The History of Currency, 1252 to 1896Shaw, William Arthur
History
The History of Currency, 1252 to 1896
Shaw, William Arthur
Money -- History
The statement of opinion of the succeeding and last witness is extremely
valuable and interesting. Richard Aylesbury opined that, provided the
merchandise exported from England was properly regulated,--that is, if
no more of foreign commodities were allowed to be imported than the
value of the native products which should be taken out,--the money then
in England would remain, and great plenty would come from beyond the
seas.
He also conceived it to be expedient that the Pope's collector [of
Peter's Pence] should be an Englishman, and that the Pope's money
should be sent to him in merchandise and not in coin, and that the
journeys of clerks should be entirely forbidden, on pain, etc.
For the feebleness of the gold, which was occasioned by clipping, he
conceived there was no other remedy but that it should be universally
weighed by those who received it, and that the proclamation should be
made accordingly.
_The agreement of the gold with the silver he believed could not be
effected unless the money were changed, but that he dared not to propose
on account of the general damage which would ensue._
On account of the new money which had been made in Flanders and
Scotland, he advised that all Scottish monies should be forbidden by
proclamation, and also all other monies from beyond the sea, so that
they should have no currency in England; and that no one should take
them in payment, except at their value as bullion and for the King's
coinage; that no one should export gold or silver, according to the
statute in that case made, etc.
And, further, he suggested, by way of information, that the pound of
gold which was there made into the sum of 45 nobles (but which pound, by
reason of clipping and otherwise impairing, was then valued at 41-1/2
nobles) should be made into 48 nobles, to be current at the same value
as before.
This last proposition would have reduced the ratio to a fraction over
11:1--something higher than the ratio prevalent in France. Instead of
acting on evidence such as this, however, and so changing the ratio,
Richard's Government contented itself with the perfectly useless
prohibition of export of gold or silver (statute 5 Rich. II. cap. 1).
Four years later, accordingly, the matter was again pressed upon the
attention of Parliament, and even by the Chancellor of the realm,
Michael de la Pole himself, in his opening speech. The English money, he
said, was in greater estimation and of higher value in all other places
than in England. It was therefore sought out and craftily withdrawn, and
the chief or greatest remedy was to increase the value or price of the
said money.
In spite of such recommendation as this the measure was not adopted, and
Richard fell back on his previous expedients, crying down by
proclamation the value of the Scotch coins, 1387, and of the gold coins
of Flanders and Brabant, 1393, and ordaining by enactment that exporters
of goods should bring in 1 oz. of gold for every sack of wool which they
sold.
Public-domain text, read in full here on John Shaqi.
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