The History of Currency, 1252 to 1896Shaw, William Arthur
History
The History of Currency, 1252 to 1896
Shaw, William Arthur
Money -- History
During the Civil Wars there is a remarkable paucity of reference to the
subject, doubtless owing to the supreme importance of the war itself. On
the 26th August 1643, and on the 24th February 1643-4, the Long
Parliament issued orders, on the petition of merchant strangers who were
prevented from importing bullion by the rigours of the search of their
vessels, for their due encouragement. The petitions would argue a
tendency towards an importation of specie, but in 1649 this was again
changed, and a heavy export became perceptible. There can be little
doubt that the initial impulse came from the new coinage which was
instituted by the Act of 17th July 1649, and by the table of weights for
the Commonwealth coins which that Act adopted. For two years and more
both Council and Parliament were exercised in mind with regard to this
export of specie and the consequent decay of trade, and draft Acts to
prevent the export, as well as many other propositions, were had under
long consideration. No measures were adopted, and an Amsterdam
correspondent of Sir Robert Stone, in May 1652, thus gave his opinion of
the wisdom of the Mint officials and the Government in this process of
drift: "Experience has taught me that when the State does not keep
extraordinary watch, and the laws are not put into execution against
culling and sorting out the heaviest coins to be transported, and the
light and clipped left behind, it is a great debasing of the current
value of coin. All your silver money (i.e. in England) is thus abused by
goldsmiths and others. And when the State does not employ such as can
discover those offenders, but puts persons into the Mint who have had no
experience, great damage must follow. For there are bankers and
exchangers in Holland who know the ignorance of all your present Mint
men that have any place of trust, and laugh at them. They say when the
Mint in the Tower flourished, old Andrew Palmer, Mr. Rogers, and one
Cojan were there, who were all subtle Mint men, and held correspondence
here (i.e. in Amsterdam), and knew what to do to advance the Mint, and
would always find a way to bring grist to the mill. But now your Mint
comes to be neglected and money adulterated. Many of our bankers here
have a great trade with your goldsmiths and merchants in London for
English gold and heavy English silver. Your Mint will never go until
this be discovered, for these men are the sluices that drain all your
money. I believe there is at this day forty times more gold and silver
in the Low Countries than in England. About twelve years since the
French were forced to call in all their money, it being so clipped that
their commerce ran into confusion, and you have almost brought yourself
to the same point, the coin in Ireland being 20 per cent. less value
since the war. In England almost all your gold is transported, and the
little that is left is in hucksters' hands, that go to an exchange in
Public-domain text, read in full here on John Shaqi.
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