a discourse of coin and coinage-第7部分

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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。
　　　　The　fourth　cause　of　the　Rarity　of　Money　and　Materials
thereof；　which　is　the　great　Encrease　of　the　Proportion　between
Gold　and　Silver；　and　things　valued　by　them　is　entirely　of　our
Consideration。　And　this　cause　doth　diminish　the　quantity　or
decrease　the　weight　or　fineness　of　the　Gold　and　Silver；　but　doth
encrease　the　use　and　want　of　Gold　and　Silver；　and　so　maketh　the
Money　and　Bullion　of　the　Realm　in　general；　and　of　every　man　in
particular；　less　in　effect　and　value；　though　the　quantity　do
increase。　As　for　Example：　If　a　pound　of　Silver　of　the　sterling
Standard；　coined　into　Money　in　Edward　the　Thirds　Reign；　would
have　bought　two　fat　Oxen；　or　seven　quarters　of　Wheat；　and　that
now　at　this　day；　two　pounds　of　Silver　of　the　sterling　Standard
coined　into　Money；　will　do　no　more　than　buy　one　fat　Ox；　or　three
quarters　and　one　half　of　wheat：　and　if　other　things　are　increased
in　price　according　to　that　value；　and　that　the　like　proportion
doth　hold　also　in　Gold；　it　doth　then　follow　that　although　the
Realm　in　general；　and　every　man　in　particular　should　have　now
twice　as　much　of　Gold　and　Silver　in　weight　and　fineness；　as　in
King　Edward　the　Thirds　Reign；　yet　in　use　and　effect　they　should
have　but　half　as　much　as　then；　because　this　double　quantity　in
weight　and　fineness　would　in　proportion　to　things　valued　by　Gold
and　Silver；　arise　but　to　half　so　much　as　then：　and　so　the　great
Increase　of　the　Proportion　between　Gold　and　Silver；　and　things
valued　by　them；　doth　induce　a　Rarity　and　Scarcity　of　these
Mettals；　though　the　Quantity　should　increase。　But　what　the　just
increase　of　this　Proportion　is；　and　by　what　means　it　may　be
certainly　proved；　and　how　the　Raritie　may　be　remedied；　I　purpose
to　treat　hereafter。
　　　　Thus　I　have　set　down　in　general　all　the　constant　and　certain
Causes　of　the　Rarity　of　Money：　of　so　many　of　which　as　are
incident　to　our　subject；　I　purpose　to　treat　in　particular：　As　for
the　other　Branch；　of　the　Inconveniencies　of　the　matter　of　Money；
which　is　Disorder　and　Confusion；　I　purpose　not　to　make　any　title
a　part　of　it；　both　because；　as　I　have　said　before；　the　occasions
of　Confusions　in　England；　in　this　Subject　are　very　few；　and　that
I　shall　aptly　have　cause　to　speak　of　it　by　the　way；　in　the　Causes
of　Rarity；　which　I　mean　to　handle；　not　in　the　Method　set　down　in
this　Chapter；　but　begin　with　the　plainest　and　easiest　Titles；　and
of　most　certain　Proof；　first　to　the　end　that　they　may　serve　both
to　the　opening　and　facilitating　the　Proof　of　the　more　difficult
and　obscure。

Chapter　8

Of　the　low　Price　of　our　Silver

　　　　It　hath　been　declared　in　the　Chapter　concerning　the
Proportion　between　Gold　and　Silver；　that　now　in　England　Thirteen
pound　and　one　fifth　of　Silver　doth　but　answer　in　value　to　one
Pound　in　Gold；　which　Proportion　is　much　above　the　Practice　of
former　ages　in　England；　and　other　Countries　about；　both
heretofore　and　at　the　present；　which　is　principally　grown　by　the
great　raising　of　Gold　2s　in　the　pound；　in　the　9th　year　of　his
late　Majestie's　Reign；　at　which　time　or　at　any　time　since；　Silver
