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cause_n	cause_v	great_a	part_n	1,765	5	4.2655	3	false

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ID	Title	Author	Corrected Date of Publication (TCP Date of Publication)	STC	Words	Pages
A06791	A treatise of the canker of Englands common wealth Deuided into three parts: wherein the author imitating the rule of good phisitions, first, declareth the disease. Secondarily, sheweth the efficient cause thereof. Lastly, a remedy for the same. By Gerrard De Malynes merchant.	Malynes, Gerard, fl. 1586-1641.	1601 (1601)	STC 17227; ESTC S111941	40,448	144

authoritie the coines are aduanced by proclamation and on the contrarie to pay out monies when money is proclaimed downe and then also the price of exchange is made accordingly whereby the realme still looseth and euery man in particular not knowing the weight and finenesse of the money but following the course of exchange as being caried away with the streame Another will say that when the exchange is low beyond the seas where our merchants are generally the deliuerers of money that then the lesse of that money they giue the greater is their gaine enioying the benefit of the exchange But he doth not cōsider that at a low exchange there be few or no takers at all vnlesse it be English merchants that haue money to pay by exchange which was here taken vp so stil some of them the Realm looseth Whereas other Nations will rather transport our monies then to cause their friends to take vp mony at a lowe exchange or to make ouer money at a low exchange which otherwise might turne to our good our merchants being here the takers vp of monie as they are generally the deliuerers beyond the seas as is aforesaid And on the contrarie as I said before here is alwaies a necessity which enforceth our merchants to buy forraine cōmodities to make returne into the Realme either when the exchange is high when they see a losse euidently which is not so to be seene in the cōmodities whereof they may expect some gaine or else whē the exchange is low whē there is no takers vp of the mony whē they cannot bring it ouer neither at a high exchange or low exchange which of course enforceth a wonderful ouerballancing of cōmodities in nature before alleadged is a cause of many superfluous cōmodities which are brought into the Realme Some that are continuall takers vp of money with vs do seeme to point at the course of the exchange as though the same were most cōmonly indifferent neither too high or too low and herein are they mightily deceiued seeing the very ground of the exchange called Par is false both according to the valuation and tolleration of monies in all countries And if they think that mony at interest is hard to come by and that the due course of exchange would be an interruption to the traffiique they are therein also in an error for monie would not only be kept within the Realm for the generall good but also more plentifully deliuered at interest albeit this were not it were better one should sit still without trade then to become a looser Some others hauing obserued that plentie or scarcitie of monie doth alter the price of commodities doe thinke that our merchants should enioy the benefite of plentie of monie which generally maketh things deare But first they do not consider that our merchants most commonly do sell their commodities payable at some short time next that the bankers keepe their commodities vpon a certaine price at their pleasure that although monie by their means doth abound one way for one place it wil be scarce againe for another place and he that taketh vp the same shal pay dearely for it whereby the commodities he buieth become charged ipso facto into his hands and must sell them accordingly for the commodities which our merchants vpon such an occasion of plentie of monie do sel their benefit cannot counteruaile the losse which they receiue in making their return either by a high exchange which is caused by plentie of mony beyond the seas or by forraine commodities which are risen accordingly and much more So that in conclusion our home commodities are abated by the abuse of the exchange foure maner of wayes 1. By scarcitie of mony which maketh things good cheap caused by the exchange 2. By the gaine sought vpon mony which otherwise would be sought vpon the commodities 3. By a high exchāge with vs which causeth men to deliuer that mony by exchange in nature of trade which otherwise by some might be employed vpon the commodities likewise by a low exchange which causeth exportation of our monie 4. By the rash sale of our commodities by young merchants and others that are driuen to pay money taken vp by exchange here in England thereby spoiling the market of others Forraine commodities on the cōtrary are aduanced 4. manner of waies 1. Through plenty of mony in other countries which maketh generally things deare which plenty is increased by our owne monies transported to our owne hurt euery way 2. By a high exchange beyond the seas whereby men are inclined to buy forraine commodities by a low exchange when there are no takers vp of monie herin our excessiue vse of the said cōmodities doth encourage thē 3. By the