A Discourse of Coin and Coinage [39]
contrary to the King's Ordinance, and
in despight of all Remedies which could be thought of to prevent
it, had raised both the Gold and Silver so excessively, as a
French Crown in Gold was valued at seven livres and an half, and
at eight livres, a Livre in France being the tenth art of a pound
sterling, and is an abstracted sum consisting of twenty sols, as
our pound sterling doth consist of twenty shillings, there being
no certain species of Money called a Livre, and according to the
value of Gold, their Silver likewise was overvalued, and the
species of forreign Coins both of Gold and Silver were current
likewise at the like value in proportion; by means whereof it is
hardly credible what quantities of Gold and Silver, both of
Forrein and Domestick Coins that Countrie did then abound with.
But their Base money which was not raised in proportion to the
Gold and Silver, and did really contain in Intrinsical value much
more than the Gold and Silver Coins, in proportion to the value
at which they were current, was for the most part either
transported or secretly melted down to extract the Silver
thereout.
And if this had been all the Inconvenience, they would never
have complained; but in consequence of this, the prices of all
things did rise so excessively, that all such who lived upon
Pensions, or Wages, or Fees, or antient Rents did manifestly see
themselves unable to subsist: but above all, the King was most
heavily prejudiced, so it was like to grow to some great
Confusion in that State.
Hereupon in the year 1577, there was a new Ordinance made,
treated and published with the greatest deliberation and
solemnity that every any Edict was of this kind in France. And
first the French Crown, weighing 2 deniers and 15 grains, after
the French weight, and 23 Carrats fine, from eight livres was
reduced to the value of sixty Sols, which is equal to three
livres; and all the pieces of Silver of French coins, were
reduced to a value answerable to that, the sols likewise, and
other base Money coined proportionable thereunto, and to the end
they might never be again raised by the People to an higher
value.
First, All forrein coins both Gold and Silver, except
Pistollets and Doublons of Spain were upon great penalties
forbidden to be brought in otherwise then as Bullion, and made
incurrent. Then there were very severe Prohibitions made that no
man should afterwards make Contracts of payment in livres or any
other abstracted sums, but only in the solid species of Crowns:
And to the end that payment might be made as well in Silver as
Gold, there were in Silver coined quarter-Crowns, and half
quarter-Crowns, and the other species of Silver already extant
were valued proportionable to them, only sixty sols were made
equal to a Crown, which held no proportion with a Crown either in
name or in intrinsical value, by reason, that in the sols and
other base Money, the Copper with which they are allayed is
valued, and there is a much greater charge laid on the coinage of
them than of other Moneys: yet notwithstanding it is very
strange, how well this Edict did keep the people of France in
order for three or four and twenty years, so as in all that time,
the value of the Gold nor Silver was never raised.
But by degrees they did find that the Kingdom grew drained of
that great quantity of gold and silver with which it formerly
abounded, and their commerce and Trade did visibly decay; they
found themselves full of forrein Manufactures, but their own
Manufactures had ill vent, and at length the people,
notwithstanding the Prohibition, began to take Forrein coins as
current, and received both them and their coins, at a higher
value than the King's edict did admit, so as in the year 1602
their complaint grew as loud and as sharp as in the year 1577,
though of a cleer contrary condition, and there grew new
consultations and enquiries into the Remedies of these
Inconveniences.
Many who were very much taken with the former Edict of 1577,
did advise that the same Edict
in despight of all Remedies which could be thought of to prevent
it, had raised both the Gold and Silver so excessively, as a
French Crown in Gold was valued at seven livres and an half, and
at eight livres, a Livre in France being the tenth art of a pound
sterling, and is an abstracted sum consisting of twenty sols, as
our pound sterling doth consist of twenty shillings, there being
no certain species of Money called a Livre, and according to the
value of Gold, their Silver likewise was overvalued, and the
species of forreign Coins both of Gold and Silver were current
likewise at the like value in proportion; by means whereof it is
hardly credible what quantities of Gold and Silver, both of
Forrein and Domestick Coins that Countrie did then abound with.
But their Base money which was not raised in proportion to the
Gold and Silver, and did really contain in Intrinsical value much
more than the Gold and Silver Coins, in proportion to the value
at which they were current, was for the most part either
transported or secretly melted down to extract the Silver
thereout.
And if this had been all the Inconvenience, they would never
have complained; but in consequence of this, the prices of all
things did rise so excessively, that all such who lived upon
Pensions, or Wages, or Fees, or antient Rents did manifestly see
themselves unable to subsist: but above all, the King was most
heavily prejudiced, so it was like to grow to some great
Confusion in that State.
Hereupon in the year 1577, there was a new Ordinance made,
treated and published with the greatest deliberation and
solemnity that every any Edict was of this kind in France. And
first the French Crown, weighing 2 deniers and 15 grains, after
the French weight, and 23 Carrats fine, from eight livres was
reduced to the value of sixty Sols, which is equal to three
livres; and all the pieces of Silver of French coins, were
reduced to a value answerable to that, the sols likewise, and
other base Money coined proportionable thereunto, and to the end
they might never be again raised by the People to an higher
value.
First, All forrein coins both Gold and Silver, except
Pistollets and Doublons of Spain were upon great penalties
forbidden to be brought in otherwise then as Bullion, and made
incurrent. Then there were very severe Prohibitions made that no
man should afterwards make Contracts of payment in livres or any
other abstracted sums, but only in the solid species of Crowns:
And to the end that payment might be made as well in Silver as
Gold, there were in Silver coined quarter-Crowns, and half
quarter-Crowns, and the other species of Silver already extant
were valued proportionable to them, only sixty sols were made
equal to a Crown, which held no proportion with a Crown either in
name or in intrinsical value, by reason, that in the sols and
other base Money, the Copper with which they are allayed is
valued, and there is a much greater charge laid on the coinage of
them than of other Moneys: yet notwithstanding it is very
strange, how well this Edict did keep the people of France in
order for three or four and twenty years, so as in all that time,
the value of the Gold nor Silver was never raised.
But by degrees they did find that the Kingdom grew drained of
that great quantity of gold and silver with which it formerly
abounded, and their commerce and Trade did visibly decay; they
found themselves full of forrein Manufactures, but their own
Manufactures had ill vent, and at length the people,
notwithstanding the Prohibition, began to take Forrein coins as
current, and received both them and their coins, at a higher
value than the King's edict did admit, so as in the year 1602
their complaint grew as loud and as sharp as in the year 1577,
though of a cleer contrary condition, and there grew new
consultations and enquiries into the Remedies of these
Inconveniences.
Many who were very much taken with the former Edict of 1577,
did advise that the same Edict