of the several times, how
much the Gold, then coined in work, is valued at, then I do
examine what proportion of Allay is mixed in the said Gold coined
in work, and add to the same the said proportion of Allay, as if
it were fine Gold, and so make up a full pound of fine Gold; and
do just in the same manner, value the full pound of fine Silver
and then calculate what proportion is between the value of the
pound of fine Gold and the value of the pound of fine Silver. To
which examination, I cannot conceive what can be objected other
than this, That the remedies which are allowed, being different
in the Gold from the Silver, and different in themselves, in
different times, must needs breed an error in this Calculation.
But to that objection I answer, that the remedies do make so
small a difference that it is not considerable; and besides it
were impossible to consider the remedies in this
Calculation,because they are casual in the work and are supposed
to fall out sometimes as well beyond the just standard as
deficient: And from all Antiquity it is provided in the
Indentures, that the remedies shall be allowed, if the defects
appear to be casual and not voluntary. The Truth is, that they
were an invention by which the Masters of the Mint made their
advantage under colour of Contingency of the work, which appears
to have bin first apprehended by King Henry the VII who in the
first year of his reign made the Masters of the Mint accountable
to himself for so much of the remedie as was found deficient from
the standard. The first clear record that I can find for the
values of our Moneys, is in the eighteenth year of Edward III and
then a full pound of fine silver was valued at 11 l. of fine
Silver, and eight pence over: From that time to the 25th of
Edward III there was some variety in the Money, but not worth the
mention. But in the 25th a full pound of fine Gold was valued at
11 l. of fine Silver, and 3s. 2d. over; and so it remained all
Edward III time, and all Richard II time, and until the 13 of
Henry IV; at which time both Gold and Silver were raised by
advice in Parliament, upon complaint that by reason of the low
prices of Gold and Silver, the Money of the Realm was exhausted.
And by that Ordinance a pound of fine Gold was valued at ten
pounds of fine Silver and almost one half, and so it remained all
his time, and all Henry V time and until the 49 of Henry VI time,
and then the Gold and Silver was again raised, and a pound of
Gold fine was valued at 11 l. of the fine Silver and 6s. over. In
the fourth of Edward IV the Gold was abased in value, and the
Silver left at the same price; by which means a pound of fine
Gold was valued at ten pound of fine Silver, and 6s 7d. over. But
in the 8 of Edward IV the Gold was again raised to the former
price, as it was in the 49 of Hen. VI and so the proportion
remained just the same both all Edward IV time and Henry VII
time, and the beginning of Henry VIII time. In 18 of Henry VIII
there were Letters Patent granted to the Cardinal of York and to
such of the King's Council, as he should call unto him,
authorizing them to give such Directions, as they should think
meet, for the alteration both of the standard and values of the
Kings Moneys, and a Commission was accordingly issued to the
Officers of the Mint to pursue the said Directions; the Colour
whereof was, That the Moneys of the Realm were transported
secretly by reason of the excessive raising of Moneys in France,
and in the Low Countries, and that the King, having sent unto
other Princes, could obtain no redress for the raising of their
Coyns: Upon this Commission did arise great confusions in the
prices and standards of the Moneys; which, with certainly I
cannot trace any further, because the matter passing by private
direction, there are no publick Records extant of them. In the
third of Edward VI a Commision was granted to coin Gold at 22
Carrats fine, of the value of 34 l. the pound: and Silver of 8
ounces fine, of the value of 4 l. 16s. the Pound whereby a pound
of Gold fine was valued at 37 l. and almost 2s. and a pound of
Silver fine was valued at 7 l. 4s. and by that rate, a pound of
fine Gold was as five pound of fine Silver and 22s. over: which
could not so fall out but through the excessive gain which the
King did make upon the Silver more than on the Gold: and it seems
that the proportion was much other between the Merchants in
Bullion, for neer about the same time the King gave Commission to
buy Gold and the Mint of 24 Carrats fine, at 58s. the ounce; and
Silver of 12 ounces fine 5s. 4d. which is almost jj for one.
