price of the Commodities or fruits of the land Certes that landâ—… vnprofitable in euery mans iudgement For lands being the Naturall riches so much desired of all men are much disimprooued by the want of money and the selling of our natiue Commodities too good cheape in regard of the price of forraine Commodities This beeing an euident token of the pouerty of a Common-wealth which like an vnweildy Elephantike Body hath a slowe motion and therefore more dangerous and subiect to destruction which by the want of money is made visible and sensible The returnes lately had from the East-Indies wil in part asswage the same if Merchants in the dispersing of those Commodities will procure importation of money and Bullion as no doubt they will doe And this will further bee increased when the Hollanders and our Merchants shall be at an end of their present controuersies which by his Maiesties high wisedome will soone be determined Touching the warres of Christendome for so much as concerneth the want of moneys I haue already shewed how the same is also comprised in the reformation of the abuse of exchange procuring thereby moneys which are Nerui Bellorum But to take vpon mee to discourse of warres might make me subiect to Apelles his reprehension Ne sutor vltra Crepidam Onely I hope that the famous example of Augustus Caesar the Emperour may bee remembred who perceiuing the forces of the great Pirate Crocataes to increase daily by the concourse of many nations whilest hee was in Spaine caused a Proclamation to be made that whosoeuer should bring him the head of the said Pirate he would reward him with 20. thousand crownes whereupon the saide Pirate was brought in danger of the humors of the saide nations whose suspected inconstancy and lucre bred a resolution in him to offer his owne head to the obedience of iustice and demanding the said 20. thousand crownes had the same payed vnto him whereby all his associates were ouercome and dispersed In like manner did Sixtus Quintus deale with the Banditi in Italy and made them to cut one anothers throats This Policy of reward draweth as forcibly as the Adamant or Loade-stone which caused the Spaniard to say Dadiuas quebrantan Pennas Gifts doe breake stony Rockes From the Precedent causes of the want of money in England come we to the causes of the decay of Trade in order whereof this is the efficient Cause whereunto the onely Remedy hath beene declared already Vsury Politike is made the next cause of the decay of Trade which must be remedied by the Plenty of money to be procured as aforesaide wherein that laudable Custome of the transforming or setting ouer of billes of debt from man to man is to be remembred which by his Maiesties Praerogatiue Royall or by Act of Parliament might be established for thereby great matters are effected as it were with ready money But our law requireth a more precisenesse in the execution thereof then in Germany and the Low Countries it not being Choses in Action as the Lawyers speake But the necessarines hereof so vrgent that no man is like to contradict the same for wee doe finde by experience that things which are indeede and things which are not indeede but taken to be indeed as this is for payment of moneys may produce all one effect And for the biting Usury before mentioned there will be stocke found to erect pawne houses by meanes as shall be more amply hereafter declared and here is to be wished that the City of London and euery principall towne of a Shiere or the most part of them would take vpon them to take money casually at the hand of such as will deliuer the same vpon the aduenture of their or other mens liues As at Venice where a man for the summe of three or foure hundreth pounds once giuen and in like manner at Amsterdam shall be sure to haue one hundreth pounds a yeare during his life wherby a great Stocke might be raised for the generall good of all parties and especially to set the poore people on worke and to take their manufactures of them to be sold with a reasonable gaine for experience hath taught in all places where the like is vsed that the City becommeth alwayes a Gayner by the decease of the parties that doe deliuer money in this nature But it is conuenient to prescribe certaine rules hereupon in the making of all manufactures which commonly is best effected by Corporations The litigious Suits in Law being noted as the third cause of the decay of Trade can hardly be remedied for the reasons before declared but must haue their course and herein there can be no shorter course deuised by the witte of man then the Common-wealth doth vse vpon proofe and specialties if the pleadings and issues although Peremptory bee ioyned according to the first institution whereby the Matter of fact may nakedly appeare before the Iury of twelue men who are to iudge thereof according to the euidence of witnesses produced before them for touching the matter of Law the same beeing separated from the matter of Fact maketh a Demâ—…rer to be determined by the Iudge I haue great cause to enter into Campum spatiosum about this Law warfare hauing by experience and study spent much time therein But I thinke fit onely to commend the orders vsed in Germany to take downe the litigious humours of some persons To make them pay a Fine of twelue pence vpon the pound or more to the Emperors or Magistrates for so much as they claime more of the defendant then they can iustly prooue to be due vnto them besides 〈◊〉 further charge if hee bee found in his proceedings to doe things for a Reuenge which they call an vnlawfull imprisonment although by the lawe he haue commenced his Sute lawfully and this is tearmed Poena Plus Petentium For all other meanes whereby the differences happening betweene Merchants are determined I must referre the same vnto my booke of Lexmercatoria as a matter requiring a large explanation The like I must doe concerning the fishing Trade which is the fourth Cause noted before which hath a reference to the want of money or to speake ingeniously is a chiefe cause of the want of money which might bee procured thereby whereby both the Trade of Cloth and fishing might flourish together contrary to the opinion of the seuerall societies of Merchants before alleadged for although they be of seuerall companies yet such orders may be deuised by the corporation to be made of fishing Merchants as shall not infringe their seuerall priuiledges any way and all obiections may be answered by true and iust preuention obseruing other nations Facilius est addere quà m constituere The fift cause of the decay of Trade by making Cloth in forraine Countries hath beene considered of whereupon the late Proclamation was made prohibiting Th'exportation of Wooll Wooll-fells Wooll-yearne Fullers earth and Wood ashes and all
That the Actiue Part of sayling is to bee ascribed thereunto seeing it driueth the ship according to all the points of the winds and variation of the Compasse being fastened vpon the Paralell of the Keele of Equality Shipwrights will tell you That if it be not Rightly placed it doth interrupt sayling and if it be not of Competent length but that the vpper building of the ship doe sway the same it maketh a ship vnseruiceable That neither the direction of the Compasse nor the Receptacle of the Sailes forewind can make her performe her voyage as other shippes doe I perceiue you are like vnto him that did attribute to the letters of a clocke diall the shewing of the houre and not to the hand or Index which is the Actiue thing to shew you the same albeit it can not doe the same without the other which is the Thing Passiue you must therefore truely distinguish and attribute the efficient Cause of Sayling to the Rudder of a Ship and the other are called Secondary or meane Causes And they all agreed that this obseruation was true Is not the Moderne Merchant of Hackney or the Author of the Treatise of Free Trade like vnto these Nouices who perceiuing two great whales to haue assaulted the English ship of Traffique The cruellest being the warres in Christendome and the Pirates The other more gentle being the Policy of Princes and States in the Course of Trade hath published in the yeare of Grace 1622. The Causes of the decay of Trade in England and the meanes to make the same flourish without obseruation of the operatiue power of exchange which is the Rudder of the Ship of Traffique fastened vpon the Rule of the equalitie of Moneyes according to their weight and finenesse to bee denominated by the valuation of Princes as a matter peculiarly appertaining to their Praerogatiues And because that therein hee hath like vnto Esops Iay clad himself with the feathers of other Birds I hope it will not be impertinent To vnmaske his discourse and neuerthelesse to supply according to my former Treatises The maintenance of free Trade wherin I endeauour to be Compendious and Substantiall and to follow his Method and some distribution for the better vnderstanding as a most important businesse of State which is the cause that so many Statutes and lawes haue beene made concerning moneyes and exchanges 2. So many Proclamations for the due execution thereof haue bin published 3. Lastly so many Treatises and Conferences haue beene had from Time to Time Both with other Princes and within our selues which in the iudgement of the said Author are neglected as vnnecessary or by ignorance not mentioned concluding with him That as there are many causes discussed and discoursed of at this time of the decay of Trade So are there many Remedies propounded wherein if either the Principall Causes be mistaken as hee hath done or defectiue Remedies propounded The present disease of this Trade may increase and cast the Body into a more dangerous