Discourse on the Alteration of Coin
Creator: Sir Robert Cotton | Date: 1626 | Archive: Warwickshire CRO | Identifier: CR136/B727
- Title
- Discourse on the Alteration of Coin
- Creator
- Sir Robert Cotton
- Date
- 1626
- Archive
- Warwickshire CRO
- Identifier
- CR136/B727
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CR136 B727
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1 A discourse pronounced by S[i]r Robert Cotton K[ing] and Baronett before the Lords of his Ma[jes]ties most honorable privie Councell at the Councell Table, beinge thither called to deliver his opinion touchinge the alteration of Coyne, secundo die mensis Septembris Anno Regni Caroli Regis secundo Annos domini 1626 And since by him reduced into writinge My Lords Since it hath pleased this honorable Table, to Com[m]aund amongst others, my poore opinion, concerninge this waightie p[ro]position of money, I must humbly crave pardon, yf w[i]th that freedome that becomes my dutie to my good and gracious Master, and my obedience to yo[u]r greate Com[m]aund, I deliver it soe vpp. I cannot (my good Lords) but assuredly conceive, that this intended Proiect of en s stallinge inancinge the Coyne will trench both into the honor, Honor, Iustice, Iustice, and the profitt of my royall M[aste]r and Profitt; Very farr
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Honor All Estates doe stand magis fama quam vi, as Tacitus saith of Rome. And wealth in every Kingdome is one of the essentiall markes of theire greatnesse, and that is best expressed in the measure and purtie of theire monies. Hence was it, that soe longe as the Romaine Empire (a patterne of best goverm[en]t) held vpp theire glorie and greatnes, they ever maintayned w[i]th litle, or noe Charge, the Standard of theire Coyne; but after the loose tymes of Comodus, had ledd in neede by excesse, and soe that shift of changinge the Standard, the Ma[jes]tie of that Empire fell by degrees. And as Vopiscus saith, The stepps by w[hi]ch that a State descended, were visibly knowne most by the graduall alteration of theire Coynes; And there is noe surer symptome of a Consumption in money. Edw: 1: What renowne is left to the posteritie of Edward the first in amendinge the Standard both in puritie and waight, from that of elder and barbarous tymes,
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2 must sticke as a blemish vpon Princes that doe the Contrarie. Thus wee see it < Hen: 6: > was w[i]th Henrie the sixth, who, after hee had begun w[i]th abatinge the measure, hee after fell to abatinge the matter, and granted Comissions to Misenden, and others, to practise Alchemy, to serve his Mynt. The extreamitie the State in generall felt by this aggrevance, besids the dishonor it layd vpon the vson of the Kinge, was not the least advantage his disloyall a Kinsman tooke to ingrace himselfe into the peoples favour, to his Soveraignes ruyn. < Hen: 7: > When Henrie the eight had gayned as much of powre and glorie abroad, of love and obedience at home, as ever anie, hee suffered Shippwracke of all vpon this Rocke. < L: Eliz: > When his daughter Queene Elizabeth came to the Crowne, Shee was happie in Councell to amend that error of her Father. For in a memoriall of the Lords Treasure Burleighes hand, I fynde, that hee and
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Dr Thomas Smith (a grave and learned man) advisinge the Queene, that it was the honor of the Crowne, and the true wealth of herselfe and people, to reduce the Standard to the ancient pacitie and vnritie of her greate Grandfather Kinge Edward <Edw: 4th:> the 4th, and that it was not the short ends of witts, nor startinge holes of devises, that can sustaine the expence of a Monarchy, but sound and solid courses, For soe are the words. Shee followed theire advise, and began to reduce the monies to theire elder goodnes, Stylinge that worke in her first Proclamation Anno tertio A famous Act. The next yeare followinge, haveinge p[er]fected it, as it after stood, Shee tells her people by an other Edict, that shee had conquered nowe that Monster that had soe longe devowred them, meaninge the variation of the Standard And soe longe as that sad Adviser lived, Shee never (though often by Proiectors importuned) could
