did send vnto the Duchesse whiles her husband was in Germany desiring her to value the angell at 10 shillings Flemish but he could not obtaine the same Which seemeth very strange considering that the aduancing of the price of money doth cause the money to be transported to the places where it is aduaunced whereby all the angels might haue bin caried into her dominion But she like a wise and politicke Duchesse caused the matter to be examined and considered of sending men skilfull in mint causes into England And finding that the golden fleece aliâs Toison d'or was the money then most currant with her and that the same was worth both in regard of waight finenesse asmuch as the angel was also valued at 9 shillings 7 pence she could not graunt the kings requests without altering also her money vnlesse shee would haue suffered the English merchants to bring angels vnto her for 10 shillings and to carie away the golden fleeces for 9 shillings 7 pence to be conuerted into angels to the great losse of her dominions both in the money and to leaue the Commodities of her country vnuented so long as there were a gaine vpon the mony which abated the price of cōmodities These two Paradoxes being thus vnmasked are easily conceiued of any man of iudgement to be far from the truth and therefore will the vnderstanding thereof be accounted a matter of small moment as all things else are when they be known like vnto the egge of Columbus who hauing discouered the West Indies and hearing some say at a dinner that if he had not done it another might and wold called for an egge and willed all the guests one after another to set it vp on end which when they could not do he gently bruising the one end of it did make it flat or rather by swinging did breake the yolke within and so set it vp shewing how easie it was to do that which a man had seene done before him Now let vs examine the answer of Maister Bodine Maister Malestroit was of opinion That nothing was growne dearer in three hundred yeares as is before shewed But Maister Bodine was of a contrarie opinion and sheweth fiue causes of the dearth of things as we haue also declared Whereunto for a generall and direct answer by way of Replication we say that to shew the alteration of the price of things and the causes therof is of small moment the true ground of the matter being by him mistaken Which true ground must be by making a comparison of the enhauncing of the price of the Commodities of one countrie with the price of the Commodities of other countries and thereby to find out whether things are grown deare with vs in effect and whether we pay more proportionably for the forraine Commodities within the aforesaid time of three hundred yeares then we doe receiue for the price of our home Commodities For if we do now pay more for corne wine and all other victuals and sell our Commodities for more then we were wont to do proportionably here is no alteration in effect but in name onely so long as the substance of the money is not altered in propertie But if we sell our Commodities dearer and buy our victuals dearer then heretofore and that ouer and aboue the price thereof we must pay farre dearer for the forraine Commodities then proportionably the price of our Commodities is risen this causeth vs to be aloser in particular and bringeth by an ouer-ballancing of forraine Commodities with our home Commodities a generall losse to the Common-wealth which to supply causeth vs to make vp the inequalitie with mony which is the treasure of the realm The consideration then must be not to compare things within themselues in the Commonwealth where we do liue but betweene vs and other nations with whom we deale either by way of permutation of Commodities for Commodities or Commodities for money in specie or by exchange So that we must examine the course of Commodities Money and Exchange which are the three simples vnder the which all the trade and trafficke is performed whereof we shall intreate when we shall haue examined the matters by him alleaged in particular The fiue causes of the dearth of things by him alleaged are to be distinguished according to our forme obseruation For the first last cause concerning plentie of gold and siluer and the alteration of the valuation of money may be causes that generally things are deare But the other three touching Monopolies the want and wast of things and the pleasure of Princes can but make things particularly deare according to the vse thereof wherein the time maketh also now and then an alteration vpon occasion as when armes are dearer in time of warre then in time of peace victuals in time of famine wood in winter and water in desert places and such like Seeing then that plentie of money maketh not onely the Commodities of a countrie deare but that they are also Nerui bellorum the sinewes of warre euery Prince is to haue a singular care for the preseruation and augmentation therof especially those Princes that haue no mines of gold or siluer within their dominions or such as haue had them and are now without them The gold was wont to come much out of the mountaines of Boheme and riuers of Pannonia and Swaden Out of Spaine there was wont to come both out of the riuers and monntaines aboue 20 thousand pound weight yearely which is all exhausted then it came from the West Indies first from Santo Domingo and other places where it doth also cease now it commeth from Peru by certaine millions which will also take an end The siluer is brought also frō the West Indies and was much found in Germanie but is now in many places drawne out The most noble Kings of this realm haue alwaies had a singular care to accumulate treasure deeming therfore that it was neither expedient nor conuenient for them to suffer the transportation of their monies or bullion out of the same as by diuers acts of Parliament may be seene whereby it was made fellonie for the space of many yeares continuing William the Conqueror caused a description to be made of the realme and the land to be measured reseruing so much thereof as he thought conuenient for the Crowne and the rest he deuided amongst his Barons and knights who did pay him therefore a certaine summe of money whereby he did gather a treasure Henry the second succeeding him within one hundred yeares hauing had many great warres and ioyned Ireland to the Crowne of England conquering also Scotland and reducing Normandie and other places in Fraunce to the Crowne and hauing raigned 35 yeares had neuer cause to impose any tribute subsidie or taxe vpon his subiects and left notwithstanding behind him in treasure 900 thousand pounds which in those daies was not only a great matter the West Indies not being discouered but also for
