with credit as ready money Thus a Banke is no more than a Grand Cash-keeper of this whole Kingdome or so many as doe bring in their monies whereof few or none will make any scruple when cue securitie be given and this securitie at present perhaps will bee desired no lesse than the High Court of Parliament which if they please out of their deep wisedomes to resolve upon and the monies which shall lie idle to be made use of for their benefit and behoofe to take account thereof in their Trienniall Parliament and dispose it to the good of the Common-wealth with their gracious permittance I should in all humilitie be bold to say there never passed Act of Parliament so capable to advance the trade and welfare of this Kingdome with such facilitie and speed as this as I doubt not but to make better apparent when e're I be commanded And whereas it may be thought that few will bring their monies into this Banke conceiving it not so safe for them to lye thuâ— deposited in a Monarchie as if it were a free state especially since the monies in the Tower were so lately seized upon without regard of violating the publick faith which in States and Princes affaires ought to be kept so much more sacred as Princes are exalted above Subjects and termed Gods I will crave leave to present unto their consideration the state of Tuscanie well knowne to have continually flourished in peace and plentie ever since the politique and sage family of Medici had rule and government thereof and it may justly have beene observed unto this day that no Prince makes use of a larger prerogative and proceeds in some cases more arbitrarily than these who yet end and sentence according to the Lawes in full force of equitie and justice This Prince in what part of his state so ever hee bee gives audience twice a weeke to all that come though very beggers O that our gracious Soveraignes more large affaires could but permit him to grant his loving and loyall Subjects the like but once a month whereby we might not onely have beene sooner eased of many just grievances but his Majestie perhaps both tiuer and speedier informd of the causes so better enabled through his profound judgment to prevent these great distractions which have and doe still at present so much perplexe these Kingdoms and no man delivereth a Petition but within three dayes at farthest shall be certaine of a reference so that his prerogative and arbitrarie proceedingss are so farre from being injust as they serve onely in casualties which the Lawes have not provided for certaine conjunctions which may not expect or thou regard the Ceremonial Rites and slow or over-hasty foot-steps of a Court of Iustice may it upon this occasion be so termed without offence and to prevent the summum jus which even by Proverb wee have learnd to terme but Summa injuria In this state I say whose Prince is so absolute and Soveraigne as none in Christendome so much notwithstanding the Popes supremacy which in his owne understanding is of unlimited extent there is such course took for due administratiou of justice distinguishing betwixt meum and tuum and preserving each mans propriety in his goods as not onely those Natives but others strangers think not their estates securer then depositing them in the Floreutine Banke which is by them called Monte di Pieta where they have five per 100. interest per annum and may receive out the principall at pleasure In the same Banke are infinite summes left by particulars for the like interest entail'd upon their posteritie which cannot be remov'd or al enated And that you may ghesse how vast a Capitall this Mount or Banke consists of it lends likewise upon Pawnes at 5 â…” per 100 and to a landed man upon securitie of such another which is equall to a Morgage because their Lands being registred in an office for that purpose the true title thereof is seene in an instant and as his Majestie here in England so the Banke there is to bee first satisfied in case of Bankrupt and what is thus lent by the best information I could get was thought to bee above a million sterling Besides there is another kind of Bank in Florence which is called Il giro as thus Every three moneths the Merchants of Florence chuse one amongst themselves of best credit who is to be as it were the generall Cash-keeper of all moneyes delivered or taken by exchange for that present Faire the manner whereof you will finde explaned at large hereafter so that what moneyes bee delivered or drawne by any man during this Faire the sayd generall Cash-keeper makes him Debtour or Creditour turning the slyd summes over from one to the other provided hee be such a man as hath money in his Cash and at three moneths end hee makes up his Cash payes everie man his owne and the Merchants choose another for the next Faire or three moneths following Now if the benefit and conveniencie of these Banks are thus enjoyed in Tuscany where the Prince is so absolute but withall his Treasurer and other Ministers so punctuall in payments and other dealings for the Princes peculiar service as no Merchant can be more for which cause Merchants hold it more secure and seek rather to deale with them than with the best meere Merchants like themselves Why may not we under so pious and gracious a Soveraigne in a Kingdome founded and established upon such wholesome Lawes expect the like good successe from a Banke in England For being so exceedingly beneficiall both to King and Countrey as would daily still more and more appeare wee may easily beleeve it should bee furthered and cherished by both the rather since it may bee setled and credited by Act of Parliament with command