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3 bee drawne to anie Shift, or change in the rate of her monies. < Justice > To avoyd the tricke of p[er]mutation, Coyne was devised, as a rate and measure of marchandize and manufactures, w[i]th p[er]f umtable, noe man can tell what hee hath, or what hee oweth; noe Contract can bee certaine, and soe all Comerce both publique and private, destroyed, and men againe enforced to p[er]mutation w[i]th things not subiect to witt or fraud. The regulatinge of Coyne hath beene left to the Care of Princes, who are presumed to bee ever the Fathers of the Com[m]on wealth; vpon theire hono[ur] they are debtors and warranties of Iustice to the subiect <Bodin> in that behalfe, They cannot, saith Bodin, alter the price of the monies to the vindice of the sub[iec]t w[i]thout incurringe the reproach of Faux Monnoyeurs And therefore the Stories terme Phillipp le Bell for vsinge it falsificateur de moneta. Omnino
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monetæ integritas debet quæri vbivultus noster imprimitur saith Theodoret the Gothe < Theodoret the Goth > to his Mynt=Master Luidnam erit tutum si in nostra peccetur effigie Vnivices must not suffer theire faces to warrant falsehoods Although I am not of opinion w[i]th Mirror < Mirror des Iustices > des Iustices, the ancient booke of our Comon lawe, that Le Roy ne poit sa mony, empirer, ne amender sans L'assent de touts ses Counts, w[hi]ch was the greatest Councell of the Kingdome, yet can I not passe over the goodnes and grace of money of one King, As Edward the first and the < Edw: 1: Edw: 3: Hen: 4 Hen: 5: > third, Henrie the fowrth and the fift w[i]th others, who out of that Rule of this Iustice Quod ad omnes spectat, ab omnibus debet approbari, have often advised w[i]th the people in Parliam[en]t, both for the allay, waight, number, and peeces, Cutt of Cynnage, and Exchange; and must w[i]th infinite Comfort acknowledge the Care and Iustice nowe of my good M[aste]r and yo[u]r ho[nour]s wisedomes; that would
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4. not vpon Information of some fewe Officers of the Mynt, before be free and carefull debate, vnt in execution this Proiect, that I much (vnder yo[u]r honors favour) suspect, would have taken away the tenth part of every mans due debt or Rent alreadie reserved throughout the Realme, not sparinge the Kinge, w[hi]ch would have beene litle lesse then a Species of that w[hi]ch the Roman Stories call Tabula Nova, from whence verie often seditions have sprunge As that of Marcus Gratidianus in Livie who p[re]tendinge in his Consulshipp, that the currant money was wasted by vse, called it in, and altered the Standard, w[hi]ch grewe soe heavie and greivous to the people, as the Author saith, because noe man thereby knewe certainlie his wealth, because noe man thereby knewe certainlie his wealth , that it caused a tumult < Profitt > In this last p[ar]t, w[hi]ch is the disprofitt, this enfeeblinge the Coyne will bringe
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both to his Ma[jes]tie, and the Comon wealth, I must distinguish the monies of gold and silver, as they are Bullion or Commodities, and as they are measure; the one the intrinsigne qualitie, w[hi]ch is at the Kings pleasure, as all other measures; to name; the other, the intrinsigne quantitie of pure mettall, w[hi]ch is in the Marchant to valewe; As there the measure, shalbee either lessened, or inlarged, soe is the quantitie of the Comoditie that is to bee exchanged. If then the Kinge shall cutt his shillinge or pownd nominall lesse then it was before, a lesse proportion of such Comoditie as shalbee exchanged for it, must bee received, It must then of force followe, that all things of necessitie, as victuall, apparell, and the rest, aswell as these of pleasure, must bee in harmed. If then all men shall receive, in theire shillings and pownds, a lesse proportion of silver and gold, then they did before this p[er]iected alteration, and pay, for what they buy, a rate in harmed, it must cast vpon all a double losse
