a discourse of coin and coinage-第2章

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Gold　and　Silver；　of　which　chiefly　I　mean　to　treat：　It　is　true
that　many　particular　Countries　have　antiently；　and　do　as　this　day
use　other　things　in　stead　of　Money：　（as　to　instance　in　some　of
the　modern）　in　AEthiopia　they　use　certain　stones　of　Salt　in　stead
of　Money；　in　Guinney；　Shells；　in　New　Spain；　Cacao；　Coco　in　Peru；
one　of　which　is　a　fruit；　the　other　an　herb：　but　in　all　these
Countries　you　shall　find　that　there　is　a　certain　value　set　upon
Gold　and　Silver；　by　which　chiefly　the　value　of　all　other　things
is　raised；　and　that　these　other　things　do　but　serve　as　base　Money
doth　in　sundry　Countries　of　Europe；　where　it　is　current　in
certain　limits；　by　the　Law　or　Custom　of　the　Place；　but　yet　they
cannot　be　without　Gold　and　Silver　Money；　unless　they　will　barr
themselves　from　all　commerce　with　other　Nations：　And　to　that
purpose　the　Invention　of　Licurgus　was　admirable；　who　desiring　to
lock　up　his　Citizens　from　all　commerce　with　other　nations；　did
upon　great　penalties　banish　all　Gold　and　Silver　out　of　the　City；
and　as　long　as　that　Prohibition　was　observed；　the　manners　and
Customs　of　the　City　were　preserved　entire　from　the　mixture　of
other　Nations：　but　when　their　ambition　and　voluptuousness　had
entangled　them　in　the　Commerce　of　other　Nations；　then　did　Gold
and　Silver　grow　into　use　in　despite　of　all　Laws；　by　this
universal　value　given　unto　Gold　and　Silver。　I　shall　convince
hereafter　an　important　and　a　popular　Error；　by　which　many　are
perswaded；　that　Princes　can　give　what　value　they　list　to　Gold　and
Silver；　by　enhansing　and　letting　fall　their　Coins；　when　as　in
truth　Gold　and　Silver　will　retain　the　same　proportion　towards
other　things；　which　are　valued　by　them；　which　the　general　consent
of　other　Nations　doth　give　unto　them；　if　there　be　a　Trade　and
Commerce　with　other　Nations：　By　which　intercourse　it　comes　to
pass；　that　if　the　price　of　Gold　and　Silver　be　raised；　the　price
of　all　Commodities　is　raised　according　to　the　raising　of　Gold　and
Silver；　so　as　let　any　particular　Prince　or　State　raise　the　price
of　Gold　and　Silver　as　they　list；　yet　they　will　still　hold　the
same　proportion　towards　other　things　valued　by　them；　which　the
general　consent　of　other　Nations　neer　about　them　doth　give　unto
them：　and　this　universal　value　of　Gold　and　Silver；　the　mint；　even
in　money；　do　call　Intrinsical；　and　the　local　value　they　call
Extrinsical；　as　depending　upon　impression　of　the　mark　and
ordinance　of　the　State。　Now　Money　is　said　to　have　an　Intrinsical
value　so　much　as　there　is　Gold　and　Silver　in　it　in　fineness　and
weight；　which　is　computed　in　France　（and　was　antiently　likewise
the　Computation　in　England）　first　for　Gold；　it　is　divided　into　24
parts；　which　are　called　Carrats；　and　so　when　they　say；　the　Gold
is　23　Carrats　fine；　then　it　is　understood　there　is　a　2th　part
base；　which　is　Allay　mingled　with　Gold；　or　if　they　say；　it　is　22
Carrats　fine；　then　there　is　a　12th　part　of　Allay：　or　if　they　say
22　Carrats　and　one　quarter　fine；　then　there　is　so　much　Allay　as
there　wants　to　make　up　24　parts。
　　　　Silver　is　divided　into　12　Deniers　and　every　Denier　into　25
grains；　as　if　it　be　said；　that　Silver　is　jj　Deniers　and　12　grains
fine；　then　there　is　12　grains　of　allay；　which　is　a　24th　part；　or
if　it　be　said　to　be　jj　Deniers　and　6　grains　fine；　there　is　then
so　much　allay　as　it　wants　in　the　fineness　to　make　it　12　deniers：
But　with　us　in　England；　ever　since　the　time　of　Edward　the　third；
the　Computation　hath　been　dividing　the　Gold　into　24　carrats；　and
every　carrat　into　a　4　grains；　and　every　grain　into　so　many　parts
as　there　is　occasion　offered　to　divide　it；　as　for　Example；　The
antient　Standard　of　the　sterling　Gold　was　23　Carrats；　3　grains；
and　one　half　of　fine；　and　half　a　grain　of　Allay；　which　is　the　192
part；　and　the　Silver　is　divided　in　England　into　12　Ounces；　every
Ounce　into　20　Pence；　every　Penny　into　24　grains；　as　for　Example；
the　old　sterling　standard　is　jj　Ounces　fine；　and　two　Penny
weight；　then　there　remains　eighteen　Penny　weight　of　Allay　and；　if
there　were　jj　Ounces　two　Penny　weight；　and　6　grains　fine；　then
there　would　remain　17　Penny　weight；　and　10　grains　of　Allay：　and
again；　when　mention　is　made　of　a　Pound　of　Silver　fine；　and　Gold
fine；　the　meaning　is　so　much　Gold　or　Silver　pure；　is　a　pound
weight；　besides　the　Allay　which　is　mingled　with　it；but　a　pound　of
Gold　or　Silver　wrought；　is　but　just　a　pound　weight　as　it　is
wrought　either　in　Money　or　in　Plate。　The　Allay　being　mingled　with
it　according　to　the　ordinance　of　the　State；　for　the　practise　is
now；　almost　in　all　States；　to　set　a　price　upon　Silver　and　Gold；
according　to　the　weight　and　fineness；　above　which　price
Gold…Smiths　or　others　who　trade　in　those　metals　wrought　in　Money；
may　not　sell　them；　which　price　is　in　certain　proportion
underneath　the　value　which　is　given　to　the　same　metals　wrought　in
Money；　the　over…value　allowed　to　the　Money；　being　so　much
advantage　given　to　the　State　in　recompence　of　the　charge　of
Coynage；　and　in　Acknowledgement　of　the　Soveraignty；　which　hath
with　it　likewise　this　necessary　use；　that　it　makes　the　Money　so
much　the　less　valuable　to　him　that　either　would　transport　it　into
forrein　parts；　or　melt　it；　and　consequently　retaineth　the　Money
so　much　the　better　within　its　proper　limits　and　natural　form。

