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 verâ—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
gleaned up if remedy be not provided speedily And occasion now offereth it selfe to give us to understand this observation following that if disproportion between Gold and Silver be not observed aright gold may buy silver out of the Realme and silver may buy gold out of the Realme and the Realme deprived of the one by the other The raising of the gold here did cause more gold then silver to come to the Mynt and by the same meanes it is called from us into France which plainely sheweth that the raising of Gold or Silver or disproportioning one by another is but temporary and in the end proveth no better than a fallacy as inhancing and debasing and they all bee And the truth is no state stands sure that stands not of the 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 kingdome that more silver then gold bee minted for silver is not so hastily nor easily exported as gold will bee and there will be alwayes some Canker wormes 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 ballance of Trade But something else commeth to minde that hindreth mee yet for speaking of the ballance a while which is the inconveniences that befall this our state when our monies are raised or made little The moving of our mynt must either be in imbasing the gold or silver or advancing it in denomination for back it cannot be brought when once it is raised and hath obtained Currancy It is a dangerous thing to meddle with the Mynt either in imbasing the money or cutting it smaller with the Sheares for if it be embased first it causeth counterfeiting secondly that part or so much as is embased will carry so much fine silver out of the Realme and when it is perceived the amends is as evill as the disease All those in whose hands the base money shall bee shall bee the loosers of so much as is minted within the Realme before it bee decryed and what grievance would this bee able even to cause the Commonalty hate the governement and fall into uproares and unnaturall rebellions as it hath beene in times past when the Commons rebelled and wrote these words in their banner or Standard Rex est qui bene regit If the money bee made lesse it giveth so much to the leâ—â—ye or borrower the Kings revenue that standeth upon constant fees of his Crowne ancient Crown lands lease all rent charges land of the Bishops or Church and such like that bee leased shall loose so much the Noblemen Gentlemen and Vsurers shall part with so much in proportion as the mony is advanced so commodities will be advanced accordingly So whether monies be raised or debased it maketh disturbance most miserable in effect Therefore there is no stirring of our mynt neither up nor downe for the reasons aforesaid no gaine to the kingdome but infallable losse to some part heart burning and discontentment fit to bring in a forraigne enemy will ensue the tampering with the Mynt Therefore I conclude this point that there is no safe way but to stand constant at home and change with the changer abroad to keepe our moneys at home And first to prove the Marchant Exchange un-equally carried is the efficient cause of exporting our money give me leave to know whether plenty of moneys make our prices to rise and scarcitie of money make small prices Wch no man I think will denie and that commodities are prised according to the goodnesse of the coyne or to what end serveth fine gold and fine silver if it be not to prize all things And if in our commerce with other nations we do give more fine Gold or Silver then we receive or undertake our Coynes in commerce with others It is a sufficient out-let or way to carry out our money or bullion when thereby those that perceive the advantage to be had shall leave the true use of trading in Marchandize and turne mony Marchants or exporters of bullion or monyes for no lawes are prevalent against gaine And if we do not carry an even hand with forrainers in preserving and encreasing our moneys as forrainers doe we shall in small time undervalue our commodities for want of money and consequently over-ballance our Trade in price or qualitie and continuing the same course send out our monyes in change for commodities and have no more commodities then we had before which course will infallibly impoverish the Realme exceedingly when there is a want of money or wasting of bullion the commodities of the Realme Wooll and woollen manufactors will fall in price the commodities falling rents will fall accordingly when rents doe fall by such a necessitie the necessitie which spreads its selfe over the land And Tenants having taken leases at inhanced prices of Countrey commodities not knowing the efficient cause of this change will lay the cause upon the Land-lords and grow in hatred towards them not knowing how to hold their farmes nor what to doe if they give them over this is a fearefull effect that followeth the want of a covenient stocke of money to maintaine the price and to beat or maintaine our home Commerce proceeding from forraigne cause and not from Land-owners or Tenants at home So it followeth that those that looke to the homecause as evill making of our manifactures or such like doe not amend the matter nor raise the prices so long as there is no more moneys to make the prices any greater for it is infallably true much money much price little money little price and it is as true that the inhancing of our Gold and Silver in France will draw our money into France if remedy bee not had for the open reason aforesaid namely the inhancing of Gold and Silver beyond the Sea and specially in France and this is openly done to the view of all the world But there is a more secret way practised by Marchants and Bankers which hath long continued a secret byting or Canker-eating Vsury namely the marchandizing Exchange which at the first was devised for a good and moderate gaine to the lender and ready dispatch in their affaires and for avoyding of hazard in postage of monyes which being abused is turned into inestimable losse and damage to the Prince and kingdome wherein it is not understood by the Marchants in generall that use it To avoyd the carrying of moneyes out of every Princes Realme and that every Prince might have the sole use of their own monys within their dominions for the aforesaid causes a certaine exchange was devised grounded upon the weight and finenes of the moneys of each Country just value for value the taker or borrower to