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5 What the Kinge will suffer by it, in the Rents of his lands is demonstrated enough by the alterations, since the 18th of <18: Edw: 3:> Edward the third when all the revenewe of the Crowne came into the Receipt pondere et numero, after five groats the ounce, w[i]th since that tyme, by the severall changes of the Standard, is come to five shillings, whereby, the Kinge hath lost two third parts of his iust revenue In his Customes, the best of Late beinge regulated by pownds and shillings, his Ma[jes]tie must loose a like; And soe in all and whatsoever monies after this, hee shall receive The p[ro]fitt by this Change, in Cognage, cannot bee much, nor p[er]manent. In the other, the losse lastinge, and soe large that it reacheth to litle lesse then yearlie to a sixth part of his whole revenewe; For heereby, in every pownd tule of gold, there is nyne ounces one penney waight and nynteene graynes losse, w[i]th his
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five and twentie pownds in accompt, And in the hundred pownd tule of silver, fiftie nyne ounces, w[hi]ch is 14lb-17s more. And as his Ma[jes]tie shall vndergoe all these losses heereafter in all his Receipts, soe shall hee noe lesse in many of his disbursem[en]ts; The wages of his soldiers, must bee ratably advanced, as the money is decreased. Edw: 3: This Edward the third did as appeareth by the accompt of the wardrobe and Excheq[ue]r, as all the Kings after were inforced to doe, as often as they lessened the Standard of theire monies. The prices of what shalbee bought for his Ma[jes]ties service, must in like proportion bee in harmed on him; And as his Ma[jes]tie hath the greatest of Receipts and p[er]sines, soe must hee of necessitie tast the most of lesse by this devise It will discourage a greate p[ro]portion of the trade in England, and soe invayre his Ma[jes]ties Customes, for that p[ar]t beinge
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6 not the least, that payeth vpon trust and credit, wilbee overthrowne; for all men beinge doubtfull of diminution heereby of theire p[er]sonall Estates, will call in theire monies alreadie out; and noe man will [tha]t w[i]th that w[hi]ch is by him, vpon apparent losse as this must bringe; what danger may befall the State by such a suddaine stand of trade, I cannot guesse. The monies of gold and silver formerlie Coyned and abroad; beinge richer then these intended, wilbee made for the most [tha]t heereby Bullion, and soe transported, w[i]th I conceave to bee none of the least inducem[en]ts that hath drawne soe many Goldsmithes to side this Proiect, that they may bee thereby Factors for the strangers, who by the lownesse of myntinge (beinge but two shillings, silver the pownd waight, and fower shillings for gould, whereas w[i]th vs the one is () and the other five shillings, may make that p[ro]fitt beyond sea, they cannot heere; and soe his Ma[jes]ties Mynt vnsett on worke.
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And as his Ma[jes]tie shall loose apparently, in the alteration of moneys a fowerteenth in all the silver, and a twentie fift p[ar]t in all the gold, hee after shall receive, Soe shall the Nobilitie, Genterie, and all other, in all theire former setled Rents, Ammunities, Pensions, and loanes of money. The like will fall vpon the labourers and workemen in theire Statute wages, and as theire Receipts are lessened hereby, soe are theire p[er]sons increased, either by improveinge all prices, or disfurnishinge the market, w[hi]ch must necessarilie followe, For [th]e [th]e in 5o: Edw: 6: 3o: Mariæ and 4to Eliz: as it appeareth by the Proclamations, that a rumor onlie of an alteration caused these effects, punish= =inge the Author of such Levorth w[i]th morisonn and sillorie, It cannot bee doubted, but the p[er]iectinge a change, must bee of farr more Consequence and danger to the State, and would bee wished, that the Actors and Authors of such disturbances in the Com[m]on=wealth, at all tymes hereafter might vndergoe a punishm[en]t proportionable.
