the Netherlands] in sterling groats [ i.e. in silver]. This will both diminish the coin at home [ i.e. in England] and injure the sale of cloth, for here are but three sorts of money current— crowns of the sun , sterling groats , and ' Riders Gelderus ' coined in Guelderland." On the 6th of August the same hand writes, again from Brussels: "Exchange is stopped, and much money like to be conveyed over [ i.e. hither], though all coins should be called down here.... The act made for money will stop the [English] trade in kerseys, and great sums will be conveyed out of the realm [of England to the Netherlands]."
That the flow-out of gold in 1526 should change into a flow-out of silver in 1539 was simply due to the Page 120 alteration of the continental ratio. The relatively great depreciation of silver only begins in 1550. Up to that time the general trend of the two metals was on level lines, but with occasional traces or evidence of an appreciation of silver or relative depreciation of gold. At such a moment the lower-rated, i.e. cheaper, English silver inevitably tended to flow out in the very teeth of searchers and legislators. At almost the same time—and as showing at once how international this trade in money or "finances" was, and how confused, and conflicting the monetary system of Europe was, with a flow-out