Sicknes For the efficiâ—… Cause being vnknowne putteth out the Phisitians eye as the Prouerbe is Now let vs come to the handling of the particulars in order and afterward to the True Remedies which must arise from the matter of exchange as shall bee plainely demonstrated to the iudicious Reader voide of partiality for the exchange is the faculty or Spirit of the soule of moneyes in the Course of Traffique CHAP. I. The Causes of the VVant of Moneys in England THis Assertion we shall now bring to the hammer the Anuel and the Touchstone namely to firme Reason by his owne first Argument of the immediate Cause of the want of money in England alleaged by him to bee the vnderualuation of his Maiesties Coyne where he saith by way of interrogation Who will procure licence in Spaine to bring Realls into England to sell them here at Tenne in the hundred Gaine which is lesse then the exchange from thence will yeeld when he may haue for the same fiue and twenty in the hundred in Holland Here in an obscure manner he obserueth the exchange from Spayne to be Sixe pence the Reall as value for value or the Par in exchange whereby it is lesse as hee saith and hee doth account the price of 8. Reals at 51. Stiuers in Holland and the Rate of exchange at 33. shillings 4. pence Flemish to answer our 20. shillings Starlin as at Par pro Pari for those parts howbeit that 42. shillings 6. pence Flemish payde there for the 5. Realls of 8. make 25. shillings 6. pence Starlin according to that Computation howsoeuer wee see that this is grounded vpon the exchange which is the efficient Cause thereof otherwise the 15. in the hundreth to be gotten in Holland more then in England is altogether imaginary and not Reall For example let fiue of these Realls of 8. be bought here for 22. shillings Starlin and bee transported into Holland and there buy commodities with the same according as the price of them is inhaunced there no man maketh any doubt but that the said Commodities are also raised in price according to the money inhaunced So that the gayne becommeth vncertaine for the Commodities may be sold to losse But the merchants trading in Spaine which cause their Realls to be sent from Spaine thither or doe transporte them from the Downes Rely wholy vpon the lowe exchange whereby they are inabled to deliuer their money there by exchange at an vndervalue in giuing there but 33. shillings 4. pence and vnder to haue 20. shillings Starlin â—…ayed by Bill of exchange in England whereby â—…he kingdome maketh good vnto them the said â—…5 vpon the hundreth For this Reall of 8. was valued but at 42. Stiuers when the Par of exchange was made to be 33. shillings 4. pence in the yeare 1586 when Robert Dudley Earle of Leycester went to take the gouernment of those Countries And shal we now receiue in exchange the said price of 8. Reals for 51. Stiuers which is aboue fiue shillings and one penny Starlin because they haue inhaunced the same to their advantage and continue the Par of exchange at 33. shillings 4. pence by which Computation the said 42. Stiuers make but foure shillings two pence halfe penny or thereabouts in true value Absit ignorantia Whereas if our merchants of Spaine should giue the saide price there in exchange for 42. Stiuers as they did formerly and may be done by order of exchange They shall not finde thereby Ten in the hundreth gaine which they can make here more certaine and commodiously whereby this money will be imported without inhauncing of our Coyne This is so plaine in the vnderstanding of Merchants that there needeth no other explanation for it demonstrateth manifestly that if the lowe exchange were not This Gayne would prooue to be Imaginary as we haue noted And this causeth these Realls of Spayne to be diuerted from vs and might els be imported
THE MAINTENANCE OF FREE TRADE ACCORDING TO THE THREE ESSENTIALL Parts of Traffique Namely COMMODITIES MONEYS and Exchange of Moneys by Bills of Exchanges for other Countries OR An answer to a Treatise of Free Trade or the meanes to make Trade flourish lately Published Contraria iuxta se Posita magis Elucescunt By GERARD MALYNES Merchant LONDON Printed by I. L. for William Sheffard and are to bee sold at his shop at the entring in of Popes head Allie out of Lumbard street 1622. TO THE MOST HIGH and mighty Monarch IAMES by the grace of God King of great Britaine France and Ireland Defender of the Faith c. TRaffique Most Dread and gracious Soueraigne by Nature Admirable and by Art Amiable being the Sole peacible Instrument to inrich Kingdomes and Common-weales may properly be called The Praeheminent studie of Princes the rather because the Sacred wisdome hath approued this Axiom That a King is miserable how rich soeuer he be if he Raignes ouer a poore people and that that Kingdome is not able to subsist how Rich and Potent soeuer the people be if the King bee not able to maintaine his Estate Both which being Relatiues are depending vpon Traffique and Trade which is performed vnder Three Simples or Essentiall parts namely Commodities Moneys and Exchange for Moneys by Bills Whereupon hauing lately perused a Treatise intituled Free Trade or The meanes to make Trade flourish wherein the Author either ignorantly or wilfully hath omitted to handle The Praedominant Part of Trade namely the Mystery of Exchange which is the Publike measure betweene vs and other Nations according to which all our Commodities are bought and sold in forraine parts his only Scope being to haue the Moneys of the Kingdome inhaunced in price and the forraine Coynes made Currant within the Realme at high Rates whereby great inconueniences will follow I could not but bee moued both by my faithfull alleageance due vnto your Maiestie and the obseruant duty owing by mee to the Publike good To make an answere to the materiall points of the saide Treatise by comparing things by contraries for the better illustration the rather for that it was published in Articulo temporis when your Maiesties vigilant Princely Care had beene pleased to referre the Consideration of this important businesse of State to the learned Lord Vizcount Maundeuile Lord President of your Maiesties most Honourable Priuy Councell and other persons of knowledge and experience amongst whom although vnworthy my selfe was called and our opinions were certified vnto your Highnesse For the Consideration of this weighty matter of great Consequence is absolutely to be submitted vnto your High Wisedome and Transcendent iudgement by meanes whereof according to the saying of Epictetus the Philosopher Hoc est Maximè iudicis Aptare Vniuersalia singularibus All Causes both Ecclesiasticall and Ciuill are obserued discerned and applyed to their proper and determinate ends Your Maiestie therefore may bee pleased to vouchsafe with a gracious aspect the reading of this small Treatise which like vnto the little fish mentioned by Plutarch swimming before the great Whale giuing notice of dangerous shallow places shall be amply explained in a Volume almost imprinted intituled Lex Mercatoria or the Auncient Lawe Merchant which in all humility is to bee presented vnto your most Sacred Maiesty wherein the dangerous Rockes to be auoyded in the Course of Traffique and the meanes therunto conducing are manifested for the preseruation and augmentation of the wealth of your Highnesse Realmes and Dominions to bee effected by the Rule of iustice grounded vpon Aequality and Aequity according to Ius gentium which is chiefly maintained by the Lawe Merchant The knowledge whereof is of such moment that all other Temporall Lawes without it are not compleate but imperfect Worthy of commendation are those offices who can by Prouidēce preserue the Treasure of Kings and Common-weales worthier are those that both by honest and lawfull meanes can preserue and augment them but worthiest of all immortall praise are these who can and doe by easie iust and Politike meanes inrich Kingdomes and Common-weales and thereby fill the Princes Coffers with standing Treasure to serue all occasions in the two seasons which Princes are to care for obserued by the Emperour Iustinian namely the Time of Warre when Armes are necessary and the time of Peace more fitting wholesome Lawes In the Theoricke Part of which Study I haue these forty yeares spent much time and charges at the pleasure of great personages and albeit nothing did encounter mee but ingratitude yet my constancy to spend the Remainder of my dayes therein in hope of Practise is as immoueable as the continuance of my daily prayers to the Great Iehouah to multiply your Maiesties dayes as the dayes of heauen London the 25. of October 1622. Your Maiesties most Loyall Subiect Gerard Malynes THE Maintenance of Free Trade According to the Three Essentiall parts of Traffique namely Commodities Monyes and Exchange of Monyes by billes of Exchanges for other Countries NATVRALL Mother wit did teach man before Arts or Sciences were inuented that of all things and in all humane actions the Beginning Progresse Continuance and Termination or End is to bee obserued whereupon Politicians or Statesmen haue noted that the often comparing of a thing vnto his Principle or Originall produceth the longer continuance shewing by digresion how the same is decayed and may bee reduced to the first integrity and goodnesse For there was neuer any thing by the wit of man so well deuised or so sure established which in continuance of time hath not bin corrupted The consideration whereof is most requisite in the reformation of the course of Traffique as a matter eminent for the good and welfare of Commonweales and especially for England Quia vita ciuilis in societate posita est Societ as autem in imperio commercio According to this rule let vs obserue that all the Traffique and Trade betweene vs and forraine nations is performed vnder three Simples which are the essentiall Parts thereof namely Commodities Monyes and Exchange of money by Bills for forraine Parts which may be aptly compared to the Body Soule and Spirit of Traffique The First as the Body vpheld the world by Commutation and Bartring of commodities vntill money was deuised to bee coyned The Second as the Soule in the Body did infuse life to Traffique by the meanes of Equality and Equity preuenting aduantage between Buyers and Sellers The Third as the Spirit and faculty of the soule beeing seated euery where corroborateth the Vitall spirit of Traffique directing and controlling by iust proportions the prices and values of commodities and monyes Now euen as monyes were inuented to bee coyned of the purest mettals of siluer and gold to bee the Square and Rule to set a price vnto all commodities and other things whatsoeuer within the Realme and therefore called Publica Mensura euen so is exchange of monyes by Bills The Publike
