ENGLANDS VIEVV IN THE VNMASKING OF TWO PARADOXES With a replication vnto the answer of Maister Iohn Bodine By Gerrard de Malynes Merchant Opposita iuxta se posita magis apparent ANCHORA SPEI LONDON Printed by Richard Field 1603. To the right honourable Sir Thomas Sackuile Baron of Buckhurst Lord high Treasurer of England Knight of the most noble Order of the Garter and one of the Lords of her Maiesties most honorable priuie Councell G. de M. wisheth all health increase of honour and euerlasting happinesse THESE two Paradoxes right honourable hauing bene presented vnto the French King as a meane to qualifie the generall complaints of the dearth of things in France by prouing that nothing was growne dearer in three hundred yeares were answered by the famous M. Iohn Bodine who dedicated his aunswer vnto the President of the high court of Parliament of Fraunce as a matter of great consequence and considerable in the gouernment of a Common-wealth Hence proceeded that resolution which emboldened me to present vnto your Lordship the substance of both their writings with all their arguments and propounded remedies to the end that in the ballance of your graue wisdome they may be weighed with my Replication thereunto shewing how things are to be considered of for the good of a Common-wealth Your Honors iudgement shall easily perceiue that the Paradoxes are opposite and do contradict one another besides the slender and weake ground of their foundation as also that Maister Bodine hath mistaken the true ground of the matter by comparing the prices of things within themselues in a Common-wealth whereas the comparison must be betweene the home Commodities of one Common-wealth and the forraine Commodities of other nations and that either by way of permutation of Commodities for Commodities or by Commodities for money in specie or by exchange So that a due consideration must be had of the course of Commodities Money and Exchange which are the essentiall parts of all trade and trafficke Wherein must be considered the end of all Merchants which is Gaine and profite at which scope they ayme according to their profession and practise some by Commodities some by Money some by Exchange some by all three or that which yeeldeth them most gaine For as money doth rule the course of Commodities so the exchange for monies doth both rule the course of moneys and Commodities By the disorder wherof it happeneth that the riches of a Common-wealth doth so much decrease as it is not alwayes in the power of the wise that haue the managing of the gouernement thereof to make choice of the best and to banish the worst but must not only obey the tempest and strike sailes but also cast ouer boord some precious things to saue the ship and bring it into a safe port and afterwards by degrees ouercome greater things changing the estate thereof from euill to good and from good to better which otherwise might haue bene preuented in the beginning by remouing the causes thereof To your most honorable iudgement I referre the consideration of all and pray the Almightie to haue your Honor in his diuine protection And so in all humility I take leaue London this 16. of Ianuarie 1603. Your Lordships most humble and in all dutie bounden GERRARD DE MALYNES Englands view A SENTENCE alleaged without application to some purpose is to handle a matter without conclusion and he that will attribute vnto any man the knowledge of the essentiall parts grounds or pillars of any science must make apparant proof therof otherwise his assertion is like cloudes and winds without raine or like an arrow shot at randon Quòd oportet patrem-familias vendacem esse non emacem is a worthie sentence to be duly executed of al good housholders or fathers of families especially of Princes that are the fathers of the great families of Common-weales who as Iustinian saith are to prouide carefully for the two seasons namely the time of warre when armes are necessarie and the time of peace more fitting wholesome lawes in both which it cannot properly be said that the office of a Prince is wholy employed about the gouernment of the persons of men and of things conuenient and fit for the maintenance of humane societie according to the definition of the heathens but rather in the obseruation of Religion towards God and administration of Iustice towards man the one teaching vs especially of the life to come the other how we should liue in this life Religion doth knit and vnite the spirits of men wherby they liue obediently in vnitie peace and concord and Iustice is as a measure ordained by God amongst men to defend the feeble from the mightie Hence proceedeth that the causes of seditions and ciuill warres is the deniall of iustice oppression of the common-people inequall distribution of rewards and punishments the exceeding riches of a small number the extreame pouertie of many the ouer-great idlenesse of the subiect and the not punishing of offenders which bringeth destructiō of Common-weales Religion doth teach the feare of God which maketh a good man and is indeed the beginning of a Prince For sith Princes raigne by wisedome and that the feare of God is the beginning thereof we must conclude that it is the beginning also of a vertuous and wise Prince Now as Princes raigne by God so must they be directed by him yea they raigne best and longest that serue him best and most Serue him they cannot but according to his will and his will is not known but by his word and lawe which made the Prophet Dauid to meditate therein day and night preferring the cause of faith or religion before temporall commoditie And this is properly the first and chiefest point that the Prince is to regard whereunto the other is annexed and doth depend vpon For as iustice is administred and prescribed by lawes and customs so reason requireth that this gradation should be obserued concerning all lawes that euen as the wils contracts or testaments of particular men cannot derogate the ordinances of the Magistrates and the order of the Magistrates cannot abolish customs nor the customes can abridge the generall lawes of an absolute Prince no more can the lawes of Princes alter or chaunge the lawe of God and Nature By iustice properly called Distributiue is the harmonie of the members of a Common-weale maintained in good concord howbeit much hindred where vsurie is tollerated which giueth cause of discord some few waxing thereby too rich and many extreame poore the operations of effects whereof are declared by me vnder certaine Similies or Metaphors in the Treatise of Saint George for England By iustice properly called Commutatiue is the cōmerce and trafficke with other nations maintained obseruing a kind of equalitie which is requisite in euery well gouerned Cōmon-wealth where prouidence and pollicie cause the Prince the Father of the great familie to sell more then he buyeth or else the wealth and treasure of his realme
