The Art of a Merchant is to consider all those Matters, so as no Prince's Proclamation concerning the Weight and Denominations of Coins, signifies anything to Forreigners when they know it, nor to his own Subjects pro futuro, what e're Disturbances it may make amongst them pro præterito. We say again; it were better for a Prince owing 20s. to say he will pay but 15s. than disguising his own particular purpose, to say that all Landlords shall henceforth take 15s. Rent for 20s. due to them by their Tenants Leases; and that he who hath lent 100l. on the Monday, (the Proclamation of Retrenchment coming out on Tuesday,) may be repaid on Wednesday with ¾ or 75l. of the very Money he lent two days before.
Qu. 13. Why is not our old worn unequal Money new Coined and equallized?
Answ. There may be many weak Reasons for it; But the only good one which I know, is, that bad and unequal Money may prevent hoarding, whereas weighty, fine, and beautiful Money doth encourage it in some few timorous Persons, but not in the Body of Trading men. Upon the account of Beauty our Britannia Half pence[1] were almost all horded as Medals till they grew common; For if but 100 of those pieces had been Coined, they would, for their Work and Rarity, have been worth above 5s. each, which for their Matter are not worth that Half penny they pass for: For in them, Materiam superabat Opus.
Qu. 14. Why hath Money been raised, or retrencht, or imbased by many wise States, and so often?
Answ. When any State doth these things, they are like Bankrupt Merchants, who Compound for their Debts by paying 16s. 12s. or 10s. in the pound; Or forcing their Creditors to take off their Goods at much above the Market rates. And the same State might as well have paid but ¾ of what they ow'd, as to retrench their Money in General to ¾
- ↑ Leake says that the Britannia half-pence were coined of copper in 1665, "but were soon called in, to please a neighbouring monarch; they are therefore not very common." English Money, p. 371. But Ruding doubts whether any were milled before the end of 1672. Annals, ii. 14—15.