vse of melting or transportation and to pay out the light ones especially in siluer Counterfeiters washers and falsifiers of money will be sooner detected and the false money knowne when peeces of one sort shall be of one bignesse and thicknesse and of one sound and fairnesse of stampe with their priuate marke for the time the thicknesse will be seen the waight will be found and the sound will be heard by comparing one peece to another especially when the rednesse or colour of the money doth giue suspition that the same is counterfeited For there is great difference in the lumpe of mettals of equall waight as we may partly perceiue and is exactly found by the last triall made thereof The masse or lumpe of gold to the lumpe of siluer doth differ as much as 9 to 5 that the bodie of siluer is bigger then that of gold which is 1 ⅘ Betweene copper and siluer is as much difference as betweene 11 and 13. Lead to siluer as from 15 to 14 but that will not ioyne with any other mettall then tinne which is lighter then siluer and doth differ from it as 9 to 13 and from the gold as 7 to 18. Iron doth differ from siluer as 4 to 3 and from the gold as 6 to 9 that the bodie of gold is lesser Quicksiluer which is volatile commeth nearer vnto gold and doth differ as 3 to 4 the fixing wherof is difficult Touching the scisell which commeth by the making of monies by mils or engines it is soone made and conuerted into monies and may be lessened by good casting of the mettall into plates proportionate which by degrees may be reformed according to the increase of the quantitie of gold and siluer To which end it will not be amisse to exhort and require all Goldsmiths and others to be vigilant and diligent in bringing of bulliō into her Maiesties mint where they may haue very speedie and assured payment thereof at all appointed times And in this place we must not forget that care may be had that the Moniers which worke by the hammer may be prouided for their lining or be set on worke by the milles or engines Lastly it were very conuenient commodious as also good for the poore to make small monies of copper as halfepence and farthings which might be called Pledges of the poore and would increase charitie towards them Whereby also all leaden tokens vsed in Tauernes and by such as sell small wares would bee taken away and would be very commodious in so populous a kingdome being made exactly to preuent counterfeiting which generally we do hold so difficult to be done as is the counterfeiting of the hand of an excellent writer amongst the ordinarie writings of most men And the making thereof can breede no inconuenience in the Commonwealth in the prices of Commodities wheras some Princes do vse to coyne some monies for to remain within their dominions some other kind of monies for to be transported into other countries reaping a great gaine by the coynage thereof And omitting to shew the important causes and reasons which Princes haue to maintaine a standing treasure we do not hold it impertinēt to reduce to memorie that which is recorded of the treasure of Princes in times past to awaken care in others The greatest meane that the Romaines had to saue their state when Hanniball had almost brought them to ruine was 450 thousand crownes that the treasure did amount vnto which was gathered by the redemption of slaues and neuer touched vntill that time Pope Iohn the 22. left 23 millions of gold Sardanapalus 40 millions of crownes Cirus 50 millions the Athenians 60 millions Tiberius the Emperour 67 millions Alexander the Great found in the treasurie of Darius Occhus the Persian king 80 millions But the greatest treasure mentioned in the Scripture which king Dauid left was 120 millions which did exceede farre the treasure recorded of the Romaines when they flourished most vnder Traian the Emperour which is 74 thousand talents being 44 millions 400 thousand crownes To say nothing of the siluer and gold found vpon the discouerie of the West Indies and the ransomes which were collected when Atabalippa king of Peru gaue onely for his raunsome ten millions 326 thousand duckets Let vs consider what great treasures Princes might haue now adaies when money doth abound whereas it is reported that king Henry the 7 of England left in bullion after his decease 53 hundred thousand pounds starling in those daies when an ounce of siluer was valued but 40 pence And so cōcluding for monies let vs come to the matter of exchaunge which is the third and last meane whereunder the trade is performed But because my Treatise of The Canker of Englands Cōmonwealth doth handle that matter particularly therefore shall it suffice to make mention onely of the Contents thereof As money doth rule the course of Commodities so the exchaunge for monies with vs doth not onely rule both the course of money and Commodities but being abused by the merchandizing thereof is become predominant and doth ouer-rule the course of them both to Englands great and incredible losse whereas the right exchange is most commendable necessarie and conuenient for the maintenance and traffick of entercourse betwixt merchant and merchant or countrie and countries beeing grounded vpon the waight finenesse and valuation of the money of each countrie according to value for value which accordingly should be kept at a certaintie as a measure betwixt vs and other nations For we haue amply declared and proued that when the exchange doth fall or rise in price the same being either high or low it turneth euery way to the losse of the Realme both for the price of our home Commodities and the transportation of our monies and by aduancing the price of forraine Commodities causing an ouer-ballancing in nature before alleaged which to supply draweth or expelleth our treasure For we doe in effect giue the same to boote vnto other nations with our home Commodities to haue their Commodities for it Some men of iudgement haue found my writing to be inuectiue and patheticall against Bankers wherein they are not mistaken For the vse of Bankes is incompatible in any well ordered Commonwealth as time will manifest more and more daily The French kings Lewis the 9 and Philip the Faire did with great cause confiscate the Bankers goods and for the discouerie of their debts ordered their subiects to pay onely the principall money vnto their Treasurers Philip de Valois did the like and indited them as couseners of the Common-wealth For it was found that in a short time with 24 thousand pounds starling they had accumulated and gotten aboue 2 millions 400 thousand pounds Others which through enuie malice or other passions haue the eyes of their iudgment blinded haue censured my writing to be Apologeticall for the erection of a Banke vnder the colour of the restauration of the office of the auncient Kings Exchanger which
