raigning in the Common-wealth of England By the reason whereof all things be growne to excessiue prices Also since these two afore-saide Companies of English Merchants vsurped these Liberties and Priuiledges to themselues that the one of them should transport only Staple wares to the Staple of Callice and the other Broad-clothes Note Staple-Townes beeing called Mart-Townes began the decay of Trades Townes in England with such other Commodities vnto the Marting-Townes of Brabant the most part of all the good Townes of the Realme of England haue decayed and come to ruine which partly hath come to passe by the reason that many kinde of Artificers vvhich were wont to inhabite the said Townes maintaine and make th̄e prosperous by such artificialls as they made there by the meanes of these two fraternities of Marting-Merchants be vtterly destroyed consumed for that they were notable at length to liue by their arts and labours these fore-said Merchants deuising and causing the like Artificials as the said Artificers made in England to be made in forraine Countries and were by them brought and transported into England and sold better cheape some-what lower priced then those of English making might be aforded Thorough which occasion the English Artificers in continuance were worne out because none were brought vp vnder other to follow their said Art workmanship that they exercised forsomuch as they perceiued that they should not be able to liue by such kind of labour in time to come because the forraine workmanship was more regarded and sooner bought then theirs Partly also they haue beene the destruction decay and ruine of the said Townes by taking away the trade of the Staple from the said Townes for the vtterance of the commodities of the Realme which for the most part of all the time Staple Townes alwaies within England made the Realme full of Trafficke from Edward the third to the end of Edward the fourth were kept in good Townes of England or at least shipped from them when the Staple was kept at Callice by the occasion whereof there was so great resort of people vnto the said Townes that thereby they were enriched and daily prospered and flourished Wheresince for lacke of like resort and trafficke and the destruction of the foresaid Artificers they be altogethers ruinous and decayed and neuer like to be restored so long as these Merchants enioy theyr vsurped liberties Moreouer since these two Societies of English Merchants vsurped vnto them the priuate exportations of the commodities of the Realme The hindrance of bringing in of Bullyon the liberall vsuall and daily bringing in of Bullyon into the Realme by forraine Merchants out of all forraine Realmes to buy the commodities of England hath decayed and ceased and seuere and great punishments and penalties be prouided by the Princes of such forraine Realmes against all them which shall attempt the conueying of any such things out of theyr Realmes into England Where in times passed they most gladly suffered and concented vnto it for that it was openly knowne to all Princes and Rulers of Common-wealths in Christendome that what kinde of Merchant soeuer Staples euer kept within England resorted into England to the Staple-Townes for the and carrying away of the commodities Merchandises thereof were bound by the Acts and orders of the Realme to pay for them at the said Staples in ready gold and filuer afore their departure from thence as may appeare by diuers Acts made in diuers Kings dayes from Edward the third vnto the end of Edward the fourth and therefore at that time were all Princes well contented to suffer their Merchants to carry their coynes and Bullyon into England Which manner of Traffick continued betweene England and all other Realmes till that these Merchants became to be a priuate Society and so vvithin a while after compounded agreed with the Merchants of Holland Zeland Brabant Flanders and other Countries there-abouts which were the buyers of the Staple-wares to receiue their Money for such Staple-wares as the sayd Staplers sold them at Callice in Flemish Money at the Marting Townes of their owne Countries rating setting and valuing the English pound at a certaine stinted price of Flemish Money for euer thereafter to bee payed vnto them after the said price which was a drift driuen of the sayd Staplers of England to bring to passe this Exchanging Traffick to the intent they might make the returne of their Money from thence into England by Merchandising Exchange whereby they made a reckoning much more to their priuate gaines and lucar then to be payed in ready Money at the Staples of Callice or any place of England according to the olde custome although that manner of payment was much more beneficiall and commodious for the common Wealth of the whole Realme which they passed not vppon neither yet doe so they may gaine and get Money And thus the faire Lady Merchandising Exchange enticed and allured the Merchants Aduenturers of England Staples called Mart Townes a deceptio Visus to turne all Traffick beyond Seas to the ruine of England to procure themselues in fraternitie and to seeke meanes to plant their Marting Townes in a forraine Realme and Country for the vtterance of the commodities of the Realme because they might make their returne and imployments from thence into Englang by the reckoning of Money currant in the sayd Merchandising Exchange And by this meanes ceased and ended the franck and free bringing in of Money Bullion into England by forraine and strange Merchants after the English Merchants had nusseled themselues in the Marting Townes beyonde the Sea so that now a dayes no Money or Bullion is brought into England by Merchants but secretly and as it were by stealth and for the respect of priuate gaines and profite which they finde thereby after the reckoning they make thereof by currantnes of Money in their Merchandising Exchange Item when it pleased that famous Prince Henry the eight King Henry the eight vpon good considerations and purposes and for the great benefite of his people and common Wealth to augment and increase the valuation and price of his coyne and Money throughout all his Realme within a little processe and countinuance of time after it chanced by the malice and wickednes of men such a quantity of currupt and drossy coyne of Money to bee brought into the Realme out of forraine Countryes by the Ministery of Merchants as it hath beene supposed thought and gathered by certaine cercumstances which Money being currant as well as the true and lawfull Money amongst all manner of persons within the Realme by the reason of the likenes of the fashion and forme that it had with the true and lawfull Money caused many inconueniences to rise therby at length to the whole Common Wealth for such a meruailous desire and hastynes entred into all kinde of Occupiers by the lothsomnes and hatred they conceiued of the sayd Drosse coyne to bestow it
