A Discourse of Coin and Coinage [20]
over-value than to
your own Money, it will be impossible to transports your own
Money for profit to bring it back coyned in Spanish Money. Others
have propounded that the Spanish Money both of Gold and Silver
should be made current by the piece, allowing an over-value unto
it both for the Coinage and the King's Tribute equal unto our
own, but that being of a weight allowable, it should receive the
addition of a new stamp at the King's Mint, for which the King
should receive upon the pound, so much as his own clear Profit
amounts unto upon his own coin; and the Merchants in the currency
of the pieces should have allowance of so much as the charge of
the Coinage amounts unto. But this inconvenience would probably
happen in this Proposition, that if the pieces that should have
the Addition of the stamp unto them, were made current at a
price, the people would likewise receive those that had not the
said Addition at the same price.
Chapter 10
Of the unequal Coinage of our Moneys
This Title doth wholly depend upon the Mechanical part of
making Money, which because I am unskilful in, I do handle with
much scruple and retention, being forced to apply my self to what
I read in others; and peradventure may in some points
misunderstand, yet because this is a very main and principal
cause of the exportation of Money I cannot omit it: And the first
cause of the unequality of the coinage, is the greatness of the
Remedies both of the weight and fineness: and I do find that some
men of great experience and understanding even in this Mechanical
part do hold, that the Money both of Gold and Silver may be made
without any Remedy to be allowed either for weight or fineness.
This I am sure that it doth appear by the Records of former
times, that the Remedies allowed have been many times less than
now they are, and have been heretofore very variable according to
the favour or the skill which the Masters of the Mint did use to
make their own Advantage: since Henry VIIths time, the Mint
Masters have bin tied to account to the King for half the Profits
of the Remedies allowed, by which means it is manifest that half
the Remedies allowed might be cut off, and the Kings profits
might be better recompenced upon the price of the Coinage. By the
Indentures of the Second of King James, the Officers of the Mint
are tied to account to the King for the whole profit of the
Remedies; but then there is a clause that the King shall give
them allowance for so much as they shall over-put above the
standard, which clause seemeth to me very captious: But if all
the inequality of the Moneys coined did consist in the Remedies,
the matter were not so much; but the great profit which hath been
made by culling of the Coins by Goldsmiths and Cashiers to
Merchants and others, through whose hands great Sums of Money do
pass, doth manifestly prove that the inequality of the Moneys is
much greater than the allowance of the Remedies can make it; yet
when I consider upon what great Penalties the Mint Master is
tied, how exact a Course is set down by his Indenture, and
observ'd for the Examination and Trial of his work, I cannot
imagine much less find out, where the Error lieth, but that there
is an Error, and such an one as deserveth strict Enquiry and
Redress by the State, I am verily perswaded. The Mint Master
knoweth exactly how many pieces he is to sheer out of every pound
weight, but whether these pieces are shorn so equal to one
another in weight, as there shall be no advantage in culling out
the heaviest from the lightest, that is the Scruple: The course
is this, out of every proportion of Silver and Gold coined, there
is a piece taken at adventure, by certain Officers trusted, and
put into a Pix under their several Keys, and then at the years
end, this Pix is opened in the Star Chamber, and telling out so
many pieces as are to make a pound, they melt them and examine
whether they hold the weight and fineness, within the Remedies
required; which Course for the examination of the Fineness
seemeth
your own Money, it will be impossible to transports your own
Money for profit to bring it back coyned in Spanish Money. Others
have propounded that the Spanish Money both of Gold and Silver
should be made current by the piece, allowing an over-value unto
it both for the Coinage and the King's Tribute equal unto our
own, but that being of a weight allowable, it should receive the
addition of a new stamp at the King's Mint, for which the King
should receive upon the pound, so much as his own clear Profit
amounts unto upon his own coin; and the Merchants in the currency
of the pieces should have allowance of so much as the charge of
the Coinage amounts unto. But this inconvenience would probably
happen in this Proposition, that if the pieces that should have
the Addition of the stamp unto them, were made current at a
price, the people would likewise receive those that had not the
said Addition at the same price.
Chapter 10
Of the unequal Coinage of our Moneys
This Title doth wholly depend upon the Mechanical part of
making Money, which because I am unskilful in, I do handle with
much scruple and retention, being forced to apply my self to what
I read in others; and peradventure may in some points
misunderstand, yet because this is a very main and principal
cause of the exportation of Money I cannot omit it: And the first
cause of the unequality of the coinage, is the greatness of the
Remedies both of the weight and fineness: and I do find that some
men of great experience and understanding even in this Mechanical
part do hold, that the Money both of Gold and Silver may be made
without any Remedy to be allowed either for weight or fineness.
This I am sure that it doth appear by the Records of former
times, that the Remedies allowed have been many times less than
now they are, and have been heretofore very variable according to
the favour or the skill which the Masters of the Mint did use to
make their own Advantage: since Henry VIIths time, the Mint
Masters have bin tied to account to the King for half the Profits
of the Remedies allowed, by which means it is manifest that half
the Remedies allowed might be cut off, and the Kings profits
might be better recompenced upon the price of the Coinage. By the
Indentures of the Second of King James, the Officers of the Mint
are tied to account to the King for the whole profit of the
Remedies; but then there is a clause that the King shall give
them allowance for so much as they shall over-put above the
standard, which clause seemeth to me very captious: But if all
the inequality of the Moneys coined did consist in the Remedies,
the matter were not so much; but the great profit which hath been
made by culling of the Coins by Goldsmiths and Cashiers to
Merchants and others, through whose hands great Sums of Money do
pass, doth manifestly prove that the inequality of the Moneys is
much greater than the allowance of the Remedies can make it; yet
when I consider upon what great Penalties the Mint Master is
tied, how exact a Course is set down by his Indenture, and
observ'd for the Examination and Trial of his work, I cannot
imagine much less find out, where the Error lieth, but that there
is an Error, and such an one as deserveth strict Enquiry and
Redress by the State, I am verily perswaded. The Mint Master
knoweth exactly how many pieces he is to sheer out of every pound
weight, but whether these pieces are shorn so equal to one
another in weight, as there shall be no advantage in culling out
the heaviest from the lightest, that is the Scruple: The course
is this, out of every proportion of Silver and Gold coined, there
is a piece taken at adventure, by certain Officers trusted, and
put into a Pix under their several Keys, and then at the years
end, this Pix is opened in the Star Chamber, and telling out so
many pieces as are to make a pound, they melt them and examine
whether they hold the weight and fineness, within the Remedies
required; which Course for the examination of the Fineness
seemeth