our ouerballancing increaseth for when more Commodâ—â—â— are imported then the Kingdome spends 〈◊〉 must be exported againe for other places and otâ—â—â— Commodities are imported againe for the retuâ—â— thereof to augment the said ouerballance nayâ—â— force vs to weare more forraine wares through the aboundance of it and to neglect the vse of our natiue Commodities But saith he P. 123. the forme will illustrate this conceited course of Ballance Tot sensus quot capita As many mindes as men euery man abounding in his owne sence a maruelous grounded rule to build vpon where there is so many Cannons must wee needs saile betweene Scylla and Charibays of an vncertaine Ballance without a Paralell Absurd to admit such vncertainties when the Compasse of our Center doth direct vs in the very negotiation and nothing can be directed vnto vs by this Ballance without the said Center The vncertainty of this Ballance doth consist of many particulars whereby it is so farre from vnderstanding as conclusion is from order First This Ballance cannot be certainly prescribed by one yeares time The vncertainties of the Realme or any certaine or limited time for sometimes and that vnexpected some East India Ship or other rich lading may come in or the Spices and other goods already come in and to be exported are not carried out when the calculation of the Ballance is made Secondly for moneys secretly exported the returne in Commodities may be yet to come or if it be for gaine had by intrest money or exchanges it neede neuer to returne for the Merchant stranger as also for moneys taken vp by exchange to be employed vpon Commodities and other meanes whereof the Ballance cannot be sensible not comming to be Ballanced Thirdly The profit made vpon our natiue Commodities as also for the forraine Commodities and the charges is incertaine both in the exportation of the one and the importation of the other which he bringeth vpon the Ballance by estimate and is meerely coniecturall Fourthly The forraine Commodities are not vnderrated by one third part in the Custome Bookes in comparison of our natiue Commodities Fiftly The fine goods secretly conueyed inwards more then outwards by one hundreth thousand pounds yearely is but a supposition Sixtly The payment of Customes being vncertaine and the concealing of Custome comming to be twenty for one in the calculation maketh the accompt to be most incertaine Seuenthly and lastly There may be so much gotten by Commodities exported retransported and for that gaine forraine Commodities brought in that it may seeme to be an ouerballance when it is not The premises considered what Center is there in this Ballance is it not like vnto those great Balloons that men play with all fild with wind for there is not any sollid substance P. 126. but all is coniecturall and immaginary neither is it practised by other Princes and Countries as he vntruly alleadgeth For other Princes and States are carefull to augment Trade by increasing of their Manifactures and 〈◊〉 sell them to benefit as also to make their Territorâ—â—â— as it were Magazins for all Commodities Gaines to be procured by Commodities moneys and Exchanges and as they get by Commodities so doe they also by moneys and exchanges which cannot but preuent the ouerballancing We all agree that there is an ouerballance which must be remeded by the redresse of the causes and not by the study of Ballances which demonstrate little in truth and certainty but much in imaginâ—â—â— on and conceit It is Gaine that beareth the sway and it is more then necessary to Tautologize and to repeate things of this nature for they produce fearfull effects we feele them we complaine of them and wofull experience sheweth vnto vs that it is high time to reforme them For Abyssus Abyssâ—â— inuocat By the aforesaid distinction euery man of vnderstanding can discerne the particular priuate gaine from the generall benefit whereby he may the better perceiue the weaknes of Misseldens obiections He saith P. 108. The higher the exchange is in England the more losse is it to the taker And the more gaine to the deliuerer 1. Obiect which is the Merchant stranger Againe The higher the Exchange is in Dutchland the more losse to the deliuer and gaine to the taker which is likewise there the Merchant stranger and this he declareth by example THis Obiection is the first Pernitious Argument noted in this Chapter which representing vnto vs the Equinoctiall Line requireth equallity and equity in the valuation of Moneys and true Exchanges for the generall good as before is demonstrated the absurdity of which obiection let vs now declare Suppose that notwithstanding the inhauncing of the forraine coyne beyond the Seas the price of exchange were still at euen money as it was about 80 yeares past as hath beene declared namely at twenty shillings here with vs which is a low exchange vpon the Ballance of Trade A Merchant stranger selling heere his forraine Commodities bought beyond the seas with the inhaunced coine finding this low exchange to make his returne by will resolue either to buy our Commodities or to export our moneys for by this low exchange he shall be a very great looser so that our English Merchants shall find no money to be taken vp by exchange to make their ready employment vpon our Commodities and the Merchant stranger will buy them or else the money will be conueyed away for the most part notwithstanding the Statute of employment which as it is a losse to the Realme