hath　not　been　raised：　the　first　Effect　whereof　hath　been；　That
great　Quantities　of　Gold　have　since　been　coined；　but　little　or　no
Silver；　except　now　very　lately。　And　of　that　Silver　which　we
before　had；　the　weightiest　hath　been　culled　out；　and　transported
or　melted；　and　that　which　doth　remain　amongst　us；　is　so　light；　as
the　lightness　only　doth　preserve　it　in　use；　and　the　scarcity
thereof　is　so　great；　that　a　many　may　go　into　a　great　many　shops
in　London；　of　great　Trade　and　Commerce　before　he　shall　get　a　20s。
piece　in　Gold　to　be　chang'd　into　Silver：　and　far　the　greatest
part　of　all　paiments　is　made　now　in　gold；　contrary　to　former
times；　whereas　the　true　Rule　for　the　good　of　the　Commonwealth　is；
That　there　should　be　such　a　Proportion　kept　between　Gold　and
Silver；　as　that　they　might　equally　abound；　and　of　the　two　Silver
most　abound：　the　Reason　whereof　is；　That　the　greatest　part　of　the
Commerce；　is　made　in　silver；　the　want　whereof　doth　greatly
rejudice　the　same。　The　Remedy　of　this　Inconvenience　is　plain　and
easy　in　the　general；　and　theory；　which　is　to　reduce　the　Gold　and
silver　to　an　equal　Proportion；　but　when　you　come　to　the　Practick；
there　does　arise　two　great　Difficulties；　the　first　to　find　out
what　this　equal　Proportion　is；　the　next　how　to　settle　it；　whether
by　reducing　the　Gold　unto　the　Silver；　or　by　advancing　the　Silver
unto　the　Gold。
　　　　I。　Concerning　the　first；　Many　are　of　opinion；　that　the
Proportion　should　be　left　as　it　is；　for　they　say；　Although　our
Gold　be　very　high　priced；　yet　it　answereth　the　weight　of　the
King's　Ordinance；　being　continually　weighed；　and　rejected　if　it
be　not　weighty。　But　our　Silver　is　not　so；　being　much　lighter　than
the　King's　Ordinance；　the　Silver　be　above　13　fine　in　Silver；　for
one　fine　in　Gold；　yet　in　Practice；　by　reason　of　the　lightness　of
the　Silver；　the　Proportion　is　much　short　of　that。　But　they　that
give　this　reason　do　not　consider；　that　in　this　manner；　although
our　Silver　will　remain　still　in　use　amongst　us；　as　long　as　it
lasteth；　by　reason　of　the　lightness　of　it；　yet　of　all　that　is　new
coined　according　to　this　Ordinance；　the　weightest　and　loyallest
will　be　continually　culled　out；　and　transported；　or　melted：　and
therefore　since　the　Experience　of　the　scarcity　which　we　have　of
Silver　doth　sufficiently　prove　unto　us　the　Inconvenience　of　the
Proportion；　it　ought　to　be　altered。　Others　would　have　the
Proportion　to　be　eleven　or　thereabouts；　because　that　was　the
ancient　Proportion；　both　amongst　us　here　in　England；　and　amongst
our　Neighbours。　But　since　that　Proportion　is　under　that　of　all
our　neighbours　at　this　present；　it　would　in　time　fall　out
thereupon　that　we　should　suffer　as　much　scarcity　of　Gold　as　we　do
now　of　Silver。　But　the　most；　and　the　most　Judicious　Propositions
that　I　have　seen；　both　at　home　and　in　other　parts；　do　agree　upon
twelve　for　one；　as　the　most　equal　Proportion；　and　it　agrees　with
the　Proportion　of　Spain；　upon　which　in　this　Subject；　we　ought
principally　to　have　our　eye　fixed：　and　for　my　part；　I　do　the
rather　incline　to　this　Proportion；　because　12　of　all　the　numbers
is　most　proper　for　Money；　being　the　most　clear　from　fractions　and