gown For pride harboureth in the mind and the difference is onely in the giuing of example vnto others wherein the costly and gorgeous apparell giueth offence which may be handled hereafter Concluding therefore this point with Maister Bodine touching allume whereof abundance is spent with vs we say that there is stuffe sufficient within the realme whereof to make it exceeding good but so long as we be able to affoord the Romish allume for 24 shillings the hundred and other sorts accordingly being brought into English ships it is better for the Common-wealth to bring it from forraine parts then to make it within the realme The fourth cause of the dearth of things being The pleasure of Princes or great men which doth giue a price vnto things is grounded vpon estimation the very ground of the value of all temporall things which things in regard of the behoofe of man are seruing for food houses and apparell and as they say for the backe and belly This estimation is authorised by common consent almost of al men and nations and therefore of such efficacie that some Politicians haue obserued that things that be in d 〈…〉 things that be not in deed b 〈…〉 med to be in deede make n 〈…〉 rence in the course of trafficke 〈…〉 rule the Bankers haue studie 〈…〉 〈…〉 might be made apparant if I we 〈…〉 solued that it would tend to the g 〈…〉 of the Commonwealth But leauing this let vs consider of the second rule obserued by Plato That as the Prince is so are the subiects who by imitation follow his example which sooner entreth into their eyes thē 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 neckes awry Denis was purblind and his Courtiers stumbled at euery steppe and iustled each other as if they had bene euill-fighted and so of other Princes whose examples haue bene contagious to their subiects Maister Bodine maketh mention of three great Prin 〈…〉 〈…〉 ne time which did aduaunce 〈…〉 g and pretious stones Tou 〈…〉 〈…〉 arning vnlesse it be accom 〈…〉 with the knowledge how to 〈…〉 r to hauewealth it is litle accoun 〈…〉 whereas a lumpish blocke-head 〈…〉 le without wit or wisedome shall be much made of onely because hee hath money or wealth whereof by aduerse fortune or casualtie being depriued he is then seene in his owne colour and laid open to the world And concerning pearles and precious stones it is not straunge that some men do despise and account them as glistering toyes trifles considering the diuersitie of mens opinions which made the auncient Philosophers to say That the world was gouerned by opinions But if these men should wel consider the pure creation and vertue of the stones they would iudge otherwise and their owne opinion opposite to most men would condemne their errour seeing that a generall estimation doth approue the value of things especially of things that are durable Which was the cause that when Commodities began to abound in the world all mettals as being fit for preseruation were esteemed and the purest mettall most The holy Scripture doth manifest vnto vs in what estimation precious stones gold and siluer haue bene alwaies from the beginning and to what holy vses they haue bene employed and appropriated especially gold and siluer Was not Iericho destroyed with the inhabitants and their goods by Gods commandement as things execrable and would not God haue the gold and other mettals preserued and to be consecrated and kept in his treasurie Was it not gold and siluer wherewith his temple at Ierusalem was adorned and beautified But why should I enter into the enumeration of examples to illustrate and proue the antiquitie of the estimation of gold siluer and precious things seeing that in all Common-weales and countries that onely is decent and of estimation which the custome doth allow or approoue Hence the Prouerbe took beginning Countries fashion countries honour which maketh the Indian and Blacke-moore to dominiere with his glistering beades brasse rings for their eares and armes and to giue vs gold and siluer for them Straunge was therefore the imagination of Sir Thomas Moore in his conceipted Commonwealth of Vtopia where he fained gold to be in such contumelie that they made their chamber-pots and other vessels that serue for most vile vses of pure gold and haue the same in euery mans priuate house And their chaines fetters and gyues wherein they tye their bondmen were all of gold as being the reprochfull badge of infamous persons Their gemmes and precious stones were holden for toyes for yong children to play withall And to proue the estimation of things to be according to the fashion of euery countrie and to giue gold his due commendation we will vse his owne pleasant tale in manner as he hath set downe the same The Ambassadours of the next countries vnto Vtopia which knew the maners and fashions of the Vtopians which giue no honour to sumptuous apparell and hold gold to be infamed and reprochfull came to Amaurote the principall citie of that Ile in very homely and simple array But the Anemolians because they dwell farre thence and had very litle acquaintance with them hearing that they were all apparelled alike and that very rudely and homely thinking them not to haue the things which they did not weare being therefore more proud then wise determined in the gorgiousnesse of their apparell to represent very gods and with the bright shining and glistering of their gay clothing to dazle the eyes of the silly poore Vtopians So there came in foure Ambassadors with a hundred seruants all apparelled in changeable colours the most of them in silkes the Ambassadors themselues for at home in their owne countrie they were Noblemen in cloth of gold with great chaines of gold with gold hanging at their eares with gold rings vpon their fingers with brouches and aglets of gold vpon their caps which glistered full of pearles and precious stones to be short trimmed and adorned with all those things which among the Vtopians were either the punishment of bondmen or the reproch of infamed persons or else trifles for young children to play withall Therefore it would haue done a man good at his heart to haue seene how proudely they displayed their Peacockes feathers how much they made of their painted sheathes and how lustily they set foorth and aduanced themselues when they compared their gallant apparell with the poore rayment of the Vtopians for all the people were swarmed foorth into the streetes And on the other side it was no lesse pleasure to consider how much they were deceiued and how farre they missed of their purpose being contrarie waies taken then they thought they should haue beene For to the eyes of all the Vtopians except very few which had bene in other countries for some reasonable cause all that gorgeousnesse of apparell seemed shamefull and reprochfull Insomuch
