a discourse of coin and coinage-第5部分

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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　Experienc