A Discourse of Coin and Coinage [41]
is plain,
That no man shall have his Advantage to carry his Money thither
in specie, nor no man shall have his Disadvantage to bring his
Money thence in specie: and if the same course be observed in all
places and at all times, let other nations use what they please
to raise or abase the values of their Money, they shall never
prejudice the Kingdom by it.
I have abstracted this Proportion in the plainest manner I
could, and purposely omitted to name the sums of the Exchange, to
avoid all Question about more or less, and all obscurity: and
certainly it carrieth with it a great appearance of Reason;
neither do I find any strength in that Objection which is most
pressed against it, That this equallity cannot be made with other
countries, by Reason that a great part of the Payments is made in
Base money: for, if Base money be so current, as for it you may
have so much purer Money as will answer the intrinsical value
required for the Sum to be paid by Exchange, that Objection will
fall: if it be not so current, you may except against the
Payment.
But yet this Proposition, if it be narrowly examined will be
found subject to great Exceptions.
And first, The Difficulty, I may say almost, the
Impossibility of putting it in Execution is apparent, for
although the intrinsical value be the principal Rule by which
Exchanges are squared, yet there are many other Circumstances
which do vary and alter the Exchange, and this is for a main one;
That when there is much Money to be returned to one place by an
Accident unlookt for, you shall (not) find Takers in Proportion,
except what they make by the price of Exchange do invite them: if
then you will force men alwayes to give and take by Exchange at
one rate, when through accident there shall want Takers, you will
force the Giver to supply his Necessity, to send his Money in
specie, and so that which is propounded for a Remedy of
Exportation shall turn to a greater Exportation.
But suppose this Difficulty could be overcome, yet would it
not suffice to hinder Exportation; for, if in other Countries,
they should value your Money higher than their own, as in this
Discourse there are formerly Instances set down, of English Money
higher valued than their own, in France, in the Low-Countries,
and at Francford Mart: he then which at these times would have
made over Money by exchange into those Parts, by this
Proposition, should have had but the intrinsical value in Money
over in specie, would have had more than the intrinsical value.
Lastly, It is to be considered, That all Countries that do
raise little or no Materials with themselves, (which is our Case
in England) must not be so careful to hinder Exportation of the
Materials, as to provide for Importation for them; What Fruit
then shall we receive by this Equality of Exchange, (admitting
that it might be made, and that it would hinder the Exportation)
if it should be recompenced by the same Degree of Impediment,
which it would give to the Importation, which would necessarily
follow upon it; as for instance, If the Equality of Exchange will
give impediment to transport Silver out of England into Holland,
will not the same equality of Exchange give the same degree of
Impediment to import Silver out of Spain into England? Certainly
in all appearance it must.
Chapter 20
Of Reducing Moneys to the Lowness of Ancient Values.
Some are of Opinion, that the best course to remedy all
Inconveniences in Matters of Money, were to reduce it to the
ancient Value:
As for example, A pound weight of Silver of the sterling
standard to make but twenty shillings in Silver; and a pound
weight of crown Gold to make 12 l. sterling; and so Angel-Gold to
be coined in Proportion, for (say they,) since that was the first
and original settlement of the sterling standard, and that by the
raising of other Nations whom we thought it necessary to follow,
we are grown to that excessive diminution of the Intrinsical
value of our Money as is manifest, and that the Mischiefs do so
That no man shall have his Advantage to carry his Money thither
in specie, nor no man shall have his Disadvantage to bring his
Money thence in specie: and if the same course be observed in all
places and at all times, let other nations use what they please
to raise or abase the values of their Money, they shall never
prejudice the Kingdom by it.
I have abstracted this Proportion in the plainest manner I
could, and purposely omitted to name the sums of the Exchange, to
avoid all Question about more or less, and all obscurity: and
certainly it carrieth with it a great appearance of Reason;
neither do I find any strength in that Objection which is most
pressed against it, That this equallity cannot be made with other
countries, by Reason that a great part of the Payments is made in
Base money: for, if Base money be so current, as for it you may
have so much purer Money as will answer the intrinsical value
required for the Sum to be paid by Exchange, that Objection will
fall: if it be not so current, you may except against the
Payment.
But yet this Proposition, if it be narrowly examined will be
found subject to great Exceptions.
And first, The Difficulty, I may say almost, the
Impossibility of putting it in Execution is apparent, for
although the intrinsical value be the principal Rule by which
Exchanges are squared, yet there are many other Circumstances
which do vary and alter the Exchange, and this is for a main one;
That when there is much Money to be returned to one place by an
Accident unlookt for, you shall (not) find Takers in Proportion,
except what they make by the price of Exchange do invite them: if
then you will force men alwayes to give and take by Exchange at
one rate, when through accident there shall want Takers, you will
force the Giver to supply his Necessity, to send his Money in
specie, and so that which is propounded for a Remedy of
Exportation shall turn to a greater Exportation.
But suppose this Difficulty could be overcome, yet would it
not suffice to hinder Exportation; for, if in other Countries,
they should value your Money higher than their own, as in this
Discourse there are formerly Instances set down, of English Money
higher valued than their own, in France, in the Low-Countries,
and at Francford Mart: he then which at these times would have
made over Money by exchange into those Parts, by this
Proposition, should have had but the intrinsical value in Money
over in specie, would have had more than the intrinsical value.
Lastly, It is to be considered, That all Countries that do
raise little or no Materials with themselves, (which is our Case
in England) must not be so careful to hinder Exportation of the
Materials, as to provide for Importation for them; What Fruit
then shall we receive by this Equality of Exchange, (admitting
that it might be made, and that it would hinder the Exportation)
if it should be recompenced by the same Degree of Impediment,
which it would give to the Importation, which would necessarily
follow upon it; as for instance, If the Equality of Exchange will
give impediment to transport Silver out of England into Holland,
will not the same equality of Exchange give the same degree of
Impediment to import Silver out of Spain into England? Certainly
in all appearance it must.
Chapter 20
Of Reducing Moneys to the Lowness of Ancient Values.
Some are of Opinion, that the best course to remedy all
Inconveniences in Matters of Money, were to reduce it to the
ancient Value:
As for example, A pound weight of Silver of the sterling
standard to make but twenty shillings in Silver; and a pound
weight of crown Gold to make 12 l. sterling; and so Angel-Gold to
be coined in Proportion, for (say they,) since that was the first
and original settlement of the sterling standard, and that by the
raising of other Nations whom we thought it necessary to follow,
we are grown to that excessive diminution of the Intrinsical
value of our Money as is manifest, and that the Mischiefs do so