treasurie 40 millions of crowns hauing giuen at one time vnto Paul Consull 900 thousand crownes for to hold silence and vnto Curion Tribune 1500 thousand crownes to take his part Marke Antonie went further if it be true that which Plutarch and Appian haue written for he gaue vnto his armie for their seruice done 200 thousand talents being 120 millions of crownes which is to be credited seeing that the Emperour Adrian for to haue the goodwill of 40 legions gaue ten millions of crownes So that we may here see abundance of gold and siluer at Rome but it did not last euer for in lesse then 300 yeares the Parths Goths Hercules Hongers and other cruel nations did ouercome the Empire all Italy and ouercame the Romains burned their citie and tooke the spoile of them The like doth happen vnto all Commonweales to wax and increase by litle and litle and to flourish for a time in wealth and power and afterwards to grow old and decline vntill they be vtterly ruinated and destroyed Comming to the last cause of the dearth of things by the alteration of mony he sheweth how Master Malestroit hath mistaken the matter in the monies themselues made within 300 yeares For whereas he saith that S. Lewis caused the first sols to be coyned worth twelue deniers whereof 64 peeces went to the marke and that in Philip de Valois his time the crowne of the Flower-de-luce without number as good as the crowns now was valued but 20 sols and that afterwards king Iohn caused the franks to be made of fine gold which were but valued 20 sols and that the sols of siluer of that time was worth fiue of our sols he doth not say of what weight or finenesse the monies were in those daies And touching the last point he doth contradict himselfe for he doth acknowledge that the old crown weighing three penny weight is no more worth then 60 of our sols so that the auncient sols of fine siluer can be worth but three of them and yet the frankes of gold do weigh lesse by foure graines then the old crowne and are no better in finenesse then the other And by the proclamation of the yeare 1561 the old crowne is valued at 60 sols and the franke at 50 sols which if his proposition were true and that it were fiue sols for one then would the old crowne be by this proportion valued at 100 sols and the franke at 90 sols And if Master Malestroit saith he doth take his comparison of the alteration of monies at some one time in any such years whē monies haue bene embased that is no consequence at all for within the abouesaid time it is manifest that the money was once so base in allay that one of our sols was worth 5 of those which were then And then he sheweth how al things were rated for their customes and how vsed within fiftie or sixtie yeares concluding that the price of things notwithstanding his former allegation is not altered by the valuation of monies But wel that things are growne deare contrary to the first Paradoxe of Maister Malestroit and that was the first point which he was to proue the second was the causes of this dearth as we haue briefly rehearsed But forasmuch saith he as some great personages do labour by words and writings that the trade should be cut off and that no Commodities shold be transported out of the realm making accompt that we could liue peaceably within our selues and very good cheape without giuing or receiuing any thing of other nations he doth reprehend them and sheweth that they haue need of the straungers and most especially of the trafficke with them Insomuch that although they could liue without them in regard of Commodities yet charitie and humanity willeth vs to maintaine friendship with our neighbours and rather to giue them part of our blessings then not to deale or to communicate with them Wherein the Romaines were much to blame who hauing extended their power from the West vnto the East did refuse to take vnder their gouernment some nations because there was nothing to be had of them whereas the greatest gift of honor that God giueth vnto man is to giue him the maiestie to commaund and to do iustice especially to the poore not being instructed But if this lesson doth not please men of this humour God hath so bestowed and deuided his graces and blessings that there is no countrey in all the world so fruitfull but hath neede of diuers things whereby he holdeth all the subiects of his Commonwealth in friendship or at the least doth hinder them to make long warres one with another And so he proceedeth to shew some remedies to the causes aforesaid The abundance of gold and siluer now adaies more then in times past must partly excuse the dearth of things saith he adding further touching Monopolies and the wast of things that in vaine are good lawes made if they be not executed especially if the king do not cause the courtier to obserue them whom the common people doth imitate whereby also many superfluous things might be auoided and not brought into the realme as is done by Italians with perfumes counterfeit stones and such trifles Cōcerning the excessiue trade of some Commodities he declareth that as the things transported cause the like to grow deare by the exportation so the things imported becom the better cheape Wherof he excepteth the trade of corne which is to be gouerned more wisely for they haue had intollerable famines for want of such a due care as Ioseph had in Aegypt The meane to preuent the same is to haue many publike store-houses in seuerall places making prouision of corne yearely by selling the old and prouiding new in place Touching the opinion of those that would haue the vines taken vp and