a discourse of coin and coinage-第6章

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Proportion；　no　Mediocrity　of　Money；　but　all　do　strive　to　abound
with　it；　without　any　stint。　And　hence　it　is　that　Rarity　is　almost
the　sole　Inconvenience　in　matter　of　Money；　the　Rarity　of　Money
doth　grow　out　of　these　Four　Causes　following；　viz。
　　　　First；　Want　of　means　to　bring　in　the　Materials　of　Money。
　　　　Secondly；　Facility　of　exporting　them。
　　　　Thirdly；　The　wasting　of　them　in　the　Kingdom。
　　　　Fourthly；　The　great　encrease　of　the　proportion　between　Gold
and　Silver；　and　the　things　valued　by　them。

　　　　First；　the　want　of　means　to　bring　in　the　Materials　of　Money；
may　be　reduced　into　these　heads。
　　　　First；　The　want　of　Manufactures；　for　Manufactures　do　breed
Money；　and　Money　again　doth　breed　Manufactures；　which　is　apparent
in　divers　States　and　Cities；　that　have　no　natural　commodities　of
their　own；　either　to　exchange　for　other　Commodities　or　to　bring
in　Gold　and　Silver；　which　do　yet　notwithstanding　abound　with　both
by　reason　of　their　Manufactures；　and　as　the　Stocks　of　their　Money
do　encrease；　so　do　their　Manufactures　encrease　withall。　But　the
ways　of　encreasing　and　maintaining　Manufactures　do　depend　upon
other　considerations　in　civil　Government；　and　in　no　sort　upon　the
course　of　Money　except　by　accident；　that　the　good　Government　of
the　course　of　Money　may　breed　plenty　of　money；　and　plenty　of
Money　doth　help　to　encrease　Manufactures；　and　therefore　to　speak
no　more　of　this　Subject；　I　purpose。
　　　　A　Second　cause　of　want　of　Means　to　bring　in　the　Materials　of
Money；　is　the　want　of　Sumptuary　Laws　to　be　made　and　executed；　for
as　in　private　Families　there　is　no　so　easie　and　certain　way　to
thrive；　as　the　cutting　off　superfluous　expences；　so　is　it　in　the
Common…wealth；　and　that　which　the　Industry　and　Will　of　the　Master
doth　perform　in　every　Private　Family；　that　the　Magistrates　and
Law　ought　to　perform　in　the　Common…wealth。　But　this　Title
likewise　hath　not　Coherence　with　my　Subject；　and　therefore　I　do
omit　to　speak　any　further　of　it。
　　　　A　Third　cause；　is　the　want　of　Sufficient　Search　of　these
Mettals　in　the　Bowels　of　the　Earth　within　the　Kingdom；　and　it　is
a　certain　Experiement　that　there　are　sundry　Mines　of　Silver　in
this　Kingdom：　and　there　is　ground　to　believe　both　that　they　are
of　great　Profit　and　of　long　continuance；　if　the　working　of　them
shall　be　well　regulated　by　the　State；　and　judiciously　prosecuted
by　the　Undertakers：　but　this　also　hath　no　dependance　upon　my
Subject；　and　therefore　here　I　leave　it。
　　　　The　fourth　cause　of　the　want　of　means　to　bring　in　the
Materials　of　Money　is　the　impediments　of　Trade；　which　are　very
many；　and　of　subtile　disquistion；　but　have　no　dependance　upon　our
Enquiry；　but　by　accident；　and　therefore　I　leave　them　to　be
discussed　where　it　appertaineth。
　　　　A　fifth　Defect；　in　the　bringing　in　of　the　Materials　of　Money；
is　the　Prohibition　of　Forrein；　especially　Spanish；　and　this　Title
hath　entirely　relation　to　our　Subject；　and　hereof　I　purpose
hereafter　to　examine　the　Inconvenience　apart；　together　with　the
Remedies　propounded。
　　　　A　sixth　cause；　is　the　Low　price　of　our　Moneys；　especially　of
our　Silver　Moneys；　which　is　the　cause　assigned　by　many　that　much
of　the　Materials　that　would　be　brought　hither　into　England；　if
the　price　were　higher；　is　now　transported　into　other　parts：　And
in　this　Title　I　mean　first　to　examine　apart　the　disproportion
between　our　Money　of　Silver　and　Gold。　But　the　low　price　of　our
Money　in　respect　of　our　Neighbours　and　the　raising　of　it　higher；
or　not　raising　of　it；　or　the　reducing　of　it　yet　lower；　according
to　the　values　of　more　ancient　times；　and　the　Inconveniences　that
may　grow　by　the　one　or　the　other；　and　the　remedies　propounded
will　occurr　to　be　considered　in　every　division　of　the　causes　of
the　Rarity　of　Money。　But　to　avoid　Confusion；　I　do　purpose　to
handle　them　all　together　in　one　Chapter。
　　　　The　Second　cause　of　the　rarity　of　Money　and　the　Materials
thereof；　is　the　facility　of　exporting　them　out　of　the　Kingdom
which　doth　arise　out　of　these　Causes；
　　　　First；　out　of　raising　of　prices　of　Moneys　by　our　Neighbours；
which　in　effect　is　the　same　with　the　former　of　the　low　prices　of
our　Moneys；　for　by　giving　a　greater　price　for　our　Moneys；　than　it
