[Illustration: TABLE OF THE MOVEMENT OF GOLD & SILVER IN ENGLAND 1300-1500.] The effect of Edward's change of ratio--from 12.59 (the same as the French rate) in 1344 to 11.04 in 1346--told immediately on the French currency, and at the first return to good money in the first year of King John (1350-64) the ratio in that country was changed at a stroke from 12.61 to 11.11. This in its turn acted upon precious metals in England, and for three years the English King found himself futilely struggling against an outflow of silver, by such measures as the hanging and drawing of merchants, before he discovered that it was due to an overvaluation of gold. In 1353, accordingly, he lowered the weight of the gold nobles from 128-4/7 grs. to 120. At the same time, the contents of the silver penny were reduced in a greater proportion (from 20 grs. to 18). By this means the ratio of 11.04, which had prevailed since 1346, was lowered to 11.15. That this ratio achieved its purpose, as far as England was concerned, is apparent from the simple fact that it remained unaltered for over sixty years until 1414; that it acted adversely upon and drained France of her gold is apparent from the change of the ratio there at her first immediately succeeding return to good money. Two periods of debasement had marked the short reign of John of France (1350-64), and the effect of these and of the influence of the English ratio was such that in 1360 there was no gold in his kingdom. Towards the end of that year, and in the beginning of 1361, John promulgated a reformation of the coinage--a return to good or "forte" money, and in this reformation he adopted a ratio which would act on the English stock of precious metals. In England, Edward's action in 1353 in lowering the contents of both silver and gold coins, and altering the ratio, had given rise to great discontent, to an extent which proved how wiser and truer to the nation's interest was the King than his people. This diminution of the value of these coins, says the Chronicle, made all things dearer, so that the workmen and servants became assuming and demanded greater wages. There is as little foundation for such an innuendo as there is for the view which regards this depreciation as an issue of base money. It was simply a measure of precaution, as stopping an invisible and insidious outflow of the currency. [Sidenote: ENGLAND AND FRANCE IN 1360]