203.106
An Appendix
wherein
x The Principal Reasons for an alteration
isof the S
briefly considered.
Before the state and reform of the Coin became
the business of the Parliament, most of the writers
who had published their privat opinions to the world,
had prepossessed most people with an opinion,
1. That, silver was now grown much dearer than formerly.
2. That, wee coynd our Monys too fine, and too heavy, and thereby
tempted ill people to export 'em.
3. That since silver was of greater value when uncoyn'd, than
made into Mony, wee ought to raise the value of all the
weighty mill'd, and hammer'd mony, and coin the peieces for the
future at a higher name, or lesser weight, or coarser allay.
4.
like case, and of all foreighn states; who made great advantage
by our undervalueing our silver Coins.
5. That they who opposed the raising of the Denomination of the
silver Coins were not true freinds to the Government but would
be glad to see it all exported.
6.204
6. That the publick necessitys required the raising of ap. £ our moneys w.chwhich
Upon these mistaken Hypotheses severall Books were written
just before, and during the Winter session in 169, and so many people inbibed them , that had not diverse Members of both Houses taken some pains to undeceive themselves & others; it might have prov'd of very ill consequence to the whole kingdom in generall.
To make a few Remarks upon these popular Errors, i. It is very certain That silver consider'd as a Commodity is much cheaper than it was some years since, the reason whereof is plainly this, That the Coast of Guinea and the Mines of Peru being discoverd about 200 years since, prodigious quantitys of gold and silver have been imported thence into Europe; and the same reason, which is plenty, makes that and all other Commoditys cheap. An observation as old as Xenophon,Discourse of ye.the Trade of Athens nay as old as Trade it selfe.
There are 3 Things necessary to be first known before one can judge of the cheapnesse or dearth of Gold or silver, which being not regarded by these Gentlemen gave occasion to their mistake, for they only minded the names and denominations of the severall pieces coynd in former reigns and finding a pound take in silver to weigh about 4oz. now, whereas in Edward the first time a pound tale weighed about 12.oz.s they immediately conclude–205.107 conclude silver has been raisd to about 3 times the value it was current at in that Kings reign. And no less a man than my Lord chief Iustice Coke 2 Institut. p. 211 fell under this mistake, whose opinion has been followed by divers other Gentlemen since, thôough without any reasonable ground; for to judge of the true value of silver monys in any reign or period of time, wee must first know.
1. The just weight of silver in the pieces distinct from the allay.
2. The value of Lands, the assize of servants wages, daylabour, and of all marketable Commoditys.
And in the 3d place wee must know the same particulars of that period with which we propose to make the comparison, and without this, 'tis impossible the Estimate should be truly made. For Example let us take the two periods my Lord Cooke made the Comparison with and make a judgement from them of the value of silver in both of 'em. Now from his words 'tis plaine he compar'd ye.the value of silver in Edward the 1st's time with the value silver had in the reign of King IJames the 1st. And from the statute intitled, Assisa Panis et Cerevisiæ, made 51 Henry ye.the 3d. anno 1266 and confirmed by King Edward the 1.st, it appears that 1 Quarter of wheat was sometimes whenx cheapest sold sold or exchanged for 12d. and ordinarily for two
or206
or 3 shillings of his mony, which being of the same standard with our mony, answers about 6s or 9s. of the present Coin; but a Quarter of wheat in King IJames the first reign was at the ordinary rate exchanged for between 24s. and 30s. sterling. By which 'tis evident that in the reign of King IJames silver was about 3 times cheaper than it was in the reign of Edward the 1.st, and not 3 times dearer as my L.dLord Ch.Chancellor Iustice Coke, and som+e others did suppose. For I take it for granted, that any Commodity is truly accompted cheap when a greater, or dear when a lesser quantity of it may be had in excchange for another. And if this be certainlyy true, it may be evidently shown that silver is much cheaper in England and all Europe over, since the discovery of the new world, than in former ages, and that 'tis not risen but considerably fallen in its value. For an instance I will fix upon another period. vizt. the of Edward 3d and Iames 1st. The standard of those Princes coins was the same; thôough they differd in weights and denominations, but the rates of wages for day labour differd at least as 1 to 3. for,
In207.108
was valued
d
In the 25 of Edward 3d. {
Haymaking..
}
at. 1.d
}
{
{
{
12.
Threshingat. 118.
Mastr.Master Carpentr.Carpenter
at. 420.
Carpenter
at. 2
per diem
but in 17 Iames yethe first
at
16.
Master Masonat. 4.
20.
Master Tylerat. 3.
20.
Mason & Tilerat 116.