Chapter　3

Of　the　Forms　of　the　Money　anciently　and　now　in　use

　　　　It　follows　in　the　next　place　to　be　Considered；　by　what
degrees　Gold　and　Silver　came　into　these　forms　of　Money；　which　are
now　in　use。　And　for　that　purpose　it　is　most　manifest　that　the
most　proper　measure　in　nature　for　mettals　is　weight；　and　the
notice　of　Antiquity　doth　confirm　it　that　it　was　so　in　practice；
for　when　the　use　of　money　hath　excited　the　industry　of　men　to
search　for　these　rich　metals　and　by　study　and　practice　to
discover　their　natures；　it　was　easily　found　out　that　there　was　no
measure　so　fit　to　them　as　weight：　But　it　was　speedily　found　out
and　discovered　that　weight　alone　was　not　a　sufficient　measure　for
them；　by　reason　that　they　are　subject　to　mixture；　and　therefore
there　was　an　examination　made　of　the　pureness　of　them；　and　a　mark
impressed　upon　them　to　shew　that　they　were　approved；　which　was　of
no　other　nature；　but　as　the　Assaymaster　in　the　West　Indies　doth
mark　the　wedges　of　Silver　to　shew　that　they　were　approved　of　such
a　fineness；　and　as　the　Corporation　of　Gold　smiths　in　London；　and
other　Cities；　do　mark　the　Bullion　which　is　melted　as　a　Testimony
of　fineness；　but　not　to　make　it　Current　at　any　Price；　because　the
mark　hath　no　relation　to　the　weight　but　onely　the　fineness。　The
most　ancient　and　most　undoubted　Testimonies　whereof　are　in
Scripture：　as　that　of　Abraham；　when　he　had　bought　the　field　of
Ephron　for　the　burial　of　Sarah；　for　which　it　is　not　said　that　he
paid；　but　weighed　four　hundred　shekels　of　silver；　approved　among
Merchants；　which　denoteth　the　fineness。　And　it　is　said　that　the
sons　of　Jacob　brought　back　their　silver　in　the　same　weight　that
they　carried　into　Egypt；　and　Tobit　lent　unto　Gabael　the　weight　of
ten　Talents：　By　which　it　is　manifest　they　did　not　count　their
Moneys　in　pieces；as　they　did　in　succeeding　ages；　or　by　imaginary；
or　abstracted　sums；　as　we　do　make　their　valuation；　but　by　weight；
the　fineness　only　is　approved　of　by　the　mark。　It　were　tedious　to
search　the　proofs　of　Antiquity　in　this　kind；　but　it　is　manifest
that　almost　all　the　Names　of　Moneys；　both　among　the　Hebrews　and
Greeks；　were　not　properly　the　names　of　any　species　of　Money；　but
of　several　sorts　of　weight。　As　of　Sicle；　Mina；　Talent　and
Drachma；　so　likewise　the　Original　Moneys；　both　of　the　Romans；　the
Francks；　and　of　the　Monarchy　of　England；　were　the　As；　the　Livre；
the　Pound　and　the　Mark；　and　amongst　the　Romans；　the　ancient
Receivers　were　not　called　numeratores；　but　libripendes；　the　names
of　Moneys　being　originally　only　the　proportions　of　weight；　and
the　mark　serving　only　for　a　proof　of　the　pureness　of　the　Metal：
There　did　succeed　a　form　of　Money；　wherein　the　impression　did　not
only　signify　the　fineness；　but　the　weight　also。　This　among　the
Romans　was　moneta；　from　when　our　name　of　Money　is　derived　a
Monedo：　it　is　attributed　to　Servius　Tullius；　to　have　bin　the
first　in　Rome；　to　have　stamped　with　an　Impression　a　certain　piece