to the said Merchants or others which doe practise vpon the Benefite of moneys to bee made betweene the exchange and moneys For the Rule is infallible That when the exchange doth answer the true value of our moneys according to their intrinsicke weight and finenesse and their extrinsicke valuation They are neuer exported because the Gayne is answered by exchange which is the Cause of Transportation This cause being preuented maketh the effect to cease and this is engraffed in euery mans iudgement according to the Maxime often noted heretofore Sublata Causa Tollitur effectus So that exchange still hath the command and striketh the Stroake insomuch that albeit the price thereof riseth and falleth according to Plenty or Scarcity of money yet moneys are ouerruled thereby For if you inhaunce the Coyne the exchange doth controlle it and rise accordingly And if you vndervalue the same The exchange in like manner doth fall in price Wherein note the operation of exchange both here and beyond the Seas in places where exchanges runne vpon the pound of 20. shillings Starlin If the inhauncing of Coyne be beyond the Seas and the exchange be not made accordingly Then our moneys are carried out If the inhauncing of Coyne were made here E contra moneys would bee imported But the merchant Stranger who obserueth the rule of exchange and will not be ouer-taken as wee â—…e will ouer-rule the same ipso facto and â—…e you so much lesse in exchange as we shall â—…haunce our Coine by valuation or imbase the â—…e by Allay In like manner if you Cry â—…wne moneys beyond the Seas Th' exchange â—…ll alter in price accordingly and if you Cry â—…wne moneys here or vnderualue them by â—…me Th' exchange ought to Rule and to make â—…e denomination accordingly in price and still â—…maineth Predominant ouer moneys and comâ—…odities For euen as Commodities being the â—…dy of Trafficke draw vnto them moneys and therein may seeme to be Actiue yet moâ—…y being the right iudge or Rule which giâ—…th or imposed a price vnto Commodities 〈◊〉 the Thing Actiue and Commodities become 〈◊〉 thing Passiue Euen so although money is â—…e Subiect whereupon exchanges are made 〈◊〉 â—…et still th' exchange is made to Rule moneys To the end that the value thereof should bee â—…nswered by the Publike Measure of exchange To preuent all abuses and inconueniences ariâ—…ng by the price of Commodities and the vaâ—…uation of moneys in exchange which moneys are either Reall or imaginary according to the Custome of the place of exchange by the deuice of Bankers This was Seriously obserued in the yeere 1576. by diuers most honourable and Graue Counsellours of State Namely Sir Nicholâ—… Bacon Lord Keeper of the great Seale Sir Willam Burghley Lord Treasurour of England Tâ—… mas Earle of Sussex Francis Earle of Bedfoâ—… Sir Francis Knowles Sir Iames Croft and Mâ—… ster Secretarie Walsingham with the assistanâ—… of other worthy persons of experience namâ—… ly Sir Thomas Chamberlaine Sir Thomas Grâ—… ham Knight Master Peter Osborne Mastâ—… Iames Altham Master Thomas Riuet and Mâ—… ster Richard Martin Master of the Minte 〈◊〉 they found that the following inconuenience were practised by Bankers or exchangers for thâ—… Priuate gaine and benefite for the aduancing some Common-weales and â—…e the destruction other Common-weales To lay their money with Gaine in any place of the world where exchange lyeth To Gaine and waxe Rich and neuer meddâ—… with any Princes Commodity or To buy any Princes Commodity with thâ—… Subiects money and not one pennie of their owne To vnderstand whether money employed on exchange or Commodities is more profit To liue and increase vpon euery Princes Subiect which take vp moneys To winde out euery Princes Treasure out of his Realme whose Subiects bring in more Wares then they carry out To make the Staple of money Runne where the Rich Prince will haue it To vnfurnish the poore Prince of his prouision of money in Warres To furnish their need of money that tarry the selling of their Wares or Commodities To take vp money to engrosse any Commodity or to incorporate any Trade To hide their carrying away of any Princes money To fetch away any Princes fine money with the baser money of other Princes To take vp Princes base money and turne it into fine and pay the party with his owne To get all Merchants money into their hands and gaine thereby and paying them with their owne To make that Realme gaine of all other Realmes whose Subiects liue most by their owne Commodities and sell yeerely the ouerplus into the world and both occupie that increase yeerely and also their old store of Treasure vpon exchange To vndoe Realmes and Princes that looke not to their Common-wealth when the Merchants wealth in such and the great houses of one Countrie conspire together so to rule th'xchange that when they will be Deliuerers they will receiue in an other place aboue the Standard of the Minte of the Princes money deliuered and when they will be Takers they will pay the same in an other place vnder the Standard of the Princes money taken vp To get ready money to buy any thing that is offered cheape and to raise the price of Wares To get a part and sometimes all his Gaines that employeth money taken vp by exchanges in Wares and so make others trauell for their Gaine To keepe Princes from hauing any Customes Subsidies or Taxes vpon their money as they employ it not To value iustly any Wares they carry into any country by setting them at a value as the money that bought them was then at by exchange in the Countrie whither they bee carried By the premisses we may see of what importance the operation of exchange is wherein the endeauours of Sir Thomas Gresham thinking to rule th' exchange of England by plenty of money proueth fruitlesse and might haue beene done with more facilitie by direction as shall be made manifest This was the cause that the French King Lewys the ninth and Philip the faire did Consiscate the Bankers Goods and so did Philip dâ—… Ualois who indited them as Coozeners of the Common-wealth for it was found that in a short time with 24. thousand pounds they had gotten â—…e and twentie hundred thousand pounds The kingdome of England would haue beene more sensible of the like losse if the hostile depredations heretofore made had not supplied the same notwithstanding that the offers of Queene Elizabeth of blessed memory â—…ere stored with seuen hundred thousand â—…unds Starlin before the Warres with the â—…rle of Tyrone in Ireland wherein more then â—…uble that Summe hath beene spent as I found 〈◊〉 the accompts For this disordred course of â—…change as I haue said is like to the cruelty of â—…e Planet Saturne which maketh his Spheriâ—…ll course in 30. yeeres with great operation â—…d it is not many yeeres lesse since I haue obâ—…ued this inconuenience for the good of the â—…ealme albeit Enuy hath crossed
prooue vnprofitable They maintaine a certaine peace and assurance in the course of their gouernment which consisteth thereby This Trade of the Hollanders for the East-Indies began vpon the Embargoes made in Spain of their goods and interruption of their Trade wherein they did associate themselues with the Germanes to disperse and vent their said India commodities better and speedier To this Argument appertaineth the consideration of the Trades out of Christendome maintained for the most part with ready moneys As for Turkie and Persia wherein the abundance of Siluer and Gold come into Europe since the West Indies were discouered is to be noted which hath made euery thing dearer according to the increase of money which like vnto an Ocean diuiding the Course into seueral branches in diuers Countries hath caused a great alteration But England doth not participate by the Course of Traffique a proportionable Competent share of the said aboundance of moneys as other nations doe albeit not many yeares since we had more moneys then in times past before the saide discouery of the West Indies But we must now measure things according to the said abundance which is much diminished by the continuall exportation of moneys for the East Indies from all places of Traffique The fifth Cause of the Want of Money in England hee saith are the Warres of Christendome causing exportation of moneys and the Pirates hindering importation of money The latter is meerely a Preuention or Robbing of our monyes which are supposed might be brought in But if Pirates did not take some of our monyes it followeth not that the same should come vnto vs in specie For experience by the example of the Spanish Merchants diuerting â—…e Realls of 8. from vs for Gaine to be made 〈◊〉 forraine parts prooueth vnto vs the conâ—…ary Gayne