a discourse of coin and coinage-第14部分

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Question；　if　the　reasons　on　the　other　side　did　not　appear　at　the
least　as　cleer　and　strong　as　these；　to　which　I　will　now　proceed。

Chapter　14

The　benefits　which　do　grow　to　the　State　by　the　not　raising　of
Money；　and　the　Prejudices　which　do　grow　by　the　raising　of　it。

　　　　The　Benefit　which　groweth　to　the　State　by　the　not　raising　of
money；　is　only　this；　To　avoid　alteration：　But　the　Prejudices
which　are　alledged　to　grow　by　the　raising　of　it；　are　many；
　　　　First；　by　the　Injustice　and　Oppression　which　all　they　undergo
who　contract　for　Money　current；　at　the　time　of　the　Contract；　and
are　after　paid　with　extream　Disadvantage　in　other　Money　really
less　in　value；　though　in　Name　the　same：　and　although　to　this　it
be　said；　The　Creditor　is　not　interested　herein；　because　he　paieth
away　the　Money　which　he　receiveth　at　the　same　rate　he　received
it；　yet　that　answer　is　not　satisfactory；　because　admitting　this
Position　for　true；　That　when　the　Intrinsical　value　is　diminished；
the　Price　of　things　bought　with　Money　doth　rise　in　Proportion；
the　Creditor　when　he　paieth　out　his　Money　at　the　same　rate；　at
which　he　received　it　cannot　notwithstanding　with　it　buy　the　same
Commodities；　which　he　might　have　bought　with　the　Money；　for　which
he　contracted；　and　consequently　is　diminished　so　much　thereby；　as
the　price　of　things　is　raised。
　　　　And　although　I　did　in　a　former　Chapter　shew；　That　the　price
of　things　doth　rise　by　experience；　as　the　value　of　Money　is
raised；　yet　because　the　Truth　or　Falsehood　of　this　Position　doth
mainly　import　all　the　Deliberations　incident　to　this　subject　of
Money；　as　I　have　formerly　observed　in　some　Experiments　where　it
did　so　fall　out；　so　I　will　now　set　down　the　Reasons；　why　of
necessity　it　must　be　so；　as　One　reason　is　this：
　　　　When　the　Merchant　stranger　brings　his　Commodities；　whether　he
intends　to　make　his　return　in　Moneys　or　in　Commodities；　he　maketh
his　own　sale　by　the　measure　of　the　Money　here；　and　then　examines
how　much　this　Money　will　amount　to　in　the　Moneys　of　his　own
Countrey；　where　he　bought　his　Commodities；　and　if　he　find　the
Money　here　diminished　in　intrinsical　value；　he　must　then　demand
so　much　the　higher　price；　or　else　he　cannot　make　his　Accompt。
　　　　One　other　Reason　is　this；　when　the　extrinsical　value　of　the
Money　is　raised；　by　which　the　intrinsical　is　abased；　there　is
then　so　much　the　more　profit　to　return　Money　into　the　Kingdom；
instead　of　Forrein　Commodities；　and　by　daily　experience　it　is
seen　that　more　is　returned　when　the　price　of　Money　is　raised。　Now
it　is　manifest　that　the　less　importation　you　have　of　forrein
Commodities　the　price　of　them　is　so　much　the　more：　and　both　these
Reasons　do　shew；　and　Experience　it　self　doth　confirm；　that　when
Money　is　raised；　the　price　of　forrein　Commodities　doth　first
rise：　And　the　price　of　forrein　being　once　raised；　the　price　of
Domestick　Commodities　will　of　necessitie　be　raised　also；　for　the
price　of　forrein　Commodities　will　make　great　plenty　of　them　to　be
imported；　and　the　high　price　of　Money　will　inforce　that　they　must
be　returned　in　domestick　Commodities：　by　which　means　domestick
Commodities　being　much　sought　for；　will　of　necessity　be　raised　in
price；　and　the　price　of　both　these　being　raised；　it　follows　that
the　rate　of　all　mens　sallaries　and　hire　of　Labourers　and
Endeavorers　must　rise　in　Proportion；　or　else　men　shall　be　forced
to　defer　their　Trades　and　Endeavours；　and　then　the　scarcity　will
encrease　the　price。　by　these　means　it　comes　to　pass；　by　the
raising　of　Money；　that　all　those　who　have　contracted　for　antient
Rights　and　Rents　are　prejudiced；　and　such　as　have　Rights　and
Rents　settled　in　perpetuity；　can　never　receive　help　in　this　case；
and　therefore　in　divers　other　Countries；　there　have　been　very
many　famous　Judgments　giv'n　in　this　case；　and　great　volumes
written　by　the　Civilians；　to　prove　that　the　Rents　which　they　call
feodats　and　fanniers；　penalties　and　amercements；　which　are　set
down　uncertain；　ought　to　be　paied　according　to　the　value　of　the
