a discourse of coin and coinage-第11章

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Durham；　by　the　Queen：　The　21st　year　of　his　Reign　his　Receipts
amounted　unto　226；113　pound；　five　shillings　and　five　pence；
almost　all　this　year　the　King　continued　his　Siege　before　Calais；
having　reinforced　his　Army；　both　out　of　England　and　Gascoign；　and
kept　the　Sea　by　his　own　Shipping　and　the　Easterlings；　and　in　the
end　of　the　year；　notwithstanding　that　the　King　of　France　having
assembled　all　his　Puissance；　sought　to　rescue　it；　the　Town　was
yielded；　and　an　English　Colony　transported　thither；　and　Victuals
besides；　all　this　year　the　King　continued　his　auxiliary　forces　in
Brittany　with　great　success。
　　　　Now　if　King　Edward　the　Third　had　with　his　Revenue　furnished
out　Money　for　these　great　actions　of　War；　besides　the
Magnificence　of　his　own　house　and　other　necessary　expences　of　his
Kingdom；　I　do　appeal　to　the　Judgment　of　the　Reader　whether　the
ordinary　expences　of　the　King's　house；　and　other　necessary　things
within　his　Kingdom；　and　the　like　actions　of　War　could　be
maintained　（not　speaking　of　the　success）　at　this　day　with　any
frugality　without　any　other　increase　of　comings　in；　equal　in
Proportion　to　the　increase　of　the　hire　of　Labourers　and　Servants
wages；　which　I　compute　at　six　times　or　rather　at　8　times　as　much
as　then　it　was。　And　I　am　sure　that　whosoever　shall　exactly　weigh
all　Circumstances；　shall　find　that　of　the　two；　this　latter
comparison　will　exceed　the　former。
　　　　Having　thus；　with　as　much　exactness　as　possible　I　can；　and　I
conceive　is　incident　to　this　subject；　made　proof　of　the
Proportion　between　Gold　and　Silver　and　the　things　valued　by　them；
as　it　now　stands　compared　with　what　it　antiently　was；　and　namely
in　the　25th　year　of　Edward　the　Third；　the　next　that　I　have
undertaken　to　prove；　is；　that　the　different　Proportion　which　is
really　grown　between　Gold　and　Silver；　and　the　things　valued　by
them；　doth　principally　and　indeed　solely　arise　of　the　grat
quantities　of　the　said　Mettals；　which　in　these　hundred　years　was
brought　out　of　the　East　and　West…Indies。　Now　although　there　be
many　other　causes　which　may　produced　this　effect；　as　Scarcity　or
Abundance　of　the　things　valued　by　Money；　War；　Depopulation；　and
all　other　Accidents；　by　which；　either　these　Mettals　are
exhausted；　or　the　things　valued　by　them　are　consumed　or　made　less
useful；　yet；　as　before　is　shewed；　all　those　are　temporary　and
subject　to　continual　variety　up　and　down；　and　therefore　cannot　be
the　causes　of　a　constant　effect　as　this　is。　And；　as　for　the
continual　variety　up　and　down；　and　therefore　cannot　be　the　causes
of　a　constant　effect　as　this　is。　And；　as　for　the　continual
raising　of　the　values　of　Moneys；　it　is　formerly　shewed；　that
really　that　breeds　no　disproportion　between　Gold　and　Silver　and
the　things　valued　by　them；　but　only　it　breeds　an　alteration　in
the　Proportion　between　the　species　of　Money；　so　named；　as　Pounds；
Crowns；　Shillings；　etc。　and　the　things　valued　by　them；　and
accordingly　in　the　Examination　of　the　Rates　of　the　hire　of
Servants　and　Labourers；　it　might　be　observed　that　it　punctually
arises　according　to　the　raising　of　the　value　of　Moneys；　until　the
discovery　of　the　West　Indies；　and　the　navigation　of　the
East…Indies；　which　have　brought　in　so　great　a　glut　of　these
mettals。　There　is　no　other　constant　cause　to　produce　the　real
disproportion；　but　only　the　abundance　of　Gold　and　Silver；　by
which　of　necessity　they　must　grow　cheaper　and　abased　in　their
value。　A　certain　Author　who　wrote　about　the　year　1620；　doth
calculate；　that　in　the　space　of　100　per　year　there　was　at　that
time　brought　into　Spain　and　Portugal　900　Milions　of　Pezoes；　worth
six　shillings　and　sixpence　sterling　a　piece　in　Gold　and　Silver；
which　calculation　doth　seem　to　be　excessive　amounting　to　nine
