- Transcription
In Case the Assembly approve of the Bill for erecting a Loan-Office, to support the Credit of a Paper Currency, to be lent out at Interest, upon Land, Mortgages, Deposites of Plate, or valuable Commodities: Then it will properly come under their Consideration, whether it would be of Benefit to this Colony, to apply for a small Copper Coinage, with a proper Device on the Reverse, for the Use of this Colony; to be coined at the Mint, in the Tower of London, upon our furnishing the Copper, and paying for the Expence of the Coinage, in the same Manner as his Majesty and the Treasury have granted it to the Kingdom of Ireland, viz. That such a Quantity of Copper may be coined, from Time to Time, as the Governor and Council for the Time being, shall apply for, in the whole not exceeding 50 Tons, as may be found reasonable for the Use of the Colony: And that no less a Quantity than 5 Tons be coined at one Time; that the Coinage should be made of the same Goodness and Value of the English Half Pence, in Proportion as Proclamation Money bears to English Sterling Money: That Coinage shall be struck into Half-pence, Pence, and Two-penny Pieces; the English Coinage being struck at 23 Pence out of the Pound of Copper; the Carolina Coin may be proportioned, that 32 Pence may be struck out of the Pound of Copper; and the small Addition of One Penny in the Pound, lighter than the Proportion betwixt the English and Carolina Copper Coin may go towards paying for the Commission, Coinage, Freight, and the Allowance to a Person for Issuing and Receiving the Value for the Coin delivered in the Province: That as soon as the Coin is issued; as many of the small Paper Bills of Credit, under the Value of a Shilling, shall be called in by Proclamation, and shall be burnt; which shall be paid for out of the Money raised to sink the Paper Currency, and so from Time to Time, until all the small Bills already issued be called in. If this Scheme for a Copper Coinage be found agreeable, then the Assembly and Council may address the Governor to write to the Treasury, by Memorial, to have his Majesty's Letter for that Purpose, without Loss of Time: The Charges attending the Purchase of a Ton of Copper, cut into proper Fillets, for Coinage, delivered into the Mint; and for the Charges and Fees for the Coinage, as delivered from the Copper Company, and the Warden of the Mint, stand thus:
| Each Pound of Copper, cut into proper Fillets for the Mint, about 15 Three Quarter Pence per Pound, which is only 2000 Weight goes to the Tun, would amount to, in English Money, | £.131. 5 |
| The Charge of Coining One Ton of Copper, as delivered from the Warden of the Mint, amounts to, per Ton, | 47.13. 4 |
| Total Charge | £.178.18. 4 |
| The Total Value, in Proclamation Money; in Carolina, of a Ton of Copper coined, of 2000 Weight to the Ton, at 32 Pence per Pound, is £266.13s .4d. which is; in English Money, | 200 |
| Profit upon the Coinage in English Money, above 10 per Cent, | 21.18. 4 |
| But if 112 Pound of Copper goes to the 100 Weight of Copper; then the Value of 2240 Pounds Weight of Copper; at 15 Three Quarter Pence per Pound, is 147 And Charge of Coinage, | 47.13. 4 |
| Total Charge | 194.13. 4 |
| The Total Value of a Ton of Copper, of 2240 Pound Weight, coin'd into Pence, at 32 Pence per Pound, amounts to, in Proclamation Money, in Carolina, £293.13s.4d which reduced into English Sterling, is | 224 |
| Profit upon the Coinage in English Money, | 29. 6. 8 |
| Which is above 13 per Cent. Profit; the Surplus of which, after paying Commission, Freight, Insurance, and Expence, in Exchanging it here for Value, to Purchase more Copper, might go towards answering the Contingences of Government. | |
| Five Tons of Copper, coin'd, would amount to, in Proclamation Money here, | 1331.13. 4 |
| The whole 50 Tons, when coin'd, to | £13316.13. 4 |
In each Coinage, 2 Ton to be coined into Half Pence, 1 and a Half Ton into Pence; and 1 and a Half Ton into Two Pence.
North Carolina.
Govr. Dobbs's Proposal of a Copper Coinage for the Province of North Carolina.
Recd. with Govr. Dobbs's Lettr. of 4th. Janry. 1755.
Recd. July the 2d.
Read —— 3d. 1755.
C.81
