a discourse of coin and coinage-第7章

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therefore　since　the　Experience　of　the　scarcity　which　we　have　of
Silver　doth　sufficiently　prove　unto　us　the　Inconvenience　of　the
Proportion；　it　ought　to　be　altered。　Others　would　have　the
Proportion　to　be　eleven　or　thereabouts；　because　that　was　the
ancient　Proportion；　both　amongst　us　here　in　England；　and　amongst
our　Neighbours。　But　since　that　Proportion　is　under　that　of　all
our　neighbours　at　this　present；　it　would　in　time　fall　out
thereupon　that　we　should　suffer　as　much　scarcity　of　Gold　as　we　do
now　of　Silver。　But　the　most；　and　the　most　Judicious　Propositions
that　I　have　seen；　both　at　home　and　in　other　parts；　do　agree　upon
twelve　for　one；　as　the　most　equal　Proportion；　and　it　agrees　with
the　Proportion　of　Spain；　upon　which　in　this　Subject；　we　ought
principally　to　have　our　eye　fixed：　and　for　my　part；　I　do　the
rather　incline　to　this　Proportion；　because　12　of　all　the　numbers
is　most　proper　for　Money；　being　the　most　clear　from　fractions　and
Confusion　of　an　Accompt；　（which　ought　not　to　be　neglected）　by
reason　that　of　all　other　numbers　it　is　most　divisible；　being
divisible　into　unities　as　all　numbers　are；　into　two　parts　as　no
odd　number　is；　three　parts　as　no　even　number　is　but　six；　and　the
numbers　that　consist　of　sixes；　fourths　into　which　six　is　not
divisible；　and　into　sixths：　This　Proportion　seems　like　to　square
with　the　Conceipt　of　the　Alchymists；　who　call　Gold　Sol；　and
Silver　Luna；　whose　Motions　do　come　near　upon　the　point　of　12　for
1；　and　the　Conceipt　of　many　men　hath　run　so　strongly　upon　the
proportion　of　12　for　1；　that　they'd　have　it　hold　as　well　in　Money
wrought；　as　in　Gold　or　Silver　fine；　so　as　the　Pieces　of　Silver
and　Gold　should　weight　one　the　other；　and　12　in　Silver　should
answer　in　value　one　of　Gold。
　　　　But　the　Proportion　cannot　hold　both　in　Money　wrought；　and
Silver　and　Gold　unwrought；　except　the　Allay　should　be　likewise
made　equal；　and　then　it　follows　that　there　should　be　12　times　as
much　over…value　allowed　to　the　Gold　as　to　the　Silver；　which　were
a　rate　beyond　the　present　allowance；　and　would　much　weak'n　the
Money　of　Gold　in　intrinsical　value；　yet　that　point　doth　justly
meet　with　the　practice　which　in　ancient　time　was　in　France；　there
being　in　an　ancient　Reglement　of　Moneys；　this　following　Article；
Que　l'on　face　Monoye　d'or　a　23　carrats　et　rendra　aux　Merchans
d'un　Marc　d'or　fine；　un　Marc　d'or　ouvre；　et　Monoye　a　ladit　loy。
And　by　the　same　Reglement　the　Silver　Money　was　made　of　11　deniers
and　12　grains　fine；　called　Argent　le　Roy；　and　some　others　do　find
it　a　very　subtile　Inconvenience　in　the　want　of　laying　so　many
times　a　greater　Charge　and　Tribute　upon　the　Gold　than　upon　the
Silver；　as　the　Gold　doth　exceed　the　Silver　in　value；　proportion
for　proportion；　alledging　that　for　one　main　reason；　why　the　Gold
is　always　raised　and　esteemed　somewhat　higher　than　the　publick
Ordinance；　because　the　Gold　Money　is　really　so　much　more　in　value
than　the　Silver　Money；　according　to　their　rates；　by　how　much
there　is　less　Charge　and　Tribute　laid　upon　the　Gold　in　proportion
than　upon　the　Silver。　But　admitting　the　Objection　made；　that　if
there　should　be　12　times　as　much　charge　laid　upon　the　Gold　as
upon　the　Silver；　it　would　be　too　great　a　discouragement　to　the
Merchant　to　bring　his　Gold　to　be　coined；　it　may　easily　be　salved
here　in　England；　according　to　the　custom　of　our　Mint；　by　making
the　price　of　Gold　fine　unwrought；　somewhat　more　than　12　for　one；
and　allowing　so　unto　the　Merchant；　leaving　the　charge　the　same；
which　now　it　is。
　　　　For　the　second　point　to　wit；　whether　the　Proportion　should　be
settled　by　raising　the　Silver　in　price　unto　the　Gold；　or　by
reducing　the　Gold　unto　the　Silver。