that neither principall nor profit shall bee stirred or employed save for their account according to expresse order direction of the Trienniall Parliament whereto onely such as oversee and manage it may be made accountable if so thought fitting And as it may be observed amongst Merchants and prodigall Spend-thrifts that such as are bad Pay-masters or of little credit can neither buy sell or bee entrusted to such advantage as others are So is it doubtlesse with Princes and their Ministers that are not punctuall in their dealings for in delaying payments the verie time unto a Merchant eats out eight per centum in a yeare besides the inconveniencies which may befall him by being disappoynted and this verie justly too is so fearefull unto most Merchants that those few as are more adventurous will not deale with such Ministers of Princes as are bad Pay-masters but upon such odds as must needs bee an excessive dammage to the affaires of those Princes and yet this cannot well be remedied untill the cause be first removed for since gaine is that which all especeally Merchants doe chiefly aime at it might be justly thought indiscretion for any one
in buying selling or any businesse of like nature to refuse the more punctuall Pay-master and take the lesse at the same price and how much his Majesties affaires have suffered in this kind such as were employed in them doe best know But for my part I may be bold to wish they be managed hereafter with such credit and punctualitie that which formerly was lost for want thereof may be hereby regained more may though net well so publikely be sayd on this subject and the consequence of it both for the private benefit and publike wellfare of his Majestie and Kingdomes and part thereof will be obvious to such as have the managing of it as will infallibly appeare when it once comes to be put in practice The twelfth is the secure turning over bils of debt from one to another against moneyes or wares as thus A Merchant sels an hundred pounds worth of silks unto a Mercer to pay at 12 moneths and desirous to buy an hundred pounds worth of Perpetuana's but having neither ready money to disburse for the present nor credit to be trusted at time gives this Mercers bond of an hundred pounds unto whom he sold his silks in payment of the Perpetuana's and so is still doing something whereas otherwise having no other estate but this hundred pounds hee could not have traded againe untill those twelve moneths were expired and the Mercer payd him his 100 pounds but if this course be once made secure and currant it will in the same manner as the Bank before spoken of add livelyhood unto Trade and encrease the stock of the Kingdome for what concernes traffiquing with it so much as these Bils turned over amount to when a man that hath neither money nor credit to be trusted at time may yet follow trading with the debts that others owe him In this case a bâ—ll of debt which likewise may be in print must be made by every one that buyes commodities paiable to such a one or his Assignes or Bearer therof so often as bils happen to be turned over unto others to prevent differences it may not bee amisse to have some notice taken of them and registred the parties being present before the Chancellour in the fore-mentioned Court of Merchants paying a small consideration for the officers making record of them in a publick Book for such purpose and these Bills being once due to carry present execution with them The thirteenth that some course be agreed upon in the nature of a Faire or money Mart practized much in France as that of Lions and Placentia in Italy by which meanes a man of credit may be furnished with what summes of money he pleases at an instant and pay them in againe the weeke following or when hee will which accommodation costs such as make use of it in those parts where 't is ordinarie somewhat more than downe-right interest The originall of these Faires as also the unnaturall use of Exchanges grew thus Divines in former times continually exclaiming against Vsurie which those of the Roman Church doe still to this day voting it a mortall sinne to take whatsoever the least benefit or encrease by expresse agreement for the use of money pressing it uncessantly upon the consciences of their Penitentiaries such as having store of monies though they found no more beneficiall certaine and easie way of imploying them than downe-right interest which they could not get absolution for from their Ghostly Fathers were forc'd to set their heads a work and so invented or rather adulterated the true and most laudable use of Royall Exchanges in two respects one was that Vsurers observing how in all Exchanges as namely betwixt London and Venice vice versâ he that was the deliver had most commonly the advantage which was caused in regard that as in all things else so a summe of present money may justly be and is thought something better worth than the like summe or quantity being absent and not to be received till after a terme expir'd be it more or lesse in which interim the taker may make use of the said summe of money imploying it in Merchandize or otherwise as he please to his best advantage whereupon the Vsurers of Venice although they hâ—d no occasion or just neede to have their estates in London on which was first grounded the truely genuine and legitimate use of money-Exchanges to prevent the inconvenience trouble change and cumbrance of transporting monies in specie from one Country to another understanding of Merchants that desired to take up monies in Venice and pay the value of them in London told them they had occasion to deliver monies in