A Discourse of Coin and Coinage [46]
should coin new twenty
shilling pieces, which should hold in intrinsical value but
eighteen shillings and four pence in Proportion to the present
Gold; and new shillings, which should hold but eleven pence in
Proportion to the shillings of the present standard, and then it
should be ordain'd, that all former Contracts already past,
should be acquitted in old Money, or else in new Money, valuing
every 20s but at 18s 4d and so in Proportion of lesser sums; but
that all new contracts should be paid afterwards in new Money, or
else in old, valuing every 18s 4d of the old Money at 20s of the
new. By this means, say the Authors of this proposition, we shall
bring back our own Money at 20s and drain away the Money of our
Neighbours, and trades and Manufactures shall flourish in
consequence; yet our Moneys are raised, and yet no man shall
receive any injustice by it, for both the King and all other
Lords of Lands or contracted upon former Wages, shall be paid in
Money formerly current, or else in new proportionable to the old.
And all those which are to pay Money, either out of their own
Industry or Labours, or out of the fruits of the earth, or by any
other means, when they do see that they must contract for new
Money, apparently, according to the Proportion set down, worse
than the old, they will help themselves by raising their price in
Proportion unto it. There may likewise be alledged Examples for
this Proposition, as in Ireland when sterling Money and Irish
Money are both current, the one a fourth worse than the other
without any Inconvenience. And it seemeth that anciently before
the time of Edward the first in England, there were Moneys
current of several standards; for although there be a few Records
left of Mint matters, more antient than Edward the Third, yet
Anno sexto Reg. Johannis membrana sptima Dorso, certain old Money
of baser standard was made current; But so, as no Jew or Merchant
stranger might buy Merchandize, or pay debts with it, or any
thing else, (but only victum et vestitum with that old Money,)
but in grossa et forti Moneta. And in France, until the time of
Philip le Bell (who was contemporant with Edward the Second) it
seemeth that there were used several species of Money, And
Eddicts were made what Contracts should be acquitted in one
species and what in another.
But I will come now, as in the former, to the examination of
this Proposition. first, the extreme Confusion is to be
considered which it will bring among the People by raising
Questions what is to be paid in old Money and what is to be paid
in new Money.
As for example, a man who lent Money before the time
appointed for the currency of this Money, after the day,
receiveth interest for it, and so lets it run on, Whether shall
this be interpreted an old contract or a new? and divers other
Questions of like nature will arise. But suppose that such
Prudence were used before hand as all such Questions might be
prevented, yet certainly the intricasie of the accounts between
the old Money and the new, by Reason of the confused Fractions
which are in it, would be a great molestation to the People: But
there lurketh a much greater Inconvenience which would not be
discovered but by length of time; which is when you have thus
raised the price of your Money, when other Nations shall raise
theirs again beyond your new Money, you must then be enforced to
make a second new Money of less intrinsical value than the first,
and then again, all Contracts between the first and the second
new Money, are to be acquitted in the first new Money, or in the
second new Money, valued in Proportion to the first, and so in
consequence of time, a third new Money would be coined, and a
fourth, and a fifth, and so forward; that by degrees both the
multiplicity of the Moneys, and the variety of the times of the
contracts would pass all humane comprehension.
As for Examples alledged, they make more against the
Proposition than for it; for I doubt not, but in the time of King
John, and afore and after
shilling pieces, which should hold in intrinsical value but
eighteen shillings and four pence in Proportion to the present
Gold; and new shillings, which should hold but eleven pence in
Proportion to the shillings of the present standard, and then it
should be ordain'd, that all former Contracts already past,
should be acquitted in old Money, or else in new Money, valuing
every 20s but at 18s 4d and so in Proportion of lesser sums; but
that all new contracts should be paid afterwards in new Money, or
else in old, valuing every 18s 4d of the old Money at 20s of the
new. By this means, say the Authors of this proposition, we shall
bring back our own Money at 20s and drain away the Money of our
Neighbours, and trades and Manufactures shall flourish in
consequence; yet our Moneys are raised, and yet no man shall
receive any injustice by it, for both the King and all other
Lords of Lands or contracted upon former Wages, shall be paid in
Money formerly current, or else in new proportionable to the old.
And all those which are to pay Money, either out of their own
Industry or Labours, or out of the fruits of the earth, or by any
other means, when they do see that they must contract for new
Money, apparently, according to the Proportion set down, worse
than the old, they will help themselves by raising their price in
Proportion unto it. There may likewise be alledged Examples for
this Proposition, as in Ireland when sterling Money and Irish
Money are both current, the one a fourth worse than the other
without any Inconvenience. And it seemeth that anciently before
the time of Edward the first in England, there were Moneys
current of several standards; for although there be a few Records
left of Mint matters, more antient than Edward the Third, yet
Anno sexto Reg. Johannis membrana sptima Dorso, certain old Money
of baser standard was made current; But so, as no Jew or Merchant
stranger might buy Merchandize, or pay debts with it, or any
thing else, (but only victum et vestitum with that old Money,)
but in grossa et forti Moneta. And in France, until the time of
Philip le Bell (who was contemporant with Edward the Second) it
seemeth that there were used several species of Money, And
Eddicts were made what Contracts should be acquitted in one
species and what in another.
But I will come now, as in the former, to the examination of
this Proposition. first, the extreme Confusion is to be
considered which it will bring among the People by raising
Questions what is to be paid in old Money and what is to be paid
in new Money.
As for example, a man who lent Money before the time
appointed for the currency of this Money, after the day,
receiveth interest for it, and so lets it run on, Whether shall
this be interpreted an old contract or a new? and divers other
Questions of like nature will arise. But suppose that such
Prudence were used before hand as all such Questions might be
prevented, yet certainly the intricasie of the accounts between
the old Money and the new, by Reason of the confused Fractions
which are in it, would be a great molestation to the People: But
there lurketh a much greater Inconvenience which would not be
discovered but by length of time; which is when you have thus
raised the price of your Money, when other Nations shall raise
theirs again beyond your new Money, you must then be enforced to
make a second new Money of less intrinsical value than the first,
and then again, all Contracts between the first and the second
new Money, are to be acquitted in the first new Money, or in the
second new Money, valued in Proportion to the first, and so in
consequence of time, a third new Money would be coined, and a
fourth, and a fifth, and so forward; that by degrees both the
multiplicity of the Moneys, and the variety of the times of the
contracts would pass all humane comprehension.
As for Examples alledged, they make more against the
Proposition than for it; for I doubt not, but in the time of King
John, and afore and after