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Exchanges of base Moneys sent thither did cease in England； it
was instantly rejected there； and would not pass current for so
much as in the true intrinsical value it was worth； but was
brought up at under rates by such as made profit by melting it。
Fifthly； The Dishonour that accompanies base Moneys； is of a
more important Inconvenience than all the rest； for what can be
more dishonourable than to have the Image of the Prince； or the
Mark of the Publick Attestation impressed upon false and
counterfeited stuff： according to the saying of an Emperour； Quid
enim erit tutum si in nostra peccetur Effigie？ And if there be
gain made of it； it is a manifest breach of the publick Faith；
for that it hath no other course than as it hath publick warrant
to be good。 Nay； this point of Honour hath so far prevailed in
the World； that it hath been made an Observation by many； that in
all great Divisions in States and Monarchaies； that partly hath
infallibly the juster cause which doth most warily proceed；
either to the raising of the price； or the abasing of the matter
thereof： which Observations are not without warrant of Experience
nor of Reason also； for that all raising of the price and abasing
of the matter of Money for gain； drawing with it an unjust；
ruinous and unequal burthen upon the people； they that maintain
the better cause； like the true Mother； will choose to loose the
cause than the Child should be destroyed。 In which loyal
maintenance of the public Faith in matters of Money our Kings do
incomparably outshine all other Princes and States of Europe： for
if Spain； and some other States do equal them in the pureness of
the mettals； and the low values of their Monies of Gold and
Silver； yet they have made themselves farr inferiour unto them by
filling their Countries with base Money。 And if in Muscovy they
have coined no base Money； yet they have raised the Standard of
their Silver so high； by diminishing both the fineness and
weight； that the Silver itself scarcly deserves that name。 And
this I have seen and can learn by other means； that there is no
State in the World more excellently tempered than this of
England； or wherein the Prince is more absolute in all things；
wherein it is good for himself and the publick； that he should be
absolute； or where the great men are more honoured without
license of oppressing the People； or where the People do live
more freely or so happily as in England。 As for the Remedies of
this Inconvenience of base Money； I do leave those Countries to
struggle with them that are afflicted with it； for us in England
the remedy is plain and easy； which is mainly and constantly to
keep it out。 Thus far I have proceeded in the History of Money to
set down； as briefly as I could； by what degrees Money hath grown
into that form and state as now it is governed； but have forborn
to speake of the Inconveniences grown therein； and of the
Remedies thereof； save only in the last Chapter； which I mean to
propound； and debate in the rest of this Discourse； for the
opening of the Readers understanding without making any positive
conclusion； but leave that to every ones private Judgment。
Chapter 7
Of the Inconveniences in general grown in the matter of Money。
The inconveniences which are accident to this Subject of
Money are in general but two； Raritie and Confusion； which
although they do coincide many times in the subject； that is；
that Rarity breeds Confusion； and Confusion breeds Rarity； yet in
their Nature they do differ； and many times likewise in the
Subject； and there is seen Confusion without Rarity； and Rarity
without Confusion： yet this latter branch of Confusion will yield
small matter to our discourse； because in England no forrein
Coins are current； nor base Money； there is no variation in the
Mints； there being but one； and there is very small Varietie in
Allayes； in the Silver Money none at all； and in the Gold； but
two； all which are occasions of confusion in the matter of Money。
As for the other branch of Rarity； the causes thereof； when we
come to handle them； will appear both very various and very
intricate。 And； if I were to handle this Subject as part of a
Treatise of the best Form of a Common…wealth； I would first
endeavour to search out what proportion of Money were fittest for
the Common…wealth； for if MOney were invented for the Exchange of
things useful to man's life； there is a certain Proportion for
that use； and there is as well a too much as a too little：
Because that the want of Money makes the life of the Citizens
penurious and barbarous； so the over…great Abundance of Money
makes their lives luxurious and wanton； by reason of the great
Commutability of all things for Money； by which the vain and
vicious Fancies of men are presently supplied with all that they
do affect。 But I must apply my Conceit to the Common…wealth as it
is； not as a Philosopher may frame it is to perfect the Horse in
all his natural actions； and to redeem and win him from all
vicious affections； but for the Rider it is enough if he do use
him to the best Advantage such as he finds him。
ow all the Common…wealths of the World are grown to such a
Depravation； that not only the exchange of Necessaries； for which
Money was first invented； but all things else are valued by
Money； the services and duties of the Commonwealth； the virtue
and the lives of the citizens； so that in the common opinions；
that State that abounds in Money； hath Courage； hath Men； and all
other Instruments to defend itself and offend others； if it have
wisdom how to make use of it： and upon this ground it was said；
during the time of the late Wars in France； that that side that
had the last Crown to spend must be infallibly victorious。 And it
seems that in the Low Countries； on both sides they are of the
same opinion； for so they may draw Money by it from their
Enemies； they do furnish them with Victuals and other Provisions
to sustain their Armies by Pasport and publick Avowal。 Hence it
is that in the modern Forms of Common…wealths there is no
Proportion； no Mediocrity of Money； but all do strive to abound
with it； without any stint。 And hence it is that Rarity is almost
the sole Inconvenience in matter of Money； the Rarity of Money
doth grow out of these Four Causes following； viz。
First； Want of means to bring in the Materials of Money。
Secondly； Facility of exporting them。
Thirdly； The wasting of them in the Kingdom。
Fourthly； The great encrease of the proportion between Gold
and Silver； and the things valued by them。
First； the want of means to bring in the Materials of Money；
may be reduced into these heads。
First； The want of Manufactures； for Manufactures do breed
Money； and Money again doth breed Manufactures； which is apparent
in divers States and Cities； that have no natural commodities of
their own； either to exchange for other Commodities or to bring
in Gold and Silver； which do yet notwithstanding abound with both
by reason of their Manufactures； and as the Stocks of their Money
do encrease； so do their Manufactures encrease withall。 But the
ways of encreasing and maintaining Manu