For the effecting all the aforesaid Articles,
Let a Competent Authority immediately Call in and Cry down all Clipt Money under such a weight, supposing it to be all that Money which hath lost full half the original weight.
This may conveniently and safely enough be done before any new Money be coin’d.
When this is new Coin’d, let it be re-deliver’d to the respective Proprietors in proportion, by Tale, to what every one brought into the Mint by Tale.
Then let all the rest of the Clipt Money be Called in by such a Day, and Cry’d down.
Postulat. 6, 7.
And supposing in all 2000000 l. Sterling so melted down, and the Product, after Melting, be half as much, or about 3500000 Ounces of Silver, there may out of this be Coin’d 1250000 l. of New Money, of the same extrinsick value it now hath, and of such an intrinsick value, as that a Crown Piece shall weigh (now that Silver is 6 s. 6 d. an Ounce, or 3 l. 18 s. the Pound Troy) Twelve-penny weight, and about three grains, and have in it the intrinsick value of 4 s. So that the Government hath already saved Two hundred and fifty thousand Pound.
Then will it be known in how short time 1000000 l. can be Coined.
According to that time, supposing it (many Mints being set up at once) to be Two Months, let a Proclamation be issued out, encouraging the bringing in 4000000 Ounces of Plate into the Mint, at Four respective Days or Weeks.
For the first Million, till the end of the first fortnight, shall be paid 7 s. 4 d. per Ounce, which amounts to 366666 l. 13 s. 4 d. till the end of the second fortnight, shall be paid 7 s. 2 d. an ounce, which comes to 358333 l. 6 s. 8 d. till the end of the third fortnight, shall be paid 7 s. an ounce, amounting to 350000 l. And for the last Million 6 s. 10 d. an ounce, amounting to 341666 l. 13 s. 4 d. in all 1416666 l. 13 s. 4 d. So that for one ounce with another, the Government has paid 7 s. 1 d. an ounce.