a discourse of coin and coinage-第21章

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did　advise　that　the　same　Edict　should　be　more　rigidly　maintained；
and　that　all　forrein　coins　should　be　absolutely　banished；　and
that　the　former　Edict　might　be　now　reformed　in　that　only　point；
which　was　deficient　（viz。）　That　the　Sols　might　either　be　coined
of　purer　Silver；　or　if　they　did　remain　of　the　former　Allay；　that
the　King　would　so　dispose　of　the　charge　of　the　Allay　and　coinage
as　they　might　answer　in　their　Intrinsical　value　to　the　gold　and
the　Silver；　and　that　for　the　remedy　of　the　Penury　of　Money；
strict　sumptuary　Laws　might　be　put　in　practice　against　Forrein
Manufactures；　and　superfluous　Commodities。
　　　　But　against　this　it　was　objected；　That　now　they　found　by
experience　the　effect　of　the　former　Edict　of　1577；　and　this
addition　of　sumptuary　Laws　would　give　little　help；　because　the
licence　of　the　times　and　difficulties　in　the　thing　it　self　were
such　as　they　would　never　be　put　in　execution。；
　　　　In　conclusion　a　new　Edict　was　set　forth　in　Anno　1602　by　which
the　Contracts　in　the　solid　species　in　Crowns　were　abolished　and
the　Contracts　in　Livres　again　authorised。　The　Crown　in　Gold　was
value　at　three　Livres　again　authorised。　The　Crown　in　gold　was
valued　at　three　Libres　and　four　sols；　and　all　forrein　coins　were
made　current　in　a　proportionable　rate：　and　upon　it　ensued　that
the　people　did　every　day　raise　the　price　of　all　Gold　both　forrein
and　domestick　higher　and　higher　by　degrees；　so　as　in　the　year
1614；　the　King　by　his　Edict　was　enforced　to　make　good　the　raising
of　the　people；　and　to　set　a　value　upon　the　French　Crown；　of　3
Livres　and　15　sols；　which　is　seven　shillings　and　six　pence
sterling；　and　yet　still　the　people　raised　it　higher；　and　all
other　Gold　in　proportion；　which　hath　yet　this　further
Inconvenience　with　it；　That　being　raised　by　degrees；　they　cannot
raise　the　Silver　together　with　it；　so　as　in　time　it　will　breed　so
great　a　Disproportion　between　the　Silver　and　the　Gold　as　they
will　have　little　Silver　left；　and　that　such　as　through　the
exceeding　lightness　cannot　with　profit　be　made　away。
　　　　I　shall　not　now　need　to　speak　any　more　of　the　Inconveniences
which　may　grow　by　ordaining　of　solid　payments　because　they　have
been　sufficiently　expressed　in　the　relation　of　these　proceedings
in　France。　But　I　will　only　add　this；　that　there　is　not　true
soliditie　in　payments；　but　to　contract　for　so　much　in　weight　and
so　much　in　fineness；　for　if　you　should　ordain　all　payments　to　be
made　in　such　or　such　species　of　Money；　it　is　true　that　the
raising　of　those　species　of　Money　could　breed　no　alteration　in
your　payments：　but　suppose　the　Prince　should　coin　these　species；
either　baser　in　Allay　or　lighter　in　weight；　then　should　your
payment　be　subject　to　the　same　alteration　as　if　you　had
contracted　for　abstracted　sums。

