THE CENTER OF THE CIRCLE OF COMMERCE OR A Refutation of a Treatise Intituled The Circle of Commerce or The Ballance of Trade lately published by E. M. By GERARD MALYNES Merchant Magna est Veritas praeualuit 〈◊〉 semper praeualebit LONDON Printed by VVilliam Iones and are to be sold by Nicholas Bourne at the Royall Exchange 1623. Regina Pecunia Loquitur Haec gaudere facit sapientis nomine stultum graue Prudentis munus obire viri Quisquis in hac non est sapiens quasi stultus habetur quasi quod Vacuum sit Ratione caput Regnat in incertis Regina Pecunia Rebus moribus Ambiguae quae stat in orbe deae TO THE MOST Illustrous and most excellent Prince CHARLES Prince of VVales Duke of Cornwall Earle of CHESTER c. It may please your Highnes THE Oracle of Apollo at Delphos being demanded why Iupiter should be the chiefest of the gods sith Mars was the best Souldier Answered Mars is valiant but Iupiter wise concluding by this that Councell and Policy are of more force to subdue then Valour Parua sunt Arma foris nisi sit Concilium domi saith Cicero but forasmuch that neither wisdome nor valour can well subsist without treasure since Moneys haue obtained the title of the sinowes of war and the life of Commerce I hope that the accumulating thereof may properly be called The Praeheminent study of Princes when the same is procured by Trade which is the sole peaceable instrument to inrich Kingdomes and Common-weales This Trade is performed betweene vs and forreine Countries vnder three simples namely Commodities Moneys and Exchanges for Moneys which being ioyntly and distinctly considered in their proper natures will cause our decayed Trade to flourish but because one Edward Misselden did omit to handle the Praedominant part of Trade in a Treatise Dedicated vnto your Highnes Intituled Free Trade viz. the Mistery of Exchanges and that not without an aspersion laid vpon me I was moued to make an answer thereunto shewing his maine scope to be to haue the moneys of the Realme inhaunced and the forreine Coyne to be currant at an equall value which was to reforme things by a Remedy worse then the disease for the inhauncing of our Moneys wil increase the prices of all things whereby the Kings most Excellent Maiestie shall become the greatest loser in the reuenewes of the Crowne and the Nobility and Landed men also and to make forreine Coyne currant within the Realme will ouerthrow his Maiesties Mint and abrogate a marke of Soueraignty the Coyning of Moneys Hereupon hauing in the Epistle Dedicatory of the said Treatise vnto his sacred Maiestie intituled The Maintenance of Free Trade compared the same vnto the Little Fish mentioned by Plutarch swimming before the Great VVhale because I had then vnder the Presse a great volume of Lex Mercatoria Dedicated likewise vnto his Maiestie and both presented vnto your Highnes The said Misselden carping at the Simile and directing his course from your Highnes hath lately published an opposition to the said Bookes called the Circle of Commerce copious of vnciuill speeches whereby in respect of priuat cause I haue great occasion to implore his Maiesties fauour against him As Homer did Ptolome the great King of Aegipt against the rayling coÌ„mentaries of Zoylus But the matter concerning the Publike and being of farre greater consequence then a centention for Learning I am compellâ—d humbly to beseech your Highnes to intercede for me vnto his sacred Maiestie to be well pleased to peruse this my third Booke intituled The Center of the Circle of Commerce wherein the meanes to prouide his Kingdomes and Dominions with Bullion Moneys are more distinctly declared according to the said Center of CoÌ„merce which is gaine without which his Circle is vaine To make A Definition of the Center of the Earth is difficult euen amongst learned Philosophers and Schoolemen considering Aristotle his Doctrine grounded vpon Leuity of things ascending and Grauity of things falling to their Center and the opinion of Copernicus or rather of the Pithagorians ascribing a Stability to the Heauens and a Mobility to the Earth But to make a Definition of this Center gaine is easie and engraffed in euery mans iudgement This Center maketh a perfect Orbe including all Geometricall proportions and can answere all Mathematicall Problemes of Trade for the doubling of the Cube of Solids and the Quadrature of the Circle in Plaine without Platos Exposition or Misseldens conceited Ballance of Trade for all the weight of Commerce falleth within the Circuit of the Circle of this Center gaine insomuch that if the due consideration hereof be neglected in the course of Trade nothing can be expected but the decay of Trade and destruction of Common-weales according to the Demonstration of the following Allegory to a diseased body naturall so that Statesmen and Politicians are to bend their iudgements in all publike causes to this Center gaine which beareth the sway in all humane actions thereby to finde out all fallacies and misprisions of Trade to the increase of the Kingdomes stocke without priuate regard of