or such things as we want for therein lieth the thrift of our Common-wealth and so on the contrary what Trade forceth out our Moneys and per consequence imbaseth our commodities This publique Thrift or reformation as I humbly conceive would not be held in mysterie but made more common and easie to every intelligent Gentleman because he is in some fort interessed in the same for the advancement of the Publique good and therin his own particular is intermixed Therefore I am bold and humbly commend the generall or theorical studies of the Merchandizing exchange and the balance of Trade unto your Wisdoms to be regarded and for these purposes the keeping and the observance of the balance of Trade will be found very usefull There be also other things to be met with in the publique thrift which for the present I forbeare which before I have done or finished my intended discourse I purpose to enter upon if it please God notwithstanding the dispute that may arise by them that would endeavour to frustrate this businesse for private gain never wanted colours and pretexts to stupefie or inveagle the understandings of such as have not bin versed therein Give me leave I pray you to repeat one thing twice though the same have bin in effect said before for the better illustrating what hath bin said to those that were never seene nor studyed any thing herein It is a sure tenent or maxime that it is necessary for our Common-wealth to keep constancy in our Mynt at home so is it as necessary to change with the changer in all forraign Coines either Gold or Silver reducing all foraign Coynes to a par or equality with our constant Coynes and to that end in antient times there was a paire of Tables set forth expressing the same demonstratively the one for Gold the other for Silver Coynes with whom we had to deale beyond seas The French Crown did answer to six of our shillings our unite to contain 3 French Crownes and a Third so the Dutch Ryder although it goe here but for 21 shillings it is of equall value to our Unite so as all forraign Coynes severally reduced to our Coynes did show and expresse what was to be given and allowed between strangers and us in accompts which is called the Merchant Exchange this equality once known and expressed as aforesaid we may be deceived 3 manner of wayes First if we watch not forraign Mynts by the sheeres in coyning whereby it may come to want in weight although it were of equall finenesse Secondly by putting in more Allay or Copper into their Monies which is not perceived or discovered how much but by tryall in the fire in melting some part and refining it and comparing the remainder of pure Silver to the like quantity of our Monies refined as theirs was Thirdly without lessening or embasing to call any of their species higher up a way commonly used in forraign parts called denomination which must be watched and prevented by new expressions as aforesaid so often as there shall be cause by such as the Lord Protector and his Council shall depute for that purpose most proper for the Council of the Mynt affaires I humbly conceive this is a sure way of preserving our Coines at home with good reward giving to the discoverers of exporters of Gold and Silver for there will alwayes be some of those offenders even if it were made Fellony for once it was so yet availed not good recompence is far better then life This is a sure way or the best can be of preserving our Gold and Silver at home without which the Bankers both forraigners and domestick have power to deceive our Common-wealth and lessen our common stock of Gold and Silver which will turne to a fearfull effect in time and in few words not to be expressed and double losse when the ballance of trade is against us to our losse together with an unequal Exchange and that Country or particular Trade that gains the Ballance gets our mony be it friend or enemy And if we lose both wayes how should we long subsist without home poverty and Canker-eating consumption CHAP. VII WHereas I proposed five things to be useful to this Commonwealth the two first unequal Exchange and Ballance of trade being in some measure laid open the third is to wit a Bank and a Banker What they be is declared but the feats and activities of the Bankers are not touched tending to their private gain which is an enemy to the publique For the most part all Corporations be hurtful to the Publique if not overseen by the States supreme government that preserveth and intendeth the publique good But for and by this that hath been said of the Bank this reason may be given Contrariorum contraria sunt sequentia 1. A Bank of Foreigners was and is most hurtful to us in receiving from us the increase or loanmony given to the Bankers by those that dealt by exchange with them 2. Ingrossing of commodities and indearing them to us may be otherwise ordered if we had a Bank of English goods and English subjects that harm that was done by strangers to our Nation vice versa would be altered and we defended if no further but so it would redound much to our profit If Banks of native Subjects were not both useful and beneficial to the Commonwealths wherein they live they would not nourish them as they do both in Italy and the United Provinces And for the preventing of the Dutch from indearing the East-Indie