A Discourse of Coin and Coinage [15]
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
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