A Discourse of Coin and Coinage [23]
Crowns and Pounds and in reality of fine Gold and
Silver, to double, and almost treble the Proportion of all
things, valued by Gold and Silver, in respect of what it was in
the 25th year of Edward the Third. Then I intend to prove that
this real increase of Proportion, by which all things valued by
Money, are valued at more than double, almost treble, the
quantity of fine Silver and Gold, than then they were, is grown
principally, and in a manner solely, out of the great quantities
of Gold and Silver come into the Kingdom of Spain out of the West
and East-Indies, within this Hundred years or thereabouts, and
thence dispersed into other parts of the World, whereby it is
come to pass that the value of Gold and Silver is become more
vile and cheap; and generally all things valued by them, are
rated higher, at double and almost treble as much Gold and silver
as they were rated at in the 25th year of Edward III or
thereabouts; as one Scale pres't down doth necessarily make the
other rise higher: From those Proportions it will necessarily
follow that if the Kingdom of England should have at this day as
much Gold and Silver in fineness and weight, or peradventure half
as much more, as it had in the 25th year of Edward the Third; yet
because the increase of the Proportion between Gold and Silver
and the things valued by them is so much greater than it was
then, to wit, above double and almost treble; that the Kingdom of
England is so much poorer and more disabled than it was then, by
how much it wants of that quantity of Gold and Silver, which may,
in Proportion to things valued by them, countervail the quantity
which then was in England, and this great Mischief and Disability
doth not only hold in the present Stock, but in the Fruit and
growing Wealth of the Kingdom.
Lastly, Having discovered this great Evil, the Danger whereof
is not apprehended as it deserves, together with the Causes of
it, I intend to set down what Remedies are propounded unto it.
Now when I shall compare the Prices of things at this day
with those of antient times, if I should go to set down all
things particularly the Labour and Search were beyond measure,
and the variety of the Proportions of prices would not be very
great between several things, but the same things in several
seasons would exceedingly differ in price, and the proofs, would
be very disputable so as no certain conclusion would be drawn
from them: as for Example, of Corn, Cattel, and Fish, the
Proportions of price would not hold the same, and every of these
would differ in several seasons for several causes; as Corn
through unseasonable weather, Cattle through murraign, Fish
through Warr; and every one of these through many other accidents
are able to raise or draw down the price again: Cloth, Linnen,
Leather, and such like, would have the like variety of prices
through the same, and through other causes, as through
Impositions laid upon them, new Inventions, whereby the
Manufactures may be the more easily and speedily made, engrossing
of them, false making of them, want of work-men.
And if these things, which are most necessary for man's life,
are subject to so many varieties of Prices through several
causes; how much more uncertain would those Materials prove,
which serve only to delights and magnificence, as precious
Stones, Pearls, Hangings, Pictures, Embroideries, and such like;
which are subject to so many causes of varieties of price, as
things necessarie, and are moreover subject to the Humours and
Fancies of the Times, by which their price is raised or abased.
But there is only one thing, from whence we may certainly
track out the prices, and which carries with it a constant
resultance of the Prices of all other things which are necessary
for a Mans life; and that is the price of Labourers and Servants
Wages, especially those of the meaner sort. And as there is to be
found no other certain and constant Cause of the raising of the
Prices of all things, but two; viz. the one the raising of the
values of
Silver, to double, and almost treble the Proportion of all
things, valued by Gold and Silver, in respect of what it was in
the 25th year of Edward the Third. Then I intend to prove that
this real increase of Proportion, by which all things valued by
Money, are valued at more than double, almost treble, the
quantity of fine Silver and Gold, than then they were, is grown
principally, and in a manner solely, out of the great quantities
of Gold and Silver come into the Kingdom of Spain out of the West
and East-Indies, within this Hundred years or thereabouts, and
thence dispersed into other parts of the World, whereby it is
come to pass that the value of Gold and Silver is become more
vile and cheap; and generally all things valued by them, are
rated higher, at double and almost treble as much Gold and silver
as they were rated at in the 25th year of Edward III or
thereabouts; as one Scale pres't down doth necessarily make the
other rise higher: From those Proportions it will necessarily
follow that if the Kingdom of England should have at this day as
much Gold and Silver in fineness and weight, or peradventure half
as much more, as it had in the 25th year of Edward the Third; yet
because the increase of the Proportion between Gold and Silver
and the things valued by them is so much greater than it was
then, to wit, above double and almost treble; that the Kingdom of
England is so much poorer and more disabled than it was then, by
how much it wants of that quantity of Gold and Silver, which may,
in Proportion to things valued by them, countervail the quantity
which then was in England, and this great Mischief and Disability
doth not only hold in the present Stock, but in the Fruit and
growing Wealth of the Kingdom.
Lastly, Having discovered this great Evil, the Danger whereof
is not apprehended as it deserves, together with the Causes of
it, I intend to set down what Remedies are propounded unto it.
Now when I shall compare the Prices of things at this day
with those of antient times, if I should go to set down all
things particularly the Labour and Search were beyond measure,
and the variety of the Proportions of prices would not be very
great between several things, but the same things in several
seasons would exceedingly differ in price, and the proofs, would
be very disputable so as no certain conclusion would be drawn
from them: as for Example, of Corn, Cattel, and Fish, the
Proportions of price would not hold the same, and every of these
would differ in several seasons for several causes; as Corn
through unseasonable weather, Cattle through murraign, Fish
through Warr; and every one of these through many other accidents
are able to raise or draw down the price again: Cloth, Linnen,
Leather, and such like, would have the like variety of prices
through the same, and through other causes, as through
Impositions laid upon them, new Inventions, whereby the
Manufactures may be the more easily and speedily made, engrossing
of them, false making of them, want of work-men.
And if these things, which are most necessary for man's life,
are subject to so many varieties of Prices through several
causes; how much more uncertain would those Materials prove,
which serve only to delights and magnificence, as precious
Stones, Pearls, Hangings, Pictures, Embroideries, and such like;
which are subject to so many causes of varieties of price, as
things necessarie, and are moreover subject to the Humours and
Fancies of the Times, by which their price is raised or abased.
But there is only one thing, from whence we may certainly
track out the prices, and which carries with it a constant
resultance of the Prices of all other things which are necessary
for a Mans life; and that is the price of Labourers and Servants
Wages, especially those of the meaner sort. And as there is to be
found no other certain and constant Cause of the raising of the
Prices of all things, but two; viz. the one the raising of the
values of