Another question arose, 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.