particular Merchants making their benefit by the generall losse of the Kingdome there is no man so simple but will auoide a losse if he can and on the contrary procure a gaine where he may or can Shall it be imagined then that Bullion Moneys will be imported when the bringer thereof becommeth a loser or that moneys will remaine within the Realme when so great a gaine can be had by the exportation thereof Or will any man think that Trade can be driuen conueniently without moneys and Exchanges will not the want of it make a dead Trade within the Realme when this Vitall spirit of Commerce faileth surely it is questionles in euery mans vnderstanding Your Highnes therefore may be pleased to aduance the establishing of this Center in the course of Trade whereby his Maiesties Kingdomes and Dominions will flow with Bullion and Moneys and infuse life thereunto which will be felt by the Pulces the Hammers of the Mint vpon my life and reputation of knowledge which time and occasion seeme to further by the price of Exchange inclining thereunto since this Treatise hath beene vnder the Presse If any thing therein shall seeme impertinent to the Grauity of the Center I beseech your Highnes to attribute the same to the Leuity of the Circle the rather because Nugae seria ducunt Thus with all humblenes taking leaue I shall continue my feruent Prayers to the Almighty to preserue your Highnes in health and happinesse to his glory and your eternall felicity London the 20. of Nouember 1623. Your Highnes most obedient Seruant GERARD MALYNES THE CENTER OF THE CIRCLE OF COMMERCE OR A Refutation of a Treatise intituled The Circle of Commerce lately published by E. M. The Proeme STrong imagination nourished by opinion may cause most men to suppose that Edward Misselden Salust of Sâ—allenger in whom the Babilon of learning
becommeth a looser of so much and the Kingdome is bereaued of the others money which the Amsterdammer caused to be sent ouer vnto him as shal be made plaine in the next Chapter To returne to our aforesaid declaration of the vndervaluation of our moneys Exchange at 358. for the Low Vnited Countries True it is that since the said Proclamation of the States whereby our shilling is valued at 10 ½ Stiuers the price of exchange is risen to 35 s which some vnderstand to be value for value or Par pro Pari and others will say who knoweth whether the said Assayes were truely made and reported accordingly and so speak against our benefit I answer admit that the losse be but 6 1 9. per centum for a moneth is this tollerable when by the exportation of our moneys there may be gotten aboue 73 per centum by the yeare which is a gaine exceeding all other gaines besides the losse of our Treasure This is conuenience being opened to the Grand Commission of 51. Persons of diuers quallities and degrees appointed for matters of Trade namely The Right Honourable the Lord Vizcount Man-deuile The Grand Commission for Trade Lord President of the Councell The Lord Brooke Sir Iohn Suckling Knight Comptroller of his Maiesties Houshold Sir Iulius Caesar Knight Master of the Rolles and diuers other Knights Baronets and others It pleased them to send for his Maiesties Assay-master Master Andrew Palmer a man of rare knowledge and experience and willed him to make Assayes of the principall forraine coynes and to compare the same vnto ours by way of Exchange after the rate of 35 s. Flemish for 20 s. Starlin whereupon he made the report here following in the Moneth of March last past 1623. Twenty shillings English money Master Palmers report to the Commissioners containeth in fine siluer 3 ounces ten pennie waight 23 graines 4 mites 12 droicts 7 periods 17 blancks Fiue and thirty Hollands shillings containes in fine siluer 3 ounces 6 pennie waight 14 graines 6 mites 16 droicts Whereby the difference of fine siluer is 4 pennie weight 8 graines 17 mites 20 droicts Euery penny weight of fine siluer is worth in our currant siluer moneys three pence farthing and halfe a farthing full so the difference in value betweene the moneys aboue said is 14 pence halfe pennie and one farthing which is vpon the hundreth pounds sixe ponnds three shillings Euery Holland shilling containes in fine siluer one pennie waight 21 graines 13 mites 8 droicts which is in value to our siluer moneys six pence 3 ◠parts euery Holland Stiuer of the best containes in fine siluer 7 graines 12 mites 5 droicts 6 periods 16 blancks which is in value two ounces one pennie 1½ mites euery 5 shillings English siluer containes in fine siluer 17 penny waight 17 graines 16 mites Euery Holland Doller containeth in fine siluer 16 pennie waight 4 graines 10 mites the difference in fine siluer is one pennie waight 13 graines 6 mites which is in value Starlin 5 pence full Euery peece of 8 Royalls of Spaine containeth in fine siluer 16 penney waight one graine the difference is one penny waight 16 graines 16 mites And in value Starlin fiue pence halfe penny full So to the difference of six pounds three shillings in euery hundreth pounds the 5 vpon the hundreth added betweene 