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 Experience
nor of Reason also； for that all raising of the price and abasing
of the matter of Money for gain； drawing with it an unjust；
ruinous and unequal burthen upon the people； they that maintain
the better cause； like the true Mother； will choose to loose the
cause than the Child should be destroyed。 In which loyal
maintenance of the public Faith in matters of Money our Kings do
incomparably outshine all other Princes and States of Europe： for
if Spain； and some other States do equal them in the pureness of
the mettals； and the low values of their Monies of Gold and
Silver； yet they have made themselves farr inferiour unto them by
filling their Countries with base Money。 And if in Muscovy they
have coined no base Money； yet they have raised the Standard of
their Silver so high； by diminishing both the fineness and
weight； that the Silver itself scarcly deserves that name。 And
this I have seen and can learn by other means； that there is no
State in the World more excellently tempered than this of
England； or wherein the Prince is more absolute in all things；
wherein it is good for himself and the publick； that he should be
absolute； or where the great men are more honoured without
license of oppressing the People； or where the People do live
more freely or so happily as in England。 As for the Remedies of
this Inconvenience of base Money； I do leave those Countries to
struggle with them that are afflicted with it； for us in England
the remedy is plain and easy； which is mainly and constantly to
keep it out。 Thus far I have proceeded in the History of Money to
set down； as briefly as I could； by what degrees Money hath grown
into that form and state as now it is governed； but have forborn
to speake of the Inconveniences grown therein； and of the
Remedies thereof； save only in the last Chapter； which I mean to
propound； and debate in the rest of this Discourse； for the
opening of the Readers understanding without making any positive
conclusion； but leave that to every ones private Judgment。
Chapter 7
Of the Inconveniences in general grown in the matter of Money。
The inconveniences which are accident to this Subject of
Money are in general but two； Raritie and Confusion； which
although they do coincide many times in the subject； that is；
that Rarity breeds Confusion； and Confusion breeds Rarity； yet in
their Nature they do differ； and many times likewise in the
Subject； and there is seen Confusion without Rarity； and Rarity
without Confusion： yet this latter branch of Confusion will yield
small matter to our discourse； because in England no forrein
Coins are current； nor base Money； there is no variation in the
Mints； there being but one； and there is very small Varietie in
Allayes； in the Silver Money none at all； and in the Gold； but
two； all which are occasions of confusion in the matter of Money。
As for the other branch of Rarity； the causes thereof； when we
come to handle them； will appear both very various and very
intricate。 And； if I were to handle this Subject as part of a
Treatise of the best Form of a Common…wealth； I would first
endeavour to search out what proportion of Money were fittest for
the Common…wealth； for if MOney were invented for the Exchange of
things useful to man's life； there is a certain Proportion for
that use； and there is as well a too much as a too little：
Because that the want of Money makes the life of the Citizens
penurious and barbarous； so the over…great Abundance of Money
makes their lives luxurious and wanton； by reason of the great
Commutability of all things for Money； by which the vain and
vicious Fancies of men are presently supplied with all that they
do affect。 But I must apply my Conceit to the Common…wealth as it
is； not as a Philosopher may frame it is to perfect the Horse in
all his natural actions； and to redeem and win him from all
vicious affections； but for the Rider it is enough if he do use
him to the best Advantage such as he finds him。
ow all the Common…wealths of the World are grown to such a
Deprava