And all those which are to pay Money,either out of their own Industry or Labours,or out of the fruits of the earth,or by any other means,when they do see that they must contract for new Money,apparently,according to the Proportion set down,worse than the old,they will help themselves by raising their price in Proportion unto it.There may likewise be alledged Examples for this Proposition,as in Ireland when sterling Money and Irish Money are both current,the one a fourth worse than the other without any Inconvenience.And it seemeth that anciently before the time of Edward the first in England,there were Moneys current of several standards;for although there be a few Records left of Mint matters,more antient than Edward the Third,yet Anno sexto Reg.Johannis membrana sptima Dorso,certain old Money of baser standard was made current;But so,as no Jew or Merchant stranger might buy Merchandize,or pay debts with it,or any thing else,(but only victum et vestitum with that old Money,)but in grossa et forti Moneta.And in France,until the time of Philip le Bell (who was contemporant with Edward the Second)it seemeth that there were used several species of Money,And Eddicts were made what Contracts should be acquitted in one species and what in another.
But I will come now,as in the former,to the examination of this Proposition.first,the extreme Confusion is to be considered which it will bring among the People by raising Questions what is to be paid in old Money and what is to be paid in new Money.
As for example,a man who lent Money before the time appointed for the currency of this Money,after the day,receiveth interest for it,and so lets it run on,Whether shall this be interpreted an old contract or a new?and divers other Questions of like nature will arise.But suppose that such Prudence were used before hand as all such Questions might be prevented,yet certainly the intricasie of the accounts between the old Money and the new,by Reason of the confused Fractions which are in it,would be a great molestation to the People:But there lurketh a much greater Inconvenience which would not be discovered but by length of time;which is when you have thus raised the price of your Money,when other Nations shall raise theirs again beyond your new Money,you must then be enforced to make a second new Money of less intrinsical value than the first,and then again,all Contracts between the first and the second new Money,are to be acquitted in the first new Money,or in the second new Money,valued in Proportion to the first,and so in consequence of time,a third new Money would be coined,and a fourth,and a fifth,and so forward;that by degrees both the multiplicity of the Moneys,and the variety of the times of the contracts would pass all humane comprehension.
As for Examples alledged,they make more against the Proposition than for it;for I doubt not,but in the time of King John,and afore and after that,there were great Varieties and confusions in the Moneys current,and the Histories of those Times are full of Complaints upon that subject.And therefore they do most highly magnify the Wisdom of King Edward the First,who settled a uniformity in that Subject,by introducing one certain species of sterling Coin.
And for the Example of France,the Histories of that Country do not only justifie that there were great Confusions in this Subject in those times,but by great Insurrections of the People and Rebellions upon that occasion,insomuch,as the reputed Authors of those Inventions were sacrificed to appease the popular Rage.
