Materials thereof our of this Realm； for by the encrease of
Manufactures； the Commodities of the Kingdom are increased； and
by Sumptuary Laws Forrein commodities are made less useful； both
which conduce to the keeping of the Money and Bullion within the
Realm。 But these causes are not of our consideration。
A third cause of the Rarity of Money and the Materials
thereof； is the wasting and consuming it within the Kingdom； as
in guildings； gold and silver…thread； and inlayings； all which is
consumed in a manner to nothing； the excessive use likewise of
Plate maketh Money scant； but all these Defects are to be
remedied by Sumptuary Laws。 The laying up of Money also in
Treasure； is likewise a Cause of Rarity： But the Interest of
Money is so high and quick in England； as I believe that cause
doth little prejudice。
The fourth cause of the Rarity of Money and Materials
thereof； which is the great Encrease of the Proportion between
Gold and Silver； and things valued by them is entirely of our
Consideration。 And this cause doth diminish the quantity or
decrease the weight or fineness of the Gold and Silver； but doth
encrease the use and want of Gold and Silver； and so maketh the
Money and Bullion of the Realm in general； and of every man in
particular； less in effect and value； though the quantity do
increase。 As for Example： If a pound of Silver of the sterling
Standard； coined into Money in Edward the Thirds Reign； would
have bought two fat Oxen； or seven quarters of Wheat； and that
now at this day； two pounds of Silver of the sterling Standard
coined into Money； will do no more than buy one fat Ox； or three
quarters and one half of wheat： and if other things are increased
in price according to that value； and that the like proportion
doth hold also in Gold； it doth then follow that although the
Realm in general； and every man in particular should have now
twice as much of Gold and Silver in weight and fineness； as in
King Edward the Thirds Reign； yet in use and effect they should
have but half as much as then； because this double quantity in
weight and fineness would in proportion to things valued by Gold
and Silver； arise but to half so much as then： and so the great
Increase of the Proportion between Gold and Silver； and things
valued by them； doth induce a Rarity and Scarcity of these
Mettals； though the Quantity should increase。 But what the just
increase of this Proportion is； and by what means it may be
certainly proved； and how the Raritie may be remedied； I purpose
to treat hereafter。
Thus I have set down in general all the constant and certain
Causes of the Rarity of Money： of so many of which as are
incident to our subject； I purpose to treat in particular： As for
the other Branch； of the Inconveniencies of the matter of Money；
which is Disorder and Confusion； I purpose not to make any title
a part of it； both because； as I have said before； the occasions
of Confusions in England； in this Subject are very few； and that
I shall aptly have cause to speak of it by the way； in the Causes
of Rarity； which I mean to handle； not in the Method set down in
this Chapter； but begin with the plainest and easiest Titles； and
of most certain Proof； first to the end that they may serve both
to the opening and facilitating the Proof of the more difficult
and obscure。
Chapter 8
Of the low Price of our Silver
It hath been declared in the Chapter concerning the
Proportion between Gold and Silver； that now in England Thirteen
pound and one fifth of Silver doth but answer in value to one
Pound in Gold； which Proportion is much above the Practice of
former ages in England； and other Countries about； both
heretofore and at the present； which is principally grown by the
great raising of Gold 2s in the pound； in the 9th year of his
late Majestie's Reign； at which time or at any time since； Silver
hath not been raised： the first Effect whereof hath been； That
great Quantities of Gold have since been coined； but little or no
Silver； except now very lately。 And of that Silver which we
before had； the weightiest hath been culled out； and transported
or melted； and that which doth remain amongst us； is so light； as
the lightness only doth preserve it in use； and the scarcity
thereof is so great； that a many may go into a great many shops
in London； of great Trade and Commerce before he shall get a 20s。
piece in Gold to be chang'd into Silver： and far the greatest
part of all paiments is made now in gold； contrary to former
times； whereas the true Rule for the good of the Commonwealth is；
That there should be such a Proportion kept between Gold and
Silver； as that they might equally abound； and of the two Silver
most abound： the Reason whereof is； That the greatest part of the
Commerce； is made in silver； the want whereof doth greatly
rejudice the same。 The Remedy of this Inconvenience is plain and
easy in the general； and theory； which is to reduce the Gold and
silver to an equal Proportion； but when you come to the Practick；
there does arise two great Difficulties； the first to find out
