a discourse of coin and coinage-第16章

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required　for　the　Sum　to　be　paid　by　Exchange；　that　Objection　will
fall：　if　it　be　not　so　current；　you　may　except　against　the
Payment。
　　　　But　yet　this　Proposition；　if　it　be　narrowly　examined　will　be
found　subject　to　great　Exceptions。
　　　　And　first；　The　Difficulty；　I　may　say　almost；　the
Impossibility　of　putting　it　in　Execution　is　apparent；　for
although　the　intrinsical　value　be　the　principal　Rule　by　which
Exchanges　are　squared；　yet　there　are　many　other　Circumstances
which　do　vary　and　alter　the　Exchange；　and　this　is　for　a　main　one；
That　when　there　is　much　Money　to　be　returned　to　one　place　by　an
Accident　unlookt　for；　you　shall　（not）　find　Takers　in　Proportion；
except　what　they　make　by　the　price　of　Exchange　do　invite　them：　if
then　you　will　force　men　alwayes　to　give　and　take　by　Exchange　at
one　rate；　when　through　accident　there　shall　want　Takers；　you　will
force　the　Giver　to　supply　his　Necessity；　to　send　his　Money　in
specie；　and　so　that　which　is　propounded　for　a　Remedy　of
Exportation　shall　turn　to　a　greater　Exportation。
　　　　But　suppose　this　Difficulty　could　be　overcome；　yet　would　it
not　suffice　to　hinder　Exportation；　for；　if　in　other　Countries；
they　should　value　your　Money　higher　than　their　own；　as　in　this
Discourse　there　are　formerly　Instances　set　down；　of　English　Money
higher　valued　than　their　own；　in　France；　in　the　Low…Countries；
and　at　Francford　Mart：　he　then　which　at　these　times　would　have
made　over　Money　by　exchange　into　those　Parts；　by　this
Proposition；　should　have　had　but　the　intrinsical　value　in　Money
over　in　specie；　would　have　had　more　than　the　intrinsical　value。
　　　　Lastly；　It　is　to　be　considered；　That　all　Countries　that　do
raise　little　or　no　Materials　with　themselves；　（which　is　our　Case
in　England）　must　not　be　so　careful　to　hinder　Exportation　of　the
Materials；　as　to　provide　for　Importation　for　them；　What　Fruit
then　shall　we　receive　by　this　Equality　of　Exchange；　（admitting
that　it　might　be　made；　and　that　it　would　hinder　the　Exportation）
if　it　should　be　recompenced　by　the　same　Degree　of　Impediment；
which　it　would　give　to　the　Importation；　which　would　necessarily
follow　upon　it；　as　for　instance；　If　the　Equality　of　Exchange　will
give　impediment　to　transport　Silver　out　of　England　into　Holland；
will　not　the　same　equality　of　Exchange　give　the　same　degree　of
Impediment　to　import　Silver　out　of　Spain　into　England？　Certainly
in　all　appearance　it　must。

Chapter　20

Of　Reducing　Moneys　to　the　Lowness　of　Ancient　Values。

　　　　Some　are　of　Opinion；　that　the　best　course　to　remedy　all
Inconveniences　in　Matters　of　Money；　were　to　reduce　it　to　the
ancient　Value：
　　　　As　for　example；　A　pound　weight　of　Silver　of　the　sterling
standard　to　make　but　twenty　shillings　in　Silver；　and　a　pound
weight　of　crown　Gold　to　make　12　l。　sterling；　and　so　Angel…Gold　to
be　coined　in　Proportion；　for　（say　they；）　since　that　was　the　first
and　original　settlement　of　the　sterling　standard；　and　that　by　the
raising　of　other　Nations　whom　we　thought　it　necessary　to　follow；
we　are　grown　to　that　excessive　diminution　of　the　Intrinsical
value　of　our　Money　as　is　manifest；　and　that　the　Mischiefs　do　so
threaten　us；　by　the　daily　raising　of　our　Neighbours；　as　at　length
（to　bring　on）　inevitable　Confusion；　it　will　be　best　to　reform　the
Mischief　before　it　be　grown　to　extremity；　and　the　best
Reformation　will　be　to　reduce　it　to　the　first　and　original
settlement：　The　Commodities　whereof　are　many：
　　　　First；　The　prices　of　things　will　be　reduced　to　some　antient
moderation；　then　those　who　live　upon　antient　Rents；　and　Fees；　and
Rights；　and　Tenures　of　their　Lands　and　Offices；　who　have　received
extream　injustice　by　the　diminution　of　the　Intrinsical　value　of