These confusions did still remain all Kind Edward and Queen
Maries Reigns, but in 14 of Queen Elizabeth the antient sterling
standard both of Gold and Silver was renewed, and a pound of Gold
fine valued at 11 l. of fine Silver, and 7s. 10d. over: In the
24th of Elizabeth the standard of Gold was abased one quarter of
a grain, and of Silver one pennyweight, but the proportion
between two metals near upon the same point: And although in
these times the Crown Gold was coined upon another standard, yet
the proportion in the Intrinsical value was kept the same. In
secundo Jacobi, the proportion was 12 for one; but every 20s.
being afterwards by Proclamation raised to 22s; one pound of fine
Gold of 24 carrats, is valued at 13 l. of fine Silver of 12
ounces fine and one fifth over.
And these are the Antient and Modern proportions of Gold and
Silver to one another in price, as punctually and authentically
as by diligent search I could gather them. There is yet another
proportion between mettals, which is not unnecessary to our
purpose to be understood, which although I have not by mine own
trial examined, yet having taken it from good Authors, I will not
omit; and that is a natural and a constant proportion which
mettals do hold differently to one another in weight in the same
value and superficies: which is, that Gold weighs 48 parts, Quick
Silver 27 parts, Silver 24 parts, Lead 22 parts, Tinn, Iron,
Coper, 15 parts; which different proportion of weight was the
ground of that condition of Archymedes whereby he found out how
much Silver the workmen of Hiero put into his Crown of Gold; and
which is likewise the ground of many other subtil Conclusions,
which have bin found out for the deprehension of mettals, and
other mechanical works; and by this proportion those of China do
examine the fineness of the Gold which is current amongst them,
who by constant Relation, being said to be most subtile and exact
in mechanical trials of mettals, have not the Gold which is
current amongst them coined, but reduced into powder, which they
do pass to one another in their commerce by weight, and do easily
deprehend if there be mixture of Allay amongst it by measuring
the powder, and then tempering the weight and measure together.
Chapter 5
Of the raising of the price of Money both of Silver and Gold
It is to be understood that there are three ways of raising
the price of Moneys either Gold or Silver: The first is without
alteration of the Species of the Money, by encreasing the value
of it, by giving more parts to it than originally it had, as by
ordaining an Angel or a Soveraign to be valued at eleven
shillings, which was coined for ten, or a shilling to be valued
at fourteen pence. The second way is by diminishing the matter,
but leaving the same name and value to the Money which it had
before, as if Shillings or Angels, or Soveraigns were coined by
the same name and value as before, but were diminished so many
grains in weight: or, if new names were given to them and the
same value retained, but the weight diminished; for in this case,
there being really less Gold and Silver in weight in the piece
than there was before and the value remaining the same, the
Silver and Gold which remains hath a higher price set upon it.
The third is when the value remaining the same of the species of
Money, and the weight of the same, the fineness is abased by
putting more Allay into it, for then there is really less Gold
and Silver in fineness.
There are two causes of the raising of Money: the first and
most antient cause of raising Money, was a gain which the state
made of it in their Necessities, which hath not often been
practised in this Kingdom. But the second and most frequent cause
hath been, an Art which States have used to rob one another of
their Money, by setting on higher prices upon it; so that some
States being induced, by an unjust device, to draw to themselves
the Money of their Neighbours, and others by a necessity to keep
their own. All these parts of the world, for some few hundred of
years, have done nothing but vye one upon another who shall raise
their Money highest, which hath brought great Confusion in all
States; and doth threaten much greater, if it be not prevented.