corne sowed in the place or at the least to commaund that no vines should be planted hereafter the husbandman doth with reason laugh thē to scorne For God himselfe did so direct and dispose the nature of the ground that all should not be for corne or all wine seeing the one hath need of a fat and the other of a stonie ground And if the vines were pulled vp wee should saith hee depriue Fraunce of one of the greatest riches of the land But there is a meane propounded by those that haue vnderstanding in matters of imposts which would very much enrich the realme and releeue the common-people which is to lay part of the ordinarie charges vpon corn wine salt wood linnen cloth and draperie and most especially vpon wine salt and corne which are three elements whereupon next vnder God the life of the stranger dependeth and which can neuer faile The mines of the North and of the Indies are exhausted in a short time and the mettals cannot grow againe but our springs of corne salt wine are not to be drawne out And howsoeuer the season of the yere doth hinder them to
doth decrease and it were his expences do become greater or surmount his incomes and reuenues This kind of equalitie is interrupted and ouerthrowne by the merchandizing exchange as in the Treatise of The Canker of Englands Common-wealth is declared For as all the trade and trafficke betweene vs and other nations is performed by three simples namely Commodities Money and Exchange so as we haue proued is the course of exchaunge being abused become predominant and ouerruling the course of money and Commodities whereby the wealth of the Realme doth decrease And this wealth cannot properly increase but two manner of wayes namely by bringing of money and bullion into the Realme or any other things which are not bought for our money or bartered by way of permutation for our Commodities and by buying the forraine Commodities better cheape then we sell our home Commodities And so may the father of the great familie become a seller and not a buyer as is before alleaged We haue hertofore noted the propertie of money to be That plentie of mony maketh generally things deare and scarcitie of money maketh likewise generally things good cheape whereas things are also particularly deare or good cheape according to the plentie or scarcitie of the things themselues or the vse of them According to which plentie or scarcitie of money aforesaid things generally became deare or cheape whereunto the great store or abundance of mony and bullion which of late yeares is come from the West Indies into Europe hath made euery thing dearer according to the increase of money which like vnto an Ocean deuiding her course into seuerall braunches in diuerse countries hath caused a great alteration and enhancing of the price of euery thing and most especially because the money it selfe was altered in valuation in most countries So that the measure being altered and made lesser by denomination there went more number to make vp the tale and of necessitie other things went and were named accordingly in price For money must alwayes remaine to be the rule and square to set a price vnto euery thing and is therefore called Publica mensura the publike measure whereby the price of all things is set to maintaine a certaine equalitie in buying and selling to the end that all things may equally passe by trade from one man to another This money must haue his standing valuation onely by publike authoritie of the Prince to whom properly belongeth the disposing thereof as a matter annexed to his Crown and dignitie And as the money doth set a price to the naturall riches of lands so doth it also set a price to the artificiall riches proceeding of the lands And therfore reason requireth a certaine equalitie betweene the naturall riches and the artificiall riches That plentie of money maketh things deare is found by daily experience whether it be in bullion of gold and siluer or the same conuerted into mony But so long as it is in bullion it remaineth in nature of Commoditie which is giuen by way of permutation or barter in exchange for other Commodities Plentie or scarcitie of Commodities doth also alter the price of the things wanting or abounding according to the vse thereof which is grounded vpon estimation by consent after the pleasure and sensualitie of man The Historie of the West Indies maketh mention that during the great quantitie or abundance of gold and siluer that was found about fourscore yeares past and the rarenesse of other things a cloake of cloth was sold in Peru for a thousand duckets a paire of breeches of cloth for three hundred duckets a good horse foure or fiue thousand duckets and other things then in vse and rare accordingly The Romaines after the conquest of the Persians brought such abundance of gold and siluer to Rome that the price of lands did rise aboue two thirds And on the contrarie concerning scarcitie of money Grafton in his Chronicle of England hath recorded that king Edward the third hauing great warres with Fraunce and Scotland and incorporating the money into his handes for the maintenance thereof caused through the lacke of money the price of Commodities so to fall that a quarter of wheat was sold for two shillings a fat oxe for a noble a sheepe for sixe pence and other things after the rate The consideration of the premises maketh the two Paradoxes of Maister Malestroit one of the Officers of the French kings Exchequer to be most Paradoxicall that is to say farre differing from the vulgar opinion which Paradoxes vpon complaint of the people of the dearth of things in Fraunce he presented vnto the king thereby to qualifie the cause of their complaint The substance whereof I haue thought most expedient to set downe and the aunswer also which Maister Iohn Bodine the greatest Polititian or Common-wealths man of Fraunce hath made thereunto together with my explication thereof and Replication to his answer whereby the truth wil appeare and how things are to be considered of for the good of the Common-weale The first Paradox To complaine of the generall dearth of al things in Fraunce is without cause seeing that there is nothing growne dearer these three hundred yeares The second Paradox There is much to be lost vpon a Crowne or any other mony of gold and siluer albeit one do giue the same in payment at the price he did receiue the same Since that the auncient Permutation saith he hath bene