A Discourse of Coin and Coinage [11]
Discourse, because having mine aim
only a the good of this State, it seemed unnecessary to treat of
this Subject, since we have no base Money in England; but when I
consider, that in some unhappy seasons heretofore we have had
base Money; and that it is not impossible, but that the like
Projects may again be revived, I determin'd not only to treat,
but to go through with it all at once, and not to interrupt this
Discourse any more with that Subject: And therefore to set down
the Inconveniences that have followed it, which in the former
Chapter I did forbear, reserving both the Inconveniences and the
Remedies to be treated of apart. The first Inconvenience then of
the great mixture of Mettals, is the falsifying of them; for both
in reason it is too true, that by this mixture both the Colour,
Sound, Weight, and the other more hidden Qualities of the
different mettals are so confounded as the falsity cannot be
discovered, but with extream difficulty: and by experience it is
verified, that in all those Countries where base Money
hath-course, the greatest part of it is not coyned by the State,
but either counterfeited by the Natives, or brought in by several
Strangers.
Secondly, It is true that the base Money was first coined in
France, of an intrinsical value, almost equal to that of purer
mettals, and so it continues to this day, for so much of it is
coined by ordinance of the State, (the greatest part being
falsifyed:) But in most other Countries (as namely in Spain) the
State in self, to raise a Tribute upon the people, hath extreamly
falsified the intrinsical value, by which means both the State
hath for gain, Coins much more than there is occasion to use, and
there is incomparably more counterfeited by others, so as the
mischief doth hourly multiply.
Thirdly, The values of Money are continually raised from time
to time, which is no new Device (as is already more particularly
declared) the base Money must then in Proportion be likewise
raised, which cannot be done by increasing the value of the
particular pieces for being of so small price, the fractions
would be irreconcilable, so as there is no other way left to
raise the base Money, but by coining new, of a weaker Intrinsical
value. I would then gladly know what becomes of all the old base
Money, either it is melted down by Bullioners, which is the name
in French of those who by culling and trying of Coins make their
profit to melt them; or it is transported by strangers, so as in
effect the use of base Money doth bring that inconvenience, the
avoiding whereof was made one of the chiefest Pretences for
Coinage of it.
Fourthly, It is truly observed, that in all those Countries
where base Money is current, there the price of Gold and Silver
is daily raised by the people, not only without the Ordinance of
the State, but contrary to, and in despight of all Prohibitions
to the contrary, which draws with it extream disorders and
mischiefs, so it is in the Low Countries, so it is in France, so
in Germany, and in Spain; although the Ordinance for the value of
the Gold and Silver may securely be maintained by this help, that
no Forrein Coin is there current; yet when you come to change
base Money for Silver or Gold, you shall find how the people
there raise the price unto you of the purer Money; But in England
and Muscovia, where no base Money is in use, there the people
never raise the price of Gold and Silver (except by Ordinance of
the State it be directed) neither doth Experience only try this
Conclusion, but Reason also; for the people when they see the
Money of base and uncertain mixture, do disesteem it, and in
comparison thereof do esteem the Money of purer Gold and Silver
above the proportion, and so do raise the price of it; and this
esteem is not meerly out of opinion, for that really, that piece
of base Money which hath as much fine Silver as a penny, is
notwithstanding not worth a penny, because the mixture makes that
you cannot extract this penny in pure mettal, without loss and
charge:
only a the good of this State, it seemed unnecessary to treat of
this Subject, since we have no base Money in England; but when I
consider, that in some unhappy seasons heretofore we have had
base Money; and that it is not impossible, but that the like
Projects may again be revived, I determin'd not only to treat,
but to go through with it all at once, and not to interrupt this
Discourse any more with that Subject: And therefore to set down
the Inconveniences that have followed it, which in the former
Chapter I did forbear, reserving both the Inconveniences and the
Remedies to be treated of apart. The first Inconvenience then of
the great mixture of Mettals, is the falsifying of them; for both
in reason it is too true, that by this mixture both the Colour,
Sound, Weight, and the other more hidden Qualities of the
different mettals are so confounded as the falsity cannot be
discovered, but with extream difficulty: and by experience it is
verified, that in all those Countries where base Money
hath-course, the greatest part of it is not coyned by the State,
but either counterfeited by the Natives, or brought in by several
Strangers.
Secondly, It is true that the base Money was first coined in
France, of an intrinsical value, almost equal to that of purer
mettals, and so it continues to this day, for so much of it is
coined by ordinance of the State, (the greatest part being
falsifyed:) But in most other Countries (as namely in Spain) the
State in self, to raise a Tribute upon the people, hath extreamly
falsified the intrinsical value, by which means both the State
hath for gain, Coins much more than there is occasion to use, and
there is incomparably more counterfeited by others, so as the
mischief doth hourly multiply.
Thirdly, The values of Money are continually raised from time
to time, which is no new Device (as is already more particularly
declared) the base Money must then in Proportion be likewise
raised, which cannot be done by increasing the value of the
particular pieces for being of so small price, the fractions
would be irreconcilable, so as there is no other way left to
raise the base Money, but by coining new, of a weaker Intrinsical
value. I would then gladly know what becomes of all the old base
Money, either it is melted down by Bullioners, which is the name
in French of those who by culling and trying of Coins make their
profit to melt them; or it is transported by strangers, so as in
effect the use of base Money doth bring that inconvenience, the
avoiding whereof was made one of the chiefest Pretences for
Coinage of it.
Fourthly, It is truly observed, that in all those Countries
where base Money is current, there the price of Gold and Silver
is daily raised by the people, not only without the Ordinance of
the State, but contrary to, and in despight of all Prohibitions
to the contrary, which draws with it extream disorders and
mischiefs, so it is in the Low Countries, so it is in France, so
in Germany, and in Spain; although the Ordinance for the value of
the Gold and Silver may securely be maintained by this help, that
no Forrein Coin is there current; yet when you come to change
base Money for Silver or Gold, you shall find how the people
there raise the price unto you of the purer Money; But in England
and Muscovia, where no base Money is in use, there the people
never raise the price of Gold and Silver (except by Ordinance of
the State it be directed) neither doth Experience only try this
Conclusion, but Reason also; for the people when they see the
Money of base and uncertain mixture, do disesteem it, and in
comparison thereof do esteem the Money of purer Gold and Silver
above the proportion, and so do raise the price of it; and this
esteem is not meerly out of opinion, for that really, that piece
of base Money which hath as much fine Silver as a penny, is
notwithstanding not worth a penny, because the mixture makes that
you cannot extract this penny in pure mettal, without loss and
charge: