Of the Prohibition of Forrein Moneys,especially Spanish It is the Opinion of wise men and intelligent in this Subject of Money,that the Prohibition of forrein Moneys especially Spanish is a great hindrance to the coming in of Gold and Silver:
and they do ground themselves upon two Arguments:--The first,in reason,that Spain being the Cistern and Receptacle of almost all the gold and silver,which is thence dispersed into the rest of Europe,to forbid Spanish Money to be current,is,in effect,to forbid the coming in of Gold and Silver,and that rather we ought to draw it in by setting an high price upon it.The other Argument is out of the Example of other Nations,which do abound with Moneys,where Spanish Money is not only current,but it is current at higher rates then their own Money,value for value,who have therefore more Spanish Money to be made current.But before it be fit to resolve of that,it should be first maturely considered,What reasons did induce the Prohibition of all Forrein Coins,and how they may be satisfied,least in seeking to salve one mischief we do introduce a greater,and do fall into the complaints of those Countries,which do crie out against the Inconveniences which they do feel by forrein Moneys,and know not how to remedie themselves.If you make forrein Moneys current but just at the rate of the intrinsical value you gain nothing,for they will as well be now brought in for Bullion as then for Money;only this disadvantage you shall have,that whereas that which is now brought in for Bullion,is good and weighty,you shall instead thereof have the same quantity brought in for Money abased and light;which was one of the many reasons why it was made not current.If you make forrein Money current above the intrinsical value,allowing them an over-rate for charge of coyning and tribute to the Prince that coined them;Observe then the inconveniences which follow upon it;First,The dishonour,in that you do communicate a principal point of Soveraignty unto a Stranger,and you do pay a Tribute to a forrein Prince out of your own Country,and you shall never have any material Coin to be coined in your own Mint.
Secondly,You shall fill the Country with light Money of Silver,which is hardly ever weighed,and with counterfeit and base Money of Gold;the punishment whereof lieth not in your hands,the act being done in forrein parts and is so much clear loss to the Country.
Thirdly,You shall give the people occasion to raise it to a higher rate than the publick Ordinance,which is an effect that follows forrein Moneys in all those Countries where it is permitted;or if the people do not raise,yet strangers will raise it higher,and then it will go out faster than it came in,and you have gained this Inconvenience,to have it higher rais'd:
the mischief whereof I shall have more occasion to declare hereafter.But if forrein Money shall come to be current at an over-rate,to the intrinsical value,greater than your own,value for value,as Spanish Money is both in France and in the Low Countries,and as English was in both,till it was discried and value only as Bullion;but daily varies the value in those parts,then shall you give occasion to have the weightiest of your Money culled out and transported into forrein parts to be coined for Advantage,to be brought back in forrein coin:but above all,your materials in bullion of silver and Gold will be transported to that purpose,and the Common-wealth shall cheerly loose so much in substance of Gold and Silver,as the Transporter doth get;as for Example,In the years 1607and 1608,our Jacobus pieces were ordinarily current in Paris after the rate of 22s.
