An EXPLANATION of the Proposal lately given in to the Honourable House of Commons, signsed William James.  
It is humbly proposed that Guineas, and all other Gold Coins now currant, be brought into the Exchequer, or other Places as shall be appointed by a prefixed time; the Guineas at 30 sh. a piece, and all other Gold proportionably; and at the same time to be set at 22 sh. or lower, as the House shall think sit.  
And for every Hundred Guineas brought into the Exchequer, or other Places appointed, the Party who brings in the Hundred Guineas shall then receive Fifty Guineas back at 22 sh. etc. and a Tally or Bill for a Hundred Pound Silver, and so in proportion for a greater or lesser Sum, which Tally or Bill shall be sunk by Five Pound per Cent. per. Ann. till the whole Hundred Pound Tally or Bill be discharged: And in case of failure in not paying the Five Pound per Cent. due on the said Tally or Bill at the time prefixed, the said Tally or Bill to be void. But on the payment of the Money Yearly due by the said Tally or Bill, a new Tally or Bill shall be given for the remaining Sum till the whole be discharged; and these Tallies or Bills to be currant in all payments to both King and People.  
That all the clipped Money good and bad be brought into the Exchequer or other Places as shall be appointed; and for every Hundred Pound, or more or less Sum brought in, the Party brioging it in shall receive the Moiety of new coined Silver or Gold, as settled above; and, at the same time, a Tally or Bill for the other Moiety, which shall be sunk by Five Pound per Cent. per Ann. paid as above, etc. till the whole Tally or Bill be discharged.  
Now when the new Silver Money is coined at the old Standard, as the House have already resolved; then the Guineas will not be worth full 22 sh.  
So that whoever brings into the Exchequer or other Place appointed, a Hundred Guineas, will save Eight Shillings or more in each Guinea. And whoever brings in a Hundred Pound in base Money, and receives Fifty Pound in Gold or good Silver, as here proposed, receives much more than the intrinsic Value he brings in. And whoever brings in a Hundred Pound in close clipped good Money, and receives Fifty Pounds in Gold or good Silver, receives the full Value of what he brings, besides his Tally, or Bill for the other half.  
And this Loss falls upon the King.  
So that to repair this Loss, the 5 l. per Cent. per Annum, is paid into the Exchequer to reimburse the King; and if that be thought too much the Parliament may set it lower, and bring it as near a Balance as they please.  
And it is much more reasonable, this Disease that has been upwards of twenty Years growing, and is now become almost insupportable, and will in a very little time stop all Commerce, should be cured by a twenty Years remedy, which will be less felt, than that the Nation should now (when there is at least six Millions to be raised to carry on the War, etc.) bear this burden all at once.  

To reduce this into Practice.  
A Proclamation be set out for all Persons on a certain Day to bring their Gold and Silver to be exchanged, to Persons appointed in every Parish for that purpose. The whole Work may be done in two or three days. The Gold paying for the Silver as far as it will go, and Notes given for the Overplus, to be turned into Tallies or Bills in a very short time after.  
To prevent the Counterfeiting of Tallies, it is propofed, That a piece of fealed or stamped Parchment go along with every Tally or Bill, which upon every transfer, each Person sets his Name and Place of Abode.  
If it be thought, That these Tallies or Bills be thrust upon the King and People in payments, and so in the mean while all the Coin will be carried out of the Kingdom; it may be provided in all payments where Tallies are given, there shall be the like Sum paid in Money.  
If this Proposal be rejected, it may be considered what an intolerable Loss will follow by the fall of the Gold, and the Loss by the much clipped good Money, and the base Money, which cannot be computed to so little as three Millions; but if it be accepted, it immediately revives Commerce, increases the Cash of the Nation, fettles the minds of the People, that are now in a great Ferment, which is like to be greater if not speedily prevented.  
All which is humbly submitted to the Wisdom of the Honourable House of Commons.