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A57517 Sir Thomas Rowe his speech at the councell-table touching brasse-money, or against brasse-money, with many notable observations thereupon, Iuly, 1640. Roe, Thomas, Sir, 1581?-1644. 1641 (1641) Wing R1778A; ESTC R474455 6,259 12

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in their shillings and pounds a lesse proportion of silver and gold than they did before this projected alteration and pay for what they buy at a rate enhaunsed it must cast upon all a double losse what the King will suffer by it in the Rents of his lands is demonstrated enough by the alteration since the 18 of Ed 3. when all the Revenues of the Crown came unto the receipts pondere numero after 5 Groats the Ounce which since that time by severall changes of the Standard is come to 5s whereby the King hath two third parts of his just Revenues In his Customes the book of rates being regulated by pounds and shillings his Majesty must lose alike and so in all and whatsoever moneyes that after this he must receive the profits of his Coynage cannot be much more permanent in the losse lasting and so long as it reacheth to little lesse than yeerly to accept part of hi Revenue for in every pound tale of gold is 7 Ounces 1d weight and 19 grains losse which 25l in accompt and in 700l tail of silver which is 14l 17s more And his Majesty shall undergo all this losse hereafter in all his receipts so shall he no lesse in all his dibursments the wages of his souldiers must be ratably advanced as the money is decreased This Edward the 3 as appeareth by the accounts of the Wardrobe and Exchequer as all the Kings after him were inforced to do as often as the lessened Standard of the moneyes of what shall be bought for his Majesties service must in like manner be inhaunsed on him As his Majesty hath the greatest profits of receipts and issues so must he of necessity taste of the most losse by this device It will destroy or discourage a great proportion of the trade in England Impair his Maiesties Customes for that part being not the least that passeth upon trust and credit will be over-thrown for all men being doubtfull of diminution hereby of there personall estates will call in their moneys already out and no man will part with that which is lying by himuppon apparant losse as this must bring what dammage may befall the State by such a sudden stand of Trade I cannot guesse The moneys both of gold and silver formerly Coyned and abroad richer then those intended will be made of the most nereby Bulloin and so transported which I conceive will be none of the least inducements that hath drawn so many Goldsmithes to side this Proiect that they may be thereby Factors for the Strangers who by the Law of Mintage bring but two shillings silver to the pound waight and 4 shillings for gold whereas with us the one is and the other 5 shillings many make that profit beyond the Sea they cannot here and so his Maiesties Mint unset of worke And as his Maiesties losse appeareth in the alteration of many a 14th in the silver and a 25th part in all the gold they after shall receive so shall the Nobilitie Gentry and all other landed men in all their former setled Rents Annuities Pensions and sums of money the like will fall upon the labourers and workemen in their statute wages And as their receipts are lessened hereby so are their issues increased either by improving all prices or dis-furnishing the Marker which must necessarily follow for in the 5th of Edw. 6th 3o Mary 4to Eliz. as appeareth by their Proclamations That a Rumour only of alteration caused such effects punishing the author of such reports with Imprisonment and Pillory It cannot be doubted but the proiecting of such a change must be of far greater consequence and danger to the State and would be wished that the Actors and authors of such disturbances in the Common-wealth at all times hereafter might undergo a punishment proportionable It cannot be held I presume an advise of best indgement that layeth the losse upon our selves and the gain upon our enemies for who are like to be in this the greatest thrivers is not visible that the strangers who support or money for bullion our own Gold-smiths who are their Brokers and the Hedgminters of the Netherlands who tearmed them well will have a fresh and full trade by this abasements And we do not the Spanish King our greatest enemy a greater favour than by his who being Lord of these commodities by his West-Indies we shall so advance them to our impoverishment for it is not in the power of any State to raise of the price of their own but the value that their neighbours set upon them experience hath taught us that the enfoebling of Coyn is but a shift for a while as drinke to one in a dropsie to make him swell the more but the state was never thorowly cured as we saw in Henry the Eighths time and the late Queens untill the Coyn was made rich again I cannot but then conclude my honorable Lords that if the proportion of Gold and Silver to each other be wrought to that purity by the advice of the Artists that neither may be too rich for the other that the Mintage may be reduced to some proportion of neighbour parts and that the issue of native commodities may be brought to over-ballance the entrance of the forraigne we need not seek any shift but shall again see our trade to flourish the Mint as the pulse of the Common-wealth again to beat and our Materialls by Industry to be Mynes of Gold and Silver which we all wish and work for supported unto us and the honor of Justice and Profit of his Maiesty Certain general Rules collected concerning Money and Bullion out of the late Consultation at Court GOld and silver hath a two fold estimation in the extrinsique as they are moneys and Princes measures given to his people and this is a Prerogative of Kings in the Intrinsique they are commodities valewing each other according to theplenty or scarcity and so all other commodities by them and that is the sole power of Trade The measure in a Kingdome ought to be constant It is the Justice and honor of the King for if they be altered all men at that time are deceived in the precedent contracts either for lands or moneys and the King most of all for no man knoweth either what he hath or what he oweth This made the Lord Treasurer Burleigh in Anno 1573. when some Projectors had set on foot a matter of that nature to tell them that they were worthy to suffer death for attempting to put so great a dishonor upon the Queen and detriment and discontent on the people for to alter this publike measure is to leave all the Markets of the Kingdome unfurnished and what will be the mischiefe the Proclamation of 5. and 6. 30. Mary and 4th of Eliz. will manifest when but a rumor produced that effect so farre that besides the faith of the Princes to the contrary delivered in their Edicts they were inforced to cause the Magistrates in every Shire