CHAPTER II

this recoinage (from 15.36 to 14.49) was only made after most serious deliberation. Monetary conferences of experts were held at Paris; and it was found, after careful assays of all the monies of the surrounding nations, that the prevailing ratios (1640-1) were at one and the same time—

It was therefore decided to adopt a higher ratio than all these, viz. 13.5.³

The history of the few years succeeding this measure is most instructive. The depreciation of monies continued, and on the 4th April 1652 a proclamation was issued, forbidding the currency of certain old monies of France, and again attempting to restrain the course of the exchanges; and three years later, 1655, under pretext that false moneyers were imitating the louis d'or and the silver écus, the minting of lis d'argent (lilies of gold and silver) was resolved upon. "But," says Le Blanc, "everybody knows that the true motive was the same as when a little later they resolved on the minting of 4-sol. pieces. Under the above pretext, the ratio basis of 1641 was broken. Remonstrances were vain until experience proved their weight, and the minting of Page 93 the lis d'or had to be discontinued. The pieces already minted received a value of 7 livres, and to correspond the louis d'or was increased to 11 livres, by proclamation 15th March 1656." As silver was left untouched, the resulting alteration of