33 s. 4 d and 35 s. is in Totall 11 l. 3 s by this calculation of Assay Thus it appeareth vnto men euen of the meanest vnderstanding that our moneys are vndervalued in exchange for the Low Countries and for Hamborough other places much more where the Rickx Doller is risen to 52 and 54 shillings lubish which by the precedent rules maketh the price of this Positiue Exchange to be aboue 40 s. of theirs for our 20 s which to auoide prolixity I leaue to euery mans iudgement to calculate Now because we haue spoken of men of meane capacity Inconueniences of the vnderualuation of our moneys and that I doe labour to expresse my selfe in the plainest maner I pray you is there any man liuing that will not conceiue that this exceeding great gaine had by exportation of our moneys will still depriue vs of our Treasure And on the contrary that this great losse had by the importation of money doth still debarre vs from any to be brought in Againe when greater gaine is giuen vpon the Spanish Royalls beyond the Seas will not the same be diuerted from vs and carried thither or if some be imported vpon occasion or by accident will not other men transport them againe and so take away the life of Trade and cause the Vitall Spirits thereof to languish Surely all men are able to vnderstand this yet it shal be made more plainer Thus may we obserue the Disgression and inequallity betweene the said moneys which can neuer conueniently be reducted to their first price and equallity I might likewise make instance of the coines of gold which are more inhaunced for the Soueraigne of 20 s. is now currant at 37 s. 8 d Flemish But the premises declare sufficiently the vndervaluation of our moneys in exchange both by calculation and triall of the suttle Assay Misselden in his former Treatise misnamed Free-Trade setteth downe P. 7. that the immediate cause of the want of money in England is the vnderualuation of his Maiesties coyne which hindereth the importation and causeth the exportation of ours whereupon he would haue the Kings coine raised and forraine coine to be made currant at equall value And in his Circle of Commerce he saith P. 101. that I would perswade the world that there is a great vnderualuations of our moneys in exchange to those of Germany and the Low Countries which is the maine Pillar to support the Par and so now there is no vndervaluation And thus with the Saytre he bloweth hot cold at one instant with one breath and withall he doth acknowledge that if the premises by vs declared were true as true and manifest they are That they be fearefull effects and againe that moneys are not so little inhaunced as 20 in the hundreth since the inhauncing begunne which we haue proued to be double or 100 vpon the hundreth well in good time t is mistaken to make it serue his turne He accuseth me of grosse errors for that the exchange is risen in price according to the valuation of moneys which euen now we haue proued to be false and if exchange should rise and fall accordingly that is to say if moneys rise beyond the Seas that the price of exchange should rise accordingly and if moneys doe rise here that then on the contrary the exchange should fall in price here what remedy can there be then in the inhauncing of the moneys when the price of exchange will still ouer rule the same Misseldens Errors as it were an inhauncing vpon an inhauncing betweene vs and other Countries vpon the price of exchange
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
the Center of the Circle of Commerce is grounded Consider wee now this Center Gaine in euery particular vpon the premises drawing from the Circumference all direct lines into it and excluding all obliquie curuey and Helicall lines and we shall find that Nothing doth force Trade but Gaine Gaine had vpon moneys by vnderualuation in exchange and inhauncing of forraine coyne beyond the Seas causeth our moneys to be exported Gaine had vpon moneys by exchange and true valuation causeth moneys to be brought in Gaine vpon moneys being taken away and answered by true exchange keepeth moneys within the Realme Gaine giuen vpon moneys imported heere equall to the gaine made beyond the Seas will preuent the diuersion of the Royalls of 8. Gaine more made by our moneys then by our commodities exported causeth lesse employment to be made vpon our Commodities and greater exportation Gaine made by a low exchange vndervaluing our moneys causeth them to be sold lesse beyond the Seas and forraine wares deerer to ouerballance vs. Gaine made vpon our natiue Commodities is Really imported by moneys and Bullion when there is no losse by the importation of moneys Gaine had vpon forraine coyne within the Realme being preuented by the value in Exchange keepeth the coyne within the Realme and Mint Gaine vpon moneys being greater beyond the Seas then with vs in England draweth moneys thither and hindreth moneys to be imported the want whereof maketh a dead Trade Gaine had by exchange vpon young Merchants of smal meanes spoileth the vent of our commodities by ouerthrowing the Market of