Memorandum on the Reasons Moving Queen Elizabeth to Reform the Coinage
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| Date | 1559 |
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Entry
[S.P.D. Eliz., Vol. XI., No. 6.] An opinion of her Majestie for reducinge of her coigne to the state it was in before her fathers warrs to Bologne with the reasons moving her therunto.
Her highnes weyinge and consideringe the state of this her realme and crowne in tyme past, the greate expenses of her Auncetors by reason of their warrs, and their abilitie not onely to support the same, but also to leave greate treasure behind them : And conferring therewith all her longe and happy peace
(in which tymes princes grow riche) and the greate want and insufficiencie of her reuennues and treasures to supply the ordinarie charge and defence of her dominions : she cold not but with greate care studdie theruppon, and devise for remedy of the same. And after sondry debatementes and consultations with her selfe, she is by divers reasons induced to conceiue, that the greatest and almost the only cause thereof hathe proceded by the inhauncementes of the coigne in the tyme of her father and brother, and that the only remedy therofis to reducethe monies to theauncient standerd of iij s. iiij d. the ounz, as it was in the tyme of her said father. Her highnes conceiuethe that vppon the avauncement of the monie from iij s. iiij d. to v s. the ounz siluer, and gold ratably, that her subjectes, to encontre the damage therof, encreased their rentes and prices from x to xv, and from xx to xxx in shillinges and poundes, and sustained smale losse therby.
On the other side her majesties losse hathe bin not only of a thirde in all her receiptes, but also a surcharge of a thirde in all her expenses, which is in trauthe a losse and consuminge of halfe her revenue, so that it semethe vnto her highnes, that yf this remedy had bin provided for in tyme, she might have had in treasure, vppon all eventes, almost as moche as she hathe expended. And this remedy her majestie knowethe she may provyde by her owne authoritie, and the rather thinkethe theruppon at this tyme, considering her parlament is at hand wherby any greate inormite to insue may by consultacion be provyded for.
Her highnes hathe also thaught vppon what may be opposed on the other side, that by this reducement of the monie greate numbres of her people might heavely suffre, and so it might breede moche discontentacion among them.
1. As first of all, and cheifly aboue others, farmers and tennantes wiche dwell vppon improved rentes.
2. The second care aught to be of them which are indebted, etc.
3. The third of merchauntes in parties beyond the seas, who yf proclamacion shold be made vppon a soddeine to reduce the monie as aforesaid, taking vpp monye by exchaunge afore proclamacion after the rates of poundes forreine to pay so many poundes Englishe, their paymentes growing due after proclamacion shold be moche damnified .
4. Forthly it hathe bin moche feared, least when the monye shold be braught to soche fines, that it wilbe transported out of the realme.
For answere, though her majestie thinketh that she were to moche streighted in so manifest an iniurie and decay of her revenue, growing without her owne fact, which importethe her highnes and hole common welthe far more then any priuat subiectes case can or doth import himself, lying in her owne power and authorite to remedy, to forbeare the same for any priuate respect, yet, being carefull for the releefe and satisfaction of every membre of her estate, thinketh that consideration may be had of bothe as insueth, the parlament being at hand. And so thinkethe convenient a little before the parlament by proclamacion to calle downe her coignes to the rats aforesaid, and so may all grevances which may ensue thervppon be considered and remeded.
[1.] And as for tennantes of improved rentes, her majestie is perswaded that it were not iniurious if it shold be inacted by authoritie of her estates, that the tennant during his terme from date of her proclamacion shold not answere his Lordes rent, but after the rate of the abatement of the value of the monie, viz.
for every pound a marke, where the Lorde shall not be moche HIGH PRICES AND THE COINAGE hindered, being able to performe almost every way as moche with the marke as he was with the pound. 2. For soche as are in debt, yf her highnes by consent of parlament shall provide that every man after the day of pro- clamacion shall accept his debt and payment according to the proportion of the monie reduced, viz. for every pound a marke, she thinketh the creditor not hindered therby for the reasons aforesaide. And in this parte of the Lawe her highnes demeth it convenient that like provision shold be made for all bandes knoledged for performance of covenantes etc. since the tyme of the inhauncement of the treasure.
3. Toching the third parte of the providence of the merchantes exchaunge till this be executed, it may be thaught vppon that some secrett aduertisment be geeven to the governor of Flaunders, that they make their exchaunges from hencforthe, not after the rate of pound flemishe or inglishe, but after the rate and nombre of crownes, as all other merchauntes Straungers doo, wherby they can sustayne no losse vppon any event. 4. And as concerning the forth, of the feare of transporting the treasure, being fine, and in value as is here mentioned, it appeareth not vnto her majestie how her merchaunt may more avayle him selfe then he dothe at this present, for the straunger never respecteth our value, but the goodnes of our coigne, be it gold or siluer, according to the richnes and substaunce of his owne, and so bargainethe accordingly.
[Endorsed] Reducing of Coyne.