tolleration of monies beyond the seas to go currant far aboue their value for by the alteration of the valuation of mony the price of cōmodities doth alter also this tolleration being a hinderance for the importatiō of mony causeth the greater quantitie of forraine commodities to be bought and brought ouer at a dearer rate 4. For that the principall commodities of silks veluets fustiās such like are engrossed by the Bankers that sell thē at their pleasure our immoderate vse giuing them the greater cause Hereby cometh an ouerballancing of forraine cōmodities with our home commodities which to supply or counteruaile draweth away our treasure readie money to the great losse of the commonweale for let vs suppose with the least of 10. in the 100. losse vpon al our commodities going out the forraine commodities comming into the Realme we shall find it to be aboue 500000. pounds euery yeare So that in sum we do giue daily both treasure our home commodities to haue forraine cōmodities at a deare rate Thus we may consider how these Bankers euery one of vs do vse or rather abuse the exchange make of it a trade for monies therfore may aptly be called a merchandizing exchange whereas otherwise the right vse of exchange is very needfull and conuenient for the maintenance traffick of entercourse betwixt merchant and merchant or country countries But the merchādizing exchange which thus ouer-ruleth the course of commodities mony is intollerable for we shall find in effect that one summe of mony of one sort and kind of coine hath two prices two valuations at one time exchanged for one distance of time differing only by the diuersitie of place countrie whereby priuate men alter as it were the valuation of coines which is rated valued in al countries by the Prince or gouernour of the same as a matter concerning their dignitie and soueraigntie so consequently of too high presumption for subiects to step into ' And it is also against reason to chāge the course of nature in the coin as though a pound weight should be more weighty thē a pound or a pound tale more then a

A TREATISE OF THE CANKER OF ENGLANDS COMmon wealth Deuided into three parts Wherein the Author imitating the rule of good Phisitions First declareth the disease Secondarily sheweth the efficient cause thereof Lastly a remedy for the same By GERRARD DE MALYNES Merchant Sublata causa tollitur effectus Imprinted at London by Richard Field for William Iohnes printer dwelling in Red-crosse-streete in ship Allie 1601. THE FIRST PART CONCERNING THE DISEASE OF THE English Common wealth PLato the Philosopher perceiuing that equality would be the cause that euery man should haue enough was of opinion and willed all things in a common wealth to be common whom sir Thomas Moore in his Vtopian common weale seemeth to imitate to the end that an infinite number of lawes already made and the making of so many new lawes as daily are made might be abolished whereas all of them are not sufficient for euery man to enioy defend and know from another mans that which he calleth his owne proper and priuate goods But this equality cannot be established neither was there any such euer vsed in any age or commaunded by the word of God but that possessing these worldly goods we should so vse them with charity towards others as though we did not possesse them at all Neuerthelesse as a commonwealth is nothing else but a great houshold or family yet the Prince being as it were the father of the family ought to keep a certaine equality in the trade or trafficke betwixt his realme and other countries not suffering an ouerballancing of forreine commodities with his home commodities or in buying more then he selleth For thereby his treasure and the wealth of the realme doth decrease and as it were his expences become greater or do surmount his incomes or reuenues This is the vnknowne disease of the politicke body of our weale publicke before mentioned the efficient cause whereof must be found out before any remedy can be applied or deuised Sublata causa Tollitur effectus sayth the Philosopher which is graffed in euery mans iudgement that the cause of any thing being taken away the effect is taken away withall Hereuppon let vs note that properly the wealth of the realme cannot decrease but three manner of wayes which is by the transportation of ready money or bullion out of the same by selling our home commodities too good cheape or by buying the forreine commodities too deare wherein chiefly consisteth the aforesayd ouerballancing which is the cause of inequality we giuing in effect both mony and commodities to haue forreine commodities for them To proue our assertion we can hardly make this inequality appeare in the application thereof to euery member of our common-weale albeit we do find the want of treasure and monies exported for the same For it be falleth vnto vs concerning monies and wealth as it doth vnto a Generall of a campe of ten thousand supposed armed men whereof muster being taken at seuerall times and vpon seuerall dayes yet all of them generally are found to be armed because one lendeth his armour vnto another whereas if they were all mustered in a day and at one instant a great part of them