so is it to the English Merchants in particular who might haue employed the same So then è contrario The lower the Exchange is in England the lesse mony 1. Answ. is deliuered by exchange vnto English Merchants and the more is the Trade driuen into the Merchant strangers hands As also the more moneys are exported Againe The lower that the Exchange is in Dutchland the lesse money is taken vp by the Merchant stranger there and the more 〈…〉 are imported both by the English Merchants and the Merchant strangers VVHich bringeth an ouerballancing and increaseth the transportation of our moneys and is also a hinderance to the importation because their moneys are inhaunced whereby it is manifest that one extremity enforceth another What is now the Medium or rather The generall benefit to be prefered before the particular which of these extreames shall take place The one conterneth the generall welfare of the Realme The other concerneth priuate Merchants Shall not the rule of iustice and equity be preferred whereby the Common-wealth is inriched and the priuate be abolished which destroyeth the Kingdome yes questionles But this reformation or Par of exchange 2â— Obiect threateneth the decay of Cloth Trade For the exchange is that P. 109. which representeth to our English Merchant his whole estate beyond the Seas for his ready vse and employment thereof in England vpon all occasions So that if there should
the Realme other were vented in France in great quantities Trade for France and by deliuering one third part in ready money and two thirds in cloth kersies stockin and other natiue commodities our Merchants made their emploiment in wines which is now done with ready money wherein the exchange is to be considered in a contrary course vpon their French crowne but I will omit to handle the same to auoide intricatenesse hauing declared the same in Lex Mercatoria The Trade for Eastland and those parts Trade for Eastland wanteth a center for Merchants can hardly make returne in any commodities for their cloth and vpon moneys inhaunced without the reformation of exchange they are great losers The Barbary Trade bringeth vs some Gold Trade for Barbary but our Cloth is there sold with so small profit that it cannot quite charges and aduenture nay it is come to that passe that other nations can maintaine these trades for Russia Eastland and Barbary with our natiue commodities better then we do Misselden passing ouer all these serious considerations replieth that Malynes hauing runne himselfe out of breath and ouerrunne Monopolium with telling tales sheweth to be one of this Climate of Capricorne for men of his humour are called by the Italian 〈◊〉 I shall therefore conclude this encoâ—nter and remember Aristotle Oemund Cap. 1. that they that came to Athens the first yeare were wise men the second yeare Philosophers that is louers of wisedome the third yeare Rhetorieians that is meere babblers the meaning is first they deemed themselues to be wise casting vp moutaines to heauen like the sonnes of Aeolus after feeling themselues puft with a Tympanie of Pride Metamor 11. they desired that to be in themselues which they admired in others lastly seeing the more they strayed the lesse they could go backe they found a haruest of wilde corne was left them and that was between Athens and Thebes P. 68. where I left Misselden with his hounds about one yeare since which haue loâ—t their sent not knowing whether the Deere is gone East West North or South for a wilde goose chace is fitting for him that hath lost his Game and for his verses I referre him to Taylor the Water-man to rime with him who can furnish him with a paire of Oares to transport him with his Hebrew Greek which hee hath learned at the greater South doore neare Christ Church in London together with his Parrets and Buls into the Iland of Antisera or Psittacorum Regio to haue his braines purged with Helibon and to reade there Historia Ventorum CHAP. V. The meanes to ballance the Trade of England by the said center or the remedies against the causes of the decay thereof FRom the Tropicke of Capricorne wee are come to the Antarticke Circle in the South to make a perfect Orbe to keepe Misselden and his Ballance enclosed within his owne Circle For in this Region the transparent and splendent beames of the Sunne of truth do dispell all foggie mysteries of deceitfull fallacies insomuch that men of meane capacitie and vnderstanding may very well demand a reason wherefore we do not preuent by contraries the knowne Spring of this disease whereby the body of the Commonwealth is so much distempered For Res ipsaloquitur that Gaine the Center of commerce is excluded by error of Trade because no money or bullion can be imported but to losse neither can any money be kept within the Realme by reason of the great gaine had vpon moneys by exportation so that Returnes being made continually of our natiue Commodities by forrein Commodities nothing can be expected but an increase of the ouerballancing of our Trade in nature before alledged But some Supporter of the conceited Ballance of Trade will say that Time by the increase of Trade will turne the Tide and bring all things in tune againe by a necessitie of nature beyond all resistance when the sale of our natiue commodities in forreine parts shall surmount the value of the commodities imported vnto vs. Is not this in substance the hunting of our owne shadow suffering other nations to vse all meanes for their benefit and