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
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
wherein the example of the Prince is predominant But leauing the matter of Commodities let vs come to intreate of monies Money as we haue said before being the rule and square to set a price vnto euery thing as being the publike measure to maintaine a certaine equalitie in buying and selling must therefore haue his standing valuation onely by publike authoritie of Princes as a matter annexed to their Crownes and dignities For they be the warrant of the monies vnto their subiects And to the end that this measure of things namely money should not be falsified by making the same generally more or lesse whereby the price of things would become incertaine if priuate men be suffered to haue the handling thereof therefore are Princes so carefull to obserue a certaintie and equalitie of the price of money from time to time Howbeit that the due regard which is to be had betweene their monies and the monies of other Princes is by some lesse regarded then the course thereof within their owne dominions being of lesse importance hauing some base money currant with the good The price of money becommeth incertaine in particular when priuate men will giue or receiue any money in specie aboue the price of their valuation imposed by the authoritie of the Prince whereby euery man vndertaketh to aduaunce still the price according as he seeth occasion to aduance his gaine by the necessitie or vse of another man that hath cause to employ the money The vse hereof is in many countries seuerely prohibited and yet another way in a manner suffered for the good of their Commonweales as those that are skilfull in mint matters do very well know The price of mony in generall becommeth incertaine when vsury is tollerated whereby one hundreth pounds are esteemed and valued in regard of time to be worth one hundreth and ten pounds and in some other countries more which was the cause that commodities were sold accordingly when dayes were first giuen for the payment thereof euery man supposing that he could make so much of his money which did proceede of his commodities This course being tollerated by the lawes of the land maketh vs to forbeare to speake hereof sparingly because Pollicy doth thinke that therby greater euils are auoided which being compared to the operations and effects of vsury written allegorically by me in another treatise may be ballanced in the iudgement of the wise Onely to the end that through ignorance merchants and others might not fall within the compasse of the Statute of vsury we haue thought good to giue them this Caueat and to make them to vnderstand the true sence and definition of the branch of tolleration of that Statute the rather for that some men do seeme to charge the makers thereof with a great absurdity For say they the Statute giueth ability for a man to take one way ten pounds ten shillings or more for the vse of one hundreth pounds for one yeare being deliuered out for two yeares and another way he cannot take ten pounds fiue shillings and lesse for one yeare but he shall be within the compasse of the Statute But if they had a due consideration that Time is properly the Iudge hereof and that they could not make the Statute without the limitation of a time certaine they would not find any absurdity therein For it was impossible to make it otherwise more certaine The words of the Statute be in effect None may haue receiue accept or take for the lending or forbearing of his or their money for one whole yeare or for a longer or a shorter time or for a more or lesse summe aboue the rate of 10 pound pro 100 yearely 37. H. 8. And this Statute to be most strongly strictly cōstrued for the suppression of all vsury both directly and indirectly as by the Statute of the 13. of her most excellent Maiestie To make it euidently appeare that of necessity Time is herein Efficient and Actiue and the rate of 10 pro 100 Positiue and Passiue Let vs suppose that you do deliuer at interest one hundreth pounds for three moneths after ten vpon the hundreth you may lawfully receiue at the three moneths end two pounds ten shillings for your interest and continue the hundreth pounds againe for other three moneths by a new contract or agreement and then receiue againe two pounds ten shillings continuing in this manner for the whole yeare by foure seuerall agreements whereby you do receiue three parts of your interest at seuerall times within the yeare which interest you may put out also to vsury and so take aboue 10 pro 100 without incurring the danger of the Satute because your agreements haue from time to time altered the property of the interest money which you did receiue and that which before was anothers is thereby become yours and thereof you may lawfully dispose againe But if you do deliuer out 100 pounds from the beginning for one whole yeare then you can haue but 10 pounds interest for the same at the yeares end with your principall for the property of the 10 pounds is not till then altered by your agreement Thus is it with money deliuered for a shorter time In like manner is it for money deliuered out for a longer time as for example One deliuereth out an 100 pound for foure yeares for the which at the foure yeares end he can receiue but 140 pound but if he do deliuer out 100 pounds for one yeare he may at the yeares end receiue 10 pounds for interest and continue the 100 pounds againe for the second yeare by a new agreement and then receiue another 10 pound and so for the third and fourth yeare Now whereas by reason of his seuerall agreements according to the time he hath altered the property of the interest mony and receiued 10 pounds the first yeare he may put out againe this 10 pound as his owne for another yeare and so haue interest thereof twenty shillings whereby he receiueth 11 pound the second yeare which being put out for the third and fourth yeare will yeeld him accordingly in like maner for the 10 pound receiued the second and third yeare which will yeeld him after the same maner accordingly So that he shall haue aboue 146 pound being thus deliuered out the body of his sum still remaining whole and being only distinguished by time which maketh the difference Againe let vs suppose that the 100 pound were deliuered out from the beginning for foure years to be repaied by 25 pound a yeare and the interest it followeth proportionably that the first yeare he is to receiue 27 pound 10 shillings the second yeare 30 pound the third yeare 32 pound 10 shillings and the fourth yeare 35 pound which maketh all but 125 pound adde vnto this the interest of 25 pound receiued in deduction of his principal three yeares before the time which is 7 pound 10 shillings and of 25 pound more in like manner for 2 yeares which