A Discourse of Coin and Coinage [36]
brings such a quantity of Silk
as he judgeth may be vented here, if he find an over value of his
Commodities exported, to those he doth import, he will rather,
instead of raw Silks, return Silks by which he shall loose. As if
our Gold were as our Silver in prices, by which the Turkey
Merchant shall loose as much by bringing Gold from thence, as he
should if he brought Silver, is it not manifest, that instead of
Gold, which he now brings with his raw Silk, in return of his
Commodities, he would carry both Gold and Silk into Italy, and
imploy them in manufactured Silks, though he should sell them
here almost as cheap as he bought them, rather than return the
overvalue in Gold, by which he should loose? And so though the
same Proportion in quantity were vented here in Silk, yet a
greater Proportion in value would be vented.
At the same time may be said of divers other Commodities: and
for confirmation of this, it is to be observed, That from Italy,
France and the Low Countries, and the East Indies, in all which
places the values of Money are as high or higher than with us, we
draw hardly any Commodities but fully manufactured, and they
receive none of our Commodities but either not manufactured at
all, or, but so much manufactured as the Severity and Penalty of
the Laws do otherwise prohibit to be exported: But in Spain where
the Moneys are yet of a lower value than with us, it is clean
contrary.
And although it may be Objected that this Observation doth
not hold in Turkey and Muscovie, though in Turky the Silver, and
in Muscovie both Gold and Silver be much higher valued than here
in England;
To that it may be answered, That these barbarous Countries
receive our Manufactures by Necessity, because they afford none
of their own.
Chapter 16
Examinations of the Reasons for the not raising of Money.
The first and main Reason against the raising of Money, is,
The INJUSTICE and OPPRESSION done to all those, who ar in place
of Creditors to receive, all which are forced to receive less in
Intrinsical value than is due unto them, and less in faculty and
extent to supply their own uses. To which reason I never
understood any answer made that could have examination but only
this: That however the Creditors do receive less in intrinsical
value, and less in faculty and extent, to supplie their use by
reason that as the Extrinsical value of the Money is raised, the
price of the things do likewise rise with it, yet that price doth
not rise but by degrees and time, in which time all these
Creditors by renewing their Contracts do repair themselves, some
sooner, some later, according to the state of their Contracts.
But then it is manifest that all those who have any Rents or
other Rights which are defined to a certain sum in perpetuity,
and the King for the best part of his Revenue are extreamly
damnified by the raising of Moneys without Repair, except there
should a Law be mae that all those kind of payments should be
payable according to the values of Money current when they were
first created, which, though it were an innovation full of Danger
and Confusion,and Impracticable in this State, yet it seemeth to
have a foundation in Justice.
A second Reason, made against the raising of Money, is this,
If you do raise your Moneys out of the Misconceipt to draw you
more Gold and Silver, the other Nations out of the same
Misconceipt will raise the Money likewise; and so deprive you of
your end: but to this reason it may be answered, That we ought
not to raise our Moneys above our Neighbours, but only to a
parity with them, and then if they be obstinate to out raise us,
we must rather undergo the Prejudice of a continual raising to a
parity, thereby to keep our own, than to suffer other Nations by
imparity to rob us of what we have: so as this Argument in
effect, doth resort to that, which was formerly disputed, whether
truly and constantly more Gold and Silver be brought in by the
raising of Money.
The two Arguments that follow against the raising of
as he judgeth may be vented here, if he find an over value of his
Commodities exported, to those he doth import, he will rather,
instead of raw Silks, return Silks by which he shall loose. As if
our Gold were as our Silver in prices, by which the Turkey
Merchant shall loose as much by bringing Gold from thence, as he
should if he brought Silver, is it not manifest, that instead of
Gold, which he now brings with his raw Silk, in return of his
Commodities, he would carry both Gold and Silk into Italy, and
imploy them in manufactured Silks, though he should sell them
here almost as cheap as he bought them, rather than return the
overvalue in Gold, by which he should loose? And so though the
same Proportion in quantity were vented here in Silk, yet a
greater Proportion in value would be vented.
At the same time may be said of divers other Commodities: and
for confirmation of this, it is to be observed, That from Italy,
France and the Low Countries, and the East Indies, in all which
places the values of Money are as high or higher than with us, we
draw hardly any Commodities but fully manufactured, and they
receive none of our Commodities but either not manufactured at
all, or, but so much manufactured as the Severity and Penalty of
the Laws do otherwise prohibit to be exported: But in Spain where
the Moneys are yet of a lower value than with us, it is clean
contrary.
And although it may be Objected that this Observation doth
not hold in Turkey and Muscovie, though in Turky the Silver, and
in Muscovie both Gold and Silver be much higher valued than here
in England;
To that it may be answered, That these barbarous Countries
receive our Manufactures by Necessity, because they afford none
of their own.
Chapter 16
Examinations of the Reasons for the not raising of Money.
The first and main Reason against the raising of Money, is,
The INJUSTICE and OPPRESSION done to all those, who ar in place
of Creditors to receive, all which are forced to receive less in
Intrinsical value than is due unto them, and less in faculty and
extent to supply their own uses. To which reason I never
understood any answer made that could have examination but only
this: That however the Creditors do receive less in intrinsical
value, and less in faculty and extent, to supplie their use by
reason that as the Extrinsical value of the Money is raised, the
price of the things do likewise rise with it, yet that price doth
not rise but by degrees and time, in which time all these
Creditors by renewing their Contracts do repair themselves, some
sooner, some later, according to the state of their Contracts.
But then it is manifest that all those who have any Rents or
other Rights which are defined to a certain sum in perpetuity,
and the King for the best part of his Revenue are extreamly
damnified by the raising of Moneys without Repair, except there
should a Law be mae that all those kind of payments should be
payable according to the values of Money current when they were
first created, which, though it were an innovation full of Danger
and Confusion,and Impracticable in this State, yet it seemeth to
have a foundation in Justice.
A second Reason, made against the raising of Money, is this,
If you do raise your Moneys out of the Misconceipt to draw you
more Gold and Silver, the other Nations out of the same
Misconceipt will raise the Money likewise; and so deprive you of
your end: but to this reason it may be answered, That we ought
not to raise our Moneys above our Neighbours, but only to a
parity with them, and then if they be obstinate to out raise us,
we must rather undergo the Prejudice of a continual raising to a
parity, thereby to keep our own, than to suffer other Nations by
imparity to rob us of what we have: so as this Argument in
effect, doth resort to that, which was formerly disputed, whether
truly and constantly more Gold and Silver be brought in by the
raising of Money.
The two Arguments that follow against the raising of