wee shall amend all things when we come to Rome and we neuer dispose our selues to vndertake the voyage to go thither neither are the causes with vs alike with forreine nations whereby wee might expect the like effects For Effects cannot be without causes We do not inhaunce our moneys as they doe all forreine coine and their owne neither do we ouer-value our moneys by exchange vnto them as the Low Countries and East-land do vnto vs breeding exportation and hindrance of importation of moneys as hath been amply declared Wee do not sell our natiue Commodities according to moneys inhaunced as they do theirs but at an vnder value according as our moneys are calculated in exchange to our losse and their benefit We do not deliuer money at interest beyond the Seas as the Merchant stranger doth here at 10 pro cento which is there at 5 and 6 vpon the hundred to be had neither do they pay 15 and 20 vpon the hundred by exchange as we do We do not procure by Gaine or Pollicâ—e the importation of Bullion or Royals of 8 as they doe by inhauncing all moneys and diuerting the said Royalls and dollers from vs to be brought in as in times past We doe not procure plenty of money to make a liuely Trade as they doe by the two Reall meanes of impoâ—tation and tolleration of exportation as also by the two Politike meanes of Transfering 〈◊〉 of debts betweene man and man and the payment by assignations Wee doe not preuent that the Trade of Bayes Sayes and new Draperies should not be carried from vs by diuerting the Royall or 8 from vs nor that other nations should driue a Trade with our Cloth and other commodities for Barbary Russia Eastland and other Countries for being depriued of our owne moneys and of the said Royalls we doe loose the Trade also We cannot make returne for our natiue commodities by the three ordinary meanes A matter of great consequence either by money or by exchange or by commodities at our choice and best aduantage as they doe but are compelled of course to buy forreine commodities at deare rates by a disordered Trade how is it possible then that we should expect any such imaginary ouer-ballancing of Trade to happen on our side when we haue not the like causes to produce the like effects Others are of opinion that some moderation might be procured herein by making the Spanish Royalls of 8 currant within the Realme at 4 s. 7 d or 8 d that is to say aboue the value But they doe not consider effectually of the inconueniences which will ensue as follweth First It will be the vtter ouerthrow of his Maiesties Mint and vndoing of the poore Moneyers aswell for the coynes of gold as of siluer for gold will not be brought so
moneys are vnderualued in exchange whereby there ariseth a gaine betweene the inward value of the moneys and the price of exchange then are our moneys continually exported into forraine parts for the like gaine can neuer be made by any Commodity 2 This exportation of money causeth not onely the lesse moneys to be employed vpon our natiue Commodities and returneth in forraine wares but taketh away also the Vitall spirit of Trafficque and giueth a great cause of ouerballancing of coÌ„modities 3 The said vndervaluation of our moneys in exchange doth the like and causeth our natiue Commodities to be sold better cheape beyond the Seas for want of knowledge of the true value of our moneys and theirs euen as the inhauncing of forraine coyne beyond the Seas caused the forraine wares to be aduanced in price according as the said money is inhaunced whereby the said ouerballancing must needes come to passe of course 4 It doth hinder the importation of Bullion and Dollers from the said places of Trade which wee haue had in times past for the said inhauncing coyne not being truly valued by exchange cannot be imported but to an exceeding losse and Merchant strangers will not take the same at a low exchange so that our Merchants are compelled to make their returnes by forraine Commodities thereby greatly increasing the said ouerballancing of Trade 5 Young English Merchants are constrained to take vp a great part of the said money at a low exchange to maintaine their rechanges to their losse or else must make quick sales of their commodities whereby they spoile the markets of others which causeth them to set ouer their bills obligatory receiued for their Clothes sold there either for money to pay the money taken vp heere by exchange or for forraine Commodities at deere rates by the said inhaunced moneys and otherwise which cannot but breed an ouerballancing of Commodities 6 The said low exchange whereby the Spanish Merchants make a diuersion of the Royalls of 8 vnto to those parts finding there more gaine when they can make ouer their moneys by a low exchange doth also diuert from vs a great Trade by such imployments as are made there vpon forraine Commodities as Bayes Sayes and other new Draperies made in those parts which might be employed vpon our Commodities and can this negotiation be without argumenting of the said ouerballancing 7 If by occasion or accident moneys or Bullion is impotted which might be carried to the Mint and the moneys made thereof would be deliuered by exchange to our Merchants and so by them employed vpon our Commodities if the said were high or indiffetent it falleth out that the said moneys or Bullion are exported againe by other Merchants which bring in forraine wares for it for gaine still beareth the sway Thus by buying forraine commodities as it were by