etc。 does at this day contain。
There is yet another Proportion of Gold and Silver to be
inquired into as necessary to be known； and peradventure more
necessary than either of these： And that is to enquire what
Proportion our Gold and Silver holds in Value； being in Bullion；
as it is presented to the Mint by the Merchant； in Comparison of
the near adjoyning Countries： For by this Proportion we shall
discover the Reason why the Merchant Brings Gold into England
rather than Silver； and Silver into Holland rather than Gold； or；
why he carries both； or either of them； into one Country rather
than into another。 And for that purpose； I will first begin with
England； and then compare it with some of the nearest
neighbouring Countreys。
In England； where the Merchant for so much Gold fine of 24
carats； as makes a pound； Tower weight； doth receive 43 l。 7s。
1d。 according to the rate of the Mint； which is 41 l。 5s。 for a
pound weight of sterling gold。
In France； according to the Edict of this King； Anno 1614；
which is yet in force； the Merchant receiveth at this Mint for so
much Gold of 24 Carats； as makes a pound of Tower weight； but 426
livres； and about 7 sols and one half French more at the Mint in
England for the same quantity of Gold； than the Merchant doth
receive at the Mint in France。 Of Silver； the Merchant； at the
Mint in England receives for so much fine Silver as makes a
pound； Tower weight； 3 l。 4s。 6d。 the Merchant receives at the
Mint in France； for the same quantity of Silver； 2 livres； and 2
sols French； or 4s。 and almost 2d。 half penny more than the
Merchant receives at the Mint of England。 This Account I do make
reckoning the 12 ounces； Tower weight to make； as by tryal it has
been proved； 12 ounces and 6 deniers； Paris weight。
As for the United Provinces； etc。
Chapter 6
Of Base Money
I do not mean by base Money； Money of pure Copper； which in
all States and in all Ages hath almost always been used； at the
first for want of Gold and Silver； and now since； for the
necessity of the poorer sort onely； and not for Commerce and
Trade； as our farthlings have lately bin introduced： But I mean
that mixture of Metals； wherein Silver is incorporated with other
baser Metals； not for Allay but to the extinction of the
denomination of Silver； as Wine； when it is watered beyond a
certain proportion looseth the name of Wine。 And in all the
Countries of Europe； as far as I can learn； except England and
Muscovia； is used for Commerce and Trade amongst the people：
which mixtion of mettals however it hath been practised at times
in former Ages； out of the extream Necessities of the Common
wealth； yet I do not find that it hath been constantly embraced
（as now it is in all parts） until about Eightscore years since；
about which time it was introduced into France by Charles the
Seventh。 The pretences whereof were these。
First； That there was no Intention thereby to raise the price
or to diminish the weight of Silver； but that this Money should
be as good in intrinsical value； as in the Money of purer Silver；
save only a small charge laid upon it for the coinage： then that
by coining small pieces of a penny； two pence； or three pence；
and thereabouts； the pieces； by the mixtion should have a greater
bulk； and so be preserved from loss； which must needs frequently
happen by reason of the smallness of the pieces； if they were
made of pure Silver； so likewise they should be preserved from
wearing： and again； that the Gold…Smith should by this means be
kept from melting them； and the Stranger from exporting them；
because the charge of refining them and drawing the pure Silver
out of them would far exceed the profit： These are the Pretences
by which base Money was first introduced； but if they be weighed
against the Inconveniences； which have followed upon it； it will
be found one of the most mischievous Inventions that ever was
found in matters of Money。 I could hardly resolve with myself to
insert this Chapter in this Discourse； because having mine aim
only a the good of this State； it seemed unnecessary to treat of
this Subject； since we have no base Money in England； but when I
consider； that in some unhappy seasons heretofore we have had
base Money； and that it is not impossible； but that the like
Projects may again be revived； I determin'd not only to treat；
but to go through with it all at once； and not to interrupt this
Discourse any more with that Subject： And therefore to set down
the Inconveniences that have followed it； which in the former
Chapter I did forbear； reserving both the Inconveniences and the
Remedies to be treated of apart。 The first Inconvenience then of
the great mixture of Mettals； is the falsifying of them； for both
in reason it is too true； that by this mixture both the Colour；
Sound； Weight； and the other more hidden Qualities of the
different mettals are so confounded as the falsity cannot be
discovered； but with extream difficulty： and by experience it is
verified； that in all those Countries where base Money
hath…course； the greatest part of it is not coyned by the State；
but either counterfeited by the Natives； or brought in by several
Strangers。
Secondly； It is true that the base Money was first coined in
France； of an intrinsical value； almost equal to that of purer
mettals； and so it continues to this day； for so much of it is
coined by ordinance of the State； （the greatest part being
falsifyed：） But in most other Countries （as namely in Spain） the
State in self； to raise a Tribute upon the people； hath extreamly
falsified the intrinsical value； by which means both the State
hath for gain； Coins much more than there is occasion to use； and
there is incomparably more counterfeited by others； so as the
mischief doth hourly multiply。
Thirdly； The values of Money are continually raised from time
to time； which is no new Device （as is already more particularly
declared） the base Money must then in Proportion be likewise
raised； which cannot be done by increasing the value of the
particular pieces for being of so small price； the fractions
would be irreconcilable； so as there is no other way left to
raise the base Money； but by coining new； of a weaker Intrinsical
value。 I would then gladly know what becomes of all the old base
Money； either it is melted down by Bullioners； which is the name
in French of those who by culling and trying of Coins make their
profit to melt them； or it is transported by strangers； so as in
effect the use of base Money doth bring that inconvenience； the
avoiding whereof was made one of the chiefest Pretences for
Coinage of it。
Fourthly； It is truly observed； that in all those Countries
where base Money is current； there the price of Gold and Silver
is daily raised by the people； not only without the Ordinance of
the State； but contrary to； and in despight of all Prohibitions
to the contrary； which draws with it extream disorders and
mischiefs； so it is in the Low Countries； so it is in France； so
in Germany； and in Spain； although the Ordinance for the value of
the Gold and Silver may securely be maintained by this help； that
no Forrein Coin is there current； yet when you come to change
base Money for Silver or Gold； you shall find how the people
there raise the price unto you of the purer Money； But in England
and Muscovia； where no base Money is in use； there the people
never raise the price of Gold and Silver （except by Ordinance of
the State it be directed） neither doth Experience only try this
Conclusion； but Reason also； for the people when they see the
Money of base and uncertain mixture； do disesteem it； and in
comparison thereof do esteem the Money of purer Gold and Silver
above the proportion； and so do raise the price of it； and this
esteem is not meerly out of opinion； for that really； that piece
of base Money which hath as much fine Silver as a penny； is
notwithstanding not worth a penny； because the mixture makes that
you cannot extract this penny in pure mettal； without loss and
charge： and if the people do hold this base esteem of this
mixture which hath in it the intrinsical value for which it is
current； how much more base esteem must they hold of that
mixture； which they know hath not neer in it that intrinsical
value for which it is current； and how much more must they needs
raise the Silver。 And certainly base Money； when either it is at
first coined much in the intrinsical value under the extrinsical；
or is by degrees brought unto it and long so continued； doth in
the end breed either Insurrections among the People； or
rejections of it； whereof the examples of Insurrections are very
frequent； and therefore I will forbear to instance in them。 But I
cannot omit one example of Rejection； because it is so fresh in
Memory； which was in Ireland in the end of the Reign of Queen
Elizabeth； which Country although it was newly vindicated from
Rebellion； and did patently endure all the imperious Directions
which a late fresh Victory did bring with it； yet as soon as the
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 Experienc