A Discourse of Coin and Coinage [37]
Money
will both receive one clear answer.
The First, That in raising of Money you raise the King of
Spain's Commodities, and consequently enrich him.
The Second, That by raising of Money, you have less Silver
and Gold out of Spain in Intrinsical value for your Commodities,
the answer thereunto is very plain and clear, which is this, That
if the Position formerly laid down be true, which is, That as the
value of Money is raised, so the price of Commodities riseth with
it, Then it follows that neither the King of Spain shall be
enriched by the raising of Money, because the Commodities for
which he parts with his Money unto us, shall rise likewise in
price, nor shall we receive less of his Money in Intrinsical
value for our Commodities, because the Extrinsical value is
raised, that our Commodities will rise likewise so much the more
in Extrinsical value.
To the last Argument, of the Confusion which the raising of
Money doth bring both by the stopp of Commerce at the present,
and the fractions of Reckonings, it is answered, That no
alteration in this Subject of Money is without Inconvenience; But
if the position be true, that raising of Money is necessary to
preserve that which we have, and to bring in more; then are those
petty Inconveniences little considerable: and thus I have
examined as strictly as I can the Reasons alledged on both sides
for the raising and not raising of Moneys; but leave the Reader
to his own Conclusion.
I do now come to the Remedies, that by curious search I could
ever learn to have been propounded either in this Estate or any
forrein Estates, for the Inconveniences that may grow either by
raising of Money, or not raising, or both of them, which I do
mean likewise to examine, and shew as near as I can, the
Difficulties that may grow in settling of the several Remedies
propounded, and the evil Consequences that might grow of them, if
they were settled, and that so the Reader may more clearly judge
which is the best: for which purpose I intend to begin with the
Plainest and most easie, to the end that the more intricate may
afterwards be better comprehended.
Chapter 17
Of Contracting with forrein Nations by Ambassadors to keep their
Moneys at a certain standard.
Amongst all the Remedies propounded against the Alterations
of Moneys there is none more specious than this, nor more
frequent in mention, both in provisionall Edicts, which are made
for the Reformation of Moneys, and in Considerations held for the
purpose, for it is said to advance it: That if we contract with
other Nations for a certain and stable standard of Moneys which
may be equal, than we shall avoid all the Inconveniences that do
grow by the raising of Moneys, because we shall never raise them;
and we shall avoid all the Inconveniences that do grow by the not
raising of Moneys, because other Nations shall not raise theirs.
Besides for this Remedy there is alledged the example of former
Ages, wherein it appears that in many Treaties with forrein
Nations our Kings did contract for the mutual standard of their
Moneys.
But however the Proposition be specious and frequent, yet, of
all other Remedies, if it be throughly examined, it will appear
the most difficult, or rather impossible, to be effected; and if
it were effected, it would turn to no use, for thus stands the
state of this business, Almost all the Silver which is now drawn
out of the Earth, cometh from the West Indies, all which intirely
aboardeth first in Spain, whence it is dispersed into other
Countries Eastward; which do draw it unto them by setting an
higher price upon it: for, as if there were no Cloth in all the
World but in England, no other country could have cloth except
they did pay dearer for it than in England; and by so much dearer
by how much it were more remote from England, because to the
original price, there must of necessitie be added an increase in
regard of the time, the charge, and hazard of transporting it: so
fares it with Silver, that all Countries which will
will both receive one clear answer.
The First, That in raising of Money you raise the King of
Spain's Commodities, and consequently enrich him.
The Second, That by raising of Money, you have less Silver
and Gold out of Spain in Intrinsical value for your Commodities,
the answer thereunto is very plain and clear, which is this, That
if the Position formerly laid down be true, which is, That as the
value of Money is raised, so the price of Commodities riseth with
it, Then it follows that neither the King of Spain shall be
enriched by the raising of Money, because the Commodities for
which he parts with his Money unto us, shall rise likewise in
price, nor shall we receive less of his Money in Intrinsical
value for our Commodities, because the Extrinsical value is
raised, that our Commodities will rise likewise so much the more
in Extrinsical value.
To the last Argument, of the Confusion which the raising of
Money doth bring both by the stopp of Commerce at the present,
and the fractions of Reckonings, it is answered, That no
alteration in this Subject of Money is without Inconvenience; But
if the position be true, that raising of Money is necessary to
preserve that which we have, and to bring in more; then are those
petty Inconveniences little considerable: and thus I have
examined as strictly as I can the Reasons alledged on both sides
for the raising and not raising of Moneys; but leave the Reader
to his own Conclusion.
I do now come to the Remedies, that by curious search I could
ever learn to have been propounded either in this Estate or any
forrein Estates, for the Inconveniences that may grow either by
raising of Money, or not raising, or both of them, which I do
mean likewise to examine, and shew as near as I can, the
Difficulties that may grow in settling of the several Remedies
propounded, and the evil Consequences that might grow of them, if
they were settled, and that so the Reader may more clearly judge
which is the best: for which purpose I intend to begin with the
Plainest and most easie, to the end that the more intricate may
afterwards be better comprehended.
Chapter 17
Of Contracting with forrein Nations by Ambassadors to keep their
Moneys at a certain standard.
Amongst all the Remedies propounded against the Alterations
of Moneys there is none more specious than this, nor more
frequent in mention, both in provisionall Edicts, which are made
for the Reformation of Moneys, and in Considerations held for the
purpose, for it is said to advance it: That if we contract with
other Nations for a certain and stable standard of Moneys which
may be equal, than we shall avoid all the Inconveniences that do
grow by the raising of Moneys, because we shall never raise them;
and we shall avoid all the Inconveniences that do grow by the not
raising of Moneys, because other Nations shall not raise theirs.
Besides for this Remedy there is alledged the example of former
Ages, wherein it appears that in many Treaties with forrein
Nations our Kings did contract for the mutual standard of their
Moneys.
But however the Proposition be specious and frequent, yet, of
all other Remedies, if it be throughly examined, it will appear
the most difficult, or rather impossible, to be effected; and if
it were effected, it would turn to no use, for thus stands the
state of this business, Almost all the Silver which is now drawn
out of the Earth, cometh from the West Indies, all which intirely
aboardeth first in Spain, whence it is dispersed into other
Countries Eastward; which do draw it unto them by setting an
higher price upon it: for, as if there were no Cloth in all the
World but in England, no other country could have cloth except
they did pay dearer for it than in England; and by so much dearer
by how much it were more remote from England, because to the
original price, there must of necessitie be added an increase in
regard of the time, the charge, and hazard of transporting it: so
fares it with Silver, that all Countries which will