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A06731 Englands looking in and out Presented to the High Court of Parliament now assembled. By the author R.M. Knight. Maddison, Ralph, Sir. 1640 (1640) STC 17178; ESTC R212274 17,975 35

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ENGLANDS LOOKING IN AND OVT Presented to the High COURT of PARLIAMENT now Assembled By the Author R. M. Knight LONDON Printed by T. Badger for H Mosley and are to be sold at his Shop at the Princes Armes in Saint Pauls CHURCH-YARD 1640. The humble request of Sir Ralph Maddison KNIGHT to the Honourable House of COMMONS Die Martis primo Decembris 1640. THat it would please this Honourable Assemblie of the House of Commons to take into their consideration the decay of our Kingdomes commodities and especially the Wools of this kingdom of late yeares much decayed in price which if it continue will assuredly pull downe the revenue of King and subject to the unspeakeable losse of all in generall Which your humble petitioner conceiveth to come by two speciall or principall wayes or meanes both of them worthy of your High and Noble consideration namely the overballancing of Trade in commerce with Strangers And the marchandizing Exchange by bills used betweene us and strangers both which doe tend to and in truth doe drive out our kingdomes Coine both Gold and Silver for the making up the unequall and prejudiciall ballance of Trade and the Vsurious and Canker-eating contracts daily practised betweene us and strangers and especially the Bankers the first movers therein And because the words ballance of Trade or commerce and marchandizing Exchange must of force bee mentioned because they are the words of art of science well knowne to many in this Honourable Assembly who have beene versed by Trade or Travell in forraine parts Yet because I suppose there be more here assembled that have not beene ver●ed or given their mind to Marchandizing businesse I humbly crave pardon if I be bold for the help of all mens understanding herein to explaine these words in as few words as I can And first of Ballance all men doe know what it meaneth in buying and selling at home but the word Trade put thereto is obscure till it be opened Ballance of Trade then is the computation or taking the account or valuation of all the marchandize exported or imported into this kingdome every yeare which being cast up may tell us whether wee get or lose or what losse or gaine commeth to the kingdomes Commerce that yeare the Ballance is cast up And if it be found that we import more than we export then that which doth want of making the ballance equall must be fulfilled with our kingdomes stocke or store of mony which in processe of time will eate up or consume to a small portion our moneys that should beat or maintaine our home-commerce and markets per consequence lessen the prices of our Woolls Corne Lands and what not for this is infallibly true in common sence that where much money is there the prices are greater and where little money is there the prices of all things are lesse and goe low Hence it was and will be said this proverbe Regina pecunia donat for money will beare rule in price in despight of all men that say no But I do conjecture as some have said to my selfe some in this assembly will say How is it possible that all goods or marchandize going out of this Realme and comming in should be accounted This is a thing that to some wise men doth seeme impossible To this I answer It is no new thing that the valuation or rate or price of all goods going out and into this Realme hath beene put into bookes duely kept in every port of this kingdome and once a yeare at a certaine time all brought into the Kings remembrancers office in the Exchequer and there to be collected and made up into one grosse summe of all out bound and another grosse summe of all in bound goods whereby the King might as in a mirrour see the face of his common weale whether it grew fat or leane 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 maintenance of the officers that attended this care in every Port and is so ancient as 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 the word exchange all know what it is to make a change Marchandizing Exchange is knowne onely to Marchants and those that in forraine Travell have used it And few of either sort doe know the par or equall exchange of Coynes betweene forrainers and us Exchange of Marchants was first invented for saving of portage and keeping of moneys at home in every kingdom beside the hazard that might befall in carrying of Treasure as luggage from kingdome to kingdome which otherwise upon every severall contract made to be paid forrainly would bee exported and every Traveller beyond the Seas should carry his expending mony with him But now if by equall or disadvantageous exchange a man deliver an hundred pounds here to bee paid so much like quantity of gold or silver againe there beyond Seas this both keepeth the money at home But if by unequall exchange a gaine may bee had by overvaluing of our money beyond Seas as now they be overvalued especially in France not only a Marchant making contract as aforesaid or a Traveller not knowing the mystery shall lose ten or more in the hundred And the Marchant observer of the mystery for the gaine had thereby export the money in specie but more especially gold when visibly without change of species he may retaine ten of those pieces and more in the hundred and there with ninety pieces pay the hundred pieces received here and this is the overt or open fallacy now too frequently in France practised upon or by the denomination of that coine But there