MELTING OF GOLD

Evening Star, Issue 21091, 2 May 1932, Page 1

MELTING OF GOLD

DEALS IN PRECIOUS METALS Ruskin, in one of his lectures, do* plored the then popular custom of having gold and silver melted down and made up anew. As long as this prevails, he said, “ you cannot have » goldsmith’s art in this country *4 (wrote J. n Noppen, in the ‘ Daily Telegraph ’). What would he say to-day, I wonder,; when people are rushing to the goldsmiths with every bit of precious metal they have in their possession. How; times have changed! Two generations ago the idea was to. keep pace with fashion. One’s plate must be up to date. Nowadays to be in the fashion! we must turn our valuables into cash. Ruskin was discussing ‘ The Political Economy of Art.’ At present people are more concerned with the domestio economy of housekeeping. Moreover, we have set the clock back several centuries in our dealings with gold and silver. We are going to the gold, smiths, as people went in the Middle Ages, to exchange our precious metal for l current coin. The wealthy man! then kept his riches in bulk. When he needed coin he had two sources from which he might obtain it—-the Royal mints and exchanges, which existed in! the chief towns, and the goldsmiths. Then, as now, there was frequently trouble over the export of bullion. At times there was a serious shortage of coin. Several Acts were passed forbidding tbe people to send it out of the country and compelling foreign merchants who sold goods here to ac cept_ English wares in exchange. Exception was usually made, in the case of fishermen, who could not conveniently accept such an arrangement. In 1314 even the goldsmiths were forbidden to buy bullion, and the; people were ordered to bring it to the Royal mints. It does not seem, however, that this law was taken seriously. In fact, many mediaeval statutes were; not rigidly enforced. The relation in value between silver! and gold was very different in thaL Middle Ages from what it is td-day.-' Until the sixteenth centurty gold ' was about ten or twelve times the price of. silver, and both had a far higher, pur? chasing power than they now have. The decrease in value was brought about by the new and prolific sources of supply which were opened out by thai discovery of America. The English goldsmiths from AngloSaxon days ranked in skill’ and import* ance with the best in Europe. guild was rich and powerful for seva* ral centuries before the Company received its charter in 1393 is As craftsmen they were among the most highly paid, and the Masters held higßi positions. The most famous English goldsmith of early times was Edward of West? minster. About 1240 Edward succeeded his father, Odo, as the King’s chief personal steward. He lived in a great house in Whitehall which had been]. occupied by the great Justiciar Herbert de Burgh. The records show that immense sums of money passed through his hands, and that he acted for King Henry 111. iii all important business transactions until his death about 1264.; It is strange that his remarkably career has had such little attention our historians.