a discourse of coin and coinage-第23章

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raising　of　our　Moneys　when　our　Neighbours　raise　theirs　do　bring
with　it；　or　if　we　shall　raise　again　as　they　shall　raise　theirs；
then　all　the　benefit　of　this　troublesome　Reduction　will　be；　That
we　shall　yet　be　three　hundred　years　longer　ere　we　do　grow　to　so
great　a　diminution　in　the　Intrinsical　value　of　our　Moneys；　as　we
do　at　this　present　undergo。

Chapter　21

Of　raising　our　Moneys　according　to　the　raising　of　our　Neighbours

　　　　Others　do　propound　a　clean　contrary　course　to　this　Reduction
of　the　Moneys　to　the　antient　values；　For　they　would　have　us　to
observe　precisely　the　raising　of　the　price　of　Money　by　our
Neighbours；　and　if　not　to　preceed　them；　at　the　least　to　follow
them　immediately。　And　for　this　purpose　they　insist　upon　two　main
Arguments。　The　one　drawn　from　Example；　the　other　from　Reason：　for
say　they；　If　we　do　observe　those　States；　which　do　soonest　and
most　raise　their　Money；　we　shall　find　that　they　do　most　abound
with　Money；　and　that　Trades　and　Manufacturers　do　most　flourish
there。
　　　　As　for　Example；　the　United　Provinces；　and　the　Arch…Dukes
Country；　and　the　Hanns　Towns；　and　they　do　confirm　their　instance
by　this　reason；　Forrein　Nations　when　they　raise　their　Moneys；　do
thereby　make　them　of　less　Intrinsical　value；　than　they　are
reputed。
　　　　As　for　Example；　Three　pounds　two　shillings　sterling；　is
reputed　equal　with　five　pounds　six　shillings　Flemish；　and
peradventure　when　the　pound　sterling　was　first　cut　into　62s　they
were　equal　in　intrinsical　value；　but　now　by　the　raising　of
Moneys；　this　five　pounds　six　shillings　Flemish；　say　they；
contains　in　intrinsical　value　no　more　than　two　pounds　sixteen
shillings。
　　　　And　again；　say　they；　The　Ryall　of　eight　and　the　Rix　Dollar
are　both　of　them　reputed　equal　to　five　shillings　sterling；　but
hold　in　intrinsical　value　less　by　ten　in　the　hundred。　Hence；　（say
they；）　it　follows；　That　he　that　bestoweth　here　three　pounds　two
shillings　in　English　Cloth；　and　sells　it　beyond　Sea　for　five
pounds　six　shillings　Flemish；　or　for　twelve　Ryalls　of　eight；　or
twelve　Rix…Dollars；　with　two　shillings；　maketh　his　accompt　that
he　hath　sold　it　as　dear　as　he　bought　it；　and　whatsoever　he　can
get　more　is　gain　towards　his　hazard；　his　time；　and　his　charge；
and　by　this　means　he　doth　undervalue　the　English　commodity　to　the
loss　of　the　Realm；　six　shillings　in　three　pound　two　shillings：
But　on　the　other　side；　if　he　bestow　his　five　pound　six　shillings
Flemish；　or　his　twelve　Ryalls　of　eight；　or　Rix…Dollars；　and　two
shillings　in　Forrein　Commodities；　he　makes　his　Accompt　that　he
sells　them　not　here　for　as　much　as　they　cost　him；　except　he　have
for　them　three　pound　two　shillings　sterling；　by　which　he
overvalues　to　us　the　forrein　Commodities　by　six　shillings　in
three　pound　two　shillings；　by　which　means　the　Realm　in　general　is
impoverished；　but　the　Merchant　in　his　particular　saves　himself；
for　what　is　lost　to　him　by　the　undervalue　of　the　English
Commodities　is　again　made　good　unto　him　by　the　over…value　of　the
forrein　Commodities。　And　hence　it　follows　that　our　Money　wasts；
our　Manufactures　decay；　and　their　Money　and　Manufactures　do
increase。
　　　　As　for　the　objections　made　against　raising　of　Moneys；　they
say；　They　are　not　considerable　in　comparison　of　the　benefits；　for
so　as　Trade　and　Manufactures　may　flourish　and　Money　abound；　what
imports　it　though　the　price　of　things　do　rise；　when　as　every　man
as　he　pays　more；　so　he　shall　receive　more：　as　for　the　King's
loss；　he　shall　be　otherwise　recompenced　by　the　Riches　of　the
Subjects。
　　　　But　to　come　to　the　Examination　of　this　Proposition　and　the
Reasons　made　for　it。
　　　　First；　these　valuations　laid　down　of　our　Money　in　comparison
with　Flemish　Money　and　Ryalls　and　Dollars；　for　a　foundation　of
this　Proposition　is　very　uncertain；　for　as　it　is　true；　that　as　I
have　heard　in　publick　conference　upon　thee　occasions；　divers
Merchants　of　great　worth　and　experience　to　affirm　these
valuations；　so　I　have　heard　others　of　as　great　worth　and
experience　to　deny　them；　affirming　that　they　knew　none　other
valuation　of　our　Money　with　forrein；　but　according　to　the
Intrinsical　value　of　either　of　them。　And　by　the　last　Placcard　of
the　Low　Countries；　the　English　shilling　is　made　current　for　one
shilling　nine　pence　Flemish；　by　which　accompt　three　pound　two
shillings　English　will　make　five　pound　eight　shillings　and　six
pence　Flemish。
　　　　But　admitting　the　valuations　as　they　are　set　down　in　the
Proposition；　yet　it　will　appear；　but　a　meer　Sophism；　for　the
truth　is；　as　it　is　set　down　in　a　former　Chapter；　That　silver　is
higher　valued　in　France　and　England；　than　in　Spain；　and　in　the
Low　Countries　than　in　either　of　them；　and　in　the　Hanns　Towns　than
in　the　Low　Countries；　and　so　still　higher；　the　further　Eastward：
But　of　gold　it　is　not　so：　and　upon　an　exact　computation　it　will
be　found；　That　Gold　is　higher　valued　in　England　than　in　the　Low
Countries；　and　that　a　pound　of　fine　gold　reduced　into　the　Riders
of　the　Low　Countries；　makes　but　forty　five　Guilders；　and　seven
Stivers；　and　allowing　ten　Stivers　and　a　half　for　twelve　pence
English；　as　it　is　made　current　by　the　last　Placcard；　there　the
said　sum　amounts　in　sterling　Money　but　to　forty　three　pound
thirteen　shillings　and　a　penny；　but　a　pound　of　Gold　fine　makes　in
twenty　two　shilling　pieces；　forty　four　pound；　eight　shillings
four　pence　sterling；　which　reduced　into　Guilders　after　the　former
accompt　makes　446　and　a　half；　so　as　the　pound　in　fine　Gold　is
valued　in　Jacobus　pieces；　at　8　Guilders　two　Stivers　and　one　half
more　than　in　Riders；　and　in　English　Money　is　valued　at　fifteen
shillings　three　pence　more　in　Jacobus's　than　in　Riders；　so　then
it　follows；　that　if　England　do　loose　any　thing　in　the　true　price
of　her　Commodities　because　Silver　is　higher　valued　in　the　Low
Countries　than　in　England；　England　gains　again　in　the　price　of
her　Commodities；　because　Gold　is　higher　valued　in　England　than　in
the　Low　Countries。　Besides　all　which　none　of　the　Objections　made
against　this　Proposition　are　answered；　but　only　elevated；　and　it
is　manifest；　that　all　those　who　are　to　receive　Money　shall　be
continually　oppressed　with　this　continual　raising　of　Money；　and
if　we　shall　still　vie　one　upon　another　who　shall　raise　highest；
in　the　End　the　Matter　must　necessarily　come　to　a　Confusion。

