a discourse of coin and coinage-第3章

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time　of　Charles　the　Fifth；　who　succeeded　next　to　him；　it　was　11
and　almost　12　for　one。　And　ever　since　the　Proportion　has　been
held　between　11　and　12　for　one。　But　by　the　edict　of　this　French
Kind　now　reigning；　December　1614；　the　mark　of　Gold　fine　is　valued
at　27　l。　16　s。　7　d。　the　mark　of　Silver　called　Argent　le　Roy；　is
valued　at　14　s。　6　d。　and　almost　one　half　penny。　But　adding　a　24th
part　to　the　two；　to　make　it　fine；　which　the　Silver　called　Argent
le　Roy　doth　want　of　fineness；　the　proportion　will　arise　into　13；
wanting　about　a　seventh　part　to　one　of　Gold。　In　Germany　about　the
year　1610；　the　Proportion　held　13　for　one；　sometimes　a　little
more；　sometimes　a　little　less；　though　antiently　the　Proportion
was　eleven　for　one。　The　Proportion　in　Spain　hath　a　long　time
remained　near　about　twelve　for　one。　The　Proportion　in　the　United
Provinces；　by　the　Placcard　1622　（which　is　yet　in　force）　is　about
12　and　two　thirds　fine　silver；　to　one　of　Gold。　But　before　I　come
to　set　the　Proportions　that　have　been　held　in　this　Kingdom　of
England　I　shall　first　set　down；　How　I　do　inquire　and　resolve　of
the　said　Proportions；　to　the　end　I　may　satisfy　such　whose
Curiosity　may　carry　them　to　examine　the　truth　of　the　said
Proportions。
　　　　I　do　first　examine　by　the　Records　of　the　several　times；　how
much　the　Gold；　then　coined　in　work；　is　valued　at；　then　I　do
examine　what　proportion　of　Allay　is　mixed　in　the　said　Gold　coined
in　work；　and　add　to　the　same　the　said　proportion　of　Allay；　as　if
it　were　fine　Gold；　and　so　make　up　a　full　pound　of　fine　Gold；　and
do　just　in　the　same　manner；　value　the　full　pound　of　fine　Silver
and　then　calculate　what　proportion　is　between　the　value　of　the
pound　of　fine　Gold　and　the　value　of　the　pound　of　fine　Silver。　To
which　examination；　I　cannot　conceive　what　can　be　objected　other
than　this；　That　the　remedies　which　are　allowed；　being　different
in　the　Gold　from　the　Silver；　and　different　in　themselves；　in
different　times；　must　needs　breed　an　error　in　this　Calculation。
But　to　that　objection　I　answer；　that　the　remedies　do　make　so
small　a　difference　that　it　is　not　considerable；　and　besides　it
were　impossible　to　consider　the　remedies　in　this
Calculation；because　they　are　casual　in　the　work　and　are　supposed
to　fall　out　sometimes　as　well　beyond　the　just　standard　as
deficient：　And　from　all　Antiquity　it　is　provided　in　the
Indentures；　that　the　remedies　shall　be　allowed；　if　the　defects
appear　to　be　casual　and　not　voluntary。　The　Truth　is；　that　they
were　an　invention　by　which　the　Masters　of　the　Mint　made　their
advantage　under　colour　of　Contingency　of　the　work；　which　appears
to　have　bin　first　apprehended　by　King　Henry　the　VII　who　in　the
first　year　of　his　reign　made　the　Masters　of　the　Mint　accountable
to　himself　for　so　much　of　the　remedie　as　was　found　deficient　from
the　standard。　The　first　clear　record　that　I　can　find　for　the
values　of　our　Moneys；　is　in　the　eighteenth　year　of　Edward　III　and
then　a　full　pound　of　fine　silver　was　valued　at　11　l。　of　fine
Silver；　and　eight　pence　over：　From　that　time　to　the　25th　of
Edward　III　there　was　some　variety　in　the　Money；　but　not　worth　the
mention。　But　in　the　25th　a　full　pound　of　fine　Gold　was　valued　at
11　l。　of　fine　Silver；　and　3s。　2d。　over；　and　so　it　remained　all
Edward　III　time；　and　all　Richard　II　time；　and　until　the　13　of
Henry　IV；　at　which　time　both　Gold　and　Silver　were　raised　by
advice　in　Parliament；　upon　complaint　that　by　reason　of　the　low
prices　of　Gold　and　Silver；　the　Money　of　the　Realm　was　exhausted。
And　by　that　Ordinance　a　pound　of　fine　Gold　was　valued　at　ten
pounds　of　fine　Silver　and　almost　one　half；　and　so　it　remained　all
his　time；　and　all　Henry　V　time　and　until　the　49　of　Henry　VI　time；
