Slight as the backward change was, it was sufficient to leave the monetary system exposed to the same influence of differential exchanging, and within two months it had to be repealed by the law of October 1345. Under the name of _Nuovi Guelfi_ a fresh coin was thereby instituted of the same standard and equivalence as above, but at a tale of 142 per libbra (140 being rendered back to the merchant, and 2 retained for expenses of coinage). 140 x 4 = 560 piccioli. (= 28 lire di piccioli.) This established a considerable advantage, and turned the flow of silver back again to Florence. [Sidenote: FLORENCE IN 1345] The process might in many respects be compared to our raising of the bank rate, were it not that the two operations represent quite different and separated financial epochs. It is noteworthy, too, because the process will be found immediately imitated in both France and England, that these laws of 1345 represent preponderatingly the sense of the class of exchangers of Florence,--i.e. the financiers professed,--men who would profit individually in their exchange operations as much as the state would in its restored currency of silver. "The above lords," says the preamble to the first-cited Act, "considering the numerous petitions made to them by many artificers, merchants, and honourable citizens, of the incredible lack of silver money in the state of Florence, on account of which the citizens of the said state suffer many inconveniences and wants, have determined to have and have had counsel of the twenty-one guilds of the city, who have [by a roundabout method] chosen eight men, skilled and prudent in the aforesaid, who have had counsel with the officers of our Mint and with certain others of the trade of exchangers," etc., with such result as above. Yet even so, the effort was only temporarily successful. Before two years was out the price of silver abroad, outside of Florence, had advanced to 12 _lire_ 15 _soldi a fiorino_ = 27 _lire_ 14 _soldi di piccioli_, whereas the price fixed by a fresh Mint law of 1345 had been again reduced to under 26 _lire_ 10 _soldi di piccioli_. The result was a second melting down and disappearance of the silver coins of the state, a second agitation on the part of the Florentine woollen merchants, and renewed legislation. By the Mint regulation of 1347, a new-named money was introduced called _Guelfi Grossi_, coined at a tale of 117 to the libbra (111-3/5 being rendered cash to the merchants, and 5-2/5 retained by the Mint for the state), at the same standard as before (11-1/2 oz.), but at an equivalence of 5 instead of, as previously, 4 piccioli per piece. 117 x 5 = 585 piccioli. (= 29 lire 5 soldi di piccioli);