Chapter 4

Of the Proportion held between Gold and Silver, Antient and Modern.

    Use and Delight, or the opinion of them, are the true causes
why all things have a Value and Price set upon them, but the
Proportion of that value and price is wholly governed by Rarity
and Abundance: And therefore the Proportion of value between Gold
and Silver must needs differ in several Times and Places,
according to the scarcity or abundance of those Mettals. There is
much Variety amongst Authors what Proportions Gold and Silver
held to one another amongst the Hebrews, not out of the
Difference of Times, but out of the Difference of
Interpretations; for Bodine doth alledge the same places to prove
the Proportion was twenty five for one, which other Authors do
alledge to prove it to have been 45 for one; and others 10 for
one. There is a Passage in Thalia, of Herodotus (sect. 95) by
which it appears, that Thirteen Talents of Silver were valued at
one of Gold in the Revenues of Darius. And there is an Opinion
received, That in the time of the flourishing of the Grecian
Common-wealths, those Mettals were in the Proportion of twelve to
one. It is also reported in Pliny, (without mentioning any
certain time) That antiently the Romans did value a scruple of
Gold at twenty Sestertii of Silver, which, if it were when the
Sestertii were at the greatest weight, made the Proportion of
twenty for one: and if it were when they were at their least
weight, it made the Proportion of fifteen for one. But there is a
clear Passage, in the 8th Book (sect. 11) of the 4th Decade of
Livy, of an Accord between the Romans and AEtolians, that the
AEtolians might pay, instead of every Talent of Gold, ten Talents
of Silver; and (in Suetonius) it is said, that Caesar, at his
coming out of Gallia brought such a quantity of Gold, that the
Proportion betwixt Gold and silver abated to seven and one half
of Silver to one of Gold: the abatement had not been credible, if
the Proportion of Pliny had been twenty for one, or fifteen for
one. But to come to later times, and to our Neighbours, which
have therefore a more near Relation to us, both in time and place.
    The proportion in France, in the time of King John, who was
contemporant with Edward the Third, was 11 for one: and in the
time of Charles the Fifth, who succeeded next to him, it was 11
and almost 12 for one. And ever since the Proportion has been
held between 11 and 12 for one. But by the edict of this French
Kind now reigning, December 1614, the mark of Gold fine is valued
at 27 l. 16 s. 7 d. the mark of Silver called Argent le Roy, is
valued at 14 s. 6 d. and almost one half penny. But adding a 24th
part to the two, to make it fine, which the Silver called Argent
le Roy doth want of fineness, the proportion will arise into 13,
wanting about a seventh part to one of Gold. In Germany about the
year 1610, the Proportion held 13 for one, sometimes a little
more, sometimes a little less; though antiently the Proportion
was eleven for one. The Proportion in Spain hath a long time
remained near about twelve for one. The Proportion in the United
Provinces, by the Placcard 1622 (which is yet in force) is about
12 and two thirds fine silver, to one of Gold. But before I come
to set the Proportions that have been held in this Kingdom of
England I shall first set down, How I do inquire and resolve of
the said Proportions, to the end I may satisfy such whose
Curiosity may carry them to examine the truth of the said
Proportions.
    I do first examine by the Records of the several times, how
much the Gold, then coined in work, is valued at, then I do
examine what proportion of Allay is mixed in the said Gold coined
in work, and add to the same the said proportion of Allay, as if
it were fine Gold, and so make up a full pound of fine Gold; and
do just in the same manner, value the full pound of fine Silver
and then calculate what proportion is between the value of the
pound of fine Gold and the value of the pound of fine Silver. To
which examination, I cannot conceive what can be objected other
than this, That the remedies which are allowed, being different
in the Gold from the Silver, and different in themselves, in
different times, must needs breed an error in this Calculation.
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 11 l. 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
11 l. of fine Silver, and 3s. 2d. over; and so it remained all
Edward III time, and all Richard II time, and until the 13 of
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 49 of Henry VI time,
and then the Gold and Silver was again raised, and a pound of
Gold fine was valued at 11 l. 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 8 of Edward IV the Gold was again raised to the former
price, as it was in the 49 of Hen. VI and so the proportion
remained just the same both all Edward IV time and Henry VII
time, and the beginning of Henry VIII time. In 18 of Henry VIII
there 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 I
cannot 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 22
Carrats fine, of the value of 34 l. the pound: and Silver of 8
ounces fine, of the value of 4 l. 16s. the Pound whereby a pound
of Gold fine was valued at 37 l. and almost 2s. and a pound of
Silver fine was valued at 7 l. 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 24 Carrats fine, at 58s. the ounce; and
Silver of 12 ounces fine 5s. 4d. which is almost jj for one.
These confusions did still remain all Kind Edward and Queen
Maries Reigns, but in 14 of Queen Elizabeth the antient sterling
standard both of Gold and Silver was renewed, and a pound of Gold
fine valued at 11 l. 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 12 for one; but every 20s.
being afterwards by Proclamation raised to 22s; one pound of fine
Gold of 24 carrats, is valued at 13 l. of fine Silver of 12
ounces 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 48 parts, Quick
Silver 27 parts, Silver 24 parts, Lead 22 parts, Tinn, Iron,
Coper, 15 parts; 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.