But the Proportion cannot hold both in Money wrought,and Silver and Gold unwrought,except the Allay should be likewise made equal,and then it follows that there should be 12times as much over-value allowed to the Gold as to the Silver,which were a rate beyond the present allowance,and would much weak'n the Money of Gold in intrinsical value;yet that point doth justly meet with the practice which in ancient time was in France,there being in an ancient Reglement of Moneys,this following Article,Que l'on face Monoye d'or a 23carrats et rendra aux Merchans d'un Marc d'or fine,un Marc d'or ouvre,et Monoye a ladit loy.
And by the same Reglement the Silver Money was made of 11deniers and 12grains fine,called Argent le Roy;and some others do find it a very subtile Inconvenience in the want of laying so many times a greater Charge and Tribute upon the Gold than upon the Silver,as the Gold doth exceed the Silver in value,proportion for proportion;alledging that for one main reason,why the Gold is always raised and esteemed somewhat higher than the publick Ordinance,because the Gold Money is really so much more in value than the Silver Money,according to their rates,by how much there is less Charge and Tribute laid upon the Gold in proportion than upon the Silver.But admitting the Objection made,that if there should be 12times as much charge laid upon the Gold as upon the Silver,it would be too great a discouragement to the Merchant to bring his Gold to be coined,it may easily be salved here in England,according to the custom of our Mint,by ****** the price of Gold fine unwrought,somewhat more than 12for one,and allowing so unto the Merchant,leaving the charge the same,which now it is.
For the second point to wit,whether the Proportion should be settled by raising the Silver in price unto the Gold,or by reducing the Gold unto the Silver.
First,In speaking thereof,I do not mean to anticipate that Question,Whether if be beneficial for the Commonwealth,that the prices should at any time be raised or not?which is the proper Subject of another Chapter,and is indeed the most Importunate,and the most difficult Question of any other in matter of Money:
Although it be true,that the raising one of the Materials of Money doth produce all the inconveniences that are produced by raising of both the Materials which is not rais'd;yet in the present Estate and Condition wherein our Silver doth now stand,we shall find by the subsequent Discussion of this Question,that by the raising of the Silver to a more equal Proportion to our Gold,these Inconveniences have no place.
And First,If you shall abase the Gold to hold a proportion of 12to 1with the Silver,besides the general Objection against all Abasements,which is Exportation,there will this particular Inconvenience follow,as we now stand,That you cannot abase it to the just Proportion without new coyning of all the Gold,which will produce both an extream trouble and Confusion,and exceeding loss unto the Kingdom,and is by the Pres of many excellent Roman Emperors condemned,as savoring of Injustice and Envy towards the memorie of precedent Princes to deface their Coins.
And besides the scarcity of the Silver will still remain,for their continuing still so great a disproportion between the new Silver which shall be coyned according to the antient standard weighty and good,and the old Silver grown so much over-light,partly by the wearing,but especially by that culling out and exporting that which was coined either over-heavie,or of just weight;and that which coyned over-light only remaining;how will it be possible,but that so much of the new Silver which shall be coined either of over-heavie,or of a just weight,will still be culled out,either to be transported,or to be melted down for other uses?If on the other side the Silver shall be coyned hereafter of a new standard answering to a proportion of 12for one of the Gold,as now it stands;the Merchant will be encouraged to bring more in,the reminting of the antient Money shall be avoided;and if that supposition be true,that the antient Silver be exported upon the raising of the new,neither will the price of the things be raised,since the new Money (although in standard it differs)yet in truth of weight will hold so near a Proportion with the antient:and here it will be necessary to observe the Examination which we have made in several places of this Treatise.
First,In what Proportion,for the values of our Gold and Silver,it is most useful for this Kingdom to stand,in respect of our Neighbours neerest about us,and then examine how indeed we do stand with them?Where I do find an exceeding great abuse,because those who do manage the affairs of the Mint do make their Computation of the Standard of Forrein Coins,meerly as the Gold-Smiths do by melting of them:the error of which Computation will easily be apprehended,if any man shall go about to discover the sterling standard by melting of sterling money,the pieces whereof being so unequally coyned,as they are the difference between a piece that is over-light,and again of a piece of the absolute fineness of the standard,and another deficient the full extent of the Remedy allowed,will be so great,as whosoever shall compute the standard by the one or by the other,must needs run into extream Error.
