A fifth Defect,in the bringing in of the Materials of Money,is the Prohibition of Forrein,especially Spanish,and this Title hath entirely relation to our Subject,and hereof I purpose hereafter to examine the Inconvenience apart,together with the Remedies propounded.
A sixth cause,is the Low price of our Moneys,especially of our Silver Moneys,which is the cause assigned by many that much of the Materials that would be brought hither into England,if the price were higher,is now transported into other parts:And in this Title I mean first to examine apart the disproportion between our Money of Silver and Gold.But the low price of our Money in respect of our Neighbours and the raising of it higher,or not raising of it,or the reducing of it yet lower,according to the values of more ancient times,and the Inconveniences that may grow by the one or the other,and the remedies propounded will occurr to be considered in every division of the causes of the Rarity of Money.But to avoid Confusion,I do purpose to handle them all together in one Chapter.
The Second cause of the rarity of Money and the Materials thereof,is the facility of exporting them out of the Kingdom which doth arise out of these Causes;First,out of raising of prices of Moneys by our Neighbours,which in effect is the same with the former of the low prices of our Moneys;for by giving a greater price for our Moneys,than it is valued here with us,they allure both our own and Forrein Merchants to carry our Moneys to them.
A second Cause is the unequal Coinage of our Moneys,by which cometh to pass that those pieces which are over heavy and of finer Allay,are tried and culled out,and either exported into Forrein parts,or melted down for other uses.And although it might be thought that the strict care used by the State in this behalf should have prevented this mischief,yet daily experience doth shew that great Quantities of the weightiest and best Moneys are daily exported,and that the Silver which remaineth amongst us is so much under the Standard as is hardly credible:which matter I purpose to handle,being naturally incident to this subject.The want likewise of Manufactures and Sumptuary Laws,are two causes of the facility of the exporting the Money and the Materials thereof our of this Realm,for by the encrease of Manufactures,the Commodities of the Kingdom are increased,and by Sumptuary Laws Forrein commodities are made less useful,both which conduce to the keeping of the Money and Bullion within the Realm.But these causes are not of our consideration.
A third cause of the Rarity of Money and the Materials thereof,is the wasting and consuming it within the Kingdom,as in guildings,gold and silver-thread,and inlayings,all which is consumed in a manner to nothing;the excessive use likewise of Plate maketh Money scant,but all these Defects are to be remedied by Sumptuary Laws.The laying up of Money also in Treasure,is likewise a Cause of Rarity:But the Interest of Money is so high and quick in England,as I believe that cause doth little prejudice.
The fourth cause of the Rarity of Money and Materials thereof,which is the great Encrease of the Proportion between Gold and Silver,and things valued by them is entirely of our Consideration.And this cause doth diminish the quantity or decrease the weight or fineness of the Gold and Silver,but doth encrease the use and want of Gold and Silver,and so maketh the Money and Bullion of the Realm in general,and of every man in particular,less in effect and value,though the quantity do increase.As for Example:If a pound of Silver of the sterling Standard,coined into Money in Edward the Thirds Reign,would have bought two fat Oxen,or seven quarters of Wheat;and that now at this day,two pounds of Silver of the sterling Standard coined into Money,will do no more than buy one fat Ox,or three quarters and one half of wheat:and if other things are increased in price according to that value,and that the like proportion doth hold also in Gold;it doth then follow that although the Realm in general,and every man in particular should have now twice as much of Gold and Silver in weight and fineness,as in King Edward the Thirds Reign;yet in use and effect they should have but half as much as then,because this double quantity in weight and fineness would in proportion to things valued by Gold and Silver,arise but to half so much as then:and so the great Increase of the Proportion between Gold and Silver,and things valued by them,doth induce a Rarity and Scarcity of these Mettals,though the Quantity should increase.But what the just increase of this Proportion is,and by what means it may be certainly proved,and how the Raritie may be remedied,I purpose to treat hereafter.
Thus I have set down in general all the constant and certain Causes of the Rarity of Money:of so many of which as are incident to our subject,I purpose to treat in particular:As for the other Branch,of the Inconveniencies of the matter of Money,which is Disorder and Confusion,I purpose not to make any title a part of it,both because,as I have said before,the occasions of Confusions in England,in this Subject are very few;and that I shall aptly have cause to speak of it by the way,in the Causes of Rarity,which I mean to handle,not in the Method set down in this Chapter,but begin with the plainest and easiest Titles,and of most certain Proof,first to the end that they may serve both to the opening and facilitating the Proof of the more difficult and obscure.
