a discourse of coin and coinage-第22章
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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
(to bring on) inevitable Confusion; it will be best to reform the
Mischief before it be grown to extremity; and the best
Reformation will be to reduce it to the first and original
settlement: The Commodities whereof are many:
First; The prices of things will be reduced to some antient
moderation; then those who live upon antient Rents; and Fees; and
Rights; and Tenures of their Lands and Offices; who have received
extream injustice by the diminution of the Intrinsical value of
Money; shall by this Reduction be recompenced in justice again。
But above all; the King; whose Revenue is only publick; shall
receive a great and a just enlargement therein: This Diminution
of the intrinsical value of Money being not the least cause of
the visible wants wherewith the Crown is this day oppressed; and
this Reduction being so great and important as it is; all other
Nations and all Merchants in their exchanges; must of necessity
come to a new valuation of their Moneys in comparison of ours:
and that cannot be; but by a true calculation of the intrinsical
value of either of them; by which means if we do now sustain any
wrong by the reputed valuation of our Moneys; or exchange of
them; we shall then receive right。 And England being a Countrie
able to send out more Commodities than it hath need to receive;
we shall of necessity return the overplus in Bullion。
But to examine the solid Truth of these Alligations; it will
be necessary to consider by what means this Reduction may be
effected。
First; Therefore if you will reduce Moneys to the antient
values; either you must do it by several degrees; (this being the
way by which the mischief grew) or you must do it all at once。
As for example of a Reduction by degrees; Silver is now
coined at five shillings and two pence an ounce; and Crown Gold
at three pound eight shillings and four pence the ounce; begin
then; first to reduce by coining Silver at fourteen groats the
Ounce; and Crown Gold at three pound one shilling and six pence
the Ounce; and when it is thus settled; then some time after
reduce them both; yet to a lower price; and so until you come to
the Original settlement。 But is it not then manifest that if
these coins be so much heavier than the former; as this
Proportion doth make them; and yet go at the same price as the
other did; yet as fast as they are coined; they will be melted or
transported for advantage?
Besides our Merchants will (not) bring this Silver and gold
unto you to so great a loss: on the other side; if you make all
the old Money uncurrent; and you do make it so many times
uncurrent as you do reduce it towards the antient values; by
degrees the confusions will be so great as the Kingdom cannot
bear them; and the continual new coining of your Money will
consume all the value of your Money in that charge: there is then
no other way left but to leave the old Money still current; but
abased so much in price as it is worse than the new Money in
intrinsical value。 But this is hardly possible; considering that
the fractions in the old Money will be so confused as no man
shall know how to pay or receive it; besides all men of what
condition soever that are to pay Money; in what nature soever;
shall pay ten in the Hundred more than they should otherwise have
done。
But suppose this Inconvenience might be sufferable for once;
yet when they must return again; as often as by degrees you do
reduce your Money towards the antient values; I do see no
possibility to conquer them; it is then best to consider what
will follow of it; if this Reduction to the antient values be
made all at once; which is thus propounded。
That new Money should be coined at twenty pence an ounce;
Silver; and that the old Money should be still left current at
the third part of the value for which now it goeth; as six pence
to be current for two pence; and twelve pence for a groat; so as
all Fractions should be avoided: and the gold should be reduced
to a like Proportion; and that all contracts and payments; from
such a day to come; should be made and paid in new Money or in
old Money; valuing it only at the third part of the new Money;
But if the Proposition were simply thus; it were insupportable;
for then he that sits now at a rent of 10 l。 a year; and is
hardly able to pay it should in effect; after the day when the
new money is to be current; pay thirty pounds a year; and he that
borrowed ten pounds before that day; after that day shall pay
thirty; and so it would be of all other payments。 And it is no
satisfaction to say; That would be no Injustice; because he that
pays Money; either for Debt or Rent; or any other waies; must
receive it from others; be it either in Debt; Rent; or for the
price of any thing to be sold; and so he shall pay no more in
Proportion than he shall receive: for it if be true; which is the
mainest Benefit propounded by this Reduction; that as the price
of Money shall be abased so the price of all things will abate in
Proportion; then he that is to raise his payments out of the
price of other things shall raise no more in intrinsical value
than he should have done before; yet he shall pay in intrinsical
value thrice as much as he did before。
To solve this Objection; there are two ways propounded; but
either of them have their Inconveniences;
The first is; that this payment in new Money shall only
extend to future contracts and that all former contracts shall
either be paid in old Money or in new Money valued at three times
the old Money: but if you admit of this; you shall by this
Reduction only raise a great rumour and confusion among the
people; and all the benefits propounded are quite blown away。
Besides the Injustice; as it was very apparent to all that
were to pay Money in the former way; so it is as apparent in this
way to all that are to receive Money; for that they shall receive
in extrinsical value but two pence for six pence; and one
shilling for 3 shillings; but above all others; the King would be
most prejudiced。
The second way of solving the former Objection is this; That
all payments; for the future; should be made in new Money or in
old; valuing the old a third part; and that in like manner all
antient Contracts; Rents; and Rights reserved should be acquitted
in new Money; or in old Money valued at the third part of the
new; and that his wold of antient Contracts and Rights; should be
defined from such a time as since which the prices of things have
encreased; as the value of Money is by this Reduction to be
abated; As for Example;
Since the year of the eighteenth of Henry the Eighth; when he
began to coin Base money; since which time generally the price of
things is trebled at the least; in some more; in some less。 And
that all Contracts and payments reserved; since the eighteenth
year of Henry the Eighth; until the day when the new Money is
made current; should be acquitted in old Money; or in new Money
valued three times as much as the old: By this means the
Injustice of the former ways seemeth to be equally parted; in
that some Receivers by this way should gain and some Receivers
should loose; and some Payers should gain and some should loose。
But this Proposition brings with it a new Inconvenience;
which is; That this time of the eighteenth of Henry the Eighth;
being so antient; it would breed many Controversies; as to what
payments were contracted for or reserved before that time or not。
But suppose that this Reduction were effected; and that our
Moneys were both by reputed valuation and by exchange compared
with Forrein Moneys; according to their true intrinsical value;
yet do I not see that this Reformation; for all this; would be
stable and permanent; for if afterwards other Nations shall by
degrees again diminish the Intrinsical value of their Moneys;
either we must resolve to stand firm to this Reduction; and so to
take the hazard of all losses and Inconveniences which the not
raising of our Moneys when our Neighbours raise theirs do bring
with it; or if we