[Footnote 1: Sir Thomas Cokayne (1519?-1592), known as "a professed hunter and not a scholler." He was the eldest son of Francis Cokayne, or Cockaine, of Ashbourne, Derbyshire. One of his sons, Edward, was the father of Thomas Cokayne, the lexicographer. Sir Thomas, in 1591, published "A Short Treatise of Hunting, compyled for the Delight of Noblemen and Gentlemen." [T. S.]
The great plenty of silver in England began in Queen Elizabeth's reign, when Drake, and others, took vast quantities of coin and bullion from the Spaniards, either upon their own American coasts, or in their return to Spain. However, so much hath been imported annually from that time to this, that the value of money in England, and most parts of Europe, is sunk above one half within the space of an hundred years, notwithstanding the great export of silver for about eighty years past, to the East Indies, from whence it never returns. But gold being not liable to the same accident, and by new discoveries growing every day more plentiful, seems in danger of becoming a drug.
This hath been the progress of the value of money in former ages, and must of necessity continue so for the future, without some new invasion of Goths and Vandals to destroy law, property and religion, alter the very face of nature; and turn the world upside down.
I must repeat, that what I am to say upon this subject, is intended only for the conviction of those among our own party, who are true lovers of the Church, and would be glad it should continue in a tolerable degree of prosperity to the end of the world.
The Church is supposed to last for ever, both in its discipline and doctrine; which is a privilege common to every petty corporation, who must likewise observe the laws of their foundation. If a gentleman's estate which now yields him a thousand pounds a year, had been set for ever at the highest value, even in the flourishing days of King Charles the Second, would it now amount to above four or five hundred at most? What if this had happened two or three hundred years ago; would the reserved rent at this day be any more than a small chiefry? Suppose the revenues of a bishop to have been under the same circumstances; could he now be able to perform works of hospitality and charity? Thus, if the revenues of a bishop be limited to a thousand pounds a year; how will his successor be in a condition to support his station with decency, when the same denomination of money shall not answer an half, a quarter, or an eighth part of that sum? Which must unavoidably be the consequence of any bill to elude the limiting act, whereby the Church was preserved from utter ruin.
The same reason holds good in all corporations whatsoever, who cannot follow a more pernicious practice than that of granting perpetuities, for which many of them smart to this day; although the leaders among them are often so stupid as not to perceive it, or sometimes so knavish as to find their private account in cheating the community.
Several colleges in Oxford, were aware of this growing evil about an hundred years ago; and, instead of limiting their rents to a certain sum of money, prevailed with their tenants to pay the price of so many barrels of corn, to be valued as the market went, at two seasons (as I remember) in the year. For a barrel of corn is of a real intrinsic value, which gold and silver are not: And by this invention, these colleges have preserved a tolerable subsistence, for their fellows and students, to this day.
The present bishops will, indeed be no sufferers by such a bill; because, their ages considered, they cannot expect to see any great decrease in the value of money; or, at worst, they can make it up in the fines, which will probably be greater than usual, upon the change of leases into fee-farms, or lives; or without the power of obliging their tenants to a real half value. And, as I cannot well blame them for taking such advantages, (considering the nature of human kind) when the question is only, whether the money shall be put into their own or another man's pocket: So they will be never excusable before God or man, if they do not to the death oppose, declare, and protest against any such bill, as must in its consequences complete the ruin of the Church, and of their own order in this kingdom.
If the fortune of a private person be diminished by the weakness, or inadvertency of his ancestors, in letting leases for ever at low rents, the world lies open to his industry for purchasing of more; but the Church is barred by a dead hand; or if it were otherwise, yet the custom of making bequests to it, hath been out of practice for almost two hundred years, and a great deal directly contrary hath been its fortune.
I have been assured by a person of some consequence, to whom I am likewise obliged for the account of some other facts already related, that the late Bishop of Salisbury,[2] (the greatest Whig of that bench in his days) confessed to him, that the liberty which bishops in England have of letting leases for lives, would, in his opinion, be one day the ruin of Episcopacy there; and thought the Church in this kingdom happy by the limitation act.