procured by Merchants by or vnder the three essential parts of Traffique either by Commodities or by Moneys or by exchange of moneys according to euery mans profession and occasion in the course of Trade some by Commodities only others by money others by exchanges for moneys or by all three meanes Three meanes of Trade or some of them which yeeldeth most benefit as we shall declare in the sequel of this Discourse in plaine and significant words fit for euery mans vnderstanding without affectation of superficiary termes of Art by demonstratiue reasons and infallible arguments illustrated by similies notwithstanding the Refuters obiections which I intend to answer as they shall occurre vnto me hauing by this Index Purgatorius dissolued some franticke diseases of his braine which might haue obscured the things materiall of this important businesse Thus hauing resolued to containe my selfe within the circle of modestie remembring the saying of Socrates If an Asse kicke thee wilt thou kicke him againe I am only to addresse some few speeches vnto him by way of imitation Alas poore man you do so often deplore my ignorance by these words to extoll your learning who was neuer graduated in Schools do you think to coniure me within the circuite of your Circle wherein you are inclosed I am not to follow your method of circulation especially when you striue to commend and make good that within booke which was neuer in question and maliciously vrge some things without booke that were neuer meant by words nor writings to be defended neither can I be drawne from the matter by your Meanders or excursions and vaine disputations De lana Caprina you do embrace with Ixion a cloud for Iuno and with Narcissus louing your owne shadow for a water Nymph Leaue your prophanation of Gods word in your passionate writings for the highest point of knowledge is to know that we know nothing And so I end with an obseruation onely of such other absurdities as are fit to be noted for the better vnderstanding of the matters to be intreated of The Contents of the fiue Chapters or Zones Chap. 1. That exchange for moneys by bils of exchanges is the publike measure between the Realme of England and other countreys placed vnder the Articke circle Chap. 2. That the Moneys of the Realme are vndervalued in exchange betweene vs and other countreys in the Tropicke of Cancer Chap. 3. That Gaine is the center of the circle of commerce and that the vndervaluation of our moneys in exchange is the efficient cause of the ouerballancing of Trade placed in the Equinoctiall Chap. 4. An examination of the Center of commerce in the Trades from England into other countreys placed in the Tropicke of Capricorne Chap. 5. The meanes to ballance the Trade of England by the said Center or the Remedies against the causes of the decay thereof placed in the Antartike circle CHAP. I. That exchange for moneys by bills of exchanges is the publike measure between the Realme of England and other Countreys ENtring into the first Zone or Artike Circle of the North let vs direct our compasse according to this North Starre of the publike measure betweene vs and other Nations and so proceed methodically There is no Rule so generall in any thing which admitteth not some exception but to ground any thing vpon an exception and to leaue the generall rule is neuer done by any man of iudgement All Misseldens contradictions are grounded vpon exceptions and the generall rule is neglected As for example The Ship named the Dragon comming from the East Indies Misseldens absurdities was driuen by necessitie to saile a great part of her way without a Rudder P. 22. shall wee make a rule hereof and saile without a Rudder or compasse States-men haue obserued for a generall rule that the inhauncing of the coyne doth generally raise the prices of commodities shall wee terme this a fallacie P. 39. because that the linnens in Germanie haue these two or three yeares last come thence so cheap notwithstanding they were bought with moneys giuen out at high rates especially when intestine warres make things good cheape as Monsieur Bodine hath obserued in France and other places Againe when the price of commodities is raised generally with the price of moneys inhaunced P. 25. shall we contradict the same because one commoditie as Cloues is not risen but sold as a staple ware Likewise when moneys are not imported when there is a losse by the bringing of them Moneys decaied of their price are imported againe shall we denie this principle when moneys are brought in being decried or made bullion beyond the seas as the Iacobus and other coines haue bin of late in Holland and those parts which caused some quantitie for a time to be imported againe When generally all Diuines doe interprete and vnderstand the Hebrew word Neshech to be the biting of a dog or a gnawing as a dog doth vpon a bone concerning vsury which the learned Doctor Felton now Bishop of Ely and Doctor Wilson the Ciuilian haue so plainly expounded in their two Treatises of Vsury P. 44. shall we disallow hereof because one Rabbi Bechai doth take it to be the biting or sucking of a Serpent The generall Trade all the world ouer is made by the rule and square of moneys which is therefore called publica mensura in all countreys where moneys are vsed to set a price vnto all cōmodities Now albeit that there are some countries where they haue no moneys but commodities are bartred by way of commutation in kind shall we abandon therefore the generall rule or institution of moneys and iudge by the particular or exception Absit ignoranti◠Misselden doth confesse P. 20. That Money is the Publicke measure betweene man and man but exchange for moneys he vtterly denieth to be so betweene vs and forraine Nations This assumed opinion of his by a certaine Chymera swimming in his braine might find some kind of entertainment in a weake mans iudgement if the Lawes of the kingdome did not prohibite the Transportation of moneys But where moneys are forbidden to be carried out there must of necessity some other meanes be found to answer the same vnles we should returne againe to the Commutation of Commodities in kind and then moneys will not be vsefull And this was the beginning of exchange for moneys This exchange for moneys cannot be otherwise but with a consideration of the very value of the materialls whereof the money is made for we doe not exchange for cockle shels so that the inward value of Siluer and Gold by weight is the foundation of this exchange as shal be declared and consequently this exchange is the publike measure which all men will confesse And to apply the common saying P. 13. Mendacem oportet esse memorem by way of retortion his owne argument like vnto Goliaths sword will conuince him and take away the breath of his wilfull opinion for
conclusion in the gouernment of State-affaires wherein he is a meere nouice But my intention is to be briefe and substantiall To end therefore this matter of Ballance it may be thought strange that some men would be seduced thereby Discourse of the East India Trade by T. M. P. 49. 52. and giue bridle to the present course of Trade expecting an ouerballance to happen on our side without remouing of the causes after they had spoken well concerning exchanges although they confessed to be a ground as a matter much too high for their handling saying That the abuse thereof is very preiuditiall vnto this Kingdome in particular whilst in the interim the benefits doe arise vnto other Countries who diligently obseruing the prices whereby the moneys be exchanged may take aduantage to carry away the gold and siluer of this Realme at those times when the rate of our Starlin money in exchange is vnder the value of that standard vnto which place they are conueyed for in respect the prices of the exchanges doe rise and fall according to the plenty and scarcity of money which is to be taken vp or deliuered out the exchange is hereby rather become a Trade for some great moneyed men then a furtherance and accommodation of Recall Trade of Merchants as it ought to be in the true vse thereof and thus many times money may be made ouer hither by strangers to a good gaine and presently carried beyond the Seas to a second profit And yet the mischiefe ends not here for by these meanes the Takers vp of money in forraine Countries must necessarilie driue a Trade to those places from whence they draw their moneys and so do fill vs vp with forraine CoÌ„modities without the vent of our owne Wares c. And thus wee see how the ouerballance of Commodities is proceeding from the abuse of exchanges which ouerrule moneys and moneys ouerrule Commodities as heretofore is manifestly declared That the vnderualuation of our moneys in exchange is the efficient cause of the ouerballancing of Trade Vnderualuation of our moneys inexchange is the efficient cause of the ouerballancing doth appeare vpon the consideration of the causes depending one vpon another inforced by this Primum-Mobill as followeth 1. The vnderualuation of our moneys in exchange 2. proceeding of the inhauncing of moneys beyond the Seas which causeth 3. by gaine the transportation of our moneys 4. and debarred by losse to be sustained the importation of moneys and Bullion 5. hindreth also the bringing of Royalls of 8. vnto vs being