regard of Iustice but theyr Persons shall die like Men. Iustice is Distributiue or Commutatiue Commutatiue Iustice encludeth Traffick The end of Traffick is Equalitie in supplying Necessities vt quod vspiam nascitur Boni id apud omnes affluat eyther by bartring wares for wares or by some Midds or Meanes certaine and indifferent to preuent Aduantage The End therefore in Traffick beeing Equitie and the vse Exchange the Measure is by publicke Consent of all Nations called Money And as the Standart of all kind of Measures for generall Iustice like Vrim and Thummim is the Princes charge onely giuing thereby Weight and Content Length and Breadth to all Proportions So the coyning of Money and the valuation thereof being a Measure of principall Excellency and peculiar to Trafficke is immediatly Vni soli et semper an essentiall part of Soueraigne Authority Out of which Premisses this must be concluded That either to coyne Money or being coyned to alter the true Valuation thereof in what kind soeuer is in Subiectes whosoeuer when and wheresoeuer to presume vpon the Maiestie of Soueraigne Princes to prophane the Sacred Seate of Iustice to contemne publicke Authority and in Trafficke to preuent and peruert all order and Equity A Capitall sinne against God and Nature ¶ Thus much only being added by way of Preface by the Customers of the Out-Ports who for the Effectes sake are euery way bound to aduance the Cause That which followes of the Matter and vse of Trafficke is proper to Merchants Heare therfore a loyall Marchants experience writing in his owne Stile and Phrase of Exchange in Marchandise and Marchandising Exchange in Order as followeth Tractent Fabrilia Fabri CHAP. I. ¶ The Antiquitie necessity and vse of Lawfull Exchange and a Description thereof IT IS APPARANT TO SVCH AS are conversant in Records of tyme and olde Wryters that the exercise of Exchange is a thing of greatest antiquitie borne with Traffick it selfe and as it seemeth begate the first Names and Titles of those which are called in Latine Numularii Argentarii and Colybistae that is to say publique and common Exchangers and Commutors of Bullyon strange and forraine coynes to all maner of Strangers for the lawfull and currant money of those Countryes and Common-wealths where the said Exchange was proportioned and authorised by the Princes Gouernors of the same And because the Office of Exchanging and curtesie of lending money in a Common-wealth after an easie tollerable reckoning is very necessary and expedient The olde Ciuill Lawes did graunt and permit to this honest kind of Exchange a certaine rate in the hundred by the yeere for th' interest of such money as was lent to such as had neede And a certaine exercise and vse of the same was sometime allowed and admitted in England as when the Tables of Exchange were set vp erected in diuers Townes thereof in the time of King Edward the third and other Kings raignes succeeding him The Exchangers Keepers of which Tables did change to all manner of Forraine Marchants and Strangers which resorted thether aswell Bullion as all forraine coynes and Moneies which they brought thether for the currant Money of the Realme according to the Princes iust valuation thereof And this manner of Exchange seemeth also to be the first occasion of the erecting of those shops of Exchange which at this day bee called in Spaine and Italy Cambios and Bancos which at the first institution of them were appointed for great safegarde and commoditie of such as had Money for that they might without danger lay into the sayd Cambios and Banckes as it were in Deposito what sums of Money they would for the which the Cambiadors and Bankars would be answerable as for a thing deposited and committed to their custody and would also make payments thereof according to the order of the sayd Depositor Which farther did vse to change Siluer for Gold and all manner of forraine coyne and Money for the lawfull and currant Money of those Countryes and that according to the lawfull valuation of the same And moreouer by these Cambiadors or Bankars sometime there was wayes and meanes taken to make Exchange of Money from one Country to another for such as had occasion for to trauell and passe Countryes Likewise according to the iust and publique valuation of such coyne and Monies the reward and salary of Cambiadors for their labors and paines in keeping Money Exchanging white Money for Gold or forraine coynes for the lawfull and currant Money of Spaine within this thirty yeeres was not aboue two and a halfe in the thousand for the space of on Faire which commonly endureth there six weekes and this interest and gaines amounteth not aboue three in the hundred for the whole yeere This manner of Exchange is not onely to be suffered permitted in a Common-wealth but as it appeareth very necessary expedient and commodious to the same not onely for the exchanging of Bullyon and coynes within the selfe same Realme and Common-wealth but also for the passing of Money from one Country to another for such as haue affaires to trauell Countries as the Embassadors of Princes do wherby be diuers perrils auoyded that they should runne in carrying of ready Money about them So that the sayd Exchange be not practised of such as traffick Merchandise and will imploy theyr money so exchanged againe in wares and commodities to be returned into theyr owne Countrey For to all such the sayd Exchange was alwayes prohibited in England as a thing discommodious and pernicious both to the Prince and Common-wealth as may appeare by diuers Acts of Parliament prouided to that end EXCHANGE described ¶ Exchange therfore is a certaine lawfull kind of commutation and changing of Money appointed by the publick authority of a Common-wealth eyther for the changing of Bullyon strange and forraine coynes brought thither according to such valuation as the sayd Bullyon and coynes haue or be esteemed at by the common authority of the same Common-wealth and Country Or else it is a certaine meanes for the commutation and exchanging of Money from one Realme or Country to another according to the iust and lawfull valuation of Money priced set foorth by the publicke authority of such Countries and Realmes CHAP. II. How Merchants haue deuised and introduced another kind of Exchange BVT vnder the coullor and pretence of this lawfull Exchange and commutation of Money Merchants of late yeeres haue deuised and brought vp another manner of Exchange of coyne to the which they doe also commonly giue this plaine and simple name Exchanging vvhen indeed it is not so but a meere faeneration and a making a ware and merchandize of Money for that in the same and by the same they buy and sell rayse and abate the price of Money as well as they doe rayse and abate the price of any other vvare Merchandizes they traffick in Wherefore it is not to be called simply Exchange but
trade of Merchandize and buying and selling whereby they haue beene and might be profitable and commodious to there common Wealth and to followe this filthy vnlawfull and too farre exceeding gaine and lucar of practising wicked Vsurary chopping and changing of Money and all for the hope they conceiue thereby to obtaine and get both a more abundant and certaine gaines and that also with lesse labor charges perrill and aduenture CHAP. X. How by whom the practising of the Merchandising Exchange is the Cause of all excessiue prices in Commodities things vendible to the preuenting and peruerting of all lawfull Traffick and orderly Dealing within the Realme and Common-wealth of England THe necessity of conseruing an equallity in contracts of buying and selling and a fit meanes for the exportations and importations of things necessary and commodious for a Common Wealth hath caused all wise politick Rulers of Regions and Countries to iudge the vse of coyned Money signed with some publick figures notes and carrects to be the most conuenient thing that could be deuised In like manner hath it beene iudged and thought no lesse expedient and necessary by all such wise and experienced Men that the same coynes and Money should haue their indication valuation price and estimation onely by publick Rulers common authoritie of euery Common Wealth from the which no priuate Person Order or Societie in the same may or ought to swarue or vary nor alter vnder capitall paine Forsomuch as the sayd publick valuation is as it were the essentiall part whereby any kinde of matter substance or mettall is receiued and accepted for Money and for a lawful meane to buy sell withall in euery well ordered Common Wealth And whereas the valuation of this common and lawfull meane of price is not well knowen or not worthily accepted straightly duly obserued of all manner of Persons Societies and Orders there doth experience teach that thereof followeth confusion and disorder with excessiue and immoderate prices in the commutations of all things Vendible in the Common Wealth As for example when a Prince or Ruler of any Country doth decry and disalow any kinde of coyne and Money which he hath suffered before time to be currant at a certaine price and valuation throughout his Realme the same coyne immediatly as it is so decried leseth the estimation it had before and is of no value to buy any kinde of ware with amongst all the common people of the same Realme so that few or