Further Considerations [26]
the adding to the quantity of Silver in our Coin, is the true raising of its value; and the diminishing the quantity of Silver in it, is the sinking of its value; however they come to be transpos'd and used in the quite contrary sense. If my Calculations, from the Weight and Fineness I find set down in Mr. Lowndes's Extract out of the Indentures of the Mint, have not misled me, the quantity of Silver to a Grain, which was in a Shilling in every Change of our Money, is set down in the following Table.
One Shilling contain'd of Fine Silver
Grains.
28 Edward 1 264 18 Edward 3 236 27 Edward 3 213 9 Henry 5 176 1 Henry 6 142 4 Henry 6 176 49 Henry 6 142 1 Henry 8 118 34 Henry 8 100 36 Henry 8 60 37 Henry 8 40 3 Edward 6 40 5 Edward 6 20 6 Edward 6 88 2 Eliz. 89 43 Eliz. 86
And So it has remain'd from the 43 of Elizabeth to this day.
Mr. Lowndes's 69
Mr. Lowndes having given us the Fineness of the Standard Silver in every Reign, and the number of pieces a Pound Troy was Coin'd into, closes this History with words to this purpose, p. 56. By this deduction it doth evidently appear, that it hath been a Policy constantly practised in the Mints of England, to raise the value of the Coin in its extrinsick Denomination from time to time, as any exigence or occasion required, and more especially to encourage the bringing of Bullion into the Realm to be Coin'd. This indeed, is roundly to conclude for his Hypothesis. But I could wish, that from the Histories of those Times, wherein the several changes were made, he had shew'd us the Exigences and Occasions that produced the raising of the Coin, and what effects it had. If I mistake not, Henry the 8th's several raisings of our Coin, brought little increase of Silver into England. As the several Species of our Coin lessened in their respective quantities of Silver. so the Treasure of the Realm decreased too: And he that found the Kingdom Rich, did not, as I remember, by all his raisings our Coin, leave it so. Another thing, that (from this History) makes me suspect that the raising the Denomination was never found effectively to draw Silver into England, is the lowering the Denomination, or adding more Silver to the several Species of our Coin, as in Hen. VI's time, the Shilling was increased from One hundred forty two Grains of Silver, to One hundred seventy six. And in the 6th of Edw. VI. in whose time raising the Denomination seems to have been tried to the utmost, when a Shilling was brought to Twenty Grains of Silver. And the great alteration that was then quickly made on the other hand, from Twenty to Eighty Grains at one leap, seems to shew that this lessening the Silver in our Coin, had proved highly prejudicial: For this is a greater change in sinking of the Denomination in proportion, than ever was made at once in raising it; A Shilling being made four Times weightier in Silver in the 6th, than it was in the 5th Year of Edw. VI. his Reign. Kingdoms are seldom found weary of the Riches they have, or averse to the increase of their Treasure. If therefore the raising the Denomination did in reality bring Silver into the Realm, it cannot be thought that they would at any time sink the Denomination, which by the Rule of contraries should be at least suspected to drive, or keep it out. Since therefore we are not from matter of Fact informed, what were the true Motives that caused those several changes in the Coin; may we not with Reason suspect, that they were owing to that Policy of the Mint, set down by our Author, p. 83. in these words, that the proposed advance is agreeable to the Policy that in past Ages hath been practised, not only in our Mint, but in the Mints of all Politick Governments; namely, to raise the value
One Shilling contain'd of Fine Silver
Grains.
28 Edward 1 264 18 Edward 3 236 27 Edward 3 213 9 Henry 5 176 1 Henry 6 142 4 Henry 6 176 49 Henry 6 142 1 Henry 8 118 34 Henry 8 100 36 Henry 8 60 37 Henry 8 40 3 Edward 6 40 5 Edward 6 20 6 Edward 6 88 2 Eliz. 89 43 Eliz. 86
And So it has remain'd from the 43 of Elizabeth to this day.
Mr. Lowndes's 69
Mr. Lowndes having given us the Fineness of the Standard Silver in every Reign, and the number of pieces a Pound Troy was Coin'd into, closes this History with words to this purpose, p. 56. By this deduction it doth evidently appear, that it hath been a Policy constantly practised in the Mints of England, to raise the value of the Coin in its extrinsick Denomination from time to time, as any exigence or occasion required, and more especially to encourage the bringing of Bullion into the Realm to be Coin'd. This indeed, is roundly to conclude for his Hypothesis. But I could wish, that from the Histories of those Times, wherein the several changes were made, he had shew'd us the Exigences and Occasions that produced the raising of the Coin, and what effects it had. If I mistake not, Henry the 8th's several raisings of our Coin, brought little increase of Silver into England. As the several Species of our Coin lessened in their respective quantities of Silver. so the Treasure of the Realm decreased too: And he that found the Kingdom Rich, did not, as I remember, by all his raisings our Coin, leave it so. Another thing, that (from this History) makes me suspect that the raising the Denomination was never found effectively to draw Silver into England, is the lowering the Denomination, or adding more Silver to the several Species of our Coin, as in Hen. VI's time, the Shilling was increased from One hundred forty two Grains of Silver, to One hundred seventy six. And in the 6th of Edw. VI. in whose time raising the Denomination seems to have been tried to the utmost, when a Shilling was brought to Twenty Grains of Silver. And the great alteration that was then quickly made on the other hand, from Twenty to Eighty Grains at one leap, seems to shew that this lessening the Silver in our Coin, had proved highly prejudicial: For this is a greater change in sinking of the Denomination in proportion, than ever was made at once in raising it; A Shilling being made four Times weightier in Silver in the 6th, than it was in the 5th Year of Edw. VI. his Reign. Kingdoms are seldom found weary of the Riches they have, or averse to the increase of their Treasure. If therefore the raising the Denomination did in reality bring Silver into the Realm, it cannot be thought that they would at any time sink the Denomination, which by the Rule of contraries should be at least suspected to drive, or keep it out. Since therefore we are not from matter of Fact informed, what were the true Motives that caused those several changes in the Coin; may we not with Reason suspect, that they were owing to that Policy of the Mint, set down by our Author, p. 83. in these words, that the proposed advance is agreeable to the Policy that in past Ages hath been practised, not only in our Mint, but in the Mints of all Politick Governments; namely, to raise the value