is another more secret which is practised by Exchangers to bee considered from the finenesse of the coine wherein is to be noted that all Princes coines are not alike for some have more Ailay or Copper mixt with the gold or silver which were a long discourse to enter into and upon agitation of this businesse of Exchange will be opened sufficiently there being only two chiefe wayes of deceit denomination or open deceit The second intrinsicke or inward value consisting in the mixture of Copper more or lesse put into the gold or silver It is not unknowne that there bee other great causes which doe hinder our prizes and procure damage to our home commodities namely exportation of Gold and Silver diversion of bullion and home-consumption of gold and silver Inhancing of our moneys Gold and Silver in forraine parts and especially in France as aforesaid and home-bred monopolian practises all which will fall into consideration upon the handling of the two first causes above said Whereupon my humble request is you would be pleased to cause the Ballance of Trade to be truly cast up and presented unto you with all speed as also to take notice how
of publike losse to the kingdome a partie or equality of Exchange should be made knowne to all men that have occasion to use Exchange having regard to the forbearance according to time and place which is most just and equall for all men both denizens and strangers To this exception will be taken unlesse I doe explaine my selfe allowing and granting for truth that plenty or scarcity of moneys to be given or taken up doth beare a sway even as it is upon the statute made upon usury If there be plenty of monies they will be lent under the Statute and if there be scarcity there will be more given for the Loane then the statute alloweth by some covert meanes or other for in ttuth the good use of marchandizing Exchange is none other but a ready way of borrowing for marchants without sureties or delay to be executed which moderately used without excessive or biting Vsury is both profitable and commendable for all marchants to use as their occasion requireth But if it be unequally and abusedly carried may be justly called the Canker of Englands common wealth And let no marchant thinke but that I am their friend in wishing them ease and remedy herein that it be not carried at the will of the Banker as it is but that it may be used according to the ancient Lawes of the Kingdome extant for the same And the practise of the time of Queene Elizabeth and her proclamation to that purpose which Lawes and proclamation will appeare upon the debate of this businesse if you please to take order therein As also the demonstration of the tables mentioned in the Law one for Gold and another for Silver as I have seene the like made in King Edward the Sixt his time respectively expressing the value of every piece of Gold or silver coyne with whom we have commerce severally compared with our pound starling whereby the equality is demonstrated to every Marchant that will follow the table of Exchange to avoyd the danger of the Law And because forraigne Coynes are daily subject to alteration in finenesse or valuation after the computation is once made It behoveth that there be and it is no hard matter an observant watch or diligent eye set over those places of commerce and Mints to send intelligence hither to the Guardian of the Tables to alter the table immediately in that point and to keepe constant at home which will be a sufficient guide to defend us from forraigne wrong by any This Table of demonstration once made will be farre more easie to understand then any pen or tongue can expresse This being done and observed that the forraigne Banker or exchanger doe us no harme in a small processe of time our Ballance of Trade will recover it selfe againe and we shall have God willing a constant thrift to attend our Kingdomes labours and not be wrought upon by any biting vsury by Shufts or intervall of time to wast or exhaust our treasure or consume our kingdomes stocke that should maintaine the price of our kingdomes commodities rents and artizens as sundry times in my memory it hath done but what a kingdome or kingdomes exitus have we that is able to beare the losse of so much Coyne as we have lost this three or foure yeares which amounteth neare to two millions of Gold and undoubtedly our Silver will follow after and beginneth visibly to goe already if remedy bee not had to the unspeakeable losse of all the kingdome as before hath beene declared These tables of Exchange being put in use for our safeguard it followeth then as good husbands use to doe that we take account of our kingdomes thrift to see yearly how we thrive also to know by what waies we goe about it and therein to distinguish what severall Trade is beneficiall to our kingdome or not and to set redresse accordingly if occasion require it which is no new thing but an ancient practise as might be manifested To beginne with that in generall which must bee Examined in every particular trade First then that trade or Marchant that carrieth out our superfluities or those commodities wee abound in and bringeth in those commodities that we want for them is a good trade or Marchant and deserveth to be nourished countenanced and maintained therein and those that do the contrary better ordered Now who knoweth not that we abound in Wooll and woollen commodities Tynne and lead and some other things which I name not Who knoweth not what we want of our own but must have it from without us namely gold silver Iron and steele which for brevity I name not per consequence it followeth that those Marchants that bring in those