Venice and so agreed with them as for example A. B. a Vsurer delivers in Venice a Ducat to C. D. a Merchant taking his Bill of Exchange upon E. F. to pay unto A. B. or his assignes fifty pence a piece sterling in London three moneths after Date A. B. makes the same partie E. F. Assignes to get acceptance of the Bill and payment of the fifty pence in due time and having received it to returne it him backe againe by Exchange to his most advantage At three months end E. F. delivers in London this fiftie pence unto G. H. and takes his Bill of Exchange upon L. M. to pay unto A. B. the Vsurer in Venice or his Assignes the value of it three moneths after Date which is by them agreed to be after the rate of foure pence sterling for a Ducat So that A. B. the Vsurer for delivering a Ducat by Exchange in Venice after sixe moneths is possessed of his Ducat returned backe againe with the value of three pence sterling more which after the same rate is 12. per 100. on whatsoever sum or sums he had thus deliverd by Exchange The second way which the Vsurers found out not so much to salve their tender Consciences as to benefit themselves more by than down right Interest was by framing an imaginarie Exchange betweene two places as Florens and Placentia in Italy betwixt wt there is no just cause of correspondence Exchanging Traffique or sending monies from either place unto the other and agreed amongst themselves in Florens that whosoever to be understood of good credit and repute would take monies by Exchange for Placentia might doe it in this manner that is whosoever will take up money from the beginning of Iune at such rates as shall be agreed on may but that unlesse he give order for the payment of it in the meane time in Placentia by a correspondent of his owne or another with this Vsurer will helpe him to who drawes provision of â…“ per 100. on all summes charg'd upon him or return'd by him it must bee recharg'd and necessarily satisfied in Florens the beginning of September following and this is by them cald La fiera di san Gio. Baptista The second for they have foure of these faires or Money-Marts in a yeare is called La fiera di
faire for payment of their debts untill their owne come in and this punctualitie will bee so much more requisite and necessarie when turning over of Bills comes in request and those Bills have present execution all which will adde incredible activitie and livelihood unto our trade which otherwise might languish The fourteenth is that inland Trad and Navigation which is the carriage of goods within the Land bee facilitated and promoted and this done by making Rivers Navigable cutting artificiall ditches of such depth as that the water may stand still in a levell or be kept in by sluces or flud-gates and boats laden with all commodities drawne by man or beast High-wayes should likewise be kept cleane of Robers in good order and repatation and if conveniently be gravel'd which would render them more passable So great care hereof is had in Germanie Italie and some other Christian Countries nay by those Barbarous people of the great Turks Dominions as most part of their goods are carried to and fro twentie or fortie dayes journey out right and at present besides many others the chiefe Trade betwixt Venice and Constantinople is drove by Land I meane from Spalato to Constantinople and many not over-fine but bulkie goods as Venetian Cloth Turkie Grograines Mohaires Cordovans Waxe and others are thus conducted at easier rates 'T is likewise much conducing to encrease of trade to have posts setled in such other parts of England where they are wanting and the portage of inland Letters to be lessened about one halfe for the Inland trade being yet but young in the infancie cannot well bee at so great a charge for Letter carrying which in Italy France Germanie Holland and other Countries stands not in halfe of what wee pay and although 't is certaine that Merchants and others omitting to write weekly Letters unto their correspondents doth much prejudice their businesse and consequently the generall trade and benefit yet I verily believe and not altogether without experience that many a man â—oth run the hazard of his businesse rather than write and pay sixe pence to read his Letter 't is true that the Schoole-masters of England being paid their standing and extraordinarie wages â—ut of this office doe cause postage of Letters to be so high but farre better would it bee that they were satisfied some other way lesse hurtfull unto trade whose hindrance brings the greatest hurt of all And whereas before I have given my consent for all vagabonds Beggers and delinquents not bad enough for hanging to bee sent for the new Plantations yet if that be not approved or besides that course it may be very requisite that publike houses were built where such as are willing to take paines but finde no imployment may bee set a worke to beat hemp or other toyle learn'd at first sight for a moderate hire untill they have earn't somewhat towards imploying them in their owne callings and the same houses to keep at work those other vâ—grant and idle people untill it be thought fitter to ship them quite away The building and stocking of these houses especially in London and other great Cities would be a matter of no great charge but certainly of wonderfull charitie and a meanes to reclaime many ill disposed wretches and make them will they nil they in some sort become serviceable to the Common-weale There is also another work of charitiâ— which I am very zealous to make mention of in hopes this Citie so famous for deeds of mercie or some well disposed person will