But first to shew the Antiquity of the practice of raising of
Monies we will begin with the Romans. The As, which was
originally coyned of a pound weight, was, during the first Punick
War for help of publick necessities, brought to 2 ounces, and all
the lesser parts of the As, as ounces and others, were abated in
proportion. During the Dictatorship of Fabius Maximus the As was
brought to one ounce weight, and yet reduced again by Papirius to
half an ounce. The Denarii of Silver were at first current for
ten As, and the Sestertii, which were quarters of the Denarii,
for two and a half as. But when the weight of the as was
diminished to one ounce the denarius was made worth sixteen as,
and the sestertius worth four as. They did likewise make sundry
abasements (by means) of the Allay, whereof that of Livius Drusus
was excessive, mixing an 8th part of Copper. And hereby the
confusions grew so great, that Tullie in a passage of his Offices
saith, Jactobatur enim Temporibus illis Nummus, sic ut nemo
posset scire quid haberet (in pecunia); where upon Marius
Gratidianus, who being Triumvir monetae cudendae, brought in an
exact Ordinance for the regulating of this Money, had Statues
erected to him by the people. The first gold pieces were coined
of 40 pieces in the pound, and in the time of Justinian, the same
pieces, called Solidi aurei were 72 in the pound. After the great
inundations of the Barbarous people into the Roman Empire, the
Confusions in this subject of Money grew incredible.
Charles the Great, in whose time the Monarchy of the Francks
grew to the Height, made a new Reglement of Moneys, which is the
same that continues to this day in France, and is the same which
we do now practice in England, for the division of Moneys, though
for the Values of them the difference is grown exceeding great:
For he renewed again the Account by Livres or Pounds, and divided
the Pounds into twenty Solidi, which in France they call Sols,
and we Shillings; the solidus again into 12 Denarii, which in
France they call Deniers, and we pence. But the values are grown
so different as every of our Shillings, our Pounds, our Pence are
valued at ten of theirs: and yet in intrinsical value are more.
Many do hold that by the Institution of Charles the Great, twenty
Sols contained in them a Pound of silver. but it is authentically
to be proved, both by unquestionable Records, and by Pieces
themselves, of which I have some extant, that many hundred of
years after, in the time of St. Lewis, who was contemporary with
our Henry the Third, that the Sols then contained in intrinsical
value near six Sols of this present King, so much hath the Money
since that time been raised in price, and abased in substance,
which is the same. In the Reign of Philip the Second, in the year
1181, the French Mark of fine Gold, which makes almost 8 ounces
of our Pound, was valued in the Moneys then at 44 livres, and the
Mark of the King's Silver was valued at 2 livres, 13 sols, and 4
deniers. And by the Edict of this present King, in the year 1614,
the Mark of the same Gold was valued at 278 Livres, 6 Sols, 6
Deniers. And the Mark of the same silver was valued at 20 livres,
5 Sols; so that in this time, the Gold hath been raised to six
times, and almost the third part of the price which then it did
bear; and the Silver hath been raised much above seven times the
value which then it did bear.
I will not trouble the Reader to set down by what degrees
this Price has grown to so great an height which have been very
various, the Price having been sometimes excessively raised and
sometimes sudainly reduced back again by the French Kings, and
most commonly to make a Levy of Monies upon the People, which
hath bred infinite Confusions, and sometimes Rebellions in that
Kingdom.
But I will now come to the Kingdom of England, where the
raising of the Price hath been with a more constant hand, and,
almost alwayes, out of a kind of Necessity to follow the raising
of other States; yet, from time to time we shall not finde the
Rates of the raising much to differ from those of France. But I
cannot begin from so antient (a date) as in France; The first
Record that I can find for this purpose being in the eighteenth
year of Edward the Third, which was in the year of Grace about
1344. And then a pound of Gold of sterling Standard, which is 23
carrats, 3 grains, and one half fine, was valued at 13 pound 4s
8d. and a pound of Silver of sterling Standard, at 22s. 2d. The
20th of Edward the Third, the pound of Gold of the same Standard
was raised to 14 pound, and the pound of Silver to 22s 6d. In the
27th of Edward the Third, the same gold was raised to 15 pound,
and the same Silver to 25s the pound; the rest of the reign of
Edward the Third, and during all the Reign of Richard the Second,
and until the Thirteenth of Henry the Fourth, the same prices
remained. And then by the Advice of the Parliament, to prevent