forcible meanes of course by reason of the said vndervaluation of our moneys by exchange and selling our natiue Commodities by a false measure of exchange to our losse The causes of ouerballancing and decay of Trade at the pleasures of other Nations and by conuerting their inhaunced coine into Starlin money by a low exchange and the continuall exportation of our moneys affording such great gaine and being debarred to bring in moneys because of the losse had thereby is our trade decayed and would be so although there were no more wares in Christendome for these be the causes of ouerballancing whereby the Realme is impouerished which shal be more amply declared Sublata Causa Tâ—ll itur effectus Now albeit that the contrary hereof doth produce the benefits to the Common-wealth and doth properly belong to the remedies of the inconueniences of Trade to be handled in the last Chapter yet because it is more intelligible in this place let vs declare the same Benefits which will arise to the Realme of England by the true valuation of our Moneys in Exchange to meete with the said inconueniences FIrst Meanes to preuent the ouerballancing of Trade and to restore Trade when the exchange doth answer the true value of our moneys then there is no gaine to be made by exportation which is preuented thereby 2 The transportation of moneys being preuented will cause the greater employment to be made vpon our natiue Commodities either by the Merchant stranger or by English Merchants to whom the stranger will deliuer his money by exchange for by the exportation he shall haue no gaine and therefore he will expect the taker of it by which plenty of money there will be a liuely Trade and the cause of ouerballancing will diminsh 3 The true value of our money or aboue being answered by a high exchange causeth Merchants strangers to sell their Commodities according to the true value of the money whereby the ouerballancing must needs decrease of course 4 The vndervaluation of our moneys and the inhauncing of forraine coyne being met withall and calculated in exchange causeth moneys and Bullion to be brought into the Realme without losse and most times with gaine and sometimes with a little disaduantage because our Merchants will rather then to buy forraine commodities deere haue their money ready to be employed again â— this doth also meete with the said ouer ballancing 5 Young English Merchants which are takers of moneys beyond the Seas will receiue more by an high exchange there and finding plenty of money shall not be driuen to make rash sales or barters to their losse and hinderance of others which will also moderate the said ouer ballancing 6 When the Spanish Merchants shall not be able to deliuer their Royalâ—s of 8 or the money receiued for them by a low exchange beyond the Seas but according to the true value required by a iust and lawfull exchange then they will find no more gaine there then here which will cause them to import the said Royalls here where the inward value will be answered vnto them the diuerted Trade by these meanes will returne into England to employ the said Royalls or the moneys made thereof vpon our Bayes Sayes and other Draperies which of course wil quallify the said ouerballaÌ„cing 7 Thus moneys and Bullion will then be imported by a necessitie of nature beyond all resistance and the Dollers Royalls of 8 and other coynes brought in vpon occasion or accidentally will remaine within the Realme when there shall be no gaine by the exportatioÌ„ because this true exchange Rising and falling neuerthelesse aboue the value and not vnder will answer the said value and preuent that gaine which is now procured in danger of the Lawes aduenture of the Seas and of lewd persons So that by comparing the precedent benefits with the former inconueniences An application of the comparison euery man of iudgment may easily see how hurtfull the low exchange and vnderualuation of our moneys is to the Common-wealth and on the contrary how beneficiall the true valuation or high exchange will be concurring with equitie and true pollicy whereupon
conclusion in the gouernment of State-affaires wherein he is a meere nouice But my intention is to be briefe and substantiall To end therefore this matter of Ballance it may be thought strange that some men would be seduced thereby Discourse of the East India Trade by T. M. P. 49. 52. and giue bridle to the present course of Trade expecting an ouerballance to happen on our side without remouing of the causes after they had spoken well concerning exchanges although they confessed to be a ground as a matter much too high for their handling saying That the abuse thereof is very preiuditiall vnto this Kingdome in particular whilst in the interim the benefits doe arise vnto other Countries who diligently obseruing the prices whereby the moneys be exchanged may take aduantage to carry away the gold and siluer of this Realme at those times when the rate of our Starlin money in exchange is vnder the value of that standard vnto which place they are conueyed for in respect the prices of the exchanges doe rise and fall according to the plenty and scarcity of money which is to be taken vp or deliuered out the exchange is hereby rather become a Trade for some great moneyed men then a furtherance and accommodation of Recall Trade of Merchants as it ought to be in the true vse thereof and thus many times money may be made ouer hither by strangers to a good gaine and presently carried