Chapter 8

Of the low Price of our Silver

    It hath been declared in the Chapter concerning the
Proportion between Gold and Silver, that now in England Thirteen
pound and one fifth of Silver doth but answer in value to one
Pound in Gold, which Proportion is much above the Practice of
former ages in England, and other Countries about, both
heretofore and at the present, which is principally grown by the
great raising of Gold 2s in the pound, in the 9th year of his
late Majestie's Reign, at which time or at any time since, Silver
hath not been raised: the first Effect whereof hath been, That
great Quantities of Gold have since been coined, but little or no
Silver, except now very lately. And of that Silver which we
before had, the weightiest hath been culled out, and transported
or melted, and that which doth remain amongst us, is so light, as
the lightness only doth preserve it in use, and the scarcity
thereof is so great, that a many may go into a great many shops
in London, of great Trade and Commerce before he shall get a 20s.
piece in Gold to be chang'd into Silver: and far the greatest
part of all paiments is made now in gold, contrary to former
times; whereas the true Rule for the good of the Commonwealth is,
That there should be such a Proportion kept between Gold and
Silver, as that they might equally abound, and of the two Silver
most abound: the Reason whereof is, That the greatest part of the
Commerce, is made in silver, the want whereof doth greatly
rejudice the same. The Remedy of this Inconvenience is plain and
easy in the general, and theory, which is to reduce the Gold and
silver to an equal Proportion, but when you come to the Practick,
there does arise two great Difficulties, the first to find out
what this equal Proportion is, the next how to settle it, whether
by reducing the Gold unto the Silver, or by advancing the Silver
unto the Gold.
    I. Concerning the first, Many are of opinion, that the
Proportion should be left as it is; for they say, Although our
Gold be very high priced, yet it answereth the weight of the
King's Ordinance, being continually weighed, and rejected if it
be not weighty. But our Silver is not so, being much lighter than
the King's Ordinance, the Silver be above 13 fine in Silver, for
one fine in Gold; yet in Practice, by reason of the lightness of
the Silver, the Proportion is much short of that. But they that
give this reason do not consider, that in this manner, although
our Silver will remain still in use amongst us, as long as it
lasteth, by reason of the lightness of it, yet of all that is new
coined according to this Ordinance, the weightest and loyallest
will be continually culled out, and transported, or melted: and
therefore since the Experience of the scarcity which we have of
Silver doth sufficiently prove unto us the Inconvenience of the
Proportion, it ought to be altered. Others would have the
Proportion to be eleven or thereabouts, because that was the
ancient Proportion, both amongst us here in England, and amongst
our Neighbours. But since that Proportion is under that of all
our neighbours at this present, it would in time fall out
thereupon that we should suffer as much scarcity of Gold as we do
now of Silver. But the most, and the most Judicious Propositions
that I have seen, both at home and in other parts, do agree upon
twelve for one, as the most equal Proportion; and it agrees with
the Proportion of Spain, upon which in this Subject, we ought
principally to have our eye fixed: and for my part, I do the
rather incline to this Proportion, because 12 of all the numbers
is most proper for Money, being the most clear from fractions and
Confusion of an Accompt, (which ought not to be neglected) by
reason that of all other numbers it is most divisible, being
divisible into unities as all numbers are; into two parts as no
odd number is; three parts as no even number is but six, and the
numbers that consist of sixes; fourths into which six is not
divisible; and into sixths: This Proportion seems like to square
with the Conceipt of the Alchymists, who call Gold Sol, and
Silver Luna, whose Motions do come near upon the point of 12 for
1, and the Conceipt of many men hath run so strongly upon the
proportion of 12 for 1, that they'd have it hold as well in Money
wrought, as in Gold or Silver fine, so as the Pieces of Silver
and Gold should weight one the other; and 12 in Silver should
answer in value one of Gold.
    But the Proportion cannot hold both in Money wrought, and
Silver and Gold unwrought, except the Allay should be likewise
made equal, and then it follows that there should be 12 times as
much over-value allowed to the Gold as to the Silver, which were
a rate beyond the present allowance, and would much weak'n the
Money of Gold in intrinsical value; yet that point doth justly
meet with the practice which in ancient time was in France, there
being in an ancient Reglement of Moneys, this following Article,
Que l'on face Monoye d'or a 23 carrats et rendra aux Merchans
d'un Marc d'or fine, un Marc d'or ouvre, et Monoye a ladit loy.