doth decrease and it were his expences do become greater or surmount his incomes and reuenues This kind of equalitie is interrupted and ouerthrowne by the merchandizing exchange as in the Treatise of The Canker of Englands Common-wealth is declared For as all the trade and trafficke betweene vs and other nations is performed by three simples namely Commodities Money and Exchange so as we haue proued is the course of exchaunge being abused become predominant and ouerruling the course of money and Commodities whereby the wealth of the Realme doth decrease And this wealth cannot properly increase but two manner of wayes namely by bringing of money and bullion into the Realme or any other things which are not bought for our money or bartered by way of permutation for our Commodities and by buying the forraine Commodities better cheape then we sell our home Commodities And so may the father of the great familie become a seller and not a buyer as is before alleaged We haue hertofore noted the propertie of money to be That plentie of mony maketh generally things deare and scarcitie of money maketh likewise generally things good cheape whereas things are also particularly deare or good cheape according to the plentie or scarcitie of the things themselues or the vse of them According to which plentie or scarcitie of money aforesaid things generally became deare or cheape whereunto the great store or abundance of mony and bullion which of late yeares is come from the West Indies into Europe hath made euery thing dearer according to the increase of money which like vnto an Ocean deuiding her course into seuerall braunches in diuerse countries hath caused a great alteration and enhancing of the price of euery thing and most especially because the money it selfe was altered in valuation in most countries So that the measure being altered and made lesser by denomination there went more number to make vp the tale and of necessitie other things went and were named accordingly in price For money must alwayes remaine to be the rule and square to set a price vnto euery thing and is therefore called Publica mensura the publike measure whereby the price of all things is set to maintaine a certaine equalitie in buying and selling to the end that all things may equally passe by trade from one man to another This money must haue his standing valuation onely by publike authoritie of the Prince to whom properly belongeth the disposing thereof as a matter annexed to his Crown and dignitie And as the money doth set a price to the naturall riches of lands so doth it also set a price to the artificiall riches proceeding of the lands And therfore reason requireth a certaine equalitie betweene the naturall riches and the artificiall riches That plentie of money maketh things deare is found by daily experience whether it be in bullion of gold and siluer or the same conuerted into mony But so long as it is in bullion it remaineth in nature of Commoditie which is giuen by way of permutation or barter in exchange for other Commodities Plentie or scarcitie of Commodities doth also alter the price of the things wanting or abounding according to the vse thereof which is grounded vpon estimation by consent after the pleasure and sensualitie of man The Historie of the West Indies maketh mention that during the great quantitie or abundance of gold and siluer that was found about fourscore yeares past and the rarenesse of other things a cloake of cloth was sold in Peru for a thousand duckets a paire of breeches of cloth for three hundred duckets a good horse foure or fiue thousand duckets and other things then in vse and rare accordingly The Romaines after the conquest of the Persians brought such abundance of gold and siluer to Rome that the price of lands did rise aboue two thirds And on the contrarie concerning scarcitie of money Grafton in his Chronicle of England hath recorded that king Edward the third hauing great warres with Fraunce and Scotland and incorporating the money into his handes for the maintenance thereof caused through the lacke of money the price of Commodities so to fall that a quarter of wheat was sold for two shillings a fat oxe for a noble a sheepe for sixe pence and other things after the rate The consideration of the premises maketh the two Paradoxes of Maister Malestroit one of the Officers of the French kings Exchequer to be most Paradoxicall that is to say farre differing from the vulgar opinion which Paradoxes vpon complaint of the people of the dearth of things in Fraunce he presented vnto the king thereby to qualifie the cause of their complaint The substance whereof I haue thought most expedient to set downe and the aunswer also which Maister Iohn Bodine the greatest Polititian or Common-wealths man of Fraunce hath made thereunto together with my explication thereof and Replication to his answer whereby the truth wil appeare and how things are to be considered of for the good of the Common-weale The first Paradox To complaine of the generall dearth of al things in Fraunce is without cause seeing that there is nothing growne dearer these three hundred yeares The second Paradox There is much to be lost vpon a Crowne or any other mony of gold and siluer albeit one do giue the same in payment at the price he did receiue the same Since that the auncient Permutation saith he hath bene chaunged in buying and selling and that the first riches of men which did consist of cattel was transferred to the gold and siluer whereby all things haue receiued their estimation and haue bene praised and sold for it followeth that those mettals are the right iudges of the good cheap or dearth of al things We cannot say that any thing is now dearer