silver which abounded is in very great measure drawn away and transported, Page 38 and the traffic of strangers here almost ceased, and all necessaries of life put at a great height," etc. The result of this reformation of 1421 was that during some portion of the succeeding years of Charles VII.'s reign silver came from all parts in great abundance, although in 1436 complaints were again heard that money was not being coined and did not suffice for the public needs. At this point, however, the complaints apparently ceased, and it was not till twenty years later that the step was again taken of decrying and forbidding the circulation of foreign specie.
The ceasing of the disorders in the French money is attributed to the expulsion of the English invaders, but there can be little doubt that much more simple and natural laws were at work. From the reign of Louis XI. onwards these natural laws had freer play as against the disturbing influence of mere arbitrary debasements, and it is easier to analyse their influence.
From his accession in 1461 onwards the monetary history of France displays many analogies with that of the Netherlands (see Chapter II.). Thus in 1470, finding the market rate of foreign coins driven above the home Mint rate by the licence of the people (i.e. by normal market action), Louis issued a tariff to regulate the exchange rate in which the prevailing prices of the foreign specie were tolerated as an interim for a period of three months. At the end of that time it was manifestly impossible to secure a permanent reduction, and in order to prevent the Page 39 transport of specie it was found necessary, 4th January 1473, to raise the value of the home coin both gold and silver (see account of French monies in Appendix No. VI.). Still the export continued, and in 1475 the process of enhancement had to be repeated as a measure of defence for the gold specie. Thirteen years later similar precautions were taken for the silver specie by Charles VIII.'s proclamation of 24th April 1488.