Of the raising of the price of Money both of Silver and Gold It is to be understood that there are three ways of raising the price of Moneys either Gold or Silver:The first is without alteration of the Species of the Money,by encreasing the value of it,by giving more parts to it than originally it had,as by ordaining an Angel or a Soveraign to be valued at eleven shillings,which was coined for ten,or a shilling to be valued at fourteen pence.The second way is by diminishing the matter,but leaving the same name and value to the Money which it had before,as if Shillings or Angels,or Soveraigns were coined by the same name and value as before,but were diminished so many grains in weight:or,if new names were given to them and the same value retained,but the weight diminished;for in this case,there being really less Gold and Silver in weight in the piece than there was before and the value remaining the same,the Silver and Gold which remains hath a higher price set upon it.
The third is when the value remaining the same of the species of Money,and the weight of the same,the fineness is abased by putting more Allay into it,for then there is really less Gold and Silver in fineness.
There are two causes of the raising of Money:the first and most antient cause of raising Money,was a gain which the state made of it in their Necessities,which hath not often been practised in this Kingdom.But the second and most frequent cause hath been,an Art which States have used to rob one another of their Money,by setting on higher prices upon it;so that some States being induced,by an unjust device,to draw to themselves the Money of their Neighbours,and others by a necessity to keep their own.All these parts of the world,for some few hundred of years,have done nothing but vye one upon another who shall raise their Money highest,which hath brought great Confusion in all States;and doth threaten much greater,if it be not prevented.
But first to shew the Antiquity of the practice of raising of Monies we will begin with the Romans.The As,which was originally coyned of a pound weight,was,during the first Punick War for help of publick necessities,brought to 2ounces,and all the lesser parts of the As,as ounces and others,were abated in proportion.During the Dictatorship of Fabius Maximus the As was brought to one ounce weight,and yet reduced again by Papirius to half an ounce.The Denarii of Silver were at first current for ten As,and the Sestertii,which were quarters of the Denarii,for two and a half as.But when the weight of the as was diminished to one ounce the denarius was made worth sixteen as,and the sestertius worth four as.They did likewise make sundry abasements (by means)of the Allay,whereof that of Livius Drusus was excessive,mixing an 8th part of Copper.And hereby the confusions grew so great,that Tullie in a passage of his Offices saith,Jactobatur enim Temporibus illis Nummus,sic ut nemo posset scire quid haberet (in pecunia);where upon Marius Gratidianus,who being Triumvir monetae cudendae,brought in an exact Ordinance for the regulating of this Money,had Statues erected to him by the people.The first gold pieces were coined of 40pieces in the pound,and in the time of Justinian,the same pieces,called Solidi aurei were 72in the pound.After the great inundations of the Barbarous people into the Roman Empire,the Confusions in this subject of Money grew incredible.
Charles the Great,in whose time the Monarchy of the Francks grew to the Height,made a new Reglement of Moneys,which is the same that continues to this day in France,and is the same which we do now practice in England,for the division of Moneys,though for the Values of them the difference is grown exceeding great:
For he renewed again the Account by Livres or Pounds,and divided the Pounds into twenty Solidi,which in France they call Sols,and we Shillings;the solidus again into 12Denarii,which in France they call Deniers,and we pence.But the values are grown so different as every of our Shillings,our Pounds,our Pence are valued at ten of theirs:and yet in intrinsical value are more.
Many do hold that by the Institution of Charles the Great,twenty Sols contained in them a Pound of silver.but it is authentically to be proved,both by unquestionable Records,and by Pieces themselves,of which I have some extant,that many hundred of years after,in the time of St.Lewis,who was contemporary with our Henry the Third,that the Sols then contained in intrinsical value near six Sols of this present King,so much hath the Money since that time been raised in price,and abased in substance,which is the same.In the Reign of Philip the Second,in the year 1181,the French Mark of fine Gold,which makes almost 8ounces of our Pound,was valued in the Moneys then at 44livres,and the Mark of the King's Silver was valued at 2livres,13sols,and 4deniers.And by the Edict of this present King,in the year 1614,the Mark of the same Gold was valued at 278Livres,6Sols,6Deniers.And the Mark of the same silver was valued at 20livres,5Sols;so that in this time,the Gold hath been raised to six times,and almost the third part of the price which then it did bear;and the Silver hath been raised much above seven times the value which then it did bear.
I will not trouble the Reader to set down by what degrees this Price has grown to so great an height which have been very various,the Price having been sometimes excessively raised and sometimes sudainly reduced back again by the French Kings,and most commonly to make a Levy of Monies upon the People,which hath bred infinite Confusions,and sometimes Rebellions in that Kingdom.