Moneys　then　Current　when　the　said　Rents　and　Penalties　were
established；　and　if　we　do　examine　it；　we　shall　find　it；　that　much
the　greatest　part　of　the　Common…wealth　is　prejudiced　whensoever
Money　is　raised。
　　　　First；　all　those　who　have　let　Leases　of　their　lands。　Then　all
such　as　live　upon　Pensions　and　Wages。
　　　　All　those　that　live　by　their　professions　either　Civil　or
Military。
　　　　All　those　that　live　by　Trade　or　Handy　crafts；　or　Labourers。
And　although　it　be　true　when　the　Leases　do　come　out；　the　Lords
may　recompence　themselves；　and　that　when　the　hire　and　salaries　of
several　professions　and　endeavorers　shall　be　raised；　（as　I　have
showed）　that　of　necessity　in　time　it　must　come　to　pass；　that
Prejudice　doth　cease　unto　them；　yet　in　mean　time　they　suffer：　But
the　King　who　is　head　of　the　Common…wealth；　and　whose　Revenue　is
only　truly　publick；　doth　of　all　suffer　most；　and　most
irreparably：　Colledges　are　helped　by　the　Stat。　of　Corn；　and　other
Corporations　do　in　some　sort　repair　themselves　by　the　fines　they
take。　But　the　King's　Revenue；　which　of　necessity　is　managed　by
multitude　of　Officers；　doth　perpetually　diminish；　as　much　as　the
price　of　Money　is　raised；　so　as　the　same　lands　yield；　in　name　the
same　Revenue　to　the　King　which　they　did　in　Edward　the　Thirds
time；　but　in　truth　not　the　third　part：　and　besides　much　of　his
Revenue　is　assessed　by　the　Parliament　by　prescription　to　a
certain　Summ；　all　which　doth　continually　diminish　so　much　as　the
price　of　Money　riseth。
　　　　One　other　Mischief　that　groweth　by　the　raising　of　Money　is
this；　When　do　you　raise　your　Money；　as　that　you　do　give　a　greater
price　than　before　unto　the　Merchant；　you　do　conceive　that　he　is
thereby　the　rather　allured　to　bring　the　Materials　of　Money　to
your　Mint；　and　so　withdraw　them　from　other　Nations。　but　if　other
nations　find　that；　they　will　raise　the　price　of　their　Money
likewise；　and　then　what　shall　you　get　by　raising　of　yours？　or　if
you　raise　upon　them　again；　there　will　be　no　period　to　rest　in；
but　you　shall　continually　sow　confusion；　until　you　be　constrained
to　abolish　your　coins　and　invent　new　species；　and　new　measures　of
weight　and　fineness；　or　else　with　infinite　loss　to　the　people；　to
bring　the　price　back　again　to　an　ancient　standard。
　　　　One　other　Mischief　that　groweth　by　the　raising　of　Money　is
this；　a　very　great　part　of　the　Gold　which　cometh　into　Europe；　and
almost　all　the　Silver　doth　first　aboard　in　Spain：　so　that　when
you　raise　the　price　of　these　mettals；　you　raise　the　proper
commodities　of　Spain；　and　by　that　means　you　encrease　the
greatness　and　power　of　that　King；　of　whose　greatness　and　power；
of　all　others；　you　have　cause　to　be　most　jealous　and
apprehensive：　And　again；　in　a　Kingdom　as　this　is；　which　hath　more
Commodities　to　vent　into　Forrein　Commodities；　and　which　hath　no
materials　of　Money；　as　this　hath　not　in　any　considerable
quantity；　but　must　have　all　their　Gold　and　Silver　supplied　by　the
return　of　their　Commodities；　as　ours　is；　it　is　most　expedient　to
keep　the　price　of　Money　as　low　as　may　be；　to　the　end　your
Commodities　may　return　you　the　greater　quantity　of　these
materials　in　fineness　and　weight。
　　　　As　for　Example；　If　you　should　raise　the　ounce　of　sterling
standard　to　six　shillings；　then　the　Real　of　eight　would　be　worth
near　hand　six　shillings　likewise；　would　it　not　then　follow　of
Necessity；　that　you　should　have　by　so　much　the　fewer　of　them　in
number；　for　the　return　of　your　Commodities？　And　the　like　may　be
said　of　Gold。
　　　　Lastly；　when　you　raise　your　Money；　it　bringeth　a　great
confusion。
　　　　First；　by　giving　stop　and　hindrance　to　Trade　and　Commerce；
all　men　being　fearful　and　doubtful　how　to　make　their　Contracts
and　Exchanges；　until　there　be　a　settlement　by　time。
　　　　And　again；　if　you　coin　new　species　of　less　intrinsical　value
than　the　old　either　in　weight　or　fineness；　or　both；　there　is
danger　of　melting　or　exporting　the　old；　if　you　raise　the　price　of
the　old　species；　you　introduce　Fractions　and　Confusions　in
reckoning；　and　do　many　times　inforce　him　that　pays　to　give　more
than　he　intends；　especially　in　reward　and　gratifications　and
fees；　which　are　more　exactly　defined。