said commodities we want are most to be nourished and favoured before others that doe the contrary But how or by what meanes is this trade or Marchant discovered but by the ancient way of ballance of trade of late yeares almost growne out of use but that it was discovered in the latter time of King Iames and alwayes observed by the wise Lord Burley Lord Treasurer of England And to what other end was all the port books of the kingdome brought into the Custome house of London and from thence once a yeare transmitted into the Kings remembrancers office in the Exchequer where one grosse sum of our kingdomes exitus and introitus might be knowne of all the goods both inward and outward bound and the value of both accompted thereby to know whether we were buyers or sellers for it behooveth a father of a family to be a seller and not a buyer And if it be found that we sell more than we buy we doe well if otherwise it behooveth us to looke about us As in the generall a view may be had of our publike Thrift so in every particular Trade their walke being observed it may be knowne what trade bringeth in or forceth in money or such things as we want for therein lyeth a difference to bee observed and therupon lyeth our kingdomes thrift As also may be found what Trade is hurtfull or damageable This publike Thrift or reformation as I conceive would not bee held in a mystery but be made more common and easie to every intelligent Gentleman because hee is in some sort interessed in the same for the advancement of the publike good and therein his owne particular also Therefore I am bold and humbly commend the generall or theoricall studies of the Marchandizing Exchange and ballance of Trade unto your wisdome to be regarded and for these purposes the keeping and the observance of the ballance of trade is usefull There be also many other things to be met with in the observation of the Marchant Exchange and ballance of trade which I forbeare to particularize for avoyding of tediousnesse and dispute that may arise by them that would endeavour to frustrate the businesse for private gaine never wanteth colours and pretexts to stupisie or inveigle the understanding of such as have not beene versed herein Give me leave lastly to repeate one thing wice though the same have in effect beene said before It is a sure Tenet or maxime that it is necessary for our kingdome to keep constancy in our Mynt at home So is it as necessary to change with the changer in all forraigne Coynes either Gold or Silver reducing all forraigne Coynes to a par or equality with our constant coines and to that end in ancient times there was a paire of Tables set forth expressing the same demonstratively The French Crowne to answer to fixe of our English shillings Our unite to containe three French Crownes and a third and so of the Dutch Rider although it goe but for one and twenty shillings it is of equall value to our unite So all forraigne coines severally reduced to our coynes did shew and expresse what was to be given and allowed betweene strangers and us in accounts which is called the Marchandize Exchange This equality being knowne and expressed as aforesaid wee may bee deceived three manner of wayes First if wee watch not forraigne mints by the sheares in coyning whereby it may come to want in weight though it were of equall finenesse Secondly by putting in more Allay or Copper into their moneys which is not perceived or discovered but by Tryall in the fire in melting some part and refyning it and comparing the remainder of pure silver to the like quantity of our money refined as theirs was The third is without lessening or imbasing to call any of their species higher up a way commonly used in forraigne parts called denomination which must be watched and prevented by new expressions as is aforesaid so often as there shall be cause by such as the King shall depute for that purpose most proper to the Mint master or other skilfull in mint causes This is a sure way of preserving our Coynes at home without which the Bankers both forraigne and domestick have power to deceive our kingdome and lessen our kingdomes stock of Gold and Silver which will turne to a fearefull effect in time and in few words not to be expressed and most of all when this ballance of trade is against us to our losse and that Country that gaines the ballance gets our money be it friend or enemy And if we loose in the totall ballance of our trade how should we long subsist without home-poverty and consumption and in the well governing of the Marchant Exchange and ballance of Trade consists our weale or woe concerning Thrift or wasting poverty FINIS Imprimatur Tho Wykes
we be deceived by any of them But some will say what neede wee bee put to trouble to watch others cannot we more easilie doe as others doe To this I answer if there were no harme in so doing at home yet to alter with them that alter or may alter requireth a continuall watch over all others with whom wee have commerce or else how should we know when they alter or know what mynt it is that draweth our monyes from us and if we should alter our mint as often as others may alter wee should ever be altering and have no rest at home this perconsequence must needs bring a confusion in short time when once moving our mynt hath made great alterations amongst us at home and will ever doe so when we shall alter It is the greatest harme to King and Subjects as shall be shewed God willing hereafter In the meane time give mee leave to let you know that in or about the yeare of our Lord one thousand five hundred fiftie and five we being in amitie with all Princes and neighbour-mynts there was a generall consent