17.d
122d
Now the Penny in Edward ye.the 3ds reign being about ye.the weight and value of 3 pence in K.King IJames the 1st. time, one sees that neer 3ce. as much silver was given for day labour in King IJamess. as was given in King Edward's days– Vaughan of Coin & coyngage p. 109. and this wages was so settled as the Labourer was not to expect any other advantage of meat or drink besides his hire.
The yearly Rate of servants wages in the 2 following Periods will be a further proof of the cheapness of silver in this last age above what it was in former ages
{
sdL.s.d{
13.4.vBayliff . . . 3:3.8.pr.per anm.annum
10– vHind . . . . .500
7—Ploughman .3.00
12 Rich.Richard 2d
10– vShepherd 3.00. Iames. 1st.
6.8 vOxheard . . 260
6.0.vCowherd . .2.0.0
6.–woman servant2.00
59 or 2£. 19s. 0d20.9.8
By208.
By a mean proportion of which rates it appears that a servant might have neer 3 times as much silver for his yearly wages 80 years since as he could 350 years since: vizt in the 25th. year of Edward the 3d. Had I lived in the first period I could have hir'd for one day all the day Labourers above mentioned for 17d. which is 13d.wt 14gr.. . of the present standard silver. But hapning to be farmer in the Reign of King IJames ye.the 1st. according to his Regulation, I was obliged to give all the said Labourers together 122d of the same standard silver, which made in weight 1oz. 1d.wt. x or near ds more standard silver than their labour amounted to in King Edwards reign.
The statute Book shews that there have been severall Laws made about servants wages, day labour, the prices of provisions and &c. And the Preamble to thex Act of 5 Eliz.Elizabeth 4. tells you that the old rates formerly made were toox low and empowrs the Iustices of the Peace to make new rates according to the prices of marketable provisions & other necessarys. And new Rates were accordingly made through England, whereby more silver was given by for day Labourer and yearly wages than at the time when silver is by some thought so cheap.
If one could meet with an exact Account of the Exitus and Introitus (as the Exchequer calls it) or the Receipts and
Issues.209.109
Issues of the yearly Revenue of the Crown of England in former Reigns, one might make a further proof that silver is much cheaper in these two last Centurys, than it was in any of the foregoing; but this would require a large extract and a nice Computation of ye.the publick Expences, the particulars whereof can be only estimated at this distance. yet 'tis observed by a Iudicious Author,Vaughan of Coin and Coynage. That King Edwd.Edward ye.the 3d in his 20th year made a royall voyage into France at the head of a powerfull Army fought the famous Battle at Cressy, layd siefe to Calais, and wasted a great part of Normandy; and yet the whole revenue of the Kingdom for that year in the Pell amounts to no more than 154,L.139: 17s.. 5d. and in the next year when the warr continued by sea and Land against France and the King had increased the publick Expences, his Receipts amounted to no more than 226,L.113. 5s.. 5d. By which Instances one may guess how much dearer silver was formerly than in the present reign, when the Receipt at the Exchequer from MichaelMass 1694 to Michs.MichaelMass 1695 amounted to 4,120377L.: 5s. 4. and the King borrowed in that time for publick uses 5,520,913£.11s.9d.
But if any one doubts of the truth of this Assertion that silver is now cheaper by ds. than it was in Edward the 1sts. reign, lett 'em but fix on the rate of any Commodity at which t'was ordinarily sold in that reign and compare it with the like
in210.
in the present time and then turn to the Table of Coins inserted in the foregoing Memoirs and compare the weight of the pieces given in the severall times, for such Commodity or Day-labour etCæ.a cetera and they must be satisfyed, upon a right comparison, that an ounce of silver when at 20dwt. pr.per oz was dearer than an Ounce of silver at 5s. 2d. And thôough this eems a paradox 'tis certainly true, for as I have shewen before in the cases for hire for a day, and for an year, the same labour or service will now purchase neer 3ce. the quantity of silver as it would have hav done in ye.the reign of Edward the 3d. when 1.oz of silver would have hired for a whole day a Haymaker, Threasher, MasterCarpenter, MasterMaster & Tyler &c whereas now I must give no less than 3.oz.s per diem for the same number of men. So that if the having more of any Commodity in exchange for another be a proof of its being cheaper, thean silver is most certainly so.