Transportation, the same Gold was raised to 16 pound, 15s and the
same Silver to 30s the pound; and this price remained all the
rest of the reign of Henry the Fourth, and during all the Reign
of Henry the Fifth, and until the 49th of Henry the Sixth; and
then the same Gold was raised to 22 l. 10s. and the same Silver
to 37s. 6d. But in the fourth of Edward the Fourth, the price of
the same Gold was brought back to 20 pound 16s. 8d. the Silver
remaining as before. And in the eighth of Edward the Fourth, the
Gold was again raised to the former price of 22 l. 10s. the
Silver still remaining at 37s. 6d. And this price remained all
the rest of the Reign of Edward the Fourth, all the Reign of
Richard the Third, all the Reign of Henry the Seventh, and all
the beginning of Henry the Eight: But in 18th of Henry the Eight,
a Commission issued forth for the Alteration of the Standard, and
of the Prices of Moneys, according to the Direction to be given
by the Cardinal of York, and such other of the King's Council as
he should call unto him: form whence issued so great a Confusion,
both in the prices and Standard of the Moneys, as would prove
very difficult to trace out, and tedious to read, as well for the
Obscurity as for the great Variations, which succeeded: And
therefore I pass over all the rest of his Reign, as also those of
King Edward and Queen Mary, and until the fourteenth of Queen
Elizabeth, when was again coined Gold and Silver of the antient
sterling Standard, the Gold at 36 l. the pound, and the Silver of
the old Standard at 3 l. the pound: and although there were at
the same time and after much crown Gold coined, yet the
intrinsical value of it was governed by (the weight and fineness
of) the Angel of Gold: In the 25th and 26th of the Queen, she
abased the standard of the Gold one quarter of a grain, and the
standard of the Silver one penny weight, whereby the price of
Gold was raised one shilling 10 pence in the pound, and the price
of Silver 3d. in the pound. but in the second year of King James,
the price of the Soveraign, in gold which is but 22 carats fine,
was raised to 27 pound, 4 shill. being almost one eleventh part
more; and by the Proclamation, by which every 20 shilling piece
was made current for 22 shillings, the said Gold was yet raised
another tenth part; so that the increase of the price of Gold has
been such by the Degrees before specified, that every pound
sterling, by reckoning of Gold coin, and every part of a pound,
as Marks, and Shillings, etc. in coin of Gold, did in the
eighteenth of Edward the Third contain in intrinsical value (id
est) in pure Gold, thrice as much and above a third part more
than the same pound sterling in reckoning of Gold-coin, marks,
shillings, etc. does at this day contain. And every pound
sterling in reckoning of Silver-coin, and every part of a pound,
as marks, shillings, etc. in Silver coins did in the 18th year of
Edward the third, contain in intrinsical value, (id est) in pure
Silver, thrice as much, wanting about 1/6th part as the same
pound sterling, in reckoning of Silver coins, marks, shillings,
etc. does at this day contain.
There is yet another Proportion of Gold and Silver to be
inquired into as necessary to be known; and peradventure more
necessary than either of these: And that is to enquire what
Proportion our Gold and Silver holds in Value, being in Bullion,
as it is presented to the Mint by the Merchant, in Comparison of
the near adjoyning Countries: For by this Proportion we shall
discover the Reason why the Merchant Brings Gold into England
rather than Silver, and Silver into Holland rather than Gold, or,
why he carries both, or either of them, into one Country rather
than into another. And for that purpose, I will first begin with
England, and then compare it with some of the nearest
neighbouring Countreys.
In England, where the Merchant for so much Gold fine of 24
carats, as makes a pound, Tower weight, doth receive 43 l. 7s.
1d. according to the rate of the Mint, which is 41 l. 5s. for a
pound weight of sterling gold.
In France, according to the Edict of this King, Anno 1614,
which is yet in force, the Merchant receiveth at this Mint for so
much Gold of 24 Carats, as makes a pound of Tower weight, but 426
livres, and about 7 sols and one half French more at the Mint in
England for the same quantity of Gold, than the Merchant doth
receive at the Mint in France. Of Silver, the Merchant, at the
Mint in England receives for so much fine Silver as makes a
pound, Tower weight, 3 l. 4s. 6d. the Merchant receives at the
Mint in France, for the same quantity of Silver, 2 livres, and 2
sols French, or 4s. and almost 2d. half penny more than the
Merchant receives at the Mint of England. This Account I do make
reckoning the 12 ounces, Tower weight to make, as by tryal it has
been proved, 12 ounces and 6 deniers, Paris weight.
