would by this means gain an opportunity of defrauding their creditors.”[1] This was striking language to hold in the seventeenth century, when, on account of the failure to recognize money sterling as a simple commodity like iron and wheat, a general belief prevailed that it was perfectly consistent with, economic laws to disregard the intrinsic worth of coin and to place upon it any value that mistaken notions as to the true interests of the people suggested. The proposition of the Council, which the Commissioners passed upon so justly, was doubtless made at the instigation of Howard, who had been specially instructed by the English Government to refrain from altering the metallic currency of Virginia unless he should receive distinct authority to do so from the King.[2]
The authors of the Present State of Virginia, 1697, have thrown important light on the condition of the Colony in the last decade of the century with reference to money sterling. From this pamphlet, it is learned that the piece of eight was valued at this time at five shillings by law. No weight for the coin was prescribed, and in consequence frequent occasion was taken by private persons to reject it on the ground that it was so light that it could not be good silver, or if good silver, that it had been clipped. From this fact, it is to be inferred that the intrinsic worth of the piece of eight was not generally considered equal to five shillings. No attempt was made to ascertain by legislative enactment the current value of other coins of foreign as distinguished from English origin. The quantity of English money in circulation