Money；　shall　by　this　Reduction　be　recompenced　in　justice　again。
But　above　all；　the　King；　whose　Revenue　is　only　publick；　shall
receive　a　great　and　a　just　enlargement　therein：　This　Diminution
of　the　intrinsical　value　of　Money　being　not　the　least　cause　of
the　visible　wants　wherewith　the　Crown　is　this　day　oppressed；　and
this　Reduction　being　so　great　and　important　as　it　is；　all　other
Nations　and　all　Merchants　in　their　exchanges；　must　of　necessity
come　to　a　new　valuation　of　their　Moneys　in　comparison　of　ours：
and　that　cannot　be；　but　by　a　true　calculation　of　the　intrinsical
value　of　either　of　them；　by　which　means　if　we　do　now　sustain　any
wrong　by　the　reputed　valuation　of　our　Moneys；　or　exchange　of
them；　we　shall　then　receive　right。　And　England　being　a　Countrie
able　to　send　out　more　Commodities　than　it　hath　need　to　receive；
we　shall　of　necessity　return　the　overplus　in　Bullion。
　　　　But　to　examine　the　solid　Truth　of　these　Alligations；　it　will
be　necessary　to　consider　by　what　means　this　Reduction　may　be
effected。
　　　　First；　Therefore　if　you　will　reduce　Moneys　to　the　antient
values；　either　you　must　do　it　by　several　degrees；　（this　being　the
way　by　which　the　mischief　grew）　or　you　must　do　it　all　at　once。
　　　　As　for　example　of　a　Reduction　by　degrees；　Silver　is　now
coined　at　five　shillings　and　two　pence　an　ounce；　and　Crown　Gold
at　three　pound　eight　shillings　and　four　pence　the　ounce；　begin
then；　first　to　reduce　by　coining　Silver　at　fourteen　groats　the
Ounce；　and　Crown　Gold　at　three　pound　one　shilling　and　six　pence
the　Ounce；　and　when　it　is　thus　settled；　then　some　time　after
reduce　them　both；　yet　to　a　lower　price；　and　so　until　you　come　to
the　Original　settlement。　But　is　it　not　then　manifest　that　if
these　coins　be　so　much　heavier　than　the　former；　as　this
Proportion　doth　make　them；　and　yet　go　at　the　same　price　as　the
other　did；　yet　as　fast　as　they　are　coined；　they　will　be　melted　or
transported　for　advantage？
　　　　Besides　our　Merchants　will　（not）　bring　this　Silver　and　gold
unto　you　to　so　great　a　loss：　on　the　other　side；　if　you　make　all
the　old　Money　uncurrent；　and　you　do　make　it　so　many　times
uncurrent　as　you　do　reduce　it　towards　the　antient　values；　by
degrees　the　confusions　will　be　so　great　as　the　Kingdom　cannot
bear　them；　and　the　continual　new　coining　of　your　Money　will
consume　all　the　value　of　your　Money　in　that　charge：　there　is　then
no　other　way　left　but　to　leave　the　old　Money　still　current；　but
abased　so　much　in　price　as　it　is　worse　than　the　new　Money　in
intrinsical　value。　But　this　is　hardly　possible；　considering　that
the　fractions　in　the　old　Money　will　be　so　confused　as　no　man
shall　know　how　to　pay　or　receive　it；　besides　all　men　of　what
condition　soever　that　are　to　pay　Money；　in　what　nature　soever；
shall　pay　ten　in　the　Hundred　more　than　they　should　otherwise　have
done。
　　　　But　suppose　this　Inconvenience　might　be　sufferable　for　once；
yet　when　they　must　return　again；　as　often　as　by　degrees　you　do
reduce　your　Money　towards　the　antient　values；　I　do　see　no
possibility　to　conquer　them；　it　is　then　best　to　consider　what
will　follow　of　it；　if　this　Reduction　to　the　antient　values　be
made　all　at　once；　which　is　thus　propounded。
　　　　That　new　Money　should　be　coined　at　twenty　pence　an　ounce；
Silver；　and　that　the　old　Money　should　be　still　left　current　at
the　third　part　of　the　value　for　which　now　it　goeth；　as　six　pence
to　be　current　for　two　pence；　and　twelve　pence　for　a　groat；　so　as
all　Fractions　should　be　avoided：　and　the　gold　should　be　reduced
to　a　like　Proportion；　and　that　all　contracts　and　payments；　from
such　a　day　to　come；　should　be　made　and　paid　in　new　Money　or　in
old　Money；　valuing　it　only　at　the　third　part　of　the　new　Money；
But　if　the　Proposition　were　simply　thus；　it　were　insupportable；
for　then　he　that　sits　now　at　a　rent　of　10　l。　a　year；　and　is
