A Discourse of Coin and Coinage [19]
But if forrein Money shall come to be current at an
over-rate, to the intrinsical value, greater than your own, value
for value, as Spanish Money is both in France and in the Low
Countries, and as English was in both, till it was discried and
value only as Bullion; but daily varies the value in those parts,
then shall you give occasion to have the weightiest of your Money
culled out and transported into forrein parts to be coined for
Advantage, to be brought back in forrein coin: but above all,
your materials in bullion of silver and Gold will be transported
to that purpose, and the Common-wealth shall cheerly loose so
much in substance of Gold and Silver, as the Transporter doth
get; as for Example, In the years 1607 and 1608, our Jacobus
pieces were ordinarily current in Paris after the rate of 22s.
when as three French Crowns, were current but after the rate of
21s sterling: The Jacobus weighs 7 deniers and 20 grains, and is
22 carrats fine. The French Crown sol, is 23 carrats fine bating
the Remedy, and weighs by the ordinance 2 deniers, 15 grains, so
as three French Crowns full weight, weigh one grain more than a
Jacobus, and are worth one 24th part more in fineness, and yet
were current in France for 12d less than a Jacobus. The Jacobus
was worth in Holland after the rate of 15s sterling, in the years
1621, and 1622; then was the Ryder there current, but after the
rate of 22s sterling or little more, and yet the Ryder in
intrinsical value is not two pence worse than the Jacobus. In the
year 1622, at the Mart at Francfort n Autumn, English shillings
were current at a higher rate, fineness for fineness, and weight
for weight, than their own Dollars coyned in that Town, so as in
these times there were great profit by transporting Dollars out
of Francfort, Ryders out of Holland, and French Crowns out of
France, and carrying them back again coined in English Coins; and
there is no doubt to be made, but that great Numbers were
accordingly transported, the subtilty of the Bancquers not
omitting any opportunity to make their Advantage of the popular
Errors, which daily do exceed in this Subject of Money. But if
the Permission may be so qualified as the Usefullness may be
retained, and yet the Dangers may be avoided therein. Now that
the Dangers may be avoided therein. Now that the Dangers are
exposed, I do exhort all the furtherers of the Common good to
exercise their Invention, as in all other Inconveniences
propounded in this Subject. The most probable Proposition that I
can find, is that Spanish Money should be made current, but not
that any Realls of Silver or Pistolets of Gold should be current
at any rate according to the price. But that the Spanish Money of
Gold and Silver should be made current according to a certain
Rate by the Ounce, which rate should be so proportioned, as that
the Spanish Money should have allowed unto it at one value, as
great as may answer the charge of coinage, without allowing any
thing for the King's Tribute, to draw it the easiest into the
Kingdom. By this means the Dishonour would be avoided for,
although it would be frequently current amongst Merchants, and in
all great payments, yet in Fairs and Markets and the Commerce
within the Kingdom, it would have no place being not current by
the piece. And this defect of the Currencie of the pieces would
make a great part of them piece by piece drop into his Majesties
Mint. Especially if the Officers of the Mint use their endeavour
to buy them for the use of the Mint: than it would necessarily
keep out all light Money, or if any were brought in, it would be
without disadvantage to us. For,
First, Upon our occasion of raising it, strangers could not
raise it higher; both because it would be most concealed from
them, and they should not be able to proportion their raising to
ours, except they should take the same course, which is almost
impossible for them to do, who have Spanish Money in so great
abundance already current by the piece.
And lastly, not allowing to it a greater
over-rate, to the intrinsical value, greater than your own, value
for value, as Spanish Money is both in France and in the Low
Countries, and as English was in both, till it was discried and
value only as Bullion; but daily varies the value in those parts,
then shall you give occasion to have the weightiest of your Money
culled out and transported into forrein parts to be coined for
Advantage, to be brought back in forrein coin: but above all,
your materials in bullion of silver and Gold will be transported
to that purpose, and the Common-wealth shall cheerly loose so
much in substance of Gold and Silver, as the Transporter doth
get; as for Example, In the years 1607 and 1608, our Jacobus
pieces were ordinarily current in Paris after the rate of 22s.
when as three French Crowns, were current but after the rate of
21s sterling: The Jacobus weighs 7 deniers and 20 grains, and is
22 carrats fine. The French Crown sol, is 23 carrats fine bating
the Remedy, and weighs by the ordinance 2 deniers, 15 grains, so
as three French Crowns full weight, weigh one grain more than a
Jacobus, and are worth one 24th part more in fineness, and yet
were current in France for 12d less than a Jacobus. The Jacobus
was worth in Holland after the rate of 15s sterling, in the years
1621, and 1622; then was the Ryder there current, but after the
rate of 22s sterling or little more, and yet the Ryder in
intrinsical value is not two pence worse than the Jacobus. In the
year 1622, at the Mart at Francfort n Autumn, English shillings
were current at a higher rate, fineness for fineness, and weight
for weight, than their own Dollars coyned in that Town, so as in
these times there were great profit by transporting Dollars out
of Francfort, Ryders out of Holland, and French Crowns out of
France, and carrying them back again coined in English Coins; and
there is no doubt to be made, but that great Numbers were
accordingly transported, the subtilty of the Bancquers not
omitting any opportunity to make their Advantage of the popular
Errors, which daily do exceed in this Subject of Money. But if
the Permission may be so qualified as the Usefullness may be
retained, and yet the Dangers may be avoided therein. Now that
the Dangers may be avoided therein. Now that the Dangers are
exposed, I do exhort all the furtherers of the Common good to
exercise their Invention, as in all other Inconveniences
propounded in this Subject. The most probable Proposition that I
can find, is that Spanish Money should be made current, but not
that any Realls of Silver or Pistolets of Gold should be current
at any rate according to the price. But that the Spanish Money of
Gold and Silver should be made current according to a certain
Rate by the Ounce, which rate should be so proportioned, as that
the Spanish Money should have allowed unto it at one value, as
great as may answer the charge of coinage, without allowing any
thing for the King's Tribute, to draw it the easiest into the
Kingdom. By this means the Dishonour would be avoided for,
although it would be frequently current amongst Merchants, and in
all great payments, yet in Fairs and Markets and the Commerce
within the Kingdom, it would have no place being not current by
the piece. And this defect of the Currencie of the pieces would
make a great part of them piece by piece drop into his Majesties
Mint. Especially if the Officers of the Mint use their endeavour
to buy them for the use of the Mint: than it would necessarily
keep out all light Money, or if any were brought in, it would be
without disadvantage to us. For,
First, Upon our occasion of raising it, strangers could not
raise it higher; both because it would be most concealed from
them, and they should not be able to proportion their raising to
ours, except they should take the same course, which is almost
impossible for them to do, who have Spanish Money in so great
abundance already current by the piece.
And lastly, not allowing to it a greater