beeing alwaies the Scope of Merâ—…ants and to prooue that this Gayne is made â—…ally onely by the abuse of exchange which â—…herwise would be but Imaginary wee haue â—…ready declared Now touching the exportation of monyes â—…y the Warres of Christians where he declareth 〈◊〉 vrgent instance That the Riecks Doller is â—…ised two markes Lubish making the said Dolâ—… to twenty markes Lubish in many plaâ—…s of Germany whereby abundance of money 〈◊〉 drawen vnto the Mintes of those Countries â—…om all the Mines and Parts of Christendome â—…erein he is much mistaken for when moneys â—…e inhaunced they neuer are carried to the Mintes for to be conuerted into other Coyne â—…ut they remaine currant betweene man and â—…an running like a Poste-horse euery man â—…aring to receiue a losse by the fal Neither maâ—…eth this any rule for merchants in places of â—…rade otherwise then that they may take â—…nowledge of the publike valuation thereof to â—…ell their Commodities accordingly by rating â—…he price of exchange vpon their former obserâ—…ation which being neglected or done in part â—…auseth the vnderualuation of our moneys in â—…xchange And this is the immediate Cause by â—…im first alleaged and treated of wherein the Commodities are no more Actiue then Tenderdon Steeple in Kent was the Cause of the decay of Douer hauen To make this to appeare let vs note that this Rieckx Doller being the maine and most usuall Coyne in Germany Eastland the Vnited 〈◊〉 Reconciled Countries vnder both Gouernmeâ—… and many other places was valued at 2. maâ—… Lubish euery marke being 16. shillings Lubâ—… or 16. Stiuers for in the yeare 1575. the 〈◊〉 Doller was still coyned in the Empire for 〈◊〉 Stiuers And was so currant by Valuation in 〈◊〉 Low Countries wherby the said shilling Lâ—… and the Stiuer Flemish were al one but the 〈◊〉 in the Low Countries hath bin the cause of 〈◊〉 inhauncing of this Doller which was brouâ—… to 35. Stiuers and in the yeare 1586 to 〈◊〉 Stiuers by intermissiue Times and Valuatiâ—… howbeit at Stoade Hamborough and other places in Germany the said Doller did remaine stâ—… at 32. Stiuers or two markes And as the saiâ—… Doller did inhaunce in price so did they coyâ—… new Stiuers accordingly sometimes lighteâ—… weight and at other times imbased by Allay 〈◊〉 Copper And yet in accompt the Stiuer did aâ—… doth remaine the ground of all their monyâ—… But the said Doller holdeth his Standard agreeable to the first Doller which is called the Burgondian Doller with the crosse of Saint Andrâ—… coyned in the yeare 1575. which is in fineneâ—… tenne ounces and twelue penny weight of fiâ—… siluer and foure and one halfe of these Dollers were there made equiualent to our 20. shillings Starlin as a Publike measure in exchange beâ—…weene vs and the Low Countries Germany and all other places where this Doller was curâ—…ant which made the Par or price of exchange â—…o be 24. of their shillings for 20. shillings of â—…ours according to which computation exchanges were made alwaies aboue that price both here and beyond the seas and the Stiuer of the Lowe Countries was not in value answerable thereunto for being but two ounces 17. pence with fine their 32. Stiuers for the said Doller which is foure pieces and one halfe 144. Stiuers did not containe so much fine siluer in them as the said Doller proportionably But there wanted aboue 3. shillings Flemish in the pound of 20. shillings Starlin These Dollers haue since beene imitated and made by the States of the vnited Low Prouinces in their seuerall Mintes as also by the Archduke Albertus in the reconciled Provinces And the price of them at Hamborough Stoade and other places was inhaunced but one Stiuer that is to say at thirty three Stiuers where the said Dollers went in the Low Countries by valuation for 45. Stiuers in the yeare 1586 at which time the Par of exchange was found to bee twenty foure shillings nine pence for those parts and for the Low Countries at thirty three shillings 4. pence which was so agreed vpon to our disadvantage for according to the saide 4â—… Dollers at forty fiue Stiuâ—…rs it maketh thirty three shilling nine pence but our twenty shillings valued at tenne Stiuers for the shilling was the causâ—… that it was put to thirty three shillings fourâ—… pence My selfe being there a Commissioneâ—… appointed by the Councell Table with Sir Richard Martin Knight and Monsieur Ortell Moâ—…sieur Coase and Monsieur Valcke Commissioners for the States of the vnited Prouinces This Doller is since that time inhaunced tâ—… fifty two Stiuers in the Lowe Prouinces whicâ—… maketh the price of exchange aboue thirty eight shillings or rather thirty nine shillings and shall we suffer this and not alter our price of exchange accordingly but be contented to take thirty foure shillings or thirty fiue shillings and after that rate vndersell all the Commoditis of the kingdome and suffer also because of this gaine our monyes to be exported the Realls of 8. to bee debarred from vs to bee brought in and carried to other Countries for bringing a losse to the importer which by inhauncing of the
price of our exchange and no◅ by inhauncing of our monyes can bee easily preuented as heereafter shall bee declared This Doller is likewise since that time more inhaunced in Germany from time to time and leauing the excessiue alteration in Remote places let vs note the Ualuation of Hamborough where it hath beene at fifty foure Stiuers the Doller which maketh the exchange aboue forty shillings of their money for our twenty shillings And although we haue raised the price of exchange from twenty foure shillings nine to thirty fiue shillings or thereabours shall we rest here and goe no further haue we reason to doe it in part and not in the whole according to iustice equity and true Policy And shall we bee like a man that by halting in iest became same in earnest I say againe Absitignorantia Thus much Obiter CHAP. II. The Causes of the Decay of Trade in the Merchandize of England THE Moneyes of Christendome which haue their ebbing and flowing doe shew their operation vpon Commodities making by Plenty the price thereof deare or by Scarcity better cheape And on the contrary by exchange we finde that plenty of money maketh a Low exchange and the price of monyes to fall in exchange and that Scarcity of money maketh a high exchange and the price to rise ouerruling both the price of moneys and Commodities which beeing obserued by the great exchangers or Bankerers caused them to inuent all the meanes to compasse the same and to rule the course thereof at their pleasure hauing the maine sea of exchanges wherein the exchange of England runneth like a Riuer or Branche and is ouerruled by the generall Currant which may be preuented for we haue the head of exchange of 20. shillings Starlin for the places where most of our Commodities are sold which will command all the parts members of the body of Traffique and procure plenty of money whereby the other causes of the want of monyes in England as the waste of the treasure and the like will not be so sensible as ◅ow they are especially when needfull Commodities of Trade shal be imported from some pla◅es which shall supply as in times past the exportation of much money when the Commodities of Russia being Tallow Waxe Hides retransported into France and Spaine did by exchange furnish the Realme with Wines Corints Raisons and the like Commodities The Want of Money there is the first cause of the Decay of Trade for without money Commodities are out of request And when they fall againe into Permutation or Barter Traffique is subiect to the necessity of Merchants which ◅endeth to the destruction of one Common-weale and to the inriching of an other And this is effected by the exchange as the graue and wise Coūsellors of State before mentioned haue very well obserued whereof Aristotle and Seneca could take no notice in the infancy of Traffique which maketh me to forbeare to alleadge their opinions and definitions howbeit Commercium is quasi Commutatio Mercium which the said Author would turne againe by a change of wares for wares and not money for wares No maruell therefore that hee doth inuert things and runneth into a Labyrinth without distinction betweene the thing Actiue and the Passiue by approouing Money to bee the rule and square whereby things receiue estimation and price And yet commending the Commutation before Money was deuised to be coyned Aristotle saith That Action and Passion are meerely Relatiues and that they differ no more then the way from Thebes to Athens and from Athens to Thebes We will therefore leaue this Merchant to walke betweene both vntill hee can discerne the one from the other And then he shall finde that as the Liuer Money doth minister Spirits to the heart Commodities and the heart to the Braine Exchange so doth the Brayne exchange minister to the whole Microcosme or the whole Body of Traffique Let the heart therfore by the liuer receiue his Tinctured Chilus by his owne mouth and stomacke and the blood full of Spirits shall fill all the Ueines and supply the want of monyes The easie course and recourse of whose exchange shall bring all things in time and serue all mens turnes For euen as there are two Courses obserued of the Sunne the one Annuall and the other by dayly declination rising and going vnder euen so must wee obserue in exchange two Courses the one according to Par pro Pari or value for value the other rising and falling from time to time as wee haue already declared The second Cause of the decay of Trade saith he is Vsury meaning Vsury Politicke wherein he is preuented to speake because of a Treatise made against Vsury by an vnknowne Authour and presented to the last Parliament for whom he taketh great