is　valued　here　with　us；　they　allure　both　our　own　and　Forrein
Merchants　to　carry　our　Moneys　to　them。
　　　　A　second　Cause　is　the　unequal　Coinage　of　our　Moneys；　by　which
cometh　to　pass　that　those　pieces　which　are　over　heavy　and　of
finer　Allay；　are　tried　and　culled　out；　and　either　exported　into
Forrein　parts；　or　melted　down　for　other　uses。　And　although　it
might　be　thought　that　the　strict　care　used　by　the　State　in　this
behalf　should　have　prevented　this　mischief；　yet　daily　experience
doth　shew　that　great　Quantities　of　the　weightiest　and　best　Moneys
are　daily　exported；　and　that　the　Silver　which　remaineth　amongst
us　is　so　much　under　the　Standard　as　is　hardly　credible：　which
matter　I　purpose　to　handle；　being　naturally　incident　to　this
subject。　The　want　likewise　of　Manufactures　and　Sumptuary　Laws；
are　two　causes　of　the　facility　of　the　exporting　the　Money　and　the
Materials　thereof　our　of　this　Realm；　for　by　the　encrease　of
Manufactures；　the　Commodities　of　the　Kingdom　are　increased；　and
by　Sumptuary　Laws　Forrein　commodities　are　made　less　useful；　both
which　conduce　to　the　keeping　of　the　Money　and　Bullion　within　the
Realm。　But　these　causes　are　not　of　our　consideration。
　　　　A　third　cause　of　the　Rarity　of　Money　and　the　Materials
thereof；　is　the　wasting　and　consuming　it　within　the　Kingdom；　as
in　guildings；　gold　and　silver…thread；　and　inlayings；　all　which　is
consumed　in　a　manner　to　nothing；　the　excessive　use　likewise　of
Plate　maketh　Money　scant；　but　all　these　Defects　are　to　be
remedied　by　Sumptuary　Laws。　The　laying　up　of　Money　also　in
Treasure；　is　likewise　a　Cause　of　Rarity：　But　the　Interest　of
Money　is　so　high　and　quick　in　England；　as　I　believe　that　cause
doth　little　prejudice。
　　　　The　fourth　cause　of　the　Rarity　of　Money　and　Materials
thereof；　which　is　the　great　Encrease　of　the　Proportion　between
Gold　and　Silver；　and　things　valued　by　them　is　entirely　of　our
Consideration。　And　this　cause　doth　diminish　the　quantity　or
decrease　the　weight　or　fineness　of　the　Gold　and　Silver；　but　doth
encrease　the　use　and　want　of　Gold　and　Silver；　and　so　maketh　the
Money　and　Bullion　of　the　Realm　in　general；　and　of　every　man　in
particular；　less　in　effect　and　value；　though　the　quantity　do
increase。　As　for　Example：　If　a　pound　of　Silver　of　the　sterling
Standard；　coined　into　Money　in　Edward　the　Thirds　Reign；　would
have　bought　two　fat　Oxen；　or　seven　quarters　of　Wheat；　and　that
now　at　this　day；　two　pounds　of　Silver　of　the　sterling　Standard
coined　into　Money；　will　do　no　more　than　buy　one　fat　Ox；　or　three
quarters　and　one　half　of　wheat：　and　if　other　things　are　increased
in　price　according　to　that　value；　and　that　the　like　proportion
doth　hold　also　in　Gold；　it　doth　then　follow　that　although　the
Realm　in　general；　and　every　man　in　particular　should　have　now
twice　as　much　of　Gold　and　Silver　in　weight　and　fineness；　as　in
King　Edward　the　Thirds　Reign；　yet　in　use　and　effect　they　should
have　but　half　as　much　as　then；　because　this　double　quantity　in
weight　and　fineness　would　in　proportion　to　things　valued　by　Gold
and　Silver；　arise　but　to　half　so　much　as　then：　and　so　the　great
Increase　of　the　Proportion　between　Gold　and　Silver；　and　things
valued　by　them；　doth　induce　a　Rarity　and　Scarcity　of　these
Mettals；　though　the　Quantity　should　increase。　But　what　the　just
increase　of　this　Proportion　is；　and　by　what　means　it　may　be
certainly　proved；　and　how　the　Raritie　may　be　remedied；　I　purpose
to　treat　hereafter。
　　　　Thus　I　have　set　down　in　general　all　the　constant　and　certain
Causes　of　the　Rarity　of　Money：　of　so　many　of　which　as　are
incident　to　our　subject；　I　purpose　to　treat　in　particular：　As　for
the　other　Branch；　of　the　Inconveniencies　of　the　matter　of　Money；
which　is　Disorder　and　Confusion；　I　purpose　not　to　make　any　title
a　part　of　it；　both　because；　as　I　have　said　before；　the　occasions
of　Confusions　in　England；　in　this　Subject　are　very　few；　and　that
I　shall　aptly　have　cause　to　speak　of　it　by　the　way；　in　the　Causes
of　Rarity；　which　I　mean　to　handle；　not　in　the　Method　set　down　in
this　Chapter；　but　begin　with　the　plainest　and　easiest　Titles；　and
of　most　certain　Proof；　first　to　the　end　that　they　may　serve　both
to　the　opening　and　facilitating　the　Proof　of　the　more　difficult
and　obscure。

