A CERTIFICATE.

ΤΟ

THE LORDS OF THE COUNCIL,

UPON INFORMATION GIVEN

TOUCHING THE SCARCITY OF SILVER AT THE MINT, AND REFERENCE TO THE TWO CHANCELLORS, AND THE KING'S SOLICITOR.

IT MAY PLEASE YOUR LORDSHIPS,

According unto your lordships' letters unto us directed, grounded upon the information which his majesty hath received concerning the scarcity of silver at the mint, we have called before us as well the officers of the mint, as some principal merchants, and spent two whole afternoons in the examination of the business; wherein we kept this order, first to examine the fact, then the causes, with the remedies.

Lord Knevet, who assisted us in this conference, as by the merchants; of which propositions few were new unto us, and much less can be new to your lordships; but yet, although upon former consultations, we are not unacquainted what is more or less likely to stand with your lordships' grounds and opinions, we thought it nevertheless the best fruit of our diligence to set them down in articles, that your lordships with more ease may discard or entertain the particulars, beginAnd, for the fact, we directed the officers of the ning with those which your lordships do point at mint to give unto us a distinguished account how in your letters, and so descending to the rest. much gold and silver hath yearly been brought | The first proposition is, touching the dispropor into the mint, by the space of six whole years tion of the price between gold and silver, which last past, more especially for the last three is now brought to bed, upon the point of fourteen months succeeding the last proclamation touching to one, being before but twelve to one. This we the price of gold; to the end we might by the take to be an evident cause of scarcity of silver suddenness of the fall discern, whether that pro- at the mint, but such a cause as will hardly reclamation might be thought the efficient cause of ceive a remedy; for either your lordships must the present scarcity. Upon which account it draw down again the price of gold, or advance appears to us, that during the space of six years the price of silver; whereof the one is going back aforesaid, there hath been still degrees of decay from that which is so lately done, and whereof in quantity of the silver brought to the mint, but you have found good effect, and the other is a yet so, as within these last three months it hath thing of dangerous consequence, in respect of the grown far beyond the proportion of the former loss to all moneyed men in their debts, gentlemen time, insomuch as there comes in now little or in their rents, the king in his customs, and the none at all. And, yet, notwithstanding, it is common subject in raising the price of things some opinion, as well amongst the officers of the vendible. And upon this point it is fit we give mint as the merchants, that the state need be the your lordships understanding what the merchants less apprehensive of this effect, because it is like intimated unto us, that the very voicing or susto be but temporary, and neither the great flush pect of the raising of the price of silver, if it be of gold that is come into the mint since the not cleared, would make such a deadness and reproclamation, nor, on the other side, the great tention of money this vacation, as, to use their scarcity of silver, can continue in proportion as it own words, will be a misery to the merchants: now doth. so that we were forced to use protestation, that there was no such intent.

Another point of the fact, which we thought fit to examine, was, whether the scarcity of silver appeared generally in the realm, or only at the mint; wherein it was confessed by the merchants, that silver is continually imported into the realm, and is found stirring amongst the goldsmiths, and otherwise, much like as in former times, although, in respect of the greater price which it hath with the goldsmith, it cannot find the way to the mint. And thus much for the fact.

For the causes with the remedies, we have beard many propositions made, as well by the

The second proposition, is touching the charge of coinage; wherein it was confidently avouched by the merchants, that if the coinage were brought from two shillings unto eighteen pence, as it was in Queen Elizabeth's time, the king would gain more in the quantity than he should lose in the price: and they aided themselves with that argument, that the king had been pleased to abate his coinage in the other metal, and found good of it: which argument, though it doth admit a difference, because that abatement was coupled with

the raising of the price, whereas this is to go alone; yet, nevertheless, it seemed the officers of the mint were not unwilling to give way to some abatement, although they presumed it would be of small effect, because that abatement would not be equivalent to that price which Spanish silver bears with the goldsmith; but yet it may be used as an experiment of state, being recoverable at his majesty's pleasure.

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parts, it is supposed that all Spanish moneys, which is the bulk of silver brought into this realm, would, by means of such a proclamation, come into the mint; which may be a thing considerable.