otherwise diuerred 6. The forraine Commodities are risen in price according to the moneys inhaunced 7. The natiue Commodities are in price vndervalued according to the vndervaluation of our moneys all which are feareful effects For the treasure is exhaunced the Realme impouerished and money is made a Merchandise And this cannot be cured but by the contrary as shall be declared in the remedies Hitherto wee haue obserued and manifestly proued First That exchange is the publike measure betweene England and all places where wee deale by exchange Secondly That the moneys of the Realme are vndervalued in exchange betweene vs and other Countries And thirdly That Gaine is the Center of the Circle of Commerce and that the said vnderualuation is the efficient cause of the ouerballancing of Trade and withall we haue showed that 〈◊〉 conceited Ballance of Trade proposed by Misselden can be but a Triall and Discouery of the ouerballancing of Trade without that it can produce any other benefit to the Common-wealth By his last Ballance wee may perceiue that all the Commodities exported and the Commodities imported yearely doe amount vnto fiue Millions or fifty hundreth thousand pounds according to our obseruation in the Canker of Englands Common-wealth Now if the losse by exchange were but ten vpon the hundreth which wee haue proued aboue three-score and tenne it would amount to fiue hundreth thousand pounds yearely P. 37. The losse whereof is greater to the Kingdome then all the moneys employed to the East Indies commeth vnto An incredible losse which Misselden affirmeth to be an abominable vntrueth which I cannot but retort vpon him because he is vnfortunate to finde out the truth as shal be made more plaine in the following Chapter for he is in league with equiuocation in all his refutations which challengeth to be Cusen Germaine to trueth making his speeches a Centaure halfe a man halfe a horse or like one of the broodes of Nilus halfe earth halfe froggs a thing both shapelesse and shaped in one mixture which it thus distinguished by the Equinoctiall in this place CHAP. IIII. An Examination of the Center of Commerce in the Trades from England into other Countries THe Tropicke of Capricorne being the fourth Zone or girdle by our distribution is to vnderpâ—op and sustaine by the gaine of Trades the said Center or Gaine within the circumference of the Circle of Commerce not by an absolute power to be left vnto Merchants in the managing of Trade or in the disposing of moneys Commodities and exchanges for moneys but by a direction grounded vpon Lawes Ordinances and Proclamations For in regard of State affaires Merchants are ignorant in the course of Trafficque for asmuch as they doe onely study for priuate benefit so that they must haue leaders and conductors whereunto Buckes and Goates haue been compared in times past leading the silly sheep to feede in mountainous places To proue therefore that this is no new doctrine or inuention of mine as Misselden alleageth let vs enter into consideration of the following obseruations before our intended examination of the Center of Commerce in forraine Tradeâ— It is neere 350. yeares since King Edward the first did erect the office of the Kings Royall Exchanger Ancient Office of Exchanges which did continue successiuely by 16 seuerall Letters Patents of the Kings of this Realme by meanes whereof the moneys were preserued within the same and the Commodities were orderly vented the Merchandising exchange was then vnknown King Edward the third did constitute diuers exchanges 9. E. 3. 7. in sundry places of the Realme and caused tables of exchanges to be set vp at Doner and elsewhere to answere the value of our moneys in the coyne to be paid for it beyond the Seas according to the very value with some allowance to be giuen to accomodate Merchants affaires and trauellers occasions The like was done by Richard the second 5. R. 2. 2. and this was the true Par pro Pari 2. H. 6. 6. then vsed and continued by Henry the sixt and Edward the fourth 4. E. 4. 16. but more especially by that wise and politike Prince 2. H. 6. 6. King Henry the seuenth 3. H. 7. 6. absolutely forbidding the making of exchanges and rechanges for forraine parts without the Kings especiall license had and obtained for the same to which end all the seuerall Acts of Parliament touching the directing and ordering of
and Politike and the Naturall Exchange he will not call Par pro pari but value for value according to the inward finesse which is knowne by the assay and melting separating the pure from the impure the fine siluer and gold from the allay or copper and herein is no other obseruation but looke how much fine siluer or gold you receiue in one place iust so much and no more you must pay and deliuer in another place But you may not call this Parity nor Purity This saith he is a better direction then limitation of exchanges whereby you may vnderstand how he is mistaken supposing that the price of the Currant exchange should be limited and not rise and fall according to the nature of exchange vpon plenty or scarsity of money and the many or few takers or deliuerers of the money as hath beene declared So that he maketh no difference betweene the Positiue exchange and the Currant exchange the Positiue exchange is properly the matter of state that concerneth The King and kingdome P. 99. as himselfe confesseth howbeit without any mistery therein It concerneth the King when by the benefit of exchange his Maiesties affaires of state and high concequence may be furnished with moneys in forraine parts vpon all occasions without exportation of any of his owne treasures It concernes the Kingdome both in respect of Noblemen and Trades-men including therein the Clotheir and all Subiects in generall HEre now he is fully perswaded to haue spoken both ingenously and effectually for presently after like a silly Hare he insulteth ouer a dead Lyon as the Prouerbe is But we may say with the Fox that found a dead mans scull O quale Caput Cerebrum non habet will any man of iudgement commend this Politique exchange to secure the King and Kingdome when there is a greater losse to both by the abuse thereof in the deliuering of moneys by exchange then by the transportation of the moneys inspecie because when our moneys are vnderualued in exchange the money is not onely exported but all the commodities of the Realme are vndersold by so much also and forraine commodities are in the nature of moneys inhaunced put vpon vs. If this man did heare me he would cry out P. 14. what is the man mad hath he no lesse a crime to accuse our Merchants of then ignorance as he doth the kingdome of Depudations I leaue him and it to the iudgement of the State It is pitty such stuffe as this should passe the Presse Good Sir haue patience let not any strong immagination preuent your iudgement Tell me I pray you if the King or the Nobility and all other men should deliuer money by exchange at so low a price vnder the true value of the moneys that there were ten or twelue in the hundreth to be gotten in a moneths time betweene the money inspecie and by exchange whereby he that taketh the money hath an ability giuen him to export that money by all secret conueyances to pay his bill of exchange therewith beyond the Seas and to put the ouerplus of this incomparable gaine into his purse do not you thinke that the money will be exported by them that are the takers thereof whereby the kingdome loseth the money and you that are the deliuerers of the money the benefit which they reape thereby which you ought to haue giuen you by iust and true exchange Are not the King and the Nobility great loosers hereby in deliuering of their moneys hereunto he replieth you are wide there is no such matter you mistake the busines this cannot be proued it is the maine pillar to support that strange and perillous Proiect of the Par the foundation whereof I haue rooted out P. 101. for by taking that away all Malines allegations are fallen to the ground there is not any such vnderualuation of our moneys in exchange P. 76. it is but foppery and delusion proceeding of a weake braine De homine imperito nunquam quic quam iniustius Qui nisi quod ipse facit nihil rectum Putat To this peremptory opinion me must ioyne a peremptory issue and come to the proofe putting him neuertheles in minde that he doth maintaine that the low exchange for moneys is profitable for our Merchants that are commonly the takers of moneys here in Englaâ—d and so beyond the Seas where they are deliuerers now how a low exchange can be imagined without the vnderualuation of our moneys in exchange I referre to his deepe apprehensions come we therefore in the next place to proue this vnderualuation of our moneys in Exchange and then such as deserue the name of Mountebankes Iugglers or impostures of Trade will be found out as easely by the Center of Commerce P. 17. as the Cu'man Asse was wearing the Lyons skin by the stranger that had seene a Lyon who knew him by his eares and braying maruell not therefore that I haue written of Merchants Lawes which are extolled and not disgraced thereby or by such a fellow who willeth you to remember Maximilians Foole telling the Emperour that if he would deriue his pettigree from Noahs Arke whereas now he reuerenced him like