none will receiue the sayd Money for any manner of ware though one would offer it at much lower price then it was before currant for and if it chaunce any doe bargaine to take it they will raise and inhance the price of the wares they vtter much aboue the ordinary price thereof all because it lacketh their Princes and common valuation of their Country In like manner do the common people of all Countries esteeme forraine strange and vnknowne coynes brought vnto them not valued by the common authority of their Country how fine and pure soeuer the matter or mettall of them be onely as is sayd before for lacking the publick valuation of the Country Wherby it is apparant that the Princes and publick valuation of Money is of so great efficacy and authority in euery ciuill Common Wealth that not only it maketh it a meane to buy things withall but also it preserueth a moderation equallity and indifferency in the prices of all things so bought and sold betweene party and party Therefore is the sayd valuation solemly and as a man may say religiously to be kept and obserued of all manner of sorts of persons in a Common Wealth And the Alterars Changers of the same by their priuate authority are worthily to be reprehended and reproued how craftily and subtilly soeuer they doe it for the manifold inconueniences they thereby bring into their Country With a number of which the Common Wealth of England is sore troubled at this day through the frequent practising of Merchandising Exchange by the two Societies of Merchants Staplerers and Aduenturers of England betweene their owne Country and the Marting Townes of Flanders with slights crafts and subtilties continually thereby altering the price and valuation of their Princes coyne by the occasion whereof all manner of wares and commodities only sold in the Realme of England be brought and grow to such inordinate and excessiue prices as they beare at this Day for the proofe of the premisses this reason may be first made Afore this Merchandizing Exchange was practised by the English Merchants Staplers and Aduenturers betweene the Marting-Townes of Flaunders Brabant their owne Country in the trafficke of Merchandise to and fro no person complained vpon any manner of Merchandize or commoditie of the Realme nor of forraine Realmes brought into England did at any time grow or arise to inordinate or excessiue prices yet were the commodities of the Realme abundantly plentifully yea more liberally exported and transported into all forraine Countries then at this day But there were not in those dayes so many forraine wares brought in againe into the Realme as be at this day For from the raigne of the famous King Edward the third in whose dayes the trade of Merchandize began cheefely to be exercised in England vnto the end of Edward the fourth which is the space of aboue 150. yeeres Acts of Parliament were prouided thereby forcing all maner of men that occupied and fold the wares and commodities of the Realme to forraine Merchants to raise and keepe vp the prices of them and penalties layd vppon those which went about to diminish and bring downe the prices of them And in all this space of time not onely Wooll and Felles Staples wont to be alwayes in England and not beyond Seas were Staple wares at Callice and other Staple-townes in England and at length Broad-clothes transported into Flaunders and Brabant but all other manner of commodities of the Realme as Leather Lead Tinne Butter and Cheese Free transportation of home Commodities naturall for Traffick beneficiall for the Cōmon-Wealth were Staple-wares and freelie onely paying the Kings custome for them carryed exported out of the Realme into all forraine Realmes But sithence these two Societies of English Marting-Merchants practising the Merchandising Exchange haue made the exporting and transporting of the commodities and Merchandizes of the Realme to the Staple of Callice Marting-townes ☞ of Brabant a priuate trade to themselues the Princes of this Realme haue beene constrained to restraine and prohibite not onely the going out of certaine of the aforesaid commodities of the Realme but also haue beene compelled to studie and deuise meanes by Acts of Parliament to bring keep downe the prices as well of the commodities of the Realme as of all forraine Realmes Therfore it must needes be concluded that Merchandizing Exchange and the practising thereof is the occasion of this great inconveniencie and Mischiefe
giuen proclaimed by their Prince Merchants gouerne the Common-wealth So that Merchants brought all men to follow theyr bow as concerning the estimation of English Money where they in the meane season passed not what they gaue in England for the Commodities thereof though they sold them to no profit at the Marts because the returning of the Money from the Marting-townes by theyr Merchandising Exchange was so profitable and gainefull vnto them during this base and low price of Exchange Likewise whereas the Queenes Maiestie Elizabeth by the aduice of her prudent and graue Counsellers mooued with great loue zeale and pitty towards all states of persons but specially towards the poorer sort oppressed and burthened with the excessiue prices of all things vendible within her Graces realme which sprung and rose as the common fame went by the occasion of the Drossy and monstrous Base-Money currant and set forth or at the least way permitted to be currant and set foorth by her Graces predecessors throughout the Realme like a most godly and louing Princesse hath taken away and abolished all the said course and Drossy Money coyne and for it restored as fine siluer coyne as euer was currant in the Realme before or rather finer hoping meaning and intending thereby to haue taken away there-with the corrupnesse and drossines of prices which likewise all thinges sold in her Maiesties Realme at the time was corrupted with As without doubt if no subtill pollicie had come betweene to haue letted and stopped her Graces wholesome purpose therein it would haue effected For some likelihood thereof began a little while to appeare by the falling of the prices of victuall at the Markets when it was first noised and bruted abroade that by a certaine day appointed and limited no Money but such as was of fine Siluer or Gold set forth by her Maiesty or by her Graces Predecessors should be paiable or currant thereafter within the Realme and that all the drossy coyne should be brought to her Mint of London where euery man should receiue for the same pure and fine Siluer Money of her Graces coyne whereat all persons much reioyced although for the present euery state of the Realme knew they should receiue a losse thereby Yet the consideration of the benefit that was to a good will But heere blind couetousnesse with greedy gaine and lucar raigning in the Marting-Merchants stirred vp theyr wits to practise their old subtill pollicie for the sauing of theyr state from losse which was to bring downe and abase the English pound in their Merchandising Exchange for the returning home of theyr Money into England from their Marting-townes at the other side the Sea and as they did before in the blessed time of King Edward so now at the first bruite and rumour of this Queenes most noble and euer praiseable enterprise they caused the price of her pound of Money to be valued in theyr Exchange but at 16. and 17. ss Flemish by which occasion as it came to passe before at other reformations of Monies the prices of all those Countrey commodities and also of all other forraine Nations and Countries did not onely keepe theyr old excessiue and deere prices in England but did rather encrease and waxe higher and so did likewise the commodities of the Realme follow after not onely because forraine wares did so but specially for the hastines men made to bestow their Money vpon them by the examples of the Merchants Aduenturers who spared not to buy all manner of wares transportable beyond the Sea at what price soeuer was demaunded for thē for that this returning home of Money by Exchange made them great gayners and would be a way meane if the worst fell to keepe and saue them from all losse and danger in the fall of the Money which all other states and conditions hauing theyr traffick within the Realme looked to haue sustained and borne by the reformation of the said Money which these Merchants Aduenturers did prouide to auoyde through this theyr peculier traffick and practise by tossing and turning their Money betweene England and their Marting-Townes by the sayd Merchandising Exchange For although the commodities of the Realme which they transported to the Marts rose from 4. li. to 6. li. and 7. li. English yet might they sell them at the Marts as good cheape as euer they did and be greater gainers then in times past For so much as though customably they did make afore times 30. 