chaunged in buying and selling and that the first riches of men which did consist of cattel was transferred to the gold and siluer whereby all things haue receiued their estimation and haue bene praised and sold for it followeth that those mettals are the right iudges of the good cheap or dearth of al things We cannot say that any thing is now dearer then it was three hundred yeares ago vnlesse that for the buying thereof we must now giue more gold or siluer then we did then But for the buying of al things we do not giue now more gold or siluer then we did then saith he Therefore since that time nothing is growne dearer in Fraunce To proue this he doth alleadge that during the raigne of king Philip de Valois in the yere 1328. the French Crowne of the Flower-de-luce as good in waight and finenesse as the French Crowne of the Sunne now was then worth but twentie sols tournois which for the better vnderstanding being valued according to the common computation of ten sols for a shilling starling is two shillings In those dayes saith he the French elle or yard of veluet was woorth foure liuers which is foure crowns or 8 shillings starling the said yard of veluet doth now cost ten liuers or twentie shillings and the French crowne which was then valued at two shillings is now valued at fiftie sols or fiue shillings So that foure crownes do make the said 20 shillings yet the said french crownes do containe no more in gold in weight or in finenesse then before wherby there
cause of the dearth of all things now and bringeth a generall pouertie to the realme A conclusion most opposite to the first Paradoxe And whereas he saith that of necessitie the embasing of the siluer monies proceedeth by the enhauncing of the gold the word Embasing must be vnderstood in price according to the proportion of valuation which is obserued betweene the gold and siluer which in those daies was 11 of fine siluer to one of fine gold But the siluer is not embased by allay or copper in aduancing the price of gold for the substance remaineth vnaltered and becommeth only abated in price in regard of the gold Now if Maister Bodine had not shewed before that Malestroit hath mistaken himselfe in the setting downe of the enhauncing of money in price and the embasing by allay wherby the gold monies by him alleaged to be risen from one to two and a halfe and three in price and the siluer monies from one to 5 we might haue examined this proportion betweene gold and siluer according to his allegation and therby made knowne that he had mistaken the matter as well in the alteration of monies in valuation finenesse and waight as hee did the whole ground of his Paradoxes For hauing lost the line wherewith he went into the Labyrinth of monies and their property he is like vnto a man who hauing lost his way amongst the woods the further he goeth the more he erreth from the right way Maister Malestroit might haue declared his intention in two words if he had had the true ground and vnderstood the matter he went about by prouing onely that when monies do alter in waight or in finenesse or in valuation or in all three the price of things doth alter onely by denomination if the valuation be made accordingly As for example an ounce of starling siluer was deuided heretofore by the kings of England in 20 peeces and so valued 20 pence euery pennie in value waighing a penny waight This ounce in processe of time as we haue shewed elsewhere was deuided afterwards into 30 peeces then 40 peeces 45 peeces and now 60 peeces so that a pennie waight of starling siluer is now three pence and the peece is only altered in name for a three pennie peece waigheth but a penny waight So that the ounce of siluer being altered onely in denomination the price of Commodities must needs receiue the like name or denomination And if the price of Commodities were not risen aboue this estimation of three for one then M. Malestroit might haue made good his first Paradoxe howbeit failed in his second Paradox Again let vs suppose that the Queene of England should reduce the valuation of an ounce of starling siluer vnto 20 pence presently the price of things would be altered accordingly and that for which we giue now 3 pence should but beare the name of a pennie which would seeme to be better cheape and yet would not be so in effect For we should giue still the quantitie of siluer of three pence albeit the name thereof were altered and therefore not better cheape True it is that the Queene should receiue for her incomes and reuenues of Crown lands such a quantitie of gold and siluer as her predecessours did in times past and Noblemen and others in like sort for their lands and officers for their fees being after the old rent and custome But this reduction wold proue very preiudiciall considering that other Princes haue enhaunced the price of their monies which doth carie a shew of gaine in the eyes or iudgement of most men which are thereupon inclined to carie money vnto thē albeit the price of the Cōmodities of those Princes dominions doth not onely counteruaile that supposed gaine in the generall course of trafficke but also farre surmount the same But the money with vs not being altered in waight finenesse or valuation within these fiftie yeares in which time the price of Commodities is so much altered how can the first Paradoxe take any place And if his second Paradox had bene of a true ground what reason hath any man to measure things present with the things of former ages so long as there is no alteration of the money almost within the age of any man For if aboue fiftie yeares past I haue receiued an angell of such waight and finenesse as the angels now adaies for ten shillings and do pay out the same againe for ten shillings there can be no losse although I should receiue lesse quantitie of Commodities for the same which if I do I cannot attribute the losse thereof vpon my angell but rather to the dearth of Cōmodities the mony not hauing bene altered within my time King Henry the 8 in the beginning of his raign did find the ounce of starling siluer to be valued at 40 pence the price of Commodities accordingly the money being in weight and finenesse according to the auncient standard of England at which time the monies of other countries adiacent was not so much aduaunced in price For an angell being in his time valued at 6 shillings 8 pence was then woorth beyond the seas 9 shillings 7 pence and the