a discourse of coin and coinage-第15章
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many other causes which may produced this effect; as Scarcity or
Abundance of the things valued by Money; War; Depopulation; and
all other Accidents; by which; either these Mettals are
exhausted; or the things valued by them are consumed or made less
useful; yet; as before is shewed; all those are temporary and
subject to continual variety up and down; and therefore cannot be
the causes of a constant effect as this is。 And; as for the
continual variety up and down; and therefore cannot be the causes
of a constant effect as this is。 And; as for the continual
raising of the values of Moneys; it is formerly shewed; that
really that breeds no disproportion between Gold and Silver and
the things valued by them; but only it breeds an alteration in
the Proportion between the species of Money; so named; as Pounds;
Crowns; Shillings; etc。 and the things valued by them; and
accordingly in the Examination of the Rates of the hire of
Servants and Labourers; it might be observed that it punctually
arises according to the raising of the value of Moneys; until the
discovery of the West Indies; and the navigation of the
East…Indies; which have brought in so great a glut of these
mettals。 There is no other constant cause to produce the real
disproportion; but only the abundance of Gold and Silver; by
which of necessity they must grow cheaper and abased in their
value。 A certain Author who wrote about the year 1620; doth
calculate; that in the space of 100 per year there was at that
time brought into Spain and Portugal 900 Milions of Pezoes; worth
six shillings and sixpence sterling a piece in Gold and Silver;
which calculation doth seem to be excessive amounting to nine
millions every year of Gold and Silver out of the Indies; of all
which infinite Summ; not one jot did come into these parts in
former times out of the West Indies; and very little or nothing
out of the East: how is it then possible but that it must abase
the value of the Mettals?
And if it be said that we waste this excessive supply in our
excesses of Luxurie; as in Guildings; Embroideries; Inlayings;
and the like; so as the mass of the said Mettals increaseth not;
it is answered; That neither were former times exempt from those
vanities; neither are they now sufficient to consume the greatest
Proportion of this stock。
And if it be objected that the greatest part of the Stock is
drayned away every year to the Eastern Countries:
It is answered; That this is only true of Silver; and yet the
Silver cannot be so drained away; but that a great part doth
remain in Europe。 Now if the Rate of things valued by Money be
six times as great as it was in 25th of Edward the Third;allowing
the values of Moneys to be raised to treble what they then were
by the same names; yet there will be a real Increase of a double
Proportion; yet there will be a real Increase of a double
Proportion; to what then was of gold and Silver in weight and
fineness; to things valued by them; and if the rate be raised to
eight times what it then was; the real increase of the Proportion
will be almost treble to what it then was。
To understand the whether this Kingdom be now of the same
Wealth and Ability which then it was: We must find out whether
there be now double or treble the quantity of Gold and silver in
weight and fineness in this Kingdom which then was; and whether
the fruits and growing wealth of the Kingdom will produce double
and almost treble the quantity of Gold; in weight and fineness;
to what it then did。 I am absolutely perswaded that we shall fail
of it very much; of which the most certain and assured proof were
to calculate for so many years together the quantity of Gold and
Silver coined in those days; and then by a medium to compare it
with so many years in these times; though this proof were not
demonstrative; but probable。
But in those days the Mint was kept at Calais; as well as in
the Tower; and much more of the Money of this Kingdom was coined
there than here; the Records whereof are all lost and dissipated。
But that our Wealth doth not answer that increase of
Proportion at this day; I will endeavour to satisfie the Reader
by two Arguments; the one drawn from the Abundance or Scarcity of
Gold and silver; the other from an Effect of it。
For the first it is this; I have alwayes understood it to be
observed by all men intelligent and practised in matters of
Trade; that although all Commodities in general are raised in
price; in comparison of what they antiently were; yet in general
that our domestick Commodities are not raised answerable in
proportion to Forrein。 Now we have a very small quantity of
Silver produced within our own Countrey; and of Gold none at all;
so that the Stock of these Mettals is in a manner raised wholly
out of the over…ballance of our domestick Commodities with
forrein: it then ours do not rise in price from what antiently
they did bear proportionable unto Forrein; it is a strong
Argument to prove that our Stock of these Mettals does not
increase in a Proportion answerable to the increase of the Price
of other things valued by Money。
The second Argument is from the Effect; now one of the
greatest Effects of the abundance of Gold and Silver; is; the
Ability which the Kingdom hath to set forth and maintain great
actions of War in forrein parts: then let us set forth before our
eyes the many and great Armies which Edward the Third did raise
and maintain both of Strangers and his own Subjects in the first
year of his Warrs against France; and withal let us take into our
consideration the Calculation made; in Anno by expert
Commissioners; of the charge of one Army to be raised;
transported; and maintained for one year; in Forrein Countries;
25;000 Foot and Horse; and proportionable Artillery; which doth
account unto and then I doubt not but that every mans own
Conscience will convince him that at this day the Kingdom is not
able to maintain the like actions in forrein parts which then it
did: and yet at that time there were forces maintained against
Scotland; a great part of the Realm was imployed upon Monks and
Friers improfitable members; besides the substance of a great
part of the Wealth of the Kingdom (drawn of) by the See of Rome:
and the trade of the Kingdom was in no comparison so great as it
is now; and this is an undoubted Effect of this truth; That the
increase of our stock of gold and Silver is not in a Proportion
answerable to the increase of the price of other things valued by
Money; neither can there be any other analogical reason given of
the present disability but this; That although that we do draw
some drops of this Indian spring; whereof Spain is the Cistern;
yet we do draw them at the second hand; we draw them upon hard
terms and conditions; and we do not draw them neer in that
Proportion as the prices of all things do arise upon our hands;
by the great increase of those Mettals; and the consequence of
this hath more advanced the affairs of Spain in these times than
can be imagined; for that hereby all the other States of Europe
have bin abated half in half。 I will propound France for Example;
which Kingdom notwithstanding draweth much more Money out of
Spain than we do; by reason that the French consume little of the
Spanish commodities; make the return of their own for a great
part in Gold and Silver。
The Author of the Denier Royal undertaketh to prove that St。
Lewis in France; who was contemporary with Henry the Third of
England; whose whole Revenues in those days amounted not unto
300;000 French livres; did notwithstanding in Proportion to all
things valued by Money; raise more out his Kingdom than Lewis the
thirteenth who now reignth; and whose Revenue amounteth; unto
3;600;000 pound sterling。
And although he bringeth such Arguments and Authorities for
his assertions; as for my part; I cannot see how they can be
answered: yet the difference is so great that I could hardly
assent to his Conclusion; were it not for this reason。 In the
time of St。 Lewis; Provence; Dauphiny; Gascoign; Brittany and
other parts were distracted from the Crown of France; and yet did
he transport such Armies