As for the United Provinces, etc.
Chapter 6
Of Base Money
I do not mean by base Money, Money of pure Copper, which in
all States and in all Ages hath almost always been used, at the
first for want of Gold and Silver, and now since, for the
necessity of the poorer sort onely, and not for Commerce and
Trade, as our farthlings have lately bin introduced: But I mean
that mixture of Metals, wherein Silver is incorporated with other
baser Metals, not for Allay but to the extinction of the
denomination of Silver; as Wine, when it is watered beyond a
certain proportion looseth the name of Wine. And in all the
Countries of Europe, as far as I can learn, except England and
Muscovia, is used for Commerce and Trade amongst the people:
which mixtion of mettals however it hath been practised at times
in former Ages, out of the extream Necessities of the Common
wealth, yet I do not find that it hath been constantly embraced
(as now it is in all parts) until about Eightscore years since,
about which time it was introduced into France by Charles the
Seventh. The pretences whereof were these.
First, That there was no Intention thereby to raise the price
or to diminish the weight of Silver, but that this Money should
be as good in intrinsical value, as in the Money of purer Silver,
save only a small charge laid upon it for the coinage: then that
by coining small pieces of a penny, two pence, or three pence,
and thereabouts, the pieces, by the mixtion should have a greater
bulk, and so be preserved from loss, which must needs frequently
happen by reason of the smallness of the pieces, if they were
made of pure Silver, so likewise they should be preserved from
wearing: and again, that the Gold-Smith should by this means be
kept from melting them, and the Stranger from exporting them,
because the charge of refining them and drawing the pure Silver
out of them would far exceed the profit: These are the Pretences
by which base Money was first introduced, but if they be weighed
against the Inconveniences, which have followed upon it, it will
be found one of the most mischievous Inventions that ever was
found in matters of Money. I could hardly resolve with myself to
insert this Chapter in this Discourse, because having mine aim
only a the good of this State, it seemed unnecessary to treat of
this Subject, since we have no base Money in England; but when I
consider, that in some unhappy seasons heretofore we have had
base Money; and that it is not impossible, but that the like
Projects may again be revived, I determin'd not only to treat,
but to go through with it all at once, and not to interrupt this
Discourse any more with that Subject: And therefore to set down
the Inconveniences that have followed it, which in the former
Chapter I did forbear, reserving both the Inconveniences and the
Remedies to be treated of apart. The first Inconvenience then of
the great mixture of Mettals, is the falsifying of them; for both
in reason it is too true, that by this mixture both the Colour,
Sound, Weight, and the other more hidden Qualities of the
different mettals are so confounded as the falsity cannot be
discovered, but with extream difficulty: and by experience it is
verified, that in all those Countries where base Money
hath-course, the greatest part of it is not coyned by the State,
but either counterfeited by the Natives, or brought in by several
Strangers.
Secondly, It is true that the base Money was first coined in
France, of an intrinsical value, almost equal to that of purer
mettals, and so it continues to this day, for so much of it is
coined by ordinance of the State, (the greatest part being
falsifyed:) But in most other Countries (as namely in Spain) the
State in self, to raise a Tribute upon the people, hath extreamly
falsified the intrinsical value, by which means both the State
hath for gain, Coins much more than there is occasion to use, and
there is incomparably more counterfeited by others, so as the
mischief doth hourly multiply.
Thirdly, The values of Money are continually raised from time
to time, which is no new Device (as is already more particularly
declared) the base Money must then in Proportion be likewise
raised, which cannot be done by increasing the value of the
particular pieces for being of so small price, the fractions
would be irreconcilable, so as there is no other way left to
raise the base Money, but by coining new, of a weaker Intrinsical
value. I would then gladly know what becomes of all the old base
Money, either it is melted down by Bullioners, which is the name
in French of those who by culling and trying of Coins make their
profit to melt them; or it is transported by strangers, so as in
effect the use of base Money doth bring that inconvenience, the
avoiding whereof was made one of the chiefest Pretences for
Coinage of it.