millions　every　year　of　Gold　and　Silver　out　of　the　Indies；　of　all
which　infinite　Summ；　not　one　jot　did　come　into　these　parts　in
former　times　out　of　the　West　Indies；　and　very　little　or　nothing
out　of　the　East：　how　is　it　then　possible　but　that　it　must　abase
the　value　of　the　Mettals？
　　　　And　if　it　be　said　that　we　waste　this　excessive　supply　in　our
excesses　of　Luxurie；　as　in　Guildings；　Embroideries；　Inlayings；
and　the　like；　so　as　the　mass　of　the　said　Mettals　increaseth　not；
it　is　answered；　That　neither　were　former　times　exempt　from　those
vanities；　neither　are　they　now　sufficient　to　consume　the　greatest
Proportion　of　this　stock。
　　　　And　if　it　be　objected　that　the　greatest　part　of　the　Stock　is
drayned　away　every　year　to　the　Eastern　Countries：
　　　　It　is　answered；　That　this　is　only　true　of　Silver；　and　yet　the
Silver　cannot　be　so　drained　away；　but　that　a　great　part　doth
remain　in　Europe。　Now　if　the　Rate　of　things　valued　by　Money　be
six　times　as　great　as　it　was　in　25th　of　Edward　the　Third；allowing
the　values　of　Moneys　to　be　raised　to　treble　what　they　then　were
by　the　same　names；　yet　there　will　be　a　real　Increase　of　a　double
Proportion；　yet　there　will　be　a　real　Increase　of　a　double
Proportion；　to　what　then　was　of　gold　and　Silver　in　weight　and
fineness；　to　things　valued　by　them；　and　if　the　rate　be　raised　to
eight　times　what　it　then　was；　the　real　increase　of　the　Proportion
will　be　almost　treble　to　what　it　then　was。
　　　　To　understand　the　whether　this　Kingdom　be　now　of　the　same
Wealth　and　Ability　which　then　it　was：　We　must　find　out　whether
there　be　now　double　or　treble　the　quantity　of　Gold　and　silver　in
weight　and　fineness　in　this　Kingdom　which　then　was；　and　whether
the　fruits　and　growing　wealth　of　the　Kingdom　will　produce　double
and　almost　treble　the　quantity　of　Gold；　in　weight　and　fineness；
to　what　it　then　did。　I　am　absolutely　perswaded　that　we　shall　fail
of　it　very　much；　of　which　the　most　certain　and　assured　proof　were
to　calculate　for　so　many　years　together　the　quantity　of　Gold　and
Silver　coined　in　those　days；　and　then　by　a　medium　to　compare　it
with　so　many　years　in　these　times；　though　this　proof　were　not
demonstrative；　but　probable。
　　　　But　in　those　days　the　Mint　was　kept　at　Calais；　as　well　as　in
the　Tower；　and　much　more　of　the　Money　of　this　Kingdom　was　coined
there　than　here；　the　Records　whereof　are　all　lost　and　dissipated。
　　　　But　that　our　Wealth　doth　not　answer　that　increase　of
Proportion　at　this　day；　I　will　endeavour　to　satisfie　the　Reader
by　two　Arguments；　the　one　drawn　from　the　Abundance　or　Scarcity　of
Gold　and　silver；　the　other　from　an　Effect　of　it。
　　　　For　the　first　it　is　this；　I　have　alwayes　understood　it　to　be
observed　by　all　men　intelligent　and　practised　in　matters　of
Trade；　that　although　all　Commodities　in　general　are　raised　in
price；　in　comparison　of　what　they　antiently　were；　yet　in　general
that　our　domestick　Commodities　are　not　raised　answerable　in
proportion　to　Forrein。　Now　we　have　a　very　small　quantity　of
Silver　produced　within　our　own　Countrey；　and　of　Gold　none　at　all；
so　that　the　Stock　of　these　Mettals　is　in　a　manner　raised　wholly
out　of　the　over…ballance　of　our　domestick　Commodities　with
forrein：　it　then　ours　do　not　rise　in　price　from　what　antiently
they　did　bear　proportionable　unto　Forrein；　it　is　a　strong
Argument　to　prove　that　our　Stock　of　these　Mettals　does　not
increase　in　a　Proportion　answerable　to　the　increase　of　the　Price
of　other　things　valued　by　Money。
　　　　The　second　Argument　is　from　the　Effect；　now　one　of　the
greatest　Effects　of　the　abundance　of　Gold　and　Silver；　is；　the
Ability　which　the　Kingdom　hath　to　set　forth　and　maintain　great
actions　of　War　in　forrein　parts：　then　let　us　set　forth　before　our
eyes　the　many　and　great　Armies　which　Edward　the　Third　did　raise
