they have need of ours； because there will be no Profit to fetch
their Commodities with our Moneys： and again； the raising of our
Moneys doth make Commodities vented in other parts at an higher
price； because； when our Neighbours do raise their Moneys； they
do still hold in common estimation that Proportion in value to
our Moneys； which they held before they were raised； though in
Intrinsical value they want so much thereof as they are raised；
by which means our Commodities being sold for the same Rates
which they were sold for before； are sold for so much less as the
Intrinsical value is impaired： But if our Moneys were likewise
raised； then our Merchants must of necessity sell our Commodities
at higher Rates in name than they did before； or else they should
not make their Reckonings。 The abundance likewise of Money doth
enable Tenants the better to pay their Rents； and all men in
general to keep up and maintain their Credits； and to pay all
publick Charges and Contributions； and these Benefits may suffice
in general without specifying many others； which have concurrency
with these or consequently from them。
And for the Prejudices； which do grow by the not raising of
our Moneys in a parity to other Nations； they are easily
expressed by these； for admitting these Benefits to grow by the
raising of Money； the Prejudices which will grow by the not
raising of them； will be the contrary to these。
But the main knot of the business is to prove； that the
raising of Moneys doth really encrease the quantity of Money in
any State； or doth preserve it from diminution。 For that they do
alledge these reasons：
First； The Practice of all antiquity； in all States
whatsoever； which could not possibly fall out except there were
found an inevitable necessity to raise themselves to a parity
with their Neighbours； of which the Examples are laid down in the
former part of this Treatise； but specially that of the
thirteenth of Henry the Fourth is very pregnant； where； by advice
of Parliament； Money was raised； the reason being alledged； That
for want of raising it； the Realm was improvished and exhausted
of Money。
A second Reason which they alledge is the general and
constant observation； that when Moneys are raised they grow
plentiful； whereof we do see with our eyes an evident
demonstration in this Kingdom； for that Gold having been raised
in price of late years is grown much more plentiful than it was
in the days of Queen Elizabeth： but the Silver having not been
raised in Proportion； is grown very scant and rare in respect of
the abundance which was then seen。
But these are rather Authorities and Observations than
Reasons： but the main Reason whereon the maintainers of this side
do stand is this； When your Money is richer in substance and
lower in price than that of your Neighbour Nations； as our Silver
is than the Silver in the Low Countries； how can you expect that
the Merchant； who only seeketh his profit； will ever bring hither
any Silver； when he can sell it in the Low Countries at a higher
Rate； and make more money of it here by returning of it from then
hither； or by Exchange； or by Commodities？ or； if any Merchant do
bring Silver hither； it is to sell it to such who will give a
higher rate for it； than can be produced at the Mint； as the
price of our Silver Coins now stands； in which manner although
there be much brought over； yet being sold in that sort； it is
not only direct against the Law but turns to no use of the
Common…wealth。
And again； whatsoever laws are made against Transportation of
our Moneys； if our Silver be so rich as the Merchant by
transporting it into the Low Countries； or elsewhere； can make
profit by returning it in Commodities； or by Exchange； or that；
which is yet more clear and evident； by returning it in Gold；
must not our Silver be inevitably exhausted？ And certainly these
Reasons seem to me so evident to sence and apprehension； that
instead of propounding the Arguments I should resolve the
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