A Discourse of Coin and Coinage [28]
as Scarcity or
Abundance of the things valued by Money, War, Depopulation, and
all other Accidents, by which, either these Mettals are
exhausted, or the things valued by them are consumed or made less
useful; yet, as before is shewed, all those are temporary and
subject to continual variety up and down, and therefore cannot be
the causes of a constant effect as this is. And, as for the
continual variety up and down, and therefore cannot be the causes
of a constant effect as this is. And, as for the continual
raising of the values of Moneys, it is formerly shewed, that
really that breeds no disproportion between Gold and Silver and
the things valued by them; but only it breeds an alteration in
the Proportion between the species of Money, so named, as Pounds,
Crowns, Shillings, etc. and the things valued by them; and
accordingly in the Examination of the Rates of the hire of
Servants and Labourers, it might be observed that it punctually
arises according to the raising of the value of Moneys, until the
discovery of the West Indies, and the navigation of the
East-Indies, which have brought in so great a glut of these
mettals. There is no other constant cause to produce the real
disproportion, but only the abundance of Gold and Silver, by
which of necessity they must grow cheaper and abased in their
value. A certain Author who wrote about the year 1620, doth
calculate, that in the space of 100 per year there was at that
time brought into Spain and Portugal 900 Milions of Pezoes, worth
six shillings and sixpence sterling a piece in Gold and Silver;
which calculation doth seem to be excessive amounting to nine
millions every year of Gold and Silver out of the Indies, of all
which infinite Summ, not one jot did come into these parts in
former times out of the West Indies, and very little or nothing
out of the East: how is it then possible but that it must abase
the value of the Mettals?
And if it be said that we waste this excessive supply in our
excesses of Luxurie, as in Guildings, Embroideries, Inlayings,
and the like, so as the mass of the said Mettals increaseth not;
it is answered, That neither were former times exempt from those
vanities; neither are they now sufficient to consume the greatest
Proportion of this stock.
And if it be objected that the greatest part of the Stock is
drayned away every year to the Eastern Countries:
It is answered, That this is only true of Silver; and yet the
Silver cannot be so drained away, but that a great part doth
remain in Europe. Now if the Rate of things valued by Money be
six times as great as it was in 25th of Edward the Third,allowing
the values of Moneys to be raised to treble what they then were
by the same names, yet there will be a real Increase of a double
Proportion, yet there will be a real Increase of a double
Proportion, to what then was of gold and Silver in weight and
fineness, to things valued by them; and if the rate be raised to
eight times what it then was, the real increase of the Proportion
will be almost treble to what it then was.
To understand the whether this Kingdom be now of the same
Wealth and Ability which then it was: We must find out whether
there be now double or treble the quantity of Gold and silver in
weight and fineness in this Kingdom which then was, and whether
the fruits and growing wealth of the Kingdom will produce double
and almost treble the quantity of Gold, in weight and fineness,
to what it then did. I am absolutely perswaded that we shall fail
of it very much, of which the most certain and assured proof were
to calculate for so many years together the quantity of Gold and
Silver coined in those days; and then by a medium to compare it
with so many years in these times; though this proof were not
demonstrative, but probable.
But in those days the Mint was kept at Calais, as well as in
the Tower, and much more of the Money of this Kingdom was coined
there than here, the Records whereof are all lost and dissipated.
But that our Wealth doth not answer that
Abundance of the things valued by Money, War, Depopulation, and
all other Accidents, by which, either these Mettals are
exhausted, or the things valued by them are consumed or made less
useful; yet, as before is shewed, all those are temporary and
subject to continual variety up and down, and therefore cannot be
the causes of a constant effect as this is. And, as for the
continual variety up and down, and therefore cannot be the causes
of a constant effect as this is. And, as for the continual
raising of the values of Moneys, it is formerly shewed, that
really that breeds no disproportion between Gold and Silver and
the things valued by them; but only it breeds an alteration in
the Proportion between the species of Money, so named, as Pounds,
Crowns, Shillings, etc. and the things valued by them; and
accordingly in the Examination of the Rates of the hire of
Servants and Labourers, it might be observed that it punctually
arises according to the raising of the value of Moneys, until the
discovery of the West Indies, and the navigation of the
East-Indies, which have brought in so great a glut of these
mettals. There is no other constant cause to produce the real
disproportion, but only the abundance of Gold and Silver, by
which of necessity they must grow cheaper and abased in their
value. A certain Author who wrote about the year 1620, doth
calculate, that in the space of 100 per year there was at that
time brought into Spain and Portugal 900 Milions of Pezoes, worth
six shillings and sixpence sterling a piece in Gold and Silver;
which calculation doth seem to be excessive amounting to nine
millions every year of Gold and Silver out of the Indies, of all
which infinite Summ, not one jot did come into these parts in
former times out of the West Indies, and very little or nothing
out of the East: how is it then possible but that it must abase
the value of the Mettals?
And if it be said that we waste this excessive supply in our
excesses of Luxurie, as in Guildings, Embroideries, Inlayings,
and the like, so as the mass of the said Mettals increaseth not;
it is answered, That neither were former times exempt from those
vanities; neither are they now sufficient to consume the greatest
Proportion of this stock.
And if it be objected that the greatest part of the Stock is
drayned away every year to the Eastern Countries:
It is answered, That this is only true of Silver; and yet the
Silver cannot be so drained away, but that a great part doth
remain in Europe. Now if the Rate of things valued by Money be
six times as great as it was in 25th of Edward the Third,allowing
the values of Moneys to be raised to treble what they then were
by the same names, yet there will be a real Increase of a double
Proportion, yet there will be a real Increase of a double
Proportion, to what then was of gold and Silver in weight and
fineness, to things valued by them; and if the rate be raised to
eight times what it then was, the real increase of the Proportion
will be almost treble to what it then was.
To understand the whether this Kingdom be now of the same
Wealth and Ability which then it was: We must find out whether
there be now double or treble the quantity of Gold and silver in
weight and fineness in this Kingdom which then was, and whether
the fruits and growing wealth of the Kingdom will produce double
and almost treble the quantity of Gold, in weight and fineness,
to what it then did. I am absolutely perswaded that we shall fail
of it very much, of which the most certain and assured proof were
to calculate for so many years together the quantity of Gold and
Silver coined in those days; and then by a medium to compare it
with so many years in these times; though this proof were not
demonstrative, but probable.
But in those days the Mint was kept at Calais, as well as in
the Tower, and much more of the Money of this Kingdom was coined
there than here, the Records whereof are all lost and dissipated.
But that our Wealth doth not answer that