And now I think it may be time to consider another mistaken opinion that was current among many Gentlemen in 1695 which was That wee coynd our Silver mony too fine, and too heavy, and thereby tempted ill people to export 'em. I answer, our standard for silver is no finer now than it was in ye.the 28 year of Edward ye.the 1st.Ano.Anno 1299. which as I have shown occasiond is 400 years since, and was never coarser but in the reigns of Hen.Henry ye.the 8th. and Edwd.Edward 6.th which as I have shown occasion'd211.110 occasiond great Inconveniencys; but admitt it was much finer than 'tis, and than any of the Coins in our neighbour Nations, that could not possibly be the reason of their exportation, for the Marchant always computes the quantity of silver in all the Coins wherein his concernd, and considers the occasions he has abroad for his traffick; and thence takes his measures to export or import forreign Coins, 'tis all one to him, let the pieces be fine or coarser, when he knows what their standard is, he agrees for his goods or Bill of exchange according to the quantity of silver that is in the Coins; & Regards not the weight, finenesse or denomination.; If he has the quantity of silver in any number of pieces he bargains for, he is satisfyed.
The true Reason of the exporting gold and silver is because wee contract greater debts in forreign parts, than our own exported commoditys or our Creditt abroad will pay, and then the ballance must be answerd in our Coin. And 'tis the ballance in Trade that affects the Exchange, and the course of Exchange that brings in or carrys out our silver: for when our Exports exceed our Imports and forreign expences, the Exchange will rise and 't will be proffitt to bring home silver and gold, and on the contrary it must necessarily sink below the par; and the only methods to remedy the exportation of the Coin to our disadvantage is to secure the trade by sea212. sea, sett the poor at work, increase our own Manufactures and retrench our foreign expences by abateing the great consumption of forreign Commoditys; and then and not otherwise, wee may keep and increase the silver Cash of the Kingdom.
A third mistake current in 1695 was this, that the uncoyned silver was worth more than the coyn'd, and that wee ought to raise the value of all the milld and weighty hammer'd monys, and coin for the future every species at a higher name, lesser weight, or coarser allay. But this mistake was very ingeniously exploded by Mr. Lock who truly observed that 1oz. of pure silver will be eteo of the same value with another oz of the like silver, setting aside all other considerations of laws and workmanship. The workmanship bestowed on some silver will indeed make it of a higher value than the same quantity of silver unwrought to the party that has occasion for it, but not otherwise, and Laws made to prevent the exportation of silver coynd, but giving liberty to export it uncoynd, will make the later scarce, and when the Marchants occasions require him to buy it that Law makes him pay the dearer for his uncoynd silver, whereas had no such Law been in force an equal quantity of both these sorts of silver would certainly be of the213111 the same value. When the Clippers had diminished a good part of the Hammerd mony, then indeed wee foolishly permitted about 12, 13, or 14d.wt of silver to pass for 5s. value, whereas every piece ought to have had so much of the denomination abated, as it was lessend in weight and fineness, or the weighty pieces should have run at a proportionable value.
The Principall Reasons for altering the Standard of the Silver monys consider'd, and refuted.
The alteration of the standard of our silver monys had so many Patrons who sticked for it, that 'tis to me a wonder, the popularity of the Pleas urg'd in that behalf, had not entirely silenced the reasons that were brought for continueing the standard. But the Gentlemen who were for a change could not well agree among themselves, which way it should be done; some were for new names, others for lessening the weight of the several species; & a third Party for encreasing the allay. But all this amounted to one and the same solæcism, for raising the name and lessening the weight of fineness of our Coin had been nothing less than clypping and counterfeiting by Law, and
with214
with the face of Authority telling the people, this is such a piece, and such a species; whereas 'tis nothing so; since a part of the silver that would make it what you call it, is wanting. and paying debts with such mony defrauds the Creditor who will be serv'd so but once; the next time you have occasion for his Commodity, you'l find an alteration in the name, weight, measure or goodnesse in proportion to the change made in the Coin. And whenever the Government here, or forreign Countrys have putt this in practice to pay its debts, it proclaimed it self bankrupt: and in effect compounded for so much less than their debt, as the silver fell short of their contracts.
Every such alteration creats disorder in the state and confusion both at home and abroad, 'till the Par or quantity of silver in the Coins is pretty well known, and then every body wont fail to adjust the rates of their labour, and goods in a due proportion.
If there be in England just two millions of pounds Troyweight of silver in our Current mony, and that be coynd into 6 or 12 or 24 millions by tale, 'twill still be the same quantity of silver, do with it what you please, mix it with a greater allay, cutt it into smaller pieces, give 'em a new Title, still 'tis the same quantity of silver; and wee
have215112
have no more of that mettall than wee had before.
And if I take an ounce of silver and cutt it into ten parts, and call each of those parts a shilling and then take another ounce of like fineness, and cutt it into five parts, which I name six pences, thhe value of the 5 six pences would be equall to that of the ten shillings, and they would purchas as much of any Commodity whatever, but the name alone signifys nothing, if it dont signify a certain quantity.
