William Petty

“ 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. ”

“ 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 11⁄2 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. ”

“ 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. ”