A Discourse of Coin and Coinage [45]
value of either of them. And by the last Placcard of
the Low Countries, the English shilling is made current for one
shilling nine pence Flemish, by which accompt three pound two
shillings English will make five pound eight shillings and six
pence Flemish.
But admitting the valuations as they are set down in the
Proposition, yet it will appear, but a meer Sophism; for the
truth is, as it is set down in a former Chapter, That silver is
higher valued in France and England, than in Spain, and in the
Low Countries than in either of them; and in the Hanns Towns than
in the Low Countries; and so still higher, the further Eastward:
But of gold it is not so: and upon an exact computation it will
be found, That Gold is higher valued in England than in the Low
Countries, and that a pound of fine gold reduced into the Riders
of the Low Countries, makes but forty five Guilders, and seven
Stivers, and allowing ten Stivers and a half for twelve pence
English, as it is made current by the last Placcard, there the
said sum amounts in sterling Money but to forty three pound
thirteen shillings and a penny; but a pound of Gold fine makes in
twenty two shilling pieces, forty four pound, eight shillings
four pence sterling, which reduced into Guilders after the former
accompt makes 446 and a half, so as the pound in fine Gold is
valued in Jacobus pieces, at 8 Guilders two Stivers and one half
more than in Riders, and in English Money is valued at fifteen
shillings three pence more in Jacobus's than in Riders; so then
it follows, that if England do loose any thing in the true price
of her Commodities because Silver is higher valued in the Low
Countries than in England, England gains again in the price of
her Commodities, because Gold is higher valued in England than in
the Low Countries. Besides all which none of the Objections made
against this Proposition are answered, but only elevated, and it
is manifest, that all those who are to receive Money shall be
continually oppressed with this continual raising of Money, and
if we shall still vie one upon another who shall raise highest,
in the End the Matter must necessarily come to a Confusion.
Chapter 22
Of introducing two different Species of Money
The Difficulties and Debate of the former Proposition have
produced this, set down in the title of this Chapter: For if to
let our Money stand still in the same condition, when our
Neighbours do raise theirs, be a means to drain away our own
Money from us, and to divert that increase of Stock which
otherwise should come unto us, and consequently occasion the
decay of our own Trades and Manufactures, and the increase of
Forrein, as in the former Propositions hath been disputed, Then
it were good to raise our Moneys when our Neighbours raise
theirs. But if this raising of our Moneys do introduced an unjust
Oppression to all those, who do live upon the Rents of their
Lands, upon Pensions, upon Fees, upon Wages, or otherwise upon
any other Reward of their Industry, if it most of all disables
the King, and in the end doth threaten an extream Confusion and
Disorder, then is this good of Raising so allayed with the evil
that followeth it, that we were as good if not better to be
without it: From these Considerations hath this Proposition
risen, by which, the Authors thereof do presume, that we may both
raise our Moneys as we find occasion and yet not raise; though
they seem contradictory: and we receive all the Benefits, which
the raising of Money doth bring with it, and yet avoid all the
Inconveniences which are alledged to follow it. Now the
Propositions which have been made in this kind, both here and in
other parts are very many, and differing one from another in
their Proportions, and in some other subtile and by
considerations, which if they should be set down in particular,
would much perplex the Subject. I will therefore by supposition
set down a Proposition in a plain and easie Proportion for the
more ready apprehension of the Reader.
As for Example, Suppose the King
the Low Countries, the English shilling is made current for one
shilling nine pence Flemish, by which accompt three pound two
shillings English will make five pound eight shillings and six
pence Flemish.
But admitting the valuations as they are set down in the
Proposition, yet it will appear, but a meer Sophism; for the
truth is, as it is set down in a former Chapter, That silver is
higher valued in France and England, than in Spain, and in the
Low Countries than in either of them; and in the Hanns Towns than
in the Low Countries; and so still higher, the further Eastward:
But of gold it is not so: and upon an exact computation it will
be found, That Gold is higher valued in England than in the Low
Countries, and that a pound of fine gold reduced into the Riders
of the Low Countries, makes but forty five Guilders, and seven
Stivers, and allowing ten Stivers and a half for twelve pence
English, as it is made current by the last Placcard, there the
said sum amounts in sterling Money but to forty three pound
thirteen shillings and a penny; but a pound of Gold fine makes in
twenty two shilling pieces, forty four pound, eight shillings
four pence sterling, which reduced into Guilders after the former
accompt makes 446 and a half, so as the pound in fine Gold is
valued in Jacobus pieces, at 8 Guilders two Stivers and one half
more than in Riders, and in English Money is valued at fifteen
shillings three pence more in Jacobus's than in Riders; so then
it follows, that if England do loose any thing in the true price
of her Commodities because Silver is higher valued in the Low
Countries than in England, England gains again in the price of
her Commodities, because Gold is higher valued in England than in
the Low Countries. Besides all which none of the Objections made
against this Proposition are answered, but only elevated, and it
is manifest, that all those who are to receive Money shall be
continually oppressed with this continual raising of Money, and
if we shall still vie one upon another who shall raise highest,
in the End the Matter must necessarily come to a Confusion.
Chapter 22
Of introducing two different Species of Money
The Difficulties and Debate of the former Proposition have
produced this, set down in the title of this Chapter: For if to
let our Money stand still in the same condition, when our
Neighbours do raise theirs, be a means to drain away our own
Money from us, and to divert that increase of Stock which
otherwise should come unto us, and consequently occasion the
decay of our own Trades and Manufactures, and the increase of
Forrein, as in the former Propositions hath been disputed, Then
it were good to raise our Moneys when our Neighbours raise
theirs. But if this raising of our Moneys do introduced an unjust
Oppression to all those, who do live upon the Rents of their
Lands, upon Pensions, upon Fees, upon Wages, or otherwise upon
any other Reward of their Industry, if it most of all disables
the King, and in the end doth threaten an extream Confusion and
Disorder, then is this good of Raising so allayed with the evil
that followeth it, that we were as good if not better to be
without it: From these Considerations hath this Proposition
risen, by which, the Authors thereof do presume, that we may both
raise our Moneys as we find occasion and yet not raise; though
they seem contradictory: and we receive all the Benefits, which
the raising of Money doth bring with it, and yet avoid all the
Inconveniences which are alledged to follow it. Now the
Propositions which have been made in this kind, both here and in
other parts are very many, and differing one from another in
their Proportions, and in some other subtile and by
considerations, which if they should be set down in particular,
would much perplex the Subject. I will therefore by supposition
set down a Proposition in a plain and easie Proportion for the
more ready apprehension of the Reader.
As for Example, Suppose the King