time of Augustus And that Kymbelines own Image was stamped upon the Coyn after the manner of the Romans concerning which our Lord demands whose Image and Superscription is this Then he exhibits to us the Coyns of Arviragus and Galgacus British Kings in the time of the Emperor Domitian before which time viz. in the time of Nero Agricola Lieutenant of Nero in Britain had Conquer'd our whole Island and reduced England into the form of a Roman Province which the Romans held under their Yoak and Dominion from that time viz. about Anno Christi 60 until the Reign of the Emperor Honorius about Anno Christi 400. which is the space of 340 years during all which time it appears with clearness our Predecessors the Britains used the Roman Coyns and Money and before the Roman times both Speed and Camden do agree with some Roman Authors that the Britains used no other Money in their Payments but Rings of Iron and some Plates or pieces of Brass If we enquire concerning the Nature of the Roman Money of those Times we may be informed by Pliny in his Natural History Lib. 33. Cap. 3. There he tells us that he could never learn who was the first that by setting a Stamp upon Gold ordained it to pass for Money but he is sure that the People of Rome had neither Gold nor Silver Money stamped before the Victories which they had over Pyrrhus King of Epirus and he knows that in old time of their Government their manner was to weigh out Brass by the As which was a pound weight and thence was call'd As libralis and the Soldiers Wages were so paid viz. by weight and thence called Stipendia and at this day about Anuo Christi 120 he says in all buyings and sellings which pass with warranty the payment passes usually by interposition of the Ballance and that serves to testifie the reallity of the Contract on both parts for the Roman Brass Money it was first stamped by Servius Tullius one of their first Kings before which time it was used at Rome in the Mass or Lump by weight his Stamp upon such Brass Money was the Figure or Form of a Sheep in Latin term'd Pecus and thence proceeded the word pecunia and during that King's Reign the richest Man in Rome was valued not to be worth more in Goods than an 110000 Asses of Brass Five years before the first Punick War the Romans began to stamp Silver Money and then it was ordained that the Silver Denarius should go for ten Asses or pounds of Brass the half Denarius or Quinarius for five such Asses and the Sexterce for two and an half But that Punick War put the Roman Commonwealth so much behind hand that it was Agreed and Ordain'd to raise the value of the Brazen Money by diminishing the weight of it so that whereas before the Ass weighed a pound of 12 ounces now they brought down the Ass to the weight of 2 ounces by which device says he the Commonwealth gained five parts in six and the publick Treasury was by this means soon acquitted of all Debts And when in the second Punick War Rome was greatly distrest by Hanibal and sorely put to it for Money to maintain that War they brought down their later Ass from the weight of 2 ounces to 1 ounce and the value of their Silver Denarius they raised from 10 Asses to 16 Asses the Quinaaius to 8 and the Sexterce to 4 and by this means he says the State gained very near the half but excepts Soldiers Wages wherein the Denarius was to pass but for 10 Asses as before he says There was no Gold Coyned till 62 years after the Coyning of Silver and the Proportion of their Gold pieces was at first of 50 pieces to a pound weight and that Proportion was diminished in weight by little and little till by Nero it was brought to be Coyned at 55 pieces to the pound weight This of Roman Coyns From the Romans departure out of Britain in the Reign of the Emperor Honorius until the Subversion of the British Nation by the Saxons the British Money and Coyn seems to have continued in the same State wherein the Romans lest it These Britains and first King Vortimer called in the Saxons to his Aid against the Northern Men who stood out against the Romans and now pillaged and subdued their deserted Provinces To Vortigern succeeded Vortimer Anno 454. and then Aurelius Vther Arthur c. unto Cadwolloder who bâ—gan to Reign Anno 685. but his Power at that time only reached to the Countrey of Wales the Saxons having driven the Brittains into those Mountains long before that time The Reign of Arthur is by Speed placed to begin Anno 516. and that it extended to 542. at which time he says the Saxons had spread themselves as far as to Tine in the North Anno 578. Vortiporus succeeded King of the Brittains called by Gildas Tyrant of South Wales which Observations have been used for the Collecting a likely Commencement for the establishing the Saxon Government in the Kingdom of England which seems to be soon after Arthur's Death and may be most probably placed about Anno-Christi 550. betwixt which year of Commencement and our own time two Periods seem requisite to be observed the first of them from Anno 550. until the Reign of King Hen. the 3d whose Reign began anno 1216. which is a space of about 660 years and the 2d from 1260. to 1696 the space of 436 years In the first of these Periods we have no such certain Rule to Calculate the value of our Money by as we may find under the second Period but must be forced to Collect upon Inferences the likeliest approaches to the Truth