Chapter　15

Examinations　of　the　Reasons　for　the　raising　of　Money。

　　　　The　first　Reason　for　the　raising　of　Money；　is　the　practise　of
Antiquity：　it　is　true；　as　I　have　shewed　before；　that　the　Grecians
and　the　Romans　did　successively　raise　the　values　of　their　Moneys；
but　it　was　not　to　draw　thereby　the　materials　of　Money　from　other
States　unto　theirs；　but　to　supply　the　State；　by　that　means　on
great　and　desperate　Necessities；　of　the　Wages　thereof；　and　of　the
advantage；　or　disadvantage　growing　thereby　to　the　Common　wealth；
I　intend　to　speak　hereafter。
　　　　But　this　invention　of　raising　of　Money　to　draw　a　quantity　of
gold　and　silver　from　your　Neighbours；　or　to　preserve　our　own　from
being　exhausted；　is　a　conceit　unknown　to　the　ancient　world；　and
introduced　long　since　the　decay　of　the　Roman　Empire；　when　as
those　Monarchies　that　are　now　settled　in　Europe；　by　succession
from　those　Northern　Nations；　which　did　over…throw　the　antient
Roman　Empire；　having　together　with　many　other　necesary　Arts；　lost
the　knowledge　and　orders　of　the　Mint；　were　fain　to　use　the
Subtilty　and　Industry　of　the　Jews；　and　those　of　Genoa　and　Lucca
（who　did　succeed　the　Jews　in　this　Trade）　for　the　coining　of　their
Moneys；　who　for　their　own　Advantage　did　（by　subtil　and　specious
Reasons　many　times　by　a　seeming　and　not　considerable　Profit　as
Projectors　use　to　do）　allure　Princes　to　make　unnecessary
alterations　in　their　Moneys；　from　whence　this　Art　of　robbing　Gold
and　Silver　from　one　state　to　another　is　grown。
　　　　And　therefore　I　will　speak　no　more　concerning　the　practise　of
Antiquity；　but　will　examine　the　other　Reasons：　as　for　the　second
Reason；　which　is　the　Observation；　that　since　King　James　raised
the　Gold　so　much　as　he　did；　Gold　is　grown　much　more　plentiful　in
the　Kingdom　that　it　was　before；　but　Silver　having　not　been　raised
in　Proportion　is　grown　much　more　scant　and　rare：　
　　　　It　is　confessed　that　the　Observation　is　true　in　this；　that
whensoever　you　raise　the　Material　of　（one　sort　of）　Money；　that
material　will　encrease；　and　the　other　will　grow　scanty　in
Proportion。　And　what　doth　th