others Gaine giuen by exchange of moneys by Bill according to the true value or aboue the same causeth forraine Commodities to be sold better cheape within the Realme and giueth a direction Tacite to sell our natiue Commodities with more gaine and reputation Gaine procured by our Commodities outwards more then by forraine Commodities inwards which meanes to import Bullion and moneys to be done by this true valuation in exchange as aforesaid will preuent the ouerballancing of Trade and bring all things in tune when the Center Gaine findeth rest in Proprio Loco The consideration hereof excludeth all vniust vnlawfull and priuate gaine made to the preiudice of the Realme by the ouersight of Merchants which seeme to steere the helme when Palynicrus was sleepie This is that Geometricall Axiom or Maxime Circulus Tangit Planum vnico Puncto heretofore obserued this is properly the Scope of Merchants P. 104. all the Misteries of Personall and Prouinciall Exchanges are comprised in this Mistery which Misselden will make to be no Mistery and to vse his owne words neuertheles All the knowledge of Commerce is presented and represented in this History All the riuers of Trade spring out of this source P. 142. and empt themselues againe into this Occean All the waight of Trade falles to this Center and comes within the circuit of this Circle This is that Par pro Pari that waighes downe Misseldens Ballance of Trade which is without a Paralell which to proue let vs now examine what is presented and represented by his vncertaine Ballance A Merchant saith he when he will informe himselfe how his Estate standeth P. 130. is said to take a Ballance of his Estate wherein he collecteth and considereth all his Wares and Monyes and Debts as if he would cast euery-thing into the Scale to be tried c. IF this Merchant should not looke to the Center Gaine in the meane time what will the taking of a Ballance auaile him or to what end and purpose will this tend Surely onely for a triall to find out whether he hath gained or lost this is all a Ballance can doe And although a Merchant can in some sort doe this It followeth not that the Royall Merchant or a Prince can doe it albeit he is the Father of the great familie of the Commonwealth for the cause of Trade is not in his owne power but Merchants doe manage the same who as hath bin shewed may procure their priuate gaine and yet impouerish the Kingdome So that the Casting vp of this Ballance P. 116. can neuer be an excellent and policique inuention to shew vs the difference of weight in the Commerce of one Kingdome with another vnles the three Essential parts of Trade be wisely directed and obserued by the Prince according to the said Center of Commerce and not by this conceited Ballance Misselden hauing found an auncient worm-eaten Ballance vpon Record which is said to be made in the 28 yeare of Edward the Third might very well haue ouer past the same seeing the imperfection thereof P. 30. and that he found it in that Maniscript that he so little esteemeth from which as he saith I haue stored my selfe For therein diuers Commodities of the Kingdome as Lead Tinne Butter Cheese Tallow Hides Skinnes Iron and other Staple Wares are not mentioned and yet concerne the said Ballance so that his comparison betweene those auncient P. 123. with these moderne times is but vaine and a Superfluous tale But he delighteth iâ— words for want of matter or substance Then he commeth to a Positiue constitution of the forme of a Ballance in the yeares of our Lord 1612 and 1621. And here lieth the Pot of Roses to know whether the natiue Commodities exported and the forraine Commodities imported doe ballance or ouerballance one another in the Scale of Commerce P. 121. and if the natiue Commodities exported doe waigh downe and exceed in value the forraine Commodities imported P. 127. that ouerplus must either come in as he saith in money or Merchandise P. 117. if not in money then in Merchandise Surely he did not consider this without a night-cap for it deserueth to be written in Capitall Letters Moneys will not be imported so long as there is a losse by the bringing in of them and if Commodities be brought in it increaseth the said ouerballancing as a Deceptio Visus vpon your Scale of Commerce whereby you cannot discerne the truth but you must of force find your Ballance false The Ballance A deceptio Visus and your iudgement vncertaine and herein is no more hope of a remedie then there is to ouertake a man which runneth to the East and you persue him towards the West running from him But let vs come somewhat closer to the consideration of this Ballance and suppose that by increasing our Manifactures by foure or fiue hundreth thousand pounds yearely more to be exported this ballance will be reformed is not this like and feasible to be done I answere that although it were feasible to make and vent such a quantity of Manifactures yearely yet is it not like to moderate the ouerballancing For all men of iudgement will say that the proceed or returne of the said Manifactures will come vnto vs in forraine Commodities because moneys and Bullion cannot be brought in but to losse as the case standeth So that still