a God if he came once to the Arke he should be his fellow for he was sure that he also descended from thence This vndervaluation being proued will verifie the Prouerbe who is the foole now and Horace his Crow will be found to haue lost his Cheese by too P. 144. much Chattering or Aesops Dog his Bone by too much gaping which similies himselfe hath vsed CHAP. II. That the Moneys of the Realme are vnderuauled in Exchange betweene vs and other Countries FRom the North Starre of the Artike Circle or Pole we are come to the Tropicke of Cancer to intreate of the vnderualuation of our moneys in Exchange which may well be compared vnto Cancer the Crab in going backe for so doth the wealth of the Realme by these meanes decay for wee looke one way and goe another way like men that row on the water or like Crabs on the Land Wee haue obserued heretofore that Polititions or Statesmen haue noted that the often comparing of a thing vnto his Principle or Original produceth the longer continuance shewing by Digression how the same is decaied and may be reduced to the first integrity and goodnes To reduce therefore the course of Exchange for moneys to the first institution may seeme very necessary to explaime this important matter It is about 80. yeares since that there was an equal Exchange between England and the Netherlands Aequall Exchange which in true value may be called Positiue and according to alteration in price Currant at which time twenty shillings of their coine and twenty shillings Starlin were alike in denomination that is to say were named all one in price of intrinsique or inward value for their Imperial Royall of gold was valued and went currant for Ten shillings Flemish and our Angell
was valued at Ten shillings Starlin being all of a goodnes of Gold in value which we call Waight and finesse by the termes of the Mint so the French Crowne which was valued here at Six shillings Starlin English forraine coyne all one in Exchange and beyond the Seas at six shillings Flemish was correspondent the Phillip Doller of siluer was valued at fiue shillings Flemish and so was the Edward Crowne of silucr fiue shillings Starlin our ten Groats being three shillings and foure pence was correspondent to the Emperours Florin of twenty Stiuers and the Flemish shillings of six Stiuers or twelue pence Flemish was all one with our shilling or twelue pence Starlin for an ounce of Starlin siluer was valued as fiue shillings for there was fiue peeces or shillings made out of an ounce and although the Standards of moneys did differ in the finesse or goodnes of the siluer and gold yet the quantity in waight did answere and made good the same as for example the Starlin Standard being 11. ounces 2. d. waight in fine siluer in the 12 ounces Troy to the pound waight made into 60 s. caused the ounce to be fiue shillings and the Philip. Doller being but ten ounces of fine siluer in the like pound weight of 12 ounces Troy was correspondent and currant for fiue shillings or the said pound was valued at 60 s. This Philip Doller weigheth 22 pennie weight which is two pennie weight more then an ounce to answer our siluer by the more weight of such siluer as is not so good as ours because it containeth more allay or copper so that their inward value of siluer is made by weight answerable and correspondent to ours And so the names for the price and value of the coine were named alike and the prices of commodities both here and beyond the seas were likewise named accordingly whereby all fallacies concerning the value of moneys and the prices of commodities were excluded and then Merchants to accommodate one another by exchange would giue or deduct either 3 d. 4 d. or 6 d. or thereabouts vpon the pound of our 20 s. or a pennie or two pence vpon the Noble wherupon exchanges were then commonly made to pay or receiue their moneys by exchange here or beyond the seas according as they could agree in so much that 20 s. Starlin hath beene giuen here to receiue beyond the seas 19 s. 6 d. Flemish by exchange And the like hath been giuen beyond seas to receiue here 20 s Starlin according to the occasions of Merchants From this equalitie or paritie of exchange we are fallen to very great inequalitie by the inhauncing of moneys beyond the Seas whereby the price was there altered in name or denomination our moneys remaining here at a stand and the standards of moneys both here and beyond the Seas also remaining vnaltered and so continued beyond the Seas vntill this day albeit they haue caused diuers new coines of other standards to be made since that time which is to be obserued hereafter the rather for that it is a maxime That the siluer coines doe rule the markets in all places because of the abundance thereof Siluer coyne do rule the Markets and Exchange being 500 to one of gold which causeth the exchanges to be made according to the siluer coines which ouerruleth the coines of gold The first inequalitie crept in by the inhauncing of moneys was vpon the Philip Doller which was come from 30 Stiuers or 5 s as aforesaid to 33 and 35 Stiuers whereby the price of exchange began to alter in the yeares of our Lord 1563 and 1564 which then was looked into by the Merchants Aduenturers according to the complaints of Mr. Hussey their Gouernour and that made them to make exchanges vpon our pound of 20 s Starlin at 22 s. 6 d. and 23 s. Afterwards in the yeare 1575 the said Philip Doller went currant for 36 Stiuers or 6 s Flemish which was inhaunced full twentie in the hundred or foure shillings vpon twentie shillings whereby the paritie of exchange was altered in name from 20 to 24 because that 24 s with them beyond the Seas and our 20 s here was all one in value so that 500 l Starlin was correspondent or answerable to 600 l Flemish by reason of the said valuation without any alteration of Standards Before that time that is to say in the yeare of our Lord 1567 the Burgundian Rickx Doller was coined in the Empire for 32 Stiuers lups or two Marks lubish of 16 shillings the Marke So that then one shilling lubish and one Stiuer Shilling Lubish and Stiuers all one was betweene Germanie and the Netherlands all one in name as we haue more amply declared in Lex Mercatoria and elsewhere From this position let vs come now to the vndervaluation of our moneys in exchange by three seuerall and infallible meanes and therein obserue the progresse of valuation and the course of exchange for the maine places of Trade First by the Assayes of moneys made in former times and the calculations of exchanges made thereupon upon according to the prices or valuations of the moneys inhaunced beyond the Seas and not inhaunced with vs in England Secondly Three meanes to proue the vnderualuation of our moneys in Exchange by true calculations deriued from the said Assayes and inhauncing of forraine coines as also of our moneys beyond the Seas which rule cannot faile so long as the Standards of the moneys are not altered Lastly By the triall of Assayes both of our moneys and the coines of forraine Countries lately taken concerning both the premises by which three meanes any man of iudgement may perceiue that the Exchange is the Publike meanes betweene vs and other Countries already proued Concerning the first it appeareth of record that in the said yeare 1575. there was by order of the Right Honourable the Lords others of her Maiesties then Priuy Councell of the late Queene Elizabeth of blessed memory diuers Assayes made of the moneys of sundry Countries and the price of Exchange that is to say of the Positiue Exchange was set downe accordingly whereof I haue made this Abstract for so much as maketh for the purpose The Phillip Doller of 10. ounces fine at 36. Stiuers or 6. s. Flemish made the price of the said Exchange 24. s. as aforesaid accounting 4 Dollers for the l. The Rickx Doller of 10. ounces 12. penny waight at 32. shillings lubish or Stiuers Flemish made the said Positiue Exchange to be 24. s. also Exchange at 14. s. at Hamborough and the Low Countries accompting foure and a halfe Doller for 20. s. Starlin The Rickx Doller being inhaunced to 33. shillings lubish made the price of the said Exchange at one shilling more vpon the 4. prices and a halfe to be at 24. s. 9. d. which contained for a long time at Hamborough and other places in Germany Exchange at 24. s. 9d in Germany and