And by the same Reglement the Silver Money was made of 11 deniers
and 12 grains fine, called Argent le Roy; and some others do find
it a very subtile Inconvenience in the want of laying so many
times a greater Charge and Tribute upon the Gold than upon the
Silver, as the Gold doth exceed the Silver in value, proportion
for proportion; alledging that for one main reason, why the Gold
is always raised and esteemed somewhat higher than the publick
Ordinance, because the Gold Money is really so much more in value
than the Silver Money, according to their rates, by how much
there is less Charge and Tribute laid upon the Gold in proportion
than upon the Silver. But admitting the Objection made, that if
there should be 12 times as much charge laid upon the Gold as
upon the Silver, it would be too great a discouragement to the
Merchant to bring his Gold to be coined, it may easily be salved
here in England, according to the custom of our Mint, by making
the price of Gold fine unwrought, somewhat more than 12 for one,
and allowing so unto the Merchant, leaving the charge the same,
which now it is.
    For the second point to wit, whether the Proportion should be
settled by raising the Silver in price unto the Gold, or by
reducing the Gold unto the Silver.
    First, In speaking thereof, I do not mean to anticipate that
Question, Whether if be beneficial for the Commonwealth, that the
prices should at any time be raised or not? which is the proper
Subject of another Chapter, and is indeed the most Importunate,
and the most difficult Question of any other in matter of Money:
Although it be true, that the raising one of the Materials of
Money doth produce all the inconveniences that are produced by
raising of both the Materials which is not rais'd; yet in the
present Estate and Condition wherein our Silver doth now stand,
we shall find by the subsequent Discussion of this Question, that
by the raising of the Silver to a more equal Proportion to our
Gold, these Inconveniences have no place.
    And First, If you shall abase the Gold to hold a proportion
of 12 to 1 with the Silver, besides the general Objection against
all Abasements, which is Exportation, there will this particular
Inconvenience follow, as we now stand, That you cannot abase it
to the just Proportion without new coyning of all the Gold, which
will produce both an extream trouble and Confusion, and exceeding
loss unto the Kingdom, and is by the Prescripts of many excellent
Roman Emperors condemned, as savoring of Injustice and Envy
towards the memorie of precedent Princes to deface their Coins.
And besides the scarcity of the Silver will still remain, for
their continuing still so great a disproportion between the new
Silver which shall be coyned according to the antient standard
weighty and good, and the old Silver grown so much over-light,
partly by the wearing, but especially by that culling out and
exporting that which was coined either over-heavie, or of just
weight; and that which coyned over-light only remaining; how will
it be possible, but that so much of the new Silver which shall be
coined either of over-heavie, or of a just weight, will still be
culled out, either to be transported, or to be melted down for
other uses? If on the other side the Silver shall be coyned
hereafter of a new standard answering to a proportion of 12 for
one of the Gold, as now it stands; the Merchant will be
encouraged to bring more in, the reminting of the antient Money
shall be avoided; and if that supposition be true, that the
antient Silver be exported upon the raising of the new, neither
will the price of the things be raised, since the new Money
(although in standard it differs) yet in truth of weight will
hold so near a Proportion with the antient: and here it will be
necessary to observe the Examination which we have made in
several places of this Treatise.
    First, In what Proportion, for the values of our Gold and
Silver, it is most useful for this Kingdom to stand, in respect
of our Neighbours neerest about us, and then examine how indeed
we do stand with them? Where I do find an exceeding great abuse,
because those who do manage the affairs of the Mint do make their
Computation of the Standard of Forrein Coins, meerly as the
Gold-Smiths do by melting of them: the error of which Computation
will easily be apprehended, if any man shall go about to discover
the sterling standard by melting of sterling money, the pieces
whereof being so unequally coyned, as they are the difference
between a piece that is over-light, and again of a piece of the
absolute fineness of the standard, and another deficient the full
extent of the Remedy allowed, will be so great, as whosoever
shall compute the standard by the one or by the other, must needs
run into extream Error.