siluer money accordingly Afterwards towards the latter end of his raigne vpon especiall occasion he caused all his mony to be embased by allay of copper and made very base money whereby the price of all Commodities was aduaunced So that the money being altered in substance was the cause to aduaunce the price of Commodities albeit that afterwardes when to her Maiesties great honour the substance of mony was reduced to her former puritie and finenesse had not the like effect which seemeth to contradict our matter in hand But we must note here that there is a coherence to be considered of in the mony betweene the weight finenesse and valuation whereby if generally either of these be altered all things do alter in price accordingly but if it be altered in part with due consideration it hath not the like effect or operation King Henry did alter the finenesse of the mony by allay of copper and withall did aduaunce the valuation of an ounce of siluer frō 40 pence vnto 45 pence and the gold accordingly accounting one of fine gold to 11 of fine siluer whereby an angell was worth 7 shillings 6 pence The money being brought to the former goodnesse in her Maiesties raign would haue abated the price of other things accordingly had not the valuation bene altered and counteruailed the same together with the increase of money For this ounce of siluer aforesaid was valued at 60 pence and that which before did beare the name of 45 was called 60 which denomination caused al other things to remaine at the old price whereunto they were come through the basenesse of the money before that time Now before we conclude it is worthie the noting that when in this kings time the angel was woorth vnder the Archduke of Burgundie 9 shillings 7 pence the King
that they most reuerently saluted the most vile and most abiect of them for Lords iudging them by their wearing of golden chaines to be bondmen yea you should haue seen children also that had cast away their pearles and precious stones when they saw the like sticking vpon the Ambassadors cappes digge and push their mothers vnder the sides saying thus to them Looke mother how great a lubber doth yet weare pearles and precious stones as though hee were a litle child still But the mother yea and that also in good earnest Peace sonne saith she I thinke he be some of the Ambassadours fooles Some found fault at their golden chaines as to no vse or purpose being so small and weake that a bondman might easily breake them and againe so wide and large that when it pleased him he might cast them off and runne away at libertie whither he would But when the Ambassadours had bene there a day or two and saw so great abundance of gold so lightly esteemed yea in no lesse reproch thē it was with them in honour and besides that more gold in the chaines and gyues of one fugitiue bondman then all the costly ornaments of them three was woorth they beganne to abate their courage for very shame laid away all that gorgeous array whereof they were so proud Which in effect is as much as to accommodate and fashion himselfe to the manner and fashion of the countrie being also grounded vpon estimation although of baser things which is to preferre earthen and glasse vessels wherein they eate and drinke as he saith before gold siluer other precious things But if all the wit and wisdome of man were as yet to deuise what thing would be fittest to set a price vnto all other things and to be as a iust measure and proportion betweene man and man in the trade and traffick of things they could not find any thing more proper then pure gold and other mettals accordingly The foure elements haue such an equall proportion in gold that none is predominant ouer the other whereby all corruption is excluded whether you take the same according to the qualities of hote and drie cold and drie hote and moist and cold and moist with Galen or according to the substance of the elements drawne into salt sulphure and mercurie with Paracelsus For it neuer wasteth or consumeth by fire and the more it is burned the purer it is which cannot be said of any other mettall there is no rust or scurfe that diminisheth the goodnesse or substance thereof it abides the fretting and liquors of salt and vineger without damage which weareth any other thing it needs no fire ere it be made gold for it is gold assoone as it is found it draweth without wooll as it were wooll and it is easily spread in leaues of maruellous thinnesse you may adorne or guild any other mettall with it Neither is it inferiour vnto any other mettall to make vessell and curious workes it defileth not the thing it toucheth as siluer doth wherewith you may draw lines it resembleth in colour the celestiall bodies and it is medicinable and bringeth gladnesse to the hart of man it is fit also to be cut or deuided into many peeces to make mony and goeth into a litle roome being easie and 〈…〉 table to auoide the combersome 〈…〉 age of Commodities from one countrie into another And what thing can be inuented or deuised that for this purpose hath all these qualities and properties With great reason therefore hath gold his due estimatiō aboue other things Also such things wherein the art of man is illustrated as in pictures other curious works are worthie of great commendation and to be preferred before many other things that man doth vse for to liue in the most ciuille maner aboue other nations which liue barbarously In all which the generall care of the Prince must be and the particular regard of the subiect that the same bee done for the good of the Common-wealth so that the expences thereof do not surmount the incomes or reuenues hauing a due consideration of the moderate vse of forraine Commodities and at reasonable rates according as the price and vtteranc 〈…〉 of our home Commodities both 〈…〉 victuals and other wares without studying how to liue without the trafficke and commerce with other nations seeing that God caused Nature to bestow and distribute her benefits or his blessings to seuerall Climates supplying the barrennesse of some things in one countrie with the fruitfulnesse and store of other countries to the end that interchāgeably one cōmon weale should liue with another Concerning the last cause of the dearth of things by the alteration of mony wherein Maister Malestroit had a certaine good purpose if he could haue proued the same to haue bene in France Maister Bodine concludeth that the