A Discourse of Coin and Coinage [29]
increase of
Proportion at this day, I will endeavour to satisfie the Reader
by two Arguments; the one drawn from the Abundance or Scarcity of
Gold and silver; the other from an Effect of it.
For the first it is this, I have alwayes understood it to be
observed by all men intelligent and practised in matters of
Trade, that although all Commodities in general are raised in
price, in comparison of what they antiently were, yet in general
that our domestick Commodities are not raised answerable in
proportion to Forrein. Now we have a very small quantity of
Silver produced within our own Countrey, and of Gold none at all,
so that the Stock of these Mettals is in a manner raised wholly
out of the over-ballance of our domestick Commodities with
forrein: it then ours do not rise in price from what antiently
they did bear proportionable unto Forrein, it is a strong
Argument to prove that our Stock of these Mettals does not
increase in a Proportion answerable to the increase of the Price
of other things valued by Money.
The second Argument is from the Effect; now one of the
greatest Effects of the abundance of Gold and Silver, is, the
Ability which the Kingdom hath to set forth and maintain great
actions of War in forrein parts: then let us set forth before our
eyes the many and great Armies which Edward the Third did raise
and maintain both of Strangers and his own Subjects in the first
year of his Warrs against France, and withal let us take into our
consideration the Calculation made, in Anno by expert
Commissioners, of the charge of one Army to be raised,
transported, and maintained for one year, in Forrein Countries,
25,000 Foot and Horse, and proportionable Artillery, which doth
account unto and then I doubt not but that every mans own
Conscience will convince him that at this day the Kingdom is not
able to maintain the like actions in forrein parts which then it
did: and yet at that time there were forces maintained against
Scotland; a great part of the Realm was imployed upon Monks and
Friers improfitable members; besides the substance of a great
part of the Wealth of the Kingdom (drawn of) by the See of Rome:
and the trade of the Kingdom was in no comparison so great as it
is now, and this is an undoubted Effect of this truth, That the
increase of our stock of gold and Silver is not in a Proportion
answerable to the increase of the price of other things valued by
Money; neither can there be any other analogical reason given of
the present disability but this, That although that we do draw
some drops of this Indian spring, whereof Spain is the Cistern,
yet we do draw them at the second hand, we draw them upon hard
terms and conditions, and we do not draw them neer in that
Proportion as the prices of all things do arise upon our hands,
by the great increase of those Mettals; and the consequence of
this hath more advanced the affairs of Spain in these times than
can be imagined, for that hereby all the other States of Europe
have bin abated half in half. I will propound France for Example,
which Kingdom notwithstanding draweth much more Money out of
Spain than we do, by reason that the French consume little of the
Spanish commodities, make the return of their own for a great
part in Gold and Silver.
The Author of the Denier Royal undertaketh to prove that St.
Lewis in France, who was contemporary with Henry the Third of
England, whose whole Revenues in those days amounted not unto
300,000 French livres, did notwithstanding in Proportion to all
things valued by Money, raise more out his Kingdom than Lewis the
thirteenth who now reignth, and whose Revenue amounteth, unto
3,600,000 pound sterling.
And although he bringeth such Arguments and Authorities for
his assertions, as for my part, I cannot see how they can be
answered: yet the difference is so great that I could hardly
assent to his Conclusion, were it not for this reason. In the
time of St. Lewis, Provence, Dauphiny, Gascoign, Brittany and
other parts were distracted from the Crown of
Proportion at this day, I will endeavour to satisfie the Reader
by two Arguments; the one drawn from the Abundance or Scarcity of
Gold and silver; the other from an Effect of it.
For the first it is this, I have alwayes understood it to be
observed by all men intelligent and practised in matters of
Trade, that although all Commodities in general are raised in
price, in comparison of what they antiently were, yet in general
that our domestick Commodities are not raised answerable in
proportion to Forrein. Now we have a very small quantity of
Silver produced within our own Countrey, and of Gold none at all,
so that the Stock of these Mettals is in a manner raised wholly
out of the over-ballance of our domestick Commodities with
forrein: it then ours do not rise in price from what antiently
they did bear proportionable unto Forrein, it is a strong
Argument to prove that our Stock of these Mettals does not
increase in a Proportion answerable to the increase of the Price
of other things valued by Money.
The second Argument is from the Effect; now one of the
greatest Effects of the abundance of Gold and Silver, is, the
Ability which the Kingdom hath to set forth and maintain great
actions of War in forrein parts: then let us set forth before our
eyes the many and great Armies which Edward the Third did raise
and maintain both of Strangers and his own Subjects in the first
year of his Warrs against France, and withal let us take into our
consideration the Calculation made, in Anno by expert
Commissioners, of the charge of one Army to be raised,
transported, and maintained for one year, in Forrein Countries,
25,000 Foot and Horse, and proportionable Artillery, which doth
account unto and then I doubt not but that every mans own
Conscience will convince him that at this day the Kingdom is not
able to maintain the like actions in forrein parts which then it
did: and yet at that time there were forces maintained against
Scotland; a great part of the Realm was imployed upon Monks and
Friers improfitable members; besides the substance of a great
part of the Wealth of the Kingdom (drawn of) by the See of Rome:
and the trade of the Kingdom was in no comparison so great as it
is now, and this is an undoubted Effect of this truth, That the
increase of our stock of gold and Silver is not in a Proportion
answerable to the increase of the price of other things valued by
Money; neither can there be any other analogical reason given of
the present disability but this, That although that we do draw
some drops of this Indian spring, whereof Spain is the Cistern,
yet we do draw them at the second hand, we draw them upon hard
terms and conditions, and we do not draw them neer in that
Proportion as the prices of all things do arise upon our hands,
by the great increase of those Mettals; and the consequence of
this hath more advanced the affairs of Spain in these times than
can be imagined, for that hereby all the other States of Europe
have bin abated half in half. I will propound France for Example,
which Kingdom notwithstanding draweth much more Money out of
Spain than we do, by reason that the French consume little of the
Spanish commodities, make the return of their own for a great
part in Gold and Silver.
The Author of the Denier Royal undertaketh to prove that St.
Lewis in France, who was contemporary with Henry the Third of
England, whose whole Revenues in those days amounted not unto
300,000 French livres, did notwithstanding in Proportion to all
things valued by Money, raise more out his Kingdom than Lewis the
thirteenth who now reignth, and whose Revenue amounteth, unto
3,600,000 pound sterling.
And although he bringeth such Arguments and Authorities for
his assertions, as for my part, I cannot see how they can be
answered: yet the difference is so great that I could hardly
assent to his Conclusion, were it not for this reason. In the
time of St. Lewis, Provence, Dauphiny, Gascoign, Brittany and
other parts were distracted from the Crown of