becommeth a looser of so much and the Kingdome is bereaued of the others money which the Amsterdammer caused to be sent ouer vnto him as shal be made plaine in the next Chapter To returne to our aforesaid declaration of the vndervaluation of our moneys Exchange at 358. for the Low Vnited Countries True it is that since the said Proclamation of the States whereby our shilling is valued at 10 ½ Stiuers the price of exchange is risen to 35 s which some vnderstand to be value for value or Par pro Pari and others will say who knoweth whether the said Assayes were truely made and reported accordingly and so speak against our benefit I answer admit that the losse be but 6 1 9. per centum for a moneth is this tollerable when by the exportation of our moneys there may be gotten aboue 73 per centum by the yeare which is a gaine exceeding all other gaines besides the losse of our Treasure This is conuenience being opened to the Grand Commission of 51. Persons of diuers quallities and degrees appointed for matters of Trade namely The Right Honourable the Lord Vizcount Man-deuile The Grand Commission for Trade Lord President of the Councell The Lord Brooke Sir Iohn Suckling Knight Comptroller of his Maiesties Houshold Sir Iulius Caesar Knight Master of the Rolles and diuers other Knights Baronets and others It pleased them to send for his Maiesties Assay-master Master Andrew Palmer a man of rare knowledge and experience and willed him to make Assayes of the principall forraine coynes and to compare the same vnto ours by way of Exchange after the rate of 35 s. Flemish for 20 s. Starlin whereupon he made the report here following in the Moneth of March last past 1623. Twenty shillings English money Master Palmers report to the Commissioners containeth in fine siluer 3 ounces ten pennie waight 23 graines 4 mites 12 droicts 7 periods 17 blancks Fiue and thirty Hollands shillings containes in fine siluer 3 ounces 6 pennie waight 14 graines 6 mites 16 droicts Whereby the difference of fine siluer is 4 pennie weight 8 graines 17 mites 20 droicts Euery penny weight of fine siluer is worth in our currant siluer moneys three pence farthing and halfe a farthing full so the difference in value betweene the moneys aboue said is 14 pence halfe pennie and one farthing which is vpon the hundreth pounds sixe ponnds three shillings Euery Holland shilling containes in fine siluer one pennie waight 21 graines 13 mites 8 droicts which is in value to our siluer moneys six pence 3 ◠parts euery Holland Stiuer of the best containes in fine siluer 7 graines 12 mites 5 droicts 6 periods 16 blancks which is in value two ounces one pennie 1½ mites euery 5 shillings English siluer containes in fine siluer 17 penny waight 17 graines 16 mites Euery Holland Doller containeth in fine siluer 16 pennie waight 4 graines 10 mites the difference in fine siluer is one pennie waight 13 graines 6 mites which is in value Starlin 5 pence full Euery peece of 8 Royalls of Spaine containeth in fine siluer 16 penney waight one graine the difference is one penny waight 16 graines 16 mites And in value Starlin fiue pence halfe penny full So to the difference of six pounds three shillings in euery hundreth pounds the 5 vpon the hundreth added betweene 33 s. 4 d and 35 s. is in Totall 11 l. 3 s by this calculation of Assay Thus it appeareth vnto men euen of the meanest vnderstanding that our moneys are vndervalued in exchange for the Low Countries and for Hamborough other places much more where the Rickx Doller is risen to 52 and 54 shillings lubish which by the precedent rules maketh the price of this Positiue Exchange to be aboue 40 s. of theirs for our 20 s which to auoide prolixity I leaue to euery mans iudgement to calculate Now because we haue spoken of men of meane capacity Inconueniences of the vnderualuation of our moneys and that I doe labour to expresse my selfe in the plainest maner I pray you is there any man liuing that will not conceiue that this exceeding great gaine had by exportation of our moneys will still depriue vs of our Treasure And on the contrary that this great losse had by the importation of money doth still debarre vs from any to be brought in Againe when greater gaine is giuen vpon the Spanish Royalls beyond the Seas will not the same be diuerted from vs and carried thither or if some be imported vpon occasion or by accident will not other men transport them againe and so take away the life of Trade and cause the Vitall Spirits thereof to languish Surely all men are able to vnderstand this yet it shal be made more plainer Thus may we obserue the Disgression and inequallity betweene the said moneys which can neuer conueniently be reducted to their first price and equallity I might likewise make instance of the coines of gold which are more inhaunced for the Soueraigne of 20 s. is now currant at 37 s. 8 d Flemish But the premises declare sufficiently the vndervaluation of our moneys in exchange both by calculation and triall of the suttle Assay Misselden in his former Treatise misnamed Free-Trade setteth downe P. 7. that the immediate cause of the want of money in England is the vnderualuation of his Maiesties coyne which hindereth the importation and causeth the exportation of ours whereupon he would haue the Kings coine raised and forraine coine to be made currant at equall value And in his Circle of Commerce he saith P. 101. that I would perswade the world that there is a great vnderualuations of our moneys in exchange to those of Germany and the Low Countries which is the maine Pillar to support the Par and so now there is no vndervaluation And thus with the Saytre he bloweth hot cold at one instant with one breath and withall he doth acknowledge that if the premises by vs declared were true as true and manifest they are That they be fearefull effects and againe that moneys are not so little inhaunced as 20 in the hundreth since the inhauncing begunne which we haue proued to be double or 100 vpon the hundreth well in good time t is mistaken to make it serue his turne He accuseth me of grosse errors for that the exchange is risen in price according to the valuation of moneys which euen now we haue proued to be false and if exchange should rise and fall accordingly that is to say if moneys rise beyond the Seas that the price of exchange should rise accordingly and if moneys doe rise here that then on the contrary the exchange should fall in price here what remedy can there be then in the inhauncing of the moneys when the price of exchange will still ouer rule the same Misseldens Errors as it were an inhauncing vpon an inhauncing betweene vs and other Countries vpon the price of exchange
which as hath beene shewed is the Publike Measure But he will make this perspicuous by a familiar example surely one of the familiars of his Circle hath delâ—ded him herein for if a Gentleman maketh ouer 100 l for Amsterdam at 33 s. 4 d and receiueth for it there 166 l 13 s. 4 d Flemish in Holland Dollers called Lyon Dollers at two Guilderes or 40 Stiuers the Doller which amounteth iust 500 Dollers and vpon occasion after he hath receiued the same he is to deliuer them there againe by exchange to be paid in London the question is not vpon the inhauncing of two Stiuers vpon euery Doller and 35 s which he must giue there to haue heere payd him 20 s. Starlin for euery pound whereby the said inhauncing of the Doller there and the price of Exchange doe iust concurre and there can be neither gaine nor losse But the point is whether these 500. Dollers do containe so much fine siluer by waight as there is in 100 l Starlin here by him deliuered whereby it might be at his choice to import the said 500. Dollers inspeci or to deliuer them there by exchange to receiue the value thereof in England without losse and vpon examination hereof the difference according to the premises will be found so great that it cannot be put into one eye for it will fill such an emptie skull without braines as the Fox before spoken of had found by chance and wee now perceiue here you may distinguish his Personnall Exchange concerning Trade and his Prouinciall Exchange concerning State to be handled in the next Chapter for the said Lyon Doller was by the said Proclamation of the Earle of Leycester valued at 36 Stiuers Phillip Dollers which is now inhaunced to 40 Stiuers Rickâ— Dollers being iust one ninth part as before is declared Lyon Dollers al proportionable Concerning others Dollers and maketh 11 1 9 part in the 100 being 11 l. 2 s. 2â…” d whereby we may perceiue that there is a proporcionable valuation of these coynes so that the Gentleman was according to the true value to receiue at Amsterdam â—55 Hollands or Lyon Dollers and 5 9 parts or 20 Stiuers and euen so much is our money vndervalued from 33 s. 4 d Flemish as the Assay doth demonstrate And according to the said Rule if 42 Stiuers made the exchange vpon the Spanish Royall of 8. to be 33 l 4 d what shall the same be at 48 Stiuers for the said Royall Facit 38 s. 1 d as aforesaid This Flemish reckonning is true and truer then the Spanish reckonning whereupon Misselden directeth his Argument And if the said Gentleman had bestowed the last yeare the said 100 l in Royalls of 8 at 22 s. for the 5 prices and payd them out there at 51 Stiuers and so returned his money by exchange at a low rate or 33 s. 4 d or vnder he might haue gotten 25 Per Cento where the said Royalls when he bought them did cost him but tenne vpon the hundreth and thus you may see what deepe speculations this man hath whilst he is inclosed within his Circle to find out these Misteries yet no Misteries like vnto the Man An Eunuch that was no Man which threw a Stone A Pumex that was no Stone at a Bird that was no Bird sitting vpon a Tree A Bat. A dead Tronke that was no Tree at which a Dog did barke A Beech. that was no Dog And this is the maner of his Sophistry But he will come a little closer and leaue all the vncertaine rates of exchanges and so bring me to the touchstone of the said last Proclamation of the States of the Vnited Prouinces whereby the Royal of 8 is cried downe to 48 Stiuers or 8 s. Flemish And here he hath calculated matters to a haire by the English waight of English and Ases and pennie waight and graines reckoning