a discourse of coin and coinage-第24章

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more　ready　apprehension　of　the　Reader。
　　　　As　for　Example；　Suppose　the　King　should　coin　new　twenty
shilling　pieces；　which　should　hold　in　intrinsical　value　but
eighteen　shillings　and　four　pence　in　Proportion　to　the　present
Gold；　and　new　shillings；　which　should　hold　but　eleven　pence　in
Proportion　to　the　shillings　of　the　present　standard；　and　then　it
should　be　ordain'd；　that　all　former　Contracts　already　past；
should　be　acquitted　in　old　Money；　or　else　in　new　Money；　valuing
every　20s　but　at　18s　4d　and　so　in　Proportion　of　lesser　sums；　but
that　all　new　contracts　should　be　paid　afterwards　in　new　Money；　or
else　in　old；　valuing　every　18s　4d　of　the　old　Money　at　20s　of　the
new。　By　this　means；　say　the　Authors　of　this　proposition；　we　shall
bring　back　our　own　Money　at　20s　and　drain　away　the　Money　of　our
Neighbours；　and　trades　and　Manufactures　shall　flourish　in
consequence；　yet　our　Moneys　are　raised；　and　yet　no　man　shall
receive　any　injustice　by　it；　for　both　the　King　and　all　other
Lords　of　Lands　or　contracted　upon　former　Wages；　shall　be　paid　in
Money　formerly　current；　or　else　in　new　proportionable　to　the　old。
And　all　those　which　are　to　pay　Money；　either　out　of　their　own
Industry　or　Labours；　or　out　of　the　fruits　of　the　earth；　or　by　any
other　means；　when　they　do　see　that　they　must　contract　for　new
Money；　apparently；　according　to　the　Proportion　set　down；　worse
than　the　old；　they　will　help　themselves　by　raising　their　price　in
Proportion　unto　it。　There　may　likewise　be　alledged　Examples　for
this　Proposition；　as　in　Ireland　when　sterling　Money　and　Irish
Money　are　both　current；　the　one　a　fourth　worse　than　the　other
without　any　Inconvenience。　And　it　seemeth　that　anciently　before
the　time　of　Edward　the　first　in　England；　there　were　Moneys
current　of　several　standards；　for　although　there　be　a　few　Records
left　of　Mint　matters；　more　antient　than　Edward　the　Third；　yet
Anno　sexto　Reg。　Johannis　membrana　sptima　Dorso；　certain　old　Money
of　baser　standard　was　made　current；　But　so；　as　no　Jew　or　Merchant
stranger　might　buy　Merchandize；　or　pay　debts　with　it；　or　any
thing　else；　（but　only　victum　et　vestitum　with　that　old　Money；）
but　in　grossa　et　forti　Moneta。　And　in　France；　until　the　time　of
Philip　le　Bell　（who　was　contemporant　with　Edward　the　Second）　it
seemeth　that　there　were　used　several　species　of　Money；　And
Eddicts　were　made　what　Contracts　should　be　acquitted　in　one
species　and　what　in　another。
　　　　But　I　will　come　now；　as　in　the　former；　to　the　examination　of
this　Proposition。　first；　the　extreme　Confusion　is　to　be
considered　which　it　will　bring　among　the　People　by　raising
Questions　what　is　to　be　paid　in　old　Money　and　what　is　to　be　paid
in　new　Money。
　　　　As　for　example；　a　man　who　lent　Money　before　the　time
appointed　for　the　currency　of　this　Money；　after　the　day；
receiveth　interest　for　it；　and　so　lets　it　run　on；　Whether　shall
this　be　interpreted　an　old　contract　or　a　new？　and　divers　other
Questions　of　like　nature　will　arise。　But　suppose　that　such
Prudence　were　used　before　hand　as　all　such　Questions　might　be
prevented；　yet　certainly　the　intricasie　of　the　accounts　between
the　old　Money　and　the　new；　by　Reason　of　the　confused　Fractions
which　are　in　it；　would　be　a　great　molestation　to　the　People：　But
there　lurketh　a　much　greater　Inconvenience　which　would　not　be
discovered　but　by　length　of　time；　which　is　when　you　have　thus
raised　the　price　of　your　Money；　when　other　Nations　shall　raise
theirs　again　beyond　your　new　Money；　you　must　then　be　enforced　to
make　a　second　new　Money　of　less　intrinsical　value　than　the　first；
and　then　again；　all　Contracts　between　the　first　and　the　second
new　Money；　are　to　be　acquitted　in　the　first　new　Money；　or　in　the
second　new　Money；　valued　in　Proportion　to　the　first；　and　so　in
consequence　of　time；　a　third　new　Money　would　be　coined；　and　a
fourth；　and　a　fifth；　and　so　forward；　that　by　degrees　both　the
multiplicity　of　the　Moneys；　and　the　variety　of　the　times　of　the
contracts　would　pass　all　humane　comprehension。
　　　　As　for　Examples　alledged；　they　make　more　against　the
Proposition　than　for　it；　for　I　doubt　not；　but　in　the　time　of　King
John；　and　afore　and　after　that；　there　were　great　Varieties　and
confusions　in　the　Moneys　current；　and　the　Histories　of　those
Times　are　full　of　Complaints　upon　that　subject。　And　therefore
they　do　most　highly　magnify　the　Wisdom　of　King　Edward　the　First；
who　settled　a　uniformity　in　that　Subject；　by　introducing　one
certain　species　of　sterling　Coin。
　　　　And　for　the　Example　of　France；　the　Histories　of　that　Country
do　not　only　justifie　that　there　were　great　Confusions　in　this
Subject　in　those　times；　but　by　great　Insurrections　of　the　People
and　Rebellions　upon　that　occasion；　insomuch；　as　the　reputed
Authors　of　those　Inventions　were　sacrificed　to　appease　the
popular　Rage。

