A Discourse of Coin and Coinage [47]
that, there were great Varieties and
confusions in the Moneys current, and the Histories of those
Times are full of Complaints upon that subject. And therefore
they do most highly magnify the Wisdom of King Edward the First,
who settled a uniformity in that Subject, by introducing one
certain species of sterling Coin.
And for the Example of France, the Histories of that Country
do not only justifie that there were great Confusions in this
Subject in those times, but by great Insurrections of the People
and Rebellions upon that occasion, insomuch, as the reputed
Authors of those Inventions were sacrificed to appease the
popular Rage.
Chapter 23
Of Coining of Moneys without Distinction of Weights
The Proposition, intended under this Title, is this, That the
Money, hereafter, both of Gold and Silver should be coined of the
same fineness, that the Silver and crown Gold now are, but that
there should be coined no pieces of a certain weight either of
gold or silver, but that the Allay being certain, the weight
should remain uncertain; that all Money now current should be
valued by a certain weight.
As for Example, That every ounce weight of Silver should be
valued at 5s. and every ounce weight of Gold at twelve times as
much, or thirteen times so much, or such a Proportion as should
be thought most equal; and that all former Contracts should be
acquitted in weight, by reducing every 100 l. sterling, into 400
ounces of Silver, or a proportionable weight of Gold, but that
all future Contracts should be directly made in weight, as in
pounds, ounces, and the Sections of the ounce, either in Silver
or proportionable weight in Gold: That there should be only
coined a certain Proportion of small Moneys in Silver, not in
value above a penny, or two pence sterling, of a certain weight
for the accommodation of small ordinary payments. But that all
the main mass of Money, both of Silver and Gold, should have no
certain weight imposed on it, but should be current according to
the weight it had, as it should fall out. The Authors of this
Proposition maintain.
That the first Institution of Money was in this manner. That
this Addition of certainty of weight to the Allay, by making the
stamp to serve as a publick Testimony that the piece so stamped
or coined is not only of such a fineness but of such weight also,
have given occasion to all the Inconveniences that have since
grown in this Subject of Money, and that there is no other way to
reform these Inconveniences stablely and permanently but by
reducing the Money to this original Institution.
And therefore they say, That the imposing of certain weight
to the piece by the stamp hath given the Opportunity to the Kings
and Common-wealths to help themselves in their necessities,
diminishing the Intrinsical value, and marking the piece of such
a weight, when as really it weigheth not so much; and thus much
may be observed in the first part of this Discourse of the
Historie of the Moneys of the Grecians and the Romans and other
modern States.
They say likewise, That this diminution of the intrinsical
value by subtracting from the true weight of which the several
pieces of Money were first marked, hath introduced that practice
of draining of Money from other Nations, by raising the price of
it, which is the Mischief now grown into this Subject.
They say, That it hath given occasion to the culling of the
heavier Money from the lighter, which is one of the greatest
Instruments of Exportation, that it hath also given the occasion
of washing, scaling, and clipping of Money, mischiefs that are
now grown very frequent.
Lastly, It hath given occasion by the use and wearing of the
old Money to raise the price of the new and weighty Money in the
Estimation of the People, and consequently to melt the old.
But although it should be acknowledged that these
Inconveniences have been introduced by these forms of Coinage now
in use, yet it remains to be considered how they would be
reformed by this new
confusions in the Moneys current, and the Histories of those
Times are full of Complaints upon that subject. And therefore
they do most highly magnify the Wisdom of King Edward the First,
who settled a uniformity in that Subject, by introducing one
certain species of sterling Coin.
And for the Example of France, the Histories of that Country
do not only justifie that there were great Confusions in this
Subject in those times, but by great Insurrections of the People
and Rebellions upon that occasion, insomuch, as the reputed
Authors of those Inventions were sacrificed to appease the
popular Rage.
Chapter 23
Of Coining of Moneys without Distinction of Weights
The Proposition, intended under this Title, is this, That the
Money, hereafter, both of Gold and Silver should be coined of the
same fineness, that the Silver and crown Gold now are, but that
there should be coined no pieces of a certain weight either of
gold or silver, but that the Allay being certain, the weight
should remain uncertain; that all Money now current should be
valued by a certain weight.
As for Example, That every ounce weight of Silver should be
valued at 5s. and every ounce weight of Gold at twelve times as
much, or thirteen times so much, or such a Proportion as should
be thought most equal; and that all former Contracts should be
acquitted in weight, by reducing every 100 l. sterling, into 400
ounces of Silver, or a proportionable weight of Gold, but that
all future Contracts should be directly made in weight, as in
pounds, ounces, and the Sections of the ounce, either in Silver
or proportionable weight in Gold: That there should be only
coined a certain Proportion of small Moneys in Silver, not in
value above a penny, or two pence sterling, of a certain weight
for the accommodation of small ordinary payments. But that all
the main mass of Money, both of Silver and Gold, should have no
certain weight imposed on it, but should be current according to
the weight it had, as it should fall out. The Authors of this
Proposition maintain.
That the first Institution of Money was in this manner. That
this Addition of certainty of weight to the Allay, by making the
stamp to serve as a publick Testimony that the piece so stamped
or coined is not only of such a fineness but of such weight also,
have given occasion to all the Inconveniences that have since
grown in this Subject of Money, and that there is no other way to
reform these Inconveniences stablely and permanently but by
reducing the Money to this original Institution.
And therefore they say, That the imposing of certain weight
to the piece by the stamp hath given the Opportunity to the Kings
and Common-wealths to help themselves in their necessities,
diminishing the Intrinsical value, and marking the piece of such
a weight, when as really it weigheth not so much; and thus much
may be observed in the first part of this Discourse of the
Historie of the Moneys of the Grecians and the Romans and other
modern States.
They say likewise, That this diminution of the intrinsical
value by subtracting from the true weight of which the several
pieces of Money were first marked, hath introduced that practice
of draining of Money from other Nations, by raising the price of
it, which is the Mischief now grown into this Subject.
They say, That it hath given occasion to the culling of the
heavier Money from the lighter, which is one of the greatest
Instruments of Exportation, that it hath also given the occasion
of washing, scaling, and clipping of Money, mischiefs that are
now grown very frequent.
Lastly, It hath given occasion by the use and wearing of the
old Money to raise the price of the new and weighty Money in the
Estimation of the People, and consequently to melt the old.
But although it should be acknowledged that these
Inconveniences have been introduced by these forms of Coinage now
in use, yet it remains to be considered how they would be
reformed by this new