pacify the people, to prevent curious inquiries, and also perhaps to soften the blow to the holders of the money, the Government declared their intention of enforcing the Farm Statutes, and of prohibiting the exportation of coin. A scale of prices was again issued for articles of food, with a hope that it would now be maintained; and if the cost of living was 'not to be so good cheap as when the coin was at its perfectest,' it should be 'within a fifth part of it.'[1]
It was now possible to restore a pure silver currency—possible and also necessary; for although the depreciation was calculated fairly on the average value of the coin, the good and the bad were affected equally by the proclamation; and unless the whole existing circulation was called in and recoined, to call it down was merely
- ↑ Edward's Journal.
the Lords and others of his Highness's privy council, more esteeming the honour and estimation of the realm, and the wealth and commodity of his Highness's most loving subjects, than the great profit which, by the baseness of the coin, did and should continually have grown to his Majesty, hath, and by the advice aforesaid doth, ordain that, from the 17th day of this present month of August, the piece of coin called the teston, or shilling, shall be current within the realm of England and the town and Marches of Calais only for six pence sterling, and not above; and the groat for two pence sterling, and not above; the piece of two pence for a penny, the piece of a penny for a halfpenny, and the piece of a halfpenny for a farthing; and therefore straightly chargeth and commandeth every person of what estate, degree, or condition he or they may be, to pay and receive, after the said day of the present month, the said coins for no higher nor no lower value or price within this realm, upon pain of forfeiture to his Majesty of all such money as shall be paid or received at other values than by this proclamation is put forth, and also upon pain of fine and imprisonment during his Majesty's pleasure.'—MS. Domestic, Edward VI. vol. xiii. State Paper Office.
