Chapter 5

Of the raising of the price of Money both of Silver and Gold

    It is to be understood that there are three ways of raising
the price of Moneys either Gold or Silver: The first is without
alteration of the Species of the Money, by encreasing the value
of it, by giving more parts to it than originally it had, as by
ordaining an Angel or a Soveraign to be valued at eleven
shillings, which was coined for ten, or a shilling to be valued
at fourteen pence. The second way is by diminishing the matter,
but leaving the same name and value to the Money which it  had
before, as if Shillings or Angels, or Soveraigns were coined by
the same name and value as before, but were diminished so many
grains in weight: or, if new names were given to them and the
same value retained, but the weight diminished; for in this case,
there being really less Gold and Silver in weight in the piece
than there was before and the value remaining the same, the
Silver and Gold which remains hath a higher price set upon it.
The third is when the value remaining the same of the species of
Money, and the weight of the same, the fineness is abased by
putting more Allay into it, for then there is really less Gold
and Silver in fineness.
    There are two causes of the raising of Money: the first and
most antient cause of raising Money, was a gain which the state
made of it in their Necessities, which hath not often been
practised in this Kingdom. But the second and most frequent cause
hath been, an Art which States have used to rob one another of
their Money, by setting on higher prices upon it; so that some
States being induced, by an unjust device, to draw to themselves
the Money of their Neighbours, and others by a necessity to keep
their own. All these parts of the world, for some few hundred of
years, have done nothing but vye one upon another who shall raise
their Money highest, which hath brought great Confusion in all
States; and doth threaten much greater, if it be not prevented.
    But first to shew the Antiquity of the practice of raising of
Monies we will begin with the Romans. The As, which was
originally coyned of a pound weight, was, during the first Punick
War for help of publick necessities, brought to 2 ounces, and all
the lesser parts of the As, as ounces and others, were abated in
proportion. During the Dictatorship of Fabius Maximus the As was
brought to one ounce weight, and yet reduced again by Papirius to
half an ounce. The Denarii of Silver were at first current for
ten As, and the Sestertii, which were quarters of the Denarii,
for two and a half as. But when the weight of the as was
diminished to one ounce the denarius was made worth sixteen as,
and the sestertius worth four as. They did likewise make sundry
abasements (by means) of the Allay, whereof that of Livius Drusus
was excessive, mixing an 8th part of Copper. And hereby the
confusions grew so great, that Tullie in a passage of his Offices
saith, Jactobatur enim Temporibus illis Nummus, sic ut nemo
posset scire quid haberet (in pecunia); where upon Marius
Gratidianus, who being Triumvir monetae cudendae, brought in an
exact Ordinance for the regulating of this Money, had Statues
erected to him by the people. The first gold pieces were coined
of 40 pieces in the pound, and in the time of Justinian, the same
pieces, called Solidi aurei were 72 in the pound. After the great
inundations of the Barbarous people into the Roman Empire, the
Confusions in this subject of Money grew incredible.
    Charles the Great, in whose time the Monarchy of the Francks
grew to the Height, made a new Reglement of Moneys, which is the
same that continues to this day in France, and is the same which
we do now practice in England, for the division of Moneys, though
for the Values of them the difference is grown exceeding great:
For he renewed again the Account by Livres or Pounds, and divided
the Pounds into twenty Solidi, which in France they call Sols,
and we Shillings; the solidus again into 12 Denarii, which in
France they call Deniers, and we pence. But the values are grown
so different as every of our Shillings, our Pounds, our Pence are
valued at ten of theirs: and yet in intrinsical value are more.
Many do hold that by the Institution of Charles the Great, twenty
Sols contained in them a Pound of silver. but it is authentically
to be proved, both by unquestionable Records, and by Pieces
themselves, of which I have some extant, that many hundred of
years after, in the time of St. Lewis, who was contemporary with
our Henry the Third, that the Sols then contained in intrinsical
value near six Sols of this present King, so much hath the Money
since that time been raised in price, and abased in substance,
which is the same. In the Reign of Philip the Second, in the year
1181, the French Mark of fine Gold, which makes almost 8 ounces
of our Pound, was valued in the Moneys then at 44 livres, and the
Mark of the King's Silver was valued at 2 livres, 13 sols, and 4
deniers. And by the Edict of this present King, in the year 1614,
the Mark of the same Gold was valued at 278 Livres, 6 Sols, 6
Deniers. And the Mark of the same silver was valued at 20 livres,
5 Sols; so that in this time, the Gold hath been raised to six
times, and almost the third part of the price which then it did
bear; and the Silver hath been raised much above seven times the
value which then it did bear.
    I will not trouble the Reader to set down by what degrees
this Price has grown to so great an height which have been very
various, the Price having been sometimes excessively raised and
sometimes sudainly reduced back again by the French Kings, and
most commonly to make a Levy of Monies upon the People, which
hath bred infinite Confusions, and sometimes Rebellions in that Kingdom.
    But I will now come to the Kingdom of England, where the
raising of the Price hath been with a more constant hand, and,
almost alwayes, out of a kind of Necessity to follow the raising