commodities that would sell them as they list unto us our East-Indie Company is approved by us So the like it is with the Bank or Bankers and for the aforesaid reasons allowable and profitable to have an English bank to prevent the forementioned enormities if but so But this being a policie exceeding my mean skill or knowledge I humbly submit it to the high Governors of the State to determine And whereas something hath been heretofore objected against the having of a Bank in England in times past that might now be answered but herein Cynthius aurem vellit and willeth me to be silent at this time CHAP. VIII THe fourth thing I humbly conceive is A standing Councel for Mint-affairs to be setled constantly to sit at the dayes appointed to give audience concerning all affairs that concern the ordinance of the Mint or that may obstruct or be obnoxious to the Mint either by exportation diversion or consumption the great defrauders of the Mint and to bring them all both offenders and accessaries to condign punishment according to the Law of the Land And when this Court hath any cause concerning life or forfeiture of monies to be assisted with one or more of the Judges learned in the Law and in the mean time to be a Court of inquisition or presentment fitting the offenders for speedy trial for delay abateth the edge of the law and experience telleth us that where the State doth not
Denomination so then and now it falleth out to be the same in debasing the Coin as it was in Denomination but a temporary remedy and to no purpose but extreme hurt as I shall tell you hereafter when I come to speak of the inconveniences of raising the Coin by Denomination or debasing of it by Allay or Copper which will be all one and worketh alike in effect So then you having the weights of Gold and Silver and composition thereof in your understanding and memory it remaineth to let you know That almost all Princes Coins do differ in fineness or mixture Few do agree just together in as much as Spain when it had the Kingdom of Portugall had four Mynts and more under his Dominions or Command Two in the West-Indies Mexico and Peru and two in the Continent of Spain Lisbon and Sivile Difference of finenesse yet all four differ in fineness one from the other something for which there is some reason to be given in its proper time So likewise there is some difference in fineness in other Princes Coins as between us and France and the Low-Countreys Archdukes and United Provinces Lubeck Hamborough Stoad and the Emperiall Cities of Germany And for this cause of differences ours consisting of eleven Ounces Most Mynts differ in fineness 2 penny weight fine France of eleven Ounces fine Low-Countreys of ten Ounces and some of nine Ounces fine in the pound Troy It behoveth us who have the finest standard or mixture of Silver in our Moneys to beware that our fine Moneys be not drawn out from us to maintain the baser Mynts For if Denomination have a power to work that effect much more hath Embasing of Coin being not so easily perceived as the other and to watch over them in all places least we be deceived by any of them Or else how should we know when they alter or what Mynt it is that draweth our Moneys from us Therefore it is needfull to watch But some will say what need we be put to trouble to watch others cannot we more easily do what others do To this I answer If there were no harm in so doing at home yet to alter with them that alter or may alter requireth a continuall watch over all others with whom we have Commerce And if we should alter our Mynt as often as others may alter we should ever be altering and have no rest at home This by consequence must needs bring a confusion in short time when once moving our Mynt hath made great alterations amongst us at home and will ever do so when we shall alter It is the greatest harm to Superior and Subjects as shall be shewed God willing hereafter In the mean time give me leave to let you know that in or about the year of our Lord 1555. We being in amity with all Princes and Neighbor-Mynts there was a generall consent amongst Princes and States to make a Treaty for the concord in Mynt-affairs to keep a parity in Coins which Treaties were frequent in Elder times but now by reason of Wars near hand in France Low-countries and Germany is omitted And in K. Henry the eighth's time there is mention made of A Treatise between the King and the Archdutchess of Austria wherein it was found that the difference of an Half-penny in an Angel of Gold would be sufficient to exhaust his Treasure out of his Kingdom and by no means would suffer it Then per consequence what doe they which at this time do raise their Mony twenty in the hundred above others The answer to this is They do break the Law of Nations which is a just cause of war among Princes to goe about to draw away their Neighbours Coin by enhancing by Denomination or debasing the fineness by Allay for all make one effect as aforesaid But what care they to break the Law of Nations that purpose to have War and this is advantageous for that purpose of War to draw Money to themselves and from whom they do War with Then is answered for that point and must we then of consequence have our Moneys exhausted as they are or make War and by the next consequence be und one Is there no other