what this equal Proportion is； the next how to settle it； whether
by reducing the Gold unto the Silver； or by advancing the Silver
unto the Gold。
I。 Concerning the first； Many are of opinion； that the
Proportion should be left as it is； for they say； Although our
Gold be very high priced； yet it answereth the weight of the
King's Ordinance； being continually weighed； and rejected if it
be not weighty。 But our Silver is not so； being much lighter than
the King's Ordinance； the Silver be above 13 fine in Silver； for
one fine in Gold； yet in Practice； by reason of the lightness of
the Silver； the Proportion is much short of that。 But they that
give this reason do not consider； that in this manner； although
our Silver will remain still in use amongst us； as long as it
lasteth； by reason of the lightness of it； yet of all that is new
coined according to this Ordinance； the weightest and loyallest
will be continually culled out； and transported； or melted： and
therefore since the Experience of the scarcity which we have of
Silver doth sufficiently prove unto us the Inconvenience of the
Proportion； it ought to be altered。 Others would have the
Proportion to be eleven or thereabouts； because that was the
ancient Proportion； both amongst us here in England； and amongst
our Neighbours。 But since that Proportion is under that of all
our neighbours at this present； it would in time fall out
thereupon that we should suffer as much scarcity of Gold as we do
now of Silver。 But the most； and the most Judicious Propositions
that I have seen； both at home and in other parts； do agree upon
twelve for one； as the most equal Proportion； and it agrees with
the Proportion of Spain； upon which in this Subject； we ought
principally to have our eye fixed： and for my part； I do the
rather incline to this Proportion； because 12 of all the numbers
is most proper for Money； being the most clear from fractions and
Confusion of an Accompt； （which ought not to be neglected） by
reason that of all other numbers it is most divisible； being
divisible into unities as all numbers are； into two parts as no
odd number is； three parts as no even number is but six； and the
numbers that consist of sixes； fourths into which six is not
divisible； and into sixths： This Proportion seems like to square
with the Conceipt of the Alchymists； who call Gold Sol； and
Silver Luna； whose Motions do come near upon the point of 12 for
1； and the Conceipt of many men hath run so strongly upon the
proportion of 12 for 1； that they'd have it hold as well in Money
wrought； as in Gold or Silver fine； so as the Pieces of Silver
and Gold should weight one the other； and 12 in Silver should
answer in value one of Gold。
But the Proportion cannot hold both in Money wrought； and
Silver and Gold unwrought； except the Allay should be likewise
made equal； and then it follows that there should be 12 times as
much over…value allowed to the Gold as to the Silver； which were
a rate beyond the present allowance； and would much weak'n the
Money of Gold in intrinsical value； yet that point doth justly
meet with the practice which in ancient time was in France； there
being in an ancient Reglement of Moneys； this following Article；
Que l'on face Monoye d'or a 23 carrats et rendra aux Merchans
d'un Marc d'or fine； un Marc d'or ouvre； et Monoye a ladit loy。
And by the same Reglement the Silver Money was made of 11 deniers
and 12 grains fine； called Argent le Roy； and some others do find
it a very subtile Inconvenience in the want of laying so many
times a greater Charge and Tribute upon the Gold than upon the
Silver； as the Gold doth exceed the Silver in value； proportion
for proportion； alledging that for one main reason； why the Gold
is always raised and esteemed somewhat higher than the publick
Ordinance； because the Gold Money is really so much more in value
than the Silver Money； according to their rates； by how much
there is less Charge and Tribute laid upon the Gold in proportion
than upon the Silver。 But admitting the Objection made； that if
there should be 12 times as much charge laid upon the Gold as
upon the Silver； it would be too great a discouragement to the
Merchant to bring his Gold to be coined； it may easily be salved
here in England； according to the custom of our Mint； by making
the price of Gold fine unwrought； somewhat more than 12 for one；
and allowing so unto the Merchant； leaving the charge the same；
which now it is。
For the second point to wit； whether the Proportion should be
settled by raising the Silver in price unto the Gold； or by
reducing the Gold unto the Silver。
First； In speaking thereof； I do not mean to anticipate that
Question； Whether if be beneficial for the Commonwealth； that the
prices should at any time be raised or not？ which is the proper
Subject of another Chapter； and is indeed the most Importunate；
and the most difficult Question of any other in matter of Money：
Although it be true； that the raising one of the Materials of
Money doth produce all the inconveniences that are produced by
raising of both the Materials which