after 32 Ases for the pennie weight or English the pennie waight being but 24 granes and making 4 peeces 3 â— parts to be equall with our 20 s. in value which at 10 〈◊〉 Stiuers for our shilling according to the said Proclamation iumpeth all at 35 s. Flemish in exchange for the said 2 s. Starlin this is very prettily contriued by the dexterity of his ingenous spirit or rather by his supportes who would helpe a lame Dog ouer the stile as the prouer be is by abating the price of the Royall and aduancing the price of exchange taking care onely for the present rate time of exchange wherewith he chargeth me with a pâ—ace of Scripture with such a Magnanimity P. 113. as if he were riding in his Triumphant Chariot drawne by ignorance and impudency as a cupple of Coatch Horses immitating Caligula who following the example of Iulius Caesar in conquering Brittaine Suetornius Diâ—n and conducting his Army to the Sea side commanded his Souldiers to gather shells which he called the spoiles of the Ocean and binding a few Germaines that neuer fought against him led them in triumph to Rome Euen such is the behauiour of Misselden who hauing gathered the shelles of knowldge could neuer attaine to the solide flesh of truth and prudence for an answere therefore to this vntrue Assertion I vtterly deny that 4 Royalls â— 8 parts doe answer our 20 s. Starlin and by the aforesaid Rule of Arithmitike if 22 s. will buy 5 peeces or Royalls of 8 then 20 s. requireth 4 6 11 peeces and although the said Royall be decried yet is the same currant aboue the price of the Proclamation in most places moreouer by the said rule if one shilling was worth ten Stiuers and more when the Rickx Doller was valued at 45 Stiuers which is now inhaunced and currant aboue 50 which is 1 9 part increased then it followeth that the said our shilling ought to be valued aboue 11 Stiuers and 1 9 part especially now the same must be deliuered by weight which is the cause that aboue sixe in the hundreth profit will be giuen in the Mintes there according to the pollicy in Mint affaires when there is an intention to melt downe forraine coyne as we haue amptly declared in the second Part of Lex Mercatoria now concerning the exchange for Hamborough The vnderuâ—luation of our moneys by Exchange at Hamborough where after the rate of 4 Rickx Dollers and one halfe wee are to looke for 450 Dollers for one hundreth pound Starlin I am conscious by bills of exchanges made at Hamborough the last yeare betweene English money and lubish amongst the Merchants Aduenturours that for 381 Dollers deliuered there there haue been paid 100 l here in England which is 69 Dollers vnder the true value whereby they sold their clothes better cheape there and so the Kingdomes stocke must answer for it to the impouerishment thereof There is no man that hath the name of a Merchant that hauing there 381 Dollers will import the same into
enumeration of sundry significations of the same Difinition of Distinctions with an apt application to the thing in question obserue we the plainest way to distinguish the opperatiō of the said Center gaine in the course of Traffique for euen as a spider hath the best quallity of feeling sitting with the head downewards in her circular web as the Center thereof to ketch her liuing in all the parts of the circumference of her web euen so haue all men but most especially worlings looking downe wards with the Kite an Action and feeling of their benefit and gaine which ruleth the course of Trade in generall by Gods direction to be obserued therein The wealth of a Kingdome cannot properly decrease Three meanes to decrease the Wealth of the Realme but three maner of wayes namely by selling our natiue Commodities too good cheape by buying the forraine Commodities too deare and by the exportation of our moneys inspecie caused by a low exchange for moneys by Bills of exchanges as before is declared In the managing whereof wee are to make three distinctions The First concerning the King and the Nobility Gentlemen and Trauellers Three Distinction considerable who are here deliuerers of money to serue their occasions beyond the Seas or else they are takers vp beyond the Seas by letters of credit to their greater losse when the price of exchange is low or foraine coyne is inhaunced or ouervalued in exchange vnto vs as is before declared in the first Chapter The Second distinction concerneth particular Merchants who doe make a priuate benefit by moneys and exchange to the preiudice of the Kingdome by a low exchange and vndervaluation of our moneys The Third concerneth the whole Kingdome in generall wherein the said perticular Merchants do beare some losse vnawares although they haue a greater gaine by a disordered Trade another way to the vtter vndoing of all Trade and destruction of the Realme which we are now to distinguish It is demanded P. 17. whether it be lawfull for Merchants to seeke their Priuatum commodum in the exercise of their calling whether gaine be not the end of Trade and whether the priuate be not inualued in the publike The answer is extant that Albeit the generall is composed of the particular Maine of free Trade P. 3. yet it may fall out that the generall shall receiue an intollerable preiudice and losse by the particular benefit of some the opinion and councell therefore in the reformation of abuses of some priuate Merchants is to be held in suspition and Kings and Princes are to sit at the sterne of Trade which caused the wise man to say Consult not with a Merchant concerning Exchanges Ecclesiasticus 37. ver 11. The gaines which are preiuditiall to the Common-wealth and beneficiall to some Merchants in particular are these as followeth English Merchants being here the takers of money by exchange haue a great gaine when they take the same at a low exchange Pernitious Asguments giuing lesse by their Bill of exchange in forraine parts and in 〈◊〉 maner beyond the Seas in giuing Flemish or other moneys there to haue here Starlin money for it they being there commonly the deliuerers of money so that a low price of exchange by the vndervaluation of our moneys is profitable to the Merchant and to maintaine this it is inferred that merchant strangers would export more moneys out of the Realme into forraine parts if English Merchants did not take the said moneys by exchanges and that at a low price whereby the English Merchant becommeth a gainer and the Merchant stranger a looser Againe if an equall exchange were vsed according to the Standards of moneys of other Nations and ours then could not English Merchants sell our natiue Commodities so good cheape beyond the Seas to vndersell other Nations casting their calculations of buying and selling according to the low price of exchange Also if the price of exchange were high beyond the Seas then the Spanish Merchants could not make such gaine by the Royalls of 8 which they transport thither making returne of the proceede of them by a low exchange to their great benefit of 25 Per cento where they can make here but ten vpon the hundreth If the moneys were not inhaunced beyond the Seas Merchants could not sell our natiue commodities at the prices they now do and returne the value thereof by a low exchange from thence or taking vp the same heere giue so little by exchange there English Merchants buying here cloth vpon their credits and selling the same beyond the Seas haue a good gaine to returne their money by a low exchange to pay the seller of the Cloth with his owne so trading without stockes are instruments to sell the natiue Commodities of the Realme If the exchange were not low vnder the value of the Standard Merchants could not make a great benefit by taking vp moneys here be he either English or stranger and transport the same to pay their Bills of exchanges beyond the Seas and reserue a great part of the money for their benefit neither could they buy forraine Commodities beyond the Seas vpon long dayes of payment and transport money to pay the seller at the said times All this is done by maintaining the vndervaluation of our moneys by a low exchange The Rule of iustice equity which must be distinguished from the true rule of iustice and equity which requireth an equall valuation in exchange or an aduantage ouer and aboue to accomodate the course of Trafficque and then it will be found that the vnderualuation of moneys in exchange is intollerable and that this gaine procured to the hurt of the Kingdome although profitable to particular Merchants is to be abolished The like is done by selling of our Cloth good cheape beyond the Seas in greater quantity when Merchants haue beaten downe the price with the Clothier whereby the Clothier is forced to do the like with the Woolegrower which disimproueth the reuinew of lands But the Merchant imployeth the lesser stocke and hath not therefore the lesse benefit the Woolegrower and the Clothier bearing the losse besides other priuate dealings of Merchants which are errors of Trade declared in out former Treatise P. 75 76. The third distinction concerning the whole Kingdome is now to be examined by way of Antithesis or conterpointing shewing how gaine doth command and direct Trade in the said three simples of Trafficque namely Commodities Moneys and Exchanges and especially in the exchanges of moneys which ouerruleth the other two whereby the ouerballancing of forraine Commodities with our natiue Commodities in price is procured and this may be auoided and preuented by the contrary if it be put in practise according to the said rule of iustice and equitie Inconueniences arising to the Realme of England by the vnderualuation of our moneys in Exchanges vpon the pound of xx shillings for the maine places of Trade FIrst when our
