A Discourse of Coin and Coinage [33]
Money here diminished in intrinsical value, he must then demand
so much the higher price, or else he cannot make his Accompt.
One other Reason is this, when the extrinsical value of the
Money is raised, by which the intrinsical is abased, there is
then so much the more profit to return Money into the Kingdom,
instead of Forrein Commodities; and by daily experience it is
seen that more is returned when the price of Money is raised. Now
it is manifest that the less importation you have of forrein
Commodities the price of them is so much the more: and both these
Reasons do shew; and Experience it self doth confirm, that when
Money is raised, the price of forrein Commodities doth first
rise: And the price of forrein being once raised, the price of
Domestick Commodities will of necessitie be raised also; for the
price of forrein Commodities will make great plenty of them to be
imported, and the high price of Money will inforce that they must
be returned in domestick Commodities: by which means domestick
Commodities being much sought for, will of necessity be raised in
price, and the price of both these being raised, it follows that
the rate of all mens sallaries and hire of Labourers and
Endeavorers must rise in Proportion, or else men shall be forced
to defer their Trades and Endeavours, and then the scarcity will
encrease the price. by these means it comes to pass, by the
raising of Money, that all those who have contracted for antient
Rights and Rents are prejudiced, and such as have Rights and
Rents settled in perpetuity, can never receive help in this case;
and therefore in divers other Countries, there have been very
many famous Judgments giv'n in this case, and great volumes
written by the Civilians, to prove that the Rents which they call
feodats and fanniers, penalties and amercements, which are set
down uncertain, ought to be paied according to the value of the
Moneys then Current when the said Rents and Penalties were
established; and if we do examine it, we shall find it, that much
the greatest part of the Common-wealth is prejudiced whensoever
Money is raised.
First, all those who have let Leases of their lands. Then all
such as live upon Pensions and Wages.
All those that live by their professions either Civil or
Military.
All those that live by Trade or Handy crafts, or Labourers.
And although it be true when the Leases do come out, the Lords
may recompence themselves, and that when the hire and salaries of
several professions and endeavorers shall be raised, (as I have
showed) that of necessity in time it must come to pass, that
Prejudice doth cease unto them, yet in mean time they suffer: But
the King who is head of the Common-wealth, and whose Revenue is
only truly publick, doth of all suffer most, and most
irreparably: Colledges are helped by the Stat. of Corn, and other
Corporations do in some sort repair themselves by the fines they
take. But the King's Revenue, which of necessity is managed by
multitude of Officers, doth perpetually diminish, as much as the
price of Money is raised, so as the same lands yield, in name the
same Revenue to the King which they did in Edward the Thirds
time, but in truth not the third part: and besides much of his
Revenue is assessed by the Parliament by prescription to a
certain Summ, all which doth continually diminish so much as the
price of Money riseth.
One other Mischief that groweth by the raising of Money is
this, When do you raise your Money, as that you do give a greater
price than before unto the Merchant, you do conceive that he is
thereby the rather allured to bring the Materials of Money to
your Mint, and so withdraw them from other Nations. but if other
nations find that, they will raise the price of their Money
likewise, and then what shall you get by raising of yours? or if
you raise upon them again, there will be no period to rest in,
but you shall continually sow confusion, until you be constrained
to abolish your coins and invent new species, and new measures of
weight and