of such values Speed in his Chronicle fol. 225. and 288. says That Cherdeck was the first West Saxon King succeeded by his Son Kenrick and he by his Son Ceoline who began to Reign Anno 561. to him our Author ascribes a Silver Coyn here exemplified that Edward King of the East Angles Coyned Money Anno 616. and Aldolph King of Northumberland Anno 664 and then also Ethelbert King of Kent then Offa of Mercia Anno 758. then Kenwolf of Mercia 794. Egbert the Saxon Monarch Anno 800. Berwulf of Mercia Anno 821. but no more till 872. and then of Great King Alfred 872. then Edward the Elder Anno 901. and thence each King have their Coyns and Stamps annext with their Effigies the most early notice we meet with of Riches amongst them is cited by Speed from Beda viz. That Oswald King of Northumberland about Anno 634. at a Solemn Feast sent to the Poor at his Gates not only the Meat provided for himself but commanded the Charger of Silver wherein it was to be broken and divided amongst them Speed fol. 303. cites Beda again That Oswy King of Northumberland in Anno 643. sued to Penda King of Mercia for Peace and offered him infinite Treasure and precious
the Law and Customs of our Nation and the frequent practice of our Ancestors And upon this Rule That the State can make as real change in the value and currency of Money there will by the lightning of our present Money be no Confusion or Injustice at all wrought in Buying Selling or any other other ways of Contract or Bargain whatsoever He says again That by former Alterations of Money never was there a Penny gotten which he never had a certain means to know whence his Sentence seems Bold and Ignorant and so we say Who more Bold than the Blind and Brave But he should have said not only that they did not get by it but that they never avoided any great Inconveniencies by it but that they often did and that we now seek and endeavour to do the rest of this Paragraph is but Threats and Prophecies without Ground or Proof Next He denies the rising of the Values of Gold or Silver in any other parts of Europe excepting in England only and there he doth not deny that it is risen What are his Reasons for that Why it is because our Trade is lost Witness the vast Foreign Trade driven in London at the time when he wrote extreamly now abated by the ill management of our Money His second Reason Why the Value of Silver is raised in England is our Pride and Luxury He should have shewed how much and wherein the Pride and Luxury of England exceeds that of France Spain Italy Germany or that of his admired Country of Holland or else I cannot allow of this Reason any more than of the former His third Assertion is true viz. That our Expences abroad have been great and that hath occasioned a great transport and draining of our Money but how or why that makes Silver dearer in England than it is in other Countries I do not understand true it is we cannot afford to give so much of our Money for an Ounce of Silver as other People whose Money is lighter or courser can afford to do But let us lighten our Money or set a greater Rate or Value upon it then may it give more Money for an Ounce of Silver and that saving our Author's Opinion will make it much more plentiful amongst us He says I return now to tell you That if we raise our Money the Prices of Commodities will rise with it true and then it will be the occasion of great Justice I have said and do say of no Injustice at all Next he says The raising of Guineas to 30 s. raised the Price of all the Goods in England and I say of the Lands also and what harm was there in that Why they bought and sold our Goods in Holland to great Profit by that means I say it doth not much concern us what Profit the Hollanders made of them so as they bought them of us at a more than ordinary rate and we cannot help the inconvenience of an high Exchange or Price for the return of Money so long as we have great need of Money there for the pay of our Army and maintenance of our Court in those Countries Next he agrees That Guineas are worth 27 s. in Holland and that whoso obtains them in England at 22 s. may by carrying them into Holland make 5 s. clear gain by them and each of them and he thanks the Parliament for giving the Hollanders an opportunity so to do but I believe it will be long enough before they have the publick Thanks of the Nation for their so doing Secondly He says The Exchange viz. the Price of returning Money from hence to Holland is 20 per Cent. I say that should not be so if we could help it but the great need we have of Money in those Parts for the support of our Court and Army compels us to suffer the great Inconvenience of it and the Losses which we sustain by it and he should do wonderful well if he would shew us any way to help it but it seems his business is to find Faults and raise Complaints in the mean time endeavouring only to obstruct such Proposals as are studied and intended for the remedying of them Next he says Guineas can be Coin'd at Amsterdam as well as London true but would they Coin Gold which goes at 27 s. there and send it over to England to go for 26 s. there if they did so their discretion would be admirable but they are no such Fools but he sometimes admires them and sometimes imposes upon them as his occasions may require Pag 4. He speaks of allowing two sorts of Money the one light and the other heavy I