Chapter　23

Of　Coining　of　Moneys　without　Distinction　of　Weights

　　　　The　Proposition；　intended　under　this　Title；　is　this；　That　the
Money；　hereafter；　both　of　Gold　and　Silver　should　be　coined　of　the
same　fineness；　that　the　Silver　and　crown　Gold　now　are；　but　that
there　should　be　coined　no　pieces　of　a　certain　weight　either　of
gold　or　silver；　but　that　the　Allay　being　certain；　the　weight
should　remain　uncertain；　that　all　Money　now　current　should　be
valued　by　a　certain　weight。
　　　　As　for　Example；　That　every　ounce　weight　of　Silver　should　be
valued　at　5s。　and　every　ounce　weight　of　Gold　at　twelve　times　as
much；　or　thirteen　times　so　much；　or　such　a　Proportion　as　should
be　thought　most　equal；　and　that　all　former　Contracts　should　be
acquitted　in　weight；　by　reducing　every　100　l。　sterling；　into　400
ounces　of　Silver；　or　a　proportionable　weight　of　Gold；　but　that
all　future　Contracts　should　be　directly　made　in　weight；　as　in
pounds；　ounces；　and　the　Sections　of　the　ounce；　either　in　Silver
or　proportionable　weight　in　Gold：　That　there　should　be　only
coined　a　certain　Proportion　of　small　Moneys　in　Silver；　not　in
value　above　a　penny；　or　two　pence　sterling；　of　a　certain　weight
for　the　accommodation　of　small　ordinary　payments。　But　that　all
the　main　mass　of　Money；　both　of　Silver　and　Gold；　should　have　no
certain　weight　imposed　on　it；　but　should　be　current　according　to
the　weight　it　had；　as　it　should　fall　out。　The　Authors　of　this
Proposition　maintain。
　　　　That　the　first　Institution　of　Money　was　in　this　manner。　That
this　Addition　of　certainty　of　weight　to　the　Allay；　by　making　the
stamp　to　serve　as　a　publick　Testimony　that　the　piece　so　stamped
or　coined　is　not　only　of　such　a　fineness　but　of　such　weight　also；
have　given　occasion　to　all　the　Inconveniences　that　have　since
grown　in　this　Subject　of　Money；　and　that　there　is　no　other　way　to
reform　these　Inconveniences　stablely　and　permanently　but　by
reducing　the　Money　to　this　original　Institution。
　　　　And　therefore　they　say；　That　the　imposing　of　certain　weight
to　the　piece　by　the　stamp　hath　given　the　Opportunity　to　the　Kings
and　Common…wealths　to　help　themselves　in　their　necessities；
diminishing　the　Intrinsical　value；　and　marking　the　piece　of　such
a　weight；　when　as　really　it　weigheth　not　so　much；　and　thus　much
may　be　observed　in　the　first　part　of　this　Discourse　of　the
Historie　of　the　Moneys　of　the　Grecians　and　the　Romans　and　other
modern　States。
　　　　They　say　likewise；　That　this　diminution　of　the　intrinsical
value　by　subtracting　from　the　true　weight　of　which　the　several
pieces　of　Money　were　first　marked；　hath　introduced　that　practice
of　draining　of　Money　from　other　Nations；　by　raising　the　price　of
it；　which　is　the　Mischief　now　grown　into　this　Subject。
　　　　They　say；　That　it　hath　given　occasion　to　the　culling　of　the
heavier　Money　from　the　lighter；　which　is　one　of　the　greatest
Instruments　of　Exportation；　that　it　hath　also　given　the　occasion
of　washing；　scaling；　and　clipping　of　Money；　mischiefs　that　are
now　grown　very　frequent。
　　　　Lastly；　It　hath　given　occasion　by　the　use　and　wearing　of　the
old　Money　to　raise　the　price　of　the　new　and　weighty　Money　in　the
Estimation　of　the　People；　and　consequently　to　melt　the　old。
　　　　But　although　it　should　be　acknowledged　that　these
Inconveniences　have　been　introduced　by　these　forms　of　Coinage　now
in　use；　yet　it　remains　to　be　considered　how　they　would　be
reformed　by　this　new　form　of　Coining。　And　f