The fifth proposition was this: It was warranted by the laws of Spain, to bring in silver for corn or victuals; it was propounded that his majesty would restrain exportation of corn "sub The third proposition is, concerning the ex- modo," except they bring the silver which reportation of silver more than in former times, sulted thereof, unto his mint; that trade being wherein we fell first upon the trade into the commonly so beneficial, as the merchant may East Indies; concerning which it was materially, well endure the bringing of the silver to the in our opinions, answered by the merchants of mint, although it were at the charge of coinage, that company, that the silver which supplies that which it now beareth further, as incident to this trade, being generally Spanish moneys, would matter. There was revived by the merchants, not be brought in but for that trade, so that it sucks with some instance, the ancient proposition, conin as well as it draws forth. And, it was added, cerning the erection of granaries for foreign corn, likewise, that as long as the Low Countries forasmuch as, by that increase of trade in corn, maintained that trade in the Indies, it would the importation of silver would likewise be help little, though our trade were dissolved, multiplied. because that silver which is exported immediately by us to the Indies, would be drawn out of this kingdom, for the Indies, immediately by the Dutch: and for the silver exported to the Levant, it was thought to be no great matter. As for other exportation, we saw no remedy but the execution of the laws, specially those of employ-in foreign parts. To trouble your lordships ment, being, by some mitigation, made agreeable to the times. And these three remedies are of that nature, as they serve to remove the causes of this scarcity. There were other propositions of policies and means, directly to draw silver to the mint.

The sixth proposition was, That upon all license of forbidden commodities, there shall be a rate set of silver to be brought into the mint: which, nevertheless, may seem somewhat hard, because it imposeth upon the subject that which causeth him to incur peril of confiscation

further with discourses which we had of making foreign coins current, and of varying the king's standard to weight, upon the variations in other states, and repressing surfeit of foreign commodities, that our native commodities, surmounting the foreign, may draw in treasure by way of overplus; they be commonplaces so well known to your lordships, as it is enough to mention them only.

There is only one thing more, which is, to put your lordships in mind of the extreme excess in the wasting of both metals, both of gold and silver foliate, which turns the nature of these metals, which ought to be perdurable, and makes them perishable, and, by consumption, must be a principal cause of scarcity in them both; which, we conceive, may receive a speedy remedy by his majesty's proclamation.

The fourth point thereof, was this: It is agreed that the silver which hath heretofore fed the mint, principally, hath been Spanish money. This now comes into the realm plentifully, but not into the mint. It was propounded, in imitation of some precedent in France, that his majesty would, by proclamation, restrain the coming in of this money "sub modo;" that is, that either it be brought to the mint, or otherwise to be but and defaced, because that now it passeth in payments in a kind of currency. To which it was colourably objected, that this would be the way to have none brought in at all, because the gain ceasing, Lastly, We are humble suitors to your lordthe importation would cease; but this objection ships, that for any of these propositions, that was well answered, that it is not gain altogether, your lordships should think fit to entertain in but a necessity of speedy payment, that causeth consultations, your lordships would be pleased the merchant to bring in silver to keep his credit, to hear them debated before yourselves, as being and to drive his trade: so that if the king keep matters of greater weight than we are able to his fourteen days' payment at the mint, as he judge of. And so, craving your lordships' pardon always hath done, and have, likewise, his ex- for troubling you so long, we commend your changers for those moneys, in some principal lordships to God's goodness.

HIS LORDSHIP'S SPEECH

IN THE PARLIAMENT,

BEING LORD CHANCELLOR,

ΤΟ

THE SPEAKER'S EXCUSE.

MR. SERJEANT RICHARDSON,

THE king hath heard and observed your grave and decent speech, tending to the excuse and disablement of yourself for the place of speaker. In answer whereof, his majesty hath commanded me to say to you, that he doth in no sort admit of the same.

ferring it before other estates, it needs no answer; the schools may dispute it; but time hath tried it, and we find it to be the best. Other states have curious frames, soon put out of order: and they that are made fit to last, are not commonly fit to grow or spread: and, contrariwise, those that are made fit to spread and enlarge, are not fit to conFirst, Because if the party's own judgment tinue and endure. But monarchy is like a work should be admitted in case of elections, touching of nature, well composed both to grow and to conhimself, it would follow, that the most confident tinue. From this I pass. and overweening persons would be received; and the most considerate men, and those that understand themselves best, would be rejected.

Secondly, His majesty doth so much rely upon the wisdoms and discretions of those of the House of Commons, that have chosen you with a unanimous consent, that his majesty thinks not good to swerve from their opinion in that wherein themselves are principally interested.

Thirdly, You have disabled yourself in so good and decent a fashion, as the manner of your speech hath destroyed the matter of it.

For the second part of your speech, wherein you did with no less truth than affection acknowledge the great felicity which we enjoy by his majesty's reign and government, his majesty hath commanded me to say unto you, that praises and thanksgivings he knoweth to be the true oblations of hearts and loving affections: but that which you offer him he will join with you, in offering it up to God, who is the author of all good; who knoweth also the uprightness of his heart; who he hopeth will continue and increase his blessings both upon himself and his posterity, and likewise upon

And, therefore, the king doth allow of the elec- his kingdoms and the generations of them. tion, and admit you for speaker.

The first was a commendation, or laudative of monarchy.

