But your great comfort is, that, as his majesty's patent does not
oblige you to take this money, so the laws have not given the Crown a
power of forcing the subjects to take what money the king pleases: for
then, by the same reason, we might be bound to take pebble-stones or
cockle-shells, or stamped leather for current coin, if ever we should
happen to live under an ill prince, who might likewise by the same
power make a guinea pass for ten pounds, a shilling for twenty
shillings, and so on, by which he would in a short time get all the
silver and gold of the kingdom into his own hands, and leave us
nothing but brass or leather or what he pleased. Neither is anything
reckoned more cruel or oppressive in the French Government than their
common practice of calling in all their money after they have sunk it
very low, and then coining it a-new at a much higher value, which
however is not the thousandth part so wicked as this abominable
project of Mr. Wood. For the French give their subjects silver for
silver, and gold for gold; but this fellow will not so much as give us
good brass or copper for our gold and silver, nor even a twelfth part
of their worth.
Having said this much, I will now go on to tell you the judgments of
some great lawyers in this matter, whom I fee'd on purpose for your
sakes, and got their opinions under their hands, that I might be sure
I went upon good grounds.
A famous law-book call'd the _Mirrour of Justice_, discoursing of the
articles (or laws) ordained by our ancient kings, declares the law to
be as follows: It was ordained that no king of this realm should
change, impair, or amend the money or make any other money than of
gold or silver without the assent of all the counties, that is, as my
Lord Coke says, without the assent of Parliament.
This book is very ancient, and of great authority for the time in
which it was wrote, and with that character is often quoted by that
great lawyer my Lord Coke. By the laws of England, several metals are
divided into lawful or true metal and unlawful or false metal; the
former comprehends silver or gold, the latter all baser metals: that
the former is only to pass in payments appears by an Act of Parliament
made the twentieth year of Edward the First, called the statute
concerning the passing of pence, which I give you here as I got it
translated into English; for some of our laws at that time were, as I
am told, writ in Latin: Whoever in buying or selling presumeth to
refuse an half-penny or farthing of lawful money, bearing the stamp
which it ought to have, let him be seized on as a contemner of the
king's majesty, and cast to prison.
By this statute, no person is to be reckoned a contemner of the king's
majesty, and for that crime to be committed to prison, but he who
refuses to accept the king's coin made of lawful metal, by which, as I
observ'd before, silver and gold only are intended.
Public-domain text, read in full here on John Shaqi.
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