Fourthly, It is truly observed, that in all those Countries
where base Money is current, there the price of Gold and Silver
is daily raised by the people, not only without the Ordinance of
the State, but contrary to, and in despight of all Prohibitions
to the contrary, which draws with it extream disorders and
mischiefs, so it is in the Low Countries, so it is in France, so
in Germany, and in Spain; although the Ordinance for the value of
the Gold and Silver may securely be maintained by this help, that
no Forrein Coin is there current; yet when you come to change
base Money for Silver or Gold, you shall find how the people
there raise the price unto you of the purer Money; But in England
and Muscovia, where no base Money is in use, there the people
never raise the price of Gold and Silver (except by Ordinance of
the State it be directed) neither doth Experience only try this
Conclusion, but Reason also; for the people when they see the
Money of base and uncertain mixture, do disesteem it, and in
comparison thereof do esteem the Money of purer Gold and Silver
above the proportion, and so do raise the price of it; and this
esteem is not meerly out of opinion, for that really, that piece
of base Money which hath as much fine Silver as a penny, is
notwithstanding not worth a penny, because the mixture makes that
you cannot extract this penny in pure mettal, without loss and
charge: and if the people do hold this base esteem of this
mixture which hath in it the intrinsical value for which it is
current, how much more base esteem must they hold of that
mixture, which they know hath not neer in it that intrinsical
value for which it is current, and how much more must they needs
raise the Silver. And certainly base Money, when either it is at
first coined much in the intrinsical value under the extrinsical,
or is by degrees brought unto it and long so continued, doth in
the end breed either Insurrections among the People, or
rejections of it; whereof the examples of Insurrections are very
frequent, and therefore I will forbear to instance in them. But I
cannot omit one example of Rejection, because it is so fresh in
Memory, which was in Ireland in the end of the Reign of Queen
Elizabeth; which Country although it was newly vindicated from
Rebellion, and did patently endure all the imperious Directions
which a late fresh Victory did bring with it, yet as soon as the
Exchanges of base Moneys sent thither did cease in England, it
was instantly rejected there, and would not pass current for so
much as in the true intrinsical value it was worth, but was
brought up at under rates by such as made profit by melting it.
Fifthly, The Dishonour that accompanies base Moneys, is of a
more important Inconvenience than all the rest, for what can be
more dishonourable than to have the Image of the Prince, or the
Mark of the Publick Attestation impressed upon false and
counterfeited stuff: according to the saying of an Emperour, Quid
enim erit tutum si in nostra peccetur Effigie? And if there be
gain made of it, it is a manifest breach of the publick Faith,
for that it hath no other course than as it hath publick warrant
to be good. Nay, this point of Honour hath so far prevailed in
the World, that it hath been made an Observation by many, that in
all great Divisions in States and Monarchaies, that partly hath
infallibly the juster cause which doth most warily proceed,
either to the raising of the price, or the abasing of the matter
thereof: which Observations are not without warrant of Experience
nor of Reason also; for that all raising of the price and abasing
of the matter of Money for gain, drawing with it an unjust,
ruinous and unequal burthen upon the people, they that maintain
the better cause, like the true Mother, will choose to loose the
cause than the Child should be destroyed. In which loyal
maintenance of the public Faith in matters of Money our Kings do
incomparably outshine all other Princes and States of Europe: for
if Spain, and some other States do equal them in the pureness of
the mettals, and the low values of their Monies of Gold and
Silver, yet they have made themselves farr inferiour unto them by
filling their Countries with base Money. And if in Muscovy they
have coined no base Money, yet they have raised the Standard of
their Silver so high, by diminishing both the fineness and
weight, that the Silver itself scarcly deserves that name. And
this I have seen and can learn by other means, that there is no
State in the World more excellently tempered than this of
England, or wherein the Prince is more absolute in all things,
wherein it is good for himself and the publick, that he should be
absolute; or where the great men are more honoured without
license of oppressing the People; or where the People do live
more freely or so happily as in England. As for the Remedies of
this Inconvenience of base Money, I do leave those Countries to
struggle with them that are afflicted with it, for us in England
the remedy is plain and easy, which is mainly and constantly to
keep it out. Thus far I have proceeded in the History of Money to
set down, as briefly as I could, by what degrees Money hath grown
into that form and state as now it is governed; but have forborn
to speake of the Inconveniences grown therein, and of the
Remedies thereof, save only in the last Chapter, which I mean to
propound, and debate in the rest of this Discourse, for the
opening of the Readers understanding without making any positive
conclusion, but leave that to every ones private Judgment.
