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abased so much in price as it is worse than the new Money in
intrinsical value。 But this is hardly possible； considering that
the fractions in the old Money will be so confused as no man
shall know how to pay or receive it； besides all men of what
condition soever that are to pay Money； in what nature soever；
shall pay ten in the Hundred more than they should otherwise have
done。
But suppose this Inconvenience might be sufferable for once；
yet when they must return again； as often as by degrees you do
reduce your Money towards the antient values； I do see no
possibility to conquer them； it is then best to consider what
will follow of it； if this Reduction to the antient values be
made all at once； which is thus propounded。
That new Money should be coined at twenty pence an ounce；
Silver； and that the old Money should be still left current at
the third part of the value for which now it goeth； as six pence
to be current for two pence； and twelve pence for a groat； so as
all Fractions should be avoided： and the gold should be reduced
to a like Proportion； and that all contracts and payments； from
such a day to come； should be made and paid in new Money or in
old Money； valuing it only at the third part of the new Money；
But if the Proposition were simply thus； it were insupportable；
for then he that sits now at a rent of 10 l。 a year； and is
hardly able to pay it should in effect； after the day when the
new money is to be current； pay thirty pounds a year； and he that
borrowed ten pounds before that day； after that day shall pay
thirty； and so it would be of all other payments。 And it is no
satisfaction to say； That would be no Injustice； because he that
pays Money； either for Debt or Rent； or any other waies； must
receive it from others； be it either in Debt； Rent； or for the
price of any thing to be sold； and so he shall pay no more in
Proportion than he shall receive： for it if be true； which is the
mainest Benefit propounded by this Reduction； that as the price
of Money shall be abased so the price of all things will abate in
Proportion； then he that is to raise his payments out of the
price of other things shall raise no more in intrinsical value
than he should have done before； yet he shall pay in intrinsical
value thrice as much as he did before。
To solve this Objection； there are two ways propounded； but
either of them have their Inconveniences；
The first is； that this payment in new Money shall only
extend to future contracts and that all former contracts shall
either be paid in old Money or in new Money valued at three times
the old Money： but if you admit of this； you shall by this
Reduction only raise a great rumour and confusion among the
people； and all the benefits propounded are quite blown away。
Besides the Injustice； as it was very apparent to all that
were to pay Money in the former way； so it is as apparent in this
way to all that are to receive Money； for that they shall receive
in extrinsical value but two pence for six pence； and one
shilling for 3 shillings； but above all others； the King would be
most prejudiced。
The second way of solving the former Objection is this； That
all payments； for the future； should be made in new Money or in
old； valuing the old a third part； and that in like manner all
antient Contracts； Rents； and Rights reserved should be acquitted
in new Money； or in old Money valued at the third part of the
new； and that his wold of antient Contracts and Rights； should be
defined from such a time as since which the prices of things have
encreased； as the value of Money is by this Reduction to be
abated； As for Example；
Since the year of the eighteenth of Henry the Eighth； when he
began to coin Base money； since which time generally the price of
things is trebled at the least； in some more； in some less。 And
that all Contracts and payments reserved； since the eighteenth
year of Henry the Eighth； until the day when the new Money is
made current； should be acquitted in old Money； or in new Money
valued three times as much as the old： By this means the
Injustice of the former ways seemeth to be equally parted； in
that some Receivers by this way should gain and some Receivers
should loose； and some Payers should gain and some should loose。
But this Proposition brings with it a new Inconvenience；
which is； That this time of the eighteenth of Henry the Eighth；
being so antient； it would breed many Controversies； as to what
payments were contracted for or reserved before that time or not。
But suppose that this Reduction were effected； and that our
Moneys were both by reputed valuation and by exchange compared
with Forrein Moneys； according to their true intrinsical value；
yet do I not see that this Reformation； for all this； would be
stable and permanent； for if afterwards other Nations shall by
degrees again diminish the Intrinsical value of their Moneys；
either we must resolve to stand firm to this Reduction； and so to
take the hazard of all losses and Inconveniences which the not
raising of our Moneys when our Neighbours raise theirs do bring
with it； or if we shall raise again as they shall raise theirs；
then all the benefit of this troublesome Reduction will be； That
we shall yet be three hundred years longer ere we do grow to so
great a diminution in the Intrinsical value of our Moneys； as we
do at this present undergo。
Chapter 21
Of raising our Moneys according to the raising of our Neighbours
Others do propound a clean contrary course to this Reduction
of the Moneys to the antient values； For they would have us to
observe precisely the raising of the price of Money by our
Neighbours； and if not to preceed them； at the least to follow
them immediately。 And for this purpose they insist upon two main
Arguments。 The one drawn from Example； the other from Reason： for
say they； If we do observe those States； which do soonest and
most raise their Money； we shall find that they do most abound
with Money； and that Trades and Manufacturers do most flourish
there。
As for Example； the United Provinces； and the Arch…Dukes
Country； and the Hanns Towns； and they do confirm their instance
by this reason； Forrein Nations when they raise their Moneys； do
thereby make them of less Intrinsical value； than they are
reputed。
As for Example； Three pounds two shillings sterling； is
reputed equal with five pounds six shillings Flemish； and
peradventure when the pound sterling was first cut into 62s they
were equal in intrinsical value； but now by the raising of
Moneys； this five pounds six shillings Flemish； say they；
contains in intrinsical value no more than two pounds sixteen
shillings。
And again； say they； The Ryall of eight and the Rix Dollar
are both of them reputed equal to five shillings sterling； but
hold in intrinsical value less by ten in the hundred。 Hence； （say
they；） it follows； That he that bestoweth here three pounds two
shillings in English Cloth； and sells it beyond Sea for five
pounds six shillings Flemish； or for twelve Ryalls of eight； or
twelve Rix…Dollars； with two shillings； maketh his accompt that
he hath sold it as dear as he bought it； and whatsoever he can
get more is gain towards his hazard； his time； and his charge；
and by this means he doth undervalue the English commodity to the
loss of the Realm； six shillings in three pound two shillings：
But on the other side； if he bestow his five pound six shillings
Flemish； or his twelve Ryalls of eight； or Rix…Dollars； and two
shillings in Forrein Commodities； he makes his Accompt that he
sells them not here for as much as they cost him； except he have
for them three pound two shillings sterling； by which he
overvalues to us the forrein Commodities by six shillings in
three pound two shillings； by which means the Realm in general is
impoverished； but the Merchant in his particular saves himself；
for what is lost to him by the undervalue of the English
Commodities is again made good unto him by the over…value of the
forrein Commodities。 And hence it follows that our Money wasts；
our Manufactures decay； and their Money and Manufactures do
increase。
As for the objections made against raising of Moneys； they
say； They are not considerable in comparison of the benefits； for
so as Trade and Manufactures may flourish and Money abound； what
imports it though the price of things do rise； when as every man
as he pays more； so he shall receive more： as for the King's
loss； he shall be otherwise recompenced by the Riches of the
Subjects。
But to come to the Examination of this Proposition and the
Reasons made for it。
First； these valuations laid down of our Money in comparison
with Flemish Money and Ryalls and Dollars； for a foundation of
this Proposition is very uncertain； for as it is true； that as I
have heard in publick conference upon thee occasions； divers
Merchants of great worth and experience to affirm these
valuations； so I have heard others of as great worth and
experience to deny them； affirming that they knew none other
valuation of our Money with forrein； but according to the
Intrinsical value of either of them。 And by the last Placcard