A Discourse of Coin and Coinage [16]
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 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
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 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