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Countrie men contract； except they could contract for the same
with Hanse Towns； where Silver is higher than in the Low
Countries； neither would the Hanse Towns contract； except they
could contract with Muscovie； neither would Muscovie contract；
except they could contract with Persia； and so forward in all
such places Silver is still at an higher and higher rate。
but suppose it was possible to draw all those Countries to a
certain contract； what would be the use of it？ I did in a former
Chapter observe that most Countries； and particularly France and
the Low Countries do seldome or never raise their Moneys： But
when People by Custom and general Use have raised the Money
before hand beyond the Publick Declaration； and the State is
forced to follow the People who in this Case they do not master；
to what end is it then to contract with those Nations for that
which is not in their Power to observe？ And that which is
alledged for the course of contracting； with forrein Nations； out
of the example of former times； doth clearly convince the vanity
of this Proposition； for it is manifest； as I have shewed in the
former Chapters that notwithstanding these Contracts； the Money
was continually from time to time raised。
Chapter 18
Of the Ordaining of solid Payments
Solid payments are meant where Contracts are made for payment
of so many solid species of Money； or of so many double Pistoles；
or so many French Crowns； or so many English Angels； or
Soveraigns or Shillings； and therefore termed solid payments；
because they are restrained to those solid species which are
contracted for； and to never alter in payment although the value
of the species should alter； as however the value of Angels or
Soveraigns which were coined for ten shillings； be raised to
eleven shillings； yet he which hath contracted to pay so many
Angels or Soveraigns shall pay never awhit the less in number；
because their value is raised； and so in the other species of
French Crowns and Pistoles： But he that made a contract when
Angels and Soveraigns were valued at ten shillings； to be paid；
at such a day to come； one hundred pounds； before which day the
value of Angels or Soveraigns was raised to eleven shillings；
whereas he should be paid at the time of his contract for one
hundred pounds sterling； two hundred Angels or Soveraigns； he
shall now be paid but one hundred fourscore and one Angels or
Soveraigns and nine shillings； because the sum of a pound
sterling is not restrained to any solid species； but is rather
imaginary and abstracted from the matter guided according to the
uncertain valuation of the species of Money； wherein the payment
is made。
This proposition of ordaining all contracts for payments to
be restrained to solid species of Money； hath bin often agitated
in France； as a soveraign Remedy against the main inconveniences
which do arise in this subject of Money； for the discussing of
the truth and efficacie of which proposition； it will be
necessarie to relate the success thereof in that Kingdom； in the
years 1575 and 1576。
The people in France； contrary to the King's Ordinance； and
in despight of all Remedies which could be thought of to prevent
it； had raised both the Gold and Silver so excessively； as a
French Crown in Gold was valued at seven livres and an half； and
at eight livres； a Livre in France being the tenth art of a pound
sterling； and is an abstracted sum consisting of twenty sols； as
our pound sterling doth consist of twenty shillings； there being
no certain species of Money called a Livre； and according to the
value of Gold； their Silver likewise was overvalued； and the
species of forreign Coins both of Gold and Silver were current
likewise at the like value in proportion； by means whereof it is
hardly credible what quantities of Gold and Silver； both of
Forrein and Domestick Coins that Countrie did then abound with。
But their Base money which was not raised in proportion to the
Gold and Silver； and did really contain in Intrinsical value much
more than the Gold and Silver Coins； in proportion to the value
at which they were current； was for the most part either
transported or secretly melted down to extract the Silver
thereout。
And if this had been all the Inconvenience； they would never
have complained； but in consequence of this； the prices of all
things did rise so excessively； that all such who lived upon
Pensions； or Wages； or Fees； or antient Rents did manifestly see
themselves unable to subsist： but above all； the King was most
heavily prejudiced； so it was like to grow to some great
Confusion in that State。
Hereupon in the year 1577； there was a new Ordinance made；
treated and published with the greatest deliberation and
solemnity that every any Edict was of this kind in France。 And
first the French Crown； weighing 2 deniers and 15 grains； after
the French weight； and 23 Carrats fine； from eight livres was
reduced to the value of sixty Sols； which is equal to three
livres； and all the pieces of Silver of French coins； were
reduced to a value answerable to that； the sols likewise； and
other base Money coined proportionable thereunto； and to the end
they might never be again raised by the People to an higher
value。
First； All forrein coins both Gold and Silver； except
Pistollets and Doublons of Spain were upon great penalties
forbidden to be brought in otherwise then as Bullion； and made
incurrent。 Then there were very severe Prohibitions made that no
man should afterwards make Contracts of payment in livres or any
other abstracted sums； but only in the solid species of Crowns：
And to the end that payment might be made as well in Silver as
Gold； there were in Silver coined quarter…Crowns； and half
quarter…Crowns； and the other species of Silver already extant
were valued proportionable to them； only sixty sols were made
equal to a Crown； which held no proportion with a Crown either in
name or in intrinsical value； by reason； that in the sols and
other base Money； the Copper with which they are allayed is
valued； and there is a much greater charge laid on the coinage of
them than of other Moneys： yet notwithstanding it is very
strange； how well this Edict did keep the people of France in
order for three or four and twenty years； so as in all that time；
the value of the Gold nor Silver was never raised。
But by degrees they did find that the Kingdom grew drained of
that great quantity of gold and silver with which it formerly
abounded； and their commerce and Trade did visibly decay； they
found themselves full of forrein Manufactures； but their own
Manufactures had ill vent； and at length the people；
notwithstanding the Prohibition； began to take Forrein coins as
current； and received both them and their coins； at a higher
value than the King's edict did admit； so as in the year 1602
their complaint grew as loud and as sharp as in the year 1577；
though of a cleer contrary condition； and there grew new
consultations and enquiries into the Remedies of these
Inconveniences。
Many who were very much taken with the former Edict of 1577；
did advise that the same Edict should be more rigidly maintained；
and that all forrein coins should be absolutely banished； and
that the former Edict might be now reformed in that only point；
which was deficient （viz。） That the Sols might either be coined
of purer Silver； or if they did remain of the former Allay； that
the King would so dispose of the charge of the Allay and coinage
as they might answer in their Intrinsical value to the gold and
the Silver； and that for the remedy of the Penury of Money；
strict sumptuary Laws might be put in practice against Forrein
Manufactures； and superfluous Commodities。
But against this it was objected； That now they found by
experience the effect of the former Edict of 1577； and this
addition of sumptuary Laws would give little help； because the
licence of the times and difficulties in the thing it self were
such as they would never be put in execution。；
In conclusion a new Edict was set forth in Anno 1602 by which
the Contracts in the solid species in Crowns were abolished and
the Contracts in Livres again authorised。 The Crown in Gold was
value at three Livres again authorised。 The Crown in gold was
valued at three Libres and four sols； and all forrein coins were
made current in a proportionable rate： and upon it ensued that
the people did every day raise the price of all Gold both forrein
and domestick higher and higher by degrees； so as in the year
1614； the King by his Edict was enforced to make good the raising
of the people； and to set a value upon the French Crown； of 3
Livres and 15 sols； which is seven shillings and six pence
sterling； and yet still the people raised it higher； and all
other Gold in proportion； which hath yet this further
Inconvenience with it； That being raised by degrees； they cannot
raise the Silver together with it； so as in time it will breed so
great a Disproportion between the Silver and the Gold as they
will have little Silver left； and that such as through the
exceeding lightness cannot with profit be made away。
I shall not now need to speak any