care that hee be not abused as Virgill was by proclaiming too late Hos ego versiculos feci tulit alter honores True it is that the said Authour doth not attribute vnto himselfe the making of verses but taketh the whole substance of his discourse out of other mens workes published aboue twenty yeares since Turpe est Doctori dum culpa redarguit ipsum Cato Usury in a Common-wealth is so inherent and doth properly grow with the decay of Trade as Pasturage doth increase with the decrease of Tilling Albeit in some respects Trade is increased by monyes deliuered at vse or interest vpon occasions when the Vsurer is glad to finde a taker vp of his monyes and doth pray him to doe the same by reason of the abundance of money which maketh the price of Vsury to fall more then any Law or Proclamation can euer doe So that to abate the Rate of Tenne vpon the hundred to eight as the saide Tract against vsury would haue had the Parliament to do will be effected of course which alwaies hath the greatest command This doth also much preuent that the Rule of Concord and Equality is not so soone broken and ouerthrowne in Common-weales some growing very rich and others extreame poore not able to liue in their vocation The most pregnant cause of discord causing many times Ciuill warres as Cornelius Tacitus hath noted and appeareth in another Treatise where the operations of Usury are described The biting Vsury intolerable extortion committed by certen vncharitable men commonly called Brokers for pawnes is not to bee touched in a word for this is the only the remarkable sin I meane extortion oppression for which the first world was drowned which feedeth vpon the sweat blood of the meere merchanicall poore taking 40 50. 60. 100. vpon the 100. by the yeare besides Bili money and for feiture of the pawnes when charitable persons haue offered aboue 20 yeares since to giue largely and to lend moneys Gratis as also after 10. in the 100. to supply by way of pawn-houses by some called Lombards the need and occasions of the poore mechanicke people the neglect
wherof sheweth that our hearts are ouerfrozen with the Ice of vncharitablenesse which otherwise could not haue so long continued for it prouoketh Gods anger against vs in the highest degree If these men had beene Iewes I might haue bestowed some Hebrew vpon them in detestation of the word Neshech which is nothing else but a kind of biting as a dog vseth to bite gnaw vpoÌ„ a bone otherwise to vse many languages in a litle Treatise of free trade may seem impertinent The third cause of the decay of Trade he saith is the litigious Law suits which as one way they increase by scarsity of money which compelleth men to stand out in Law for a time when they cannot pay vntill they receiue So another way when moneys are plentifull men care the lesse for money pride causeth them to spend to go to law for euery triflle disputing Delana Caprina true it is that this Law warfare interrupteth trade but to make the same to be one of the efficient Causes of the decay of trade I cannot altogither agree therunto but rather to the Remedies which shal be hereafter declared albeit many men are vexed imprisoned ouerthrowne hauing spent their time means in Law which might haue bin employed in trade for the good of the CoÌ„mon-wealth their owne quietnesse I do likewise omit to intreat of transportation of ordnance munition heretofore permitted mentioned by the said author now preuented in some sort neither was England in the yeere 1588. in such great distresse to be termed in articulo temporis when the merchants Aduenturers did prouide from Hambrough a ships lading with Powder and shot as parcell of their dutie to assist the Kingdome by God only preserued The fourth Cause of the Decay of Trade or to speake properly neglect of Trade is The admitting of forraine Nations to fish in his Maiesties Streames and dominions without paying any thing for the same whereby their Nauigation is wonderfully increased their Mariners multiplied and their Countrie inriched with the continuall labour of the people of all sorts both impotent and lame which are set on worke and get their liuing Concerning this fishing Trade there hath beene a continuall Agitation aboue 30. yeeres to make Busses and Fisher-boats but the Action is still interrupted because other Nations doe finde too great fauour and friends here to diuert all the good intentions and endeuours of such as with the Author of this Discourse haue imployed their Time and good meanes therein for the Merchants Aduenturours the Companie of Merchants Trading in Russia and the East-land Merchants did also oppose themselues against it at the Councell Table and did alleage the reasons following 1. The infringing of their Priuiledges here and beyond the Seas 2. The Interloopers aduantage to interrupt their Trade vnder colour hereof 3. The want of meanes to make Returne both for Fish and Cloth also 4. The inhauncing of the price of forreine Commodities 5. The preoccupying of money to the hinderance of Cloth 6. The dissolution of the ioynt stocke of the Russia Company 7. The incouragement of Strangers hereupon to make a Contract with the Russian Emperour 8. The discouragement to vndertake new discoueries 9. The defraying of the Charge of Embassadours and other extraordinarie Charges for honour of the State 10. The plenty of Fish which those Countries haue from time to time and some other Reasons So that in conclusion England by their saying cannot maintaine the Sea Trade and the Land Trade together neither do they make account to make Returne in money knowing that they should lose more thereby then by the exchange of those Countries or by Commodities And albeit that all the premisses may bee moderated without hinderance to the said Companies neuerthelesse such is the condition of some Merchants not vnderstanding the Mysteries of exchange and ouer-ruling others by their order of Antiquitie in their Society that neither Reason or experience can preuaile insomuch that whereas other Princes take their Duties of other Nations for fishing and fish themselues also by their Subiects yet England cannot resolue to doe the like or at least take order for the said Duties In Russia many leagues from the Maine Fisher-men doe pay great Taxes to the Emperour of Russia and in most places other Nations are prohibited to fish The King of Denmarke doth the like and taketh great Tribute both at Ward-house and the Sound The King of Sweden in like manner and the said King of Denmarke now for the Kingdome of Norway All the Bordering Princes of Italy doe take Taxes vpon fish within the Mediterranian Seas The like Taxe is taken by the Duke of Medina Sidonia for Tunny in the Spanish Seas The States of the Vnited Prouinces doe take an imposition vpon fish which is taken within the Streames and Dominions of other Princes The Hollanders doe allow the Tenth fish both in Russia Lappia and other places or pay a Composition for the same as also moreouer a Tribute in the Sound for passage to fetch the said fish And of mine owne knowledge I am assured they would willingly haue paid the same vnto England or a good composition for it had not the greedy lucre of some persons hindered the same These exemplary Actions haue long determined the question of Mare liberum touching the Communitie or freedome of the Seas which is acknowledged to be so for Nauigation without that the same doth any manner of way preiudice the Distinct Dominions of the Seas of all Princes concerning fishing that is to say the fishing Trade So that it is superfluous to alleage the opinions of Orators and Poets about the fishing heretofore in the Mediterranian Seas neither doth it belong to this place to cite the Determinations of the learned Ciuilians which are mentioned in the Treatise De Dominio Maris For the matter hath beene learnedly handled at the Councell Boord before the Graue Senators many yeeres since by our Ciuilians and others which to auoid prolixitie I doe omit Now from the Fishing we are come to Clothing or Drapery of the Kingdome and the abuses thereof as the fist cause of the decay of Trade wherein to vse many distinctions of the new and old Drapery vnlesse it were to Reduce matters in statu quo prius shall be needlesse And although the dressing and dying of Cloth was insisted vpon to be done in England in the yeere 1616. To establish the Manufacture within the Realme at which time 64. thousand Clothes were exported which was afterwards reuoked I cannot omit to obserue the Practises which were vsed by Combination with other Nations abroad and domesticke intelligence aâ—… home whereby many good Actions are oâ—…rowne to the generall hurt and with little aduancement to the particular It cannot be denied but that the Drapery of forraine Nations not only the making of Cloth in the Low Countries but oâ—… late yeereâ—… in Italy and Spaine also the Trade of Cloth 〈◊〉
