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-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
all their owne coines were correspondent thereunto in the inward value but in the Low Countries the valuation did alter and moneys were inhaunced by intermissiue times by the warres and deuision of the 17. Prouinces Come wee now to the yeare 1586. when Robert Lord Dudley Earle of Leycester went ouer to take the Gouernment of the Vnited Prouinces at which time moneys were much inhaunced and the States did coine the great siluer Royall of the goodnes of the Phillip Doller as also Rickx Dollers in euery prouince of the goodnes of the said Imperiall or Burgundian Dollers and the Arch Duke Albertus of Austria did the like in the reconciled Countries vnder his Gouernment Hereupon there was Assayes made againe of the said coynes and other moneys and the goodnes of them was by the said Assayes correspondent in weight and finesse and so the Positiue Exchange was made accordingly vpon the valuation made in the said Countries namely the said Phillip Doller being risen and valued at 50. Stiuers or 8. s. 4. d. Flemish made the said Exchange by the said 4. peeces to be 33. s. 4. d. for 20. shillings Starlin the said Rickx Doller was valued at 45. Stiuers or 7. s. 6. d. Flemish made the Exchange to be after 4 peeces and a halfe to the pound Starlin 33. s. 9. d. but because our shilling was valued at 20. d. Flemish or 10 Stiuers whereof 20. s. made 33. s. 4. d. Flemish it was agreed by the Commissioners Exchange for the Low Countries at 83 s. 4 d. that the Positiue Exchange should be 33. s. 4. d. for our 20. s and all other moneys had correspondence with the said price or thereabouts and the Spanish Royall of 8. was valued at 42. Stiuers or 7. s. Flemish as appeareth by the Placeart or Proclamation then made by the said Earle of Leycester If you will be sure whether the said Assayes and Valuations are truely calculated in exchange Calculations vpon Assayes and Moneys the Accompt by the Golden Rule is easie for any man of meane iudgement to be cast vp that is to say if the Phillip Doller of 36 Stiuers made the price of exchange to be 24. s. what must the price now be when the said Doller is valued at 50. Stiuers facit 33. s. 4. d againe if the Rickx Doller at 33. Stiuers giueth in exchange 24. s. 9. d. what will 45. Stiuers giue in exchange facit 33. s. 9. d so that you see the Assayes and Valuations doth agree in the price of exchange and rather somewhat to our disaduantage In the yeare 1600. by a Commission granted to Sir Richard Martin Knight and Master of the Mint Sir Richard Saltonstall Sir Henery Belling sley knights Thomas afterwards Lord Knynet Mr. Iohn Williams my selfe and diuers others there was an examination taken concerning the goodnes and valuation of moneys in exchange and there ensued but an alteration in the valuation of gold concerning the proportion with some small reformation concerning the Standards but in Exchanges nothing was effected for some reasons here not declared come wee now to this present time and see how much the said moneys haue beene inhaunced Calculations vp on the last valuation not by the tolleration of Merchants to receiue them aboue their price but according to the Placcart or Edict of Proclamation of the said Estates made the 21 of Iuly 1622. There you shall finde that the Phillip Doller is made Bullion that is to say not currant as they haue also done of other coynes but the Rickx Doller of Germany and the Nether-lands are inhaunced and valued by Publike Authority besides their tolleration to goe aboue the same at 50. Stiuers now cast hereupon what the Positiue Exchange must be when 45. is made 50. or when 5. is gotten in 45 which is iust one ninth part take the ninth part of one hundreth and it is 11. and 1 9. that the said Dollers and other moneys are in haunced thereby But our Shillings or 12. pence Starlin albeit they must be deliuered by waight is but aduanced to tenne Stiuers and a halfe which is but 5. d. 100. when it should be 11 1 9. part or 11. l. 2. s. 2. d. â…” The Rule is If 45. giue 5 what shall 50. giue Facit 11. 