But some were of another opinion and were really perswaded that since a Guinea passd at 30s. and our half Crowns, shillings and six pences pass'd at the old value notwithstanding that part of the silver was gon; and that we gave the same day labour, the same corn and cloath and the same Commoditys in kind and measure for the diminished silver and the advanced Guineas; for the Farmers, the artificers, and day labourers made no alteration in the standing prices of their hire and commodity, for some time–.Hence they concluded, silver was grown dearer, and that the new Coins ought to have a greater denomination, or a lesser weight.
But it must be remembred that the sodain rise of Guineas to a par with our Clypt mony, which had insensibly risen upon us was very pernicious to our Commerce abroad. Silver216. Silver and Gold both being Commoditys of a forreign growth and not the produce of our own Country nothing could be more impollitick, than advancing the prices of 'em. It was telling the Spaniards in plain English, wee think you dispose of your gold and silver to us at too cheap a rate; instead of 3. millions of pieces of wee formerly had yearly for our English Cloaths. you shall now give us but 2 Millions, and wee are content. This was really the case of our folly in 1695. And all Foreigners and many of our own Countrymen made a proffitt of our folly, sending over Guineas in vast summs and Ingotts of Gold, they bought up our manufactures and undersold us in all marketts abroad; which made good the old English Proverb, All covet, all loose.
The greatest part of the Gentlemen who pleaded for the raising the value of the Coin, were generally agreed to advance it about th part, and accordingly the old weighty milld and hammerd mony,Essay for Amend.Amendment of ye.the Coin p. 128. as a Crown pieces was by their project to pass at 6s & 3d, and the lesser species in proportion,Furthr.Further Attempt to reform the Coin by B. Ford and the new Coins were to be lightend to the proportion of the price of one oz of silver at 6s & 3d. This design had it taken, had made an addition to the tale of the public cash, and instead of about 6 Millions of silver monys, wee should have had 7,500,00s. but see should not have had 1 single
grain217113
grain of silver more in the Kingdom, nor have been one farthing the richer, but the contrary. And if it had amounted to the same Improvement of our national wealth, as if a Law were made to raise the Lands of England, just as ye.the Gentlemen would raise the Coin, by calling the 32 Millions of Acres, at which our English Terra firma is estimated, 40 millions, every particular Estate would in its proportion have descended to the next heir under this nominal increase of Acres, and be let and purchasd at that rate, but the Heir could not be so weak to fancy he held more land than his Ancestors, nor the Purchaser or Tenant imagine it would produce a larger crop of corn or grass.
But the raising the value of mony by giving the species higher denominations, is not only an unproffitable but a very ineffectuall method to encrease the publick and improve the Cash by the plenty of gold and silver; for 'tis certain both these mettalls are of forreign growth & extraction, and 'tis as evident nothing can make 'em plenty amongst us but the improvement of our own Manufactures, and a good vent of 'em in foreign marketts. What makes Foreigners our debtors, will increase our stock in mony and to expect a plenty of it by any other means, is to look for a golden age or the discovery of some gold or silver mines in the Mountains of Wales.
218
And after all, if wee had such Mines as our neighbours the Spaniards have in Peru, our mony would be never a whit the plentyer, unlesse wee could find a way to keep it at home. If wee consume our Neighbours growth and Commoditys, so as upon the whole Accompt between us and them, wee become their Debtors; The debts wee owe 'em must be paid; and if wee continue so doing wee shall continually grow poorer, if wee had gold and silver as plenty as Lead and Tinn; and oOur neighbours in the Course of trade would draine us of all wee fetchd out of our Mines, and leave us in the condition, all the world knows, the Spaniards are in at this day.
The Exigencys of the state have been thought a good reason for raising the Denominations of the current coins; and if it were really a just reason, I'm sure we had as justmuch cause to consider it in 1695 as ever any Nation had. But it has been rather a trick of state than a piece of good providence in the Government, to draw in the current mony into the publick treasury; Give it a new face, and a higher Title; and then pay the public debts with it, as the french King did 3 or 4 times dureing the late warr, thôough his late Majesty & his ministry scorn'd to have recourse to so unjust and scandalous an Expedient, for 'tis no less than a generall fraud, and raising219.114 raising mony upon the subject without Law and their own consent; and will never be imitated by a just and upright Government. yet the Ennemys of our present settlement did not faile to reproach the principall Ministers of state in 1695 for their appearing in favour of the old standard, which truly was nothing less, than an Act of the highest Iustice and prudence to save the honour and secure the being of a legal Government, but however it was represented in a very bold and scandalous mannerIn a Letter to a Membr.Member of Parlt.Parliament as the greatest piece of treachery to the Nation.