then it was three hundred yeares ago vnlesse that for the buying thereof we must now giue more gold or siluer then we did then But for the buying of al things we do not giue now more gold or siluer then we did then saith he Therefore since that time nothing is growne dearer in Fraunce To proue this he doth alleadge that during the raigne of king Philip de Valois in the yere 1328. the French Crowne of the Flower-de-luce as good in waight and finenesse as the French Crowne of the Sunne now was then worth but twentie sols tournois which for the better vnderstanding being valued according to the common computation of ten sols for a shilling starling is two shillings In those dayes saith he the French elle or yard of veluet was woorth foure liuers which is foure crowns or 8 shillings starling the said yard of veluet doth now cost ten liuers or twentie shillings and the French crowne which was then valued at two shillings is now valued at fiftie sols or fiue shillings So that foure crownes do make the said 20 shillings yet the said french crownes do containe no more in gold in weight or in finenesse then before wherby there
famous and learned Maister Iohn Bodine making answer vnto these two Paradoxes first sheweth how M. Malestroit hath abused himself to vse the example of veluet to proue his assertions For he proueth that veluets were yet vnknowne in France during the raign of Philip surnamed the Faire And that although he should admit the example of veluets yet it were no consequence for all other things which were not so deare proportionably And concerning the price of wines and corne he doth prooue the same to be dearer 20 times and more or lesse vpon occasions concluding that those examples are also vnfit And then he cometh to the price of lands which cānot increase or diminish nor be altered of their goodnesse if they be manured Whereupon he taketh occasion to shewe the fertilitie of France and that certaine Dukedoms Earledomes and Baronnies are now worth of reuenue as much yearely as they were sold for in times past The lands being so much risen in price he sheweth that within sixtie yeares all things are growne deare tenne times the price comparing it to any mony in Fraunce and so setteth downe the causes of this dearth which are 5 in number 1 The principal almost only cause The abundance of gold and siluer nowe extant in the kingdome more then in times past 2 The Monopolies 3 The want of things caused by excessiue trade and wast thereof 4 The pleasure of Princes that aduance the price of things 5 The alteration of the valuation of money Concerning the first and principal cause he saith that the enhauncing of the price or dearth of all things in what place soeuer proceedeth of the abundance of that which giueth price and estimation vnto things and herupon doth alledge diuerse examples Plutarch and Plinie do witnesse that Paulus Aemylius after the conquest of Macedon against the Persians did bring such abundance of gold and siluer to Rome that the people was freed of all imposts and the price of lands aduaunced vnto two third partes in a moment The Emperour Augustus brought such great riches from Egipt that the price of vsurie did decrease and the lands became much dearer then before which was not for the want of lands which cannot increase or diminish nor for the Monopolies which can take no place in this case but it was the abundance of gold and siluer which abated the estimation thereof as it happened at Ierusalem at the time of the Queene of Candace and in the West Indies when the Spaniards became maisters thereof By which reason the Emperour Tiberius was much mistaken to cause him to be beheaded that would haue made glasse soft and malleable fearing that gold and siluer would thereby haue lost their estimation whereas the abundance of glasses which are made almost of all stones and many herbes would haue diminished the reputatiō thereof as it falleth out with all other things Therefore saith he we are to shew that there was not so much gold and siluer in times past three hundred years ago as there is now which may easily be known For if there be mony within the realme it cannot be so wel hidden but that Princes in their necessitie and occurrences will find the same whereas it is well knowne that king Iohn in his great necessitie could not find 60 thousand frankes let it be crownes for his raunsome but did remaine a prisoner to the king of England for the space of 8 yeares In like sort the king of Scots being prisoner could not find means for his ransome of a hundred thousand nobles vntill the French king Charles the fift payed the same making alliance with Robert the king of Scots anno 1371. King Saint Lewis was in the like predicamēt being prisoner in Egypt And the auncient histories do record that for want of siluer money was made of leather with a naile of siluer Wherby appeareth the great want of siluer and gold in Fraunce in those daies whereas comming to our age we shall find that the king did find in Paris in sixe moneths besides the incomes and reuenues more then three millions 4 hundred thousand pounds which after 10 pounds for the pound starling is 340 thousand pounds starling Herunto he hath added a comparison betweene certain reuenues and monies giuen in mariage with Princes and their kindred in those dayes with the like done by Princes of late yeares and how Italie through peace and meanes of their trafficke had drawne all the gold vnto them the treasure in Europe being generally increased since the discouerie of the West Indies For it is incredible saith he and yet true that since the yeare 1533 there came frō Peru more then one hundred millions of gold and twise as much in siluer Then he commeth to the causes of the increase of the wealth and treasure of France shewing how the Spaniard running to the vttermost corner of the world for gold siluer and spices doth come vnto them for their corne linnen cloth and diuerse other commodities On the other side how the English man Scot the people of Norway Swaden and Denmarke are continually digging an infinite number of mynes euen to the very center of the earth for mettals and minerals for to buy their wines prunes and other Commodities and most especially their Manna of salt which God sendeth as it were from heauen their Climate being more apt thereunto then that of other countries which causeth the Flemmings to come with their emptie vessels to