soone put in practice which is the erecting of a Mount of charitie and lending it such monies no great summe 't would be as might furnish all commers as farre as fortie shillings a piece at ten per cent upon pawnes worth ¼ or â…“ more than is borrowed for twelve months which beeing expired the pawne unredeem'd to bee sold at out crie This may well seeme a secure and gainsome businesse to be embraced by a particular rich man for profits sake and like enough to prove so but sure I am it would bee an exceeding great reliefe to many hundred poore people about the City of London onely that are glad to pay because they can hav 't no cheaper above thirty per centum nay after the rate of double the Money for a yeares interest and leave a pawne to boot sometimes Did I not conceive these workes of darknesse to be kept from eares and eyes of thâ—se whose auâ—hority might hinder such extortions in puâ—ishing them or their purses and almes prevent thâ—m by erecting a Mount of Charitie to prevent them I should bee fearefull they had much to answer for Believe me there are thousands in this City whose faces are thus gâ—inded yet live whose succour would bee of so much greater consequence to the whole masse of Inland commerce being stirring people whom need hath made industrious and taught to â—urne their peny as you heare or else could never live under such extortion which notwiâ—hstanding at last must grinde them quite to powder before their time for scarce being able in their youth by reason of these blood-suckers heavie burthens to savâ— so much for â—hemselves as will keep life and soule together age comming on though few of them doe live so long when they cannot tindge up and downe so fast shift so well for themselves nor fare so harâ—ly must quickly break both back and heart wherefore if private bountâ—e provide not for their redemption the publick cannot be better imployd The improvement of our Lands and huâ—bandrie my justly here bee thought upon the rather because I feare mee wee come short herein of most Christian Nations for in what Countrie so populous lyes there so much ground wast or being manur'd to produce so small a crop T is certaine that both in hot and cold Countries more marshie Lands more drie more sandie more clayie are till'd and improv'd to far greater advantage and yet have not such a store of Dung Chalke Marle and others to qualifie their great defects so that it may appeare â—ur lazinesse and want of industrie to be the onely cause of barrennesse But I have knowne a policie practised elsewhere amongst people over-slothfull that would not worke above halfe the weeke if they could get money enough to feed them for the whole and that was by clapping excises and taxes upon what they eat and drank so that a weeks labour with this sawce whet their stomacks as they were well able to eat out what they earned afterwards in a whole week by Sunday night A very fit salve for such a sore for cure whereof all experiments are few enough to put in practice yet I wish wee may begin with more mild at first and consider what meanes and encouraging the Husband man to be more industrious might present themselves for certainly hee is too dull and carelesse of his owne profit in particular which is a parcell of the generall in that it may be observed how many
summes of mocey returned hither weekly from abroad will as easily be granted Now since this undervaluuing our moneyes by Exchange is onely dammagable to the Deliverers at home and Takers abroad and both these are strangers why doe strangers deliver here in England and take abroad by exchange thus to their losse certainly nothing but necessity can force them to contiuue losers all yeare long for sundry years together nor can there be any necessitie had they not such store of monies which they must necessarily deliver here and that in far greater quantitie than wee have return'd us from abroad by sale of our goods exported So then if it be granted as well it may that strangers have more monies to send away than we have to bring into the Kingdome though a Table of Rates were established as is propounded yet strangers would have the same or greater encouragement some times to export monies in specie for whereas at present the Exchange being favourable to the Takers at home and Deliverers abroad which are English the English are moved through gain to take a good proportion of those moâ—ies which the strangers must necessarily make over by Exchange or send away in specie for they have occasion to use them in other Countries But this Table being setled in dammage and prejudice of the Takers at home and Deliverers abroad being English the English will forbeare to take at home or deliuer by Exchange abroad so that whereas strangers did formâ—rly export onely a part of their monies they will now be constrained to convey away the whole wherefore I will onely adde that though this Table be setled for Exchanging yet since there may and that likely enough as great necessity befall strangâ—rs to export monies notwithstanding it will be altogether as requisite to practice exactest diligence alongst the Coast and strictest penalties for preventing exportation of them and if it prove by this meanes to be secured then may this stinting Table be verie well forborne in that the sting lies in the exportation of our monies and the undervaluing them is the benefit of the English who are the Takers at home and Deliverers abroad and by the low Exchange at home and high Exchange abroad enabled to sell their Cloth so much better cheap and consequently venting the greater quantitie at last win the whole trade from other