A Discourse of Coin and Coinage [12]
and if the people do hold this base esteem of this
mixture which hath in it the intrinsical value for which it is
current, how much more base esteem must they hold of that
mixture, which they know hath not neer in it that intrinsical
value for which it is current, and how much more must they needs
raise the Silver. And certainly base Money, when either it is at
first coined much in the intrinsical value under the extrinsical,
or is by degrees brought unto it and long so continued, doth in
the end breed either Insurrections among the People, or
rejections of it; whereof the examples of Insurrections are very
frequent, and therefore I will forbear to instance in them. But I
cannot omit one example of Rejection, because it is so fresh in
Memory, which was in Ireland in the end of the Reign of Queen
Elizabeth; which Country although it was newly vindicated from
Rebellion, and did patently endure all the imperious Directions
which a late fresh Victory did bring with it, yet as soon as the
Exchanges of base Moneys sent thither did cease in England, it
was instantly rejected there, and would not pass current for so
much as in the true intrinsical value it was worth, but was
brought up at under rates by such as made profit by melting it.
Fifthly, The Dishonour that accompanies base Moneys, is of a
more important Inconvenience than all the rest, for what can be
more dishonourable than to have the Image of the Prince, or the
Mark of the Publick Attestation impressed upon false and
counterfeited stuff: according to the saying of an Emperour, Quid
enim erit tutum si in nostra peccetur Effigie? And if there be
gain made of it, it is a manifest breach of the publick Faith,
for that it hath no other course than as it hath publick warrant
to be good. Nay, this point of Honour hath so far prevailed in
the World, that it hath been made an Observation by many, that in
all great Divisions in States and Monarchaies, that partly hath
infallibly the juster cause which doth most warily proceed,
either to the raising of the price, or the abasing of the matter
thereof: which Observations are not without warrant of Experience
nor of Reason also; for that all raising of the price and abasing
of the matter of Money for gain, drawing with it an unjust,
ruinous and unequal burthen upon the people, they that maintain
the better cause, like the true Mother, will choose to loose the
cause than the Child should be destroyed. In which loyal
maintenance of the public Faith in matters of Money our Kings do
incomparably outshine all other Princes and States of Europe: for
if Spain, and some other States do equal them in the pureness of
the mettals, and the low values of their Monies of Gold and
Silver, yet they have made themselves farr inferiour unto them by
filling their Countries with base Money. And if in Muscovy they
have coined no base Money, yet they have raised the Standard of
their Silver so high, by diminishing both the fineness and
weight, that the Silver itself scarcly deserves that name. And
this I have seen and can learn by other means, that there is no
State in the World more excellently tempered than this of
England, or wherein the Prince is more absolute in all things,
wherein it is good for himself and the publick, that he should be
absolute; or where the great men are more honoured without
license of oppressing the People; or where the People do live
more freely or so happily as in England. As for the Remedies of
this Inconvenience of base Money, I do leave those Countries to
struggle with them that are afflicted with it, for us in England
the remedy is plain and easy, which is mainly and constantly to
keep it out. Thus far I have proceeded in the History of Money to
set down, as briefly as I could, by what degrees Money hath grown
into that form and state as now it is governed; but have forborn
to speake of the Inconveniences grown therein, and of the
Remedies thereof, save only in the last Chapter, which I mean to
propound, and debate in the rest of this Discourse, for the
mixture which hath in it the intrinsical value for which it is
current, how much more base esteem must they hold of that
mixture, which they know hath not neer in it that intrinsical
value for which it is current, and how much more must they needs
raise the Silver. And certainly base Money, when either it is at
first coined much in the intrinsical value under the extrinsical,
or is by degrees brought unto it and long so continued, doth in
the end breed either Insurrections among the People, or
rejections of it; whereof the examples of Insurrections are very
frequent, and therefore I will forbear to instance in them. But I
cannot omit one example of Rejection, because it is so fresh in
Memory, which was in Ireland in the end of the Reign of Queen
Elizabeth; which Country although it was newly vindicated from
Rebellion, and did patently endure all the imperious Directions
which a late fresh Victory did bring with it, yet as soon as the
Exchanges of base Moneys sent thither did cease in England, it
was instantly rejected there, and would not pass current for so
much as in the true intrinsical value it was worth, but was
brought up at under rates by such as made profit by melting it.
Fifthly, The Dishonour that accompanies base Moneys, is of a
more important Inconvenience than all the rest, for what can be
more dishonourable than to have the Image of the Prince, or the
Mark of the Publick Attestation impressed upon false and
counterfeited stuff: according to the saying of an Emperour, Quid
enim erit tutum si in nostra peccetur Effigie? And if there be
gain made of it, it is a manifest breach of the publick Faith,
for that it hath no other course than as it hath publick warrant
to be good. Nay, this point of Honour hath so far prevailed in
the World, that it hath been made an Observation by many, that in
all great Divisions in States and Monarchaies, that partly hath
infallibly the juster cause which doth most warily proceed,
either to the raising of the price, or the abasing of the matter
thereof: which Observations are not without warrant of Experience
nor of Reason also; for that all raising of the price and abasing
of the matter of Money for gain, drawing with it an unjust,
ruinous and unequal burthen upon the people, they that maintain
the better cause, like the true Mother, will choose to loose the
cause than the Child should be destroyed. In which loyal
maintenance of the public Faith in matters of Money our Kings do
incomparably outshine all other Princes and States of Europe: for
if Spain, and some other States do equal them in the pureness of
the mettals, and the low values of their Monies of Gold and
Silver, yet they have made themselves farr inferiour unto them by
filling their Countries with base Money. And if in Muscovy they
have coined no base Money, yet they have raised the Standard of
their Silver so high, by diminishing both the fineness and
weight, that the Silver itself scarcly deserves that name. And
this I have seen and can learn by other means, that there is no
State in the World more excellently tempered than this of
England, or wherein the Prince is more absolute in all things,
wherein it is good for himself and the publick, that he should be
absolute; or where the great men are more honoured without
license of oppressing the People; or where the People do live
more freely or so happily as in England. As for the Remedies of
this Inconvenience of base Money, I do leave those Countries to
struggle with them that are afflicted with it, for us in England
the remedy is plain and easy, which is mainly and constantly to
keep it out. Thus far I have proceeded in the History of Money to
set down, as briefly as I could, by what degrees Money hath grown
into that form and state as now it is governed; but have forborn
to speake of the Inconveniences grown therein, and of the
Remedies thereof, save only in the last Chapter, which I mean to
propound, and debate in the rest of this Discourse, for the