CURRENCy. 195 



improve his coin, by an issue of nearly the original standard. 

 So also did Mary in the first year of her reign. There was 

 not, according to Ruding, any further issue of English silver 

 during Mary's reign. 



It appears from the evidence collected by Ruding, as to the 

 state of public opinion at the time, that there were persons 

 who approved of these issues 1 , and wished them to be con- 

 tinued. It is not difficult to understand, from the experience 

 of later times and similar expedients, why there are always 

 found to be a minority, invariably noisy and occasionally 

 powerful, who are glad to abet any scheme of folly and fraud. 

 But to the mass of the people, the ill coinage of Henry, for it 

 was mainly his doing, was impoverishment at once, and finally 

 beggary. Such wisdom as statesmen possessed was competent 

 to show them how the English people would sink from being a 

 first-rate power in Europe, as it had been for centuries, into an 

 unimportant state, how its ancient and just credit was impaired, 

 its wealth lavished, and its powers shortened. It was also an 

 infinite danger to the Reformation, which, in the eyes of those 

 who were willing and able to connect cause and effect, was 

 identified with Northumberland's intrigues, the old king's bad 

 money, and the baffled projects (if indeed people believed the 

 Council to be sincere in their projects), for restoring the currency, 

 which were over and over again proclaimed in Edward's reign. 



The idea of Edward's courtiers was that it would be proper 

 id wise to issue base money in order to clear off the debts 

 )f the Crown, and then to set about restoring the currency. 

 Htow they were to be rid of debt, by incurring more debt, does 

 lot seem to have occurred to them ; but these foolish proposals, 

 for making profit out of credit by destroying or weakening 

 lit, have been constantly in vogue, even down to the days 



Price's sinking fund, as it was interpreted by the com- 

 lissioners who were appointed to carry it out. Meanwhile 

 king was made to state in his proclamations that he had 



1 See William Thomas's letter to Edward VI. Thomas was clerk of the Council. 

 Luding, i. 317, edit. 1840. 



O 3 