be a stop in the course of exchange Exchange the publike measure then either the English Merchant will for beare to take vp money by exchange or else he will locke to recouer his losse of exchange vpon his Cloth I answere 2. Answ. That giuing more to the Merchant stranger by exchange then formerly the Trade will be aduanced For the English Merchant will finde more mony for his ready employment then before and the money will not be transported So that to surmise that the English Merchant will forbeare to take vp moneys by exchange or will be so inâ—urious to his Countrey to maintaine an 〈◊〉 of our moneys in exchange contrary to his Maiesties Proclamation and the lawes of the Realme is altogether without ground and sensles The course of exchange rising and falling shall haue no stop neither will there be any stand in Blackwell Hall whereby the remedy will be farre worse then the disease As Misselden laboureth to proue But the English Merchant must needes recouer the 3. Obiect lossâ— of the exchange vpon the Cloth which must either be done in the buying of it at home or selling of it abroad But it cannot be done in the sale of Cloth abroad for the Cloth Trade grones already vnder the burthen as appeareth by the quantity and the price thereof which is diminished and to bring it vpon the Châ—â—hier is a matter of grieuous consequence Experience as I haue said maketh a full answer 3. Answ. that as there wanted no takers of money when the late inhauncing of money at Hamborough caused the exchange to rise from vnder 28 s. to aboue 35 s which is farre more then the intended reformation and Wooll was at 33 s. the Todd which is now at 20 s. and vnder so there will want no vent for our Cloth for if there were sale for duble the quantity then when Cloth was sold dearer by full one third part wee neede not to doubt of vent when other Nations are as willing to buy the same as they are willing to vent their Commodities vnto vs and it standeth with more reason to aduance the price thereof when the same is good cheape and to reforme the price of exchange then when this deare Albeit wee neuer heard any complaint of the deerenesse of our Cloth Misselden will insinuate of many obiections that can be made against this reformation so much requisite but they are but words P. 11â— as all former considerations doe manifest the taker will be ruled by the deliuerer For albeit that Trade requireth a naturall liberty which in no Countrey is so much restrained as in England yet Gaine the true Center doth ouerrule all as it were by a voluntary command which maketh the voluntary contract by the mutuall consent of both parties by him alleageth and when the Gaine of exportation of moneys faileth P. 113. then the statute of employment is better obserued and moneys are more plentifull by exchange For all these Arguments are as Lime Twiggs or Hops to keepe him still inclosed within his Circle He replieth that although there wanted not Takers of money by exchange for Hamborough when the exchange rise from 28 s. to 35 s yet it doth not follow that therefore there would be Takers at the Par of Exchange for it is a different case Indeede he doth not vnderstand the case P. 114. for the Takers did not gaine neither did the deliuerer loose as he saith by the fast rising of exchange at Hamborough onely he that was to take vp money backe againe to pay his Bills of exchanges taken vpon him might therein become a gainer although by the buying of Commodities he might haue beene a looser by the induring of Commodities there vpon the inhauncing of moneys A Particular maketh no rule These accidents are particulars and make no generall rule That he vnderstandeth not himselfe in the Par of Exchange which I haue distinguished by the Positiue Exchange from the Currant Exchange appeareth also by his inferrence That it may proue also another bar to Trade and cause the Cloth Trade both in the Clothier and Merchants hands to be so much dearer to them and cheaper to the stranger by how much the naturall course should be altered in exchange when it should be answered by the price of exchange to the great aduantage of forraine Nations and losse of the Kingdome This man seeketh a knot in a Bulrush and concludeth that all he hath alleaged is as cleare as the Sunne and that vntill the Kingdome come to an ouerballance of Trade P. 131. the causes of the decay of Trade cannot be taken away for the decay of Trade and the ouerballance cannot stand together That is to say a sicke body cannot be in health vntill it be cured which is a sentence containing many sentences when the ouerballance is the decay of Trade To speake ingeniously can the making of a Ballance cause moneys and Bullion to be brought in or hinder the transportation of moneys or can the calculation of the said Ballance procure that our natiue Commodities exported shall surmount in price and quantity the forraine Commodities brought in And lastly can the said