By this statute, no person is to be reckoned a contemner of the king's majesty, and for that crime to be committed to prison, but he who refuses to accept the king's coin made of lawful metal, by which, as I observ'd before, silver and gold only are intended.
That this is the true construction of the Act, appears not only from the plain meaning of the words, but from my Lord Coke's observation upon it. By this Act (says he) it appears that no subject can be forc'd to take in buying or selling or other payments, any money made but of lawful metal; that is, of silver or gold.
The law of England gives the king all mines of gold and silver, but not the mines of other metals; the reason of which prerogative or power, as it is given by my Lord Coke, is, because money can be made of gold and silver, but not of other metals.
Pursuant to this opinion half-pence and farthings were anciently made of silver, which is more evident from the Act of Parliament of Henry the IVth. chap. 4, by which it is enacted as follows: Item, for the great scarcity that is at present within the realm of England of half-pence and farthings of silver, it is ordained and established that the third part of all the money of silver plate which shall be brought to the bullion, shall be made in half-pence and farthings. This shows that by the words half-penny and farthing of lawful money in that statute concerning the passing of pence, is meant a small coin in half-pence and farthings of silver.
This is further manifest from the statute of the ninth year of Edward the IIId. chap. 3, which enacts, That no sterling half-penny or farthing be molten for to make vessel, or any other thing by the goldsmiths, nor others, upon forfeiture of the money so molten (or melted).
By another Act in this king's reign black money was not to be current in England, and by an Act made in the eleventh year of his reign, chap. 5, galley half-pence were not to pass: what kind of coin these were I do not know, but I presume they were made of base metal, and that these Acts were no new laws, but further declarations of the old laws relating to the coin.
Thus the law stands in relation to coin, nor is there any example to the contrary, except one in Davis's Reports, who tells us, that in the time of Tyrone's rebellion Queen Elizabeth ordered money of mixt metal to be coined in the Tower of London, and sent over hither for payment of the army, obliging all people to receive it, and commanding that all silver money should be taken only as bullion, that is, for as much as it weighed. Davis tells us several particulars in this matter too long here to trouble you with, and that the Privy Council of this kingdom obliged a merchant in England to receive this mixt money for goods transmitted hither.
But this proceeding is rejected by all the best lawyers as contrary to law, the Privy Council here having no such power. And, besides, it is to be considered that the Queen was then under great difficulties by a rebellion in this kingdom, assisted from Spain, and whatever is done in great exigences and dangerous times should never be an example to proceed by in seasons of peace and quietness.
I will now, my dear friends, to save you the trouble, set before you, in short, what the law obliges you to do, and what it does not oblige you to.
First, You are oblig'd to take all money in payments which is coin'd by the king and is of the English standard or weight, provided it be of gold or silver.