the Center of the Circle of Commerce is grounded Consider wee now this Center Gaine in euery particular vpon the premises drawing from the Circumference all direct lines into it and excluding all obliquie curuey and Helicall lines and we shall find that Nothing doth force Trade but Gaine Gaine had vpon moneys by vnderualuation in exchange and inhauncing of forraine coyne beyond the Seas causeth our moneys to be exported Gaine had vpon moneys by exchange and true valuation causeth moneys to be brought in Gaine vpon moneys being taken away and answered by true exchange keepeth moneys within the Realme Gaine giuen vpon moneys imported heere equall to the gaine made beyond the Seas will preuent the diuersion of the Royalls of 8. Gaine more made by our moneys then by our commodities exported causeth lesse employment to be made vpon our Commodities and greater exportation Gaine made by a low exchange vndervaluing our moneys causeth them to be sold lesse beyond the Seas and forraine wares deerer to ouerballance vs. Gaine made vpon our natiue Commodities is Really imported by moneys and Bullion when there is no losse by the importation of moneys Gaine had vpon forraine coyne within the Realme being preuented by the value in Exchange keepeth the coyne within the Realme and Mint Gaine vpon moneys being greater beyond the Seas then with vs in England draweth moneys thither and hindreth moneys to be imported the want whereof maketh a dead Trade Gaine had by exchange vpon young Merchants of smal meanes spoileth the vent of our commodities by ouerthrowing the Market of others Gaine giuen by exchange of moneys by Bill according to the true value or aboue the same causeth forraine Commodities to be sold better cheape within the Realme and giueth a direction Tacite to sell our natiue Commodities with more gaine and reputation Gaine procured by our Commodities outwards more then by forraine Commodities inwards which meanes to import Bullion and moneys to be done by this true valuation in exchange as aforesaid will preuent the ouerballancing of Trade and bring all things in tune when the Center Gaine findeth rest in Proprio Loco The consideration hereof excludeth all vniust vnlawfull and priuate gaine made to the preiudice of the Realme by the ouersight of Merchants which seeme to steere the helme when Palynicrus was sleepie This is that Geometricall Axiom or Maxime Circulus Tangit Planum vnico Puncto heretofore obserued this is properly the Scope of Merchants P. 104. all the Misteries of Personall and Prouinciall Exchanges are comprised in this Mistery which Misselden will make to be no Mistery and to vse his owne words neuertheles All the knowledge of Commerce is presented and represented in this History All the riuers of Trade spring out of this source P. 142. and empt themselues againe into this Occean All the waight of Trade falles to this Center and comes within the circuit of this Circle This is that Par pro Pari that waighes downe Misseldens Ballance of Trade which is without a Paralell which to proue let vs now examine what is presented and represented by his vncertaine Ballance A Merchant saith he when he will informe himselfe how his Estate standeth P. 130. is said to take a Ballance of his Estate wherein he collecteth and considereth all his Wares and Monyes and Debts as if he would cast euery-thing into the Scale to be tried c. IF this Merchant should not looke to the Center Gaine in the meane time what will the taking of a Ballance auaile him or to what end and purpose will this tend Surely onely for a triall to find out whether he hath gained or lost this is all a Ballance can doe And although a Merchant can in some sort doe this It followeth not that the Royall Merchant or a Prince can doe it albeit he is the Father of the great familie of the Commonwealth for the cause of Trade is not in his owne power but Merchants doe manage the same who as hath bin shewed may procure their priuate gaine and yet impouerish the Kingdome So that the Casting vp of this Ballance P. 116. can neuer be an excellent and policique inuention to shew vs the difference of weight in the Commerce of one Kingdome with another vnles the three Essential parts of Trade be wisely directed and obserued by the Prince according to the said Center of Commerce and not by this conceited Ballance Misselden hauing found an auncient worm-eaten Ballance vpon Record which is said to be made in the 28 yeare of Edward the Third might very well haue ouer past the same seeing the imperfection thereof P. 30. and that he found it in that Maniscript that he so little esteemeth from which as he saith I haue stored my selfe For therein diuers Commodities of the Kingdome as Lead Tinne Butter Cheese Tallow Hides Skinnes Iron and other Staple Wares are not mentioned and yet concerne the said Ballance so that his comparison betweene those auncient P. 123. with these moderne times is but vaine and a Superfluous tale But he delighteth iâ— words for want of matter or substance Then he commeth to a Positiue constitution of the forme of a Ballance in the yeares of our Lord 1612 and 1621. And here lieth the Pot of Roses to know whether the natiue Commodities exported and the forraine Commodities imported doe ballance or ouerballance one another in the Scale of Commerce P. 121. and if the natiue Commodities exported doe waigh downe and exceed in value the forraine Commodities imported P. 127. that ouerplus must either come in as he saith in money or Merchandise P. 117. if not in money then in Merchandise Surely he did not consider this without a night-cap for it deserueth to be written in Capitall Letters Moneys will not be imported so long as there is a losse by the bringing in of them and if Commodities be brought in it increaseth the said ouerballancing as a Deceptio Visus vpon your Scale of Commerce whereby you cannot discerne the truth but you must of force find your Ballance false The Ballance A deceptio Visus and your iudgement vncertaine and herein is no more hope of a remedie then there is to ouertake a man which runneth to the East and you persue him towards the West running from him But let vs come somewhat closer to the consideration of this Ballance and suppose that by increasing our Manifactures by foure or fiue hundreth thousand pounds yearely more to be exported this ballance will be reformed is not this like and feasible to be done I answere that although it were feasible to make and vent such a quantity of Manifactures yearely yet is it not like to moderate the ouerballancing For all men of iudgement will say that the proceed or returne of the said Manifactures will come vnto vs in forraine Commodities because moneys and Bullion cannot be brought in but to losse as the case standeth So that still
our ouerballancing increaseth for when more Commodâ—â—â— are imported then the Kingdome spends 〈◊〉 must be exported againe for other places and otâ—â—â— Commodities are imported againe for the retuâ—â— thereof to augment the said ouerballance nayâ—â— force vs to weare more forraine wares through the aboundance of it and to neglect the vse of our natiue Commodities But saith he P. 123. the forme will illustrate this conceited course of Ballance Tot sensus quot capita As many mindes as men euery man abounding in his owne sence a maruelous grounded rule to build vpon where there is so many Cannons must wee needs saile betweene Scylla and Charibays of an vncertaine Ballance without a Paralell Absurd to admit such vncertainties when the Compasse of our Center doth direct vs in the very negotiation and nothing can be directed vnto vs by this Ballance without the said Center The vncertainty of this Ballance doth consist of many particulars whereby it is so farre from vnderstanding as conclusion is from order First This Ballance cannot be certainly prescribed by one yeares time The vncertainties of the Realme or any certaine or limited time for sometimes and that vnexpected some East India Ship or other rich lading may come in or the Spices and other goods already come in and to be exported are not carried out when the calculation of the Ballance is made Secondly for moneys secretly exported the returne in Commodities may be yet to come or if it be for gaine had by intrest money or exchanges it neede neuer to returne for the Merchant stranger as also for moneys taken vp by exchange to be employed vpon Commodities and other meanes whereof the Ballance cannot be sensible not comming to be Ballanced Thirdly The profit made vpon our natiue Commodities as also for the forraine Commodities and the charges is incertaine both in the exportation of the one and the importation of the other which he bringeth vpon the Ballance by estimate and is meerely coniecturall Fourthly The forraine Commodities are not vnderrated by one third part in the Custome Bookes in comparison of our natiue