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Money doth produce all the inconveniences that are produced by
raising of both the Materials which is not rais'd； yet in the
present Estate and Condition wherein our Silver doth now stand；
we shall find by the subsequent Discussion of this Question； that
by the raising of the Silver to a more equal Proportion to our
Gold； these Inconveniences have no place。
And First； If you shall abase the Gold to hold a proportion
of 12 to 1 with the Silver； besides the general Objection against
all Abasements； which is Exportation； there will this particular
Inconvenience follow； as we now stand； That you cannot abase it
to the just Proportion without new coyning of all the Gold； which
will produce both an extream trouble and Confusion； and exceeding
loss unto the Kingdom； and is by the Prescripts of many excellent
Roman Emperors condemned； as savoring of Injustice and Envy
towards the memorie of precedent Princes to deface their Coins。
And besides the scarcity of the Silver will still remain； for
their continuing still so great a disproportion between the new
Silver which shall be coyned according to the antient standard
weighty and good； and the old Silver grown so much over…light；
partly by the wearing； but especially by that culling out and
exporting that which was coined either over…heavie； or of just
weight； and that which coyned over…light only remaining； how will
it be possible； but that so much of the new Silver which shall be
coined either of over…heavie； or of a just weight； will still be
culled out； either to be transported； or to be melted down for
other uses？ If on the other side the Silver shall be coyned
hereafter of a new standard answering to a proportion of 12 for
one of the Gold； as now it stands； the Merchant will be
encouraged to bring more in； the reminting of the antient Money
shall be avoided； and if that supposition be true； that the
antient Silver be exported upon the raising of the new； neither
will the price of the things be raised； since the new Money
（although in standard it differs） yet in truth of weight will
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 thr