Confusion　of　an　Accompt；　（which　ought　not　to　be　neglected）　by
reason　that　of　all　other　numbers　it　is　most　divisible；　being
divisible　into　unities　as　all　numbers　are；　into　two　parts　as　no
odd　number　is；　three　parts　as　no　even　number　is　but　six；　and　the
numbers　that　consist　of　sixes；　fourths　into　which　six　is　not
divisible；　and　into　sixths：　This　Proportion　seems　like　to　square
with　the　Conceipt　of　the　Alchymists；　who　call　Gold　Sol；　and
Silver　Luna；　whose　Motions　do　come　near　upon　the　point　of　12　for
1；　and　the　Conceipt　of　many　men　hath　run　so　strongly　upon　the
proportion　of　12　for　1；　that　they'd　have　it　hold　as　well　in　Money
wrought；　as　in　Gold　or　Silver　fine；　so　as　the　Pieces　of　Silver
and　Gold　should　weight　one　the　other；　and　12　in　Silver　should
answer　in　value　one　of　Gold。
　　　　But　the　Proportion　cannot　hold　both　in　Money　wrought；　and
Silver　and　Gold　unwrought；　except　the　Allay　should　be　likewise
made　equal；　and　then　it　follows　that　there　should　be　12　times　as
much　over…value　allowed　to　the　Gold　as　to　the　Silver；　which　were
a　rate　beyond　the　present　allowance；　and　would　much　weak'n　the
Money　of　Gold　in　intrinsical　value；　yet　that　point　doth　justly
meet　with　the　practice　which　in　ancient　time　was　in　France；　there
being　in　an　ancient　Reglement　of　Moneys；　this　following　Article；
Que　l'on　face　Monoye　d'or　a　23　carrats　et　rendra　aux　Merchans
d'un　Marc　d'or　fine；　un　Marc　d'or　ouvre；　et　Monoye　a　ladit　loy。
And　by　the　same　Reglement　the　Silver　Money　was　made　of　11　deniers
and　12　grains　fine；　called　Argent　le　Roy；　and　some　others　do　find
it　a　very　subtile　Inconvenience　in　the　want　of　laying　so　many
times　a　greater　Charge　and　Tribute　upon　the　Gold　than　upon　the
Silver；　as　the　Gold　doth　exceed　the　Silver　in　value；　proportion
for　proportion；　alledging　that　for　one　main　reason；　why　the　Gold
is　always　raised　and　esteemed　somewhat　higher　than　the　publick
Ordinance；　because　the　Gold　Money　is　really　so　much　more　in　value
than　the　Silver　Money；　according　to　their　rates；　by　how　much
there　is　less　Charge　and　Tribute　laid　upon　the　Gold　in　proportion
than　upon　the　Silver。　But　admitting　the　Objection　made；　that　if
there　should　be　12　times　as　much　charge　laid　upon　the　Gold　as
upon　the　Silver；　it　would　be　too　great　a　discouragement　to　the
Merchant　to　bring　his　Gold　to　be　coined；　it　may　easily　be　salved
here　in　England；　according　to　the　custom　of　our　Mint；　by　making
the　price　of　Gold　fine　unwrought；　somewhat　more　than　12　for　one；
and　allowing　so　unto　the　Merchant；　leaving　the　charge　the　same；
which　now　it　is。
　　　　For　the　second　point　to　wit；　whether　the　Proportion　should　be
settled　by　raising　the　Silver　in　price　unto　the　Gold；　or　by
reducing　the　Gold　unto　the　Silver。
　　　　First；　In　speaking　thereof；　I　do　not　mean　to　anticipate　that
Question；　Whether　if　be　beneficial　for　the　Commonwealth；　that　the
prices　should　at　any　time　be　raised　or　not？　which　is　the　proper
Subject　of　another　Chapter；　and　is　indeed　the　most　Importunate；
and　the　most　difficult　Question　of　any　other　in　matter　of　Money：
Although　it　be　true；　that　the　raising　one　of　the　Materials　of
Money　doth　produce　all　the　inconveniences　that　are　produced　by
raising　of　both　the　Materials　which