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7 It cannot bee held (I presume) an advise of best Iudgem[en]t, that layeth the losse vpon ourselves, and the gaine vpon our enemies; for who is like to bee in this the greater thriver? Is it not vsuall that the stranger that transporteth over monies for Bullion, our owne Goldsmithes that are theire Broakers, and the forraigne Hedge-Mynters of the Netherlands (w[hi]ch termes them well) have a fresh and full trade by this abasem[en]t; And wee cannot doe the Spanish Kinge, our greatest enemie, soe greate a favour, as by this; who beinge the Lord of this Comoditie by his West Indies, wee shall soe advance them to our owne impoverishinge, for it is not in the power of anie State to rayse the price of theire owne, but the value that theire Neighbour Princes acceptance setts vpon them. Experience hath taught vs, that the enfeeblinge of Coyne, is but a shift for a while, as drinke is to one in a dropsie, to make him swell the more; But the State was never throughlie cured, as wee sawe by Henrie the
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eights tyme, and the late Greenes, vntill the Coyne was made vpp againe I cannot but then Conclude (my Hon[oura]ble Lords) that yf the proportion of gold and silver to each other bee wrought to that paritie, by the advise of Artists, that neither may bee too rich for the other; That the mintage may bee reduced to some proportion of Neighbour p[ar]ts, and that the y[ou]r sine of our Neighbour Com[m]odities, may bee brought to overburthen the entrance of the forraigne; Wee need not seeke any way or shift, but shall againe see our trade to florrish, the mynt as the pulse of the Com[m]on=wealth againe to beate, and our materialls by ministry, to bee a myne of gold and silver to vs; and the honor Iustice and p[ro]fitt of his Ma[jes]tie (w[hi]ch wee all wish and worke for) supported.
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8 The Answere by the Comittees appointed by your Lordshipps to the Proposition delivered by some Officers of the Mynt, for inhaunceinge his Ma[jes]ties monies of gold and silver, 2do: Septemb: Anno domini 1626 The first part (the Preamble) wee conceive that the Officers of the Mynt, are bound by oath to discharge theire severall duties in theire severall places respectively, but wee cannot conceive, how they should stand tyed by oath to accompt to his Ma[jes]tie and yo[u]r Powers of the intrinsique valewe of all forraigne Coynes, and how they agree w[i]th the standard of the State (before they come to the Mint) for it is impossible and needlesse; In the one, for that all forraigne States doe, for the most p[ar]t, differ from vs, and our money infinitlie amongst themselues, In the other, it beinge the proper Care of the Marchants, who are p[er]sumed not to purchase that at a deerer rate, then they may bee allowed
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for the same in fyne gold and silver in the Coyne of England w[i]thin the charge of coynage and therefore needlesse. To induce the necessitie of the proposition, they produce two instances or examples, the one from the Rex dollar, and the other from the Royall of eight, wherein they have vntrulie informed [th]e honors of the price and valewe of our monies, and our trade in both of them. For whereas they say, that the Rex dollar waigheth eighteene penney waight, and twelve graines, and to bee of the fynest, at the pownd waight tenn ounces tenn penney waight, doth produce in exchange five shillings two pence farthinge of Sterlinge monies. Wee doe affirme that the same dollar is eighteene penney waight eighteene graines, and in fyne sse tenn ounces twelve penney waight, eqnall to fower shillings five pence halfe penney, of our Sterlinge monies;
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9 and is at this tyme in London, at noe higher price; w[hi]ch is short thereof by eighteene graines and a halfe fyne silver vpon every dollar, beinge two pence sterlinge, or there= =about, beinge the charge of Cognage, w[hi]ch a small recompence to the Goldsmith or Exchanger, to the profit of England -3-6 & Centu Whereas they doe in theire Remonstrance averr vnto yo[u]r honors, that this dollar runs in accompt of trade amongst the Marchants at five shillings two pence halfe penney English money, it is most falce, for the Marchants and best experienced men p[er]tist the contrary and that it passeth in exchange, accordinge to the intrinsigne value onlie at fower shillings five pence halfe penney of the sterlinge money, or neere thereabouth, and not otherwise. The second instance is in the Royall of eight, affirminge that it waighteth seaventeene penney waight twelve graines, and beinge but of the fynesse of eleaven ounces at the pownd waight, doth passe in exchange
