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ID Title Author Corrected Date of Publication (TCP Date of Publication) STC Words Pages
A49842 Observations concerning money and coin and especially those of England Layton, Henry, 1622-1705. 1697 (1697) Wing L755B; Wing O94_CANCELLED; ESTC R43364 50,023 54

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wearing of the Coined Pieces I deny it and we have seen old Groats worn to less weight than of a Two-pence that yet went currantly and without refusal as long as they would hold together So Stat. 9 H. 7.5 all Gold shall be currant for that which the pieces were Coined for and so for all manner of Groats afore the time of Shillings they shall be currant for 4 d. so as they be Silver not clipped or diminished otherwise than by ordinary wearing and although they be crack'd yet they shall go at the value which they were Coined for whence it is not that bare diminution of the weight of Silver which hinders Money from going as he supposes but that criminous diminution of it Pag. 9. He says Men do not Bargain or Contract for Denomination or Sounds but the quantity of Silver made currant by Publick Authority not quantity of Silver which he calls intrinsick value only but currant by Publick Authority and if Publick Authority be stampt upon a less quantity of Silver or Copper or any other matter not easie to be Counterfeited it will pass as readily in the Trade and Commerce of the Country as need be required and far more readily than our Clipped Coin now forbidden whatsoever intrinsick value such Clipped Silver may have in it and our present necessities make us wish we had but enough Authentick Copper Money amongst us to stop the Mouths and fill the Bellies of our Craving and Starving Neighbours that it is not the quantity of Silver only that makes Men rich witness the hundreds of Clipped Money which lie upon some Mens hands and they know not what to do with except they will send it a very great way to the Mint and there at great loss take Papers or Notes for it to be paid they will then be told when Thus While the Grass grows the Horse starves it is not therefore the intrinsick weight or value of Silver only which makes Men rich as he says but it is rather the store of currant Coin and Money of the Nation although it lay in Brass as amongst the Romans especially when their Neighbours were no better provided he asks What is the difference of paying in Clipped Money and paying in Authorized light Money I answer The one is a Payment in lawful and good Money and the other is the contrary and therefore one sort will be accepted and the other rejected not only or principally for their difference of weight but for that the Publick Authority allows the one and condemns the other although the New Coin'd Money should be made as light or lighter than the Clipt Money Well but says he What Justice or Reason can there be that he who hath borrowed an 100 l. in heavier Money should pay it again in lighter or Covenant to pay such Rent when Money was heavier and after pay it with lighter I answer Here seems very good Reason that the State should Judge and Determine what shall pass for a pound in Money amongst their own Subjects and that amongst our selves the Stamp of Authority hath far more Power to make Money passable amongst our own People than the weight of the Silver except it fall amongst Men of Skill who know how to order it by way of Merchandise so as whether the State Order a pound in Money to be made lighter or heavier it is a pound of lawful Money of England and it both ought to pass hath pass'd and will pass amongst Subjects without much considering the difference of weight in the alterations made by such Authority farther I say our Author extends his Care to Creditors and Landlords not regarding the Cases of Tenants or Debtors Men for this four or five years last past have borrow'd many Thousand Pounds in Clipt Money but he notes no unreasonableness or injustice in compelling them to pay such Debts again in heavy Money perhaps of twice the weight and so for Tenants who have taken Leases within the last five years at which time and during which they might pay their Rents all in Clipt Money and now he is desirous they should be put to pay the same Rents in heavy Money and thus he takes Care of Landlords and Creditors but the poor Tenants and Debtors are quite neglected by him But having now offer'd their Cases to his consideration I think it reasonable e'n to set the Hares Head against the Goose Giblets and will suffer and intreat the Subjects of England to be content with such pounds in Money as our State shall appoint for them without very much thinking upon the weight of them The Learned do tell us That our Day and Night grows from the rotation of the Earth in the time or space of 24 hours Men ask how that can be possible without the Sense or Perception by Men of such an alteration The Dr's Reply That because all Earthly Things and Prospects move together with us unaltered in their Aspects Men cannot by Sense of Earthly things perceive any motion at all and so I doubt not but that after our Money shall arrive to the strength of a Circulation none but some such thinking Men will trouble themselves to consider how much lighter or heavier our Money is now become but a brisk Circulation will make such alteration very little sensible and scarcely to be perceived in our own Home Trading or Commerce but will appear only in our Trade with other Nations and the Earths motion is plainly discovered by the Aspects which it bears to the rest of the Heavenly Bodies which are foreign to it and without the natural Sphere of its Activity Page 11. For his failure of Justice or fear of it it seems groundless as long as the State deals to all Men alike and impartially without favouring one more than another in things which the Law hath put into their Power and Practice to dispose of He says The States Authority in raising the esteem of Money adds no real Value or Power to it he may mean in the acceptance of Foreign Nations and then he says true But if he mean in the acceptance of the Subjects of this Kingdom in their Home Trade or Domestick Affairs it shall be pass'd here for a very clear mistake proved before and by our daily Practice in Clipt Money and Brass Money and all other like occasions He says It is only the quantity of Silver that is and eternally will be the measure of its value if he mean one sort of measure of its value I grant it But if he intends the only measure of its value I deny it And say there are two other measures of its value besides the quantity The first is the scarcity or plenty of the Commodity or Mettle and that reaches to the Foreign as well as the Domestick use of it The other is the Authority of the State and the price or value set upon it by the Government but this is more restrained and extends no farther than to the compass of their