hardly　able　to　pay　it　should　in　effect；　after　the　day　when　the
new　money　is　to　be　current；　pay　thirty　pounds　a　year；　and　he　that
borrowed　ten　pounds　before　that　day；　after　that　day　shall　pay
thirty；　and　so　it　would　be　of　all　other　payments。　And　it　is　no
satisfaction　to　say；　That　would　be　no　Injustice；　because　he　that
pays　Money；　either　for　Debt　or　Rent；　or　any　other　waies；　must
receive　it　from　others；　be　it　either　in　Debt；　Rent；　or　for　the
price　of　any　thing　to　be　sold；　and　so　he　shall　pay　no　more　in
Proportion　than　he　shall　receive：　for　it　if　be　true；　which　is　the
mainest　Benefit　propounded　by　this　Reduction；　that　as　the　price
of　Money　shall　be　abased　so　the　price　of　all　things　will　abate　in
Proportion；　then　he　that　is　to　raise　his　payments　out　of　the
price　of　other　things　shall　raise　no　more　in　intrinsical　value
than　he　should　have　done　before；　yet　he　shall　pay　in　intrinsical
value　thrice　as　much　as　he　did　before。
　　　　To　solve　this　Objection；　there　are　two　ways　propounded；　but
either　of　them　have　their　Inconveniences；
　　　　The　first　is；　that　this　payment　in　new　Money　shall　only
extend　to　future　contracts　and　that　all　former　contracts　shall
either　be　paid　in　old　Money　or　in　new　Money　valued　at　three　times
the　old　Money：　but　if　you　admit　of　this；　you　shall　by　this
Reduction　only　raise　a　great　rumour　and　confusion　among　the
people；　and　all　the　benefits　propounded　are　quite　blown　away。
　　　　Besides　the　Injustice；　as　it　was　very　apparent　to　all　that
were　to　pay　Money　in　the　former　way；　so　it　is　as　apparent　in　this
way　to　all　that　are　to　receive　Money；　for　that　they　shall　receive
in　extrinsical　value　but　two　pence　for　six　pence；　and　one
shilling　for　3　shillings；　but　above　all　others；　the　King　would　be
most　prejudiced。
　　　　The　second　way　of　solving　the　former　Objection　is　this；　That
all　payments；　for　the　future；　should　be　made　in　new　Money　or　in
old；　valuing　the　old　a　third　part；　and　that　in　like　manner　all
antient　Contracts；　Rents；　and　Rights　reserved　should　be　acquitted
in　new　Money；　or　in　old　Money　valued　at　the　third　part　of　the
new；　and　that　his　wold　of　antient　Contracts　and　Rights；　should　be
defined　from　such　a　time　as　since　which　the　prices　of　things　have
encreased；　as　the　value　of　Money　is　by　this　Reduction　to　be
abated；　As　for　Example；
　　　　Since　the　year　of　the　eighteenth　of　Henry　the　Eighth；　when　he
began　to　coin　Base　money；　since　which　time　generally　the　price　of
things　is　trebled　at　the　least；　in　some　more；　in　some　less。　And
that　all　Contracts　and　payments　reserved；　since　the　eighteenth
year　of　Henry　the　Eighth；　until　the　day　when　the　new　Money　is
made　current；　should　be　acquitted　in　old　Money；　or　in　new　Money
valued　three　times　as　much　as　the　old：　By　this　means　the
Injustice　of　the　former　ways　seemeth　to　be　equally　parted；　in
that　some　Receivers　by　this　way　should　gain　and　some　Receivers
should　loose；　and　some　Payers　should　gain　and　some　should　loose。
　　　　But　this　Proposition　brings　with　it　a　new　Inconvenience；
which　is；　That　this　time　of　the　eighteenth　of　Henry　the　Eighth；
being　so　antient；　it　would　breed　many　Controversies；　as　to　what
payments　were　contracted　for　or　reserved　before　that　time　or　not。
But　suppose　that　this　Reduction　were　effected；　and　that　our
Moneys　were　both　by　reputed　valuation　and　by　exchange　compared
with　Forrein　Moneys；　according　to　their　true　intrinsical　value；
yet　do　I　not　see　that　this　Reformation；　for　all　this；　would　be
stable　and　permanent；　for　if　afterwards　other　Nations　shall　by
degrees　again　diminish　the　Intrinsical　value　of　their　Moneys；
either　we　must　resolve　to　stand　firm　to　this　Reduction；　and　so　to
take　the　hazard　of　all　losses　and　Inconveniences　which　the　not
raising　of　our　Moneys　when　our　Neighbours　raise　theirs　do　bring
wit