Chapter　19

Of　equalizing　the　Exchange。

　　　　The　Author　of　Lex　Mercatoriae　doth　hold；　That　in　those
countries　where　great　great　Banks　are　kept；　the　Bankers　do　by
their　Arts　and　Subtilties　by　the　inequalite　of　the　Exchange；　draw
away　the　Gold　and　Silver　out　of　other　Countries：　as　for　Example；
In　Holland；　suppose　a　man　were　by　Exchange　to　make　over　100　pound
sterling　thither　out　of　England；　The　Exchange；　saiths　he；　is　such
when　it　is　at　most　advantage　for　England；　by　the　practise　and
subtilties　of　the　Banker；　as　you　shall　receive　for　your　hundred
pound　there；　less　in　intrinsical　value　than　you　gave；　and　if　you
make　over　a　hundred　pound　out　of　Holland　into　England　by　Exchange
you　shall　receive　more　in　Intrinsical　value　than　you　gave。　And　if
this　Position　absolutely　be　true；　as　that　the　contrary　doth
rarely　or　seldom　happen；　it　necessarily　follows；　That　it　is　more
advantage　to　carry　over　your　Money　thither　in　specie；　than　to
make　it　over　by　exchange；　and　it　is　more　advantage　to　make　over
your　Money　thence　by　exchange　than　to　bring　it　over　in　specie。
　　　　But　（saith　he）　if　it　be　effectually　ordained；　That　no　man
shall　give　his　Money　here；　to　receive　less　in　intrinsical　value
there　by　Exchange；　and　that　no　man　shall　give　his　Money　there；　to
receive　more　in　intrinsical　value　here　by　Exchange：　it　is　plain；
That　no　man　shall　have　his　Advantage　to　carry　his　Money　thither
in　specie；　nor　no　man　shall　have　his　Disadvantage　to　bring　his
Money　thence　in　specie：　and　if　the　same　course　be　observed　in　all
places　and　at　all　times；　let　other　nations　use　what　they　please
to　raise　or　abase　the　values　of　their　Money；　they　shall　never
prejudice　the　Kingdom　by　it。
　　　　I　have　abstracted　this　Proportion　in　the　plainest　manner　I
could；　and　purposely　omitted　to　name　the　sums　of　the　Exchange；　to
avoid　all　Question　about　more　or　less；　and　all　obscurity：　and
certainly　it　carrieth　with　it　a　great　appearance　of　Reason；
neither　do　I　find　any　strength　in　that　Objection　which　is　most
pressed　against　it；　That　this　equallity　cannot　be　made　with　other
countries；　by　Reason　that　a　great　part　of　the　Payments　is　made　in
Base　money：　for；　if　Base　money　be　so　current；　as　for　it　you　may
have　so　much　purer　Money　as　will　answer　the　intrinsical　value
required　for　the　Sum　to　be　paid　by　Exchange；　that　Objection　will
fall：　if　it　be　not　so　current；　you　may　except　against　the
Payment。
　　　　But　yet　this　Proposition；　if　it　be　narrowly　examined　will　be
found　subject　to　great　Exceptions。
　　　　And　first；　The　Difficulty；　I　may　say　almost；　the
Impossibility　of　putting　it　in　Execution　is　apparent；　for
although　the　intrinsical　value　be　the　principal　Rule　by　which
Exchanges　are　squared；　yet　there　are　many　other　Circumstances
which　do　vary　and　alter　the　Exchange；　and　this　is　for　a　main　one；
That　when　there　is　much　Money　to　be　returned　to　one　place　by　an
Accident　unlookt　for；　you　shall　（not）　find　Takers　in　Proportion；
except　what　they　make　by　the　price　of　Exchange　do　invite　them：　if
then　you　will　force　men　alwayes　to　give　and　take　by　Exchange　at
one　rate；　when　through　accident　there　shall　want　Takers；　you　will
force　the　Giver　to　supply　his　Necessity；　to　send　his　Money　in
specie；　and　so　that　which　is　propounded　for　a　Remedy　of
Exportation　shall　turn　to　a　greater　Exportation。
　　　　But　suppose　this　Difficulty　could　be　overcome；　yet　would　it
not　suffice　to　hinder　Exportation；　for；　if　in　other　Countries；
they　should　value　your　Money　higher　than　their　own；　as　in　this
Discourse　there　are　formerly　Instances　set　down；　of　English　Money
higher　valued　than　their　own；　in　France；　in　the　Low…Countries；
and　at　Francford　Mart：　he　then　which　at　these　times　would　have
made　over　Money　by　exchange　into　those　Parts；　by　this
Proposition；　should　have　had　but　the　intrinsical　value　in　Money
over　in　specie；　would　have　had　more　than　the　intrinsical　value。
　　　　Lastly；　It　is　to　be　considered；　That　all　Countries　that　do
raise　little　or　no　Materials　with　themselves；　（which　is　our　Case
in　England）　must　not　be　so　careful　to　hinder　Exportation　of　the
Materials；　as　to　provide　for　Importation　for　them；　What　Fruit
then　shall　we　receive　by　this　Equality　of　Exchange；　（admitting
that　it　might　be　made；　and　that　it　would　hinder　the　Exportation）
if　it　should　be　recompenced　by　the　same　Degree　of　Impediment；
which　it　would　give　to　the　Importation；　which　would　necessarily
follow　upon　it；　as　for　instance；　If　the　Equality　of　Exchange　will
give　impediment　to　transport　Silver　out　of　England　into　Holland；
will　not　the　same　equality　of　Exchange　give　the　same　degree　of
Impediment　to　import　Silver　out　of　Spain　into　England？　Certainly
in　all　appearance　it　must。

Chapter　20

Of　Reducing　Moneys　to　the　Lowness　of　Ancient　Values。

　　　　Some　are　of　Opinion；　that　the　best　course　to　remedy　all
Inconveniences　in　Matters　of　Money；　were　to　reduce　it　to　the
ancient　Value：
　　　　As　for　example；　A　pound　weight　of　Silver　of　the　sterling
standard　to　make　but　twenty　shillings　in　Silver；　and　a　pound
weight　of　crown　Gold　to　make　12　l。　sterling；　and　so　Angel…Gold　to
be　coined　in　Proportion；　for　（say　they；）　since　that　was　the　first
and　original　settlement　of　the　sterling　standard；　and　that　by　the
raising　of　other　Nations　whom　we　thought　it　necessary　to　follow；
we　are　grown　to　that　excessive　diminution　of　the　Intrinsical
value　of　our　Money　as　is　manifest；　and　that　the　Mischiefs　do　so
threaten　us；　by　the　daily　raising　of　our　Neighbours；　as　at　length