Nations Since then as the scarcitie of every commodity makes it more to be esteemed and yet money through want or plentie raises or deminishes the price of all things in same manner doth it predominate the Exchange for as the Takers and Deliverers of money by Exchange doe over-ballance one another so doth the Exchange rise or fall accordingly as is demoâ—strated by daily expâ—rience and strangers being found thus replenished with monies to cause the undervaluing of our species by Exchange if to ripe judgements and understandings it appeare so prejudiciall to the State oâ— is alledged which for my part I doe not as yet apprehend though I confesse it invite the exporthtion of our monies since diligence may reclaime it in the greatest part certaâ—nly the onely remedy must be to take away the cause which furnishes them with such store of monies and that is by preventing the great Revenues they make of interest monies in England which continually they draw from hence to furnish their occasions no otherwise than everie man doth for receiving of his Rents in one Countrie which hee intendeth to spend in another and secondly by raising the customes of strangers goods especially inwards both Spaniards Germanes Italians and those of the Low Countries all so much as may keep theâ— from boinging in such quantities as formerly Others are of opinion the exportation of our moneys might be hindred by raising them in Denomination or embasing the allay but if other Princes doe the like wee are still where wee were besides this would encourage many private Mint-Masters in England and Strangers to bring it from abroad though not altogether so much as brasse money yet povertie and ruine would be the end of it but had this latter motion taken effect and greater Species beene once made currant what through counterfeiting at home and importing from abroad it would in probabilitie so exorbitantly have encreased untill brasse kettles had beene more worth than brasse money by how much the workmanship of kettles is more costly Then would a full period have beene put to trading and no dealing or exchanging heard of save barely to suffice nature and so remained untill the brasse money had ceene called in againe which then must needs be grâ—wne so common as not esteemed or accounted a reward worth working for But if this over-ballancing of trade were granted and merchandizâ—ng exchange found to bee so dammageable to the Common-wealth as is alleaged since certainly they cannot be well prevented otherwise it will serve exceeding appositely to enforce the burden of this discourse which is That unlesse the fishing imployment and East India traffique be followed and enlarged other Nations will gaine upon us our trade infallibly decline daily and the whole State with the same speede and paces post on to poverty and utter ruine What greater encouragement can possibly bee expected The treasure of the fish employment is knowne to yeeld millions yeerly by our permission unto others and from the East Indies besides the venting of our owne commodities bringing in their Spices and others hither and the trading up and downe in the Countrey to exceeding great benefit wee may in time hope for all silver and gold that ever came out of the West or any other parts for into Turkie we have seene it carried daily thence for Persia and other Easterne Quarters but never returne back againe And for my part however they are sayd to esteeme these of Europe one eyed and all other Nations else quite blind in comparison of themselves I cannot think them so beatified in this world but that wee might through industrie find out somewhat which they want and so be able to furnish them or that they be only covetous and so reprobately admirers of the God Mammon as they might not in time be prevailed upon to exchange him for the only Deitie All these particulars some wherof deserve large tracts volumes of Encmiums encouragements I have only pointed at though longer than I intended to the end this supreme Assembly might reflect thereon and enforming themselves more at large from such as can exactly give directions in due time provide for all to the honour of his Majestie wealth and safetie of these Kingdomes and perpetuall renowne of their deep wisdomes to which Posteritie will attribute so flourishing an estate next unto God Almightie whose infinite goodnesse I shall continually implore for their prosperous proceedings untill He please to blesse them with a thrice happie conclusion to King and State and Both in One Amen FINIS Errata PAg. 1. line but two for foure read force for Chackmate read Checkmate p 4. l. 2. f. safeties r. sea-fights p 4. l. 14 f. furnished r. furthered p. 10. l. 21. f. compassed by selling r. compassed but by selling p. 12. l. 7. f. reported r. exported p 14. l. 1. f. proprietie r. prosperitie p. 16. l 8. f. valley r. vallew p. 19. l. 15. f. whac r. what p. 22. l. 23. f. mucst r. much l. 26. f. of the state r. of state p. 24. l. 8. f. heve r. have p. 33. l. 36 f. rarest r. surest p. 34. l. 13. f. assuring r. issuing p. 35. l. 27. f. thou r. then p. 36. l. 18. f. slid r. said p. 37. l. 17. f. which r. what p. 39. l. 4. f. pence a peece r. pence p ib. l. 12. f. foure r. fortie seven p. ib. l. 30. f. with r. which p. 20. l. 25. f. that only r. that not only p. ib. l. 40. f. rei r. pecuuiae p 41. l. 10. f. to Wards r. towards p. ib. l. 17. f. care r. case p. ib. l. 29. f. than r. rather than p. 43. l. 12. f. read r. send p. ib. l. 13. f. Schoole-masters r. Post-masters p. 44. l. 12. f. prevent r. redeeme p. 50. l. 9. f. that r. the p. 51. l. 17. f. ballanc'd r. over-ballanc'd 2 Kin. 5.11 12 13.