1 9. parts Or if 45. giue in true Exchang 33. s. 9 d what 50 Facit 37. s. 6. d. Or if 42. for the Royall giue 33. s. 4. d what giues 48 Facit 38. s. 1. d. So that it plainely appeareth by grounded calculation vpon Assayes that from 33. s. 4. d. the moneys of the Realme between vs and the Low Countries are vnderualued 11. l. 2. s. 2. â…” d. in euery hundred pounds Exceeding great gaine by the exportation of our moneys whereby we vndersell our home commodities and buy the forraine Commodities so much dearer and loose for euery hundreth pounds so much in the Kingdome stocke for we doe receiue but 88. l. 17. s. 9. â…“ d. for one hundreth pounds and he that exported our money may get ipso facto or euery moneth aboue 11. per cent which is 132. per cent by the yeare and no money or Bullion can be imported from thence without the like losse to the bringer thereof vnlesse by gold which is here more esteemed then in other Countries whereby he may saue some part of his losse especially the same being made Bullion beyond the seas as aforesaid And because Misselden will not allow of the supposition set downe vpon the rates of 30. s. for 20. â— P. 75. Starlin to shew how Merchants may be correspondence accomodate each other to the Kingdomes great losse by the meanes of a low Exchange which must in the comparison needs be vnder the price supposed in Exchange and not at 33. s. 4. d which is called low in regard of the present and hereupon he doth miscast 100. l. in 1000. l. betweene the Londoners and the Amsterdamers with other cauillations in the answering thereof I though good to obserue the same betweene the price of equall exchange altered by the inhauncing of moneys beyond the Seas at the beginning when 20. s. Starlin was made 24. s. by exchange whereby 500. l. made 600. l. beyond the Seas as aforesaid for the said 600 l. Flemish was correspondent in accompt betweene the said Londonner and Amsterdammer after the said rate of 24 s. by exchange so long as the value was made good by exchange but if the Exchange had not risen in price according to the moneys inhaunced and had remained at 20 s. for 20 s. and they had still so kept their accompt betweene them All men of iudgement can very well see that the 500 l. Starlin being transported will make 600 l. Flemish But the Londoner hath not the like meanes to import his money in specie from beyond the Seas where the same is inhaunced so that if he do not receiue their 600 l. in liew of his 500 l he
of the Merchants of the Staple Sir Gilbert Gerrard Master of the Rolles and Sir Roger Manwood Lord chiefe Baron vnto whom the examination of that businesse was referred by the right Honorable the then Lord high Treasurer Burleigh about the 25 yeare of Queene Eliz. The report followeth in haec verba viz. We haue since our last certificate thereof made to your Lordship according to your Lordships latter direction sundry times heard both the said parties and their counsels and thinke it best now to certifie to your Lordship more at large the effect of all materiall things that hath bin alledged and shewed of either partie for the proofe or disproofe of the matter now in question between them whereof some part now shewed to vs is more then was shewed before And first for the effect of the proofe for the Merchants Staplers touching their antiquitie and their trade of woollen clothes is as hereafter followeth that is to say they haue shewed that in the 51 yeare of Hen. 3. there was a Wooll Staple and wooll shipped and officers belonging to it And also that there was a Maior and Company of Staplers in Antwerpe an 12. of Edw. 2. as appeares by a records out of the office of the Clarke of the Pipe in the Exchequer Also they doe shew forth three seuerall Statutes one in the 14. of Ric. 2. another in the 11. of Hen. 4. ca. 8. and one other in the 9. of Hen. 5. ca. 9. whereby amongst diuers other things woollen clothes are recited in the preambles to be merchandizes of the Staple Item that the Merchants of the Staple haue shipped woollen clothes tempore Hen. 6. as by the Custome booke of Boston appeareth wherein is entred that the Merchants of the Staple shipped cloth versus Leiden in Holland and also in the ships of Camphire and Sirecsea in Zealand which they alledge is probable to go into the Low Countries for that at that time there was no trade into Spaine with clothes and for France there is no trade of broade clothes thither and the ships be named in the Custome bookes Nauiculae and therefore not meet to brooke the Spanish seas to carry clothes thither Item that the Merchants of the Staple haue proued aboue an hundred meere Staplers not free of the Merchants Aduenturers to haue been shippers of woollen clothes in the reignes of King Ric. 2. King Hen. 