amongst Princes and States to make a Treatie for the Concord in Mynt affaires to keepe a paritie in Coynes which treaties were frequent in elder times but now by reason of wars neere hand in France Low Countries and Germany is omitted And in King HENRY the eight his time there is mention made of a Treatise betweene the KING and the Arch-duches of Austria wherein it was found that the difference of an halfe penny in an Angell of Gold which now is about three pence in the pound tale it would be sufficient to exhaust his treasure out of his kingdome and by no meanes would suffer it Then per consequence what doe they which at this time doe raise both Gold and Silver twenty in the hundred above others The answer to this is they doe breake the Law of Nations which is a just cause of Warre amongst Princes to goe about to draw away their neighbours coine by inhancing by denomination or debasing the finenesse by Allay for all make one effect as aforesaid But what care they to breake the law of nations that purpose to have Warre then this is answered for that and must we then of consequence have our moneys exhausted as they are or make Warre and by the next consequence be undone is there none other remedy There is but I referre the remedy till another time and place Now I have laid open the composing of the weight and finenesse of Gold and Silver I am to shew the cause of exporting of our Gold and Silver before aremedy can be applyed And this is a secret to most men to know the cause and will be controverted by them that have profit therby and if we believe them that controvert it the cause is lost herein is to be noted what Ecclesiastes as concerning Marchant Exchange saith Trust not a Marchant in the businesse or touching Exchange a Labourer in the point of hyre nor a souldier in the ending of warres Beare in remembrance the weight and finenesse of our owne Coyne especially without which knowing and remembring you cannot fall upon nor understand the true cause of exhansting of our monyes which is the marchandizing Exchange nor yet the remedy Therefore I pray you pause upon that which hath been said a while unlesse you have been versed or do understand the mint businesse and composing of Gold and Silver which hath beene declared in some measure Also take this with you for a principle moneys can neither bee advanced in denomination nor a pound Troy or an ounce be made into more pieces of Silver nor debased by putting in more Copper or Allay without generall detryment to the Respublike A perillous thing to deale withall without doubt and most especially in Land Common weales And wherefore more in land common wealths then in maritime and Marchandizing Common Weales I must tell you or you will not beleeve Maritime and Marchants can immediately change with the Changer without detriment The Marchant can immediately set a price of his Marchandize according to the worth of the money and the Artificer and Labourer set a price accordingly to his labour or hire which cannot be done in terraine State more especially in our Kingdome which I forbeare for the present till I shew the inconveniencies or mischiefes that would follow the alteration of our mynt and will be most pernicious to undertake any such thing And for that I have already named the Marchant Exchange to bee the efficient cause of exhausting our moneys in generall thus it is Marchants Exchange was first invented for the saving of portage and keeping of moneys at home in every kingdome besides the hazard that might befall in carrying of Treasure as luggage from kingdome to kingdome which otherwise upon every severall contract made to be paid forraignly would be exported And every traveller beyond the Seas would carry his expending money with him But now if by equall or disadvantagoeus Exchange a man deliver an hundred pounds here to bee paid so much like quantitie of Gold or Silver againe there beyond Seas this both keepeth the money at home and saveth the Traveller a labour and hazard in carrying the money over But if by unequall Exchange a gaine may be had by overvaluing our monies beyond Seas as now they bee overvalued especially in France not only a Marchant making contract as aforesaid or a Traveller not knowing the mystery shall lose tenne or twenty in the hundred And the Marchant observer of the mysterie will for the gaine had thereby export the same in specie but more especially gold when visibly without change of species hee may retaine tenne or more of those peices and there with Ninety or lesse of those peices pay the hundred pounds or peices received here and this is the overt or open fallacie by mutation of place now too frequently used by the denomination of that Coine But there is another more secret which is practised by exchangers to be considered from the finenesse of the Coyne wherein is to bee noted that all Princes Coynes are not alike for some have more Allay or Copper mixt with the gold or silver as before hath bin touched there being onely two chiefe wayes of deceit denomination or open deceit The second intrinsecall or inward finenesse consisting in the mixture of Copper more or lesse And because our Gold might not be seene too visible and make too great a shew in France there is now an ordinance in France to bring the forraigne Gold so fast as it commeth into his Exchequer into the myn● to bee there minted into French Crownes double and treble and quatreble peices calling them Lowyzens and minteth them after the proportion of fifteene to one of Silver we holding in our proportion thirteene to one which very Mynt is able by that meanes to draw all our gold away even that which is left so fast as it can be