34. ss Flemish of a pound English in theyr sales after which rate they made 6. and 7. pound 8. ss Flemish of 4. li. English and so 150. pound and 160. li. Flemish of a 100. li. English yet because they returned theyr Money by Exchange at that time after 28. ss and 30. ss or 32. ss Flemish for the English pound theyr gaines passed not aboue 13. in the hundred Where now selling their commodities at the said prices of 6. 7. li. Flemish though they paid also for them so much in England of English Money after which reckoning they did or do make of 100. li. English but 100. Flemish yet returning home their Money after this reckoning and low Exchange of 16. and 17. ss Flemish for the English pound they got betweene 17. 25. in the hundred notwithstanding they sold not vnder 24. 26. ss Flemish for the pound English during the said lowe Exchange after which rate although they made but 120. 130. li. Flemish of their 100. li. English yet made they in England at the returne of their Money by the foresaid low Exchange aboue 150. and 160. li. English of their 100. li. transported first from thence to the Marts By which manner of reckoning ☜ theyr gaines rose to aboue 50. and 60. in the 100. for the space of one Mart. And so by this policy of Merchandising Exchange Merchants Aduenturers haue not only saued themselues at all falls of Mony passed in England haue hindred the Queenes Maiesties purpose Note for the bringing downe of the excessiue prices of things in the vtter abolishing of all the drossy corrupt Money in the Realme but there-withall they haue beene euermore the occasion and Authors of the disorder and of the raysing of all manner of wares and commodities in the Realme more and more to such excessiue and inordinate price as eyther they haue borne or doe beare at this day neither is there any other kinde of State or Persons in the Realme that eyther could haue deuised or els that went about to frustrate her Maiesties purposes in reducing all the base coynes to so pure or fine substance or matter but onely these Merchants Aduenturers by the practise of their fraudulent Exchange for all other maner of persons of the Realme would gladly haue borne the losse of the Money according to the Queenes Maiesties meaning because they perceiued that they should thereby thereafter saue more for the buying of things at moderate and
ruine and decay of most of the Ports Hauens Townes and Citties of this Realme the ouerthrow of sundry Artificers and Trades dwelling within them most necessary to haue beene maintained for the generall good of the Common-Wealth and speciall reliefe of the poore Secondly That Merchants by the Vnderpricing of the coyne of this Realme in there Merchandising Exchange at their priuat Mart-Townes haue beene the impediment that neither the Queenes Maiestie nor her Predecessors could bring to effect the thing which they went about by reforming and refining the drossy and lothsome coyne and Money currant in the Realme Thirdly the sayd Merchants by the practising of their Merchandising Exchange were the originall cause why all manner of wares Merchandizes and commodities as well of the Realme of England as of all other forraine Realmes rise to huge immoderate and excessiue prices Fourthly that all the excellent and necessary commodities of England bee vnprofitably exported and transported into forraine Countries at this day forsomuch as by the occasion of their Merchandising Exchange they bee better cheape solde abroade then they cost in England to the great disorder and hinderance of the Common-Wealth Fiftly the Queenes Maiestie is greatly defrauded by the sayd Exchange when her Maiesties affaires doe constraine her to prouide Money by that meanes at the foresayd Merchants hands contrary to the truth and valution of her owne coyne and so likewise be her Ambassadors sent in her Maiesties affaires and messages into any forraine Realme when soeuer they haue neede to prouide Money by the sayd Exchange Sixtly by the practising of the sayd Exchange all manner of Gold and Siluer is continually conuaied carried and transported out of the Realme and is the let and impediment why neither Bullyon of Gold or Siluer is so liberally and freely brought into the same as in times past it hath beene Seauenthly lastly the sayd Exchange causeth through the vile base and vntrue valuation the foresayd Merchants keepe the English pound at in their foresayd Exchange being so farre vnder the price it ought to haue that these immoderate and excessiue prices which they haue brought all things to be sold at in England cannot be diminished brought downe or mittigated to moderate reasonable and indefferent prices A generall Conclusion THis Treatise thus ended hath for warrant and Credite these foure Circumstances probability of Reason plaines of Stile speciall Experience and Time of writing From whence this Conclusion beeing drawne is heerevnto added That KINGS and KINGDOMS are heauenly Relatiues And TRVTH hath said it That the Desire of Money is the roote of all Euill that Couetousnes is flat Idolatry Which standing most true 1. Tim. 6.15 Coloss 3.5 it followes by Consequence that MERCHANDISING EXCHANGE is that Laborinth of Errors prinate Practise whereby though KINGS weare Crownes seem absolutely to raigne particuler BANKERS priuate SOCIETIES of Merchants Couetuous Persons whose End is Priuate gayne are able to suspend their Counsailes controle their Pollicies offering euen Bountie to KINGS the Fountaines of Goodnes lending Mony to Soueraigne STATES and EMPERORS themselues that onely can make Coyne and should haue to giue largely and lende vnto others Thus making KINGS to be Subiects and VASSALLES to be Kings Such hath been the strength of that Staine and Stay of Pietie that contempt of Iustice that seede of Dissention that world of Warres and Art of Witch-craft VSVRIE Such is and will be the power thereof at all occasions till KINGS and COVNSAILERS take their owne Charge in hand and next to RELIGION that sanctifies all relieue maintaine the Nurse of IVSTICE that rectifies all To wit free-borne TRAFFICK I meane in ENGLAND and English TRAFFICK In Magnis voluisse sat est sunt caetera DIVVM
properly and aptly to be called the Merchandizing of Money Yet because that through the practise and pollicy of Merchants specially trading frequenting the Marts of Antwerpe and the Fayres of Lions for the passing of Money from place to place by the same which also is done after a certaine sort and kind of exchanging and commuting of Money it may conueniently be called haue the name of Merchandizing Exchange Forasmuch as Money passed and exchanged after this way and manner must be payd againe according to the conditions and compacts taken and agreed vpon with the Merchants for the price valuation therof and not according to the iust lawfull valuation it hath by any publicke Authority of that Common-wealth which is author of the sayd Money the vvhich temerarius alteration of publick coynes monyes is the principall foundation of the sayd Exchange and of the gaines and lucar proceeding of the same for the loue greedines wherof the other lawfull Exchange is exiled and expelled both out of Spaine and Italie and through the frequenting thereof the trade of Merchandise is corrupted in all Countries and specially in England by the busie practising thereof of Merchants betweene Antwerpe and England which haue brought many inconveniences vnto this