The Political Anatomy of Ireland (1899)/Chapter X

by William Petty

 

[CHAPTER X.]

Of the Money of Ireland.

MOney is understood to be the uniform Measure and Rule for the Value of all Commodities. But whether in that sence there be any Money, or such Rule in the World, I know not, much less in Ireland, tho most are perswaded that Gold and Silver Money is such. For 1. The proportion of value between pure Gold and fine Silver, alters as the Earth and Industry of Men produce more of one than of the other; that is to say. Gold has been worth but twelve times its own weight in Silver; of late it has been worth fourteen, because more Silver has been gotten. That of Gold proportionably, i.e. about twelve times as much Silver has been raised as of Gold, which makes Gold dearer. So there can be but one of the two Metals of Gold and Silver to be a fit matter for Money. Wherefore, if Silver be that one Metal fit for Money; then Gold is but a Commodity very like Money. And as things now stand. Silver only is the matter of Money; and that elsewhere as well as in Ireland.|69|

2. The value of Silver rises and falls it self; for Men make Vessels of coyned Silver, if they can gain by the Workmanship enough to defray the Destruction of the Coynage, and withal, more than they could expect by employing the same Silver as Money in a way of Trade. Now the Accidents of so doing, make Silver rise and fall, and consequently take from the perfect Aptitude for being an uniform steady Rule and Measure of all other things.

The Mischiefs and Inconveniences hitherto mentioned, are common to all times and places; but in Ireland, are more particular; and stand thus^[1], viz.

A piece of 8 Rials being full 17. penny weight, passeth for 4s. 9d. if^[2] it want but ½ a grain of the weight, tho half a grain of Silver be worth but the ¼ of a Farthing, or ¹⁄₁₆ of a Penny, then it passes for 3 d less, viz. 4s. 6d. and if it weigh ten grains above 17d. weight, it passes but for 4s. 9d. On the other hand, if it weigh but 12d. weight, it passes nevertheless for 4s. 6d. And if the Silver be course, if not so course, as not to be called Silver, yet still it passes for the same. Moreover, the fineness cannot be determined by common Eyes scarce at all, by the best not within 4d. in an Ounce, |70| by the Touchstone not within 2d. and by the Test it self not within an half-penny. Lastly, The Scales and Weights differ so much from each other, as what is 4s. 9d. in one House, is but 4s. 6d. in the next, & vice versa. From whence it comes to pass, that all pieces weighing above 17d. weight, are cull'd out to buy or make pieces of 14d. weight pass for 4s. 6d.

2. Other Species of Coyn, which pro rata contain the same quantity of the like Gold and Silver, with the piece of eight Rials, goes in one Species for more, in another for less. What hath been said of the Silver-species, may be said of the Gold-species; and what differences are between Silver and Silver, and between Gold and Gold, is also between Silver and Gold Coyns. So as it becomes a Trade to study and make Advantages of these Irregularities, to the prejudice of the good People, who are taught, that whatever is called Money, is the same, and regular, and uniform, and a just Measure of all Commodities. For whence it hath happened, that all English Money which hath a great and deserved Reputation in the World for its intrinsick Goodness, is quite carried away out of Ireland, and such Mo-|71|ney brought instead of it, as these studied Merchants do from time to time bring in for their Advantage upon the Common People, their Credulity and Ignorance.

But Money, that is to say, Silver and Gold, do at this day much decrease in Ireland, for the following Reasons.

1. Ireland, Anno 1664. did not export to a much greater Value than it imported, viz. about 62 M.^[3] Since which time there hath been a Law made to prohibit the Importation of great Cattel and Sheep, alive or dead, into England^[4]; the Value whereof carried into England in that very year 1664. was above 150 M.l. The which was said to have been done, for that Ireland drained away the Money of England. Whereas in that very year England sent to Ireland, but 91 M. less than it received from thence; and yet this small difference was said to be the reason why the Rents of England fell ¹⁄₅, that is 1600 M. in 8 Millions. Which was a strange conceit, if they consider farther, That the value of the Cattel alive or dead, which went out of Ireland into England, was but 132 M. the Hides, Tallow, and Freight whereof were worth about ½ that Money. |72|

2. Whereas the Owners of about ¼, both of all the real and personal Estate of Ireland, do live in England, since the business of the several Courts of Claims was finished in December 1668. all that belongs to them goes out, but returns not.

3. The gains of the Commissioners of that Court, and of the Farmers of the Revenue of Ireland, who live in England, have issued out of Ireland without returns.

4. A considerable part of the Army of Ireland hath been sent into England, and yet paid out of Ireland.

5. To remit so many great Sums out of Ireland into England, when all Trade between the said two Kingdoms is prohibited, must be very chargeable; for now the Goods which go out of Ireland, in order to furnish the said Sums in England, must for Example go into the Barbados, and there be sold for Sugars, which brought into England, are sold for Money to pay there what Ireland owes. Which way being so long, tedious and hazardous, must necessarily so raise the exchange of Money, as we have seen 15 per Cent. frequently given, Anno 1671. and Anno 1672. Altho in truth, exchange can never be naturally |73| more than the Land and Watercarriage of Money between the two Kingdoms, and the ensurance of the same upon the way, if the Money be alike in both places.