remedy There is but that is referred to another time and place Now I have laid open the composing of the weight and fineness of Gold and silver I am to shew the cause of Exporting of our Gold and Silver before a Remedy can be applyed And this is a secret to most men to know the cause and will be controverted by them that have profit by it and if we believe them that controvert it the cause is lost Therefore I pray remember what Ecclesiastes saith as concerning Merchant-Exchange or touching Exchange Trust not a Merchant in the business of Exchange or touching Exchange A Laborer in the point of Hire nor a Souldier in the ending of Wars Bear in minde I pray you and have it habituated in you the weight of Gold and Silver and the fineness of our own Coin especially without the which knowing and remembring no man can understand the Merchandizing Exchange the true cause of exhausting of our Moneys nor yet the remedy thereof Therefore I pray you pause upon that awhile which hath bin delivered unless you have bin versed in or do understand the Mynt-business and composing both weight and fineness of Gold and Silver which hath bin in some measure declared CHAP. II. NOw by your favour because these words viz. Ballance of Trade or Commerce and Merchandizing Exchange must of force be mentioned being the words of Art or Science well known to many in this Honourable Assembly who have bin versed by Trade or Travel in Foraign parts Yet because I suppose there be more here assembled that have not been versed in or given their minds to Merchandizing business I humbly crave pardon if I be bold for the help of all mens understanding herein to explain these words in as few words as I can And first of Ballance Ballance of Trade All men do know what it meaneth at home in buying and selling but the word Trade put thereto is obscure till it be opened Ballance of Trade then is the computation or taking the accompt or valuation of all the Merchandize exported or imported into this Comon-wealth every year which being cast up may tell us whether we get or lose or what losse or gain cometh to the Commonwealth that year the Ballance is cast up And if it be found that we import more then we export then that which doth want of making the Ballance equall must be fulfilled with our Commonwealths stock or store of Money which in process of time will eat up or consume to a very small portion our Moneys that should beate or maintain our home-Commerce or Markets and per consequence lessen the prizes of our Wools Corn Lands and what not For this is infallibly true in common sense That where much money is there the prizes
are greater and where little money is there the prizes of all things are less and grow low Hence it was wil be said this Proverb Regina pecunia donat for money will bear rule in price in despight of all men that say no. But I doe conjecture as some have said to my self some in this Assembly will say How is it possible that all Goods or Merchandizes going out of this Commonwealth and coming in should be accounted This is a thing that to some Wise men doth seem impossible To this I answer it is no new thing the Valuation or rate or price of all Goods going out and into this Realm hath been put in Books duly kept in every port of this Realm and once a year brought into the Kings Remembrancers office in the Exchequer and there to be collected and made up into one gross Summ of all out-bound and another Sum of all in-bound Goods Whereby the King might as in a Mirror see the face of his Commonwealth whether it grew fat or lean and this under favourable correction be it spoken was one amongst other causes wherefore Custome of old was due to the King by common Reason or law for the maintenance of the Officers that attend this care in every Port and is so ancient That in Henry the third his time it was called the Old Custome before all memory of Record This may suffice in brevity for the words Ballance of Trade Secondly Merchant-Exchange the word Exchange all know what it is to make a change Merchandizing Exchange is known only to Merchants and to those who in Forraign Travail have used it And few of either sort doe know the par or equall Exchange of Coins between Forainers and us Exchange of Merchants was first invented for the saving of Portage and keeping of Moneys at home in every Government or Commonwealth besides the hazard that might befall in carrying of Treasure as luggage from place to place which otherwise upon every severall Contract made to be paid forraignly would be exported and every Travailer beyond the Sea should carry his expending Money with him But now if by equall or disadvantageous Exchange a man deliver an hundred pounds here to be paid so much like quantity of Gold or Silver there again beyond Seas this both keepeth the Money at home as aforesaid and saveth the hazard in carriage But if by unequal exchange a gain may be had by over-valuing of our Monies beyond Sea as now they be overvalued especially in France not only a Merchant making contract as aforesaid or a Travailer not knowing the mysterie shall lose Ten or more in the hundred and the Merchant-observer of the mysterie for the gain had thereby export the Money in specie but more specially Gold when visibly without change of the species he may retain ten of those Pieces