give the lender usance for the time according to reason and so might our exchange of England grounded upon the same reason bee continued and the Law of the land commandeth the same And thereupon the true valuation of our mony maketh the price of exchange for every place wheresoever we have to doe and the want of knowing and putting into use this mystery of comparing our Coynes with the Coynes of others value for value bringeth in the abuse and an inestimable damage to this kingdome for wee ought to examine and compare our weight aforesaid with the weight of other Countries and the finenesse of our Standard aforesaid with the finenesse of the STANDARD of the moneys of other Countries And if we differ not with them in the proportion betweene the Gold and Silver then may our Exchange runne at one price both for the Gold and Silver the valuation of each Countryes moneys being taken according to weight and finenesse as aforesaid And if the proportion of Gold and Silver of other monyes do differ from ours then must wee have two distinct valuations one for the Gold the other for the Silver as now there is difference in proportion in France from ours in England And hereby shall wee find how much fine silver or gold our pound Starling containeth and how much of other moneys of Germany France the low Countries the East Countries or else-where we are to have to countervaile the same in the like weight and finenesse answerable to ours whether it be by the Pound Crowne Ducket or Doller giving alwayes value for value which amongst Marchants was and is called Parre This due and equitable course in Exchange being abused and through the ignorance of Marchants of not examining the truth but taking the price of Exchange upon Trust from the Bankers who rule the price of Exchange this trade of Exchange is become very deceiveable and damageable to our kingdome the Marchant making his account from the price of exchange as it goeth when he useth it and not from the true parre or equality required And from hence groweth the losse of our moneys and the Exchange is become predominant over our moneys as moneys doe rule commodities and is the very efficient cause of this over ballancing of commodities in price before spoken of and consequently of the decrease of our wealth and exportation of our moneys when we are driven thereby to give as much of our native commodities for forraigne commodities as we did before the abuse and monies to boot to fulfill the same quantity This exchange is made properly by bills when money is delivered simply here in England and bills delivered or received againe for the payment thereof in some other Country beyond Sea or when the like is done beyond the Seas and money received here in England And that upon a certaine price agreed upon betweene party and party which is termed the price of Exchange whereof the marchants or rather the Bankers have the onely and whole disposing and buy and sell their commodities beyond the Seas accordingly without that few or none of them doe looke into the nature or inward value of the Exchange but onely to the present object which is to know how the price thereof goeth at the time when they have occasion to deale there with either in taking up or delivering out monyes by Exchange whereas if they will be true Exchangers indeed they must know perfectly the weight and fitnesse of every Countries coyne hereby to render every one his just and due proportion as aforesaid and this is par pari referre with consideration to the lender according to the time agreed upon And because I have heretofore attributed the ruling of the Exchange to the Bankers rather then to the generall or comon Marchants It behooveth me for the enlightening of Your understanding and illustration of the businesse of Exchange to shew what a Banker is A banke is properly a collection of a great quantity of the ready monyes of a Province Common weale or City into the hands of some persons licensed and established therunto by publique authority erected with great solemnity in the view of all the people and inhabitants shewing great store of Gold and Silver as belonging to the persons so established which is to them an attractive to perswade and allure the common people to bring their monyes into these Bankers hands So that these persons or Bankers doe becom as it were the generall servants or Cassiers of that City province or common weale The Bankers have their factors or correspondency in the chiefe places in Christendome and doe keepe account with every man of whom they have received any money into their Banke And generally all men of wealth that be marchants are desirous to please them and to bring their monies into the Banke in regard of double and treble credit they give to their compartners which they doe by assignation without laying any out of the banke Such and greater devises have they and many other too long now to recite the money still remaining in the Bankers hands is imployed by them to other uses as to the ingrossing of forraigne commodities to Englands prejudice and such like feats making monies to ebbe and flow at their pleasure when they please And to that purpose the heads of every banke doe set price and agree upon it by common consent at their Ferias or generall faire for monies onely And still their eye or devises tend to the beating downe of our English and raising their native commodities which cunning our Marchants doe not countermand as in old times when the Staplers that were intrusted with our staple commodities were sworne to advance our kingdomes commodities to their power as also to bring into the Realme a fifth part of their exitus in money But as concerning the point of Exchange it is most certaine that neither difference of weight finenesse of Standard nor valuation of mony can be any true cause of exporting of our moneys so long as a due course is holden in Exchange But this due course being abused causeth as aforesaid our moneys to be exported and maketh scarcitie thereof which abateth the price of our home commodities and on the contrary side advanceth the price of the forraigne commodities by reason of plenty of money there encreased by ours sent thither But to this may be objected If this be true as it is very likely then it would follow that our commodities would also be deare where the plenty of mony is True it is it would be so but that they have two crafty devises to prevent the rising of our commodities one is our Marchants being takers of moneys here to pay there they know they must sell and do profer the price according to the goods in bought which they know as well as they that bought them And also they have Toleration of their moneys to passe farre above their value with them and to the greater transportation of ours