of other States; yet, from time to time we shall not finde the
Rates of the raising much to differ from those of France. But I
cannot begin from so antient (a date) as in France; The first
Record that I can find for this purpose being in the eighteenth
year of Edward the Third, which was in the year of Grace about
1344. And then a pound of Gold of sterling Standard, which is 23
carrats, 3 grains, and one half fine, was valued at 13 pound 4s
8d. and a pound of Silver of sterling Standard, at 22s. 2d. The
20th of Edward the Third, the pound of Gold of the same Standard
was raised to 14 pound, and the pound of Silver to 22s 6d. In the
27th of Edward the Third, the same gold was raised to 15 pound,
and the same Silver to 25s the pound; the rest of the reign of
Edward the Third, and during all the Reign of Richard the Second,
and until the Thirteenth of Henry the Fourth, the same prices
remained. And then by the Advice of the Parliament, to prevent
Transportation, the same Gold was raised to 16 pound, 15s and the
same Silver to 30s the pound; and this price remained all the
rest of the reign of Henry the Fourth, and during all the Reign
of Henry the Fifth, and until the 49th of Henry the Sixth; and
then the same Gold was raised to 22 l. 10s. and the same Silver
to 37s. 6d. But in the fourth of Edward the Fourth, the price of
the same Gold was brought back to 20 pound 16s. 8d. the Silver
remaining as before. And in the eighth of Edward the Fourth, the
Gold was again raised to the former price of 22 l. 10s. the
Silver still remaining at 37s. 6d. And this price remained all
the rest of the Reign of Edward the Fourth, all the Reign of
Richard the Third, all the Reign of Henry the Seventh, and all
the beginning of Henry the Eight: But in 18th of Henry the Eight,
a Commission issued forth for the Alteration of the Standard, and
of the Prices of Moneys, according to the Direction to be given
by the Cardinal of York, and such other of the King's Council as
he should call unto him: form whence issued so great a Confusion,
both in the prices and Standard of the Moneys, as would prove
very difficult to trace out, and tedious to read, as well for the
Obscurity as for the great Variations, which succeeded: And
therefore I pass over all the rest of his Reign, as also those of
King Edward and Queen Mary, and until the fourteenth of Queen
Elizabeth, when was again coined Gold and Silver of the antient
sterling Standard, the Gold at 36 l. the pound, and the Silver of
the old Standard at 3 l. the pound: and although there were at
the same time and after much crown Gold coined, yet the
intrinsical value of it was governed by (the weight and fineness
of) the Angel of Gold: In the 25th and 26th of the Queen, she
abased the standard of the Gold one quarter of a grain, and the
standard of the Silver one penny weight, whereby the price of
Gold was raised one shilling 10 pence in the pound, and the price
of Silver 3d. in the pound. but in the second year of King James,
the price of the Soveraign, in gold which is but 22 carats fine,
was raised to 27 pound, 4 shill. being almost one eleventh part
more; and by the Proclamation, by which every 20 shilling piece
was made current for 22 shillings, the said Gold was yet raised
another tenth part; so that the increase of the price of Gold has
been such by the Degrees before specified, that every pound
sterling, by reckoning of Gold coin, and every part of a pound,
as Marks, and Shillings, etc. in coin of Gold, did in the
eighteenth of Edward the Third contain in intrinsical value (id
est) in pure Gold, thrice as much and above a third part more
than the same pound sterling in reckoning of Gold-coin, marks,
shillings, etc. does at this day contain. And every pound
sterling in reckoning of Silver-coin, and every part of a pound,
as marks, shillings, etc. in Silver coins did in the 18th year of
Edward the third, contain in intrinsical value, (id est) in pure
Silver, thrice as much, wanting about 1/6th part as the same
pound sterling, in reckoning of Silver coins, marks, shillings,
etc. does at this day contain.
    There is yet another Proportion of Gold and Silver to be
inquired into as necessary to be known; and peradventure more
necessary than either of these: And that is to enquire what
Proportion our Gold and Silver holds in Value, being in Bullion,
as it is presented to the Mint by the Merchant, in Comparison of
the near adjoyning Countries: For by this Proportion we shall
discover the Reason why the Merchant Brings Gold into England
rather than Silver, and Silver into Holland rather than Gold, or,
why he carries both, or either of them, into one Country rather
than into another. And for that purpose, I will first begin with
England, and then compare it with some of the nearest
neighbouring Countreys.
    In England, where the Merchant for so much Gold fine of 24
carats, as makes a pound, Tower weight, doth receive 43 l. 7s.
1d. according to the rate of the Mint, which is 41 l. 5s. for a
pound weight of sterling gold.
    In France, according to the Edict of this King, Anno 1614,
which is yet in force, the Merchant receiveth at this Mint for so
much Gold of 24 Carats, as makes a pound of Tower weight, but 426
livres, and about 7 sols and one half French more at the Mint in
England for the same quantity of Gold, than the Merchant doth
receive at the Mint in France. Of Silver, the Merchant, at the
Mint in England receives for so much fine Silver as makes a
pound, Tower weight, 3 l. 4s. 6d. the Merchant receives at the
Mint in France, for the same quantity of Silver, 2 livres, and 2
sols French, or 4s. and almost 2d. half penny more than the
Merchant receives at the Mint of England. This Account I do make
reckoning the 12 ounces, Tower weight to make, as by tryal it has
been proved, 12 ounces and 6 deniers, Paris weight.
    As for the United Provinces, etc.

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