Question； if the reasons on the other side did not appear at the
least as cleer and strong as these； to which I will now proceed。
Chapter 14
The benefits which do grow to the State by the not raising of
Money； and the Prejudices which do grow by the raising of it。
The Benefit which groweth to the State by the not raising of
money； is only this； To avoid alteration： But the Prejudices
which are alledged to grow by the raising of it； are many；
First； by the Injustice and Oppression which all they undergo
who contract for Money current； at the time of the Contract； and
are after paid with extream Disadvantage in other Money really
less in value； though in Name the same： and although to this it
be said； The Creditor is not interested herein； because he paieth
away the Money which he receiveth at the same rate he received
it； yet that answer is not satisfactory； because admitting this
Position for true； That when the Intrinsical value is diminished；
the Price of things bought with Money doth rise in Proportion；
the Creditor when he paieth out his Money at the same rate； at
which he received it cannot notwithstanding with it buy the same
Commodities； which he might have bought with the Money； for which
he contracted； and consequently is diminished so much thereby； as
the price of things is raised。
And although I did in a former Chapter shew； That the price
of things doth rise by experience； as the value of Money is
raised； yet because the Truth or Falsehood of this Position doth
mainly import all the Deliberations incident to this subject of
Money； as I have formerly observed in some Experiments where it
did so fall out； so I will now set down the Reasons； why of
necessity it must be so； as One reason is this：
When the Merchant stranger brings his Commodities； whether he
intends to make his return in Moneys or in Commodities； he maketh
his own sale by the measure of the Money here； and then examines
how much this Money will amount to in the Moneys of his own
Countrey； where he bought his Commodities； and if he find the
Money here diminished in intrinsical value； he must then demand
so much the higher price； or else he cannot make his Accompt。
One other Reason is this； when the extrinsical value of the
Money is raised； by which the intrinsical is abased； there is
then so much the more profit to return Money into the Kingdom；
instead of Forrein Commodities； and by daily experience it is
seen that more is returned when the price of Money is raised。 Now
it is manifest that the less importation you have of forrein
Commodities the price of them is so much the more： and both these
Reasons do shew； and Experience it self doth confirm； that when
Money is raised； the price of forrein Commodities doth first
rise： And the price of forrein being once raised； the price of
Domestick Commodities will of necessitie be raised also； for the
price of forrein Commodities will make great plenty of them to be
imported； and the high price of Money will inforce that they must
be returned in domestick Commodities： by which means domestick
Commodities being much sought for； will of necessity be raised in
price； and the price of both these being raised； it follows that
the rate of all mens sallaries and hire of Labourers and
Endeavorers must rise in Proportion； or else men shall be forced
to defer their Trades and Endeavours； and then the scarcity will
encrease the price。 by these means it comes to pass； by the
raising of Money； that all those who have contracted for antient
Rights and Rents are prejudiced； and such as have Rights and
Rents settled in perpetuity； can never receive help in this case；
and therefore in divers other Countries； there have been very
many famous Judgments giv'n in this case； and great volumes
written by the Civilians； to prove that the Rents which they call
feodats and fanniers； penalties and amercements； which are set
down uncertain； ought to be paied according to the value of the
Moneys then Current when the said Rents and Penalties were
established； and if we do examine it； we shall find it； that much
the greatest part of the Common…wealth is prejudiced whensoever
Money is raised。
First； all those who have let Leases of their lands。 Then all
such as live upon Pensions and Wages。
All those that live by their professions either Civil or
Military。
All those that live by Trade or Handy crafts； or Labourers。
And although it be true when the Leases do come out； the Lords
may recompence themselves； and that when the hire and salaries of
several professions and endeavorers shall be raised； （as I have
showed） that of necessity in time it must come to pass； that
Prejudice doth cease unto them； yet in mean time they suffer： But
the King who is head of the Common…wealth； and whose Revenue is
only truly publick； doth of all suffer most； and most
irreparably： Colledges are helped by the Stat。 of Corn； and other
Corporations do in some sort repair themselves by the fines they
take。 But the King's Revenue； which of necessity is managed by