What the consequences had been in case the advice and restlesse endeavours of some Gentlemen had obtain'd an Act of Parliament in favour of their projects, to raise the denominations of our Coins we cannot precisely determine: But wee have good reason to think, such a change had been very fatall at that juncture to the trade and peace of the Kingdom, and his Majestys interest in the affections of his people.
The Proposall that was principally argued for, was the coining all the new monys of the same finenesse in the pound Troy, but the aliquot parts or pieces in that pound were to be more & lighter, and to pass under a new name, silver in bullion being risen as was supposed to 6s. 5d pr.per oz therefore a certain.220 certain Gentleman concluded, as he thought mathematically, and many of his abettors with him that a Crown piece ought to run at 6s. and 3 pr.per oz, and his other species in proportion, the number, names and value whereof I have recited, to lett the world judge of the benefitt of a proposall which some people are so dull as to depfend at this time of day.
Names of pieces of speciesNumber of pieces in a pound Troy.
Value at which they were to be current
}
Scepter or silver Unite}12. }These species were to pass in all Payments
{
75d pence or 6s. 3d. 0parts
Scepter or half unite24. 37– – or, 3. 1.
Testoon or 15c penny piece62. –15 – – or 1. 3.
Half Testoon – – –124 –
at
7.
Gross or 5 penny piece–
186 –
5 – – – –
Quarter Testoon – – –248 .3. – – – –
Half Gross – – –372 –2. . – – –
Prime – – –744 –1. – – –
These are the severall speices into which silver was propos'd to be coyned for the future: and had wee been so unhappy as to have embrac'd this or the like Proposall, these new names and fractional values had so strangely perplext the tale and all reckonings in all places of businesse that endlesse confusion would have attended our Trade at home and Exchange abroad.
when221.115
When once the People are well acquainted with the Names & value of the Coins, 'tis without pollicy and against the Rules of good Government, to pusslepuzzle 'em, and perplex all their dealings with new fangled unusuall denominations. The truest Interest of the Government is to study the ease & content of the subject in all things; but more especially in their Inland & foreign trade: and therefore Gold and Silver ought to be stampt by publick authority to ascertain the quantity of either in the severall species; and the pieces into which they are coynd should be such aliquot parts of any greater or lesser sum̄mm, as to make it easy to the teller in his reckoning, and then paying and receiving of mony would be unperplext and familiar.
The readiest Tellers in the Exchequer and Lombard street found a few 13d. 9d. and 4 pieces to be very troublesome when current amongst our clipt monys a few since, and were used to make them a separat reckoning in the tale of 100L. If the Testoons, grosses, Quarter Testoons and Primes above mention'd were now current amongst us, telling of mony had grown a mystery, and 500L. a day been a great task; and the King must have paid thrice the number of sallarys in the Exchequer, Customs and Excise for the receiving his Revenues
The222
The severall Reasons for altering ye.the standd.standard of the silver monys considered and refuted.
But besides the inconvenience in point of tale, all Creditors had been wrong'd of part of their debts by raising the oz to 75d value. And Caius being indebted to Titius 1250L. upon bond, had discharged himself by 4000 Crowns at 75 pence each; and the King must have fared alike with his subjects and received 4 Millions of the old milld mony for 5 millions at the raisd value; suppose for the state of the warr in 1694. but what service had the ild million don him? unlesse a Law had been made that ye.the people should furnish his navy with Timber and stores, & cloath his Land forces at the former rates, when the Crown piece passd at 60 pence sterling.
Experience told us in 1695, and the Accounts of former ages assure us that upon raising the value of the Coins all Commoditys both at home and abroad rise with them for within a short time after the day labourer will have more for his hire and the soldier and seaman for theeir pay; And then the Taxes must rise too, the revenue sinck and the publick funds prove desficient, and the foreign marchant with 4000L. in Ducatoons or Spanish
pieces.223.116
pieces of buys of our Commoditys before they are raised to a par with the mony, as many of our Broadcloaths or serges as must have cost him 5000L. before: but sells the goods he imports from abroad at the same rate as if the mony had never been raisd, or gives the same quantity of his good advance in the markett price: and so the raiseing our mony would have this effect as to make our own goods sell cheap and forreign dear – A very unthrifty project.
Wee doe not buy and sell for sounds but for silver, and forreigners wont compute our Coins by our names, but by the quantity of silver they really contain, and they will be payd, if wee owe 'em any debts, in their value and not in our denominations: but what they owe us, if wee are not aware, they'l be sure to pay in our own Coin at our own over value.
