A Discourse of Coin and Coinage [48]
form of Coining. And first it is true, if
the form were used, it were not possible for any King or State to
make any advantage either by the raising of the price of Money or
diminishing the weight: neither could they indeed make any
Advantage by addition of Allay, if the Proposition be truly
observed. As for the raising of Money by other Nations, It is
plain that the Observation of this Proposition, here in England,
would not hinder them to raise still, as now they do; but then it
is to be considered, whether their raising would turn to our
Disadvantage as now it doth.
And first, if other Nations raise their Money, they can
neither by that raising make their Moneys valuable to us, nor
make our Money more valuable to them; when as before their
raising or after their raising, they can give it no other value
than by weight, because the pieces are uncertain.
But it may be objected, That when our Neighbours raise their
Money, then will our Money (being al by weight) go further to be
coined into theirs, than it would have done before and
consequently for that profit will be transported until the price
of their commodities do grow up unto their Money.
To which it may be answered, That they cannot set an higher
price upon the pieces of our Money as now they use to do, because
the piece hath no certain weight, then they cannot cull out the
pieces as (now they do) which over-weight, and so by converting
them into their own Money, make benefit of them, so as there is
no way left unto them to make profit of our Money when it is
transported, but to deliver it into the Mint to be here coined
into their Money; in which case the Transporter must of necessity
loose all the charge of the coinage here, together with the Kings
Tribute, and he must also loose the like charge in the place
where he coins it a new. Both which put together would make so
great a Proportion, as no raising for the drawing of Silver or
Gold, into any State at one time hath hath ever equalled it.
But yet this Scruple remains unsatisfied, That at least the
Bullion, which otherwise would have come unto you, will be in the
mean time diverted until the price of Commodities be grown up to
the value of their Money as it is raised. But it is manifest,
that all other mischiefs set down before would be taken away by
this Proposition, as culling, washing, scaling and clipping of
Money, for that no benefit could possibly be made by them, and
that equality of Exchange formerly propounded would by this means
be brought the nearest to perfection of any other; for that the
Merchant, first shall understand the true value of his own Money,
and cannot make the account of Exchange in a forrein place, but
by comparing their Moneys in true weight and fineness with his
own; so as he cannot be deceived either by a false reputed value
of his own Money, or of the Money which he is to receive by
Exchange, and therefore will not make his Exchange to loss,
except he be induced thereunto by some other circumstances which
have no relation to the Subject of Money.
But having thus far debated of the Commodities and Benefits
of this Proposition and prevention of former Inconveniences; It
now remains to be inquired what new Inconveniences this
Proposition would bring with it.
And first, The alteration would be very strange, and with
great difficulty would be received by the People in a matter that
is of most general and continual use of all others, in stead of
accounting by a pound sterling, angels, shillings, and groats, to
come now to accompt by Pound weights, Marks, Ounces, Scruples,
and Drachmas; to which the only answer to be made is,
That although the Trouble and Difficultie would be very
great, yet being once settled, it would be settled for ever,
whereas now the Trouble and Inconvenience which the People endure
in this matter of Money is often renewed, but never amended.
A second Objection is, The Extream molestation which the
People should receive in the practice of it, when as every man
should
the form were used, it were not possible for any King or State to
make any advantage either by the raising of the price of Money or
diminishing the weight: neither could they indeed make any
Advantage by addition of Allay, if the Proposition be truly
observed. As for the raising of Money by other Nations, It is
plain that the Observation of this Proposition, here in England,
would not hinder them to raise still, as now they do; but then it
is to be considered, whether their raising would turn to our
Disadvantage as now it doth.
And first, if other Nations raise their Money, they can
neither by that raising make their Moneys valuable to us, nor
make our Money more valuable to them; when as before their
raising or after their raising, they can give it no other value
than by weight, because the pieces are uncertain.
But it may be objected, That when our Neighbours raise their
Money, then will our Money (being al by weight) go further to be
coined into theirs, than it would have done before and
consequently for that profit will be transported until the price
of their commodities do grow up unto their Money.
To which it may be answered, That they cannot set an higher
price upon the pieces of our Money as now they use to do, because
the piece hath no certain weight, then they cannot cull out the
pieces as (now they do) which over-weight, and so by converting
them into their own Money, make benefit of them, so as there is
no way left unto them to make profit of our Money when it is
transported, but to deliver it into the Mint to be here coined
into their Money; in which case the Transporter must of necessity
loose all the charge of the coinage here, together with the Kings
Tribute, and he must also loose the like charge in the place
where he coins it a new. Both which put together would make so
great a Proportion, as no raising for the drawing of Silver or
Gold, into any State at one time hath hath ever equalled it.
But yet this Scruple remains unsatisfied, That at least the
Bullion, which otherwise would have come unto you, will be in the
mean time diverted until the price of Commodities be grown up to
the value of their Money as it is raised. But it is manifest,
that all other mischiefs set down before would be taken away by
this Proposition, as culling, washing, scaling and clipping of
Money, for that no benefit could possibly be made by them, and
that equality of Exchange formerly propounded would by this means
be brought the nearest to perfection of any other; for that the
Merchant, first shall understand the true value of his own Money,
and cannot make the account of Exchange in a forrein place, but
by comparing their Moneys in true weight and fineness with his
own; so as he cannot be deceived either by a false reputed value
of his own Money, or of the Money which he is to receive by
Exchange, and therefore will not make his Exchange to loss,
except he be induced thereunto by some other circumstances which
have no relation to the Subject of Money.
But having thus far debated of the Commodities and Benefits
of this Proposition and prevention of former Inconveniences; It
now remains to be inquired what new Inconveniences this
Proposition would bring with it.
And first, The alteration would be very strange, and with
great difficulty would be received by the People in a matter that
is of most general and continual use of all others, in stead of
accounting by a pound sterling, angels, shillings, and groats, to
come now to accompt by Pound weights, Marks, Ounces, Scruples,
and Drachmas; to which the only answer to be made is,
That although the Trouble and Difficultie would be very
great, yet being once settled, it would be settled for ever,
whereas now the Trouble and Inconvenience which the People endure
in this matter of Money is often renewed, but never amended.
A second Objection is, The Extream molestation which the
People should receive in the practice of it, when as every man
should