taken out of the London's wreck 17 or 18 years ago: he [Pritchard] took them up on articles to have half [for himself as reward]: he would have the King's [other] half towards an old debt [owing to him] in the Ordnance Office. My Lords [tell him they] cannot pay this debt. |
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My Lords recommend it to the said Officers to contract for saltpetre. |
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Col. Pursell [is called in] with his counsel, [who] says that in 1684 Sir Valentine Browne made a settlement of his estate with a power to charge 8,000l. for his daughters: he was outlawed in Ireland after his death and in England when no commerce was between the two kingdoms: Mr. Purcell married a daughter; and the King reversed the outlawry in Ireland to let in the [marriage] portion; and the outlawry in England was not then known, and he desires it may be reversed in England for the same reason to let in the daughters: [the Act of] E[dward] VI says if any person beyond sea be outlawed he may render himself within a year: he [Browne] died in Ireland within three months and so could not appear to traverse the indictment and now his disability must be cause why these innocent ladies should lose their futures; a trustee commits treason and that will forfeit the estate because in Ireland there is no statute like that of Hy. VIII that gives the subject equity against the King. |
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He is told the King would make good the favour intended to Col. Pursell, but not reverse the outlawry in England, which would let in other people that cannot pretend to the same favour. They must propose how that [purpose of the King] may be attained. |
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My Lords will give Mr. Clement 10l.
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Mr. Sellers appears for the daughters of Francis Mansell. Mr. Norton says the affidavit of Francis Mansell the younger was forged; he was present and the forger was one Young. |
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[Treasury Minute Book VIII. pp. 111–113.] |
| Nov. 27. Kensington. |
Present: The King, Lord Godolphin, Sir Stephen Fox, Chancellor of the Exchequer, Mr. Smith. |
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The Earl of Ranelagh and Mr. Blathwayt attend. A memorial of the Bank is read desiring the King's favour in respect of their loss by remittances. |
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The gentlemen of the Bank come in and are told that the King expects their continuance in his service for remittances to Holland. Sir William Scawen says they have lost 50,000l. already. Sir James Houblon desires that dollars of the same weight and fineness with the Holland dollars may be coined here with the King's arms: for the [use of the] Army [in Flanders]. |
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[The King directs my Lords] to tell the Bank that the King's opinion is the money [of the realm is to] be presently rectified and that his Majesty will contribute to it as much as he can. |
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[The King directs] 800l. to be paid out of Contingencies to answer Mr. Robinson's bill. |
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On Mr. Blathwayt's paper [of weekly demands for the Forces the King directs] 3,000l. for forage contracts; 1,000l. for recr[uit]ing for Prince Christian's Battalion; 496l. 3s. 4d. part of 992l. 6s. 8d. for recruits for Dutch, Danes and Hanover[ian]s [for losses] before Namur; 412l. 6s. 8d. for other recruits; 105l. for seven horses. |
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[The King directs] Lord Galway to have the 926l. due to him as Lieutenant General paid by the Earl of Ranelagh. |
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The King allows the 2,000l. desired by the Earl of Oxford and directs my Lords to give him the best assistance they can. |
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Two addresses of the House of Commons in Ireland for [about] 30,000l. for pay of arrears of the Army; 6,000l. to the executors of Mervin and 600l. to the Clerk of the House of Commons are read. [Ordered by the King to be] respited. |
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[The King directs] Aaron Smith to account before Lady day next or else my Lords to represent to the King again. |
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[The King directs] the charge of making the prison in the Savoy to be charged to the account of contingencies for the war. |
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The petition of Mr. Keightley [is read]. The King's intention is to grant it, but not just at this time. |
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William Williams' petition is to be referred to the Customs Commissioners. |
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[Treasury Minute Book VIII. p. 114.] |
| Nov. 29. Treasury Chambers, Whitehall. |
Present: No entry of attendance or minutes. |
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[Ibid. p. 115.] |
