Mixt Money(s) case of 1604: "Money is a public measure (mensura publica) intended to obviate the inconvenience and iniquity of Barter. There can be no society without exchanges, no system of exchanges without equity and no equity of exchanges without money." (Del Mar calls this the "greatest of all generalizations on the subject of money.") "[...] This decision was especially applicable to the Colonies; and its principles must have formed part of the education of every lawyer, jurist and statesman in America" (Del Mar,
History of Money in America).
The dictum that money was a public measure, a measure of value, a necessity "in the public welfare", and that "its dimensions or volume should be limited, defined and regulated by the state" invoked the "whole body of learning left us by the ancient and renascent world [...]" (Del Mar).
In short, the Mixt Money(s) case states, "the State alone had the right to issue money and to decide of what substances its symbols should be made, whether of gold, silver, brass, or paper."
Needless to say the London merchants hated this.
"free" coinage edict of 1608: all gold and silver (from the plunder of America by the Conquistadores) left over after the share was paid to the Spanish Crown, the Quinto, "was required to be coined by the Royal officials for private individuals free of charge and without limit." This was enacted because of the clamor for Colonial coinage, it being risky for ships to transport the metal to Spain for minting and the obvious delay in getting the coins back to the Colonies.
Labels: money, Tanner