much lesse can a lesser number with lesser abilitie manage a greater Trade in most Troublesome times especially if they haue borrowed 50. or 60. thousand pounds at vse for the seruice of the Company and thereby engaged the Trade and set themselues in debt which causeth many of the best merchant Aduenturours to giue ouer Trade and are become purchasers or lenders of money at Interest Many others of them haue engaged themselues in the East Indian Company which did carry away their money and left the Cloth This small number to manage so great a Trade incourageth the Clothier to aduenture to make false Cloth because it is impossible that so few Merchants can search and visit euery Cloth as it ought to bee done and the Clothiers conscience is satisfied For he saith that the falsest Cloth is answerable to the best price because none may export but they and therefore they will giue what price they please for this deceitfull Cloth hath caused great iarres and differences betweene the English Merchants and the forraine Nations for Tare or Rebatements and the generall Report of the falsenesse of English Manufactures hath caused a wonderfull decay of the sale thereof The Trade thus limited to a small number of a Company residing for the most part at London is a generall preiudice to the whole Kingdome which though it haue made London rich it hath made all the Ports and other parts of the Kingdome poore for it enforceth needlesse and chargeable carriage and Recarriage of diuers Commodities whereby they are endeared vnto vs and it hinders all the Ports being the Walls of the Kingdome from hauing either forraine or domesticke Commodities brought vnto them at the best hand which causeth them to be almost desolate and forsaken and it hindereth the Clothiers and new Drapers which dwell in remote parts from selling their Cloth and Stuffes at their next adioyning Ports for how can they sell when there are no Merchants It causeth all Chapmen to giue poore and faint prices for Wooll because when it is indraped it may not more freely be exported to the best aduantage So that the Grower is hindred in the price of his Wooll for euery losse and preiudice that comes vpon cloth and the Clothier doth fall vpon the Wooll and the Wooll Grower And the Clothier saith hee is preuented of his best Chapmen for his Cloth for that merchants Strangers or other English merchants cannot worke vpon the aduantage of Markets and the Clothiers necessitie which beates downe the price of Cloth the price of Cloth beateth downe the price of Wooll the price of Wooll beateth downe the price of Lands which cannot be improued and forraine Commodities are freely taken in Barter for the Returne of our home Commodities when moneys nor Bullion can be imported as hath beene declared so that the Hammers at the Minte where the pulses of the common-wealth should be felt are the life and mouing And it is come to such extremitie with the Eastland merchants that they cannot vent their Cloth in Barter of other Wares to make Returne and by money their losse would be incredible Shall this be Proclamed a Free Trade when within our selues we are in Bondage and haue lost the benefit of the Two essentiall Parts of Trafficke namely the Rule of money and exchanges Let euery man iudge To say nothing of the dependances of Trade as the increase of Nauigation and Nauigators when Merchants heretofore had more freedome and the Ports were furnished and frequented with great store of shipping which although they were but small of burden yet euery one had their seuerall Pilot and Mariners which did daily supplie the Land with plenty of Sea-men The Merchants Staplers haue obserued that the Merchants Aduenturers haue an ineuitable opportunity of Combination to set what price they please vpon cloth to the Clothier of Wooll to the Grower and of all Commodities exported and imported and likewise to lay what priuate impositions they please vpon any of the said Commodities so that whether they doe well or ill for the Common-weale there can be no apparant triall for hauing power to barre all others from Trade but themselues they are like a Commoditie weighed in a Ballance that hath but one end where there can be no Counterpoize and then it seemes to bee great weight although it be neuer so light So that this ingrossing of Trade into few mens hands hath caused our home Trades to decay our Manufactures to decrease and our home-bred Commodities to lie vpon our hands vnsold or to bee sold at a low price to the vtter vndoing of all sorts of poore people in England and the great dammage of all his Maiesties louing Subiects and whilest our merchants hinder one another from Trade other Nations increase their owne Manufactures and enlarge their Trade not only for the said Countries of high and low Germany but also for Russia Eastland Poland and other places For the making of good and true Cloth many excellent Lawes haue beene made and enacted especially in the fourth yeere of his Maiesties happy Raigne whereupon I haue heretofore made a Demonstration which was exhibited to the Right Honourable the Lords of the Priuie Councell shewing the weight length and breadth of all sorts of Clothes and that Weight and Measure doth controlle each other whereby the Merchant that buyeth the Cloth may be enabled to finde out the fraud and deceit of the Clothier but this should bee done before the selling of them and that by honest Officers or Magistrates according to the said Acte whereof our great Booke now vnder the Presse intituled Lex Mercatoria or the Law Merchant doth intreat of more particularly The eight cause of the decay of Trade is Th'exportation of the materials of Woolls and Wooll-fells from the Sea-coasts of England and the Kingdome of Scotland and the Customes and Impositions laid vpon Clothes at home and abroad in other Countries especially the great Imposition in the Low vnited Prouinces called Consumption Money payed by the Retaile of Cloth or Drapery only vpon our English Clothes and not vpon Cloth in those parts whereby their Cloth is more vented and English Cloth in lesse Request Touching the exportation of Materials there is a prouident order taken to preuent the same in England by a late direction and Proclamation prohibiting the exportation of Woolls Wooll-fells Wool-yearne Fullers earth and Woodashes And the like will be done in Scotland and for the better execution there is a Committie appointed of certaine selected discreet persons vnder the great Seale of England The ninth Cause of the decay of Trade are the Warres in Christendome as also in other Countries out of the same where our Cloth and Manufactures haue beene transported increased by the daily losses sustained by Pirats and continuall breaking of Merchants and Tradesmen all which is meerely Heterocliton or opposite to Traffique and they concurre all in nature to the interruption and ouerthrowing
of Trade and this can neuer be diuerted preuented nor remedied by selling our Clothes or Manufactures cheape to vndersell other Nations who meet with the said hinderances and interruptions as well as we doe in the Trade of the Clothes made by them But Time and quietnesse must be expected in some measure The price of Wooll being fallen from 33. shillings the Todde to 18. shillings and vnder disimproning the Reuenue of lands can neuer increase Trade but impouerish the Kingdome and all landed men Aristotle saith that Riches is either Naturall or Artificiall The naturall Riches as lands vines forrests meddowes c. The Artificiall as Money Gold Siluer Cloth and all things metalline or mineral and manufactures proceeding of the Naturall Riches And as both these doe receiue their price and estimation by mony as the Rule and square so reason requireth a certaine Equality betweene them in the estimation of the value thereof which dayly decreaseth by abating the price of our Commodities and for the want of moneys wherein some vnskilfull merchants are much to bee blamed in making inconsiderate Barters for our Clothes beyond the Seas wanting vente and being by the abuse of exchange depriued to import moneys and Bullione To conclude this point let vs remember that the Protection of Princes in warres and against the Pirates is to be maintained to preuent the decay of Trade The tenth and last Cause of the decay of Trade is the immoderate vse of forraine Commodities and the lesse vse of our home Commodities for albeit that by the Superfluity of our natiue Commodities Trade is procured yet if that Superfluity do abound so that thereby the price of it becommeth abated Then forraine Commodities being more vsed and worne come in the liew thereof and are aduanced which bringeth an euident ouerballancing of Commodities This caused some States men in France to inuent meanes how the Trade might be cut off and that no Commodities should be transported out of the Realme making account that they could liue peaceably within themselues and very good cheape without giuing or receiuing any thing of other nations This was much contradicted by Monsieur Bodine the great Polititian of France as is noted in Englands View who shewed that they had neede of the Stranger and most especially of the Traffique with them Insomuch that although they could haue liued without them in regard of Commodities yet charity humanity and Policy willeth vs to maintaine friendship with our neighbours and rather to giue them part of our blessings then not to deale or Communicate with them True it is that it cannot bee denyed that if any kingdome vnder the Sunne can subsist of it selfe none hath more cause of thanksgiuing vnto God then the Kingdomes of Great Brittaine and Ireland so richly replenished with all things seruing ad Victum Vestitum for the Backe and Belly as we terme it not onely for our owne maintenance but also for the supply of others But God caused nature to distribute her benefites or his blessings to seuerall Climates supplying the barrennesse of some things in one countrey with the fruitfulnesse and store of other countries to the end that interchangeably one Common-weale should liue with an other And therefore is Traffique and Trade so much to bee maintained and defended wherein all manner of rashnesse in the sale of wares is to be auoided but by Policy to be preuented and vpholden according to the Policy of that valiant Captaine Sertorius who did preferre the same before strength by setting the feeble Souldior to pull out the horses taile which the mightiestman of his campe could not effect vsing violence when the feeble man did performe the same by pulling out the