Of the Ordaining of solid Payments Solid payments are meant where Contracts are made for payment of so many solid species of Money,or of so many double Pistoles,or so many French Crowns,or so many English Angels,or Soveraigns or Shillings,and therefore termed solid payments,because they are restrained to those solid species which are contracted for,and to never alter in payment although the value of the species should alter;as however the value of Angels or Soveraigns which were coined for ten shillings,be raised to eleven shillings,yet he which hath contracted to pay so many Angels or Soveraigns shall pay never awhit the less in number,because their value is raised,and so in the other species of French Crowns and Pistoles:But he that made a contract when Angels and Soveraigns were valued at ten shillings,to be paid,at such a day to come,one hundred pounds,before which day the value of Angels or Soveraigns was raised to eleven shillings;whereas he should be paid at the time of his contract for one hundred pounds sterling,two hundred Angels or Soveraigns,he shall now be paid but one hundred fourscore and one Angels or Soveraigns and nine shillings,because the sum of a pound sterling is not restrained to any solid species,but is rather imaginary and abstracted from the matter guided according to the uncertain valuation of the species of Money,wherein the payment is made.
This proposition of ordaining all contracts for payments to be restrained to solid species of Money,hath bin often agitated in France,as a soveraign Remedy against the main inconveniences which do arise in this subject of Money,for the discussing of the truth and efficacie of which proposition,it will be necessarie to relate the success thereof in that Kingdom,in the years 1575and 1576.
The people in France,contrary to the King's Ordinance,and in despight of all Remedies which could be thought of to prevent it,had raised both the Gold and Silver so excessively,as a French Crown in Gold was valued at seven livres and an half,and at eight livres,a Livre in France being the tenth art of a pound sterling,and is an abstracted sum consisting of twenty sols,as our pound sterling doth consist of twenty shillings,there being no certain species of Money called a Livre,and according to the value of Gold,their Silver likewise was overvalued,and the species of forreign Coins both of Gold and Silver were current likewise at the like value in proportion;by means whereof it is hardly credible what quantities of Gold and Silver,both of Forrein and Domestick Coins that Countrie did then abound with.
But their Base money which was not raised in proportion to the Gold and Silver,and did really contain in Intrinsical value much more than the Gold and Silver Coins,in proportion to the value at which they were current,was for the most part either transported or secretly melted down to extract the Silver thereout.
And if this had been all the Inconvenience,they would never have complained;but in consequence of this,the prices of all things did rise so excessively,that all such who lived upon Pensions,or Wages,or Fees,or antient Rents did manifestly see themselves unable to subsist:but above all,the King was most heavily prejudiced,so it was like to grow to some great Confusion in that State.
Hereupon in the year 1577,there was a new Ordinance made,treated and published with the greatest deliberation and solemnity that every any Edict was of this kind in France.And first the French Crown,weighing 2deniers and 15grains,after the French weight,and 23Carrats fine,from eight livres was reduced to the value of sixty Sols,which is equal to three livres;and all the pieces of Silver of French coins,were reduced to a value answerable to that,the sols likewise,and other base Money coined proportionable thereunto,and to the end they might never be again raised by the People to an higher value.