Commodities Fiftly The fine goods secretly conueyed inwards more then outwards by one hundreth thousand pounds yearely is but a supposition Sixtly The payment of Customes being vncertaine and the concealing of Custome comming to be twenty for one in the calculation maketh the accompt to be most incertaine Seuenthly and lastly There may be so much gotten by Commodities exported retransported and for that gaine forraine Commodities brought in that it may seeme to be an ouerballance when it is not The premises considered what Center is there in this Ballance is it not like vnto those great Balloons that men play with all fild with wind for there is not any sollid substance P. 126. but all is coniecturall and immaginary neither is it practised by other Princes and Countries as he vntruly alleadgeth For other Princes and States are carefull to augment Trade by increasing of their Manifactures and 〈◊〉 sell them to benefit as also to make their Territorâ—â—â— as it were Magazins for all Commodities Gaines to be procured by Commodities moneys and Exchanges and as they get by Commodities so doe they also by moneys and exchanges which cannot but preuent the ouerballancing We all agree that there is an ouerballance which must be remeded by the redresse of the causes and not by the study of Ballances which demonstrate little in truth and certainty but much in imaginâ—â—â— on and conceit It is Gaine that beareth the sway and it is more then necessary to Tautologize and to repeate things of this nature for they produce fearfull effects we feele them we complaine of them and wofull experience sheweth vnto vs that it is high time to reforme them For Abyssus Abyssâ—â— inuocat By the aforesaid distinction euery man of vnderstanding can discerne the particular priuate gaine from the generall benefit whereby he may the better perceiue the weaknes of Misseldens obiections He saith P. 108. The higher the exchange is in England the more losse is it to the taker And the more gaine to the deliuerer 1. Obiect which is the Merchant stranger Againe The higher the Exchange is in Dutchland the more losse to the deliuer and gaine to the taker which is likewise there the Merchant stranger and this he declareth by example THis Obiection is the first Pernitious Argument noted in this Chapter which representing vnto vs the Equinoctiall Line requireth equallity and equity in the valuation of Moneys and true Exchanges for the generall good as before is demonstrated the absurdity of which obiection let vs now declare Suppose that notwithstanding the inhauncing of the forraine coyne beyond the Seas the price of exchange were still at euen money as it was about 80 yeares past as hath beene declared namely at twenty shillings here with vs which is a low exchange vpon the Ballance of Trade A Merchant stranger selling heere his forraine Commodities bought beyond the seas with the inhaunced coine finding this low exchange to make his returne by will resolue either to buy our Commodities or to export our moneys for by this low exchange he shall be a very great looser so that our English Merchants shall find no money to be taken vp by exchange to make their ready employment vpon our Commodities and the Merchant stranger will buy them or else the money will be conueyed away for the most part notwithstanding the Statute of employment which as it is a losse to the Realme so is it to the English Merchants in particular who might haue employed the same So then è contrario The lower the Exchange is in England the lesse mony 1. Answ. is deliuered by exchange vnto English Merchants and the more is the Trade driuen into the Merchant strangers hands As also the more moneys are exported Againe The lower that the Exchange is in Dutchland the lesse money is taken vp by the Merchant stranger there and the more 〈…〉 are imported both by the English Merchants and the Merchant strangers VVHich bringeth an ouerballancing and increaseth the transportation of our moneys and is also a hinderance to the importation because their moneys are inhaunced whereby it is manifest that one extremity enforceth another What is now the Medium or rather The generall benefit to be prefered before the particular which of these extreames shall take place The one conterneth the generall welfare of the Realme The other concerneth priuate Merchants Shall not the rule of iustice and equity be preferred whereby the Common-wealth is inriched and the priuate be abolished which destroyeth the Kingdome yes questionles But this reformation or Par of exchange 2â— Obiect threateneth the decay of Cloth Trade For the exchange is that P. 109. which representeth to our English Merchant his whole estate beyond the Seas for his ready vse and employment thereof in England vpon all occasions So that if there should
moneys are vnderualued in exchange whereby there ariseth a gaine betweene the inward value of the moneys and the price of exchange then are our moneys continually exported into forraine parts for the like gaine can neuer be made by any Commodity 2 This exportation of money causeth not onely the lesse moneys to be employed vpon our natiue Commodities and returneth in forraine wares but taketh away also the Vitall spirit of Trafficque and giueth a great cause of ouerballancing of coÌ„modities 3 The said vndervaluation of our moneys in exchange doth the like and causeth our natiue Commodities to be sold better cheape beyond the Seas for want of knowledge of the true value of our moneys and theirs euen as the inhauncing of forraine coyne beyond the Seas caused the forraine wares to be aduanced in price according as the said money is inhaunced whereby the said ouerballancing must needes come to passe of course 4 It doth hinder the importation of Bullion and Dollers from the said places of Trade which wee haue had in times past for the said inhauncing coyne not being truly valued by exchange cannot be imported but to an exceeding losse and Merchant strangers will not take the same at a low exchange so that our Merchants are compelled to make their returnes by forraine Commodities thereby greatly increasing the said ouerballancing of Trade 5 Young English Merchants are constrained to take vp a great part of the said money at a low exchange to maintaine their rechanges to their losse or else must make quick sales of their commodities whereby they spoile the markets of others which causeth them to set ouer their bills obligatory receiued for their Clothes sold there either for money to pay the money taken vp heere by exchange or for forraine Commodities at deere rates by the said inhaunced moneys and otherwise which cannot but breed an ouerballancing of Commodities 6 The said low exchange whereby the Spanish Merchants make a diuersion of the Royalls of 8 vnto to those parts finding there more gaine when they can make ouer their moneys by a low exchange doth also diuert from vs a great Trade by such imployments as are made there vpon forraine Commodities as Bayes Sayes and other new Draperies made in those parts which might be employed vpon our Commodities and can this negotiation be without argumenting of the said ouerballancing 7 If by occasion or accident moneys or Bullion is impotted which might be carried to the Mint and the moneys made thereof would be deliuered by exchange to our Merchants and so by them employed vpon our Commodities if the said were high or indiffetent it falleth out that the said moneys or Bullion are exported againe by other Merchants which bring in forraine wares for it for gaine still beareth the sway Thus by buying forraine commodities as it were by forcible meanes of course by reason of the said vndervaluation of our moneys by exchange and selling our natiue Commodities by a false measure of exchange to our losse The causes of ouerballancing and decay of Trade at the pleasures of other Nations and by conuerting their inhaunced coine into Starlin money by a low exchange and the continuall exportation of our moneys affording such great gaine and being debarred to bring in moneys because of the losse had thereby is our trade decayed and would be so although there were no more wares in Christendome for these be the causes of ouerballancing whereby the Realme is impouerished which shal be more amply declared Sublata Causa Tâ—ll itur effectus Now albeit that the contrary hereof doth produce the benefits to the Common-wealth and doth properly belong to the remedies of the inconueniences of Trade to be handled in the last Chapter yet because it is more intelligible in this place let vs declare the same Benefits which will arise to the Realme of England by the true valuation of our Moneys in Exchange to meete with the said inconueniences FIrst Meanes to preuent the ouerballancing of Trade and to restore Trade when the exchange doth answer the true value of our moneys then there is no gaine to be made by exportation which is preuented thereby 2 The transportation of moneys being preuented will cause the greater employment to be made vpon our natiue Commodities either by the Merchant stranger or by English Merchants to whom the stranger will deliuer his money by exchange for by the exportation he shall haue no gaine and therefore he will expect the taker of it by which plenty of money there will be a liuely Trade and the