THE MONETARY INQUIRY OF 1381
Three years later—one year after the French King had lowered his ratio from 12.1 to 10.74—the Commons presented a petition to the King during the sitting of Parliament, 1381, complaining of the wretched want of the kingdom, which was devoid of treasure, monies of gold and silver being carried out of the realm, and those remaining being clipped to one-third their nominal value. No money at all was being minted in the Tower, and a heavy export of our metals to Scotland and Ireland was taking place. Simultaneously the officers of the Mint presented a petition to the King and his Council in Parliament, complaining that no money was being coined. The causes of this, in their opinion, were—
1. That the monies of gold and silver beyond the seas were more feeble than the monies of England, on which account the merchants could not bring bullion into England for their profit nor for the King's advantage. But if any manner of bullion of gold were brought into the kingdom, by persons travelling, it was sold to those who conveyed it out of England, to their great gain and to the injury of the whole realm.
2. That the silver of England which [i.e. when it] was found to be good and heavy, was taken into Scotland, because the money of that country was so light.
3. That the gold of England being so good and heavy, and that beyond sea so light, the nobles which came from Calais were gone into Flanders, and the English nobles were carried beyond the sea, to the great profit of those who exported them, etc. etc.
4. That the money of gold and silver of England was commonly clipped, so that they who thought they should have £100 would have no more than £90, unless a remedy were speedily applied.
The officers of the Mint were accordingly ordered to be called before the Lords of the Parliament for examination, and they were succeeded by others, private persons but mostly goldsmiths, who were called upon as experts. In the case of these latter the various statements of opinion are preserved for us in the Rolls of Parliament, and they possess a peculiar interest.
Richard Leye thought that the reason why no gold or silver was brought into England, but, on the contrary, that which had been in the kingdom was exported, was this, that the realm expended too much on merchandise, such as grocery, mercery, furs, etc. He therefore proposed that every merchant who imported goods into England should export an equal quantity of the produce of the realm, and that no one should take out gold or silver, contrary to the statutes.