The works of Francis Bacon, lord chancellor of England.

CERTIFICATE RELATING TO THE MINT. 283
the:aising of the price, whereas this is to go parts, it is supposed that all Spanish moneys,
alone; yet, nevertheless, it seemed the officers of which is the bulk of silver brought into this
the mint were not unwilling to give way to some realm, would, by means of such a proclamation,
abatement, although they presumed it would be come into the mint; which may be a thing
of small effect, because that abatement would not considerable.
be equivalent to that price which Spanish silver The fifth proposition was this: It was warbears with the goldsmith; but yet it may be used ranted by the laws of Spain, to bring in silver for
as an experiment of state, being recoverable at his corn or victuals; it was propounded that his
majesty's pleasure. majesty would restrain exportation of corn ", sub
The third proposition is, concerning the ex- mode," except they bring the silver which reportation of silver more than in former times, suited thereof, unto his mint; that trade being
wherein we fell first upon the trade into the commonly so beneficial, as the merchant may
East Indies; concerning which it was materially, well endure the bringing of the silver to the
in our opinions, answered by the merchants of mint, although it were at the charge of coinage,
that company, that the silver which supplies that which it now beareth further, as incident to this
trade, being generally Spanish moneys, would matter. There was revived by the merchants,
not be brought in but for that trade, so that it sucks with some instance, the ancient proposition, conin as well as it draws forth. And, it was added, cerning the erection of granaries for foreign corn,
likewise, that as long as the Low Countries forasmuch as, by that increase of trade in corn,
maintained that trade in the Indies, it would the importation of silver would likewise be
help little, though our trade were dissolved, multiplied.
because that silver which is exported immedi- The sixth proposition was, That upon all
ately by us to the Indies, would be drawn out of license of forbidden commodities, there shall
this kingdom, for the Indies, immediately by the be a rate set of silver to be brought into the
Dutch: and for the silver exported to the Levant, mint: which, nevertheless, may seem somewhat
it was thought to be no great matter. As for hard, because it imposeth upon the subject that
other exportation, we saw no remedy but the which causeth him to incur peril of confiscation
execution of the laws, specially those of employ- in foreign parts. To trouble your lordships
ment, being, by some mitigation, made agreeable further with discourses which we had of making
to the times. And these three remedies are of foreign coins current, and of varying the king's
that nature, as they serve to remove the causes standard to weight, upon the variations in other
of this scarcity. There were other propositions states, and repressing surfeit of foreign comrmoof policies and means, directly to draw silver to dities, that our native commodities, surmounting
the mint. the foreign, may draw in treasure by way of
The fourth point thereof, was this: It is agreed overplu~; they be commonplaces so well known
that the silver which hath heretofore fed the to your lordships, as it is enough to mention them
mint, principally, hath been Spanish money. only.
This now comes into the realm plentifully, but There is only one thing more, which is, to put
not into the mint. It was propounded, in imita- your lordships in mind of the extreme excess in
tion of some precedent in France, that his majesty the wasting of both metals, both of gold and
would, by proclamation, restrain the coming in silver foliate, which turns the nature of these
of this money "4 sub modoe;" that is, that either it metals, which ought to be perdurable, and makes
be brought to the mint, or otherwise to be but and them perishable, and, by consumption, must be a
defaced, because that now it passeth in payments principal cause of scarcity in them both; w;ieh,
in a kind of currency. To which it was colour- we conceive, may receive a speedy remedy by his
ably objected, that this would be the way to have majesty's proclamation.
none brought in at all, because the gain ceasing, Lastly, We are humble suitors to your lordthe importation would cease; but this objection ships, that for any of these propositions, that
was well answered, that it is not gain altogether, your lordships should think fit to entertain in
but a necessity of speedy payment, that causeth consultations, your lordships would be pleased
the merchant to bring in silver to keep his credit, to hear them debated before yourselves, as being
and to drive his trade: so that if the king keep matters of greater weight than we are able to
his fourteen days' payment at the mint, as he judge of. And so, craving your lordships' pardon
always hath done, and have, likewise, his ex- for troubling you so long, we commend your
changers for those moneys, in some principal lordships to God's goodness.