Common-wealth be thereby the onely Authors why all manner of wares and Merchandizes beare such excessiue prices as they doe at this day within the Realme as heereafter shall be declared by the opening of certaine circumstances essentially appertayning to the same Exchange without the which it can neither be vnderstood nor practised and so shall it euidently appeare that all th'inormities disordering the prices of all manner of things vendible in the Common-wealth haue theyr originall from thence CHAP. III. The Compacts and Conditions commonly agreed vpon in Merchandising Exchange FIrst the taker and Receiuer of Money by this Exchange must compound agree with the Deliuerer of the same at what distance of time the sayde Money shall be payde againe in a forraine Country or Citty appointed for the payment thereof for there bee three kindes of diuersities and Distances of time most commonly in vse at this day amongst Merchants for the repayment of such Money as is taken and deliuered by this Exchange Secondly the taker and Receiuor of Money by this Exchange must compound and agree with the Deliuerer thereof to make payment againe in the forraine Country according as the same Money receiued is valued by the Merchants to bee worth in the currant Money of the same forraine Country and according to the price and valuation the sayd currant Mony hath in this their Merchandising Exchange and not after the Princes iust valuation of the same Money CHAP. IIII. The Termes of Art proper to Marchandising Exchange by diuersities of Times and Distances of Place THe first kind of diuersity Merchants call the taking and deliuering of Money at sight At sigh the custome wherof in this Exchange commutation cōpelleth the Receiuor of the Money vpon a litle Scedule or Bill containing the summe value of the forraine coyne and Money which must be payd againe to the vse of the Deliuerer immediatly as the said Scedule Bill shall be shewed and presented by the Deliuerer or his Factor to the Factor or Seruant of the said taker and Receiuor of Money or els to his owne selfe The second is to take and deliuer Money by or at Vsance and the custome of this diuersity compelleth the taker of Money by this Exchange vppon his Bill or Scedule to pay the value thereof againe in forraine coyne or Money at the end of one month next immediatly ended after the first daie of the making of the Exchange in the Towne or Citty appointed thereunto in the say Scedule either by himselfe his Factor or Seruant This space of time of one month is limited for this second Distance of time in this Marchandising Exchange Vsance called Vsance betweene London and Antwerp and other Marting Townes there-abouts by the Bankers and Exchangers of the same Exchange The third is called Double Vsance Double Vsance by the vse and custome whereof the Taker and Receiuer of Money by the same Exchange is compelled by his Bill or Scedule to pay the value thereof againe in forraine Money at the end of two months next immediatly ending after the day that the Money was first taken vp by Exchange either by himselfe Factor or Seruant in the place appointed and assigned thereunto by the sayd Scedule And heere is to be noted that these two latter Distances of time be made longer and shorter for the payment of Money taken vp by the same after the diuersitie of any of the sayd two kindes according to the Distance of the Places for the which the say Exchange is or shall be made at any time CHAP. V. The Diuersitie of Prices of Money currant in Merchandising Exchange according to the Distances of Place and difference of Times LIke as the time and spaces limited to euery diuersity and Distance of time place of this Merchandising Exchange differ and vary one from another betweene England and Antwerp and other Marting Townes thereabouts so hath th'english pound passed by this Exchange betweene the one Country and the other at diuers and sundry prices differing one from another according to the time it is Exchanged for from the one place to the other First the price of the English pound Exchanged at sight differeth from the same pound valued by any Prince or publicke authoritie ordinarily foure or fiue pence in the pound Secondly the price of th'english pound Exchanged for Vsance differeth from the same pound deliuered and taken for sight ordinarily fiue or six pence in the pound Thirdly the price of the same pound taken and Exchanged for Double Vsance differeth from the pound by Vsance vi or vii pence so that an English pound Exchanged by this last distance of time differeth in price from a pound taken vp by the first difference of time xii or xiii pence in the sayd pound Many other diuersities as well of Times as of Money be and may be practised exercised in this Merchandising Exchange Whereof to discourse perticularly were too long and tedious forsomuch as this briefe declaration of these diuersities before recited may suffise not onely for the perceiuing and vnderstanding of the same but also for all other that be or may be practised in the sayd Merchandising Exchange for as these three prices differ proportionally one from another according to the rate and distance of time so doe all other prices therof according to the proportion of time they bee passed for CHAP. VI. The manner of raysing the valuation of Money in Merchandising Exchange FOrasmuch as the iust and lawfull valuation of Money cannot maintaine this subtill Merchandising Exchange euerie peece of Gold and great peece of Siluer set forth currant in any Common-wealth is alwaies of more valuation after that it is
currant Money in this foresaide Exchange by two pence foure pence or sixe pence in a peece more or lesse according to the quantity and substance it is of then it is by the Princes and publick authority of the Countrey where it was first coyned Which pollicie in raysing of Money is cheefely practised of the Bankers of Antwerpe to allure Merchants of all other parts to bring thither ready Money and therefore make they the coynes of all other Countries more woorth with them then in any other Country els although they be not so allowed and excepted by the authoritie of theyr Countrey Yet being thus valued by them they be made the common currant Money to buy and sell all manner of wares Merchandizes there trafficked and the way to passe and practise theyr Exchange with And because they will not haue the Princes Lawful Money to be the meane to buy sell all things with they compound in all their Contracts Bargaines and Exchanges to haue the payments made in this theyr Inuented Money which they call Currant Money in Merchandize And furthermore by this licentious libertie that they vsurpe in prising and valewing all Princes Money they make many sorts of Money currant amongst them which common Authority doth not permit nor allow to be payable nor currant in the Countrey Whereby they haue greatly increased and aduanced the trade and concourse of Merchants in those parts and Countryes notwithstanding therewithall hath proceeded the greatest occasion of the excessiue prices which raigneth vpō wares Merchandizes and commodities in all Countryes at this day CHAP. VII The difference betweene the Lawfull Exchange and Merchandising Exchange IN the Exchange which before is called tollerable and lawfull Exchange the price and valuation set foorth by publick authority is chiefely to be considered and regarded in the Money Exchanged thereby to the end that a iust equall payment may bee made againe thereof to the Party that deliuereth his Money by the sayd Exchange As for example if the Ambassador of a Prince had neede of 100. li. English to be payd him at Antwerp and would deliuer his 100. li. in London to haue the iust value thereof payd him againe in Flemish Money at his or the comming of his letter to Antwerp Heere is to be considered onely what and how much the English pound is worth Flemish by the Princes valuation of those parties the valuation whereof is at the least xxii shillings and vi pence Flemish after which valuation the hundred pound English shall make Flemish 112. li. 10 sh Likewise if he would haue a 100. Crownes of the sun payd him