6. King Edw. 4. and King Hen. 7. against which no proofe hath been made by the Aduenturers to the contrary besides those which shipped in the reigne of Hen. 8. and her Maiesties reigne Item that King Hen. 6. an 36. of his reigne by his Charter to the Merchants of the Staple did publish that the Charter of Hen. 4. granted to his Leidges and now alledged by the Merchants Aduenturers for their part were not meant to trouble or disquiet the Merchants of the Staple in bodies or goods in the Low Countries and therefore concerning the Merchants of the Staple or their goods the said Charter of Hen. 4. should not extend Item it is also proued that the Merchants of the Staple haue shipped woollen clothes in the reignes of King Hen. 8. and some in this Queens time as wel as in the reignes of Ric. 2. King Hen. 6. Edw. 4. and King Hen. 7. already reported Item That her Maiestie an 3. of her Highnesse reigne granted and confirmed to the Merchants of the Staple all such priuiledges and liberties as they did might or ought to haue enioyed a yeare before the losse of Callis by grant of Charter law prescription or custome notwithstanding none vse forfeiture abuse law or statute or any other thing to the contrary whatsoeuer 14. May 1583. Thus subscribed C. Wray G. Gerrard Roger Manwood This is a true copie of the originall Ex. per A. Maynard Vpon these together with many other weighty reasons concerning the conueniences and profit of this State then tendered to their graue considerations the said house of Commons did passe a Bill for them intituled An Act restoring the Free Trade of the Merchants of the Staple for the exportation of Cloth and all other Manufactures made of Wooll in the parts beyond the Seas as by the said Bill appeareth so that whereas out of false premises Misselden makes this conclusion whereby it is manifest saith he that the Cloth and other the Manufactures of this kingdome haue with the fauour of the State beene conferred vpon the Merchants Aduenturers not onely by their last Letters Patents but by many other former grants before recited I answer That by this reply it is most apparant that the Merchants Aduenturers from their first Grant made in the eight of King Henry the 4 vnto the last Grant made vnto them in the fifteenth yeare of his Maiestie they neuer had any propriety or trust of Trade committed to them but with exceptions and limitations as is before expressed And it is also most manifest that the Merchants of the Staple might and did from time to time Ship Cloth in their owne right into Holland c as Staplers and not as Merchants Aduenturers wherefore the power which the Merchants Aduenturers now assume vnto themselues to restraine the Merchants of the Staple from Trading with Cloth as formerly they haue done and the practise which they vse to keepe out other Merchants being Subiects of his Maiestie from being free of their Company is meerely by collour and not by virtue of any of their Grants or Letters Patents whatsoeuer and hereby Misselden may vnderstand what the difference is P. 70. betweene Authority and the Princes Letters Patents and find cause not to maruell but to wonder at his exception And whereas he hath put another glosse P. 56. saying the Merchants of the Staple may Ship Cloth still such of them as are free of the Merchants Aduenturers whereof saith he there are many I answer That of all the Merchants Aduentuers that are now Traders in Cloth there are but oâ—ely three of them free men of the Staple Thus farre haue I followed him in his chace after the Merchants of the Staple And now I finde him persuing another of his supposed aduersaries viz. the Merchant Stranger Concerninâ— the Trade of Merchant Strangers and their losse or the lessening of their Trade he would salue with a distinction of Cloth dressed and vndressed affirming that the Merchant Stranger could neuer ship Cloth vndrest by reason of certaine Statutes made against it and for Cloth dressed and other Manufactures he saith they may ship them still paying Strangers Custome and perhaps better cheape also This point I thinke and especially the perhaps is worth the examining It is true that there are Statutes against shipping Cloth vndressed aboue a certaine value but there haue beene euer or for the most part meanes to dispence with the said Satutes as the Lord of Cumberland his Lycence and others of that kinde for which busines there hath beene vsually heretofore an Officer in