Chapter　22

Of　introducing　two　different　Species　of　Money

　　　　The　Difficulties　and　Debate　of　the　former　Proposition　have
produced　this；　set　down　in　the　title　of　this　Chapter：　For　if　to
let　our　Money　stand　still　in　the　same　condition；　when　our
Neighbours　do　raise　theirs；　be　a　means　to　drain　away　our　own
Money　from　us；　and　to　divert　that　increase　of　Stock　which
otherwise　should　come　unto　us；　and　consequently　occasion　the
decay　of　our　own　Trades　and　Manufactures；　and　the　increase　of
Forrein；　as　in　the　former　Propositions　hath　been　disputed；　Then
it　were　good　to　raise　our　Moneys　when　our　Neighbours　raise
theirs。　But　if　this　raising　of　our　Moneys　do　introduced　an　unjust
Oppression　to　all　those；　who　do　live　upon　the　Rents　of　their
Lands；　upon　Pensions；　upon　Fees；　upon　Wages；　or　otherwise　upon
any　other　Reward　of　their　Industry；　if　it　most　of　all　disables
the　King；　and　in　the　end　doth　threaten　an　extream　Confusion　and
Disorder；　then　is　this　good　of　Raising　so　allayed　with　the　evil
that　followeth　it；　that　we　were　as　good　if　not　better　to　be
without　it：　From　these　Considerations　hath　this　Proposition
risen；　by　which；　the　Authors　thereof　do　presume；　that　we　may　both
raise　our　Moneys　as　we　find　occasion　and　yet　not　raise；　though
they　seem　contradictory：　and　we　receive　all　the　Benefits；　which
the　raising　of　Money　doth　bring　with　it；　and　yet　avoid　all　the
Inconveniences　which　are　alledged　to　follow　it。　Now　the
Propositions　which　have　been　made　in　this　kind；　both　here　and　in
other　parts　are　very　many；　and　differing　one　from　another　in
their　Proportions；　and　in　some　other　subtile　and　by
considerations；　which　if　they　should　be　set　down　in　particular；
would　much　perplex　the　Subject。　I　will　therefore　by　supposition
set　down　a　Proposition　in　a　plain　and　easie　Proportion　for　the
more　ready　apprehension　of　the　Reader。
　　　　As　for　Example；　Suppose　the　King　should　coin　new　twenty
shilling　pieces；　which　s