A Discourse of Coin and Coinage [32]
being alledged, That
for want of raising it, the Realm was improvished and exhausted
of Money.
A second Reason which they alledge is the general and
constant observation, that when Moneys are raised they grow
plentiful, whereof we do see with our eyes an evident
demonstration in this Kingdom, for that Gold having been raised
in price of late years is grown much more plentiful than it was
in the days of Queen Elizabeth: but the Silver having not been
raised in Proportion, is grown very scant and rare in respect of
the abundance which was then seen.
But these are rather Authorities and Observations than
Reasons: but the main Reason whereon the maintainers of this side
do stand is this, When your Money is richer in substance and
lower in price than that of your Neighbour Nations, as our Silver
is than the Silver in the Low Countries, how can you expect that
the Merchant, who only seeketh his profit, will ever bring hither
any Silver, when he can sell it in the Low Countries at a higher
Rate, and make more money of it here by returning of it from then
hither, or by Exchange, or by Commodities? or, if any Merchant do
bring Silver hither, it is to sell it to such who will give a
higher rate for it, than can be produced at the Mint, as the
price of our Silver Coins now stands; in which manner although
there be much brought over, yet being sold in that sort, it is
not only direct against the Law but turns to no use of the
Common-wealth.
And again, whatsoever laws are made against Transportation of
our Moneys, if our Silver be so rich as the Merchant by
transporting it into the Low Countries, or elsewhere, can make
profit by returning it in Commodities, or by Exchange; or that,
which is yet more clear and evident, by returning it in Gold,
must not our Silver be inevitably exhausted? And certainly these
Reasons seem to me so evident to sence and apprehension, that
instead of propounding the Arguments I should resolve the
Question, if the reasons on the other side did not appear at the
least as cleer and strong as these, to which I will now proceed.
Chapter 14
The benefits which do grow to the State by the not raising of
Money, and the Prejudices which do grow by the raising of it.
The Benefit which groweth to the State by the not raising of
money, is only this, To avoid alteration: But the Prejudices
which are alledged to grow by the raising of it, are many;
First, by the Injustice and Oppression which all they undergo
who contract for Money current, at the time of the Contract, and
are after paid with extream Disadvantage in other Money really
less in value, though in Name the same: and although to this it
be said, The Creditor is not interested herein, because he paieth
away the Money which he receiveth at the same rate he received
it; yet that answer is not satisfactory, because admitting this
Position for true, That when the Intrinsical value is diminished,
the Price of things bought with Money doth rise in Proportion,
the Creditor when he paieth out his Money at the same rate, at
which he received it cannot notwithstanding with it buy the same
Commodities, which he might have bought with the Money, for which
he contracted, and consequently is diminished so much thereby, as
the price of things is raised.
And although I did in a former Chapter shew, That the price
of things doth rise by experience, as the value of Money is
raised, yet because the Truth or Falsehood of this Position doth
mainly import all the Deliberations incident to this subject of
Money, as I have formerly observed in some Experiments where it
did so fall out; so I will now set down the Reasons, why of
necessity it must be so, as One reason is this:
When the Merchant stranger brings his Commodities, whether he
intends to make his return in Moneys or in Commodities, he maketh
his own sale by the measure of the Money here, and then examines
how much this Money will amount to in the Moneys of his own
Countrey, where he bought his Commodities; and if he find the
for want of raising it, the Realm was improvished and exhausted
of Money.
A second Reason which they alledge is the general and
constant observation, that when Moneys are raised they grow
plentiful, whereof we do see with our eyes an evident
demonstration in this Kingdom, for that Gold having been raised
in price of late years is grown much more plentiful than it was
in the days of Queen Elizabeth: but the Silver having not been
raised in Proportion, is grown very scant and rare in respect of
the abundance which was then seen.
But these are rather Authorities and Observations than
Reasons: but the main Reason whereon the maintainers of this side
do stand is this, When your Money is richer in substance and
lower in price than that of your Neighbour Nations, as our Silver
is than the Silver in the Low Countries, how can you expect that
the Merchant, who only seeketh his profit, will ever bring hither
any Silver, when he can sell it in the Low Countries at a higher
Rate, and make more money of it here by returning of it from then
hither, or by Exchange, or by Commodities? or, if any Merchant do
bring Silver hither, it is to sell it to such who will give a
higher rate for it, than can be produced at the Mint, as the
price of our Silver Coins now stands; in which manner although
there be much brought over, yet being sold in that sort, it is
not only direct against the Law but turns to no use of the
Common-wealth.
And again, whatsoever laws are made against Transportation of
our Moneys, if our Silver be so rich as the Merchant by
transporting it into the Low Countries, or elsewhere, can make
profit by returning it in Commodities, or by Exchange; or that,
which is yet more clear and evident, by returning it in Gold,
must not our Silver be inevitably exhausted? And certainly these
Reasons seem to me so evident to sence and apprehension, that
instead of propounding the Arguments I should resolve the
Question, if the reasons on the other side did not appear at the
least as cleer and strong as these, to which I will now proceed.
Chapter 14
The benefits which do grow to the State by the not raising of
Money, and the Prejudices which do grow by the raising of it.
The Benefit which groweth to the State by the not raising of
money, is only this, To avoid alteration: But the Prejudices
which are alledged to grow by the raising of it, are many;
First, by the Injustice and Oppression which all they undergo
who contract for Money current, at the time of the Contract, and
are after paid with extream Disadvantage in other Money really
less in value, though in Name the same: and although to this it
be said, The Creditor is not interested herein, because he paieth
away the Money which he receiveth at the same rate he received
it; yet that answer is not satisfactory, because admitting this
Position for true, That when the Intrinsical value is diminished,
the Price of things bought with Money doth rise in Proportion,
the Creditor when he paieth out his Money at the same rate, at
which he received it cannot notwithstanding with it buy the same
Commodities, which he might have bought with the Money, for which
he contracted, and consequently is diminished so much thereby, as
the price of things is raised.
And although I did in a former Chapter shew, That the price
of things doth rise by experience, as the value of Money is
raised, yet because the Truth or Falsehood of this Position doth
mainly import all the Deliberations incident to this subject of
Money, as I have formerly observed in some Experiments where it
did so fall out; so I will now set down the Reasons, why of
necessity it must be so, as One reason is this:
When the Merchant stranger brings his Commodities, whether he
intends to make his return in Moneys or in Commodities, he maketh
his own sale by the measure of the Money here, and then examines
how much this Money will amount to in the Moneys of his own
Countrey, where he bought his Commodities; and if he find the