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multitude of Officers； doth perpetually diminish； as much as the
price of Money is raised； so as the same lands yield； in name the
same Revenue to the King which they did in Edward the Thirds
time； but in truth not the third part： and besides much of his
Revenue is assessed by the Parliament by prescription to a
certain Summ； all which doth continually diminish so much as the
price of Money riseth。
One other Mischief that groweth by the raising of Money is
this； When do you raise your Money； as that you do give a greater
price than before unto the Merchant； you do conceive that he is
thereby the rather allured to bring the Materials of Money to
your Mint； and so withdraw them from other Nations。 but if other
nations find that； they will raise the price of their Money
likewise； and then what shall you get by raising of yours？ or if
you raise upon them again； there will be no period to rest in；
but you shall continually sow confusion； until you be constrained
to abolish your coins and invent new species； and new measures of
weight and fineness； or else with infinite loss to the people； to
bring the price back again to an ancient standard。
One other Mischief that groweth by the raising of Money is
this； a very great part of the Gold which cometh into Europe； and
almost all the Silver doth first aboard in Spain： so that when
you raise the price of these mettals； you raise the proper
commodities of Spain； and by that means you encrease the
greatness and power of that King； of whose greatness and power；
of all others； you have cause to be most jealous and
apprehensive： And again； in a Kingdom as this is； which hath more
Commodities to vent into Forrein Commodities； and which hath no
materials of Money； as this hath not in any considerable
quantity； but must have all their Gold and Silver supplied by the
return of their Commodities； as ours is； it is most expedient to
keep the price of Money as low as may be； to the end your
Commodities may return you the greater quantity of these
materials in fineness and weight。
As for Example； If you should raise the ounce of sterling
standard to six shillings； then the Real of eight would be worth
near hand six shillings likewise； would it not then follow of
Necessity； that you should have by so much the fewer of them in
number； for the return of your Commodities？ And the like may be
said of Gold。
Lastly； when you raise your Money； it bringeth a great
confusion。
First； by giving stop and hindrance to Trade and Commerce；
all men being fearful and doubtful how to make their Contracts
and Exchanges； until there be a settlement by time。
And again； if you coin new species of less intrinsical value
than the old either in weight or fineness； or both； there is
danger of melting or exporting the old； if you raise the price of
the old species； you introduce Fractions and Confusions in
reckoning； and do many times inforce him that pays to give more
than he intends； especially in reward and gratifications and
fees； which are more exactly defined。
Chapter 15
Examinations of the Reasons for the raising of Money。
The first Reason for the raising of Money； is the practise of
Antiquity： it is true； as I have shewed before； that the Grecians
and the Romans did successively raise the values of their Moneys；
but it was not to draw thereby the materials of Money from other
States unto theirs； but to supply the State； by that means on
great and desperate Necessities； of the Wages thereof； and of the
advantage； or disadvantage growing thereby to the Common wealth；
I intend to speak hereafter。
But this invention of raising of Money to draw a quantity of
gold and silver from your Neighbours； or to preserve our own from
being exhausted； is a conceit unknown to the ancient world； and
introduced long since the decay of the Roman Empire； when as
those Monarchies that are now settled in Europe； by succession
from those Northern Nations； which did over…throw the antient
Roman Empire； having together with many other necesary Arts； lost
the knowledge and orders of the Mint； were fain to use the
Subtilty and Industry of the Jews； and those of Genoa and Lucca
（who did succeed the Jews in this Trade） for the coining of their
Moneys； who for their own Advantage did （by subtil and specious
Reasons many times by a seeming and not considerable Profit as
Projectors use to do） allure Princes to make unnecessary
alterations in their Moneys； from whence this Art of robbing Gold
and Silver from one state to another is grown。
And therefore I will speak no more concerning the practise of
Antiquity； but will examine the other Reasons： as for the second
Reason； which is the Observation； that since King James raised
the Gold so much as he did； Gold is grown much more plentiful in
the Kingdom that it was before； but Silver having not been raised
in Proportion is grown much more scant and rare：
It is confessed that the Observation is true in this； that
whensoever you raise the Material of （one sort of） Money； that
material will encrease； and the other will grow scanty in
Proportion。 And what doth the Commonwealth gain by that； if there
be more Gold now than heretofore； if there be less Silver in
Proportion？ But it is denied； That if you raise equally both the
materials of Money； that then either of them will ever a whit the
more abound； and this reason is given for it； Whatsoever the
value of Money be in other Countreys； they will spend no more of
your Commodities than they have use for： if so； the over…value of
your （exported） Commodities must of necessity be returned to you
either in Gold or Silver； whatsoever the value of them be； high
or low： or suppose that； by reason of the low value of Gold and
Silver in respect of their price in other parts； the Merchants do
forbear the return of the over…values of your Commodities in
those Materials； and do choose rather to return Forrein
Commodities more than you can vent； this may fall out thus for
one year； but two or three or more years； it is impossible it can
hold； for that the Merchant should have these Forrein Commodities
which are not consumed perish in his hands。 And this Reason doth
likewise answer。
The third Argument made for the raising of Money which is；
That if you do not raise your Money to a parity with your
Neighbours； the Merchant； who always seeks his profit； wil carry
his materials of Gold and Silver； where he may have most for
them； for if this reason stand good； the Merchant shall be
constrained to bring his Gold and Silver hither； what price
soever they bear。
But because this reason seems so evident and unanswerable in
the Judgment of many； and that if it stand good； it doth
absolutely confute the practise of all the States of Europe； who
have continued many years raising of the values of their Moneys；
upon this ground； to attract thereby greater quantities of Gold
and Silver。
I intend to make a more strict Examination of this Reason。
And first for a most clear understanding of the Case； Let us
suppose that al the commodities； any way exported out of this
Kingdom in one year； be worth one Million of pounds sterling； and
that the Commodities imported； be worth but 900；000 pound； and
that this Proportion； or near thereabouts； be constant； then of
necessity； it follows； That an hundred thousand pounds must be
brought in in gold and silver； what price soever Money bear。
But if it shall appear that the Low values of our Money doth
cause the Kingdom to vent more forrein Commodities than otherwise
it would vent； and； that where otherwise it would vent 900；000
pound； the Low values of Money cause it to vent a Million or
more： then is the force of this argument lost； and it follows；
That the low values are the cause why the Materials of Gold and
Silver； or less of them than otherwise would do； come not in。
Now when this may come to pass several ways； First； If the
value of your Moneys be so low as the Merchant shall lose by
bringing you gold and silver； he will rather return you forrein
Commodities； though he sell them as cheap as he bought them； and
so gain nothing by them； than bring you Gold and Silver by which
he shall loose。
As for Example； the Merchant trading into Muscovia； will
rather return his Cloth in Furr； or in Silk of Persia； though he
sell them as cheap as he bought them there； than in Silver and
Gold； by which he shall loose the fourth part。 Now the cheapness
of forrein Commodities makes the greater quantity of them to be
spent； as we see of Calico's； of which few or none were
heretofore vented in this Kingdom； the cheapness of them making
greater Quantities of them to be spent。
And again； the Lowness of the values of Money may cause a
greater Proportion of Forrein Commodities to be consumed； though
not in quantity； yet in value。
As for Example； Though the Lowness of the value of Money
should not make a greater quantity of Silver to be spent in
England； than otherwise would be； yet it would make a greater
Proportion in value to be spent； by reason that the Merchant； who
in the return of his Commodities brings such a quantity of Silk
as he judgeth may be