In the time of Elizabeth a great improvement was made in the way of coining the public money; but it was soon found that this had only made matters worse.

For now, side by side with a pure and unimpaired and full-valued currency, and mingled up everywhere with it, there was the old, clipped, debased, and far too light gold and silver money; till troubles arose in connection with the coinage and circulation of the country that can only be told by Macaulay's extraordinarily graphic pen.

'It may well be doubted,' Macaulay says, in the twenty-first chapter of his _History of England_, 'whether all the misery which has been inflicted on the English nation in a quarter of a century by bad Kings, bad Ministers, bad Parliaments, and bad Judges was equal to the misery caused in a single year by bad crowns and bad shillings.

Whether Whigs or Tories, Protestants or Papists were uppermost, the grazier drove his beasts to market, the grocer weighed out his currants, the draper measured out his broadcloth, the hum of buyers and sellers was as loud as ever in the towns; the cream overflowed the pails of Cheshire; the apple juice foamed in the presses of Herefordshire; the piles of crockery glowed in the furnaces of the Trent, and the barrows of coal rolled fast along the timber railways of the Tyne.

But when the great instrument of exchange became thoroughly deranged all trade and all industry were smitten as with a palsy.