Chapter 7
Of the Inconveniences in general grown in the matter of Money.
The inconveniences which are accident to this Subject of
Money are in general but two, Raritie and Confusion; which
although they do coincide many times in the subject, that is,
that Rarity breeds Confusion, and Confusion breeds Rarity, yet in
their Nature they do differ, and many times likewise in the
Subject; and there is seen Confusion without Rarity, and Rarity
without Confusion: yet this latter branch of Confusion will yield
small matter to our discourse, because in England no forrein
Coins are current, nor base Money; there is no variation in the
Mints, there being but one; and there is very small Varietie in
Allayes; in the Silver Money none at all, and in the Gold, but
two, all which are occasions of confusion in the matter of Money.
As for the other branch of Rarity, the causes thereof, when we
come to handle them, will appear both very various and very
intricate. And, if I were to handle this Subject as part of a
Treatise of the best Form of a Common-wealth, I would first
endeavour to search out what proportion of Money were fittest for
the Common-wealth, for if MOney were invented for the Exchange of
things useful to man's life, there is a certain Proportion for
that use, and there is as well a too much as a too little:
Because that the want of Money makes the life of the Citizens
penurious and barbarous, so the over-great Abundance of Money
makes their lives luxurious and wanton, by reason of the great
Commutability of all things for Money, by which the vain and
vicious Fancies of men are presently supplied with all that they
do affect. But I must apply my Conceit to the Common-wealth as it
is, not as a Philosopher may frame it is to perfect the Horse in
all his natural actions, and to redeem and win him from all
vicious affections; but for the Rider it is enough if he do use
him to the best Advantage such as he finds him.
ow all the Common-wealths of the World are grown to such a
Depravation, that not only the exchange of Necessaries, for which
Money was first invented, but all things else are valued by
Money, the services and duties of the Commonwealth, the virtue
and the lives of the citizens; so that in the common opinions,
that State that abounds in Money, hath Courage, hath Men, and all
other Instruments to defend itself and offend others, if it have
wisdom how to make use of it: and upon this ground it was said,
during the time of the late Wars in France, that that side that
had the last Crown to spend must be infallibly victorious. And it
seems that in the Low Countries, on both sides they are of the
same opinion; for so they may draw Money by it from their
Enemies, they do furnish them with Victuals and other Provisions
to sustain their Armies by Pasport and publick Avowal. Hence it
is that in the modern Forms of Common-wealths there is no
Proportion, no Mediocrity of Money, but all do strive to abound
with it, without any stint. And hence it is that Rarity is almost
the sole Inconvenience in matter of Money; the Rarity of Money
doth grow out of these Four Causes following, viz.
First, Want of means to bring in the Materials of Money.
Secondly, Facility of exporting them.
Thirdly, The wasting of them in the Kingdom.
Fourthly, The great encrease of the proportion between Gold
and Silver, and the things valued by them.
First, the want of means to bring in the Materials of Money,
may be reduced into these heads.
First, The want of Manufactures, for Manufactures do breed
Money, and Money again doth breed Manufactures, which is apparent
in divers States and Cities, that have no natural commodities of
their own, either to exchange for other Commodities or to bring
in Gold and Silver, which do yet notwithstanding abound with both
by reason of their Manufactures, and as the Stocks of their Money
do encrease, so do their Manufactures encrease withall. But the
ways of encreasing and maintaining Manufactures do depend upon
other considerations in civil Government, and in no sort upon the
course of Money except by accident, that the good Government of
the course of Money may breed plenty of money, and plenty of
Money doth help to encrease Manufactures, and therefore to speak
no more of this Subject; I purpose.