beyond the Seas to a second profit And yet the mischiefe ends not here for by these meanes the Takers vp of money in forraine Countries must necessarilie driue a Trade to those places from whence they draw their moneys and so do fill vs vp with forraine CoÌ„modities without the vent of our owne Wares c. And thus wee see how the ouerballance of Commodities is proceeding from the abuse of exchanges which ouerrule moneys and moneys ouerrule Commodities as heretofore is manifestly declared That the vnderualuation of our moneys in exchange is the efficient cause of the ouerballancing of Trade Vnderualuation of our moneys inexchange is the efficient cause of the ouerballancing doth appeare vpon the consideration of the causes depending one vpon another inforced by this Primum-Mobill as followeth 1. The vnderualuation of our moneys in exchange 2. proceeding of the inhauncing of moneys beyond the Seas which causeth 3. by gaine the transportation of our moneys 4. and debarred by losse to be sustained the importation of moneys and Bullion 5. hindreth also the bringing of Royalls of 8. vnto vs being otherwise diuerred 6. The forraine Commodities are risen in price according to the moneys inhaunced 7. The natiue Commodities are in price vndervalued according to the vndervaluation of our moneys all which are feareful effects For the treasure is exhaunced the Realme impouerished and money is made a Merchandise And this cannot be cured but by the contrary as shall be declared in the remedies Hitherto wee haue obserued and manifestly proued First That exchange is the publike measure betweene England and all places where wee deale by exchange Secondly That the moneys of the Realme are vndervalued in exchange betweene vs and other Countries And thirdly That Gaine is the Center of the Circle of Commerce and that the said vnderualuation is the efficient cause of the ouerballancing of Trade and withall we haue showed that 〈◊〉 conceited Ballance of Trade proposed by Misselden can be but a Triall and Discouery of the ouerballancing of Trade without that it can produce any other benefit to the Common-wealth By his last Ballance wee may perceiue that all the Commodities exported and the Commodities imported yearely doe amount vnto fiue Millions or fifty hundreth thousand pounds according to our obseruation in the Canker of Englands Common-wealth Now if the losse by exchange were but ten vpon the hundreth which wee haue proued aboue three-score and tenne it would amount to fiue hundreth thousand pounds yearely P. 37. The losse whereof is greater to the Kingdome then all the moneys employed to the East Indies commeth vnto An incredible losse which Misselden affirmeth to be an abominable vntrueth which I cannot but retort vpon him because he is vnfortunate to finde out the truth as shal be made more plaine in the following Chapter for he is in league with equiuocation in all his refutations which challengeth to be Cusen Germaine to trueth making his speeches a Centaure halfe a man halfe a horse or like one of the broodes of Nilus halfe earth halfe froggs a thing both shapelesse and shaped in one mixture which it thus distinguished by the Equinoctiall in this place CHAP. IIII. An Examination of the Center of Commerce in the Trades from England into other Countries THe Tropicke of Capricorne being the fourth Zone or girdle by our distribution is to vnderpâ—op and sustaine by the gaine of Trades the said Center or Gaine within the circumference of the Circle of Commerce not by an absolute power to be left vnto Merchants in the managing of Trade or in the disposing of moneys Commodities and exchanges for moneys but by a direction grounded vpon Lawes Ordinances and Proclamations For in regard of State affaires Merchants are ignorant in the course of Trafficque for asmuch as they doe onely study for priuate benefit so that they must haue leaders and conductors whereunto Buckes and Goates haue been compared in times past leading the silly sheep to feede in mountainous places To proue therefore that this is no new doctrine or inuention of mine as Misselden alleageth let vs enter into consideration of the following obseruations before our intended examination of the Center of Commerce in forraine Tradeâ— It is neere 350. yeares since King Edward the first did erect the office of the Kings Royall Exchanger Ancient Office of Exchanges which did continue successiuely by 16 seuerall Letters Patents of the Kings of this Realme by meanes whereof the moneys were preserued within the same and the Commodities were orderly vented the Merchandising exchange was then vnknown King Edward the third did constitute diuers exchanges 9. E. 3. 7. in sundry places of the Realme and caused tables of exchanges to be set vp at Doner and elsewhere to answere the value of our moneys in the coyne to be paid for it beyond the Seas according to the very value with some allowance to be giuen to accomodate Merchants affaires and trauellers occasions The like was done by Richard the second 5. R. 2. 2. and this was the true Par pro Pari 2. H. 6. 6. then vsed and continued by Henry the sixt and Edward the fourth 4. E. 4. 16. but more especially by that wise and politike Prince 2. H. 6. 6. King Henry the seuenth 3. H. 7. 6. absolutely forbidding the making of exchanges and rechanges for forraine parts without the Kings especiall license had and obtained for the same to which end all the seuerall Acts of Parliament touching the directing and ordering of