Of raising our Moneys according to the raising of our Neighbours Others do propound a clean contrary course to this Reduction of the Moneys to the antient values;For they would have us to observe precisely the raising of the price of Money by our Neighbours,and if not to preceed them,at the least to follow them immediately.And for this purpose they insist upon two main Arguments.The one drawn from Example,the other from Reason:for say they,If we do observe those States,which do soonest and most raise their Money,we shall find that they do most abound with Money;and that Trades and Manufacturers do most flourish there.
As for Example,the United Provinces,and the Arch-Dukes Country,and the Hanns Towns;and they do confirm their instance by this reason,Forrein Nations when they raise their Moneys,do thereby make them of less Intrinsical value,than they are reputed.
As for Example,Three pounds two shillings sterling,is reputed equal with five pounds six shillings Flemish;and peradventure when the pound sterling was first cut into 62s they were equal in intrinsical value,but now by the raising of Moneys,this five pounds six shillings Flemish,say they,contains in intrinsical value no more than two pounds sixteen shillings.
And again,say they,The Ryall of eight and the Rix Dollar are both of them reputed equal to five shillings sterling,but hold in intrinsical value less by ten in the hundred.Hence,(say they,)it follows,That he that bestoweth here three pounds two shillings in English Cloth,and sells it beyond Sea for five pounds six shillings Flemish,or for twelve Ryalls of eight,or twelve Rix-Dollars,with two shillings,maketh his accompt that he hath sold it as dear as he bought it,and whatsoever he can get more is gain towards his hazard,his time,and his charge;and by this means he doth undervalue the English commodity to the loss of the Realm,six shillings in three pound two shillings:
But on the other side,if he bestow his five pound six shillings Flemish,or his twelve Ryalls of eight,or Rix-Dollars,and two shillings in Forrein Commodities,he makes his Accompt that he sells them not here for as much as they cost him,except he have for them three pound two shillings sterling,by which he overvalues to us the forrein Commodities by six shillings in three pound two shillings,by which means the Realm in general is impoverished,but the Merchant in his particular saves himself,for what is lost to him by the undervalue of the English Commodities is again made good unto him by the over-value of the forrein Commodities.And hence it follows that our Money wasts,our Manufactures decay,and their Money and Manufactures do increase.
As for the objections made against raising of Moneys;they say,They are not considerable in comparison of the benefits,for so as Trade and Manufactures may flourish and Money abound,what imports it though the price of things do rise,when as every man as he pays more,so he shall receive more:as for the King's loss,he shall be otherwise recompenced by the Riches of the Subjects.
But to come to the Examination of this Proposition and the Reasons made for it.
First,these valuations laid down of our Money in comparison with Flemish Money and Ryalls and Dollars,for a foundation of this Proposition is very uncertain;for as it is true,that as Ihave heard in publick conference upon thee occasions,divers Merchants of great worth and experience to affirm these valuations,so I have heard others of as great worth and experience to deny them,affirming that they knew none other valuation of our Money with forrein,but according to the Intrinsical value of either of them.And by the last Placcard of the Low Countries,the English shilling is made current for one shilling nine pence Flemish,by which accompt three pound two shillings English will make five pound eight shillings and six pence Flemish.
But admitting the valuations as they are set down in the Proposition,yet it will appear,but a meer Sophism;for the truth is,as it is set down in a former Chapter,That silver is higher valued in France and England,than in Spain,and in the Low Countries than in either of them;and in the Hanns Towns than in the Low Countries;and so still higher,the further Eastward:
But of gold it is not so:and upon an exact computation it will be found,That Gold is higher valued in England than in the Low Countries,and that a pound of fine gold reduced into the Riders of the Low Countries,makes but forty five Guilders,and seven Stivers,and allowing ten Stivers and a half for twelve pence English,as it is made current by the last Placcard,there the said sum amounts in sterling Money but to forty three pound thirteen shillings and a penny;but a pound of Gold fine makes in twenty two shilling pieces,forty four pound,eight shillings four pence sterling,which reduced into Guilders after the former accompt makes 446and a half,so as the pound in fine Gold is valued in Jacobus pieces,at 8Guilders two Stivers and one half more than in Riders,and in English Money is valued at fifteen shillings three pence more in Jacobus's than in Riders;so then it follows,that if England do loose any thing in the true price of her Commodities because Silver is higher valued in the Low Countries than in England,England gains again in the price of her Commodities,because Gold is higher valued in England than in the Low Countries.Besides all which none of the Objections made against this Proposition are answered,but only elevated,and it is manifest,that all those who are to receive Money shall be continually oppressed with this continual raising of Money,and if we shall still vie one upon another who shall raise highest,in the End the Matter must necessarily come to a Confusion.
