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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。
Chapter 6
Of Base Money
I do not mean by base Money； Money of pure Copper； which in
all States and in all Ages hath almost always been used； at the
first for want of Gold and Silver； and now since； for the
necessity of the poorer sort onely； and not for Commerce and
Trade； as our farthlings have lately bin introduced： But I mean
that mixture of Metals； wherein Silver is incorporated with other
baser Metals； not for Allay but to the extinction of the
denomination of Silver； as Wine； when it is watered beyond a
certain proportion looseth the name of Wine。 And in all the
Countries of Europe； as far as I can learn； except England and
Muscovia； is used for Commerce and Trade amongst the people：
which mixtion of mettals however it hath been practised at times
in former Ages； out of the extream Necessities of the Common
wealth； yet I do not find that it hath been constantly embraced
（as now it is in all parts） until about Eightscore years since；
about which time it was introduced into France by Charles the
Seventh。 The pretences whereof were these。
First； That there was no Intention thereby to raise the price
or to diminish the weight of Silver； but that this Money should
be as good in intrinsical value； as in the Money of purer Silver；
save only a small charge laid upon it for the coinage： then that
by coining small pieces of a penny； two pence； or three pence；
and thereabouts； the pieces； by the mixtion should have a greater
bulk； and so be preserved from loss； which must needs frequently
happen by reason of the smallness of the pieces； if they were
made of pure Silver； so likewise they should be preserved from
wearing： and again； that the Gold…Smith should by this means be
kept from melting them； and the Stranger from exporting them；
because the charge of refining them and drawing the pure Silver
out of them would far exceed the profit： These are the Pretences
by which base Money was first introduced； but if they be weighed
against the Inconveniences； which have followed upon it； it will
be found one of the most mischievous Inventions that ever was
found in matters of Money。 I could hardly resolve with myself to
insert this Chapter in this Discourse； because having mine aim
only a the good of this State； it seemed unnecessary to treat of
this Subject； since we have no base Money in England； but when I
consider； that in some unhappy seasons heretofore we have had
base Money； and that it is not impossible； but that the like
Projects may again be revived； I determin'd not only to treat；
but to go through with it all at once； and not to interrupt this
Discourse any more with that Subject： And therefore to set down
the Inconveniences that have followed it； which in the former
Chapter I did forbear； reserving both the Inconveniences and the
Remedies to be treated of apart。 The first Inconvenience then of
the great mixture of Mettals； is the falsifying of them； for both
in reason it is too true； that by this mixture both the Colour；
Sound； Weight； and the other more hidden Qualities of the
different mettals are so confounded as the falsity cannot be
discovered； but with extream difficulty： and by experience it is
verified； that in all those Countries where base Money
hath…course； the greatest part of it is not coyned by th