haires by little and little Merchants can vse the like Policie when they want not monyes and doe expect a conuenient time to sell their Clothes with reputation CHAP. III. Of Gouerned Trade and therein of Monopoly HITHERTO saith the said Authour the matter of Trade hath beene considered in Money and Merchandize and the exchange of monyes is past ouer by him as a matter not worthy the consideration indeed it was good for him to saile betweene the two Rocks of Scylla and Charybdis without further aduenture and not to suffer Shipwracke vpon the dangerous Rocke of exchanges But diuers merchants haue much distasted that a man of their profession should neglect one of the Essentiall Parts of Traffique and the most operatiue in Trade being the only measure betweene vs and forraine nations without which all his discourse is without Rime or Reason So that he cannot finde any Parity nor Purity in exchanges like vnto a sicke body who by reason of the bitternesse of his tongue can not relish Monsieur Bodine saith that when a man is noted to be of experience and to vnderstand matters wherein he is surpassing others The Prouerbe is Il entendle Par he doth vnderstand his Par or Equality which cannot bee applyed vnto him that doth not vnderstand the matter of exchange for all his arguments are fram'd betweene Commodities and moneys from whence this Syllogisme may bee drawne against him to maintaine the vnderualuation of our money in specie Nothing causeth Merchants to export more money out of the Realme then they bring in but onely the bringing in of more Commodities into the Realme then they carried out The vnderualuation of our moneys causeth no more Commodities to bee brought into the Realme then is carried out Ergo the vnderualuation of our moneys causeth not more money to be carried out of the Realme then is brought in But left this should breede a Dilemma let vs examine his words concerning exchanges It is not the Rate of exchanges but the value of Monyes here low elsewhere high which causeth their exportation nor doe the exchanges but the Plenty and Scarcity of moneys cause their values There are three waies to dissolue an argument Deniall Retorting and Distinction Deniall is too hostile sauouring more of obstinacy then of Arte Retorsion is more witty then profitable But Distinction is like to mature Remedies compared to Purges which clense and feede Now the said Authour taketh the course of Deniall and prooueth nothing If monyes be here low and elsewhere high how is this knowen but by the Valuation of exchange considering the diuersity of moneys of seuerall Standards wherein the exchange is like to the Assay whereby the finenesse of Siluer and Gold is knowne grounded vpon the quantity which the exchange requireth according to the weight of fine Siluer and Gold contained in the monyes of each Countrey which is the intrinsicke value and not according to the extrinsicke valuation which is altered by Denomination for the name of a thing doth not alter the value Really but the substance doth it if it be altered much lesse doth Plenty or Scarcity of monyes cause their values it being contrary to the nature and properties of money The publike Measure
first in the 11. yeere of his Raigne and Custos Cambij infra Turrim which were both put into one mans hands by a Law made in the Time of K. Henry the Sixt so that all the precedent meanes haue beene found defectiue fruitlesse as more particularly may be proued by diuers Records and obseruations The Coppies whereof are in my custodie to doe his Maiestie all dutifull and acceptable seruice Here we are to obserue that the Statute of employment to be Defectiue appeareth more manifestly at this time when Merchants as well English as strangers haue an ability giuen them by exchange to take vp money here and to deliuer a Bill of exchange for it payable beyond the Seas and can send ouer that money in specie and become a great Gayner thereby insomuch that if I receiue here one hundreth Pieces of 20 shillings I can send 90 Pieces to pay my Bill of exchange and put 10 Pieces in my Pocket for an ouerplus and gaine The like may be done by making ouer money from beyond the Seas to be paied here by exchange which being receiued I can Transport with 15. vpon the hundreth gaines in two moneths and lesse aduancing thereby an hundreth vpon the hundred in a yeere which exceedeth all the benefit to be made by Commodities wherewith I need not to entermeddle neither can the said Statute b e any helpe herein to anoide the same Concerning moneys which doe consist of weight finenesse Valuation it is euident that Gold and siluer are but materials and in the nature of Bullion but Ualuation is the Spirit which giueth life This Ualuation is twofold the one by the Publike Authority of Kings and Princes the other by the Merchants in the course of exchange and this is Praedominant and ouer-ruleth the Kings Ualuation for when the King hath valued the shilling piece of Starlin money at 12 pence they doe vnderualue the same at 11 pence halfe pennie or 11 pence which vnderualuation causeth the continuall exportation of our moneys and is the hinderance of importation of moneys and Bullion as wee haue so often inculcated to make the motiue stronger to produce a sufficient Remedy as followeth CHAP. V. Of the Remedie for all the former causes of the Decay of Trade HAuing hitherto obserued the Methode of the said Author in part of his Distribution in the matter and forme of Trade and therein shewed very great deformities I am now to apply the True Remedies likewise in order according to the causes alleaged which are noted by me to be tenne in number The Efficient cause of the Transportation of our Moneys is Gaine and this Gaine ariseth by the vnderualuation of our moneys in regard of the inhauncing and ouervaluation of forraine Coyne so that the cause is Extrinsike comprised vnder the said exchange of moneys and not intinsicke in the weight and finenesse of the Coyne which are considered in the course of True exchange betweene vs and forraine Nations and thereupon it followeth that neither difference of weight finenesse of Standard proportion betweene Gold and Siluer or the proper valuation of moneys can be any true causes of the exportation of our moneys so long as a due course is held in exchange which is founded thereupon Hence ariseth the facilitie of the Remedie by the Reformation of exchange in causing the value of our money to be giuen in exchange which cutteth off the said Gaine had by the said exportation and causeth in effect that the forraine Coyne beyound the Seas shall not be receiued aboue the value although the inhauncing thereof or the imbasing by allay were altering continually For take away the cause Gayne and the effect will ceasse All men of common vnderstanding when they doe heare of the raising of moneys beyond the Seas are ready to say we must doe the like for they conceiue the saying of Cato Tu quoque fac simile sic Ars deluditur Arte to be a proper application hereunto but they doe not enter into consideration what Alterations it would bring to the State and that the matter might runne Ad infinitum as shall be declared But let vs suppose that this will be a sufficient Remedy to inhaunce our moneys as they doe theirs to imbase our Coyne as they doe theirs and to imitate ouerualuation and vnderualuation of Gold and Siluer as they doe requiring a continuall laboure charge and innouation is it not an excellent thing that all this can be done by the course of exchange with great facilitie And that without inhauncing of our moneys at home or medling with the weight and finenesse of the Starlin Standard This is to be done only by his Maiesties Proclamation according to the Statutes of exchanges prohibiting that after three moneths next ensuing the same no man shall make any exchanges by Bills or otherwise for moneys to bee paied in forraine parts or to be rechanged towards this Realme vnder the true Par or value for value of our moneys and the moneys of other Countries in weight and finenesse but at the said Rate or aboue the same as Merchants can agree but neuer vnder the said Rate which shall be declared in a paire of Tables publikely to be seene vpon the Royall Exchange in London according to the said Proclamation and the said Table shall be altered in price as occasions shall be ministred beyond the Seas in the generall Respectiue places of exchanges either by their inhauncing of moneys by valuation or by imbasing of the same by Allay which by a vigilant eye may be obserued and will be a cause to make other Nations more constant in the course of their moneys And this will be executed more of course then by Authority because Gaine doth beare sway and command with most men The facilitie hereof putteth me in minde of the Geometricall Axiom or Maxime obserued in commendation of the inuention of round Wheeles Cirâ—…ulus tangit Planum vnico puncto as a reason to draw and carry Loads with a small strength whereas if they had beene made square or in any other Poly-angle and proportion Forty horses would not so easily draw them being laden as two doth now both with speed and ease Vnto which this Remedie may bee aptly compared which in a manner comprehendeth all the other Remedies For the Merchant Stranger being here the Deliuerer of money generally will easily bee induced to make the most of his owne receiuing by exchange more for the same beyond the Seas and the English Merchant being the Taker of the said moneys will not bee so iniurious to the State as to giue lesse beyond the Seas then the value of the money of the Realme in exchange contrarie to the said Proclamation and if hee would the Deliuerer will not let him haue it Besides that the Takers occasions are enforced by necessitie and he can be no loser for by this direction he will sell his Commodities beyond the Seas accordingly English Merchants
