Ireland under the Stuarts and During the Interregnum, Vol. 3 (of 3), 1660-1690Bagwell, Richard
History
Ireland under the Stuarts and During the Interregnum, Vol. 3 (of 3), 1660-1690
Bagwell, Richard
Ireland -- History -- 17th century
Pikes could be made in Ireland, where ash-trees are plentiful, for
3_s._ 10_d._ apiece, but firearms and even swords had to be imported
from France. Textile fabrics of all sorts ran short. In the winter of
1689 some armourers were at work in Dublin, but the supply of steel
was insufficient. Wool was abundant, and cloth for uniforms could be
produced. But the most important manufacture under James's rule was
brass money. Needy governments have been tempted in all ages to tamper
with the currency. Gallienus, and other late Roman emperors, carried
the practice very far. Leather money was issued by Indian princes at
a very early date, with the usual result. The credit of paper, which
is the modern equivalent, depends upon the ability of the government
to make good its nominal value. In the American Civil War, the notes
of the seceding states became depreciated as the end drew near, and
when all was over were sold very cheap as curiosities. Three months
after James's arrival in Dublin he issued a proclamation setting
forth that money was scarce, and that he proposed to remedy this by
coining sixpenny pieces out of brass or copper. These were made legal
tender, except for the payment of duties on foreign commodities,
of money held in trust, or of judgment debts already due. Interest
accruing thereafter on mortgages, bills, bonds, or obligations might
be satisfied with the new currency, and also the principal of debts
'where the debtor or his goods are or shall be taken in execution of
the same.' Refusal to accept the new coin was to be punished with the
utmost rigour of the law as contempt of the royal prerogative, but
actual importers of foreign goods were excepted for the first payment.
The King declared that the expedient was only temporary, and promised
to pay the full value in gold or silver when the base coin should be
cried down. A few days later an issue of shillings and half-crowns was
proclaimed on the same terms.[252]
[Sidenote: A depreciated currency.]
Public-domain text, read in full here on John Shaqi.
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