Page:History of England (Froude) Vol 4.djvu/372

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352

REIGN OF EDWARD THE SIXTH.

[ch. 25.

theorists, three centuries before their time, distracted him with their tempting speculations. 'Why should money cause the dearth?' men said. 'Why should it not be taken as it is proclaimed?' 'What if it were copper? what if it were lead? what if it were leather? Is it not all one, seeing it is for none other use but exchange?'^[1] 'If money was plenty, all things would be plenty; the greater abundance of money, the greater the abundance of everything. Three parts of the realm out of four were the better for the multiplication.'^[2]

Among the causes of the general distress, the facility with which Somerset allowed himself to be persuaded against his better judgment by arguments such as these, must hold a considerable place; yet, after all deduc-

↑ Sir James Crofts to the Privy Council: Irish MSS. Edward VI. vol. iii. State Paper Office. Crofts felt the fallacy, and laboured with such light as he possessed to see through it. 'Experience,' he said, 'teacheth the contrary. Though it be alleged that moneys be but as we esteem them, it followeth not therefore that we should esteem anything otherwise than reason would we did esteem it; for if we would use lead to make armour or edge tools, our labour was in vain. If we should use iron to make our money, it would not serve for that purpose, but would rust, canker, break, and be filthy, where silver and gold metals, more precious and of more sovereign virtues, are clean in handling, fair in sight, not noisome in savour, most durable against fire, water, air, and earth, and therefore most meetest to make treasure thereof.'
↑ See a remarkable series of papers by William Thomas, clerk of the council to Edward VI. Cotton MSS. Vespasian, D. 18, some of which have been printed in the fourth volume of Strype's Memorials. Thomas, who had defended the first depreciation of Henry VIII. as long as the coin was not alloyed below the Continental level, was now urgent for a reformation. He disdained the 'frivole reasons' of the theorists, and declared that, in spite of the present apparent gain, the revenue and the rents of the Crown estate must be received in the recognized currency, and the Crown itself would be among the heaviest sufferers, 'unless his Majesty purchase land withal.'

[1] Sir James Crofts to the Privy Council: Irish MSS. Edward VI. vol. iii. State Paper Office. Crofts felt the fallacy, and laboured with such light as he possessed to see through it. 'Experience,' he said, 'teacheth the contrary. Though it be alleged that moneys be but as we esteem them, it followeth not therefore that we should esteem anything otherwise than reason would we did esteem it; for if we would use lead to make armour or edge tools, our labour was in vain. If we should use iron to make our money, it would not serve for that purpose, but would rust, canker, break, and be filthy, where silver and gold metals, more precious and of more sovereign virtues, are clean in handling, fair in sight, not noisome in savour, most durable against fire, water, air, and earth, and therefore most meetest to make treasure thereof.'

[2] See a remarkable series of papers by William Thomas, clerk of the council to Edward VI. Cotton MSS. Vespasian, D. 18, some of which have been printed in the fourth volume of Strype's Memorials. Thomas, who had defended the first depreciation of Henry VIII. as long as the coin was not alloyed below the Continental level, was now urgent for a reformation. He disdained the 'frivole reasons' of the theorists, and declared that, in spite of the present apparent gain, the revenue and the rents of the Crown estate must be received in the recognized currency, and the Crown itself would be among the heaviest sufferers, 'unless his Majesty purchase land withal.'

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