in Paris in Fraunce for the value thereof deliuered in London by the Exchange forsomuch as it is knowne that the French crowne is valued in England at vi sh English in Fraunce it is valued by the Prince at 50. sous now vi sh in Enlish after 2. sous and a halfe for the English grot amounteth to 45. sous in the crowne so that a hundred crownes amounteth to 4500. sous in French and after the French valuation of the crowne they amount to 5000. sous so that for a hundred crownes at the value thereof deliuered in England by this lawfull Exchange he ought to receiue in Fraunce 111. crownes 5. sous as hee doth at Antwerp for his 100. li. a 112. li. 10. st Flemish and this Exchange may be made without the Merchants three diuersities and distances of time very well truly and iustly because neither party seeketh to buy and sell Money thereby but to commute and Exchange it according to the iust value giuen to the same by the Princes and common authorities of both Countryes So that neither the Taker nor Deliuerer shall haue any more or lesse then that is due to them although the Deliuerer of the Money do tarry or be contented to tarry 15. or 20. dayes for the receite of his Money the Receiuor receiueth no domage nor hinderance thereby but rather commoditie and profit nor yet the Deliuerer if hee haue his Money to serue his purpose at the time appointed so that heere is no necessitie of interest to be payd to any partie for the forbearing of Money And surely this was onely the vse and custome of the Exchange at the first beginning thereof to the which if it were restored againe the Princes Embassadors of England lying in Fraunce and in other places should not leese 7. or 8. in the hundred for two or three months space in taking vp of Mony for Parris to be payd againe at Antwerp and from thence at London by Merchandising Exchange to doe their Prince and Country seruice but should rather be gainers by the lawfull and honest Exchange as reason and conscience declareth they should bee And yet notwithstanding might the Banker and Cambiador be allowed for his paines and labour for the receiuing and paying of the Money somewhat after the olde manner of Spaine and Italy which is after the rate of three in the hundred for the yeere and so should he not be euill payd therfore nor yet the Payer and Deliuerer of the Money by Exchange ouer burdened and charged as they be now a dayes eaten out of house and home by Merchandising Exchang if onely this lawfull Exchange were restored againe for the passing of Money from Country to Country Contrariwise in this corrupt and crafty Exchange and commutation of Money the sayd publicke valuation of Money is altogether neglected secluded and put out of minde and only the price and valuation that Money hath giuen to it by meere chaunce in the same Exchange considered and passed vpon and so neither can equallity nor indifferency be obserued in the payment againe of the Money taken and deliuered by the same Exchange but that one of the parties must be burthened thereby nipped and oppressed for that it is bought sold at lower and higher prices then it ought to haue by publick authoritie according to the pleasure of Merchants seeking lucar and gaines thereby As for example if one in London would haue a hundred crownes paid him in Parris by that Exchange first at his deliuering in London of his 100. crownes he must compound agree with him he maketh his Exchange withall how much English Money hee shall deliuer in London for euery French-crowne to be payd in Parris againe for the Princes valuation will not serue but hee must agree vpon a new price of English Money for the said crownes so where it is worth in England by the Princes valuation but vj shillings the Exchanger will haue sixe shillings foure pence or six pence or peraduenture a noble according as the occasion of Time serueth for euery crowne to be paid in Parris and sometimes more So that where by equitie and conscience which is knowne by the Princes and publicke valuation of the crowne the Deliuerer of the Money in England should receiue for his hundred crownes deliuered in England a hundred and eleuen crownes and fiue sous
vppon one thing or other that thereupon beganne to grow some disorder of prices in all wares and commodities sold in this Kingdome which being first perceiued by the Graue and Fatherly Gouernors of the Realme in the raigne of blessed King Edward the sixt they consulted together for the deuising of some wayes to be taken to auoyde the said disorder so begunne and sprung And the best meanes for that purpose was thought by their wisdomes to be the deminishing of all the white currant coyne and Money of the Realme intending by that meanes at the length to haue vtterly banished from thence all such counterfeited coyne taking leisure withall study care to doe it with as much ease and as little losse to euery State condition as could be deuised But before this their godly and most lawdable purpose could be brought to effect when it was yet but in talke and consultation and onely a rumor bruted and spred abroade that such a decry of Money should be The Merchants Aduenturers prepared withall speed possible The Merchants Aduenturers priuate shift to preuent the Princes purpose for the common good Armour and defence against the losse which they feared their State should fall into thereby when indeede euery person of the Realme ought to haue borne with a very good will the sayd losse for the redressing of the sayd disorder so sprung vp in the Realme in the prices of all things bought and sold betweene party and party according as the prudent and wise Counsellors of the Kings Maiesty had deuised and purposed to haue brought to passe and as the rest of all States of the ☞ Realme would haue yeelded vnto if the Merchants Aduenturers had beene destitute of their Exchange But greedy lucar and priuate gaine coulde not suffer their couetous harts to beare any little losse at that present though it should in the end haue turned to the common benefit of all the Realme And so forsooth without further helpe they vsed the pollicy of Merchandising Exchange their practise wherein was as it were to disualue and decry the price of the English pound in currant Money by the same Exchange for the passing of Money therby betweene England and their Marting-Townes Which pound had beene currant amongst them two and fro in the sayd Exchange vntill that time betweene 26 sh and 30 sh Flemish but then sodainely they decried and disualued it to 16. and 17 sh Flemish and at length to 13 sh Flemish before the alteration of the coyne was proclaimed by the which occasion the prices of all forraine wares and Merchandizes rose excessiuely in England as of necessity they must for the lesse Flemish Money is allowed for the English pound at the Marting-Townes at the other side the Sea in their fouresayd Exchange the dearer and the higher prices must all that Country wares beare bought there to bee transported into England which for the respect of the base price of th'english Money must needes be sold after the like rate in England For whereas before vntill that time the English pound had beene worth at the sayd Marting-Townes at least 26. ss Flemish then by this abasing of the Exchange 26. ss Flemish was brought to bee worth at the end 40. ss English because the sayd English pound was no more in value but 13. ss Flemish in their Merchandising Exchange by which meanes the thing that cost but 13 sh Flemish was sold betweene 20 and 26. ss English in England which manners of Sales must needes cause all manner of Flemish wares to beare excessiue and inordinate prices there which immoderate prices of strange and forraine wares were sufficient cause to be alledged why all the commodities of England did first arise to such prices as they doe still beare euen at this day because so great a quantity of the sayd Flanders wares were brought thether and bee in so great vse so much bought and spent of all manner of sorts of persons in England Yet notwithstanding the said Flemish wares were not the next and principall cause that the English commodities did so rise and exceed in