The merchants map of commerce wherein the universal manner and matter relating to trade and merchandize are fully treated of, the standard and current coins of most princes and republicks observ'd, the real and imaginary coins of accounts and exchanges express'd, the natural products and artificial commodities and manufactures for transportation declar'd, the weights and measures of all eminent cities and towns of traffick in the universe, collected one into another, and all reduc'd to the meridian of commerce practis'd in the famous city of London / by Lewis Roberts, merchant.

CHAP. VIII. The Enhancing or Debasing our Monies, cannot Enrich the Kingdom with Treasure, nor hinder the Exportation thereof. (Book 8)

THere are three ways by which the Mo∣nies of a Kingdom are commonly al∣tered. The first is, when the Coins in their several Denominations are made cur∣rant at more or less Pounds, Shillings, or Pence, than formerly. The second is, when the said Coins are altered in their Weight, and yet continue currant at the former Rates. The third is, when the Standard is either Debased or Enriched in the Fineness of the Gold and Silver, yet the Monies continue in their former Values.

In all occasions of want or plenty of Mony in the Kingdom, we do ever find divers Men, who using their Wits for a Remedy to supply the First and preserve the Last, they fall presently upon altering the Monies; for, say they, the raising of the Coins in value, will cause it to be brought into the Realm from divers Places, in hope of the Gain; and the Debasing of the Monies in the Fineness or Weight will keep it here for fear of the Loss. But these Men pleasing themselves with the beginning only of this weighty Business, consider not the Progress and End thereof, whereunto we ought especially to direct our Thoughts and Endeavours.

* 1.1For we must know, that Mony is not only the true measure of all our other means in the Kingdom, but also of our Forein Com∣merce with Strangers, which therefore ought to be kept Just and Constant, to avoid those Confusions which ever accompany such alterations. For first, at Home, if the com∣mon Measure be changed, our Lands, Leases, Wares, both Forein and Domestick, must alter in proportion: And although this is not done without much Trouble and Damage also to some Men, yet in short time this must necessarily come to pass; for that is not the Denomination of our Pounds, Shillings, and Pence, which is respected, but the intrinsick value of our Coins; unto which we have little reason to add any further Estimation or Worth, if it lay in our power to do it, for this would be a special Service to Spain, and an act against our selves to indear the Commodity of another Prince. * 1.2Neither can these courses which so much hurt the Subjects, any way help the King, as some Men have imagined: for although the Deba∣sing or Lightning of all our Mony should bring a present Benefit (for once only) to the Mint, yet all this and more would soon be lost again in the future great Incoms of His Majesty, when by this means they must be paid yearly with Mony of less intrinsick value than formerly: Nor can it be said, that the whole Loss of the Kingdom would be the Profit of the King, they differ infinitely: for all Mens Estates, (be it Leases, Lands, Debts, Wares, or Mony) must suffer in their Proportions, whereas His Majesty should have the Gain only upon so much ready Mony as might be new Coined, which, in comparison, would prove a very small mat∣ter; * 1.3for although they who have other Estates in Mony, are said to be a great Number, and to be worth Five or Ten thousand Pound per Man, more or less, which amounts to many millions in all; yet are they not possess∣ed thereof all together, or at once; for it were Vanity and against their Profit to keep continually in their hands above Forty or Fifty Pounds in a Family to defray necessary Charges, the rest must ever run from Man to Man in Traffick, for their Benefit, whereby we may conceive, that a little Mony (being made the measure of all our other means) doth Rule and Distribute great matters daily to all Men in their just Proportion: And we must know likewise, that much of our old Mony is worn light, and therefore would yield little or no profit at the Mint, and the Gain upon the Heavy, would cause our vigi∣lant Neighbours to carry over a great Part thereof, and return it presently in pieces of the New Stamp; nor do we doubt that some of our own Country-men would turn Coiners, and venture a Hanging for this Profit; so that His Majesty in the end should get little by such Alterations.

Yea, but say some Men, If His Majesty raise the Mony, great store of Treasure would also be brought into the Mint from Forein Parts, for we have seen by Experience, that the late raising of our Gold ten in the Hundred, did bring in great store thereof, more than we were accustomed to have in the Kingdom; the which as I cannot deny, so do I likewise affirm, that this Gold carri∣ed away all or the most part of our Silver, (which was not over-worn or too light) as we may easily perceive by the present use of our Monies in their respective qualities: And the Reason of this Change is, because our Silver was not raised in proportion with our Gold which still giveth advantage to the Merchant, to bring in the Kingdom's Yearly Gain by Trade in Gold rather than in Silver.

Secondly, If we be inconstant in our Coins and and thereby violate the Laws of Forein Commerce; other Princes are vigi∣lant in these Cases, to alter presently in pro∣portion with us, and then where is our hope? Or if they do not alter, what can we hope for? For if the Stranger-merchant bring in his Wares, and find that our Monies are raised, shall not he likewise keep his Com∣modities

until he may sell them dearer? And shall not the Price of the Merchant's Ex∣change with Forein Countries, rise in Pro∣portion with our Monies? All which being un∣doubtedly true, why may not our Monies be carried out of the Kingdom as well, and to as much profit, after the raising thereof, as before the Alteration?

But peradventure some Men will yet say, that if our Monies be raised, and other Countries raise not, it will cause more Bul∣loin and Forein Coins to be brought in than heretofore. If this be done, it must be performed either by the Merchant who hath exported Wares, or by the Merchant who intends to buy off our Commodities: And it is manifest that neither of these can have more Advantage or Benefit by this Art now, than they might have had before the Alteration of the Mony. For if their said Bulloin and Forein Coins be more worth than formerly in our Pounds, Shillings, and Pence, yet what shall they get by that, when these Monies are Baser or Lighter, and that therefore they are risen in Proportion? So we may plainly see, that these innovations are no good means to bring Treasure into the Kingdom, nor yet to keep it here when we have it.

Notes

• * 1.1

  A Nota∣ble ser∣vice for Spain.
• * 1.2

  Mony is the mea∣sure of our other means.
• * 1.3

  All the ready Mo∣ny in this Kingdom is esteem∣ed at lit∣tle more than one Million of Pounds.