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at five shillings of our Sterlinge monies, whereby wee loose six shillings seaven pence in every pownd waight, But haveinge examined it by the best Artists, wee fynde it to bee eleaven ounces two penney waight fyne, and in waight seaventeene penney waight twelve graines, w[hi]ch doth equall fower shillings fower pence halfe penney of our Sterlinge monies, and passeth in London at that rate, and not otherwise, though holdinge more fyne silver by twelve graines and a halfe in every Royall of eight, w[hi]ch is the charge of Cynage, and a small overplus for the Goldsmithes gaine And whereas they say, that the said Royall of eight runns in accompt of trade at five shillings of his Ma[jes]ties nowe English money, the Marchants doe all affirme the contrarie, and that it passeth onlie at fower shillings fower pence halfe penney of the Sterlinge money, and noe higher ordinarie And it must bee strange (my Lyneble Lords) to beleive, that our Neighbours the Netherlande, would give for a pownd tale of our Sterlinge
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10 silver, by what name soever it passeth, a greater quantitie of theire monies in the like intrinsigne value by exchange; or that our Marchants would, knowinge thereof, give a greater for a lesse to them, except by way of vsance. But the deceipt is herein only, that they contynually varyinge theire Coyne, and cryinge it vpp at pleasure, may deceive vs for a tyme, in too high a reputation of pure silver in it, vpon trust, then theire is vntill a tryall, and this by noe alteration of our Coyne, vnlesse wee should daysie, as they, make his Ma[jes]ties standard vncertaine, can bee p[re]vented; w[hi]ch beinge the measure of lands, Rents, and Com[m]erce, amongst our selves at home, would render all vncertaine, and soe of necessitie destroy the vse of money, and turne all to p[re]nutation of such things, as were not subiect to will or change And as they have mistaken the ground of theire Proposition, soe have they, vpon a sperious shewe of some momentarie and
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small benefit to his Ma[jes]tie, reared vpp a vast and constant losse vnto his highnes by this designe, yf once effected, For as his Ma[jes]tie hath the largest portion of anie, both in the entrances and p[er]sines, soe should hee, by soe enfeeblinge of his Coyne, become the greatest looser. There needs noe other instance, then those degrees of diminution from the 13th <18: Edw: 3:> of Edw: the 3d to this day; At w[hi]ch tyme the revenewe of the Crowne was payd after the five groath the ounce (w[hi]ch is nowe five shillings) w[hi]ch hath lost his Ma[jes]tie two thirds of all his revenewe, And noe lesse hath all the Nobilitie, and other his Ma[jes]ties landed sub[jec]t in proportion suffered. But since to our greate Comfort, wee heard [th]e hono[ur]s the last day, to lay a worthie blame vpon the Mynt=Masters for that intended diminution of the gould Coyne, done by them w[i]thout full warrant, by w[hi]ch wee rest discharged of that feare; Wee will accordinge to our duties, and [th]e honors Comaund deliver humbly our opinion, concerninge the reduction
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11 of the silver money nowe currant to bee p[er]sonably equivalent to the gold. The English Sterlinge Standard, w[hi]ch was noe litle honor to Edward the first, that setled it from an inconstant motion, and layd it a ground, that all the States of Europe after comply'd to bringe in theire accompt, w[hi]ch was of silver, cleaven, to one of gold, The Kings of England for the most part since, have constantly contynued the same proportion, and Spaine since fferdinand, who tooke from hence his patterne, have held and hold vnchangeably, the same vnto this day. But since w[hi]ch is a late improvem[en]t of gold hath broake that rule, and cast a difference in our silver of six shillings in the pownd waight. Wee cannot but in all humilitie p[re]sent our feare, that the framinge at this tyme, of an equalitie, except it were by reduceinge the gold to the silver, is not soe safe and profitable as is proposed by those of the Mynt. For whereas they p[re]tend this, our riches
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of our silver will carrie out what nowe remayneth, wee conceive vnder favore, it will have noe such effect, but contrarie. For all the currant silver nowe abroad, hath beene soe called by some Goldsmithes, the same either turned into Bullion, and soe transported, that that w[i]th nowe remayneth, will hardlie produce sixtie five shillings in the pownd waight, one w[i]th an other, and soe not likely, for soe litle p[er]fitt as nowe it goeth to bee transported. But yf the pownd sterlinge should bee as they desire, cutt into seaventie shillings six pence, it must of necessitie followe, that the newe money will convert the old (nowe currant) into Bullion, and soe affoard a trade a freshe for some ill Patriot Goldsmithes, and others, who formerlie have more endamaged the State by cullinge, then anie others by clippinge, the one but tradinge in pownds, the other in thousands, and therefore worthier of a greater punishm[en]t And wee cannot but have iust cause (my good lords) to feare that these bad members have beene noe idle Instrum[en]ts, for theire