price but rather the two Companies of English Merchants the Staplers Aduenturers for they made so gainefull reckoning at their Marting-Townes by returning home theyr Money by Merchandising Exchange that they past not what price they gaue and paid for the commodities of the Realme in England for the Staplers made aboue 28. ss Flemish of euery pound English they solde theyr wares and Merchandizes ☞ for by an old composition taken betweene them and the Merchants of those parts by the which manner of reckoning they got aboue 60. in the hundred in England The like reckonings made the Merchants Aduenturers by the sales of theyr commodities although theyr gaines were not so certaine because they had no such composition with the Merchants of those parts as the Staplers had Yet sold they after such rate that they made of euery English pound betweene 26. and 28 shillings Flemish all the while the Exchange came from thence Admirable Vsury after the rate of 400. pound or 500. pound made of 100. pound in one yeere betweene 16. and 18 sh for the English pound And so amounteth theyr gaines to aboue 50. and 60. in the 100. for a Moneths space or at the most for the space of one Mart making and returning home theyr Money by their Exchange During the time of which Exchange there was such a speedy and quicke trafficke betweene England and the Marting-Townes and all for the loue of this lucar great gaines that no commoditie in England transportable for those parts could lye by them vnbought And this meanes and practise of the two Companies of Merchants in following the Trafficke Merchandising Exchange was the principall cause why both forraine wares and English grew to such excessiue prices in England For when all other sorts and conditions of persons of the Realme perceiued that the bettering and amending of the ☞ coine of Mony of the Realme was nothing esteemed amongst the Merchants but rather lesse regarded as though it had bin lesse in value then it was before forsomuch as they daily encreased the price of the wares they brought from the Marting-Townes to be sold in England All other States likewise beganne to passe and set nothing by it and so rather couited to bestow it rashly and vnaduisedly in one thing or other what price so euer things did beare then discreetly and warily to foresee and looke afore-hand how they might bestow it for the bringing downe of the immoderate prices that euerything was growne vnto because they were perswaded that the said English coyne was no more worth then the Exchanging Merchants valued it at In so much that the Clothiers which came to Blackwell-hall set theyr pices on their Clothes according ☞ as they learned of the Merchants the price of Money came from the Marting-Townes in their Merchandising Exchange into England and not according to the valuation thereof
reasonable prices then they should lose by the reformation of the coyne for the cause beeing taken away of those excessiue prices which was as all men saide the drossy and base coyne and Money of the Realme the effect which proceedeth thereof must needs also haue ceased and vanished away But seeing it hath not so come to passe men must needes say and confesse that some other subtiltie and policie besides the foresaid drossy coyne Merchandising Exchange hath caused this inordinate prices which is Merchandising Exchange practised by Merchants Aduenturers as is heretofore proued ITEM the same practising of Merchandising Exchange is the meanes whereby all things doth continew deere and at high prices still in England for like as is before declared the Merchants Aduenturers for their owne priuate lucar gaine by the pollicy thereof caused all things in the Realme to rise to immoderate and excessiue prices altering the valuation of the English pound without reason or equity by disualuing and bringing downe the prices thereof farre vnder the value it ought to haue had in the sayd Exchange which pollicy they inuented at the fall of the Money to preuent the losse their State and Company should haue receiued thereby So after the fall was proclaimed in England for the loue of the like priuate gaines and lucar which they had tasted of so sweetely at the same time euer since they haue kept the price vnder the summe of Money it ought to bee worth in the same Exchange and thus passing and returning their Money into England vniustly and without equity they stay all manner of wares and commodities at the vnreasonable and excessiue prices they first brought them to or rather doe raise them higher For neuer since the Queenes Maiestie reduced all the corrupt coyne of the Realme to pure and fine Siluer the price of the English pound hath come from the Marting-Townes into England aboue 22. ss 2. pence Flemish at Vsance by the sayd Exchange where before till the first fall was noised in England the coyne being most drossy and corrupt the price of the sayd pound came from thence betweene 26. and 28. ss Flemish To the which price the sayd Merchants should doe their endeuour to bring it againe rather then as they doe keepe it at so vile a price and farre vnder the price that it is esteemed and valued to be worth in valued Money of that Country set foorth by the Prince thereof forasmuch as all the Money of the Realme Mark well the vse and aduantage which the Marchants Aduenturers make of their speciall Mart Townes beyond the Seas to the good of their Country is now so fine and pure But greedy lucar hath no reason which causeth that both the Merchants Aduenturers of England and also the Merchants of the Marting-Townes doe as it were by a conspiracy betweene them keepe the value of the English pound at so vniust and vile price in their Merchandising Exchange for by reason thereof doe the Merchants of those parts sell there wares to English Merchants for meruailous much more gaines then euer they did before and buy the commodities of England againe of them as good cheape as euer they did at any time before likewise the sayd Merchants of England gaine and get much more then euery they did whether they make imployments of their Money home in wares or in Money by Exchange from the Marting-Townes Therefore it appeareth that as this base vile and low price of the English pound in their Merchandising Exchange did raise at the first all manner of wares and commodities to immoderate excessiue prices in England so by the same Merchants hauing gathered so sweete and pleasant gaines doe they stay and keepe them at those sayd immoderate and excessiue prices from the which there will no way be found to remoue them so long as the Merchants may liberally at their pleasure vnder-price the Queenes Maiesties coyne of England in their Exchange and so trade and Traffick therewith betweene England and the sayd Marting-Townes because of the great commoditie gaine and profit the Merchants of both Countries receiue by the same Moreouer the Queenes Maiestie of England receiueth great losse and dammage at the Merchants hands by taking or prouiding Money of them by this their Merchandising Exchange according as they practise it now a dayes for where the Merchants Aduenturers and Staplers of England esteeme the English pound in their Merchandising Exchange not aboue 22. ss 6. pence Flemish from London to Antwerp at Vsance yet is not that the true and iust valuation it ought to haue in currant Money of the sayd Exchange forsomuch as by the publick valuation of that Country Money proclaymed by the commandement of the Prince anno 1559. the English pound of Money is esteemed to be worth of the same valued Money 22. ss 6. pence Flemish at least which valewed Money is better by 6. pence and 12. pence in a pound then the currant Money by Exchange So then when one deliuereth Money in London by Merchandising Exchange to be payd againe at Antwerp at sight he ought to receiue there for his English pound of Money at the least 23. ss Flemish of this Exchanging Money and after the Order of Merchants in the sayd Exchange if it be deliuered for Vsance he ought to receiue 23. sh 6. pence Flemish Neither can the Merchants giue any good reason why the price of the English pound in their Exchange should