months a million of guineas was coined out of them. The merchants in fact said that the balance of trade was then so much turned to our side that whereas we were wont to carry over a million of our money in specie, we then sent no money to France, and had at least half that sum sent over to balance the trade."
The circulation of French and other foreign gold became so great that on the 5th February 1701 the Council issued a proclamation that the louis d'or and Spanish pistole should not pass for above 17s. Such action at once brought those coins to the Mint, and nearly 1 1⁄2 millions were coined out of them.
It was not seen at the moment that the establishment of this ratio so favourable to gold was pari passu unfavourable to silver. The idea was entertained that the French gold came over to bribe English members, i.e., on mere political causes. The hypothesis was needless as it was incorrect. Gold came over because it was higher priced in England than abroad through the ratio of 1698, and for the same reason silver left the country to pay for the gold. The one movement was the essential counterpart of the other, and made itself at last only too visible.
As early as the seventh year of Anne's reign—only nine years after the completion of this great recoinage, Page 228 it was found necessary to give further encouragement to the coinage of silver by offering a premium on every ounce of foreign coins which should be