That this is the true construction of the Act, appears not only from
the plain meaning of the words, but from my Lord Coke's observation
upon it. By this Act (says he) it appears that no subject can be
forc'd to take in buying or selling or other payments, any money made
but of lawful metal; that is, of silver or gold.
The law of England gives the king all mines of gold and silver, but
not the mines of other metals; the reason of which prerogative or
power, as it is given by my Lord Coke, is, because money can be made
of gold and silver, but not of other metals.
Pursuant to this opinion half-pence and farthings were anciently made
of silver, which is more evident from the Act of Parliament of Henry
the IVth. chap. 4, by which it is enacted as follows: Item, for the
great scarcity that is at present within the realm of England of
half-pence and farthings of silver, it is ordained and established
that the third part of all the money of silver plate which shall be
brought to the bullion, shall be made in half-pence and farthings.
This shows that by the words half-penny and farthing of lawful money
in that statute concerning the passing of pence, is meant a small coin
in half-pence and farthings of silver.
This is further manifest from the statute of the ninth year of Edward
the IIId. chap. 3, which enacts, That no sterling half-penny or
farthing be molten for to make vessel, or any other thing by the
goldsmiths, nor others, upon forfeiture of the money so molten (or
melted).
By another Act in this king's reign black money was not to be current
in England, and by an Act made in the eleventh year of his reign,
chap. 5, galley half-pence were not to pass: what kind of coin these
were I do not know, but I presume they were made of base metal, and
that these Acts were no new laws, but further declarations of the old
laws relating to the coin.
Thus the law stands in relation to coin, nor is there any example to
the contrary, except one in Davis's _Reports_, who tells us, that in
the time of Tyrone's rebellion Queen Elizabeth ordered money of mixt
metal to be coined in the Tower of London, and sent over hither for
payment of the army, obliging all people to receive it, and commanding
that all silver money should be taken only as bullion, that is, for as
much as it weighed. Davis tells us several particulars in this matter
too long here to trouble you with, and that the Privy Council of this
kingdom obliged a merchant in England to receive this mixt money for
goods transmitted hither.
But this proceeding is rejected by all the best lawyers as contrary to
law, the Privy Council here having no such power. And, besides, it is
to be considered that the Queen was then under great difficulties by a
rebellion in this kingdom, assisted from Spain, and whatever is done
in great exigences and dangerous times should never be an example to
proceed by in seasons of peace and quietness.
Public-domain text, read in full here on John Shaqi.
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