But to that objection I answer,that the remedies do make so small a difference that it is not considerable;and besides it were impossible to consider the remedies in this Calculation,because they are casual in the work and are supposed to fall out sometimes as well beyond the just standard as deficient:And from all Antiquity it is provided in the Indentures,that the remedies shall be allowed,if the defects appear to be casual and not voluntary.The Truth is,that they were an invention by which the Masters of the Mint made their advantage under colour of Contingency of the work,which appears to have bin first apprehended by King Henry the VII who in the first year of his reign made the Masters of the Mint accountable to himself for so much of the remedie as was found deficient from the standard.The first clear record that I can find for the values of our Moneys,is in the eighteenth year of Edward III and then a full pound of fine silver was valued at 11l.of fine Silver,and eight pence over:From that time to the 25th of Edward III there was some variety in the Money,but not worth the mention.But in the 25th a full pound of fine Gold was valued at 11l.of fine Silver,and 3s.2d.over;and so it remained all Edward III time,and all Richard II time,and until the 13of Henry IV;at which time both Gold and Silver were raised by advice in Parliament,upon complaint that by reason of the low prices of Gold and Silver,the Money of the Realm was exhausted.
And by that Ordinance a pound of fine Gold was valued at ten pounds of fine Silver and almost one half,and so it remained all his time,and all Henry V time and until the 49of Henry VI time,and then the Gold and Silver was again raised,and a pound of Gold fine was valued at 11l.of the fine Silver and 6s.over.In the fourth of Edward IV the Gold was abased in value,and the Silver left at the same price;by which means a pound of fine Gold was valued at ten pound of fine Silver,and 6s 7d.over.But in the 8of Edward IV the Gold was again raised to the former price,as it was in the 49of Hen.VI and so the proportion remained just the same both all Edward IV time and Henry VIItime,and the beginning of Henry VIII time.In 18of Henry VIIIthere were Letters Patent granted to the Cardinal of York and to such of the King's Council,as he should call unto him,authorizing them to give such Directions,as they should think meet,for the alteration both of the standard and values of the Kings Moneys,and a Commission was accordingly issued to the Officers of the Mint to pursue the said Directions;the Colour whereof was,That the Moneys of the Realm were transported secretly by reason of the excessive raising of Moneys in France,and in the Low Countries,and that the King,having sent unto other Princes,could obtain no redress for the raising of their Coyns:Upon this Commission did arise great confusions in the prices and standards of the Moneys;which,with certainly Icannot trace any further,because the matter passing by private direction,there are no publick Records extant of them.In the third of Edward VI a Commision was granted to coin Gold at 22Carrats fine,of the value of 34l.the pound:and Silver of 8ounces fine,of the value of 4l.16s.the Pound whereby a pound of Gold fine was valued at 37l.and almost 2s.and a pound of Silver fine was valued at 7l.4s.and by that rate,a pound of fine Gold was as five pound of fine Silver and 22s.over:which could not so fall out but through the excessive gain which the King did make upon the Silver more than on the Gold:and it seems that the proportion was much other between the Merchants in Bullion,for neer about the same time the King gave Commission to buy Gold and the Mint of 24Carrats fine,at 58s.the ounce;and Silver of 12ounces fine 5s.4d.which is almost jj for one.
These confusions did still remain all Kind Edward and Queen Maries Reigns,but in 14of Queen Elizabeth the antient sterling standard both of Gold and Silver was renewed,and a pound of Gold fine valued at 11l.of fine Silver,and 7s.10d.over:In the 24th of Elizabeth the standard of Gold was abased one quarter of a grain,and of Silver one pennyweight,but the proportion between two metals near upon the same point:And although in these times the Crown Gold was coined upon another standard,yet the proportion in the Intrinsical value was kept the same.In secundo Jacobi,the proportion was 12for one;but every 20s.
being afterwards by Proclamation raised to 22s;one pound of fine Gold of 24carrats,is valued at 13l.of fine Silver of 12ounces fine and one fifth over.
And these are the Antient and Modern proportions of Gold and Silver to one another in price,as punctually and authentically as by diligent search I could gather them.There is yet another proportion between mettals,which is not unnecessary to our purpose to be understood,which although I have not by mine own trial examined,yet having taken it from good Authors,I will not omit;and that is a natural and a constant proportion which mettals do hold differently to one another in weight in the same value and superficies:which is,that Gold weighs 48parts,Quick Silver 27parts,Silver 24parts,Lead 22parts,Tinn,Iron,Coper,15parts;which different proportion of weight was the ground of that condition of Archymedes whereby he found out how much Silver the workmen of Hiero put into his Crown of Gold;and which is likewise the ground of many other subtil Conclusions,which have bin found out for the deprehension of mettals,and other mechanical works;and by this proportion those of China do examine the fineness of the Gold which is current amongst them,who by constant Relation,being said to be most subtile and exact in mechanical trials of mettals,have not the Gold which is current amongst them coined,but reduced into powder,which they do pass to one another in their commerce by weight,and do easily deprehend if there be mixture of Allay amongst it by measuring the powder,and then tempering the weight and measure together.