　　　　First；　In　speaking　thereof；　I　do　not　mean　to　anticipate　that
Question；　Whether　if　be　beneficial　for　the　Commonwealth；　that　the
prices　should　at　any　time　be　raised　or　not？　which　is　the　proper
Subject　of　another　Chapter；　and　is　indeed　the　most　Importunate；
and　the　most　difficult　Question　of　any　other　in　matter　of　Money：
Although　it　be　true；　that　the　raising　one　of　the　Materials　of
Money　doth　produce　all　the　inconveniences　that　are　produced　by
raising　of　both　the　Materials　which　is　not　rais'd；　yet　in　the
present　Estate　and　Condition　wherein　our　Silver　doth　now　stand；
we　shall　find　by　the　subsequent　Discussion　of　this　Question；　that
by　the　raising　of　the　Silver　to　a　more　equal　Proportion　to　our
Gold；　these　Inconveniences　have　no　place。
　　　　And　First；　If　you　shall　abase　the　Gold　to　hold　a　proportion
of　12　to　1　with　the　Silver；　besides　the　general　Objection　against
all　Abasements；　which　is　Exportation；　there　will　this　particular
Inconvenience　follow；　as　we　now　stand；　That　you　cannot　abase　it
to　the　just　Proportion　without　new　coyning　of　all　the　Gold；　which
will　produce　both　an　extream　trouble　and　Confusion；　and　exceeding
loss　unto　the　Kingdom；　and　is　by　the　Prescripts　of　many　excellent
Roman　Emperors　condemned；　as　savoring　of　Injustice　and　Envy
towards　the　memorie　of　precedent　Princes　to　deface　their　Coins。
And　besides　the　scarcity　of　the　Silver　will　still　remain；　for
their　continuing　still　so　great　a　disproportion　between　the　new
Silver　which　shall　be　coyned　according　to　the　antient　standard
weighty　and　good；　and　the　old　Silver　grown　so　much　over…light；
partly　by　the　wearing；　but　especially　by　that　culling　out　and
exporting　that　which　was　coined　either　over…heavie；　or　of　just
weight；　and　that　which　coyned　over…light　only　remaining；　how　will
it　be　possible；　but　that　so　much　of　the　new　Silver　which　shall　be
coined　either　of　over…heavie；　or　of　a　just　weight；　will　still　be
culled　out；　either　to　be　transported；　or　to　be　melted　down　for
other　uses？　If　on　the　other　side　the　Silver　shall　be　coyned
hereafter　of　a　new　standard　answering　to　a　proportion　of　12　for
one　of　the　Gold；　as　now　it　stands；　the　Merchant　will　be
encouraged　to　bring　more　in；　the　reminting　of　the　antient　Money
shall　be　avoided；　and　if　that　supposition　be　true；　that　the
antient　Silver　be　exported　upon　the　raising　of　the　new；　neither
will　the　price　of　the　things　be　raised；　since　the　new　Money
（although　in　standard　it　differs）　yet　in　truth　of　weight　will
hold　so　near　a　Proportion　with　the　antient：　and　here　it　will　be
necessary　to　observe　the　Examination　which　we　have　made　in
several　places　of　this　Treatise。
　　　　First；　In　what　Proportion；　for　the　values　of　our　Gold　and
Silver；　it　is　most　useful　for　this　Kingdom　to　stand；　in　respect
of　our　Neighbours　neerest　about　us；　and　then　examine　how　indeed
we　do　stand　with　them？　Where　I　do　find　an　exceeding　great　abuse；
because　those　who　do　manage　the　affairs　of　the　Mint　do　make　their
Computation　of　the　Standard　of　Forrein　Coins；　meerly　as　the
Gold…Smiths　do　by　melting　of　them：　the　error　of　which　Computation
will　easily　be　apprehended；　if　any　man　shall　go　about　to　discover
the　sterling　standard　by　melting　of　sterling　money；　the　pieces
whereof　being　so　unequally　coyned；　as　they　are　the　difference
between　a　piece　that　is　over…light；　and　again　of　a　piece　of　the
absolute　fineness　of　the　standard；　and　another　deficient　the　full
extent　of　the　Remedy　allowed；　will　be　so　great；　as　whosoever
shall　compute　the　standard　by　the　one　or　by　the　other；　must　needs
run　into　extream　Error。

Chapter　9

Of　the　Prohibition　of　Forrein　Moneys；　especially　Spanish

　　　　It　is　the　Opinion　of　wise　men　and　intelligent　in　this　Subject
of　Money；　that　the　Prohibition　of　forrein　Moneys　especially
Spanish　is　a　great　hindrance　to　the　coming　in　of　Gold　and　Silver：
