They appointed a committee of the whole house to deliberate on the state of the nation with respect to the currency.

Great opposition was made to a recoinage, which was a measure strenuously recommended and supported by Mr.Montague, who acted on this occasion by the advice of the great mathematician sir Isaac Newton.

The enemies of this expedient argued, that should the silver coin be called in, it would be impossible to maintain the war abroad, or prosecute foreign trade, inasmuch as the merchant could not pay his bills of exchange, nor the soldier receive his subsistence; that a stop would bo put to all mutual payment; and this would produce universal confusion and despair.

Such a reformation could not be effected without some danger and difficulty; but it was become absolutely necessary, as the evil daily increased, and in a little time must have terminated in national anarchy.

After long and vehement debates, the majority resolved to proceed with all possible expedition to a new coinage.