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A06785 The center of The circle of commerce. Or, A refutation of a treatise, intituled The circle of commerce, or The ballance of trade, lately published by E.M. By Gerard Malynes merchant Malynes, Gerard, fl. 1586-1641. 1623 (1623) STC 17221; ESTC S111905 76,643 152

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Right Honorable Lyonell Baron Cranfield Earle of Middlesex is Lord High Treasurer of England whose name Misselden hath omitted in his Epistle Dedicatory for his Lordship hauing knowledge of moneys and exchanges is better inabled to aduance this important matter if it be possible that this time can entertaine good things wherein I am the more confident because the King himselfe in his high wisedome was desirous to be informed hereof by the Lord Vizcount Mandeuill Lord President of the Councell who calling by his Maiesties commandement vnto him Sir Robert Cotton Knight and Baronet Sir Ralph Maddyson Knight M r. Iohn Williams his Maiesties Goldsmith M r. William Sanderson Merchant Aduenturer and my selfe in the Moneth of Aprill 1622 deliuered to the Kings Maiestie a Remonstrance made by vs A Report touching Exchanges containning in substance That hauing examined the nature of exchange of moneys by Bills how it went in the elder and euener times and how it is now carried to the preiudice of the Realme and what will be the best meanes to reduce it to the former equity and parity according to the Rule of exchange which is Par pro Pari wee did find that this equall and ancient Rule is broken by the inhauncing of the price of moneys beyond the Seas whereby in effect wee exchange part of the intrinsicque value of our moneys for their outward denomination or valuation and that the redresse of this vnequall exchange betweene vs and forraine nations may be done by his Maiesties Proclamation without inhauncing of our moneys at home or meddling with the finesse or allay thereof in such maner and forme as therein is declared and hereafter expressed according to our former declaration in Print both in the Treatise of the maintainance of free Trade and Lex Mercatoria wherein Gaine the Center hath a Predominant power And hereby it may appeare that I haue not forgotten Cato his lesson Ad consilium non accesseris antequam v●ceris neither am I so audatious and vnmannerly as Misselden would proclame me to the world he hath neede of a leather case for his tongue that in all his Circle supped vp such hot broath P. 17. Contra verbosos noli Contendere verbis c. To examine now the Center Gaine in euery particular Trade of the Realme for forraine parts wee will begin with the song of foure parts so termed by Misselden P. 52. and answer most of his Satyrike speeches with merry conceits which may proue harmonious to the wise but if any thing shall seeme to be extreuagant let it be attributed to this Region of Capricorne where Corneited beasts will be skipping the voyces of his song is of strangers of the staplers of the Interloopers and of the Ports and the poore Merchants Aduenturors are made the burden of the song P. 49. on whom I doe indeuour as he saith to lay a Tacite and secret Aspersion of which he maketh himselfe to be the informer A Sycophant is taken for a flatterer of the Greeke word Sycos which signifieth a Fig for the Kings in times past did so much esteeme that fruit as Princes doe now their Deere and such Promouters as gaue information of the taking of figgs were so called which agreeth with ours howsoeuer I hope that his song will be a recantation of his errors as all good Patriots ought to doe albe●t he may perhaps for a time recantare that is sing it ouer againe Humanum est errare sed perseuerare Diabolicum As I will not scatter any society or corporations in that which proueth preiuditiall to the Common-wealth so haue I forborne to speake that which neuerthelesse is very considerable and hath beene obserued by that worthy Councellor and Secretary of State Sir Francis Walsingham touching Corporations where the absolute disposing of the Trade is left vnto them without the Prince his guide and direction for Commodities Moneys and Exchanges all my writings are emblazoned with the praise and commendations of Merchants albeit Misselden goeth about to make me distastfull in peruerting or misconstruing of them after his maner especially that I would haue the indraping of our Woolls to be done in forraine parts which he can neuer proue neither will I make any other answer in defence thereof then is made already For it is recorded that he who will make a great fire continually must rake together much meane fewell and he that will be alwayes shaking the spleene of others must haue as this man hath much curiosity more words and most lyes his face must be as hard as the shell of a Tortis his tongue as sharpe as the quills of a Procerpine his heart as vncleane as the Stable of Augnis before Hercules brought in the riuer Alpheus to clense it He saith That the State hath beene abused by information that the Dutch could not subsist without our English Cloth P. 51. THere is not any such thing in my writings neither did I euer stand so much vpon the necessary vse of our Woolls but I did insist vpon two principall points concerning the sale of Cloth The aduantage of the sale of our Cloth which was that other Nations buying heretofore our Clothes when they were sold deerer by the one halfe in price then they be now sold did neuer complaine that the Clothes were sold too deere but they did alwayes complaine of the false making of Cloth and againe that other Nations are as willing to sell vnto vs their forraine Commodities as we can be to sell our Clothes to them for those that make Clothes in their Countries haue no occasion to buy forraine Wares or the Commodities of other Countries but seeke to sell them for ready money or to be paied at some times of payment whereby England hath a great aduantage and may enioy the benefit of it in selling their Cloth with reputation which is euer accompained with request and causeth Commodities to be sold at good rates whereas vilifying the price of Wares can neuer establish a Trade nor make Commodities more vendible and this requireth great consideration That one man which Malynes out of Mallice Pickes and Points at is indeede an ample Trader in colloured Cloth but not in Kerseys yet so as there are very many others of the Company that are also Traders in coloured Cloth as well as he HAd not this man beene one of his supporters by whose mouth his pen speaketh I would haue imagined that he had beene in the Citty of Butus and had consulted with the Oracle of Laton● where those that sleepe before her image can make a Prediction by the first word of them that next met them Herodotus in Euterpe I bare no malice to the man nor to the Secretary of the said Company in whose commendation he so much speaketh P. 65. For I am assured that vpon better consideration of the matters in question they will willingly imbrace the true reformation of these great abuses Aspis a viper
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