materials seruing for the making of Cloth The Rules also to de described for the true making of Cloth wherein the said Author hath beene a good obseruer may be with a vigilant-eye of the Officers to be imployed therein by the Corporation and the increase of Merchants to manage Trade a Remedie to the seuenth cause as also to the eight Cause of the decay of Trade but the sixt cause concerning the Policy of Merchants is not to be omitted whose orders already made and hereafter to bee made may be thought conuenient to be Surueyed by a Commttie who vpon complaints of the parties grieued in all Societies may take order by way of approbation or deniall to execute things for the generall good and not for the particular as I haue noted in all this Discourse So that other Merchants vpon reasonable considerations may be admitted vpon this especiall occasion to be of the said Societies or Companies for otherwise it may seeme somewhat dissonant from reason to prohibite all Merchants aswell English as Strangers to bring in any of the Commodities of Turkie or of the Leuant and now lately from Eastland and those Countries vnlesse they were free of the said Companies but to prohibite the importation of Commodities in Strangers Bottomes concurreth with the Law The ninth cause of the decay of Trade consisting of the interruption thereof by Warres Pirates and Bankerupts I haue partly handled in the fifth Cause And although decayed men are found at all times yet the want of money hath caused diuers Merchants and Tradesmen to Breake who might haue maintained then credits but that being out of their moneys and the moneys out of the Kingdome maketh them to goe out of their credits for Necessitas Parit Turpia The Remedy hereof doth most depend vpon plenty of money or meanes in the liew of money as the setting ouer of Bills of debt before spoken of For the Statute against Bankerupts cannot produce any great effect but be a meane to vndoe the party for euer if it doe depend long vpon him contrary to the intention thereof for whereas all such as are Creditors ought to come in within foure moneths to take their part of what may appeare of the state of the Bankerupt to bee examined by all lawfull meanes the same is protracted for tenne twenty and more moneths and all those that come in the said Iâ—…erim are admitted with the former and a great part of the estate is spent in charges This may bee remedied by the Authority of the Chauncery to the Commissioners appointed for th' execution of the said Statute The Remedy to the last and tenth Cause of the decay of Trade being the immoderate vse of forraine Commodities doth as I haue shewed before consist partly by the abundance of those Commodities imported by the abuse of exchange and partly by the wearing of those Commodities affected by the vulgar sort or Common people Monsieur Bodine doth obserue with Plato that as the Prince is so are the Subiects who by imitation follow his example which sooner entreth into their eyes then into their eares And the greater their Authoritie is the more affectionate is their imitation Alexander cast his head aside and all the Court held their necks awry Denis was Purblinde and his Courtiers stumbled at euery step and iustled each other as if they had beene euill sighted and so of other Princes in their apparell precious stones and other things which is made to bee the fashion Hence the Prouerbe tooke beginning Countries fashion Countries honour And the effect hereof is many times greater then the Lawes can bring to passe vnlesse it be vpon some Remarkable occasion as the late Command may proue for the wearing of Blackes at Funeralls in Cloth and Stuffes made of English Wooll within the Realme Here I haue omitted to speake of Customes Impositions publike and secret layed vpon Commodities especially vpon Cloth both here and beyond the Seas because the same requireth great consideration and the abolishing thereof being once laied on will hardly bee brought about vnlesse it bee with the consent of both parties where the one hath prouoked the other to impose them For a Conclusion therefore let vs note That all the said causes of the decay of Trade in England are almost all of them comprised in one which is the want of money whereof wee finde the abuse of exchange to bee the efficient Cause which maketh vs to finde out so easie Remedie whereby the Kingdome shall enioy all the three essentiall parts of Traffique vnder good and Politike Gouernment which will bee Free Trade effectually or in deed And this will also bee admirable in the eyes of other Princes finding his Maiesties wisdome to bee Transcendent in Gouerning of his owne which by so many sendings and remissions of Ambassadours vnto forraine Princes and States by his Noble Predecessours could neuer bee effected as by diuers Records appeareth albeit there was nothing required of them but what did stand with the Rule of Equality and Equitie which cannot erre But velut Ariadnae caeca regens filo vestigia non modo nos errare non sinit sed etiam efficit vt aberrantes in Rectam viam deducamur Soli Deo Gloria FINIS Finis corcnat opus Three essentiall parts of Traffique Commodities Monyes Exchange Money and Exchange two publike Measures The generall to bee preferred c. Obseruations surpassing the study of Merchants Parens Patrâ—… Exchange Actiue Moneyes and Commodities Passiue The ship of Trafficke taken for the whole Trade Magnes stone The Index of a Diall Actiue Warres and the Policy of Princes like two Whales deâ—…ouring Trade Canker of Englands Common-wealth and Englands view Pag. 8. Vnderualution of the Kings Coyne The 1. Cause An imaginary gayne made Reall of our own meanes Vnderualuation of Moneys in exchange The Rule of exchaÌ„ge excludeth the gaine to be had by Moneys Exchange is still Predominant Admirable feats to bee done by exchange Queene Elizabeth lending money out of th' Exchequer Bodin de Rep. The Canker of Englands Common-wealth The second cause the superfluitie of Plate c. The state of a Prince consisteth as much by reputation as by strength Englands View Exchange the scope of gaiâ—… The third cause the consumption of forraine wares The Canker c. Causes of the ouerballancing of Commodities English Merchants bereaued of the 2. essentiall parts of Trade An ingenious praâ—…ise of exâ—…hange Our Commodities fallen ouermuch in price French Wines deerer by exchange The immoderate vse of Tobacco The fourth cause the want of the East-Indie stocke 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 A Table Herodot in Clâ—…o A discourse of the East-India Trade by T. M. The losse had by exchange yearely is greater then the East Indie stocke yearely imployed A discourse of their Eastindie Trade The OceaÌ„ of Monyes from the West-Indies The fifth â—…ause the â—…arres of â—…irates Money inhaunced neuer carried to the Mint A shilling Lubish and Stiuer Flemish all one in the yeare 1575 A great fallacy In the vnited Prouinces In Germany Commodities of other countries vsed to prouide Wines Raisons c. The first cause of the decay of Trade Pag. 20. 21. Phys. 3. lib. cap. 3. The second Cause of the decay of Trade Englands View Plenty of money abateth thâ—… Raâ—…e of Vsury of Course S. George for Engâ—…and Englands â—…iew Pag. â—…2 The third cause of the decay of Trade Pag. 75. The fourth cause of the decay of Trade Inconueniences against the â—…shing in England Exemplary Actions of other Princes about duties of fishing Comâ—…nitie of the Seas as also a distinct Dominion The fifth cause of the decay of Trade Page 105. The aduantage of our Merchants in the sale of Clothes The Authors Apologie Pag. 46. Englands View Pag. 88. A Manuscript of the Royall Merchant of great Britaine Pag. 15. Of 〈◊〉 〈◊〉 〈◊〉 to work forcibly iXres A Steppe 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 To distribute The sixt Cause of the decay of Trade The Policies of Merchants The seuenth cause of the decay is the false making of our Cloth One extremity enforceth another Engrossing of Trade Lex Mercatoria or Law Merchant The eight cause of the decay of Trade exportation of Materials and impositions The ninth cause of the decay of Trade the warres the Pirate and Bankrupts Inconsiderate Barters The tenth cause of the decay of Trade The Vse of forraine Wares Plutarch in vita Sertorij Commodities and Moneys Pag. 104. Hysteron Proteron 〈◊〉 〈◊〉 tâ—…â—…ssolue an argument Exchange compared to the Assay of money The Canker of England Pag. 58. A Princely Study Par of ex change Forraine nations fetch our Wares Dissolution of Societies c. Ann. 1584. A Society may become a Monopoly The property of Monopoly Englands View Pag. 142. Praeemption of Tin Licence of Tobacco Ioynt Stockes or apart The intention of Letters Patents for new inuentions Allomes Errours in Trade coÌ„mitted by Merchants Three meanes 〈◊〉 decrease the wealth of the Realme 14. R. 2. Moneys Exchange The Kings Royall Exchange The defects of the Statute of employment Money coÌ„sisteth of weight finenesse and Valuation 1. Cause of the vnderualuation of our moneys The way to restore Englands wealth A Geometricall Axiome Ius gentium Inconueniences of the inhauncing of Moneys Grastons Chronicle One extremity enforceth another Table of exchange at Douer Policy of the Turke Persian Russian ObiectioÌ„s Answers Mediocria firma Rescounter in Account The want of money causeth the price of Plate to fall Vnprofitable lands The Policy of rewards The 1. Cause The 2. Cause Englands View Pag. 157. Pag. 159. The third Cause The fourth Cause The fifth Cause The 6. 7. 8. Causes The ninth Cause The tenth Cause