Ballance bring to passe that Spanish Royalls of 8 now diuerted from vs shall be imported and when the said Royalls and Dollers are brought in that they shall not be carried out againe but be brought to the Mint as the said Center Gaine will doe by the true course of exchange to the enriching of the Realme and preuention of ouerballancing Questionles it cannot for the end of the Ballance by his owne confession is last in place but first and chiefest in purpose P. 130. or in the beginning which is nothing else but to make a triall of things past so that put this Circle of Commerce into the Seals of the Ballance and lay a feather against it and it will weigh downe the same But some will say Why doe you expostulate or make inquiry of the end of this Ballance P. 132. hath not he contracted all the causes of our vnderballance in two words Pouerty and Prodigallity grounded vpon Idlenesse and Excesse and therein vsed such a Ciceronian stile to exhort the learned Diuines and prouident Statesmen that we may say Mouit Cornicula risum assuredly he hath but this may not be ascribed to the Ballance of Trade for riot and excesse may be knowne without such a Ballance and Pouerty and want is not without feeling neither ought to be without commiseration For the transportation of moneys to heauen is lawfull by charitable giuing to the poore which God himselfe hath promised to reward although men were neuer so vnthankfull Here according to Misseldens maner I haue occasion offered me to make a very ample discourse concerning his presumption aboue the wisedome of the City of London his vncharitable disposition to preuent tenne thousand pounds yearely cast away to the poore and his peremptory and absolute
fetched their axis home Thus endeth Misseldens song with my Contrator concerning the cloth trade wherein we find a center for the publik good in generall Come we now to the examination of the trade from England to the East Indies The trade for the East Indies by the said Center of Commerce namely Gaine where Misselden according to his ordinary custome thus chanteth against me and we shall find that the said Trade is vnprofitable for England This Companie also that deserueth so much pitie cannot escape Malynes enuie for here he endeuoreth closely and cunningly to insinuate that the cause of the want of money is the ready money sent to the East Indies in Reals of plate Againe P. 37. Malynes taketh notice of M. Mun's discourse of the East India trade whereby he is forced to confesse that the emploiment of the East India Companie is very profitable and necessary that the gaine of the Trade is very good that thereby the increase of the stocke of the kingdome is very great that the same is a meanes to bring in much treasure c. COncerning the first part That I do insinuate that the cause of the want of mony is the ready mony sent to the East Indies I am so far from that that although there were one huÌ„dred thousand pounds sent yearly where there is onely appointed thirtie thousand I would find no fault with it if Trade were so caried that moneys were imported and that the returne of the East India commodities retransported did procure moneys from other places and more especially if there were a center or gaine answerable to the aduenture which caused me to say If the discourse of the trade from England into the East Indies be truly collected no doubt the said Trade may be found very profitable hereafter albeit it hath bin very difficult in the beginning But forasmuch as Misseldens words and constructions haue moued me to examine the said discourse farther and for that my opinion hath always been That our excessiue charges would consume all I haue thought conuenient to examine the said Discourse as it is laid downe According to which to frame our Arguments abeffectis let vs lay our foundation vpon M r. Mun's Abstract of the accounts collected out of the diuers volumes of the East India bookes of all the moneys and commodities sent thither from the beginning of the said Trade vntill Iuly 1620 being the space of 20 yeares or thereabouts as appeareth pag. 39. which was done to satisfie the Parliament concerning the imputation of the moneys exported by them All the ready money sent out of the Realme and from all other places whatsoeuer beyond the Seas he saith to be 548090 l starlin and all the commodities both English and forreine wares which haue been sent thither during that time amounteth in all but 292286. So the stocke of moneys and commodities sent in all is 840376 l Brought home in diuers sorts of wares within that time 356288 l The losse sustained by the Hollanders and charges estimed at 84088 l So there remaineth for both the ioynt stocks in the East Indies 400 thousand pounds which doth ballance this account whereof diuers returnes are made The nature of the commodities is to be considered by way of Commutation called Negotiatiua The nature of commodities to be consideted whether they be Naturall or Artificiall or Both wherein the Manufacture is much to be regarded for the Rule of Polliticions requireth