price of things is not altered by the valuation of monies in sort by him alleaged and yet that things are grown deare which only thē cometh to passe by one cause which he called almost the only cause which is the aundance of gold siluer of late yeares running with vs into these parts of the world For the other causes as we haue noted before make particularly some things deare but not generally all things And for asmuch as we haue spoken hereof in answer of the Paradoxes of Maister Malestroit therefore we passe ouer it and come to the examination of the remedies which Maister Bodine alleadgeth which do onely tend to remedy things in particular being well considered of He saith that the abundance of gold and siluer now a daies more then in times past must partly excuse the dearth of things which being so it followeth that this is not to be taken as a remedy nor yet as a true cause of the dearth of things for what coherence is there to alleage a matter as a remedy against the dearth of things when this remedy as I haue shewed before is the only cause of the dearth it selfe as he saith which must excuse the same which excuse being admitted in defence thereof doth consequently proue that things are not growne deare to our hurt in particular or to the preiudice of the Common wealth in generall because that hauing more gold and siluer then we had heretofore we are made able to giue more then before And if we will say Take away the cause and then the effect will cease that is to say Take away or diminish the abundance of gold and siluer and then things will become better cheape this wold be a very great absurdity For as he is a foolish Phisitian that cannot cure his patients disease vnlesse he cast him in another sicknes so the Prince that cannot gouerne his subiects but by taking from them the wealth and commodity of life must needs graunt that he knoweth not how to gouerne mē A prouident and wise Prince therefore will rather conclude thus Are things growne deare through the abundance of gold
vse of melting or transportation and to pay out the light ones especially in siluer Counterfeiters washers and falsifiers of money will be sooner detected and the false money knowne when peeces of one sort shall be of one bignesse and thicknesse and of one sound and fairnesse of stampe with their priuate marke for the time the thicknesse will be seen the waight will be found and the sound will be heard by comparing one peece to another especially when the rednesse or colour of the money doth giue suspition that the same is counterfeited For there is great difference in the lumpe of mettals of equall waight as we may partly perceiue and is exactly found by the last triall made thereof The masse or lumpe of gold to the lumpe of siluer doth differ as much as 9 to 5 that the bodie of siluer is bigger then that of gold which is 1 ⅘ Betweene copper and siluer is as much difference as betweene 11 and 13. Lead to siluer as from 15 to 14 but that will not ioyne with any other mettall then tinne which is lighter then siluer and doth differ from it as 9 to 13 and from the gold as 7 to 18. Iron doth differ from siluer as 4 to 3 and from the gold as 6 to 9 that the bodie of gold is lesser Quicksiluer which is volatile commeth nearer vnto gold and doth differ as 3 to 4 the fixing wherof is difficult Touching the scisell which commeth by the making of monies by mils or engines it is soone made and conuerted into monies and may be lessened by good casting of the mettall into plates proportionate which by degrees may be reformed according to the increase of the quantitie of gold and siluer To which end it will not be amisse to exhort and require all Goldsmiths and others to be vigilant and diligent in bringing of bulliō into her Maiesties mint where they may haue very speedie and assured payment thereof at all appointed times And in this place we must not forget that care may be had that the Moniers which worke by the hammer may be prouided for their lining or be set on worke by the milles or engines Lastly it were very conuenient commodious as also good for the poore to make small monies of copper as halfepence and farthings which might be called Pledges of the poore and would increase charitie towards them Whereby also all leaden tokens vsed in Tauernes and by such as sell small wares would bee taken away and would be very commodious in so populous a kingdome being made exactly to preuent counterfeiting which generally we do hold so difficult to be done as is the counterfeiting of the hand of an excellent writer amongst the ordinarie writings of most men And the making thereof can breede no inconuenience in the Commonwealth in the prices of Commodities wheras some Princes do vse to coyne some monies for to remain within their dominions some other kind of monies for to be transported into other countries reaping a great gaine by the coynage thereof And omitting to shew the important causes and reasons which Princes haue to maintaine a standing treasure we do not hold it impertinēt to reduce to memorie that which is recorded of the treasure of Princes in times past to awaken care in others The greatest meane that the Romaines had to saue their state when Hanniball had almost brought them to ruine was 450 thousand crownes that the treasure did amount vnto which was gathered by the redemption of slaues and neuer touched vntill that time Pope Iohn the 22. left 23 millions of gold Sardanapalus 40 millions of crownes Cirus 50 millions the Athenians 60 millions Tiberius the Emperour 67 millions Alexander the Great found in the treasurie of Darius Occhus the Persian king 80 millions But the greatest treasure mentioned in the Scripture which king Dauid left was 120 millions which did exceede farre the treasure recorded of the Romaines when they flourished most vnder Traian the Emperour which is 74 thousand talents being 44 millions 400 thousand crownes To say nothing of the siluer and gold found vpon the discouerie of the West Indies and the ransomes which were collected when Atabalippa king of Peru gaue onely for his raunsome ten millions 326 thousand duckets Let vs consider what great treasures Princes might haue now adaies when money doth abound whereas it is reported that king Henry the 7 of England left in bullion after his decease 53 hundred thousand pounds starling in those daies when an ounce of siluer was valued but 40 pence And so cōcluding for monies let