The second was indeed a large field, containing a thankful acknowledgment of his majesty's benefits, attributes, and acts of government.

The third was some passages touching the institution and use of parliaments.

But I for my part must say unto you, as the Grecian orator said long since in the like case: "Solus dignus harum rerum laudatur tempus;" Time is the only commender and encomiastic worthy of his majesty and his government.

Why time? For that, in the revolution of so many years and ages as have passed over this kingdom, notwithstanding, many noble and excellent effects were never produced until his majesty's days, but have been reserved as proper peculiar unto them.

and

And because this is no part of a panegyric, but merely story, and that they be so many articles of honour fit to be recorded, I will only mention them, extracting part of them out of that you, Mr. Speaker, have said; they be in number eight.

First, his majesty is the first, as you noted it well, that hath laid "lapis angularis," the corner The fourth and last was certain petitions to his stone of these two mighty kingdoms of England majesty on the behalf of the House and yourself. and Scotland, and taken away the wall of sepa For your commendation of monarchy, and pre-ration: whereby his majesty is become the mo

to multiplicity of laws: for they do but ensnare | sensible of forms than of matter; and is as far from and entangle the people. I wish rather, that ye should either revive good laws that are fallen and discontinued, or provide against the slack execution of laws which are already in force; or meet with the subtile evasions from laws which time and craft hath undermined, than to make "novas creaturas legum," laws upon a new mould.

The other point, touching laws, is, that ye busy not yourselves too much in private bills, except it be in cases wherein the help and arm of ordinary justice is too short.

enduring diminution of majesty, as from regard ing flattery or vainglory; and a king that understandeth as well the pulse of the hearts of the people, as his own orb. And, therefore, both let your grievances have a decent and reverend form and style; and, to use the words of former parliaments, let them be "tanquam gemitus columbæ," without pique or harshness: and, on the other side, in that ye do for the king, let it have a mark of unity, alacrity, and affection; which will be of this force, that whatsoever ye do in substance, will be doubled in reputation

For grievances, his majesty hath with great grace and benignity opened himself. Neverthe- | abroad, as in a crystal glass. less, the limitations, which may make up your grievances not to beat the air only, but to sort to a desired effect, are principally two. The one, to use his majesty's term, that ye do not hunt after grievances, such as may seem rather to be stirred here when ye are met, than to have sprung from the desires of the country: ye are to represent the people; ye are not to personate them.

The other, that ye do not heap up grievances, as if numbers should make a show where the weight is small; or, as if all things amiss, like Plato's commonwealth, should be remedied at once. It is certain, that the best governments, yea, and the best men, are like the best precious stones, wherein every flaw or icicle or grain are seen and noted more than in those that are generally foul and corrupted.

Therefore contain yourselves within that moderation as may appear to bend rather to the effectual ease of the people, than to a discursive envy, or scandal upon the state.

As for the manner of carriage of parliament business, ye must know, that ye deal with a king that hath been longer king than any of you have been parliament men; and a king that is no less

For the time, if ever parliament was to be measured by the hour-glass, it is this; in regard of the instant occasion flying away irrecoverably. Therefore, let your speeches in the House be the speeches of counsellors, and not of orators; let your committees tend to despatch, not to dispute; and so marshal the times as the public business, especially the proper business of the parliament, be put first, and private bills be put last, as time shall give leave, or within the spaces of the public.

For the four petitions, his majesty is pleased to grant them all as liberally as the ancient and true custom of parliament doth warrant, and with the cautions that have ever gone with them; that is to say, That the privilege be not used for defrauding of creditors, and defeating of ordinary justice: that liberty of speech turn not into license, but be joined with that gravity and discretion, as may taste of duty and love to your sovereign, reverence to your own assembly, and respect to the matters ye handle: that your accesses be at such fit times, as may stand best with his majesty's pleasure and occasions: that mistakings and misunderstandings be rather avoided and prevented, as much as may be, than salved or cleared.

A SPEECH IN PARLIAMENT,

39 OF ELIZABETH,

UPON THE MOTION OF SUBSIDY.

AND please you, Mr. Speaker, I must consider | mixture of this House doth so require it, that in the time which is spent; but yet so, as I must causes of this nature there be some speech and consider also the matter, which is great. This great cause was, at the first, so materially and weightily propounded; and after, in such sort persuaded and enforced; and by him that last spake, so much time taken, and yet to good purpose; as i shall speak at a great disadvantage: but, because it hath been always used, and the

opinion, as well from persons of generality, as by persons of authority, I will say somewhat, and not much: wherein it shall not be fit for me to enter into, or to insist upon secrets, either of her majesty's coffers, or of her council; but my speech must be of a more vulgar nature.

I will not enter, Mr. Speaker, into a laudative