that the commodities exported should be sold proportionably to the commodities imported with a consideration of customs charges aduenture shipping and regard of time persons and place with the circumstances c. The commodities imported being 356288 l. as aboue said were sold although the most part was transported for other places for 1914 thousand and sixe hundreth pounds according to which proportion the commodities exported should produce 1558 thousand 858 l that is to say fiue and one third part for one whereas our commodities haue produced by this account but 22 pro cento in liew thereof which is not one forth part of one for they did cost 292286 l. as aforesaid and there is in returne but employed 356288 l which is but 64002 l. more so that the principall is but come home and the said 64 thousand pounds which is but 22 pro 100 in three yeares time with great aduenture to the Kingdomes losse in stock shipping Mariners and all things besides to be gotten and saued otherwise This disproportion is farre greater if we consider that the said goods were carried thither by our shipping and we pay them greater Customes for their Commodities then they pay without aduenture of the Seas and the circumstances aforesaid The first Assertion then is That by our natiue Commodities to be sent into the East Indies 1. Assertion there is no benefit to be made but rather an euident losse and the forreine Commodities sent thither namely Oliphants Teeth Quick-siluer Vermillion and other things haue yeelded more gaine then our Clothes Lead Tinne c which vpon due consideration is no gaine but a meere losse COnsider we of the commodities returned and sold for 1914 Thousand 600 pounds producing fiue and one third part for one towards custom charges and all other thiings as aforesaid and we shall be rauished with admiration vpon examination of the prices in particular by the said Author declared This calculation is to be made betweene the commodities bought in the East Indies withall charges and the sale of them in England without charges P. 11 44. Pepper at 2 d ½ the pound sold for 20 d is 8 for 1. Cloues at 9 d sold for 5 s is 6 and two thirds for 1. Nutmegs at 4 d. the l sold at 3 s is full 9 for 1. Mace at 8 d. the pound sold for 6 s is full 9 for 1. Indico at 14 d. the l sold for 5 s is but 4â…“ for 1. Raw-Silkes at 8 s. the l sold for 20 s is but 2 ½ for 1. Wherein the quantity of each kind of commodities is much to be respected to make a true calculation Hereupon any man of meane iudgement may easely perceiue that the inferrence to make the East India Trade more profitable by the employments to be increased of Indico and Silkes by the Persian P. 7. 14. Gulfe is altogether mistâ—ken For if Spices which yeeld 7. 8. and 9. for one haue procured but small gaines how shall Silkes and Indico augment and increase the same when they produce but 2½ for one and 4 â…“ which is very deede breedeth a losse vpon the aforesaid employment and decreaseth the same The second Assertion therefore is 2. Assertion that this imaginary blessing arising by the intended employment to be made in Silkes and Indico is mistaken and hurtfull to the Realme especially if the Manufactures of Silke be increased in derogation of the Manufacture of our natiue materialls BVt some affectioned East India Merchant will
frequently when siluer is aduanced by altering the proportion and reducing the same to 12 to one or thereabouts Secondly The forreine coyne will be aduanced by these meanes 7 vpon the hundreth aboue our Starlin moneys and thereby increase the exportation of the said Royalls Thirdly The King will loose his coynage money being aboue 2 d. vpon an ounce and the melting downe of his moneys and effacing of his stampe is a great derogation of his Prerogation Royall it being a marke of Soueraignty Fourthly The inhauncing of the said Royalls will alter the price of Plare as also of other commodities within the Realme which is a matter much respected hitherto Fiftly When moneys are inhaunced beyond the Seas the price of exchange doth also inhaunce in some measure but when moneys are inhaunced here the exchange abateth which causeth the exportation of our money to increase As for example The propery of true exchange If to make siluer equiualent to gold of 12 to one the ounce should be valued at 5 s. 6 d whereby it would be inhaunced tenne Pro cento should be though conuenient it would make the price of exchange to fall 10 Pro cento or more which for the Low Countries would fall to 30 s. and vnder and so it will be still transported and the making of forreine coyne currant within the Realme aboue the value of ours is not vsed vpon any good order as we haue noted by the Arch-Dutchesse of Austria To come therefore to the true remedy wee are to consider the true causes of their operations to which end we haue declared in the Equin octiall the losse which the Realme sustaineth by a low exchange or the vndervaluation of our moneys as also the benefits which will arise by the high exchange as meerely opposite vnto it so that we may