would be found to want armor the like want of monies and wealth should we find if the matter were duly examined Yet for an instance let vs consider how much the price of lands is risen with vs of late yeares euen within the memorie of man and that this their estimation or value is in regard of money or other things mony-worth and compare the same thereunto and we shall very well perceiue that we ought to ballance the value of things vpon this beame laying the lands on the one side and the money or things mony-worth in value on the other side to finde out this inequalitie Aristotle saith that riches is either naturall or artificiall The naturall riches as lands vines forrests meddowes and such like The artificiall as money gold siluer wooles cloth and all other moueables and houshold stuffe Nowe as this artificiall riches is proceeding of the naturall riches and that both these doe receiue their price and estimation by money which is the measure and rule to set a price to euerie thing so reason requireth a certaine equalitie betweene the naturall riches of lands and the artificiall riches of commodities proceeding of the same Hereupon let vs note further that all the trade and trafficke of the realme is performed vnder three simples namely commodities money and exchange and examine the originall beginnings of them and their present course seeing that God caused nature to distribute her benefits or his blessings to seuerall climates supplying the barennesse of some things in our countrey with the fruitfulnesse and store of other countries to the ende that enterchangeably one common-weale should liue with another First we find that when commodities began much to abound in the world all manner of mettall as gold siluer copper tinne lead and yron grew into greater estimation as being fit and more durable to preseruation and so the purest and finest mettall most esteemed at which time the riches of men was notwithstanding described to consist of cattell commodities and other moueables and there was a permutation of things which was very combersome and did require much cariage of wares vp and downe and from one countrey into another By reason whereof money was deuised to bee coyned of the finest and purest mettals to be the rule or square whereby all other things should receiue estimation and price and as a measure whereby the price of all things might be set And to maintaine a certaine euenhood or equality in buying selling and the same to haue his standing valuation onely by publicke authority to the end that all things might equally passe by trade from one man to another The Standard of the starling money of England was first coyned at a place so called by Osbright a Saxon king of England aboue seauen hundreth yeares past at which time an ounce of that siluer was diuided into twentie peeces and so esteemed twentie pence which so continued vntill King Edward the first his time and vntill King Henry the sixt and then by the kings publicke authoritie was valued at thirtie pence and continued vntill king Edward the fourth and then at fortie pence vntill King Henrie the eight and then at fortie fiue pence vntill King Edward the sixt and so vntill her Maiesties most happie raigne at fiue shillings the sayd ounce of twelue ounces to the pound Troy weight and twentie peny weight to euerie ounce and twentie foure graines to euerie pennie weight Now as the finenesse of siluer is twelue ounces and euery ounce also twenty peny weight in finenesse And the finenesse of gold is twenty foure carats and euery carat foure graines likewise in finenesse so all monies of gold and siluer do participate of this finenesse according to their substance and the standard starling mony of this realme is eleuen ounces two

note that the right course of exchange being abused doth ouer-rule the course of commodities and monie And causeth an ouerballancing offorrain commodities with our home commodities which consisteth in the price of commodities and not in the quantity or qualitie of them to the discourse whereof we are now to proceede THE SECOND PART OF THE EFFICIENT cause of the disease of the body Politicke of Englands commonweale WE haue alreadie said the abuse of the exchange for money to be the very efficient cause of this disease wherewith as with a Canker the politike body of our weale publike is ouertaken the cause therof being predominant ouerruling the course both of commodities mony Now we must proceed to the application therof first for the mony then for commodities with their coherence in the course of traffique This exchange is made properly by Bils when money is deliuered simply here in England and bils deliuered or receiued again for the paiment thereof in some other country beyond the seas or when the like is done beyond the seas and the money receiued here in England and that vpon a certaine price agreed vpon betweene partie partie which is termed the price of exchange wherof the merchants haue the only and whole disposing and buy and sell their commodities beyond the seas accordingly without that few or none of them do looke into the nature of the exchange but onely to the present obiect which is to know how the price thereof