a discourse of coin and coinage-第4章
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small a difference that it is not considerable; and besides it
were impossible to consider the remedies in this
Calculation;because they are casual in the work and are supposed
to fall out sometimes as well beyond the just standard as
deficient: And from all Antiquity it is provided in the
Indentures; that the remedies shall be allowed; if the defects
appear to be casual and not voluntary。 The Truth is; that they
were an invention by which the Masters of the Mint made their
advantage under colour of Contingency of the work; which appears
to have bin first apprehended by King Henry the VII who in the
first year of his reign made the Masters of the Mint accountable
to himself for so much of the remedie as was found deficient from
the standard。 The first clear record that I can find for the
values of our Moneys; is in the eighteenth year of Edward III and
then a full pound of fine silver was valued at 11 l。 of fine
Silver; and eight pence over: From that time to the 25th of
Edward III there was some variety in the Money; but not worth the
mention。 But in the 25th a full pound of fine Gold was valued at
11 l。 of fine Silver; and 3s。 2d。 over; and so it remained all
Edward III time; and all Richard II time; and until the 13 of
Henry IV; at which time both Gold and Silver were raised by
advice in Parliament; upon complaint that by reason of the low
prices of Gold and Silver; the Money of the Realm was exhausted。
And by that Ordinance a pound of fine Gold was valued at ten
pounds of fine Silver and almost one half; and so it remained all
his time; and all Henry V time and until the 49 of Henry VI time;
and then the Gold and Silver was again raised; and a pound of
Gold fine was valued at 11 l。 of the fine Silver and 6s。 over。 In
the fourth of Edward IV the Gold was abased in value; and the
Silver left at the same price; by which means a pound of fine
Gold was valued at ten pound of fine Silver; and 6s 7d。 over。 But
in the 8 of Edward IV the Gold was again raised to the former
price; as it was in the 49 of Hen。 VI and so the proportion
remained just the same both all Edward IV time and Henry VII
time; and the beginning of Henry VIII time。 In 18 of Henry VIII
there were Letters Patent granted to the Cardinal of York and to
such of the King's Council; as he should call unto him;
authorizing them to give such Directions; as they should think
meet; for the alteration both of the standard and values of the
Kings Moneys; and a Commission was accordingly issued to the
Officers of the Mint to pursue the said Directions; the Colour
whereof was; That the Moneys of the Realm were transported
secretly by reason of the excessive raising of Moneys in France;
and in the Low Countries; and that the King; having sent unto
other Princes; could obtain no redress for the raising of their
Coyns: Upon this Commission did arise great confusions in the
prices and standards of the Moneys; which; with certainly I
cannot trace any further; because the matter passing by private
direction; there are no publick Records extant of them。 In the
third of Edward VI a Commision was granted to coin Gold at 22
Carrats fine; of the value of 34 l。 the pound: and Silver of 8
ounces fine; of the value of 4 l。 16s。 the Pound whereby a pound
of Gold fine was valued at 37 l。 and almost 2s。 and a pound of
Silver fine was valued at 7 l。 4s。 and by that rate; a pound of
fine Gold was as five pound of fine Silver and 22s。 over: which
could not so fall out but through the excessive gain which the
King did make upon the Silver more than on the Gold: and it seems
that the proportion was much other between the Merchants in
Bullion; for neer about the same time the King gave Commission to
buy Gold and the Mint of 24 Carrats fine; at 58s。 the ounce; and
Silver of 12 ounces fine 5s。 4d。 which is almost jj for one。
These confusions did still remain all Kind Edward and Queen
Maries Reigns; but in 14 of Queen Elizabeth the antient sterling
standard both of Gold and Silver was renewed; and a pound of Gold
fine valued at 11 l。 of fine Silver; and 7s。 10d。 over: In the
24th of Elizabeth the standard of Gold was abased one quarter of
a grain; and of Silver one pennyweight; but the proportion
between two metals near upon the same point: And although in
these times the Crown Gold was coined upon another standard; yet
the proportion in the Intrinsical value was kept the same。 In
secundo Jacobi; the proportion was 12 for one; but every 20s。
being afterwards by Proclamation raised to 22s; one pound of fine
Gold of 24 carrats; is valued at 13 l。 of fine Silver of 12
ounces fine and one fifth over。
And these are the Antient and Modern proportions of Gold and
Silver to one another in price; as punctually and authentically
as by diligent search I could gather them。 There is yet another
proportion between mettals; which is not unnecessary to our
purpose to be understood; which although I have not by mine own
trial examined; yet having taken it from good Authors; I will not
omit; and that is a natural and a constant proportion which
mettals do hold differently to one another in weight in the same
value and superficies: which is; that Gold weighs 48 parts; Quick
Silver 27 parts; Silver 24 parts; Lead 22 parts; Tinn; Iron;
Coper; 15 parts; which different proportion of weight was the
ground of that condition of Archymedes whereby he found out how
much Silver the workmen of Hiero put into his Crown of Gold; and
which is likewise the ground of many other subtil Conclusions;
which have bin found out for the deprehension of mettals; and
other mechanical works; and by this proportion those of China do
examine the fineness of the Gold which is current amongst them;
who by constant Relation; being said to be most subtile and exact
in mechanical trials of mettals; have not the Gold which is
current amongst them coined; but reduced into powder; which they
do pass to one another in their commerce by weight; and do easily
deprehend if there be mixture of Allay amongst it by measuring
the powder; and then tempering the weight and measure together。
Chapter 5
Of the raising of the price of Money both of Silver and Gold
It is to be understood that there are three ways of raising
the price of Moneys either Gold or Silver: The first is without
alteration of the Species of the Money; by encreasing the value
of it; by giving more parts to it than originally it had; as by
ordaining an Angel or a Soveraign to be valued at eleven
shillings; which was coined for ten; or a shilling to be valued
at fourteen pence。 The second way is by diminishing the matter;
but leaving the same name and value to the Money which it had
before; as if Shillings or Angels; or Soveraigns were coined by
the same name and value as before; but were diminished so many
grains in weight: or; if new names were given to them and the
same value retained; but the weight diminished; for in this case;
there being really less Gold and Silver in weight in the piece
than there was before and the value remaining the same; the
Silver and Gold which remains hath a higher price set upon it。
The third is when the value remaining the same of the species of
Money; and the weight of the same; the fineness is abased by
putting more Allay into it; for then there is really less Gold
and Silver in fineness。
There are two causes of the raising of Money: the first and
most antient cause of raising Money; was a gain which the state
made of it in their Necessities; which hath not often been
practised in this Kingdom。 But the second and most frequent cause
hath been; an Art which States have used to rob one another of
their Money; by setting on higher prices upon it; so that some
States being induced; by an unjust device; to draw to themselves
the Money of their Neighbours; and others by a necessity to keep
their own。 All these parts of the world; for some few hundred of
years; have done nothing but vye one upon another who shall raise
their Money highest; which hath brought great Confusion in all
States; and doth threaten much greater; if it be not prevented。
But first to shew the Antiquity of the practice of raising of
Monies we will begin w