vs come to the matter of exchaunge which is the third and last meane whereunder the trade is performed But because my Treatise of The Canker of Englands Cōmonwealth doth handle that matter particularly therefore shall it suffice to make mention onely of the Contents thereof As money doth rule the course of Commodities so the exchaunge for monies with vs doth not onely rule both the course of money and Commodities but being abused by the merchandizing thereof is become predominant and doth ouer-rule the course of them both to Englands great and incredible losse whereas the right exchange is most commendable necessarie and conuenient for the maintenance and traffick of entercourse betwixt merchant and merchant or countrie and countries beeing grounded vpon the waight finenesse and valuation of the money of each countrie according to value for value which accordingly should be kept at a certaintie as a measure betwixt vs and other nations For we haue amply declared and proued that when the exchange doth fall or rise in price the same being either high or low it turneth euery way to the losse of the Realme both for the price of our home Commodities and the transportation of our monies and by aduancing the price of forraine Commodities causing an ouer-ballancing in nature before alleaged which to supply draweth or expelleth our treasure For we doe in effect giue the same to boote vnto other nations with our home Commodities to haue their Commodities for it Some men of iudgement haue found my writing to be inuectiue and patheticall against Bankers wherein they are not mistaken For the vse of Bankes is incompatible in any well ordered Commonwealth as time will manifest more and more daily The French kings Lewis the 9 and Philip the Faire did with great cause confiscate the Bankers goods and for the discouerie of their debts ordered their subiects to pay onely the principall money vnto their Treasurers Philip de Valois did the like and indited them as couseners of the Common-wealth For it was found that in a short time with 24 thousand pounds starling they had accumulated and gotten aboue 2 millions 400 thousand pounds Others which through enuie malice or other passions haue the eyes of their iudgment blinded haue censured my writing to be Apologeticall for the erection of a Banke vnder the colour of the restauration of the office of the auncient Kings Exchanger which
how absurd it is let the wise iudge by the difference betweene a Banker and a generall Exchanger The Banker doth draw vnto himselfe all the monies of other men making his small stocke to be infinite and the Exchanger must with his owne stocke supply other mens occasions for no man is commaunded or by Pollicie of course compelled to deliuer money vnto him The Banker doth make the price of exchanges with the correspondencie of others Bankes elsewhere at his pleasure or most aduantage the Exchanger can haue no correspondencie with other Bankes for he is limited how to deale at a certaintie in price by exchange and therefore must haue his factors or seruants at his owne charges in the places of trafficke But because it is difficult to please mens humors in the reformation of abuses which either for gaine some would haue to continue or others through ignorance do not vnderstand therefore is there another meane propounded to keepe a due course in matter of exchange without an Exchanger By a Proscription in a paire of tables to all sworne Brokers how to make the price of exchanges for all places according to value for value Which wold be easie and in effect aequum bonum as we haue declared so as a due regard be had of the circumstances of things noting alwaies this coherence that euen as plentie of money maketh with vs a low exchange and the low price of exchange is the efficient cause of the transportation of our monies that so by procuring plentie of money we do not procure therewithall the cause of exportation and hunt as it were after our owne shadow Some others haue thought this matter to be in a manner incurable or impossible to be effected now adaies considering the great trade when to speake truly the trade of our Commodities is much decayed and without that they can yeeld or giue any probable reason thereof but that the difficulties and sicknesse of the Commonwealth cannot admit it as who should say It is better to let a sicke bodie languish to death then to make him drinke an vnsauorie potion to restore him to health For mine owne part I haue thought it my dutie in regard of profession to publish and preferre sincerely according to my small talent any thing which may make for the good of the Commonwealth especially it being agreeable with the most noble and auncient lawes of the Realme wishing that other men indued with more learning and adorned with excellent vertues would be alwaies carefull to do the like in that which concerneth their profession And hereunto I haue bene the more encouraged for that since the publishing of my Treatise aforesaid and by meanes of my priuate aduice vnto diuers without boasting or arrogancie be it spoken there hath bene a better course taken by obseruing the nature of exchanges whereby great store of siluer bullion and some gold hath bene brought into the Realme for the generall benefite and good of the bringers thereof which doth put me in hope that the like vigilancie and regard will be had by diuers in the sale of our home Commodities and the buying of forraine Commodities beyond the seas with a due inspection to equitie and iustice in the course of trafficke which recommendeth vnto vs Prouidence and doth not altogether exclude Pollicie especially in respect of the gouernment of a State or kingdome in studying the way of preseruation and augmentation of the wealth thereof which cannot properly be done but by these meanes For the same cannot decrease but by the transportation of our money and treasure and by selling our home Commodities too good cheape and paying too deare for the forraine Commodities as we haue noted before To which end we are to cōpare the prices of things betwixt vs and other nations with whom we deale and not to shew the causes of the dearth of things with Maister Bodine by examining the prices thereof within the Common-wealth where we do liue without making any application thereof for the generall good of the realm for the conseruation wherof prayers and meanes are requisite at all times Veritas vnita valet