Letters: Earl of Oxford to Baron Burghley; March 23, 1595. [1594 O.S.][Spelling modernized.]

Cecil Papers 25/106, Oxford to Burghley; 23 March 1595. [Click here for original spelling.]

 

My very good Lord. I know you are not to be troubled at this present with any long letter, wherefore I will only answer to the matter proposed.

First to that point, where it is said that the Tinners shall have their money lent them at 8l in the 100, whereas they have it at 10l in the 100. This is but a mask, for they have t already at 5 and 6l the 100. And also the matter is of small importance since the whole sum so commonly lent unto them from diverse engrossers [=wholesale purchasers] of their Tin, is not among them all, above 3000l.

For that the Country has left at randole[1] unto an uncertain price as heretofore. This is likely to return the country to the former discontentment before it was yielded unto to their own asking, that they should have 24l certainty (communibus annis) for every 1,000l weight of Tin.

Whereas it is said that that which is sold in the Realm shall be at the accustomed price, this does but make a noise and is to no purpose. For in my accounts your lordship shall perceive in comparing them that there is no other profit raised but on that which is transported.

Last of all for the 30,000l which her Majesty is to lay out and the 10,000l my Lord is to disburse.

This so great a sum proportioned to the quantity of Tin does direct to that whereof I have all this while motioned, & that is that the rates of the Tin are undervalued to her Majesty, and to be thought the quantity which is taken from the Mines is far more then is thought whereof even this day some discovery is made unto me.

For if the Tin were no more than it is rated, since as your lordships shall find by my account, then 17,000 and some odd pounds, buys The whole year’s Tin, of which money the one half is to be employed for the first Coinage, where is Tin for so much money as he sets down.

Thus it appears that 8000l or thereabouts, buys up the first coinage, which being turned over, yields itself back again with the increase, and so does satisfy the whole year. Then all the rest of the money the merchants and my lord have this whole year in their own hands, except 3000l thereof more which they lend the country as it is said for 8l in the 100.

Now let these offers be considered. My Lord asks 30,000l to be lent him, and I only wish her Majesty by her own officers to lay out 8000l. My Lord if she will lay out nothing desires that her Majesty should receive no further profit then her ordinary revenue for the first year whereby she loses 7000l.

I offer her the first year’s gain as well as ever after and her Majesty to lay out never a penny.

My lord leaves the Tinners to their former uncertainty.

I satisfy them with 24l for every 1000l weight, which is their own demand and agreement.

(sideways in left margin)

Your Lordship’s to Command

(signed) Edward Oxenford

Addressed (O): To the right honorable and his very good Lord, the Lord Treasurer of England. [seal]

Endorsed: 23 March 1594; Earl Oxford

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[1] An obs. use of “random,” meaning at market rather than fixed price. This might have been particularly appropriate as a vein of ore was called a “randome” at the time these letters were written.

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