Of the great increase of the Proportion between Gold and Silver,and the things valued by them;by which there is grown a greater want of Money in England than was in Antient times,and of the Causes thereof,and of the Remedies which may be applied.
Because this Title is of a very curious and perplexed Search,I am inforced contrary to a Logical Method,to set down my Conclusion first,and to explain by the cleerest Expressions Ican think of,what it is I intend to prove,and by what ways,and then to prove that the price of all things,which is the Proportion between Money and the things,which is the Proportion between Money and the things valued by Money,at this present is much encreased from what it was in antient times:and because Iwill set down a time certain of Antiquity,I will take the 25th year of Edward the Third,when a pound of Gold of sterling standard made 15l.sterling,and a pound of Silver of the same,made 25s.sterling.I intend to prove that this increase of price and Proportion is not meerly according to the raising of the Money,which hath bin since that,and is about the rate of three for one,as the Money hath been raised,for then the price and proportion should be only nominally,and not really encreased,for that if we pay now 3s.for that which in the 25th year of Edward the Third cost but 1s.and if we pay now 3Crowns for that which cost then but one;yet if then there was as much fine Gold in one Crown as now there is in 3,the price should only be increased in name;but the proportion between gold and silver,and the things valued by them,would remain the same.But Iintend to prove that this increase of Proportion hath bin real,and that the price of things in general is now grown six times as much or eight times as much as then they cost,in name of Shillings,Crowns and Pounds and in reality of fine Gold and Silver,to double,and almost treble the Proportion of all things,valued by Gold and Silver,in respect of what it was in the 25th year of Edward the Third.Then I intend to prove that this real increase of Proportion,by which all things valued by Money,are valued at more than double,almost treble,the quantity of fine Silver and Gold,than then they were,is grown principally,and in a manner solely,out of the great quantities of Gold and Silver come into the Kingdom of Spain out of the West and East-Indies,within this Hundred years or thereabouts,and thence dispersed into other parts of the World,whereby it is come to pass that the value of Gold and Silver is become more vile and cheap;and generally all things valued by them,are rated higher,at double and almost treble as much Gold and silver as they were rated at in the 25th year of Edward III or thereabouts;as one Scale pres't down doth necessarily make the other rise higher:From those Proportions it will necessarily follow that if the Kingdom of England should have at this day as much Gold and Silver in fineness and weight,or peradventure half as much more,as it had in the 25th year of Edward the Third;yet because the increase of the Proportion between Gold and Silver and the things valued by them is so much greater than it was then,to wit,above double and almost treble;that the Kingdom of England is so much poorer and more disabled than it was then,by how much it wants of that quantity of Gold and Silver,which may,in Proportion to things valued by them,countervail the quantity which then was in England,and this great Mischief and Disability doth not only hold in the present Stock,but in the Fruit and growing Wealth of the Kingdom.
Lastly,Having discovered this great Evil,the Danger whereof is not apprehended as it deserves,together with the Causes of it,I intend to set down what Remedies are propounded unto it.
Now when I shall compare the Prices of things at this day with those of antient times,if I should go to set down all things particularly the Labour and Search were beyond measure,and the variety of the Proportions of prices would not be very great between several things,but the same things in several seasons would exceedingly differ in price,and the proofs,would be very disputable so as no certain conclusion would be drawn from them:as for Example,of Corn,Cattel,and Fish,the Proportions of price would not hold the same,and every of these would differ in several seasons for several causes;as Corn through unseasonable weather,Cattle through murraign,Fish through Warr;and every one of these through many other accidents are able to raise or draw down the price again:Cloth,Linnen,Leather,and such like,would have the like variety of prices through the same,and through other causes,as through Impositions laid upon them,new Inventions,whereby the Manufactures may be the more easily and speedily made,engrossing of them,false ****** of them,want of work-men.
And if these things,which are most necessary for man's life,are subject to so many varieties of Prices through several causes;how much more uncertain would those Materials prove,which serve only to delights and magnificence,as precious Stones,Pearls,Hangings,Pictures,Embroideries,and such like;which are subject to so many causes of varieties of price,as things necessarie,and are moreover subject to the Humours and Fancies of the Times,by which their price is raised or abased.