and　they　do　ground　themselves　upon　two　Arguments：　
　　　　The　first；　in　reason；　that　Spain　being　the　Cistern　and
Receptacle　of　almost　all　the　gold　and　silver；　which　is　thence
dispersed　into　the　rest　of　Europe；　to　forbid　Spanish　Money　to　be
current；　is；　in　effect；　to　forbid　the　coming　in　of　Gold　and
Silver；　and　that　rather　we　ought　to　draw　it　in　by　setting　an　high
price　upon　it。　The　other　Argument　is　out　of　the　Example　of　other
Nations；　which　do　abound　with　Moneys；　where　Spanish　Money　is　not
only　current；　but　it　is　current　at　higher　rates　then　their　own
Money；　value　for　value；　who　have　therefore　more　Spanish　Money　to
be　made　current。　But　before　it　be　fit　to　resolve　of　that；　it
should　be　first　maturely　considered；　What　reasons　did　induce　the
Prohibition　of　all　Forrein　Coins；　and　how　they　may　be　satisfied；
least　in　seeking　to　salve　one　mischief　we　do　introduce　a　greater；
and　do　fall　into　the　complaints　of　those　Countries；　which　do　crie
out　against　the　Inconveniences　which　they　do　feel　by　forrein
Moneys；　and　know　not　how　to　remedie　themselves。　If　you　make
forrein　Moneys　current　but　just　at　the　rate　of　the　intrinsical
value　you　gain　nothing；　for　they　will　as　well　be　now　brought　in
for　Bullion　as　then　for　Money；　only　this　disadvantage　you　shall
have；　that　whereas　that　which　is　now　brought　in　for　Bullion；　is
good　and　weighty；　you　shall　instead　thereof　have　the　same
quantity　brought　in　for　Money　abased　and　light；　which　was　one　of
the　many　reasons　why　it　was　made　not　current。　If　you　make　forrein
Money　current　above　the　intrinsical　value；　allowing　them　an
over…rate　for　charge　of　coyning　and　tribute　to　the　Prince　that
coined　them；　Observe　then　the　inconveniences　which　follow　upon
it；
　　　　First；　The　dishonour；　in　that　you　do　communicate　a　principal
point　of　Soveraignty　unto　a　Stranger；　and　you　do　pay　a　Tribute　to
a　forrein　Prince　out　of　your　own　Country；　and　you　shall　never
have　any　material　Coin　to　be　coined　in　your　own　Mint。
　　　　Secondly；　You　shall　fill　the　Country　with　light　Money　of
Silver；　which　is　hardly　ever　weighed；　and　with　counterfeit　and
base　Money　of　Gold；　the　punishment　whereof　lieth　not　in　your
hands；　the　act　being　done　in　forrein　parts　and　is　so　much　clear
loss　to　the　Country。
　　　　Thirdly；　You　shall　give　the　people　occasion　to　raise　it　to　a
higher　rate　than　the　publick　Ordinance；　which　is　an　effect　that
follows　forrein　Moneys　in　all　those　Countries　where　it　is
permitted；　or　if　the　people　do　not　raise；　yet　strangers　will
raise　it　higher；　and　then　it　will　go　out　faster　than　it　came　in；
and　you　have　gained　this　Inconvenience；　to　have　it　higher　rais'd：
the　mischief　whereof　I　shall　have　more　occasion　to　declare
hereafter。　But　if　forrein　Money　shall　come　to　be　current　at　an
over…rate；　to　the　intrinsical　value；　greater　than　your　own；　value
for　value；　as　Spanish　Money　is　both　in　France　and　in　the　Low
Countries；　and　as　English　was　in　both；　till　it　was　discried　and
value　only　as　Bullion；　but　daily　varies　the　value　in　those　parts；
then　shall　you　give　occasion　to　have　the　weightiest　of　your　Money
culled　out　and　transported　into　forrein　parts　to　be　coined　for
Advantage；　to　be　brought　back　in　forrein　coin：　but　above　all；
your　materials　in　bullion　of　silver　and　Gold　will　be　transported
to　that　purpose；　and　the　Common…wealth　shall　cheerly　loose　so
much　in　substance　of　Gold　and　Silver；　as　the　Transporter　doth
get；　as　for　Example；　In　the　years　1607　and　1608；　our　Jacobus
pieces　were　ordinarily　current　in　Paris　after　the　rate　of　22s。
when　as　three　French　Crowns；　were　current　but　after　the　rate　of
21s　sterling：　The　Jacobus　weighs　7　deniers　and　20　grains；　and　is
22　carrats　fine。　The　French　Crown　sol；　is　23　carrats　fine　bating
the　Remedy；　and　weighs　by　the　ordinance　2　deniers；　15　grains；　so
as　three　Fren