Having thus,with as much exactness as possible I can,and Iconceive is incident to this subject,made proof of the Proportion between Gold and Silver and the things valued by them,as it now stands compared with what it antiently was;and namely in the 25th year of Edward the Third;the next that I have undertaken to prove,is,that the different Proportion which is really grown between Gold and Silver,and the things valued by them,doth principally and indeed solely arise of the grat quantities of the said Mettals,which in these hundred years was brought out of the East and West-Indies.Now although there be many other causes which may produced this effect,as Scarcity or Abundance of the things valued by Money,War,Depopulation,and all other Accidents,by which,either these Mettals are exhausted,or the things valued by them are consumed or made less useful;yet,as before is shewed,all those are temporary and subject to continual variety up and down,and therefore cannot be the causes of a constant effect as this is.And,as for the continual variety up and down,and therefore cannot be the causes of a constant effect as this is.And,as for the continual raising of the values of Moneys,it is formerly shewed,that really that breeds no disproportion between Gold and Silver and the things valued by them;but only it breeds an alteration in the Proportion between the species of Money,so named,as Pounds,Crowns,Shillings,etc.and the things valued by them;and accordingly in the Examination of the Rates of the hire of Servants and Labourers,it might be observed that it punctually arises according to the raising of the value of Moneys,until the discovery of the West Indies,and the navigation of the East-Indies,which have brought in so great a glut of these mettals.There is no other constant cause to produce the real disproportion,but only the abundance of Gold and Silver,by which of necessity they must grow cheaper and abased in their value.A certain Author who wrote about the year 1620,doth calculate,that in the space of 100per year there was at that time brought into Spain and Portugal 900Milions of Pezoes,worth six shillings and sixpence sterling a piece in Gold and Silver;which calculation doth seem to be excessive amounting to nine millions every year of Gold and Silver out of the Indies,of all which infinite Summ,not one jot did come into these parts in former times out of the West Indies,and very little or nothing out of the East:how is it then possible but that it must abase the value of the Mettals?
And if it be said that we waste this excessive supply in our excesses of Luxurie,as in Guildings,Embroideries,Inlayings,and the like,so as the mass of the said Mettals increaseth not;it is answered,That neither were former times exempt from those vanities;neither are they now sufficient to consume the greatest Proportion of this stock.
And if it be objected that the greatest part of the Stock is drayned away every year to the Eastern Countries:
It is answered,That this is only true of Silver;and yet the Silver cannot be so drained away,but that a great part doth remain in Europe.Now if the Rate of things valued by Money be six times as great as it was in 25th of Edward the Third,allowing the values of Moneys to be raised to treble what they then were by the same names,yet there will be a real Increase of a double Proportion,yet there will be a real Increase of a double Proportion,to what then was of gold and Silver in weight and fineness,to things valued by them;and if the rate be raised to eight times what it then was,the real increase of the Proportion will be almost treble to what it then was.
To understand the whether this Kingdom be now of the same Wealth and Ability which then it was:We must find out whether there be now double or treble the quantity of Gold and silver in weight and fineness in this Kingdom which then was,and whether the fruits and growing wealth of the Kingdom will produce double and almost treble the quantity of Gold,in weight and fineness,to what it then did.I am absolutely perswaded that we shall fail of it very much,of which the most certain and assured proof were to calculate for so many years together the quantity of Gold and Silver coined in those days;and then by a medium to compare it with so many years in these times;though this proof were not demonstrative,but probable.
But in those days the Mint was kept at Calais,as well as in the Tower,and much more of the Money of this Kingdom was coined there than here,the Records whereof are all lost and dissipated.
But that our Wealth doth not answer that increase of Proportion at this day,I will endeavour to satisfie the Reader by two Arguments;the one drawn from the Abundance or Scarcity of Gold and silver;the other from an Effect of it.
