ALTERATION IN SILVER RATE
In 1336 Philippe de Valois had fixed the ratio at 1:12, "the cause which moved us to this being that so our people who were in great privations and straits for money may more abundantly and quickly be filled again with money new and current." This was re-enacted in 1339, but proved quite inoperative to rule the market rate, and in 1346 Philippe found himself obliged to tolerate the advance which had been put upon the good monies in the market, by allowing provisionally the chaise d'or to be current for 30 sols Tournois. Four years later the silver rate was altered by a proclamation conceived in these terms: "As the changers and merchants who are accustomed to bring bullion to our Mint have ceased, and do daily cease to do so, so that the working of our Mint is greatly impeded, to the great prejudice of our people if no remedy is applied, we therefore order that for each mark of silver brought to the Mint there shall be delivered out by the Mint another 8 sols Tournois in addition to the 112 sols Tournois fixed by law."
The immediate consequence was a hoarding and disappearance of the gold coins, and in the following year, 1351, the tale of the denier d'or aux fleurs de lis was altered from 50 to 54 to the mark.
There is here no question of an arbitrary debasement. It was simply an attempt to preserve the currency from the action of a changing market ratio, which led to the withdrawal now of the one, now of the other coins, and to the circulation meanwhile of foreign coins at a rate apparently disproportioned to the metallic content.[7] In 1361 evidence was given before the Mint authorities that "in payments the people do by abuse give foreign monies at a higher rate than they are worth, viz. the moutons of Flanders and Brabant at a higher rate than the franc d'or, of which said moutons the best specimens are worth 18 denars less than the said franc d'or; a silver piece called chartain for 16 and even 18 denars, which is worth no more than 10," and so on. Two years later it was declared that the Mint at Tournay was on the point of stopping work, "the people having been accustomed for a long time to give a higher price for the mark of gold than in the case of other monies of this kingdom, and this by reason of the foreign merchants." Towards the close of his reign Charles V., finding his kingdom filled with depreciated imported specie, while all the good native pieces had been drawn out of the land, sought and obtained from the Pope, 1372, a Bull of Excommunication
against neighbour powers who should counterfeit his monies. It was not until 1391 that the proper defensive measure of a change of ratio was resorted to, and by that time the conditions of the Mint rates in surrounding nations had so altered as to render the change partially inoperative. In 1393, accordingly, there was a great lack of the smaller silver coin, which led to a proclamation by Charles VI. on the 2nd April of that year for encouraging the minting of petiz deniers Tournois. The same complaint was, however, re-echoed in 1395 and 1396, but, as it appears, quite futilely, for nine years after another proclamation had to be issued against the currency of foreign coins of Scotland, Navarre, the Rhenish and Netherland provinces, etc., "which have course in our kingdom for a greater value than they are worth, by which means our monies are arrested in their course and greatly withdrawn; the gold and silver deniers a l'écu which we have minted having been melted down."
ACTION OF THE STATES-GENERAL IN 1420
When the States-General met at Paris in 1420 the depreciated state of the coinage was laid before the assembly as of prime concernment, and it was by its advice that the proclamation of the following year was issued fixing the écu d'or at a tale of 66 to the mark and of the gros d'argent at 86 1⁄4, "it being come to our knowledge that for some time past the money in our kingdom is so diminished and enfeebled that by this means the gold and silver which abounded is in very great measure drawn away and transported,
and the traffic of strangers here almost ceased, and all necessaries of life put at a great height," etc. The result of this reformation of 1421 was that during some portion of the succeeding years of Charles VII.'s reign silver came from all parts in great abundance, although in 1436 complaints were again heard that money was not being coined and did not suffice for the public needs. At this point, however, the complaints apparently ceased, and it was not till twenty years later that the step was again taken of decrying and forbidding the circulation of foreign specie.
The ceasing of the disorders in the French money is attributed to the expulsion of the English invaders, but there can be little doubt that much more simple and natural laws were at work. From the reign of Louis XI. onwards these natural laws had freer play as against the disturbing influence of mere arbitrary debasements, and it is easier to analyse their influence.
FRANCE IN 1488