Of Reducing Moneys to the Lowness of Ancient Values.
Some are of Opinion,that the best course to remedy all Inconveniences in Matters of Money,were to reduce it to the ancient Value:
As for example,A pound weight of Silver of the sterling standard to make but twenty shillings in Silver;and a pound weight of crown Gold to make 12l.sterling;and so Angel-Gold to be coined in Proportion,for (say they,)since that was the first and original settlement of the sterling standard,and that by the raising of other Nations whom we thought it necessary to follow,we are grown to that excessive diminution of the Intrinsical value of our Money as is manifest,and that the Mischiefs do so threaten us,by the daily raising of our Neighbours,as at length (to bring on)inevitable Confusion;it will be best to reform the Mischief before it be grown to extremity;and the best Reformation will be to reduce it to the first and original settlement:The Commodities whereof are many:
First,The prices of things will be reduced to some antient moderation,then those who live upon antient Rents,and Fees,and Rights,and Tenures of their Lands and Offices,who have received extream injustice by the diminution of the Intrinsical value of Money,shall by this Reduction be recompenced in justice again.
But above all,the King,whose Revenue is only publick,shall receive a great and a just enlargement therein:This Diminution of the intrinsical value of Money being not the least cause of the visible wants wherewith the Crown is this day oppressed,and this Reduction being so great and important as it is,all other Nations and all Merchants in their exchanges,must of necessity come to a new valuation of their Moneys in comparison of ours:
and that cannot be,but by a true calculation of the intrinsical value of either of them,by which means if we do now sustain any wrong by the reputed valuation of our Moneys,or exchange of them,we shall then receive right.And England being a Countrie able to send out more Commodities than it hath need to receive,we shall of necessity return the overplus in Bullion.
But to examine the solid Truth of these Alligations,it will be necessary to consider by what means this Reduction may be effected.
First,Therefore if you will reduce Moneys to the antient values,either you must do it by several degrees,(this being the way by which the mischief grew)or you must do it all at once.
As for example of a Reduction by degrees,Silver is now coined at five shillings and two pence an ounce,and Crown Gold at three pound eight shillings and four pence the ounce;begin then,first to reduce by coining Silver at fourteen groats the Ounce,and Crown Gold at three pound one shilling and six pence the Ounce;and when it is thus settled,then some time after reduce them both,yet to a lower price,and so until you come to the Original settlement.But is it not then manifest that if these coins be so much heavier than the former,as this Proportion doth make them,and yet go at the same price as the other did,yet as fast as they are coined,they will be melted or transported for advantage?
Besides our Merchants will (not)bring this Silver and gold unto you to so great a loss:on the other side,if you make all the old Money uncurrent,and you do make it so many times uncurrent as you do reduce it towards the antient values,by degrees the confusions will be so great as the Kingdom cannot bear them,and the continual new coining of your Money will consume all the value of your Money in that charge:there is then no other way left but to leave the old Money still current,but 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.