and　then　the　Gold　and　Silver　was　again　raised；　and　a　pound　of
Gold　fine　was　valued　at　11　l。　of　the　fine　Silver　and　6s。　over。　In
the　fourth　of　Edward　IV　the　Gold　was　abased　in　value；　and　the
Silver　left　at　the　same　price；　by　which　means　a　pound　of　fine
Gold　was　valued　at　ten　pound　of　fine　Silver；　and　6s　7d。　over。　But
in　the　8　of　Edward　IV　the　Gold　was　again　raised　to　the　former
price；　as　it　was　in　the　49　of　Hen。　VI　and　so　the　proportion
remained　just　the　same　both　all　Edward　IV　time　and　Henry　VII
time；　and　the　beginning　of　Henry　VIII　time。　In　18　of　Henry　VIII
there　were　Letters　Patent　granted　to　the　Cardinal　of　York　and　to
such　of　the　King's　Council；　as　he　should　call　unto　him；
authorizing　them　to　give　such　Directions；　as　they　should　think
meet；　for　the　alteration　both　of　the　standard　and　values　of　the
Kings　Moneys；　and　a　Commission　was　accordingly　issued　to　the
Officers　of　the　Mint　to　pursue　the　said　Directions；　the　Colour
whereof　was；　That　the　Moneys　of　the　Realm　were　transported
secretly　by　reason　of　the　excessive　raising　of　Moneys　in　France；
and　in　the　Low　Countries；　and　that　the　King；　having　sent　unto
other　Princes；　could　obtain　no　redress　for　the　raising　of　their
Coyns：　Upon　this　Commission　did　arise　great　confusions　in　the
prices　and　standards　of　the　Moneys；　which；　with　certainly　I
cannot　trace　any　further；　because　the　matter　passing　by　private
direction；　there　are　no　publick　Records　extant　of　them。　In　the
third　of　Edward　VI　a　Commision　was　granted　to　coin　Gold　at　22
Carrats　fine；　of　the　value　of　34　l。　the　pound：　and　Silver　of　8
ounces　fine；　of　the　value　of　4　l。　16s。　the　Pound　whereby　a　pound
of　Gold　fine　was　valued　at　37　l。　and　almost　2s。　and　a　pound　of
Silver　fine　was　valued　at　7　l。　4s。　and　by　that　rate；　a　pound　of
fine　Gold　was　as　five　pound　of　fine　Silver　and　22s。　over：　which
could　not　so　fall　out　but　through　the　excessive　gain　which　the
King　did　make　upon　the　Silver　more　than　on　the　Gold：　and　it　seems
that　the　proportion　was　much　other　between　the　Merchants　in
Bullion；　for　neer　about　the　same　time　the　King　gave　Commission　to
buy　Gold　and　the　Mint　of　24　Carrats　fine；　at　58s。　the　ounce；　and
Silver　of　12　ounces　fine　5s。　4d。　which　is　almost　jj　for　one。
These　confusions　did　still　remain　all　Kind　Edward　and　Queen
Maries　Reigns；　but　in　14　of　Queen　Elizabeth　the　antient　sterling
standard　both　of　Gold　and　Silver　was　renewed；　and　a　pound　of　Gold
fine　valued　at　11　l。　of　fine　Silver；　and　7s。　10d。　over：　In　the
24th　of　Elizabeth　the　standard　of　Gold　was　abased　one　quarter　of
a　grain；　and　of　Silver　one　pennyweight；　but　the　proportion
between　two　metals　near　upon　the　same　point：　And　although　in
these　times　the　Crown　Gold　was　coined　upon　another　standard；　yet
the　proportion　in　the　Intrinsical　value　was　kept　the　same。　In
secundo　Jacobi；　the　proportion　was　12　for　one；　but　every　20s。
being　afterwards　by　Proclamation　raised　to　22s；　one　pound　of　fine
Gold　of　24　carrats；　is　valued　at　13　l。　of　fine　Silver　of　12
ounces　fine　and　one　fifth　over。
　　　　And　these　are　the　Antient　and　Modern　proportions　of　Gold　and
Silver　to　one　another　in　price；　as　punctually　and　authentically
as　by　diligent　search　I　could　gather　them。　There　is　yet　another
proportion　between　mettals；　which　is　not　unnecessary　to　our
purpose　to　be　understood；　which　although　I　have　not　by　mine　own
trial　examined；　yet　having　taken　it　from　good　Authors；　I　will　not
omit；　and　that　is　a　natural　and　a　constant　proportion　which
mettals　do　hold　differently　to　one　another　in　weight　in　the　same
value　and　superficies：　which　is；　that　Gold　weighs　48　parts；　Quick
Silver　27　parts；　Silver　24　parts；　Lead　22　parts；　Tinn；　Iron；
Coper；　15　parts；　which　different　proportion　of　weight　was　the
ground　of　that　condition　of　Archymedes　whereby　he　found　out　how
