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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。
Chapter 9
Of the Prohibition of Forrein Moneys； especially Spanish
It is the Opinion of wise men and intelligent in this Subject
of Money； that the Prohibition of forrein Moneys especially
Spanish is a great hindrance to the coming in of Gold and Silver：
and they do ground themselves upon two Arguments：
The first； in reason； that Spain being the Cistern and
Receptacle of almost all the gold and silver； which is thence
dispersed into the rest of Europe； to forbid Spanish Money to be
current； is； in effect； to forbid the coming in of Gold and
Silver； and that rather we ought to draw it in by setting an high
price upon it。 The other Argument is out of the Example of other
Nations； which do abound with Moneys； where Spanish Money is not
only current； but it is current at higher rates then their own
Money； value for value； who have therefore more Spanish Money to
be made current。 But before it be fit to resolve of that； it
should be first maturely considered； What reasons did induce the
Prohibition of all Forrein Coins； and how they may be satisfied；
least in seeking to salve one mischief we do introduce a greater；
and do fall into the complaints of those Countries； which do crie
out against the Inconveniences which they do feel by forrein
Moneys； and know not how to remedie themselves。 If you make
forrein Moneys current but just at the rate of the intrinsical
value you gain nothing； for they will as well be now brought in
for Bullion as then for Money； only this disadvantage you shall
have； that whereas that which is now brought in for Bullion； is
good and weighty； you shall instead thereof have the same
quantity brought in for Money abased and light； which was one of
the many reasons why it was made not current。 If you make forrein
Money current above the intrinsical value； allowing them an
over…rate for charge of coyning and tribute to the Prince that
coined them； Observe then the inconveniences which follow upon
it；
First； The dishonour； in that you do communicate a principal
point of Soveraignty unto a Stranger； and you do pay a Tribute to
a forrein Prince out of your own Country； and you shall never
have any material Coin to be coined in your own Mint。
Secondly； You shall fill the Country with light Money of
Silver； which is hardly ever weighed； and with counterfeit and
base Money of Gold； the punishment whereof lieth not in your
hands； the act being done in forrein parts and is so much clear
loss to the Country。
Thirdly； You shall give the people occasion to raise it to a
higher rate than the publick Ordinance； which is an effect that
follows forrein Moneys in all those Countries where it is
permitted； or if the people do not raise； yet strangers will
raise it higher； and then it will go out faster than it came in；
and you have gained this Inconvenience； to have it higher rais'd：
the mischief whereof I shall have more occasion to declare
hereafter。 But if forrein Money shall come to be current at an
over…rate； to the intrinsical value； greater than your own； value
for value； as Spanish Money is both in France and in the Low
Countries； and as English was in both； till it was discried and
value only as Bullion； but daily varies the value in those parts；
then shall you give occasion to have the weightiest of your Money
culled out and transported into forrein parts to be coined for
Advantage； to be brought back in forrein coin： but above all；
your materials in bullion of silver and Gold will be transported
to that purpose； and the Common…wealth shall cheerly loose so
much in substance of Gold and Silver； as the Transporter doth
get； as for Example； In the years 1607 and 1608； our Jacobus
pieces were ordinarily current in Paris after the rate of 22s。
when as three French Crowns； were current but after the rate of
21s sterling： The Jacobus weighs 7 deniers and 20 grains； and is
22 carrats fine。 The French Crown sol； is 23 carrats fine bating
the Remedy； and weighs by the ordinance 2 deniers； 15 grains； so
as three French Crowns full weight； weigh one grain more than a
Jacobus； and are worth one 24th part more in fineness； and yet
were current in France for 12d less than a Jacobus。 The Jacobus
was worth in Holland after the rate of 15s sterling； in the years
1621； and 1622； then was the Ryder there current； but after the
rate of 22s sterling or little more； and yet the Ryder in
intrinsical value is not two pence worse than the Jacobus。 In the
year 1622； at the Mart at Francfort n Autumn； English shillings
were current at a higher rate； fineness for fineness； and weight
for weight； than their own Dollars coyned in that Town； so as in
these times there were great profit by transporting Dollars out
of Francfort； Ryders out of Holland； and French Crowns out of
France； and carrying them back again coined in English Coins； and
there is no doubt to be made； but that great Numbers were
accordingly transported； the subtilty of the Bancquers not
omitting any opportunity to make their Advantage of the popular
Errors； which daily do exceed in this Subject of Money。 But if
the Permission may be so qualified as the Usefullness may be
retained； and yet the Dangers may be avoided therein。 Now that
the Dangers may be avoided therein。 Now that the Dangers are
exposed； I do exhort all the furtherers of the Common good to
exercise their Invention； as in all other Inconveniences
propounded in this Subject。 The most probable Proposition that I
can find； is that Spanish Money should be made current； but not
that any Realls of Silver or Pistolets of Gold should be current
at any rate according to the price。 But that the Spanish Money of
Gold and Silver should be made current according to a certain
Rate by the Ounce； which rate should be so proportioned； as that
the Spanish Money should have allowed unto it at one value； as
great as may answer the charge of coinage； without allowing any
thing for the King's Tribute； to draw it the easiest into the
Kingdom。 By this means the Dishonour would be avoided for；
although it would be frequently current amongst Merchants； and in
all great payments； yet in Fairs and Markets and the Commerce
within the Kingdom； it would have no place being not current by
the piece。 And this defect of the Currencie of the pieces would
make a great part of them piece by piece drop into his Majesties
Mint。 Especially if the Officers of the Mint use their endeavour
to buy them for the use of the Mint： than it would necessarily
keep out all light Money； or if any were brought in； it would be
without disadvantage to us。 For；
First； Upon our occasion of raising it； strangers could not
raise it higher； both because it would be most concealed from
them； and they should not be able to proportion their raising to
ours； except they should take the same course； which is almost
impossible for them to do； who have Spanish Money in so great
abundance already current by the piece。
And lastly； not allowing to it a greater over…value than to
your own Money； it will be impossible to transports your own
Money for profit to bring it back coyned in Spanish Money。 Others
have propounded that the Spanish Money both of Gold and Silver
should be made current by the piece； allowing an over…value unto
it both for the Coinage and the King's Tribute equal unto our
own； but that being of a weight allowable； it should receive the
addition of a new stamp at the King's Mint； for which the King
should receive upon the pound； so much as his own clear Profit
amounts unto upon his own coin； and the Merchants in the currency
of the pieces should have allowance of so much as the charge of
the Coinage amounts unto。 But this inconvenience would probably
happen in this Proposition； that if the pieces that should have
the Addition of the stamp unto them； were made current at a
price； the people would likewise receive those that had not the
said Addition at the same price。
Chapter 10
Of the unequal Coinage of our Moneys
This Title doth wholly depend upon the Mechanical part of
making Money； which because I am unskilful in； I do handle with
much