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July 16
1806
Signorage [Seigniorage]
It is an evident Fraud to make the Precious Metals or any others pass by authority when in the form of coin for more than they are worth in Bullion Consequently neither the King who claims this as his Royal prerogative the Government of the Country nor any individual should be permitted to do it
It is nevertheless the Kings royal Prerogative & one of the most ancient & which has been one of the most profitable prerogatives annexd to the Crown it is therefore our duty as Privy Councillors to preserve it untouched by any other estate - this is Grim Gribber but in matters of coinage Grim Gribber is necessary.
The present State of the circulating medium of the West Indies Islands is a calamitous & as disgracefull as Possible The whole tenor of their conduct as individuals & as Governments in this Respect has been to appropriate as much temporary advantage as they were able by usurping the prerogative of Signerage. Every Possible expedient has been usd to make Gold & Silver in the Coin of foreign nations pass there for much more than it does in Europe tho it is purchasd cheaper from the Spaniard & portugese in these Countries than it is at home
Hence it is that a regular Commerce with Birmingham is establishd & now actualy carried on a man going to the West Indies is offerd Counterfeit gold money of Portugal made of standard metal of any weight he Chooses & prefer at least as Low as 2/3 of the proper weight & every man purchases at such a Rate as he thinks he shall be cunning enough to profit by a man very cunning in his own opinion will Complain that Jo's of half their Proper weight can not be purchased & Possibly give an order for such
This arises from the Government of the Country having settled what is Called the Currency of Each seperate State, for such is Every seperate Government in a manner most disgracefully advantageous to the Purchaser of Spanish & portugese Coin for in fact Every