much　Silver　the　workmen　of　Hiero　put　into　his　Crown　of　Gold；　and
which　is　likewise　the　ground　of　many　other　subtil　Conclusions；
which　have　bin　found　out　for　the　deprehension　of　mettals；　and
other　mechanical　works；　and　by　this　proportion　those　of　China　do
examine　the　fineness　of　the　Gold　which　is　current　amongst　them；
who　by　constant　Relation；　being　said　to　be　most　subtile　and　exact
in　mechanical　trials　of　mettals；　have　not　the　Gold　which　is
current　amongst　them　coined；　but　reduced　into　powder；　which　they
do　pass　to　one　another　in　their　commerce　by　weight；　and　do　easily
deprehend　if　there　be　mixture　of　Allay　amongst　it　by　measuring
the　powder；　and　then　tempering　the　weight　and　measure　together。

Chapter　5

Of　the　raising　of　the　price　of　Money　both　of　Silver　and　Gold

　　　　It　is　to　be　understood　that　there　are　three　ways　of　raising
the　price　of　Moneys　either　Gold　or　Silver：　The　first　is　without
alteration　of　the　Species　of　the　Money；　by　encreasing　the　value
of　it；　by　giving　more　parts　to　it　than　originally　it　had；　as　by
ordaining　an　Angel　or　a　Soveraign　to　be　valued　at　eleven
shillings；　which　was　coined　for　ten；　or　a　shilling　to　be　valued
at　fourteen　pence。　The　second　way　is　by　diminishing　the　matter；
but　leaving　the　same　name　and　value　to　the　Money　which　it　　had
before；　as　if　Shillings　or　Angels；　or　Soveraigns　were　coined　by
the　same　name　and　value　as　before；　but　were　diminished　so　many
grains　in　weight：　or；　if　new　names　were　given　to　them　and　the
same　value　retained；　but　the　weight　diminished；　for　in　this　case；
there　being　really　less　Gold　and　Silver　in　weight　in　the　piece
than　there　was　before　and　the　value　remaining　the　same；　the
Silver　and　Gold　which　remains　hath　a　higher　price　set　upon　it。
The　third　is　when　the　value　remaining　the　same　of　the　species　of
Money；　and　the　weight　of　the　same；　the　fineness　is　abased　by
putting　more　Allay　into　it；　for　then　there　is　really　less　Gold
and　Silver　in　fineness。
　　　　There　are　two　causes　of　the　raising　of　Money：　the　first　and
most　antient　cause　of　raising　Money；　was　a　gain　which　the　state
made　of　it　in　their　Necessities；　which　hath　not　often　been
practised　in　this　Kingdom。　But　the　second　and　most　frequent　cause
hath　been；　an　Art　which　States　have　used　to　rob　one　another　of
their　Money；　by　setting　on　higher　prices　upon　it；　so　that　some
States　being　induced；　by　an　unjust　device；　to　draw　to　themselves
the　Money　of　their　Neighbours；　and　others　by　a　necessity　to　keep
their　own。　All　these　parts　of　the　world；　for　some　few　hundred　of
years；　have　done　nothing　but　vye　one　upon　another　who　shall　raise
their　Money　highest；　which　hath　brought　great　Confusion　in　all
States；　and　doth　threaten　much　greater；　if　it　be　not　prevented。
　　　　But　first　to　shew　the　Antiquity　of　the　practice　of　raising　of
Monies　we　will　begin　with　the　Romans。　The　As；　which　was
originally　coyned　of　a　pound　weight；　was；　during　the　first　Punick
War　for　help　of　publick　necessities；　brought　to　2　ounces；　and　all
the　lesser　parts　of　the　As；　as　ounces　and　others；　were　abated　in
proportion。　During　the　Dictatorship　of　Fabius　Maximus　the　As　was
brought　to　one　ounce　weight；　and　yet　reduced　again　by　Papirius　to
half　an　ounce。　The　Denarii　of　Silver　were　at　first　current　for
ten　As；　and　the　Sestertii；　which　were　quarters　of　the　Denarii；
for　two　and　a　half　as。　But　when　the　weight　of　the　as　was
diminished　to　one　ounce　the　denarius　was　made　worth　sixteen　as；
and　the　sestertius　worth　four　as。　They　did　likewise　make　sundry
abasements　（by　means）　of　the　Allay；　whereof　that　of　Livius　Drusus
was　excessive；　mixing　an　8th　part　of　Copper。　And　hereby　the
confusions　grew　so　great；　that　Tullie　in　a　passage　of　his　Offices
saith；　Jactobatur　enim　Temporibus　illis　Nummus；　sic　ut　nemo
posset　scire　quid　haberet　（in　pecunia）；　where　upon　Mari