multitude of Officers； doth perpetually diminish； as much as the
price of Money is raised； so as the same lands yield； in name the
same Revenue to the King which they did in Edward the Thirds
time； but in truth not the third part： and besides much of his
Revenue is assessed by the Parliament by prescription to a
certain Summ； all which doth continually diminish so much as the
price of Money riseth。
One other Mischief that groweth by the raising of Money is
this； When do you raise your Money； as that you do give a greater
price than before unto the Merchant； you do conceive that he is
thereby the rather allured to bring the Materials of Money to
your Mint； and so withdraw them from other Nations。 but if other
nations find that； they will raise the price of their Money
likewise； and then what shall you get by raising of yours？ or if
you raise upon them again； there will be no period to rest in；
but you shall continually sow confusion； until you be constrained
to abolish your coins and invent new species； and new measures of
weight and fineness； or else with infinite loss to the people； to
bring the price back again to an ancient standard。
One other Mischief that groweth by the raising of Money is
this； a very great part of the Gold which cometh into Europe； and
almost all the Silver doth first aboard in Spain： so that when
you raise the price of these mettals； you raise the proper
commodities of Spain； and by that means you encrease the
greatness and power of that King； of whose greatness and power；
of all others； you have cause to be most jealous and
apprehensive： And again； in a Kingdom as this is； which hath more
Commodities to vent into Forrein Commodities； and which hath no
materials of Money； as this hath not in any considerable
quantity； but must have all their Gold and Silver supplied by the
return of their Commodities； as ours is； it is most expedient to
keep the price of Money as low as may be； to the end your
Commodities may return you the greater quantity of these
materials in fineness and weight。
As for Example； If you should raise the ounce of sterling
standard to six shillings； then the Real of eight would be worth
near hand six shillings likewise； would it not then follow of
Necessity； that you should have by so much the fewer of them in
number； for the return of your Commodities？ And the like may be
said of Gold。
Lastly； when you raise your Money； it bringeth a great
confusion。
First； by giving stop and hindrance to Trade and Commerce；
all men being fearful and doubtful how to make their Contracts
and Exchanges； until there be a settlement by time。
And again； if you coin new species of less intrinsical value
than the old either in weight or fineness； or both； there is
danger of melting or exporting the old； if you raise the price of
the old species； you introduce Fractions and Confusions in
reckoning； and do many times inforce him that pays to give more
than he intends； especially in reward and gratifications and
fees； which are more exactly defined。
Chapter 15
Examinations of the Reasons for the raising of Money。
The first Reason for the raising of Money； is the practise of
Antiquity： it is true； as I have shewed before； that the Grecians
and the Romans did successively raise the values of their Moneys；
but it was not to draw thereby the materials of Money from other
States unto theirs； but to supply the State； by that means on
great and desperate Necessities； of the Wages thereof； and of the
advantage； or disadvantage growing thereby to the Common wealth；
I intend to speak hereafter。
But this invention of raising of Money to draw a quantity of
gold and silver from your Neighbours； or to preserve our own from
being exhausted； is a conceit unknown to the ancient world； and
introduced long since the decay of the Roman Empire； when as
those Monarchies that are now settled in Europe； by succession
from those Northern Nations； which did over…throw the antient
Roman Empire； having together with many other necesary Arts； lost
the knowledge and orders of the Mint； were fain to use the
Subtilty and Industry of the Jews； and those of Genoa and Lucca
（who did succeed the Jews in this Trade） for the coining of their
Moneys； who for their own Advantage did （by subtil and specious
Reasons many times by a seeming and not considerable Profit as
Projectors use to do） allure Princes to make unnecessary
alterations in their Moneys； from whence this Art of robbing Gold
and Silver from one state to another is grown。
And therefore I will speak no more concerning the practise of
Antiquity； but will examine the other Reasons： as for the second
Reason； which is the Observation； that since King James raised
the Gold so much as he did； Gold is grown much more plentiful in
the Kingdom that it was before； but Silver having not been raised
in Proportion is grown much more scant and rare：
It is confessed that the Observation is true in this； that
whensoever you raise the Material of （one sort of） Money； that
material will encrease； and the other will grow scanty in
Proportion。 And what doth th