goeth at the time when they haue occasion to deale therewith either in taking vp or in deliuering out mony by exchange Whereas if they will be exchangers indeede they must know perfectly the weight finenesse value of our English coine and compare the same with other forrain coin And as they bargaine with others abrode so they must be assured to haue somwhat more besides their gaines charges then the value of our currant money for things which they sell vpon a price or else the Realme they both shall lose in the end a matter incredible in processe of time as hereafter we will make manifest But first it behooueth vs to speak somewhat of the commaunders or rulers of this exchaunge through all Christendom which in effect are the Bankers therfore shal we declare what the nature of a Banke is frō whence the name Bāker is deriued A Banke is properly a collection of all the readie monies of some Prouince Citie or commonwealth into the handes of some persons licenced and established thereunto by publike authoritie of some Prince erected with great solemnitie in the view of all the people and inhabitants and with an ostentatiō in the open market place vpon a scaffold of great store of money of gold and siluer as belonging vnto the persons so established which is vnto them an attractiue matter to perswade allure the common people to bring their monies into these Bankers hands where at all times they may commaund it and haue it againe at their owne pleasure with allowing them onely a small matter of fiue vpon euery thousand ducats or crownes when any man will retire or draw his money into his owne hands againe which although it be once but in twentie yeares yet during all that time they are to haue no more so that these persons or Bankers doe become as it were the generall seruaunts or Cassyers of that Prouince Citie or commonwealth These Bankers as they haue their companies factors or correspōdency in the chiefe places of trade in Christendome so must they also keepe accompt with euery man of whom they haue receiued any money into their Banke out of which number no man of that iurisdictiō is almost exempted But generally all men are desirous to please them and to bring their readie monie into their Banke as also such mony as they haue in forraine parts in regard whereof these Bankers do giue them great credit for if any man haue occasion to bestow in merchandise or to pay in money three or foure thousand ducats and haue but one thousand ducats in the Banke the Bankers will pay it for him more or lesse as the partie is well known or credited without taking any gaine for it although it be for three foure sixe or more moneths This seemeth to be a great commoditie as no doubt it is to men in particular but being well considered of it will be found a small friendship and no more in effect then if a man did participate the light of his candle vnto an other mans candle for what is this credit or what are the payments of the Bankes but almost or rather altogether imaginatiue or figuratiue As for example Peter hath two thousand ducats in the Banke Iohn hath three thousand and VVilliam foure thousand and so consequently others more or lesse Peter hath occasion to pay vnto Iohn one thousand ducats he goeth to the Bankers at the houres appointed which are certain both in the forenoone and afternoone and requireth them to pay one thousand ducats vnto Iohn whereupon they presently make Peter debter for one thousand ducats and Iohn creditour for the same summe So that Peter hauing assigned vnto Iohn one thousand ducats hath now no more but one thousand ducats in Banke where he had two thousand before And Iohn hath foure thousand ducats in the same Banke where he had but three thousand before And so in the same manner of assignation Iohn doth pay vnto William and VVilliam vnto others without that any mony is touched but remaineth still in the Bankers hands which within a short time after the erection of the Banke commeth to amount vnto many millions And by their industry they do incorporate the same which may easily be vnderstood if we do but consider what the readie monie and wealth of London would come vnto if it were gathered in some one mans hands much more if a great deale of riches of other countries were added thereunto as these Bankers can cunningly compasse by the course of the exchange for monies the ebbing and flowing whereof is caused by their motion from time to time as shall be declared But some will say or demaund Can not a man haue any readie money out of the Bankers hands if he haue occasion to vse it Yes that hee can But before hee haue the same they will be so bold as to know for what purpose he demandeth the same or what he will do with it If it be to pay any man withall they will alwayes do that for him as hauing accompt almost with all men for he is accompted to be of no credite that hath not any money in banke If he doe demaund it for to make ouer by exchange in some other countrey they will also serue his turne in giuing him billes of exchange for any place wheresoeuer because they haue their companies or correspondency in euery place If he do demaund it for his charges and expences it wil be payd him forthwith because