and　maintain　both　of　Strangers　and　his　own　Subjects　in　the　first
year　of　his　Warrs　against　France；　and　withal　let　us　take　into　our
consideration　the　Calculation　made；　in　Anno　　　by　expert
Commissioners；　of　the　charge　of　one　Army　to　be　raised；
transported；　and　maintained　for　one　year；　in　Forrein　Countries；
25；000　Foot　and　Horse；　and　proportionable　Artillery；　which　doth
account　unto　　　　and　then　I　doubt　not　but　that　every　mans　own
Conscience　will　convince　him　that　at　this　day　the　Kingdom　is　not
able　to　maintain　the　like　actions　in　forrein　parts　which　then　it
did：　and　yet　at　that　time　there　were　forces　maintained　against
Scotland；　a　great　part　of　the　Realm　was　imployed　upon　Monks　and
Friers　improfitable　members；　besides　the　substance　of　a　great
part　of　the　Wealth　of　the　Kingdom　（drawn　of）　by　the　See　of　Rome：
and　the　trade　of　the　Kingdom　was　in　no　comparison　so　great　as　it
is　now；　and　this　is　an　undoubted　Effect　of　this　truth；　That　the
increase　of　our　stock　of　gold　and　Silver　is　not　in　a　Proportion
answerable　to　the　increase　of　the　price　of　other　things　valued　by
Money；　neither　can　there　be　any　other　analogical　reason　given　of
the　present　disability　but　this；　That　although　that　we　do　draw
some　drops　of　this　Indian　spring；　whereof　Spain　is　the　Cistern；
yet　we　do　draw　them　at　the　second　hand；　we　draw　them　upon　hard
terms　and　conditions；　and　we　do　not　draw　them　neer　in　that
Proportion　as　the　prices　of　all　things　do　arise　upon　our　hands；
by　the　great　increase　of　those　Mettals；　and　the　consequence　of
this　hath　more　advanced　the　affairs　of　Spain　in　these　times　than
can　be　imagined；　for　that　hereby　all　the　other　States　of　Europe
have　bin　abated　half　in　half。　I　will　propound　France　for　Example；
which　Kingdom　notwithstanding　draweth　much　more　Money　out　of
Spain　than　we　do；　by　reason　that　the　French　consume　little　of　the
Spanish　commodities；　make　the　return　of　their　own　for　a　great
part　in　Gold　and　Silver。
　　　　The　Author　of　the　Denier　Royal　undertaketh　to　prove　that　St。
Lewis　in　France；　who　was　contemporary　with　Henry　the　Third　of
England；　whose　whole　Revenues　in　those　days　amounted　not　unto
300；000　French　livres；　did　notwithstanding　in　Proportion　to　all
things　valued　by　Money；　raise　more　out　his　Kingdom　than　Lewis　the
thirteenth　who　now　reignth；　and　whose　Revenue　amounteth；　unto
3；600；000　pound　sterling。
　　　　And　although　he　bringeth　such　Arguments　and　Authorities　for
his　assertions；　as　for　my　part；　I　cannot　see　how　they　can　be
answered：　yet　the　difference　is　so　great　that　I　could　hardly
assent　to　his　Conclusion；　were　it　not　for　this　reason。　In　the
time　of　St。　Lewis；　Provence；　Dauphiny；　Gascoign；　Brittany　and
other　parts　were　distracted　from　the　Crown　of　France；　and　yet　did
he　transport　such　Armies　and　maintain　them　so　long　in　the　Holy
Land；　Egypt　and　Affrick；　besides　the　payment　of　an　excessive
Ransom　to　the　Mammalukes　for　his　Liberty；　as　this　present　King
was　not　able　to　do　the　like；　though　his　Revenue　were　three　times
as　much　as　it　is；　of　which　there　can　be　no　other　cause　answerable
to　the　effect；　but　the　excessive　increase　of　the　price　of　all
things；　more　than　the　increase　of　Gold　and　Silver　in　the　Kingdom。
And　if　these　Kingdoms　of　England　and　France　are　so　much　impaired
in　ability　by　this　Means；　how　much　more　must　those　Kingdoms　be
disabled　which　are　more　remote；　and　draw　these　Mettals　from　Spain
but　at　a　second　or　third　hand：　I　am　perswaded　that　the
consequence　of　this　hath　more　advanced　the　affairs　of　Spain　in
these　later　times　than　the　success　of　their　Armys：　neither　can
any　other　Remedy　be　propounded　to　this　Mischief　but　one；　which　is
to　fetch　these　materials　of　Money　from　the　fountain　it　self。　And
for　my　part　I　do　confidently　believe　that　future　times　will　find
no　part　of　the　Stor