Chapter 22Of introducing two different Species of Money The Difficulties and Debate of the former Proposition have produced this, set down in the title of this Chapter: For if to let our Money stand still in the same condition, when our Neighbours do raise theirs, be a means to drain away our own Money from us, and to divert that increase of Stock which otherwise should come unto us, and consequently occasion the decay of our own Trades and Manufactures, and the increase of Forrein, as in the former Propositions hath been disputed, Then it were good to raise our Moneys when our Neighbours raise theirs. But if this raising of our Moneys do introduced an unjust Oppression to all those, who do live upon the Rents of their Lands, upon Pensions, upon Fees, upon Wages, or otherwise upon any other Reward of their Industry, if it most of all disables the King, and in the end doth threaten an extream Confusion and Disorder, then is this good of Raising so allayed with the evil that followeth it, that we were as good if not better to be without it: From these Considerations hath this Proposition risen, by which, the Authors thereof do presume, that we may both raise our Moneys as we find occasion and yet not raise; though they seem contradictory: and we receive all the Benefits, which the raising of Money doth bring with it, and yet avoid all the Inconveniences which are alledged to follow it. Now the Propositions which have been made in this kind, both here and in other parts are very many, and differing one from another in their Proportions, and in some other subtile and by considerations, which if they should be set down in particular, would much perplex the Subject. I will therefore by supposition set down a Proposition in a plain and easie Proportion for the more ready apprehension of the Reader. As for Example, Suppose the King should coin new twenty shilling pieces, which should hold in intrinsical value but eighteen shillings and four pence in Proportion to the present Gold; and new shillings, which should hold but eleven pence in Proportion to the shillings of the present standard, and then it should be ordain'd, that all former Contracts already past, should be acquitted in old Money, or else in new Money, valuing every 20s but at 18s 4d and so in Proportion of lesser sums; but that all new contracts should be paid afterwards in new Money, or else in old, valuing every 18s 4d of the old Money at 20s of the new. By this means, say the Authors of this proposition, we shall bring back our own Money at 20s and drain away the Money of our Neighbours, and trades and Manufactures shall flourish in consequence; yet our Moneys are raised, and yet no man shall receive any injustice by it, for both the King and all other Lords of Lands or contracted upon former Wages, shall be paid in Money formerly current, or else in new proportionable to the old. And all those which are to pay Money, either out of their own Industry or Labours, or out of the fruits of the earth, or by any other means, when they do see that they must contract for new Money, apparently, according to the Proportion set down, worse than the old, they will help themselves by raising their price in Proportion unto it. There may likewise be alledged Examples for this Proposition, as in Ireland when sterling Money and Irish Money are both current, the one a fourth worse than the other without any Inconvenience. And it seemeth that anciently before the time of Edward the first in England, there were Moneys current of several standards; for although there be a few Records left of Mint matters, more antient than Edward the Third, yet Anno sexto Reg. Johannis membrana sptima Dorso, certain old Money of baser standard was made current; But so, as no Jew or Merchant stranger might buy Merchandize, or pay debts with it, or any thing else, (but only victum et vestitum with that old Money,) but in grossa et forti Moneta. And in France, until the time of Philip le Bell (who was contemporant with Edward the Second) it seemeth that there were used several species of Money, And Eddicts were made what Contracts should be acquitted in one species and what in another. But I will come now, as in the former, to the examination of this Proposition. first, the extreme Confusion is to be considered which it will bring among the People by raising Questions what is to be paid in old Money and what is to be paid in new Money. As for example, a man who lent Money before the time appointed for the currency of this Money, after the day, receiveth interest for it, and so lets it run on, Whether shall this be interpreted an old contract or a new? and divers other Questions of like nature will arise. But suppose that such Prudence were used before hand as all such Questions might be prevented, yet certainly the intricasie of the accounts between the old Money and the new, by Reason of the confused Fractions which are in it, would be a great molestation to the People: But there lurketh a much greater Inconvenience which would not be discovered but by length of time; which is when you have thus raised the price of your Money, when other Nations shall raise theirs again beyond your new Money, you must then be enforced to make a second new Money of less intrinsical value than the first, and then again, all Contracts between the first and the second new Money, are to be acquitted in the first new Money, or in the second new Money, valued in Proportion to the first, and so in consequence of time, a third new Money would be coined, and a fourth, and a fifth, and so forward; that by degrees both the multiplicity of the Moneys, and the variety of the times of the contracts would pass all humane comprehension. As for Examples alledged, they make more against the Proposition than for it; for I doubt not, but in the time of King John, and afore and after that, there were great Varieties and confusions in the Moneys current, and the Histories of those Times are full of Complaints upon that subject. And therefore they do most highly magnify the Wisdom of King Edward the First, who settled a uniformity in that Subject, by introducing one certain species of sterling Coin. And for the Example of France, the Histories of that Country do not only justifie that there were great Confusions in this Subject in those times, but by great Insurrections of the People and Rebellions upon that occasion, insomuch, as the reputed Authors of those Inventions were sacrificed to appease the popular Rage.