exceeding lightness cannot with profit be made away。
I shall not now need to speak any more of the Inconveniences
which may grow by ordaining of solid payments because they have
been sufficiently expressed in the relation of these proceedings
in France。 But I will only add this； that there is not true
soliditie in payments； but to contract for so much in weight and
so much in fineness； for if you should ordain all payments to be
made in such or such species of Money； it is true that the
raising of those species of Money could breed no alteration in
your payments： but suppose the Prince should coin these species；
either baser in Allay or lighter in weight； then should your
payment be subject to the same alteration as if you had
contracted for abstracted sums。
Chapter 19
Of equalizing the Exchange。
The Author of Lex Mercatoriae doth hold； That in those
countries where great great Banks are kept； the Bankers do by
their Arts and Subtilties by the inequalite of the Exchange； draw
away the Gold and Silver out of other Countries： as for Example；
In Holland； suppose a man were by Exchange to make over 100 pound
sterling thither out of England； The Exchange； saiths he； is such
when it is at most advantage for England； by the practise and
subtilties of the Banker； as you shall receive for your hundred
pound there； less in intrinsical value than you gave； and if you
make over a hundred pound out of Holland into England by Exchange
you shall receive more in Intrinsical value than you gave。 And if
this Position absolutely be true； as that the contrary doth
rarely or seldom happen； it necessarily follows； That it is more
advantage to carry over your Money thither in specie； than to
make it over by exchange； and it is more advantage to make over
your Money thence by exchange than to bring it over in specie。
But （saith he） if it be effectually ordained； That no man
shall give his Money here； to receive less in intrinsical value
there by Exchange； and that no man shall give his Money there； to
receive more in intrinsical value here by Exchange： it is plain；
That no man shall have his Advantage to carry his Money thither
in specie； nor no man shall have his Disadvantage to bring his
Money thence in specie： and if the same course be observed in all
places and at all times； let other nations use what they please
to raise or abase the values of their Money； they shall never
prejudice the Kingdom by it。
I have abstracted this Proportion in the plainest manner I
could； and purposely omitted to name the sums of the Exchange； to
avoid all Question about more or less； and all obscurity： and
certainly it carrieth with it a great appearance of Reason；
neither do I find any strength in that Objection which is most
pressed against it； That this equallity cannot be made with other
countries； by Reason that a great part of the Payments is made in
Base money： for； if Base money be so current； as for it you may
have so much purer Money as will answer the intrinsical value
required for the Sum to be paid by Exchange； that Objection will
fall： if it be not so current； you may except against the
Payment。
But yet this Proposition； if it be narrowly examined will be
found subject to great Exceptions。
And first； The Difficulty； I may say almost； the
Impossibility of putting it in Execution is apparent； for
although the intrinsical value be the principal Rule by which
Exchanges are squared； yet there are many other Circumstances
which do vary and alter the Exchange； and this is for a main one；
That when there is much Money to be returned to one place by an
Accident unlookt for； you shall （not） find Takers in Proportion；
except what they make by the price of Exchange do invite them： if
then you will force men alwayes to give and take by Exchange at
one rate； when through accident there shall want Takers； you will
force the Giver to supply his Necessity； to send his Money in
specie； and so that which is propounded for a Remedy of
Exportation shall turn to a greater Exportation。
But suppose this Difficulty could be overcome； yet would it
not suffice to hinder Exportation； for； if in other Countries；
they should value your Money higher than their own； as in this
Discourse there are formerly Instances set down； of English Money
higher valued than their own； in France； in the Low…Countries；
and at Francford Mart： he then which at these times would have
made over Money by exchange into those Parts； by this
Proposition； should have had but the intrinsical value in Money
over in specie； would have had more than the intrinsical value。
Lastly； It is to be considered； That all Countries that do
raise little or no Materials with themselves； （which is our Case
in England） must not be so careful to hinder Exportation of the
Materials； as to provide for Importation for them； What Fruit
then shall we receive by this Equality of Exchange； （admitting
that it might be made； and that it would hinder the Exportation）
if it should be recompenced by the same Degree of Impediment；
which it would give to the Importation； which would necessarily
follow upon it； as for instance； If the Equality of Exchange will
give impediment to transport Silver out of England into Holland；
will not the same equality of Exchange give the same degree of
Impediment to import Silver out of Spain into England？ Certainly
in all appearance it must。
Chapter 20
Of Reducing Moneys to the Lowness of Ancient Values。
Some are of Opinion； that the best course to remedy all
Inconveniences in Matters of Money； were to reduce it to the
ancient Value：
As for example； A pound weight of Silver of the sterling
standard to make but twenty shillings in Silver； and a pound
weight of crown Gold to make 12 l。 sterling； and so Angel…Gold to
be coined in Proportion； for （say they；） since that was the first
and original settlement of the sterling standard； and that by the
raising of other Nations whom we thought it necessary to follow；
we are grown to that excessive diminution of the Intrinsical
value of our Money as is manifest； and that the Mischiefs do so
threaten us； by the daily raising of our Neighbours； as at length
（to bring on） inevitable Confusion； it will be best to reform the
Mischief before it be grown to extremity； and the best
Reformation will be to reduce it to the first and original
settlement： The Commodities whereof are many：
First； The prices of things will be reduced to some antient
moderation； then those who live upon antient Rents； and Fees； and
Rights； and Tenures of their Lands and Offices； who have received
extream injustice by the diminution of the Intrinsical value of
Money； shall by this Reduction be recompenced in justice again。
But above all； the King； whose Revenue is only publick； shall
receive a great and a just enlargement therein： This Diminution
of the intrinsical value of Money being not the least cause of
the visible wants wherewith the Crown is this day oppressed； and
this Reduction being so great and important as it is； all other
Nations and all Merchants in their exchanges； must of necessity
come to a new valuation of their Moneys in comparison of ours：
and that cannot be； but by a true calculation of the intrinsical
value of either of them； by which means if we do now sustain any
wrong by the reputed valuation of our Moneys； or exchange of
them； we shall then receive right。 And England being a Countrie
able to send out more Commodities than it hath need to receive；
we shall of necessity return the overplus in Bullion。
But to examine the solid Truth of these Alligations； it will
be necessary to consider by what means this Reduction may be
effected。
First； Therefore if you will reduce Moneys to the antient
values； either you must do it by several degrees； （this being the
way by which the mischief grew） or you must do it all at once。
As for example of a Reduction by degrees； Silver is now
coined at five shillings and two pence an ounce； and Crown Gold
at three pound eight shillings and four pence the ounce； begin
then； first to reduce by coining Silver at fourteen groats the
Ounce； and Crown Gold at three pound one shilling and six pence
the Ounce； and when it is thus settled； then some time after
reduce them both； yet to a lower price； and so until you come to
the Original settlement。 But is it not then manifest that if
these coins be so much heavier than the former； as this
Proportion doth make them； and yet go at the same price as the
other did； yet as fast as they are coined； they will be melted or
transported for advantage？
Besides our Merchants will （not） bring this Silver and gold
unto you to so great a loss： on the other side； if you make all
the old Money uncurrent； and you do make it so many times
uncurrent as you do reduce it towards the antient values； by
degrees the confusions will be so great as the Kingdom cannot
bear them； and the continual new coining of your Money will
consume all the value of your Money in that charge： there is then
no other way left but to leave the old Money still current； but
abased so much in price as it is worse than the new Money in
intrinsical va