In short, there is but one just and beneficiall way of raising the value of mony; and that is by adding silver to the severall ,speices; and thus a Crown piece will be really worth 73 pence if you add about 4d.wt of silver to it; and but 47d. if you abate about 4d.wt from it. But you may as reasonably expect 9 Inches should pass for a foot, or 4 quarters of a yard for an English Ell as to think 3d.wt of silver will be received with the title of a shilling instead of 4d.wt or
a224.
a piece of 60d sterling purchase with a new name, any commodity which 73d sterling purchassd before.
But the Gentlemen who argued for raising the names of our species had other reasons to flourish withall, whereof one was Essay for Am̄endmt.Ammendment &c. & divers other Discourses}this, That for want of so doing, no bullion had been Lent for some time brought to the Mint to be coynd: and the coynage whereby the publick stock was improv'd, was a thing yt.that very will deserv'dto be encourag'd.
That little silver was imported at the Mint from 1688, I very well know, but wee al know ye.the reasons of it at the Mint, a Certain Company very well known, hardly ever sent out a single ship on their Account, but wee were told they bought up all the silver in Bullion and foreign species they could meet with in Town, w.chwhich by the Law might be exported; and when the Town could not furnish 'em with what they needed for exportation, wee all thought it no wrong conclusion, to thinke our own weighty Coins were melted down to fitt 'em for exportation: because forreign Bullion and specie were exportable Commoditys, but our Coin was not 'till the property of it was chang'd by melting: and then 'twas found that an oz of silver from Coin yielded just as much proffit to the owner as an oz of silver from bullion, thôough they differ'd in value before, because the Coin could not be exported without hazard and charge. And to what purpose should the Marchant or Goldsmith loose his time and his pains
too225.117
too in bringing 1000oz. suppose, of silver to the Tower to be coynd into milld mony at 5s. 2d. pr.per oz when a Certain Society would give him 5s. 4d. more or lesse as foreign silver was scarce or plenty, for every oz they brought.
The disadvantage wee lay under in our trade abroad, and the occasion wee had for silver to pay our debts in Holland, France and the Indies kept it from coming to the Mint, before the Revolution: and since that the warr hindred the ordinary returns of the Spanish Flota's, and the Spaniards, 'tis probable were more sparing in their Expences on our Commoditys, and their Governmt.Government raisd the Indultes to supply its occasions. Our Trade thither was interrupted by the warr which calld for large remittances in Flanders and Germany too, to cement the Confederacy, and in Norway to buy up Navall stores. And lastly the currency of clippd mony of all species for which our Commoditys were sometimes exchang'd as readily as if the pieces had been full weight; which tempted ill people to buy up the weighty Hammerd, and mill'd mony as well as all other silver, with which they counterfeited every speices of the clip'd mony; and they might doe it to very good advantage with standard silver, when one oz that cost 'em suppose 6s. 3d of clipt mony would make 7 or 8s. of the like clipt mony. All these causes unhappily226 unhappily concurrd to hinder the businesse of the Mint from the Revolution to the grand coynage, and not the imaginary rise of silver Bullyon in forreign Countrys as was pretended.
That the coynage deserv'd to be encouragd was a true observation: and there is but one way that will do it, w.chwhich wee have not hitherto alltogether approv'd of; I confess the high Impositions on french Goods, and the Prohibition of the East India Callicutts are steps w.chwhich have lately been taken to encourage our Trade at home and hinder the consumption of forreign growth and manufacture; but 'til wee retrench our forreign Expences, and imitate Mr. Lock's Country Farmer who lives within Compass, increases his stock by diligence and frugallity, is never in debt at the years end but has a ballance allways to receive at the foot of his Accompts, I do'ntdon't see it possible without the like good husbandry to bring home more silver from abroad, or to keep what wee have from being carryed away.
There is but one considerable Argument remains which was very much insisted upon for raising the value and names, or lessening the weight of our silver coins, w.chwhich is, That it has been the Pollicy of
all227118
all Governments in all ages when reasons of state requir'd it. And the case of the Romans when invaded by Hannibal, of Charles ye.the 7.th of France when invaded by the English, or Portugal when invaded by Spayn in 1664, and divers other instances were assigned to give it the credit of authority, and to make it an ancient and universall Remedy in a time of publick extremity, and the Author of the Essay for the Amendemnt of ye.the Silver Coins concludesp. 56, 57. from a deduction he had made of the names and numo.number of the pieces into which a pound weight of silver was to be divided by severall Indentures of the Mint from the 28 of Edward ye.the 1.st to the 1st. year of King William, That it had been a constant practice ' here in England to raise the value of the Coin in its ex'trinsic denomination from time to time as occasion ' requir'd espeically to iencourage the Importation of ' Bullion; and that the like was don in our Gold coins in ' the same time, insomuch that silver and Gold too are ' now risen to a tripple proportion, one pound weight of ' the first being formerly shown into 20s & 3d. whereas 'tis ' now divided into 62 shillings, and a pound weight of ' of Gold being heretofore coind into 15£ tale whereas ' now t'is coynd at 44L. 10s. and is current at 47L. 16s. & 9d ' and228 ' and that every reign allmost affords an instance to this ' purpose, and these changes were never attended with ' any inconvenience, disgrace or mischief, as can be obser'ved.