A Second cause of want of Means to bring in the Materials of
Money, is the want of Sumptuary Laws to be made and executed, for
as in private Families there is no so easie and certain way to
thrive, as the cutting off superfluous expences, so is it in the
Common-wealth; and that which the Industry and Will of the Master
doth perform in every Private Family, that the Magistrates and
Law ought to perform in the Common-wealth. But this Title
likewise hath not Coherence with my Subject; and therefore I do
omit to speak any further of it.
A Third cause, is the want of Sufficient Search of these
Mettals in the Bowels of the Earth within the Kingdom, and it is
a certain Experiement that there are sundry Mines of Silver in
this Kingdom: and there is ground to believe both that they are
of great Profit and of long continuance, if the working of them
shall be well regulated by the State, and judiciously prosecuted
by the Undertakers: but this also hath no dependance upon my
Subject, and therefore here I leave it.
The fourth cause of the want of means to bring in the
Materials of Money is the impediments of Trade, which are very
many, and of subtile disquistion; but have no dependance upon our
Enquiry, but by accident; and therefore I leave them to be
discussed where it appertaineth.
A fifth Defect, in the bringing in of the Materials of Money,
is the Prohibition of Forrein, especially Spanish, and this Title
hath entirely relation to our Subject, and hereof I purpose
hereafter to examine the Inconvenience apart, together with the
Remedies propounded.
A sixth cause, is the Low price of our Moneys, especially of
our Silver Moneys, which is the cause assigned by many that much
of the Materials that would be brought hither into England, if
the price were higher, is now transported into other parts: And
in this Title I mean first to examine apart the disproportion
between our Money of Silver and Gold. But the low price of our
Money in respect of our Neighbours and the raising of it higher,
or not raising of it, or the reducing of it yet lower, according
to the values of more ancient times, and the Inconveniences that
may grow by the one or the other, and the remedies propounded
will occurr to be considered in every division of the causes of
the Rarity of Money. But to avoid Confusion, I do purpose to
handle them all together in one Chapter.
The Second cause of the rarity of Money and the Materials
thereof, is the facility of exporting them out of the Kingdom
which doth arise out of these Causes;
First, out of raising of prices of Moneys by our Neighbours,
which in effect is the same with the former of the low prices of
our Moneys; for by giving a greater price for our Moneys, than it
is valued here with us, they allure both our own and Forrein
Merchants to carry our Moneys to them.
A second Cause is the unequal Coinage of our Moneys, by which
cometh to pass that those pieces which are over heavy and of
finer Allay, are tried and culled out, and either exported into
Forrein parts, or melted down for other uses. And although it
might be thought that the strict care used by the State in this
behalf should have prevented this mischief, yet daily experience
doth shew that great Quantities of the weightiest and best Moneys
are daily exported, and that the Silver which remaineth amongst
us is so much under the Standard as is hardly credible: which
matter I purpose to handle, being naturally incident to this
subject. The want likewise of Manufactures and Sumptuary Laws,
are two causes of the facility of the exporting the Money and the
Materials thereof our of this Realm, for by the encrease of
Manufactures, the Commodities of the Kingdom are increased, and
by Sumptuary Laws Forrein commodities are made less useful, both
which conduce to the keeping of the Money and Bullion within the
Realm. But these causes are not of our consideration.
A third cause of the Rarity of Money and the Materials
thereof, is the wasting and consuming it within the Kingdom, as
in guildings, gold and silver-thread, and inlayings, all which is
consumed in a manner to nothing; the excessive use likewise of
Plate maketh Money scant, but all these Defects are to be
remedied by Sumptuary Laws. The laying up of Money also in
Treasure, is likewise a Cause of Rarity: But the Interest of
Money is so high and quick in England, as I believe that cause
doth little prejudice.