be esteemed at this day but at 22 sh 6. pence seeing it is no lesse worth in the valued Money of the sayd Country For after their olde Order of their Exchange when the English pound was valued in those parties to bee worth 26 sh 8. pence Flemish of the Princes Money the sayd pound in currunt Money of that Exchange was worth 28 sh so that then their was 4. Grotes of Exchanging Money allowed more to the English pound at the least then of valued Money yea most commonly it came from thence into England by their Exchange at 30 sh Flemish and somtime at 34 sh of the sayd Money from hence it went at a more and higher price in their sayd Exchange Therefore according to the proportion of the prices of Money then and now at this day the price of the English pound from hence ought not to bee vnder 23 sh 10. pence from hence at 24 sh 4. pence for from hence by the Order of Exchange vnto the Marting-Townes the price of the sayd pound is higher and more worth then from thence hether commonly by 6. pence Flemish Wherefore if truth and equity were vsed in this Merchandising Exchange or if the foresayd English Merchants frequented the Marting-Townes beyond the Sea for the preferment of the Common Wealth of their Country and not rather altogether ☞ for their owne priuate gaines and lucar they would neuer maintaine this piraticall Exchange that they practise now a dayes esteeming the English pound to be lesse worth of
their Exchanging Money then the Prince alloweth it to be worth of his valued Money which was neuer seene before these dayes For seeing their Exchanging Money is worse by 6. pence 12. pence in a pound then the Princes valued Money why should not more thereof bee giuen and allowed for the English pound then of valued Money according as it hath beene accustomed to bee euer heere before when the Prince of that Country allowed 26 sh 8. pence of his valued Money for the English pound Therefore that the Queenes Maiestie might be exonerated of so great losse when her affaires doe require the foresayd meane to prouide Money and to the end some way of reformation might also be prouided for the redressing of the excessiue prices that specially all forraine wares be sold for in England the foresayd Merchants Staplers and Aduenturers would bee by some order compelled to bring the English pound to this aforesayd iust price valuation it ought to haue in their vniust and polling Exchange then shall they bring the Sales of their commodities at the Marting Townes to be sold at 26. and 27. ss Flemish and vpwards for the English pound for the Sales of their wares must bee 2 sh in a pound aboue the price it hath in their Merchandising Exchange or els shall they make no reckoning to liue by And so after this reckoning raising the price of their Exchange shall they be able to sell in England and afford all forraine commodities 25. in the hundred better cheape and vnder the price they sell them now a dayes which reckoning shall induce some manner of reformation in the disordinate prices which all wares beare at this day to the great ease of all the Common Wealth After the same sort when the sayd Marting-Merchants venture into Spaine although they can deuise no such way and meanes to practise their Exchange thether as they doe to there Marting-Townes yet by the example thereof they occupy in that Country as subtill practise and as iniurious and hurtfull to the Common Wealth of their Country as their Exchange For when they bestow xx Nobles in the commodities of England to be transported into Spaine at the comming thether withall they make not their reckoning to sell their wares to make their English Money good againe in Spanish Money that is to make of euery English Noble 15. Rialls of plate and of euery 5 sh English 11. Rialls or a single Ducate of Spaine which were to make of euery pounds worth of English wares 4. Ducates in Spanish Money but they make their reckoning to sel their wares there as the Ducates were valued in England when the coyne and Money of England was most base and drossy after the reckoning they make of an English Noble but. 11. Rialls or a single Ducate in Spaine So where they should sell the 20. Nobles English for 26. or 27. Ducats Spanish if they were profitable Merchants for their Country with some gaines towards their charges they content themselues now a dayes rather then faile to make of the 20. Nobles English but 20. Ducats Spanish and so turne the matter cleane contrary deuising afore-hand at their returning home into England to make by the Sales of such Spanish wares as they bring into England not onely 20. Nobles English of 20. Ducats Spanish but within these few yeeres they haue priced Spanish wares after such sort that they haue ☞ made of euery Spanish single Ducate betweene 8. and 10 sh English Which vnreasonable reckoning they were most diligent to make when the English pound was most vily priced in their Merchandising Exchange and that was alwayes at such time as when either the Queenes Maiestie that now is or any of her ☞ prodecessors were most studious by the abolishing of the sayd drossy and base coyne then currant to haue brought downe the excessiue prices by their subtilty raised vpon all things in England For at such times the said Marting Merchants haue alwayes thought best and most fittest to take occasion to raise and enhaunce the prices of all manner of things in their owne Country to the entent thereby to decline and auoyde the losse that should be borne by the reformation of the coyne Money and therewithall did they venture most busily their owne Country commodities into Spaine in greater number then euer they were wount to doe before and all because of this new manner of reckoning to make of euery Spanish Ducate 8. or 10 sh English in the Sales of those Country wares Through which occasion they haue also raised the commodities of that Country to double and treble the price that euer they were wont to be sold for in Spaine insomuch that the wise and discreete men of that Country wish that the Marting Merchants might be kept from the trade of that Country two or three yeeres together Note for then they say that the Wines of those Partes would not bee much more worth then the caske they be put in And so likewise of Oyles and other commodities thereof which now be vnreasonable deere and yet doe they sell their owne Country commodities in that Country not only as basely and low priced as euer they did Note but also haue brought them to bee in no regarde or estimation throughout all the country where they haue brought all those Country wares to bee sold in England for thrice as much as a foretimes they were wount to be sold in England which be vnreasonable and excessiue prices Yet can they not well sell them vnder those prices to be any gayners they leese so much in the Sales of their owne commodities which they sell in those parts although they needed not to doe so if they kept any Merchantlike Order in the transporting of their commodities into those parts and in the Sales thereof at their comming thether as other Merchants of the Realme haue done in times past when they made euer reckoning to make in the Sales of their commodities in that Country 15. Rialls of plate of euery English Nobles worth of ware they brought thether which gaines is sufficient towards the charges So might wise and discreete Merchants doe now at this day as well as they which were wise in times past did for the commodities of England be as necessary and commodious for the Country at this day as euer they were before and therfore would they giue for them * This Treatise was written about the time of the Colloquy of Bruges which was holden in aunis 1564. et 1565. as much Money as euer they did whereof I poore and plaine WRITER of this Treatise haue had good experience euen in these dayes An Abridgement of the speciall Inconueniences to this Realme of England handled in the foresayd tenth Chapter FIrst that from transporting of the Store and translating of the Staples sometimes held at Callice and other good Townes in England to priuat Mart-Townes in Forraine Countries hath proceeded the principall occasion of the