cause of ouerballancing will diminsh 3 The true value of our money or aboue being answered by a high exchange causeth Merchants strangers to sell their Commodities according to the true value of the money whereby the ouerballancing must needs decrease of course 4 The vndervaluation of our moneys and the inhauncing of forraine coyne being met withall and calculated in exchange causeth moneys and Bullion to be brought into the Realme without losse and most times with gaine and sometimes with a little disaduantage because our Merchants will rather then to buy forraine commodities deere haue their money ready to be employed again â— this doth also meete with the said ouer ballancing 5 Young English Merchants which are takers of moneys beyond the Seas will receiue more by an high exchange there and finding plenty of money shall not be driuen to make rash sales or barters to their losse and hinderance of others which will also moderate the said ouer ballancing 6 When the Spanish Merchants shall not be able to deliuer their Royalâ—s of 8 or the money receiued for them by a low exchange beyond the Seas but according to the true value required by a iust and lawfull exchange then they will find no more gaine there then here which will cause them to import the said Royalls here where the inward value will be answered vnto them the diuerted Trade by these meanes will returne into England to employ the said Royalls or the moneys made thereof vpon our Bayes Sayes and other Draperies which of course wil quallify the said ouerballaÌ„cing 7 Thus moneys and Bullion will then be imported by a necessitie of nature beyond all resistance and the Dollers Royalls of 8 and other coynes brought in vpon occasion or accidentally will remaine within the Realme when there shall be no gaine by the exportatioÌ„ because this true exchange Rising and falling neuerthelesse aboue the value and not vnder will answer the said value and preuent that gaine which is now procured in danger of the Lawes aduenture of the Seas and of lewd persons So that by comparing the precedent benefits with the former inconueniences An application of the comparison euery man of iudgment may easily see how hurtfull the low exchange and vnderualuation of our moneys is to the Common-wealth and on the contrary how beneficiall the true valuation or high exchange will be concurring with equitie and true pollicy whereupon
moneys and exchanges haue been made as in the margent In primo of King Henry the eight Sir Thomas Bullen Knight was the Kings exchanger by Letters Patents for all changes and rechanges for forraine parts as by the Records appeareth in his Maiesties Exchequer and there also you shall finde that during the râ—igne of the said king Henry the seuenth one Petrus Contarin a Venetiâ—n Merchâ—nt was sued in the tenth yeare of his raigne vpon the said Statutes and the like â—uâ—e was brought in the ninteenth yeare following against Dominico Polliâ—oâ—o the Popes collector And Lorenzo Albâ—rti vpon the like condemnation did pay 933 l. Graftons Cron. This caused the said King Henry the eight in the twenty two yeare of his Raigne to make a very seuere Proclamation that no person should make any exchange contrary to the true meaning of the said Acts and Statutes but as Warres discompound all good orders and necessity hath no law so in the latter end of this Kings Raigne by reason of the base money then coyned this office of exchanges did discontinue And in Edward the sixt his time the practise of exchange was for a time prohibited but vpon vrgent necessity of the conueniences therof againe admitted vnto Merchants In the beginning of the Raign of the late Queen Elizabeth of blessed memory the abuses of exchanges were called in question by M r. Hussly gouernour of the Merchants Aduenturors afterwards the Lord Burghley Lord Treasurer of England had a grant by Letters Patents of the said office for 23. yeares who not being informed how the same should be truely Gouerned after Proclamation made could not finde conuenient meanes to establish the same this in progresse of time did touch the said Lord so much in his honor and reputation that his Sonne Sir Robert Cecill Lord Treasurer of England after him would neuer incline to establish the said office much lesse to reforme the abuses thereof besides some other consideration might moue him because the busines was propounded by others So that Misselden doth speake vntruly that the same was reiected P. 92. for it hath still continued and beene in agitation euen as the fishing Trade hitherto neglected whereof more hereafter The importancy of the matter of exchange Treaties of Exchanges with other Princes doth not onely appeare by the said generall Acts of Parliament hitherto vnrepealed and now most necessary then euer to be put in practise but also by diuers Treaties that the Kings of England haue had by many conferrences with other Princes and states concerning the losses sustained thereby now vtterly neglected Let it be considered what incredible losse England sustaineth when wee loose aboue twoâ—shillings in the pound when the Dutchesse of Sauoy Regent of the Low Countries alleageth that one halfe penny in the pound losse would ruine the State of those Countries as by antient records in the Exchequer appeareth King Henry the eight being come to Callice required the Arch-dutches of Austria then gouernor of the Low Countries to permit his gold and siluer to passe currant in her Dominions a little aboue the true value thereof for the better inabling of his Souldiers and Merchants The Dutchesse dispatched Thomas Gramay generall of her mints and Iohn Dewsbrooke her Assay-master with instructions to the King of England aduertising him Notable considerations that to suffer the English coyne runne at an ouervalue was against all Statutes and ordinances of the Mint and that it would redound to the great scandall losse and harme to the common-weale and the harme and losse should be so great that it were imposible to esteeme it for the Merchant findeth that more might be gotten in England then in her Doâ—inions for Bullion by this ouerualuation of the English coyne would carry away all fiue gold molten and vnmolten not onely in ingotts but also in peeces of gold made in the Arch-Dukes Mint to conuert them into Angell Nobles by which meanes the Countrey and Subiects of the same should be totally consumed spoyled and destroyed which would turne to a domage inestimable The like is affirmed to ensue by the tolleration of our English siluer moneys to be ouer valued Gaine is still the Center because all Merchants for their gaine would carry into England not onely the materialls of siluer but also peeces coyned wherby the entercourse of Merchandise should cease and the Merchants should become Merchants of siluer without selling any other ware or Merchandise Furthermore she pleaded that neuer any Prince would permit strange money to passe higher then his owne but that of custome they vse the contrary And which is most effectuall she vrged that the ordinances of the Mints for the benefit of the Prince and his Subiects ought euer to be kept of good policy for a Law firme and stable forasmuch the meanes of Princes and of Noblemen together with the rents fees and wages of all his Subiects are taxed and valued and all Merchandise ruled and gouerned thereby wherefore without great necessity or evident vtility no alteration ought to be made in the price of moneys Vpon this remoustrance the Arch-Dutchesse Commissioners the Mint-masters of the Tower made assayes of all English and Flemish coynes and after long disputing and wrangling the King could neuer obtaine to haue his coyne passe at an halfe penny aboue the true value What shall wee say of these our dayes wherein we suffer so great an vnderualuation of our moneys in exchange and inhaunoing of forraine coyne whereby the Trade is decayed the Realme impouerished and euery man in a maner vndone Are all the precedent Lawes and ordinances made in vaine and forgotten When Hercules had loâ—t his oxen Bateman in his Leaden gods and had long time sought them in vaine they were at last discouered by their bellowing to be in Cacus Denne now Cacos in Greeke signifieth Euill which draweth men backwards by the taile as Cacus did the oxen whenc I doe conclude that the said Lawes and ordinances are hid in Misseldens Denne for in his Circle he will take no notice of them P. 9. but keepeth them backe But thankes be giuen vnto God and honor to the King who out of his Princely care and prouidence hath Hercules strength to put the said Lawes in execution to which purpose and to aduance Trade his highnes hath beene gratiously pleased First to grant a speciall Commitee to examine the causes of the decay of Trade next an especiall Commission directed to diuers Noble Personages and Priuie Councellors of State associated with most worthy persons of quality to diuise wholsome remedies for these diseases wherein they bestow vnfatigable industry and paines to receiue all informations which may conduce them to finde out the true remedies and discerne them from all fallacies to them I doubt not my labours will be acceptable done freely and sincerely for the common good It may be that the reformation hereof hath also been reserued vntill these dayes now the