buy the same for readie mony for the maintenance of their trafficke of salt-fish And this is the first cause The second is the increase of people which by reason of the ciuill wars which ceassed betweene the houses of Orleance Burgundie are much augmented vntill the troubles for Religion Whereas the warres of neighbor countries was but a necessarie purgation of the ill humors of the bodie of their Commonwealth and the wars at home had before that time wasted the countrey ouerthrowne husbandrie and spoiled all handiworke the Englishman hauing sacked their townes burned their villages murthered and robbed the most part of their people and gnawed the rest to the bones howbeit within these 100 years the towns haue bene reedified villages new builded woods increased the people augmented in such sort that colonies of Frenchmen haue bene sent into other countries to inhabite them and the Spaniard being negligent and lazie is for the most part in Arragon and Nauarre without any labourers or any other workmen but only Frenchmen which are more seruiceable and actiue Another cause of the riches of Fraunce is the trade had since their king Francis the first with the Turke and Barbarian the Banke of Lyons erected in his time brought aboundance of gold and siluer into Fraunce when he payed 8 vpon the hundred for money and his successor ten afterwards 16 and 20 vpon vrgent necessitie which made the Florentines Lugueses Genowaies Germaines and others to come dwell in the realme By which meanes also the
treasurie 40 millions of crowns hauing giuen at one time vnto Paul Consull 900 thousand crownes for to hold silence and vnto Curion Tribune 1500 thousand crownes to take his part Marke Antonie went further if it be true that which Plutarch and Appian haue written for he gaue vnto his armie for their seruice done 200 thousand talents being 120 millions of crownes which is to be credited seeing that the Emperour Adrian for to haue the goodwill of 40 legions gaue ten millions of crownes So that we may here see abundance of gold and siluer at Rome but it did not last euer for in lesse then 300 yeares the Parths Goths Hercules Hongers and other cruel nations did ouercome the Empire all Italy and ouercame the Romains burned their citie and tooke the spoile of them The like doth happen vnto all Commonweales to wax and increase by litle and litle and to flourish for a time in wealth and power and afterwards to grow old and decline vntill they be vtterly ruinated and destroyed Comming to the last cause of the dearth of things by the alteration of mony he sheweth how Master Malestroit hath mistaken the matter in the monies themselues made within 300 yeares For whereas he saith that S. Lewis caused the first sols to be coyned worth twelue deniers whereof 64 peeces went to the marke and that in Philip de Valois his time the crowne of the Flower-de-luce without number as good as the crowns now was valued but 20 sols and that afterwards king Iohn caused the franks to be made of fine gold which were but valued 20 sols and that the sols of siluer of that time was worth fiue of our sols he doth not say of what weight or finenesse the monies were in those daies And touching the last point he doth contradict himselfe for he doth acknowledge that the old crown weighing three penny weight is no more worth then 60 of our sols so that the auncient sols of fine siluer can be worth but three of them and yet the frankes of gold do weigh lesse by foure graines then the old crowne and are no better in finenesse then the other And by the proclamation of the yeare 1561 the old crowne is valued at 60 sols and the franke at 50 sols which if his proposition were true and that it were fiue sols for one then would the old crowne be by this proportion valued at 100 sols and the franke at 90 sols And if Master Malestroit saith he doth take his comparison of the alteration of monies at some one time in any such years whē monies haue bene embased that is no consequence at all for within the abouesaid time it is manifest that the money was once so base in allay that one of our sols was worth 5 of those which were then And then he sheweth how al things were rated for their customes and how vsed within fiftie or sixtie yeares concluding that the price of things notwithstanding his former allegation is not altered by the valuation of monies But wel that things are growne deare contrary to the first Paradoxe of Maister Malestroit and that was the first point which he was to proue the second was the causes of this dearth as we haue briefly rehearsed But forasmuch saith he as some great personages do labour by words and writings that the trade should be cut off and that no Commodities shold be transported out of the realm making accompt that we could liue peaceably within our selues and very good cheape without giuing or receiuing any thing of other nations he doth reprehend them and sheweth that they haue need of the straungers and most especially of the trafficke with them Insomuch that although they could liue without them in regard of Commodities yet charitie and humanity willeth vs to maintaine friendship with our neighbours and rather to giue them part of our blessings then not to deale or to communicate with them Wherein the Romaines were much to blame who hauing extended their power from the West vnto the East did refuse to take vnder their gouernment some nations because there was nothing to be had of them whereas the greatest gift of honor that God giueth vnto man is to giue him the maiestie to commaund and to do iustice especially to the poore not being instructed But if this lesson doth not please men of this humour God hath so bestowed and deuided his graces and blessings that there is no countrey in all the world so fruitfull but hath neede of diuers things whereby he holdeth all the subiects of his Commonwealth in friendship or at the least doth hinder them to make long warres one with another And so he proceedeth to shew some remedies to the causes aforesaid The abundance of gold and siluer now adaies more then in times past must partly excuse the dearth of things saith he adding further touching Monopolies and the wast of things that in vaine are good lawes made if they be not executed especially if the king do not cause the courtier to obserue them whom the common people doth imitate whereby also many superfluous things might be auoided and not brought