The very year, therefore, 1519, which marks the
commencement of the rise for the Continent generally, marks the commencement also of agitation in England with regard to the supply of the precious metals. There is preserved among the State papers at the English Record Office a paper of advice from a German of the name of Herman King to Wolsey, dating in June 1519, "How to provide bullion from Germany for this realm with the greatest profit." He advises contracting for a fixed supply of metal at a certain price, which he puts down, and adds: "If Wolsey will appoint a person to receive the money, I will engage to deliver 2000 or 4000 marks weight yearly at this price, but it must be secretly, as, if the purveyor were discovered, he would be in great danger, and the (German) princes would not suffer any silver to depart because of their own Mints."
Four years later the effects of the exchange had made themselves so felt that Henry was obliged to make a treaty with the Emperor, Charles V., "for the reformation of old and new money," 1523. An attempt was made to tie down the chief coins in exchange—the gold real of Flanders, the gold carolus and the double carolus of Spain—and it was further agreed (Article IV.) that no new money of Germany, Italy, Spain, France, or elsewhere, should be given in payment to English merchants, unless it had a fixed value in sterling money by consent of both princes.
In December of the following year Wolsey was meditating sending commissioners to the Low Countries
to require that all monies valued too high should be reduced to their normal rate, but he was informed by Knight, resident at Mechlyn, that, "having spoken with several who hear daily the council's opinion, they think it is not likely to be done while the war continues, as the chief merchandise now is finances; and, besides, as their 'goldes' are highly esteemed in France, if they lower them they will all be carried thither."
Any such method of procedure as this of Wolsey's was bound to be futile, and Henry's Government fell back on the much wiser plan of altering the denomination of the coins. On the 24th July 1526, a commission was issued to Wolsey "for increasing the sterling value of the coinage to an equality with the rates of foreign currency." The reciting information contained in the commission itself is perfectly succinct and clear in its bearing—"one pound weight of angel gold (i.e. 23 carats 3 1⁄2 grs. fine) is worth, in current money, £27; by alloy of 1⁄11 it is worth £29, 6s., of which 11s. is allowed the Mint master for coining. In return he gives the merchants 108 crowns of the rose, at 5s., really worth but 4s. 10 1⁄2d., which makes £26, 6s. 8d. So that there is a clear gain of 48s. 4d."
The investigations of the commission were followed by a proclamation on the 22nd August 1526, fixing an altered tariff of exchange. Crowns of the sun were put at 4s. 6d., which only four years before had been at 4s. 4d., while the ducat was raised from 4s. 6d. to 4s. 8d.
Finding the enhancing of the gold and the export of specie still continue, an inquest was held, on the 30th October 1526, into the fineness and value of the coins. As a result of the verdict of the jury, a second proclamation was issued in the same year, dated November 5th, "to check the exportation of specie arising from the increased value of currency on the Continent." The sovereign was put at 22s. 6d. (having previously been rated at 20s. 6d.), and other gold coins in proportion. Silver coinage was to pass at previous rates, but a new issue was to be made, in which the ounce Troy was to be coined into 3s. 9d. Finally, foreign ducats were to be taken as bullion, no rate of exchange being even fixed.
At the same time Wolsey was attempting to negotiate for a supply of gold from Antwerp to replenish the currency. On this subject there exists a curious letter from his agent in Antwerp, dated 21st November 1526. "These two days," says Hacket, "I have been trying to agree with the principal merchants about the exchange, but none would make any bargain, as you (Wolsey) have limited me to 4s. 6d. for the ducat, and as a ducat of such gold as they would be bound to pay would be worth 4s. 10d. in the Mint. They must receive either ducats, or a crown of the sun and a groat, for every ducat, or the same in angellets. The best thing would be for one or two of their factors to see you (Wolsey). The gold can be kept at home for