ose, Whether the new
coin, in its different denominations, should retain the original weight
and purity of the old; or the established standard be raised in value?
The famous Locke engaged in this dispute against Mr. Lowndes, who
proposed that the standard should be raised; the arguments of Mr. Locke
were so convincing, that the committee resolved the established standard
should be preserved with respect to weight and fineness. They likewise
resolved, that the loss accruing to the revenue from clipped money,
should be borne by the public. In order to prevent a total stagnation,
they further resolved, that after an appointed day no clipped money
should pass in payment, except to the collectors of the revenue and
taxes, or upon loans or payments into the exchequer; that after another
day to be appointed, no clipped money of any sort should pass in any
payment whatsoever; and that a third day should be fixed for all persons
to bring in their clipped money to be recoined, after which they should
have no allowance upon what they might offer. They addressed the king
to issue a proclamation agreeably to these resolutions; and on the
nineteenth day of December it was published accordingly. Such were
the fears of the people, augmented and inflamed by the enemies of
the government, that all payment immediately ceased, and a face of
distraction appeared through the whole community. The adversaries of
the bill seized this opportunity to aggravate the apprehensions of
the public. They inveighed against the ministry as the authors of this
national grievance; they levelled their satire particularly at Montague;
and it required uncommon fortitude and address to avert the most
dangerous consequences of popular discontent. The house of commons
agreed to the following resolutions: that twelve hundred thousand pounds
should be raised by a duty on glass windows, to make up the loss on
the clipped money; that the recompence for supplying the deficiency
of clipped money should extend to all silver coin, though of a coarser
alloy than the standard; that the collectors and receivers of his
majesty's aids and revenues should be enjoined to receive all such
monies; that a reward of five per cent, should be given to all such
persons as should bring in either milled or broad undipped money, to be
applied in exchange of the clipped money throughout the kingdom; that a
reward of threepence per ounce should be given to all persons who should
bring wrou