To make a brief reply to this long objection the matter of fact as to Rome France and Portugal is readily granted, but the honour, Iustice and pollicy of such a change is still in question, and can never be fairly defended. The previous consent of the states in every Country, which is certainly necessary, when it can be asked in a matter wherein every mans interest is sideeply concern'd, ought first to be had to such an alteration. Whereas in the forementioned cases the people were never consulted, but submitted to the inconvenience ex post facto (as wee express it) and that it prov'd a great greivance & as constantly so as the change was made appears from the Historys of the severall Governments whereof severall instances are given in the first chapter of the foregoing Memoirs. And indeed 'tis impossible in the nature of the thing, that such changes should not be highly inconvenient: for when all this part of the world have agreed to make silver and gold the common and universall measure of all other Commoditys, and the generall rule by which all other things are valued and
exchangd229119
exchang'd, if this measure be not certain, constant and invariable, but subject to be alter'd at the pleasure of every Prince or the Capricio's of a designing Court, whose property can be secure? what bargain made or com̄mmerce maintaind with any certainty of saftey. I made a purchase yesterday of 100 Acres of arable, and gave bond to pay for it in m10 months time 2000L. This day a proclamation raises silver from 5s. 2d. to 6s: 5d. pr.per oz. at the 10 months end I find that 1600L. or thereabouts, being risen will take up my bond, but the vender looses 400L. by the bargain, and I gain just so much by this contract, but loose perhaps double that summ by others I entred into without foresight of such alteration. The yearly rent of all Land is sunk hereby a fifth, and so is all fee simple, copy hold, and Leases that are future 'til the true value of the raisd coin is so generally understood, that every body has adjusted the Rent of their Houses and Lands, day-labour, sallarys, and all Commoditys in a due proportion: which ever has, and ever will be the practice in such cases. Before that is done, The mony lying, for the most part, in the Exchequer it may be or in Bankers and Usurers Chests is converted by raising the value at which it must pass to a very beneficiall Monopoly to the Government or a
few230.
few people who have engross'd it, and becoms a Commodity it self, as it was in fact for some time in 1696, upon a rumour that the value of silver would be raised in the next session of Parliament. So that the raising the value of the Coin gives an Interruption and disturbance to trade and business for a time, and a fair opportunity to the Goldsmiths, scriveners and Usurers to make their markett, till the delusion vanishes.
But however 'twas asserted, That to raise the value of the CoinEssay for Amendmt.Amendment of ye.the silverCoins p. 56, 57, in extrinsick denomination was a constant practice here in England as well as abroad, upon any pressing emergency, and the Authour appeals to his Collection from the Indentures of the Mint as a Demonstration of what he asserts.
'Tis incontestable that the name and weight of our silver Coins, as appears from the Table I have inserted, were frequently and I think needlesly alterd. Before Edward the 3d. I doe not find that (shilling) was ye.the name of a Coin but of a summe as Mark, noble and pound are to this day. The only Coin then made was the Penny which weighed neer 1d.wt Tory; and thôough the weight has been abated, the denomination has continued from that Reign down to the present time, as appears in
this231.120
this Table
King.
weight.
The Penny in the
28. Edward 1st.
}
weighed —
{
– – 1d.wt. . 00grs. –pts Scant.
27 Edward 3d.– – –0. 19.
9 Henry 5– – 0. 16 –
1 Henry 6.– – 0. 12
1 Henry 8– – 0. 10
34 Henry 8.– – 0 10 –
6 Edward 6.– – 0. 8 –
43 ElizElizabeth – –– – 0. 7
1 Wm.William & Mary– – 0. 7.
Here ones sees the weight has been lessen'd from time to time but the TName of a Penny has been continued to a piece of silver which now weighs less than of a piece of the same denomination in ye.the 28 Edward the 1st. Thus far the Author is in the right, that silver is risen in ye.the names of our present Coins, for a piece of silver yt.that formerly was calld a penny is now call'd three pence, but his is much mistaken in concluding thence that silver was risen in value to about a tripple proportion: the contrary whereof is most certainly true, vizt. that 'tis fallen and the value of it sunk, so that 3oz. or 3xxLwt.