Chapter　8

Of　the　low　Price　of　our　Silver

　　　　It　hath　been　declared　in　the　Chapter　concerning　the
Proportion　between　Gold　and　Silver；　that　now　in　England　Thirteen
pound　and　one　fifth　of　Silver　doth　but　answer　in　value　to　one
Pound　in　Gold；　which　Proportion　is　much　above　the　Practice　of
former　ages　in　England；　and　other　Countries　about；　both
heretofore　and　at　the　present；　which　is　principally　grown　by　the
great　raising　of　Gold　2s　in　the　pound；　in　the　9th　year　of　his
late　Majestie's　Reign；　at　which　time　or　at　any　time　since；　Silver
hath　not　been　raised：　the　first　Effect　whereof　hath　been；　That
great　Quantities　of　Gold　have　since　been　coined；　but　little　or　no
Silver；　except　now　very　lately。　And　of　that　Silver　which　we
before　had；　the　weightiest　hath　been　culled　out；　and　transported
or　melted；　and　that　which　doth　remain　amongst　us；　is　so　light；　as
the　lightness　only　doth　preserve　it　in　use；　and　the　scarcity
thereof　is　so　great；　that　a　many　may　go　into　a　great　many　shops
in　London；　of　great　Trade　and　Commerce　before　he　shall　get　a　20s。
piece　in　Gold　to　be　chang'd　into　Silver：　and　far　the　greatest
part　of　all　paiments　is　made　now　in　gold；　contrary　to　former
times；　whereas　the　true　Rule　for　the　good　of　the　Commonwealth　is；
That　there　should　be　such　a　Proportion　kept　between　Gold　and
Silver；　as　that　they　might　equally　abound；　and　of　the　two　Silver
most　abound：　the　Reason　whereof　is；　That　the　greatest　part　of　the
Commerce；　is　made　in　silver；　the　want　whereof　doth　greatly
rejudice　the　same。　The　Remedy　of　this　Inconvenience　is　plain　and
easy　in　the　general；　and　theory；　which　is　to　reduce　the　Gold　and
silver　to　an　equal　Proportion；　but　when　you　come　to　the　Practick；
there　does　arise　two　great　Difficulties；　the　first　to　find　out
what　this　equal　Proportion　is；　the　next　how　to　settle　it；　whether
by　reducing　the　Gold　unto　the　Silver；　or　by　advancing　the　Silver
unto　the　Gold。
　　　　I。　Concerning　the　first；　Many　are　of　opinion；　that　the
Proportion　should　be　left　as　it　is；　for　they　say；　Although　our
Gold　be　very　high　priced；　yet　it　answereth　the　weight　of　the
King's　Ordinance；　being　continually　weighed；　and　rejected　if　it
be　not　weighty。　But　our　Silver　is　not　so；　being　much　lighter　than
the　King's　Ordinance；　the　Silver　be　above　13　fine　in　Silver；　for
one　fine　in　Gold；　yet　in　Practice；　by　reason　of　the　lightness　of
the　Silver；　the　Proportion　is　much　short　of　that。　But　they　that
give　this　reason　do　not　consider；　that　in　this　manner；　although
our　Silver　will　remain　still　in　use　amongst　us；　as　long　as　it
lasteth；　by　reason　of　the　lightness　of　it；　yet　of　all　that　is　new
coined　according　to　this　Ordinance；　the　weightest　and　loyallest
will　be　continually　culled　out；　and　transported；　or　melted：　and
therefore　since　the　Experience　of　the　scarcity　which　we　have　of
Silver　doth　sufficiently　prove　unto　us　the