into the realme as is done by Italians with perfumes counterfeit stones and such trifles Cōcerning the excessiue trade of some Commodities he declareth that as the things transported cause the like to grow deare by the exportation so the things imported becom the better cheape Wherof he excepteth the trade of corne which is to be gouerned more wisely for they haue had intollerable famines for want of such a due care as Ioseph had in Aegypt The meane to preuent the same is to haue many publike store-houses in seuerall places making prouision of corne yearely by selling the old and prouiding new in place Touching the opinion of those that would haue the vines taken vp and corne sowed in the place or at the least to commaund that no vines should be planted hereafter the husbandman doth with reason laugh thē to scorne For God himselfe did so direct and dispose the nature of the ground that all should not be for corne or all wine seeing the one hath need of a fat and the other of a stonie ground And if the vines were pulled vp wee should saith hee depriue Fraunce of one of the greatest riches of the land But there is a meane propounded by those that haue vnderstanding in matters of imposts which would very much enrich the realme and releeue the common-people which is to lay part of the ordinarie charges vpon corn wine salt wood linnen cloth and draperie and most especially vpon wine salt and corne which are three elements whereupon next vnder God the life of the stranger dependeth and which can neuer faile The mines of the North and of the Indies are exhausted in a short time and the mettals cannot grow againe but our springs of corne salt wine are not to be drawne out And howsoeuer the season of the yere doth hinder them to
that it would make now with vs 27 hūdred thousand pounds the ounce of siluer being esteemed at fiue shillings which then was but at twentie pence Edward the third made many good lawes to keepe the treasure within the realme and for the aduancement of his home Commodities and had a great care that the forraine Commodities should not ouer-ballaunce his home Commodities knowing that if hee payed more for them then he made of his Commodities the difference must be made vp and ballanced with the treasure or money of the realme For hauing brought the working and making of cloth into the realme he did deuise by all meanes to find vent for the same obseruing a due course for to preuent the transportation of his money and that the true value of his money might be answered by exchaunge with the monies of other countries And forasmuch as the same course of exchange could not be done by a multitude of people so conueniently the most part being ignorant of the true value of the monies of other countries he did appoint and ordaine an Exchanger who did make exchaunges with all men for forraine parts according to value for value and specie for specie proceeding in all things most orderly as may appeare also by that a sacke of wooll containeth 13 Tods according to the Lunar moneths of the yeare euery Tod 4 nayles for the 4 weekes to the moneth and so 52 weekes in the yeare euery nayle 7 pounds to the 7 daies of the weeke and so 28 dayes for the moneth as 28 pounds for a Tod and in all 364 pounds for so many dayes of the yeare Richard the second hauing an especiall regard to the ouer-ballancing of forraine Commodities with his home Commodities caused the Statute of Employment for merchants strangers to be duly executed And if they could not sell their Commodities within a conuenient time they were to transport the same againe and if they made not their returne in Commodities they might deliuer their money by exchange but onely to the Exchaunger by him ordained and none other Henry the fift confirming the former statutes caused the Staplers to bring into the realme in returne of their wools a great part in bullion and the Statute of Employment to be duly executed And the like was done by other kings Henry the seuenth in the 3 yeare of his raigne made an Act of Parliament for explanation of the former Statutes prohibiting all manner of exchaunge or rechaunge within his realme or for any forraine parts and that no person should make any exchange without the kings licence or of his exchanger according to the statute of Richard the second For in his time the Bankers had their beginning who did inuent the merchandizing exchange and made of money a merchandize whereby they found the means to ouer-rule the course of Cōmodities and to aduance the price of their Commodities abating the price of others But this prudent and politicke king hauing his coffers stored with standing treasure did for the furtherance of trafficke and for to aduance the price of his Commodities lend great summes of mony freely to the Merchants And whereas other nations came into the realme to buy his Commodities which he knew to be staple Commodities and of great request as being most necessarie for the vse of man he did inhibite them the buying of any vnlesse they became bound in Recognizance not to carie any to the place where his subiects kept their Marts and did so qualifie the course of Commodities money and exchange as he left an incredible wealth and treasure in those dayes when the West Indies were but newly discouered and an ounce of siluer but valued at 40 pence Henry the 8 in the 18 yeare of his raigne perceiuing the price of money continually to rise beyond the seas after remission made vnto the Archduke of Burgundie and no reformation ensuing caused the angell noble to be valued from 6 shillings 8 pence vnto seuen shillings 6 pence wherby an ounce of siluer was worth fiue and fortie pence afterwards requested the Duchesse to value his angell at a higher rate as is before shewed which was cleane contrarie And then Cardinall Wolsey obtained a patent to alter the valuation of money as he should see cause from time to time In the 22 yeare of his raigne the king being informed that diuerse nations brought abundance of forraine Commodities into his realme and fearing an ouerballancing of Commodities for that those nations receiuing readie monie for their Commodities which mony they euer deliuered by exchange vnto other Merchants neuer employed the same on the Commodities of the realme wherby his Maiestie was hindred in his Customes and the Commodities of the realme lesse vented he caused a Proclamation to be made according to the former