of232.
of silver now will not purchasexx as much of any other Commodity as 1oz or 1L.wt did in Edwd.Edward the 1st. time; whereas if the Gentlemans inference was a true one, wee should then most certainly purchase 3 times as much of any Commodity with that very piece of silver wee have raisd to the denomination of a 3 pence as our Ancestours did with the same piece under the title of a penny: and if mony be raisd to 3ce. the value it was current at in Edward the 1st. time,Stat. intitled Assisa Panis & Cercuisiæ. then 36 of King Edwds.Edwards pence which paid for a Quarter of wheat about 400 years since being since rais'd in name and made current at about 108 pence must by consequence purchase 3 Quarters of wheat now, if silver be risen to tripple the value it had in the time of King Edward 1st. whereas Stat. 1. Fac. 25 & 21. Fac. 28.10d did purchase in the 1st. year of King IJames the 1st. but of a quarter of wheat, and 3ce. 108d. or 324d pence were paid for a whole quarter of wheat. and in the 21st year of the same King a quarter of wheat was rated at 384 pence, which was a moderate and reasonable price at which it might be exported. If then the Farmer exchang'd a Quarter of his wheat for 36 of King Edward's pence, 400 years since, but will now expect thrice as much silver for the same quantity of wheat, 'tis plain,
that233.121
that silver is cheaper and not dearer, by a tripple proportion than it was in the time of Edward the 1st.
But to ascend no higher then the 23 of Henry the 8th. and take an Account what value silver had at that time, wheich is no more then 170 years since, 'twill appear that it was much dearer than now from a Bill of fare at a great Entertainment made by the Serjeants at Law in 1521 where in wee find that
They then valued {–24 large Beeves – – 1 Ox 100 fatt sheep – 51 Valves } at {1L.. 06s.. 8d– each. 1. 04. 0 0 102. 10 each. 4. 08. 0
And since that time vizt. in 1554 a statute1 & 2, Phil. & Mar. 5°. was made to prohibit the exportation of wheat when it sold for more than s6.8d. a quarter, Rye 4s. and Barly 3s. which it seems, was then looked upon a an high Rate, thôough no body now reckons it a hard bargain to give trebble that price.
By those Instances I think it appears, that it was a very great mistake to conclude and maintain, as diverse Gentlemen did with great earnestnesse in 1695 that silver was risen in the value because the pieces were lighter now than sometimes heretofore call'd by the same names. And
if234
if silver be not risen but fallen in its value, Then theat Coin ought to be made heavyer and not lighter than they were in former Reigns; but this is already don the Crowns being thrice and the Crownpiece about 6 times heavier than the largest silver Coin in Edw.Edward ye.the 3 time. And if from putting more silver in our Coins now there be any presumption to infer that silver is cheaper, then ye.the weight of our shillings, Crowns and Crowns (which were much the greater part of all the silver Cash of Kingdom) was another proof of the plenty and cheapnesse of silver in England and consequently, that there was no reason to lighten our Coins at the late Reform.
And indeed there can be no good reason for changing the well known names and weights of current mony, but the greater conveniency in tale and exchange: if the pieces be too large, they ought to be divided into lesser parts for the severice of the Marketts, and the case of smaller payments: and if the smaller coins are not aliquot parts of the greater, 'tis highly reasonable to coin 'em into such, for the greater dispatch in our reckonigngs.
Every alteration made from the time of Edward 1st. to the 43 of Queen Elizabeth was, it may be, for the present advantage of the Government but proved a reall detriment
to235.122
to all Landlords, Creditors and Trade in generall & there was no more reason for changing the standard current Coins of Edwd.Edward ye.the 1st. than to alter ye.the weights & measures us'd in his reign, and continued to this day. And for any Government to imagine they can fix a value upon their Coins by raising the denomination, lessening the weight, or increasing the Allay; is to suppose 1oz. of silver may pass for 2, or 3.oz, not only in England, but amongst all our Neighbours. whereas ye.the trading part of mankind allways considers ye.the quantity of silver, & contract for that, when they sell their goods; not for the names of the specie. The true end of coyning by Authority ought, I thinke, to be none other than this, vizt. to assure us by the stamp how much silver is really in the pieces to save the trouble of assaying, and weighing every particular Coin one received in payment; and then to sett no value upon the pieces, but leave that to the markett, and to the Exchange, which will soon determine the prices of them, by the same Rule that all other Commoditys have allways had their valuation; which is by their plenty or their scarcity; and they two depend upon the naturall produce, and upon the various occasions of mankind.