agree that would be very inconvenient Second He is again at his old Principle That the State hath no real Power to raise or depress the Value of our Money always by me denied and often refuted Still he insists It is the Weight and Fineness of the Money that gives the Value not the Authority of the Government he adds observe that I say that hath been often enough observ'd to be a false and fallacious Principle directly opposite to the Law of the Land and constant practice of our Kingdom The foregoing Paragraph grew from casting my Eye upon Page 2. instead of Page 4. Pag. 4. He confesses That some Swedes and Danes did contract to be paid in our Mill'd Money seven or eight Years ago and that proves they found a benefit in the weightiness of it and yet he would not have it lighter Why even because he would not have occasion given Men to say That English Men are like French Men and given to change Next He puts a case upon a point of Foreign Trade and Dealing wherein I grant our States Authority cannot prevail for that Authority can only reach to their own Subjects so his Case being granted there is non sequitur in it Next he says Men pretend that by lightning our Money it will keep it in the Nation Secondly That Gold and Silver are risen in other places of Europe Thirdly Bullion is now near 6 s. an Ounce These Pretences he says are the chief Arguments for lightning of our Coin and if one can soundly confute them the causes of lightning of our Money will be quite removed and taken away true they will be so well then says he I will answer and destroy them all in a few words viz. By saying that all those Pretences and Assertions are absolutely false He says Bullion never was worth more of our good and unclipt Money than 5 s. 2 d. per Ounce I say that he hath confest the Voice of common Fame opposes him in this point and therefore he ought to have been somewhat particular and wherein the proof of this his positive Assertion and for want of such proof I cannot but take leave to suspend my belief of it Well says his poor Spokesman Rogers if lightning our Money will not be a great means to keep it in the Kingdom what other course can
fere which will rise to 45 s. per Thousand and to 225 l. in the 1000000 and to 2250 l. in the Million of Money if his Majesty may make this profit which will rise from the over-weight which is in the 80 l. above the 100 l I pray the Exchange may pass upon that foot but if his Officers or Ministers must lick this petty profit of their Fingers and put it into their own Purses as the case is very likely to fall out then I wish the Exchange may pass upon the other foot of Exchanging weight for weight of the one sort as of the other so as the Subject may have that small profit rather than the Ministers enrich themselves by it But upon the whole matter of this Proposal there must be provided a great Bank of our New Money in the King's Hand and disposal that his Officers may be able to pay with the one hand as they receive with the other or the Traffick and Trade of this Exchange will prove very slack and inconsiderable for Men will not part with the good and heavy Money in their own present possession for Tickets and Tallies nor perhaps upon any Credit that can be propounded to them and therefore this Trade must needs be driven by the present Money on both sides or else the design will prove abortive and in like manner for the Clipt Money if it may pass at 6 s. 8 d. per ounce by weight it will not readily come into the Mint except there be New Money ready to pay for it at that rate but this provision being made all the Money and even Silver in the Kingdom will be ready to flow into our Mint and from Foreign parts to be Coin'd and remain amongst us because we shall set a little higher rate and value upon it than that which it yet bears amongst our Neighbour Nations Also by this means all will be soon converted into one Sort and Species of Money which was the thing propounded to be perform'd in this 2d Observation My 3d and last Observation will concern the dangerous and corroding Canker which eats out the very Bowels of our English Treasure and Money viz. the griping Extortion laid upon us by our next Neighbours and Confederates in the Low Countries of Holland and Flanders they know we have pressing need of Money in their parts for the Payment of our Army and support of our Court there and their Merchants make the uttermost advantage which they can of such necessity and therefore though our Money lie ready in England for such purposes or the Credit which we offer for that purpose be never so good and unquestionable they will not return this Money for us into their Low Countries nor pay our Bills charg'd upon them for those purposes at a less rate or price than 20 per Cent allowance for supplying the necessities which grow upon us from the occasions before exprest This 20 per Cent in the return of every Million amounts to the summ of 200000 l. whence if the King expend two Millions and an half in those parts yearly according to our former computation and this be paid by returns through those Countries our King and Nation must perfectly lose and cast away the summ 500000 l. per annum for which according to our proverbial expression the English Nation or People must Neither Eat nor Drink This is a vast yearly Charge and even unsupportable to the State of the Kingdom the very