A Discourse of Coin and Coinage [38]
draw from
Spain, do necessarily set a greater price upon it, by how much
they are more remote from thence, and this is the Reason why the
sphear of Silver seemeth to roll from the West to the East, until
it come unto him, where it seemeth to fall into a Gulph. But of
Gold it is not so, because that comes in as great abundance from
the East as from the West.
Now then it were a great Prejudice for England and France to
contract with Spain for a certain standard of Silver, except they
could likewise contract for the same standard with the Low
Countries, and Italy, who draw part of their Silver from them, as
they draw theirs from Spain; for otherwise, they should give a
stop to the coming in of their Silver, and should leave the issue
of it open. Nor would Turkey contract, unless they could also
contract with Persia for the same, where Silver is yet higher
than in Turkey, and so forward into China; neither would the Low
Countrie men contract, except they could contract for the same
with Hanse Towns, where Silver is higher than in the Low
Countries; neither would the Hanse Towns contract, except they
could contract with Muscovie; neither would Muscovie contract,
except they could contract with Persia; and so forward in all
such places Silver is still at an higher and higher rate.
but suppose it was possible to draw all those Countries to a
certain contract, what would be the use of it? I did in a former
Chapter observe that most Countries, and particularly France and
the Low Countries do seldome or never raise their Moneys: But
when People by Custom and general Use have raised the Money
before hand beyond the Publick Declaration, and the State is
forced to follow the People who in this Case they do not master,
to what end is it then to contract with those Nations for that
which is not in their Power to observe? And that which is
alledged for the course of contracting, with forrein Nations, out
of the example of former times, doth clearly convince the vanity
of this Proposition, for it is manifest, as I have shewed in the
former Chapters that notwithstanding these Contracts, the Money
was continually from time to time raised.
Chapter 18
Of the Ordaining of solid Payments
Solid payments are meant where Contracts are made for payment
of so many solid species of Money, or of so many double Pistoles,
or so many French Crowns, or so many English Angels, or
Soveraigns or Shillings, and therefore termed solid payments,
because they are restrained to those solid species which are
contracted for, and to never alter in payment although the value
of the species should alter; as however the value of Angels or
Soveraigns which were coined for ten shillings, be raised to
eleven shillings, yet he which hath contracted to pay so many
Angels or Soveraigns shall pay never awhit the less in number,
because their value is raised, and so in the other species of
French Crowns and Pistoles: But he that made a contract when
Angels and Soveraigns were valued at ten shillings, to be paid,
at such a day to come, one hundred pounds, before which day the
value of Angels or Soveraigns was raised to eleven shillings;
whereas he should be paid at the time of his contract for one
hundred pounds sterling, two hundred Angels or Soveraigns, he
shall now be paid but one hundred fourscore and one Angels or
Soveraigns and nine shillings, because the sum of a pound
sterling is not restrained to any solid species, but is rather
imaginary and abstracted from the matter guided according to the
uncertain valuation of the species of Money, wherein the payment
is made.
This proposition of ordaining all contracts for payments to
be restrained to solid species of Money, hath bin often agitated
in France, as a soveraign Remedy against the main inconveniences
which do arise in this subject of Money, for the discussing of
the truth and efficacie of which proposition, it will be
necessarie to relate the success thereof in that Kingdom, in the
years 1575 and 1576.
The people in France,
Spain, do necessarily set a greater price upon it, by how much
they are more remote from thence, and this is the Reason why the
sphear of Silver seemeth to roll from the West to the East, until
it come unto him, where it seemeth to fall into a Gulph. But of
Gold it is not so, because that comes in as great abundance from
the East as from the West.
Now then it were a great Prejudice for England and France to
contract with Spain for a certain standard of Silver, except they
could likewise contract for the same standard with the Low
Countries, and Italy, who draw part of their Silver from them, as
they draw theirs from Spain; for otherwise, they should give a
stop to the coming in of their Silver, and should leave the issue
of it open. Nor would Turkey contract, unless they could also
contract with Persia for the same, where Silver is yet higher
than in Turkey, and so forward into China; neither would the Low
Countrie men contract, except they could contract for the same
with Hanse Towns, where Silver is higher than in the Low
Countries; neither would the Hanse Towns contract, except they
could contract with Muscovie; neither would Muscovie contract,
except they could contract with Persia; and so forward in all
such places Silver is still at an higher and higher rate.
but suppose it was possible to draw all those Countries to a
certain contract, what would be the use of it? I did in a former
Chapter observe that most Countries, and particularly France and
the Low Countries do seldome or never raise their Moneys: But
when People by Custom and general Use have raised the Money
before hand beyond the Publick Declaration, and the State is
forced to follow the People who in this Case they do not master,
to what end is it then to contract with those Nations for that
which is not in their Power to observe? And that which is
alledged for the course of contracting, with forrein Nations, out
of the example of former times, doth clearly convince the vanity
of this Proposition, for it is manifest, as I have shewed in the
former Chapters that notwithstanding these Contracts, the Money
was continually from time to time raised.
Chapter 18
Of the Ordaining of solid Payments
Solid payments are meant where Contracts are made for payment
of so many solid species of Money, or of so many double Pistoles,
or so many French Crowns, or so many English Angels, or
Soveraigns or Shillings, and therefore termed solid payments,
because they are restrained to those solid species which are
contracted for, and to never alter in payment although the value
of the species should alter; as however the value of Angels or
Soveraigns which were coined for ten shillings, be raised to
eleven shillings, yet he which hath contracted to pay so many
Angels or Soveraigns shall pay never awhit the less in number,
because their value is raised, and so in the other species of
French Crowns and Pistoles: But he that made a contract when
Angels and Soveraigns were valued at ten shillings, to be paid,
at such a day to come, one hundred pounds, before which day the
value of Angels or Soveraigns was raised to eleven shillings;
whereas he should be paid at the time of his contract for one
hundred pounds sterling, two hundred Angels or Soveraigns, he
shall now be paid but one hundred fourscore and one Angels or
Soveraigns and nine shillings, because the sum of a pound
sterling is not restrained to any solid species, but is rather
imaginary and abstracted from the matter guided according to the
uncertain valuation of the species of Money, wherein the payment
is made.
This proposition of ordaining all contracts for payments to
be restrained to solid species of Money, hath bin often agitated
in France, as a soveraign Remedy against the main inconveniences
which do arise in this subject of Money, for the discussing of
the truth and efficacie of which proposition, it will be
necessarie to relate the success thereof in that Kingdom, in the
years 1575 and 1576.
The people in France,