or more in the Hundred and there with 90 Pieces pay the Hundred pieces received here and this is the overt or open fallacy now too frequent in France practised upon or by the Denomination of that Coin But there is another more secret which is practised by Exchangers to be considered from the fineness of the Coin Wherein is to be noted that all Princes Coins are not alike for some have more Allay or Copper mixt with the Gold or Silver which were a long Discourse to enter into and upon agitation of this business of Exchange will be opened sufficiently There being only two chief wayes of deceit Denomination or open deceit the second intrinsick or inward value consisting in the mixture of Copper more or less put into the Gold or Silver Also take this with you for a Principle That Moneys can neither be advanced in Denomination nor a pound Troy or an Ounce be made into more pieces of silver nor debased by putting more Copper or Allay without generall detriment to the Republique a perillous thing to deal withall without doubt and most specially in Land Commonweals And wherefore more in Land Commonweals then in Maritime and Merchandizing Commonweals You must be told or you will not believe Merchants can immediatly change with the changer without detriment The Merchant can immediately set price of his Merchandize according to the worth of the Money and the Artificer and Labourer set a price according to his labour or hire which cannot be done in a Land-state more especially in our Commonwealth which I forbear for the present till I shew the inconveniences or mischiefs that would follow the alteration of our Mynt and will be most pernicious to undertake any such thing Moreover because our Gold might not be seen too visibly and make too great a shew in France or elswhere there is order to bring in the Foraign Gold so fast as may be to be re-Mynted again in their Mynts In France they doe Mynt double and treble and quatreble Pieces calling them Lowyzens and mynt them after the proportion of Fifteen to One of silver We holding in our proportion Thirteen to One or a little more which very Mynt is able by that means to draw all our Gold away even that which is left so fast as can be gleaned if Remedy be not provided therein Now this Observation following offereth it self to give us to understand That if this proportion between Gold and Silver be not observed aright Gold may buy out Silver and Silver may buy out Gold out of the Realm and so the Common-wealth be deprived of both The raising of Gold here did cause more Gold then Silver to come to the Mynt and by the same means it is called from us into France which plainly sheweth that the raising of Gold or Silver or disproportioning one by another is but temporary and proveth no better in the end then a fallacy as enhancing and debasing and so they all be And the truth is no State stands sure that stands not on the grounds and rules of right Here is to be noted that Silver prizes Gold and Gold prizes not Silver the reason is because Silver is of more common use though Gold be more esteemed of Rich men according to the common Adage Bonum quo communius eo melius It is also better for the Commonwealth that more Silver then Gold be mynted for Silver is not so hastily nor easily exported as Gold will be And there will be alwayes some Canker-worms or Money-Brokers to export Silver or Gold so long as Trade is For remedy of which there must be some allowance made in the Balance of Trade notwithstanding all diligent watch that may be and great Reward to be given to the discoverers CHAP III. BUt somtehing else cometh to mind which is the inconveniences that befall our state when our Monies are raised or made little the moving of our Mintmust either be in embasing the Gold or Sylver or advancing it in denomination or diminishing it by the sheares But back it cannot be brought when once it is raised and hath obtained currency It is a
dangerous thing to meddle with the Mint either in embasing the monies or cutting it smaller with the sheares or making it lighter for if it be embased first it causeth counterfeiting secondly that part as so much as is embased will carry so much fine silver out of the land and when it is perceived the amends is as evill as the disease All those in whose hands the base monies shall be will be the losers of so much as is minted within the land before it be decryed and what grievance would this be able to cause the commonalty to hate the Government and fall into uproars and unnaturall rebelions as it hath bin in times past when the Commons rebelled in Henry the 6 his time and wrote these words in their banner or standard Rex est qui bene regit This and some other mistakes and misgovernments was the means that set the Crown on Edward the fourths head The like inconvenience to embasing cometh by coining of Farthing-tokens and giving them currency and decrying them If the money be made lesse it giveth so much to the lessee Farmer or borrower All revenues that stand upon constant fees of this Common-wealth as Customes Imposts Taxes such like ancient leases or rent charges all such as be leased shall lose so much the Noble-man Gentle-man and Usurer shall part with so much in proportion as the monie is advanced in so much force is raising of monie by often raifing from 20 