Of the Proportion held between Gold and Silver,Antient and Modern.
Use and Delight,or the opinion of them,are the true causes why all things have a Value and Price set upon them,but the Proportion of that value and price is wholly governed by Rarity and Abundance:And therefore the Proportion of value between Gold and Silver must needs differ in several Times and Places,according to the scarcity or abundance of those Mettals.There is much Variety amongst Authors what Proportions Gold and Silver held to one another amongst the Hebrews,not out of the Difference of Times,but out of the Difference of Interpretations;for Bodine doth alledge the same places to prove the Proportion was twenty five for one,which other Authors do alledge to prove it to have been 45for one;and others 10for one.There is a Passage in Thalia,of Herodotus (sect.95)by which it appears,that Thirteen Talents of Silver were valued at one of Gold in the Revenues of Darius.And there is an Opinion received,That in the time of the flourishing of the Grecian Common-wealths,those Mettals were in the Proportion of twelve to one.It is also reported in Pliny,(without mentioning any certain time)That antiently the Romans did value a scruple of Gold at twenty Sestertii of Silver,which,if it were when the Sestertii were at the greatest weight,made the Proportion of twenty for one:and if it were when they were at their least weight,it made the Proportion of fifteen for one.But there is a clear Passage,in the 8th Book (sect.11)of the 4th Decade of Livy,of an Accord between the Romans and AEtolians,that the AEtolians might pay,instead of every Talent of Gold,ten Talents of Silver;and (in Suetonius)it is said,that Caesar,at his coming out of Gallia brought such a quantity of Gold,that the Proportion betwixt Gold and silver abated to seven and one half of Silver to one of Gold:the abatement had not been credible,if the Proportion of Pliny had been twenty for one,or fifteen for one.But to come to later times,and to our Neighbours,which have therefore a more near Relation to us,both in time and place.
The proportion in France,in the time of King John,who was contemporant with Edward the Third,was 11for one:and in the time of Charles the Fifth,who succeeded next to him,it was 11and almost 12for one.And ever since the Proportion has been held between 11and 12for one.But by the edict of this French Kind now reigning,December 1614,the mark of Gold fine is valued at 27l.16s.7d.the mark of Silver called Argent le Roy,is valued at 14s.6d.and almost one half penny.But adding a 24th part to the two,to make it fine,which the Silver called Argent le Roy doth want of fineness,the proportion will arise into 13,wanting about a seventh part to one of Gold.In Germany about the year 1610,the Proportion held 13for one,sometimes a little more,sometimes a little less;though antiently the Proportion was eleven for one.The Proportion in Spain hath a long time remained near about twelve for one.The Proportion in the United Provinces,by the Placcard 1622(which is yet in force)is about 12and two thirds fine silver,to one of Gold.But before I come to set the Proportions that have been held in this Kingdom of England I shall first set down,How I do inquire and resolve of the said Proportions,to the end I may satisfy such whose Curiosity may carry them to examine the truth of the said Proportions.
I do first examine by the Records of the several times,how much the Gold,then coined in work,is valued at,then I do examine what proportion of Allay is mixed in the said Gold coined in work,and add to the same the said proportion of Allay,as if it were fine Gold,and so make up a full pound of fine Gold;and do just in the same manner,value the full pound of fine Silver and then calculate what proportion is between the value of the pound of fine Gold and the value of the pound of fine Silver.To which examination,I cannot conceive what can be objected other than this,That the remedies which are allowed,being different in the Gold from the Silver,and different in themselves,in different times,must needs breed an error in this Calculation.