statutes That no person should make any exchange contrarie to the true meaning of the said Statutes vpon paine to be taken the kings mortall enemie and to forfeit all that he might forfeit which tooke place but for a short time because the wars brought all things out of order So that at last the base mony was coyned which being done without any order brought diuerse inconueniences to the realme Edward the sixt did crie downe those base monies of his father and caused new money to be coyned according to the auncient standard of the realme and did also prohibite very seuerely the transportation thereof by Proclamations albeit they proued fruitlesse as they haue done in her Maiesties time By this briefe collection is to be seene the great care these noble Princes haue had to the end they should not find themselues and their kingdome without treasure of gold siluer drawne by meanes of their Cōmodities and to auoid Not to fall into that error of the French king Charls the ninth who after the massacre of Paris finding the treasure of his realm exhausted and his subiects wealth to consist more of plate then of readie money was aduised by some that vnder colour of the suppressing of pride it were good to take a course to prescribe euery man what store of plate he should keepe according to his degree and qualitie and the rest to bee conuerted into money Others were of opinion that it would not onely breed a discontentment vnto his subiects but a derogation and dishonor of the kings reputation seeing that the estate of a Prince doth as much consist by reputation as by strength wherefore like good Polititians did aduise the king to embase his money which wold cause the same not to be transported and the plate to be of course conuerted into mony Which was done accordingly and had also that effect sauing that where they thought money would not be transported they foūd thēselues deceiued For the course of exchange was not looked into by them which did cause a gaine to be had vpon the mony and so long as the gaine remained it was still transported whereby at last he lost the plate of
how absurd it is let the wise iudge by the difference betweene a Banker and a generall Exchanger The Banker doth draw vnto himselfe all the monies of other men making his small stocke to be infinite and the Exchanger must with his owne stocke supply other mens occasions for no man is commaunded or by Pollicie of course compelled to deliuer money vnto him The Banker doth make the price of exchanges with the correspondencie of others Bankes elsewhere at his pleasure or most aduantage the Exchanger can haue no correspondencie with other Bankes for he is limited how to deale at a certaintie in price by exchange and therefore must haue his factors or seruants at his owne charges in the places of trafficke But because it is difficult to please mens humors in the reformation of abuses which either for gaine some would haue to continue or others through ignorance do not vnderstand therefore is there another meane propounded to keepe a due course in matter of exchange without an Exchanger By a Proscription in a paire of tables to all sworne Brokers how to make the price of exchanges for all places according to value for value Which wold be easie and in effect aequum bonum as we haue declared so as a due regard be had of the circumstances of things noting alwaies this coherence that euen as plentie of money maketh with vs a low exchange and the low price of exchange is the efficient cause of the transportation of our monies that so by procuring plentie of money we do not procure therewithall the cause of exportation and hunt as it were after our owne shadow Some others haue thought this matter to be in a manner incurable or impossible to be effected now adaies considering the great trade when to speake truly the trade of our Commodities is much decayed and without that they can yeeld or giue any probable reason thereof but that the difficulties and sicknesse of the Commonwealth cannot admit it as who should say It is better to let a sicke bodie languish to death then to make him drinke an vnsauorie potion to restore him to health For mine owne part I haue thought it my dutie in regard of profession to publish and preferre sincerely according to my small talent any thing which may make for the good of the Commonwealth especially it being agreeable with the most noble and auncient lawes of the Realme wishing that other men indued with more learning and adorned with excellent vertues would be alwaies carefull to do the like in that which concerneth their profession And hereunto I haue bene the more encouraged for that since the publishing of my Treatise aforesaid and by meanes of my priuate aduice vnto diuers without boasting or arrogancie be it spoken there hath bene a better course taken by obseruing the nature of exchanges whereby great store of siluer bullion and some gold hath bene brought into the Realme for the generall benefite and good of the bringers thereof which doth put me in hope that the like vigilancie and regard will be had by diuers in the sale of our home Commodities and the buying of forraine Commodities beyond the seas with a due inspection to equitie and iustice in the course of trafficke which recommendeth vnto vs Prouidence and doth not altogether exclude Pollicie especially in respect of the gouernment of a State or kingdome in studying the way of preseruation and augmentation of the wealth thereof which cannot properly be done but by these meanes For the same cannot decrease but by the transportation of our money and treasure and by selling our home Commodities too good cheape and paying too deare for the forraine Commodities as we haue noted before To which end we are to cōpare the prices of things betwixt vs and other nations with whom we deale and not to shew the causes of the dearth of things with Maister Bodine by examining the prices thereof within the Common-wealth where we do liue without making any application thereof for the generall good of the realm for the conseruation wherof prayers and meanes are requisite at all times Veritas vnita valet