d to 5 s the ounce as it hath altered the places of Common justice and this is not all the inconvenience price of viâ—â—ualls will be advanced accordingly and all wages raised and good reason for it So whether monies be raised or embased it maketh great disturbances and discontents of many in effect miserable Therefore there is no stirring of our Mint up nor down for the reasons aforesaid no gain to the Common-wealth but infallible loss to some parts heart burning discontent fit to bring in a foraign Enemie will ensue the tampering with the Mynt Therefore I conclude this point that there is no safe way but to stand constant at home change with the changer abroad in matter of Commerce and stand constant at home which can no wayes be done or known effected but by the tables of Exchange mentioned in the Law of Edward the 3 known and put in Execution ever since in good times of Government So it was in the time of Elizabeth And first to prove the Merchant-Exchange unequally carried is the Efficient cause of Exporting our Monie give me leave to know whether plenty of Monie make our prises of every thing to rise and scarcity of Monie makes small prices which no man I think will deny and that Commodities are prized according to the goodness of the coyn or to what end serveth fine Gold and Sylver If it be not to prize all things And if in our commerce with other Nations we do give more fine Gold or Sylver then we receive or undervalue our coynes in commerce with others it is a sufficient out-let or way to carry out our Monie or Bullion when thereby those that perceive the advantage to be had shall leave the true use of trading in Merchandize and turn Monie Merchants or Exporters of Bullion or Monies for no Laws are prevalent against gain And if we do not carry an equall hand with forrainers in preserving and encreasing our Monies as forraigners doe we shall in small time undervalue our commodities for want of Monie and consequently overballance our trade in price or quality and continuing the same course send out our Monies in change for commodities and have no more commodities then we had before which course will infallibly impoverish the Nation exceedingly and when there is want of Monie or wasting of Bullion the Commodities of the Nation Wool and all other home commodities will fall in price the commodities falling rents will fall accordingly when rents do fall by such a necessity the necessity spreads it self over the Land and Tenants having taken leases at inhanced prizes of Country-Commodities not knowing the Efficient cause of this change of prices will lay the cause on the Land-Lords and grow in hatred towards them not knowing how to hold their Farmes nor what to doe when they give them over This is a fearfull effect that followeth the want of a convenient stock of Monie to maintain the prices and to beat or maintain our home-commerce proceeding from forrain causes and not from Land-owners or Tenants at home So it followeth that those that look to the home cause as evil-making or Dying of our manufactutures or such like do not amend the matter or raise the prizes so long as there is no more Monie to make the prices any greater For it is infallibly true much Monie much price little Monie little price and it is as true that inhancing of Goldor Silver in France will draw our Monies into France as is before said But there is a more secret way which hath bin practised by Merchants and Bankers and long continued a biting or Canker-eating Usury upon us namely the Merchandizing-Exchange which at the first was devised for good use and moderate gain to the lender and ready disparch to their affaires and for the avoiding of hazard importage of Monie as aforesaid which being abused is turned into inestimable losse and damage to this Common-wealth with whom it is not understood in generall by the Merchants that use it as here they doe not but take it upon trust from the Bankers Whereas amongst the Dutch it is so commonly known that some women do know it and I my selfe do know one now an English Lady that is skilful in the businesse of Merchant-Exchange and the Dutch are so wise that they will have banks amongst themselves and no forrain banks do fit down their because they see that the gain of foraine bankes returns not profit to the Dutch but to themselves I could wish that this were resented by us Likewise the gain that was gotten by forraign Bankers was certified by 25 Selected Commissioners in King Iames his time to be an immense losse to this Nation mistake me not I pray I do not speak against Exchange but against the carrying of our Monies out of our Land by the Exchange unequally carried by strangers who are the rulers of it My desire is that every Prince or Common-wealth might have the sole use of their own Monies within their Dominions and for that cause with other forerecited causes was the Merchant Exchange devised in old time returning value for value with usance according to reason for forbearance and so might our Exchange of England grounded upon the same reason be continued and the Law of the land commands the same The true valuation of Monie makes the price of exchange for every place wheresoever we have to doe and the want of knowing and putting into use this Mysterie of comparing of our coines with the coines of