A Discourse of Coin and Coinage [44]
theirs do bring
with it; or if we shall raise again as they shall raise theirs,
then all the benefit of this troublesome Reduction will be, That
we shall yet be three hundred years longer ere we do grow to so
great a diminution in the Intrinsical value of our Moneys, as we
do at this present undergo.
Chapter 21
Of raising our Moneys according to the raising of our Neighbours
Others do propound a clean contrary course to this Reduction
of the Moneys to the antient values; For they would have us to
observe precisely the raising of the price of Money by our
Neighbours, and if not to preceed them, at the least to follow
them immediately. And for this purpose they insist upon two main
Arguments. The one drawn from Example, the other from Reason: for
say they, If we do observe those States, which do soonest and
most raise their Money, we shall find that they do most abound
with Money; and that Trades and Manufacturers do most flourish
there.
As for Example, the United Provinces, and the Arch-Dukes
Country, and the Hanns Towns; and they do confirm their instance
by this reason, Forrein Nations when they raise their Moneys, do
thereby make them of less Intrinsical value, than they are
reputed.
As for Example, Three pounds two shillings sterling, is
reputed equal with five pounds six shillings Flemish; and
peradventure when the pound sterling was first cut into 62s they
were equal in intrinsical value, but now by the raising of
Moneys, this five pounds six shillings Flemish, say they,
contains in intrinsical value no more than two pounds sixteen
shillings.
And again, say they, The Ryall of eight and the Rix Dollar
are both of them reputed equal to five shillings sterling, but
hold in intrinsical value less by ten in the hundred. Hence, (say
they,) it follows, That he that bestoweth here three pounds two
shillings in English Cloth, and sells it beyond Sea for five
pounds six shillings Flemish, or for twelve Ryalls of eight, or
twelve Rix-Dollars, with two shillings, maketh his accompt that
he hath sold it as dear as he bought it, and whatsoever he can
get more is gain towards his hazard, his time, and his charge;
and by this means he doth undervalue the English commodity to the
loss of the Realm, six shillings in three pound two shillings:
But on the other side, if he bestow his five pound six shillings
Flemish, or his twelve Ryalls of eight, or Rix-Dollars, and two
shillings in Forrein Commodities, he makes his Accompt that he
sells them not here for as much as they cost him, except he have
for them three pound two shillings sterling, by which he
overvalues to us the forrein Commodities by six shillings in
three pound two shillings, by which means the Realm in general is
impoverished, but the Merchant in his particular saves himself,
for what is lost to him by the undervalue of the English
Commodities is again made good unto him by the over-value of the
forrein Commodities. And hence it follows that our Money wasts,
our Manufactures decay, and their Money and Manufactures do
increase.
As for the objections made against raising of Moneys; they
say, They are not considerable in comparison of the benefits, for
so as Trade and Manufactures may flourish and Money abound, what
imports it though the price of things do rise, when as every man
as he pays more, so he shall receive more: as for the King's
loss, he shall be otherwise recompenced by the Riches of the
Subjects.
But to come to the Examination of this Proposition and the
Reasons made for it.
First, these valuations laid down of our Money in comparison
with Flemish Money and Ryalls and Dollars, for a foundation of
this Proposition is very uncertain; for as it is true, that as I
have heard in publick conference upon thee occasions, divers
Merchants of great worth and experience to affirm these
valuations, so I have heard others of as great worth and
experience to deny them, affirming that they knew none other
valuation of our Money with forrein, but according to the
Intrinsical
with it; or if we shall raise again as they shall raise theirs,
then all the benefit of this troublesome Reduction will be, That
we shall yet be three hundred years longer ere we do grow to so
great a diminution in the Intrinsical value of our Moneys, as we
do at this present undergo.
Chapter 21
Of raising our Moneys according to the raising of our Neighbours
Others do propound a clean contrary course to this Reduction
of the Moneys to the antient values; For they would have us to
observe precisely the raising of the price of Money by our
Neighbours, and if not to preceed them, at the least to follow
them immediately. And for this purpose they insist upon two main
Arguments. The one drawn from Example, the other from Reason: for
say they, If we do observe those States, which do soonest and
most raise their Money, we shall find that they do most abound
with Money; and that Trades and Manufacturers do most flourish
there.
As for Example, the United Provinces, and the Arch-Dukes
Country, and the Hanns Towns; and they do confirm their instance
by this reason, Forrein Nations when they raise their Moneys, do
thereby make them of less Intrinsical value, than they are
reputed.
As for Example, Three pounds two shillings sterling, is
reputed equal with five pounds six shillings Flemish; and
peradventure when the pound sterling was first cut into 62s they
were equal in intrinsical value, but now by the raising of
Moneys, this five pounds six shillings Flemish, say they,
contains in intrinsical value no more than two pounds sixteen
shillings.
And again, say they, The Ryall of eight and the Rix Dollar
are both of them reputed equal to five shillings sterling, but
hold in intrinsical value less by ten in the hundred. Hence, (say
they,) it follows, That he that bestoweth here three pounds two
shillings in English Cloth, and sells it beyond Sea for five
pounds six shillings Flemish, or for twelve Ryalls of eight, or
twelve Rix-Dollars, with two shillings, maketh his accompt that
he hath sold it as dear as he bought it, and whatsoever he can
get more is gain towards his hazard, his time, and his charge;
and by this means he doth undervalue the English commodity to the
loss of the Realm, six shillings in three pound two shillings:
But on the other side, if he bestow his five pound six shillings
Flemish, or his twelve Ryalls of eight, or Rix-Dollars, and two
shillings in Forrein Commodities, he makes his Accompt that he
sells them not here for as much as they cost him, except he have
for them three pound two shillings sterling, by which he
overvalues to us the forrein Commodities by six shillings in
three pound two shillings, by which means the Realm in general is
impoverished, but the Merchant in his particular saves himself,
for what is lost to him by the undervalue of the English
Commodities is again made good unto him by the over-value of the
forrein Commodities. And hence it follows that our Money wasts,
our Manufactures decay, and their Money and Manufactures do
increase.
As for the objections made against raising of Moneys; they
say, They are not considerable in comparison of the benefits, for
so as Trade and Manufactures may flourish and Money abound, what
imports it though the price of things do rise, when as every man
as he pays more, so he shall receive more: as for the King's
loss, he shall be otherwise recompenced by the Riches of the
Subjects.
But to come to the Examination of this Proposition and the
Reasons made for it.
First, these valuations laid down of our Money in comparison
with Flemish Money and Ryalls and Dollars, for a foundation of
this Proposition is very uncertain; for as it is true, that as I
have heard in publick conference upon thee occasions, divers
Merchants of great worth and experience to affirm these
valuations, so I have heard others of as great worth and
experience to deny them, affirming that they knew none other
valuation of our Money with forrein, but according to the
Intrinsical