The History of Currency, 1252 to 1894; Being An Account of the Gold And Silver Monies And Monetary Standards of Europe And America, Together With An Examination of the Effects of Currency And Exchange Phenomena On Commercial And National Progress And Well

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This will appear by the Mint books." The testimony only confirms the previous infer- ence. The whole reign of James i. was a period of inefficient attempts to rate the English coinage to the incessant rise in the continental coinages, of consequent drain of specie to the Netherlands, and of practical closing of the Mints at home. The cause, opportunity, channel, or machinery of the drain was the inces- santly shifting, badly tariffed, imperfectly understood bimetallic system of the times ; and ...the crisis of 1622 was only the most patent expression of its malignant action. It is doubtful whether the political effect of that crisis has been properly estimated by the consti- 146 THE HISTORY OF CURRENCY tutional student of the popular revolution under the Stuarts. Its commercial, currency, and economic and theoretic influence has certainly, and much more, been hitherto overlooked.
The reign of Charles i., and the period of the Commonwealth, display similar characteristics to that of James i., but in a more modified and less malignant measure.


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