cause of the dearth of all things now and bringeth a generall pouertie to the realme A conclusion most opposite to the first Paradoxe And whereas he saith that of necessitie the embasing of the siluer monies proceedeth by the enhauncing of the gold the word Embasing must be vnderstood in price according to the proportion of valuation which is obserued betweene the gold and siluer which in those daies was 11 of fine siluer to one of fine gold But the siluer is not embased by allay or copper in aduancing the price of gold for the substance remaineth vnaltered and becommeth only abated in price in regard of the gold Now if Maister Bodine had not shewed before that Malestroit hath mistaken himselfe in the setting downe of the enhauncing of money in price and the embasing by allay wherby the gold monies by him alleaged to be risen from one to two and a halfe and three in price and the siluer monies from one to 5 we might haue examined this proportion betweene gold and siluer according to his allegation and therby made knowne that he had mistaken the matter as well in the alteration of monies in valuation finenesse and waight as hee did the whole ground of his Paradoxes For hauing lost the line wherewith he went into the Labyrinth of monies and their property he is like vnto a man who hauing lost his way amongst the woods the further he goeth the more he erreth from the right way Maister Malestroit might haue declared his intention in two words if he had had the true ground and vnderstood the matter he went about by prouing onely that when monies do alter in waight or in finenesse or in valuation or in all three the price of things doth alter onely by denomination if the valuation be made accordingly As for example an ounce of starling siluer was deuided heretofore by the kings of England in 20 peeces and so valued 20 pence euery pennie in value waighing a penny waight This ounce in processe of time as we haue shewed elsewhere was deuided afterwards into 30 peeces then 40 peeces 45 peeces and now 60 peeces so that a pennie waight of starling siluer is now three pence and the peece is only altered in name for a three pennie peece waigheth but a penny waight So that the ounce of siluer being altered onely in denomination the price of Commodities must needs receiue the like name or denomination And if the price of Commodities were not risen aboue this estimation of three for one then M. Malestroit might haue made good his first Paradoxe howbeit failed in his second Paradox Again let vs suppose that the Queene of England should reduce the valuation of an ounce of starling siluer vnto 20 pence presently the price of things would be altered accordingly and that for which we giue now 3 pence should but beare the name of a pennie which would seeme to be better cheape and yet would not be so in effect For we should giue still the quantitie of siluer of three pence albeit the name thereof were altered and therefore not better cheape True it is that the Queene should receiue for her incomes and reuenues of Crown lands such a quantitie of gold and siluer as her predecessours did in times past and Noblemen and others in like sort for their lands and officers for their fees being after the old rent and custome But this reduction wold proue very preiudiciall considering that other Princes haue enhaunced the price of their monies which doth carie a shew of gaine in the eyes or iudgement of most men which are thereupon inclined to carie money vnto thē albeit the price of the Cōmodities of those Princes dominions doth not onely counteruaile that supposed gaine in the generall course of trafficke but also farre surmount the same But the money with vs not being altered in waight finenesse or valuation within these fiftie yeares in which time the price of Commodities is so much altered how can the first Paradoxe take any place And if his second Paradox had bene of a true ground what reason hath any man to measure things present with the things of former ages so long as there is no alteration of the money almost within the age of any man For if aboue fiftie yeares past I haue receiued an angell of such waight and finenesse as the angels now adaies for ten shillings and do pay out the same againe for ten shillings there can be no losse although I should receiue lesse quantitie of Commodities for the same which if I do I cannot attribute the losse thereof vpon my angell but rather to the dearth of Cōmodities the mony not hauing bene altered within my time King Henry the 8 in the beginning of his raign did find the ounce of starling siluer to be valued at 40 pence the price of Commodities accordingly the money being in weight and finenesse according to the auncient standard of England at which time the monies of other countries adiacent was not so much aduaunced in price For an angell being in his time valued at 6 shillings 8 pence was then woorth beyond the seas 9 shillings 7 pence and the siluer money accordingly Afterwards towards the latter end of his raigne vpon especiall occasion he caused all his mony to be embased by allay of copper and made very base money whereby the price of all Commodities was aduaunced So that the money being altered in substance was the cause to aduaunce the price of Commodities albeit that afterwardes when to her Maiesties great honour the substance of mony was reduced to her former puritie and finenesse had not the like effect which seemeth to contradict our matter in hand But we must note here that there is a coherence to be considered of in the mony betweene the weight finenesse and valuation whereby if generally either of these be altered all things do alter in price accordingly but if it be altered in part with due consideration it hath not the like effect or operation King Henry did alter the finenesse of the mony by allay of copper and withall did aduaunce the valuation of an ounce of siluer frō 40 pence vnto 45 pence and the gold accordingly accounting one of fine gold to 11 of fine siluer whereby an angell was worth 7 shillings 6 pence The money being brought to the former goodnesse in her Maiesties raign would haue abated the price of other things accordingly had not the valuation bene altered and counteruailed the same together with the increase of money For this ounce of siluer aforesaid was valued at 60 pence and that which before did beare the name of 45 was called 60 which denomination caused al other things to remaine at the old price whereunto they were come through the basenesse of the money before that time Now before we conclude it is worthie the noting that when in this kings time the angel was woorth vnder the Archduke of Burgundie 9 shillings 7 pence the King