But Men that have not had the faculty of making these Transmissions with dexterity, have chose rather to give 15. per Cent. Exchange, as aforesaid, than to put themselves upon the hazard of such undertakings, and the mischief of being disappointed.

Now the extraordinary decrease of Gold and Silver, put Men, whose Affairs were much disturbed, thereby upon^[5] extraordinary Conceits, and some very absurd ones for Remedy, as namely the raising of Spanish pieces of Eight, called Cobs in Ireland, from 4s. 9d. to 5 or 6 Shillings, which were before about 5d. above the Value of English, that is 4s. 4d. English Money weighed the same with a Cob called 4s. 9d. For these distracted People thought, that calling their Money by a better Name, did encrease its value^[6].

2. They thought that no Man would carry Cobs of 5s. out of Ireland into England, where they were called but 4s. 4d. altho he was necessitated to pay 4s. 4d. in |74| England, and had no other effects to do it with. They thought that all Men who lived in England, would return to their Estates in Ireland, rather than pay 15. per Cent.^[7] for Exchange; not considering, that when Cobs were raised, that Exchange would also rise proportionably. They fancied, that he who sold a Stone of Wooll for two Cobs, call'd 9s. when Cobs were rais'd, would sell his Stone of Wooll of 1½ Cob when called 9s. Nor did they think how this frivolous conceit would have taken away a proportionable part of all Landlords Estates in Ireland. As for Example, those who acted moderately, would have the Money rais'd ¹⁄₂₀ part, and the ¹⁄₂₀ part of all the Money of Ireland, was then thought to be but about 20,000l. The whole Cash of Ireland being then estimated, but^[8] 400 M.l. whereas the Landlords of Ireland, whose Revenue is 800 M.l. per Annum, must have lost ¹⁄₂₀ part of their whole Estates for ever, viz. 40 M.l. per Annum upon that empty expedient.

But others, no less sensible of the distress of the People, and the obstructions of Trade by reason of the said decay of Bullion, considering that about 600 M.l. would drive the Trade of that Kingdom; for || that 300 M. would pay one 75 half years Gale of all the Land; 50 M. would pay ¼ rent of all the Housing, and that 150 M. would more than pay a Weeks expence of all the People of Ireland; and that the whole Cash moved chiefly in those Three Circles; They therefore thought to make up their 400 M.l. present Cash by a Bank of 200 M.l. more, the bottom and support whereof should be Land; for the Lands and Houses of Ireland being worth about 8 Millions, whereof 200 M.l. was but the ¹⁄₄₀ part. 'Twas^[9] thought easy to find many Fortieth parts so free from Incumbrances or question as to give a being to such a Bank.

Note, that Interest in Ireland is 10 per Cent, which is a great hinderance to Trade; since the Interest must enflame the price of Irish Commodities, and consequently give to other Nations the means of underselling.

1. S, 'is more particular, stand thus.'
2. 'If' begins a sentence in S.
3. S, 'Ml.'
4. See note 5, p. 160.
5. S, 'disturbed thereby, upon.'
6. Ruding says that in 1667 cobs were bought in England for 4s. 3d. and sold in Ireland for 5s., which led to attempts to change their value. Annals, ii. 13—16, also Fabian Philipps's "Expedient to pay the Forces," 4 July, 1667, in Archaeologia, xiii. 185, 191. The proposition to raise foreign coin was for some time opposed in London (Carte, ii. 342), but on the 31 August, 1672, the royal consent was obtained for raising Portuguese crusadoes to 3s. 10d. for full weight coins. On 12 May, 1673, Essex wrote to Arlington, "we have had severall debates in Councell about ye raising ye value of Spanish money here. There has bin great difference of opinion amongst men of all sorts." State Papers, Ireland, Charles II., 333. For his own part, Essex could not see how calling money more will induce men to take it above its intrinsic value, nor how a kingdom can be made to abound with silver save by a favourable balance of trade. Nevertheless he issued proclamations raising coin on the 28 July and the 17 October, 1673, and finally, 26 July, 1675, a proclamation was issued forbiding the exportation of coin. Simon, Essay, 52—53, 133—137; Capel Letters, 74, 83—89, and Essex's unprinted letters at the Record Office, S. P. Irel., Charles II., 333—334. Cf. also Sir W. Temple, Advancement of Trade in Ireland, 22 July, 1673, in his Works (1770), iii. 9.
7. Cox, 'is mistaken & phaps is y^e fault of y^e Clerk: for one reason why Cobbs should be raysd to 5^s is because y^t would rayse ex^g to 20 p cent or higher, and which y^e Ir Nobility & gentry being loath to pay, would rather returne and spend their estates in Ireld.'
8. S, 'estimated but.'
9. 1719, 'part. 'twas.'