Of the low Price of our Silver It hath been declared in the Chapter concerning the Proportion between Gold and Silver,that now in England Thirteen pound and one fifth of Silver doth but answer in value to one Pound in Gold,which Proportion is much above the Practice of former ages in England,and other Countries about,both heretofore and at the present,which is principally grown by the great raising of Gold 2s in the pound,in the 9th year of his late Majestie's Reign,at which time or at any time since,Silver hath not been raised:the first Effect whereof hath been,That great Quantities of Gold have since been coined,but little or no Silver,except now very lately.And of that Silver which we before had,the weightiest hath been culled out,and transported or melted,and that which doth remain amongst us,is so light,as the lightness only doth preserve it in use,and the scarcity thereof is so great,that a many may go into a great many shops in London,of great Trade and Commerce before he shall get a 20s.
piece in Gold to be chang'd into Silver:and far the greatest part of all paiments is made now in gold,contrary to former times;whereas the true Rule for the good of the Commonwealth is,That there should be such a Proportion kept between Gold and Silver,as that they might equally abound,and of the two Silver most abound:the Reason whereof is,That the greatest part of the Commerce,is made in silver,the want whereof doth greatly rejudice the same.The Remedy of this Inconvenience is plain and easy in the general,and theory,which is to reduce the Gold and silver to an equal Proportion,but when you come to the Practick,there does arise two great Difficulties,the first to find out what this equal Proportion is,the next how to settle it,whether by reducing the Gold unto the Silver,or by advancing the Silver unto the Gold.
I.Concerning the first,Many are of opinion,that the Proportion should be left as it is;for they say,Although our Gold be very high priced,yet it answereth the weight of the King's Ordinance,being continually weighed,and rejected if it be not weighty.But our Silver is not so,being much lighter than the King's Ordinance,the Silver be above 13fine in Silver,for one fine in Gold;yet in Practice,by reason of the lightness of the Silver,the Proportion is much short of that.But they that give this reason do not consider,that in this manner,although our Silver will remain still in use amongst us,as long as it lasteth,by reason of the lightness of it,yet of all that is new coined according to this Ordinance,the weightest and loyallest will be continually culled out,and transported,or melted:and therefore since the Experience of the scarcity which we have of Silver doth sufficiently prove unto us the Inconvenience of the Proportion,it ought to be altered.Others would have the Proportion to be eleven or thereabouts,because that was the ancient Proportion,both amongst us here in England,and amongst our Neighbours.But since that Proportion is under that of all our neighbours at this present,it would in time fall out thereupon that we should suffer as much scarcity of Gold as we do now of Silver.But the most,and the most Judicious Propositions that I have seen,both at home and in other parts,do agree upon twelve for one,as the most equal Proportion;and it agrees with the Proportion of Spain,upon which in this Subject,we ought principally to have our eye fixed:and for my part,I do the rather incline to this Proportion,because 12of all the numbers is most proper for Money,being the most clear from fractions and Confusion of an Accompt,(which ought not to be neglected)by reason that of all other numbers it is most divisible,being divisible into unities as all numbers are;into two parts as no odd number is;three parts as no even number is but six,and the numbers that consist of sixes;fourths into which six is not divisible;and into sixths:This Proportion seems like to square with the Conceipt of the Alchymists,who call Gold Sol,and Silver Luna,whose Motions do come near upon the point of 12for 1,and the Conceipt of many men hath run so strongly upon the proportion of 12for 1,that they'd have it hold as well in Money wrought,as in Gold or Silver fine,so as the Pieces of Silver and Gold should weight one the other;and 12in Silver should answer in value one of Gold.