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12 private benefit, to the publique detrim[en]t, of this now piet, soe much tendinge to the enfeeblinge the Sterlinge Standard. Wee further (vnder yo[u]r hopp[o]rs favour) conceive, that the raysinge of the silver to the gould, will vpon some suddaine occasion beyond sea, transport our gold, and leave the State in scarcitie of that, as nowe of silver. And to that obiection of the Proposers, That there is noe silver brought of late into the Mynt; the causes wee conceive to bee (besids the vsnall quantities of late brought into the Mynt of in gold) one the overballasinge of late of trade, the other the charge of coynage. For the first, It cannot bee but the late infection of this Citie, was a lett of exportation, of our best Com[m]oditie, Cloth, made by that Inspected in every place. To this may bee added, the vast sum[m] of money w[i]th the necessary occasion of warr called from his Ma[jes]tie, to the parts, beyond the seas, when wee had least of Com[m]odities to make even the ballance there, And lastlie dearth, and scarcitie of Corne,
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w[i]th in tyme of plentie wee ever found the best exchange to bringe in silver. And therefore, since by Gods greate favour the plague is ended, and generall trade thereby restored, and more of plentie this yeare, then hath beene formerlie these many yeares, of Corne; wee doubt not, but yf the Ports of Spaine were nowe as free as they were of late, there would not prove heereafter, and any Cause to complaine the want of bullion in the State. The second Cause that the Mynt remaines vnfurnished, wilbee the charge of Cognage, raysed in price soe farr above all other places, constrayninge each man to carrie his bullion where hee may receive by coynage the lesse losse. And therefore yf it may please his Ma[jes]tie to reduce those prices heere to the rates of other of our Neighbours Countries, there wilbee noe doubt but the Mynt will beate as heeretofore.
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13 Questions to bee proposed to the Marchants Mynt-Masters, and Goldsmithes concerninge the alteration of the silver monies. 1 Whether the English monies nowe currant, are not as deare as the forraigne Coyne of the dollar and Reall of eight in the intrinsigne value in the vsuall exchanges, nowe made by the Marchants beyond seas! 2 Whether this advanceinge will not cause all the silver bullion that might bee transported in masse or forraigne Coyne to bee minted w[i]th the Kings stampe beyond sea, and soe transported, and his Ma[jes]ties mynt thereby set lesse on worke then nowe. 3 Whether the advancinge the silver Coyne in England, will not cause a transportation of most of that that is nowe currant to bee mynted in the Netherlands; And from them brought backe againe, whereby his Ma[jes]ties Mynt will fayle by the exported benefit?
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4 Whether the advantinge the silver Coyne, yf it p[ro]duce the former effects, will not cause the marketts to bee vnfurnished of p[re]sent coyne to drive the exchange, when most of the old wilbee vsed as bullion? 5 Whether the higher wee rayse the Coyne at home, wee make not thereby our Comodities beyond sea the cheaper? 6 Whether the greatest p[ro]fitt by this inhaucinge will not growe to the ill members of the State, that have formerlie called the waightiest peeces, and sold them to the stranger Marchants to bee transported? Certaine generall Rules collected concerninge money and Bullion out of the consultation at Court Gold and silver have a twofold estimac[i]on In the extrinsique, as they are monies, they are the Princes measures given to the people; And this is a prerogative given to Kings. In the intrinsique, they are Comodities, valuinge each other accordinge
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14 to the plentie or scarritie; and soe all other Comodities by them; and that is the sole power of trade. The measures in a Kingdome ought to bee constant, It is the Iustice and honor of the Kinge; For yf they bee altered, all men at that instant are deceived in theire p[re]cedent Contracts, either for lands, or money, and the Kinge most of all; For noe man knoweth then, either what hee hath, or what hee oweth; This made the Lord Treasurer Burleigh in 1573 when some Proiectors had set on foote a matter of this nature, to tell them, they were worthie to suffer death for attemptinge to put soe greate a dishonor on the Queene and detriment and discontent vpon the people. For to alter this vnbligne measure, is to leave all the marketts of the Kingdome vnfurnished; and what wilbee the mischeife? The Proclamations of: 5o: Edw: 6: 3o: Maria and 4to Eliz: will manifest, when but a 5: Edw: 6: 3: Maria 4: Eliz:
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rumor of the like p[ro]duced that effect soe farr, that besides the faith of Princes to the contrarie, delivered in theire Edicts; they were enforced to cause the Magistrates in every shire respectively, to constraine the people to furnish the marketts to prevent a mutine. To make this measure then at this tyme short, is to rayse all prices, or to turne the money or measure nowe currant into disise and Bullion; For who will depart w[i]th anie, when it is richer by heaven in the hundred in the masse then the newe monies, and yet of noe more value in the market? Hence, of necessitie it must followe, that there will not in a longe tyme, bee sufficient mynted of the newe to drive the exchange of the Kingdome, and soe all trade at one instant at a stand; and in the meane tyme the marketts vnfurnished, w[hi]ch howe it may concerne the quiet of the State is worthy feare And thus farr as money is a measure
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Transcription: ATR-1
15 Nowe, as it is a Com[m]oditie, it is respected and valned by the intrinsigne qualitie; And first thone mettall to the other. All Comodities are prized by plentie, or scarcitie, by dearenes or cheapenes, thone by thother; If then wee desire our silver to buy, gold, as it late hath done, wee must let it bee cheaper, and lesse in proportion valned, and soe contrarie; for one equivalent proportion in both, will bringe in neither. Wee see the proof heereof by the vnvsuall quantitie of gold brought lately to the Mynt by reason of the price, wee rate it above all other Countries, and gold may bee bought too deare. To furnish then this way the Mynt w[i]th both is all impossible. And at this tyme it was apparently proved, both by the best Artists and Marchants & most acquainted w[i]th the exchange, in both the examples of the Mynt-Masters, in the Rex Dollar and Reall of eight That silver heere is of the equall value, and gold above w[i]th the forraigne p[ar]ts in the intrinsigne,
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Transcription: ATR-1
And that the fallacie p[re]sented to the Lords by the Mynt=Masters, is onlie in the nomination or extinsigne qualitie But yf wee desire both, it is not raysinge of the valewe that doth it, but the ballasinge of trade; For buy wee in more then wee sell, of other Comodities, bee the money, never soe high prized, wee must part w[i]th it, to make the disportation even. If wee sell more then wee buy, the contrarie will followe. And this is plaine in Spaines necessities, For should that Kinge advance to a double rate his Reall of eight, yet needinge, by reason of the barrennesse of his Countrie more of forraigne wares then hee can countervayle by exchange w[i]th his owne, hee must part w[i]th his money, and gayneth noe more by ensaunceinge his Coyne, but that hee payeth a higher price for the Comodities hee buyeth, yf this worke of raysinge bee his owne. But yf wee shall make improvem[en]t of gold and silver beinge the Staple Comodities of his State,
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16 Wee then advancinge the price of his abase to him in our owne Comodities. To shape this kingdome to the fashion of the Netherlanders, were to frame a Royall Monarch, by a societie of Marchants. Theire Country is a contynuall ffayre, and soe the price of money must rise and fall to ffitt theire occasions. Wee see this by raysinge the exchange at ffrantfort, and other places, at the vsnall tymes of theire March The frequent and daylie change in the Lowe Countries of theire monies is noe such Injustice to anie there, as it would bee heere For beinge all, either Mechannicks or Marchants, they can rate accordinglie theire labours, or theire ware, whether it bee Coyne or other Marchandize, to the p[re]sent condition of theire owne money in exchange And our English Marchants, to whose p[ro]fession it properlie belongs, doe see accordinge to the iust intrinsigne value of theire forraigne Coyne, in all barter of Comodities
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Transcription: ATR-1
or exchange, except at vsance w[i]th wee that are ruled and tyed by the extrinsigne measure of monies, in all our constant reckonings, and annall bargaines at home, cannot doe. And for vs then to rayse our Coyne at this tyme, to equall theire proportons, were but to render ourselves to a perpetuall incertaintie, for they will rayse vpon vs daylie then againe, w[hi]ch yf wee of course should followe, else receive noe p[ro]fitt by this present change, wee then destroy the policie, Iustice, honor, and tranquillitie of our State at home for ever.