A Discourse of Coin and Coinage [17]
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)
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)