conclude certainly Causes to preuent the ouerballancing è conuerso I that when the exchange shall be rectified and our moneys be truely valued in exchange 2 according to the inhauncing of moneys beyond the Seas 3 then will the transportation of moneys cease 4 and the more natiue commodities will be exported and consequently the losse of that inhauncing being preuented 5 will cause Bullion and moneys to be imported 6 and the lesse forreine commodities to be brought in 7 the Royall of Spaine will not be diuerted nor the Trade depending thereupon 8 which will procure plenty of money 9 to aduance the price of our commodities 10 and abating the price of the forreine commodities thereby effectually preuenting the aforesaid ouerballancing This is to be done onely by his Maiesties Proclamation The way to restore Englands Wealth according to the aforesaid Statutes and Proclamation of exchanges prohibiting that after 3 moneths next and ensuing the same no man shall make any exchanges by Bills or otherwise for moneys to be paied in forreine parts or to be rechanged towards this Realme vnder the true Par or value for value of our moneys and the moneys of other Countries in weight and finesse but at the said rate or aboue the same as Merchants can agree but neuer vnder the same which shall be declared by a paire of Tables vpon the Royall Exchange in London with such cautions and obseruation as formerly haue beene noted whereunto I must referre my selfe to be seene at large in Lex Mercatoria For the better vnderstanding hereof and to shew that the like hath beene formerly done but therein onely direction was wanting hitherto I haue thought conuenient to put downe the same verbatiâ— as followeth A Proclamation for the ordering of the exchange of money vsed by Merchants Queene Eliz. according to the 〈◊〉 and Statutas of the Realme FOrasmuch as there are so great abuses of 〈◊〉 yeares growne by the corrupt dealing of sundry Merchants and Brokers as well Strangers 〈◊〉 vpon bargaine of exchanges and rechange of moneys to be paid both out within this Realme as not onely the good laudable and profitable vse of naturall Merchandising is greatly decayed the true values of the moneys of this Realme much â—based and her Maiesties Customes and subsedies that are the ancient inheritance of this Crowne diminished and withdrawne with sundry of 〈◊〉 inconueniences to the notable damage of 〈◊〉 Realme for the due remedy whereof there 〈◊〉 beene made heretofore sundry good Lawes and Statutes of this Realme which doe still continueâ—â— their force The Queenes Maiestie intending 〈◊〉 haue such great enormities and mischiefes 〈◊〉 doth giue all maner of Merchants Broken all other persons vsing to bargaine by exchange and rechange to vnderstand that her meaning 〈◊〉 haue such Lawes and Statutes put in executiâ—â—â— haue beene prouided and doe remaine in force for this purpose and therefore warneth all maner of persons to haue hereafter due regard thereunto 〈◊〉 on such penalties as in the said Lawes Statures 〈◊〉 other ordinances remaning in their force is pâ—â—uided And for the lawfull satisfaction of all such as shal haue necessary cause to take or deliuer any money by exchange there shall be certaine orders in 〈◊〉 set vp in places conuenient declaring the rates thereof as the same shall or ought to be paid to the vse of her Maiestie or to her Ministers and Officers thereunto authorized Giuen at Green-wich the 20 of September 1576 in the eighteenth yeare of the prosperous Raigne of the Queenes Maiestie The Noble and renowned the Baron of Elsmere Lord Chancellour of England deceased vnto whom I owe perpetuall obligation did at fouerall times aduise at the Councell Table to publish the like Proclamation with some other good obseruations seeing therein is nothing required but equity and iustice agreable to the Lawes of Nations But the euill man sowing Thres in the night made the weedes to grow so fast that the good feed could not prosper so that inueterated diseases breaking forth at last makes vs to feele the smart thereof For some men vpon priuate respects will cast doubts beyond the Moone The nature of vnexperience Others will propound more questions in an houre then a wise man can answere in a yeare And others are alwayes consulting and neuer deliberating So that the graue and discreâ—te Councellours of State are to determine these serious businesses And to the other I may say Know you not that the sâ—ept the Doctrine of Pyrrhâ— Ariston and Heriâ—â—â—â— hath beene long agoe hist out of the Schooles or rather banisht and confined amongst the Barbarians will you cause vs to doubt of all things then shall wee doubt whether you doubt or no it is possible you can carry bread in the 〈◊〉 hand and a stone in the other neuertheles to 〈◊〉 vnto these men some satisfaction which make 〈◊〉 whether the said his Maiesties Proclamation 〈◊〉 obeyed here beyond the Seas I am to proue that the Center of Commerce will effect the same for gaine will command effectually The Center will Command Por el Dinero bay la 〈◊〉 Perro said the Spaniard