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1. Gold, and Silver, have a two-fold Estimation in the Intrin∣sick, as they are Monies, they are the Princes Measures given to his People; and this is a Prerogative of Kings: In the Intrinsick,
they are Commodities, valuing each other according to the plenty, or scarcity, and so all other Commodities by them; and that is the sole Power of Trade.
2. The Measures in a Kingdom ought to be constant: It is the Justice and Honour of the King; for if they be altered, all Men, at that Instant, are deceived in their precedent Contracts, either for Lands or Money; and the King most of all; for no Man knoweth then, either what he hath, or what he oweth.
3. This made the Lord Treasurer Burleigh, in 1573. when some Projectors had set on foot a matter of this nature, to tell them, that they were worthy to suffer death for attempting to put so great a dishonour on the Queen, and detriment, and dis∣content, upon the People; for to alter this publick Measure, is to leave all the Markets of the Kingdom unfurnished: And what will be the Mischief, the Proclamations of 5 Ed. VI. 3 Mariae, and 4 Eliz. will manifest, when but a rumour of the like produced that Effect so far, that besides the Faith of the Princes to the con∣trary delivered in their Edicts, they were enforced to cause the Magistrates in every Shire, respectively, to Constrain the People to furnish the Markets, to prevent a Mutiny.
4. To make this Measure then, at this time, short, is to raise all Prizes, or to turn the Money, or Measure, into Disise, or Bullion, when it is richer by seven in the hundred in the Mass, than the new Monies, and yet of no more value in the Market.
5. Hence of necessity it must follow, that there will not in a long time be sufficient Minted of the New, to drive the Exchange of the Kingdom; and so all Trade, at one Instant, at a stand, and, in the mean time, the Markets unfurnish'd, which how it may concern the quiet of the State, is worthy care.
6. And thus far as Money is a Measure.
7. Now as it is a Commodity, it is respected, and valued by the Intrinsick quality: And first the one Metal to the other.
8. All Commodities are prized by plenty, or scarcity, by dear∣ness, or cheapness, the one by the other: If therefore we desire our Silver to buy Gold, as it of late hath done, we must let it be the Cheaper, and less in Proportion valued, and so contrary; for one equivalent Proportion in both will bring in neither. We see the proof thereof by the unusual quantity of Gold, brought late∣ly to the Mint by reason of the price; for we rate it above all other Countries, and Gold may be bought too dear. To furnish then this way the Mint with both, is altogether impossible.
9. And, at this time, it was apparently proved both by the best Artists, and Merchants, most acquainted with the Exchange, in both the Examples of the Mint-Masters in the Rix Dollar and Real of Eight, that Silver here is of equal value, and Gold above, with the Foreign parts in the Intrinsick, and that the fallacy, pre∣sented to the Lords by the Mint-Masters, is only in the Nominati∣on, or Intrinsick quality.
10. But if we desire both, it is not raising of the value that doth it, but the balancing of Trade; for buy we in more then we sell of other Commodities, be the Money never so high prized, we must part with it to make the disproportion even: If we sell more than we buy, the contrary will follow.
11. And this is plain in Spain's necessities; for should that King advance to a double rate his Real of Eight, yet needing, by reason of the barrenness of his Country, more of Foreign Wares than he can counter vail, by Enchange with his own, he must part with his Money, and gaineth no more by Exhauncing his Coin, but that he payeth a higher price for the Commodities he buyeth, if his work of raising be his own. But if we shall make Improvement of Gold and Silver, being the Staple Commodity of his State, we then advancing the price of his, abase to him our own Com∣modities.
12. To shape this Kingdom to the fashion of the Netherlands, were to frame a Royal Monarch by a Society of Merchants. Their Country is a continual Fair, and so the price of Money must rise and fall to fit their occasions. We see this by raising the Exchange at Frankford and other Places at the usual time of their Marts.
13. The frequent and daily Change in the low Countries of their Monies, is no such injustice to any there, as it would be here. For being all either Mechanicks or Merchants, they can Rate accor∣dingly their Labour or their Wares, whether it be Coin or o∣ther Merchandise, to the present condition of their Money in Exchange.
14. And our English Merchants, to whose profession it pro∣perly belongs, do so, according to the just Intrinsick value of their Foreign Coin, in all Barter of Commodities, or Exchange, ex∣cept at usance; which we, that are ruled and ty'd by the In∣trinsick Measure of Money, in all our constant Reckonings and Annual Bargains at home, cannot do.
15. And for us then to raise our Coin, at this time, to equal their Proportions, were but to render our selves to a perpetual incertainty, for they will raise upon us daily then again, which if
we of Course should follow, else receive no Profit by this pre∣sent Change, we then destroy the Policy, Justice, Honour, and Tranquility of our State at home for ever.
If we go on debasing our Money, Manufacture, and Naviga∣tion, to make even with the Dutch, we may now in a very short time undo the Nation; and there is nothing that can recover us at present, but the Balance, Regulation, and Advancement of Trade, which the King's most Excellent Majesty hath so often recommen∣ded to his Parliament; and by which means Edward III. got that Advantage of invading France, and dealing with it as he did, to the great Honour, and Interest of England.
'Tis just now so with our Gui∣neas, &c.
5 Edw. VI. 3 Mariaet 4 Eliz.