"In spite of the bad police prevailing, we draw in times of peace twice as much silver from abroad as the foreigners draw from us. If the reform we advocate were adopted we should double this net gain.... Between us and the Netherlands and Germany, where we generally trade, there is this difference, that 6 _écus_, at the price at which they are exposed here, only come to 5 in the said places, which has induced a sudden and enormous dearness in the merchandise which we export from there, and besides has caused us a great disorder--to wit, that the merchants have transported all our _douzains_ and other billon money, to save themselves from the loss they would have had to incur in settling in _écus_ or in any foreign species of gold or silver on which, at the price they are current at by the caprice of the people, there would be a loss in settlement of 15, 20, and 25 per cent.... The cause of the enhancement of prices proceeds from the malice of several who turn into bullion the best of your coins in order to fill the kingdom with others of less goodness, enriching themselves thus with the blood and misery of the people.... [Sidenote: FRANCE: THE REFORM OF 1577] "The remedy is to lower the rate of the monies.... The _écus_ ought to come down to 50 sols., but for the present we would consent to it being put at 60, awaiting a further reduction. The currency of all foreign coins ought to be prohibited as the chief cause of these evils. For although by all your ordinances they have been valued according to the price of the _écu_, yet the people have always increased them more than they have your own monies, so that the _écu_ at this moment, to be in accordance, ought to pass for 78 sols. This arises from the craft of the foreigner, and the only exceptions of importance are the _reals_ and _pistoles_ of Spain, which are of known goodness and profit to the melter. They have never brought us harm, but, on the other hand, they are being melted down all over France, and at the present rate the foreigner gets a profit of about 7 livres on the mark of them, so that we advise prohibition of their circulation. Finally, we advise to do away with the old reckoning by livres and sols, and substitute for it the reckoning by écus."