apprehension and remembrance of it is a grievous and afflictive burthen to those who will concern themselves for the support and well-fare of their Native Countrey and my intent is to offer this great Suffering to the consideration and feeling of such Persons that so they may all lay it to Heart and thence be stimulated provok'd and stirred up by all the stretch of their Wits and Industry of their Hands to prevent and cure this miserable Loss and Consumption of our Money or at least in some measure to diminish or aleviate the same I will therefore recommend this matter to the Men of State and especially to the Commissioners of the Treasury and next to the Commissioners for the regulation of Trade and by Name to my Examin'd Author Mr. Lock and to all other Persons of Skill and Activity in the Kingdom exhorting every one of them according to their several Stations and Abilities to Study and Endeavour the removal of this miserable Loss and Calamity from us or to make it more tollerable than at present we find it and that I may begin with casting my Mite into this Treasury of Merit I pretend to offer two Proposals each of which may possibly prove in some measure Remedial of this our forenam'd Malady and Consumption The first is That a considerable part of the Kingdoms Treasure may be employ'd in Traffick and for that purpose his Majesty may have Factors and Factories Store-Houses and Magazines in his Cities of London Portsmouth Plymouth Bristol Chester Dublin and two more good Ports of Ireland for the West and Yarmouth Hull Newcastle Edenborough and some more Northern Port of Scotland for the East and that the King's Factors buy with his Money or such Credit as they can fairly and freely obtain such sort of Commodities in the adjacent Countries as are most likely to be of ready Vent in the Low Countries viz. all sorts of Necessaries for Eating Drinking and Wearing and Tin Lead Timber Salt-peter or Nitre Iron Canvas Cordage Coals and other like Commodities and that he have in the Low Countries other Factories at Antwerp Amsterdam Rotterdam Middleburgh Dort or other places for the reception and vending all the said Commodities which shall come from his own Dominions or may be procur'd by Truck and Tade from the Elb. the Baltick or other Northern Countries these vended in the Low Countries for ready Money or good Credit may stop a great part of our Leak and by degrees may make our Vessel more stanch and steddy than heretofore it hath been private Men have often grown rich by the gains of such Traffick but if the King make but his own of it he 'll be satisfied by saving 20 per Cent for the return of so much Money nay and if he lose 5 per Cent in his Trade he will save 15 per Cent in his Returns and if he lose 10 per Cent or 15 per Cent in the Trade he will still save 10 or 5 per Cent in his Returns it is true nihil simul inventum perfectum and therefore Men ought to begin with lesser trials which if prosperous will grow to more perfection by degrees and if this or a like Proposal do hit divers benefits may arise from it our Countrey Commodities may thereby rise in their value it may give Employments to many Subjects and to Seamen and their Vessels it may cause our Coasts to be better guarded for Protection of the King 's Goods not suffering our Men of War to fleep out their time in Torbay as they have been too much accustomed to do but putting them in active Guard at least upon our Coasts so long as the season of the Summer and Temperate weather will permit My second Proposal for a measure of Remedy in our beforementioned case may be made by the most beneficial Management of Gold and Guineas amongst us I have before Calculated the exact value of a Guinea in our new and light Money to be 28 s. 6 d. this Guinea I take to go in Holland at the rate of 27 old Shillings which are an eighth part better than the new whence those 27 Shillings are 5 Shillings at least better than our 28 s. 6 d. if then we obtain Guineas here at the rate of 28 s. 6 d. and put them off in Holland at such 27 s. we may save the whole 20 per Cent Return and Gain besides 2 s. or 3 s. in every Guinea but if I shall count with Mr. Lock the 20 per Cent out of the 27 s. it will reduce the 27 s. to the value of our light Money and then we shall buy at the value of 28 s. 6 d. and sell ht 27 s. by this Mart we shall lose but 5 per Cent and that will save us 15 per Cent of our 20. and if we should buy at 30 s. and sell at 27 s. it is a loss but of 10 per Cent and would save us other 10. if we buy at 31 s. 6 d. and for 27. we shall lose but 15 per Cent and be still savers of 5 per Cent. These Mediums I leave as Proposals to be well consider'd and farther improv'd or set aside by putting better Proposals in their stead and not by letting the matter fall without procuring some redress in it and herewith shall be cut off the Thread of this Discourse in which I have not shun'd or forborn to declare to my Countrey the true and whole state of the matters now in agitation as far as my Knowledge can extend and I pray God to give it a success suitable to the Integrity good Affection and Intention of the Writer who hopes he had in it a Superior Assistance and desires there may be rendred to the only great Fountain of Being and Goodness the whole Honour and Glory and all the Thanks Praises and Acclamations of the Universe for evermore Amen FINIS