first and retaineth the same last So Commodities in Traffique are first and moneys came afterwards whereby Commutation or Barter was brought into a Trade and to preserue that money as the Bloud in the Body exchange was deuised as a spirit to quicken the same and shall it be vsed to destroy the Body because the true vse of it is not vnderstood and the same is made a Merchandise Shall we imagine that the exportation of our moneys shall be preuented when by taking inhaunced coyne beyond the Seas aboue the true value in exchange wee feede the causes of exportation Or shall we expect that moneys shall be imported vnto vs when there is a losse by the bringing of them which losse is measured according to the price of exchange which to auoide compelleth vs to buy forreine Commodities Or if any moneys are imported by accident or occasion shall the Body of Trade be the better by it so long as they are carried out againe Shall the Trade of our natiue Commodities be liuely when moneys are wanting Can the exchange haue his due course vnlesse the foundation thereof according to Parity and Equality be respected howsoeuer the price thereof may rise and fall according to the occasions of Merchants and the plenty or scarsity of moneys Shall not the price of this true exchange impose a price vpon our natiue Commodities so that Commodities moneys and exchanges may according to equitie and iustice be gouerned in their proper natures accordingly The Kingdome cannot consume the forreine Commodities imported but they cause an ouerballancing the Customes and Impositions which might be moderated in the rate and yet not decrease in value by the greater employment of Trade doth discourage Merchants which bringeth a distemperature in Trade forraine wares are oueraboundantly brought in in the liew of moneys whereby the Realme doth swell with forreine Commodities which being retransported bring still other Wares in returne so that moneys and bullion the vitall spirit of Trade is neglected which is properly the decay of Trade For the exchange which ruleth Commodities and money is ouerruled by other Nations Let vs therefore practise the contrary to finde a full remedy for Contraria contrarijs curantur The Turke The Policy of the Turke Persian and Russian the Persian and the Russians doe exceeds in Policy preuenting the exportation of their moneys by maintaining the price of exchange aboue the valuation of their moneys causing Merchants thereby to make employment vpon their Commodities of course and not by precept or compulsion whereby they accumulate treasure The King of Baâ—tan and other Princes in the East doe the like selling their corruptible Wares for siluer to hoord vp the same cannot this awake vs to imitate them when it may be done by so easie meanes through the Center of Commerce so often repeated I say no more but leaue it to the high wisdome of the King and State to direct it wherein Misseldens Ballance is as necessary as the first wheele in a Wagon To make an end therefore with his Copia Verborum P. 143. he much reioyceth that by Acadnes thred he is got out of the Labyrinth of the Little Fish and Great Whale but this little Spawne will sticke so fast in his Throate that he shall neede of Cranes to plucke it out so that I might very well retort vpon him his conceited dismission and capritious farewel borrowed of the ancient Fathers But it is sufficient for me to shew that as it is the fable of the Fox he hath onely licked the out side of the Glasse of true iudgement of this matter of State but could neuer come to the Pottage or Center according to the olde obseruation Lucians Dialog shewing how Iupiter was fed with bones and fat Promethius reseruing vnto himselfe the solid flesh whereby is meant sound knowledge by the fat the fleeting shew of superficiary termes of Art and by the bones are deciphered the inextricable and perplexed labour in the curiosities of euerstriuing contradictions wherein he doth a-abound Sed magna est veritas praeualet He did thinke once to haue made an Index 〈◊〉 of my writings but finding that his durty broome had employment to clense the Stables at Hackâ—â—y and now to finde out the Interlopers beyond the Seas he left it I still do striue to be temperate but publike slaunders cannot be washed off but by publike defences sure I am that my Bookes are acceptable vnto wisemen and Lex Mercitoria is translated into Spanish and French and much respected beyond the Seas In the Conclusion of which Booke to the Indicious Reader I gaue notice long since that Enuy would command Triple headed Cerberus to let loose the Satyres Zoylus Momus and Mastix for this latter was already come on a Hackney Horse with a Blattant tongue to carpe at the actions of any man 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 To hurt although it were as commendable as Homers learning or Hercules Acts whereof Virgil the Prince of Helicon was not free neither the worthy one of former ages whose vertues darkened like the Moone with some blot are registred with the point of Diamond in the Glasse of true History Thus hauing made his Circle vsefull in some respect by placing of a Center in it P. 2. it will be more close and durable for himselfe saith in the Proeme that it is slightly set vp and pinned together to try how the parts and ioynts thereof would trent and fit the square for by his Apostrophe ad Regem whose most iudiciall eyes can easely discerne wilfulnes and ignorance P. 14. 5 that of Horace is verified Pindarum quis quid studet aemulari Iuli ceratis ope Dedalea Nititur Pennis vitreo daturus Nomina Ponto Iulus who striues Pinder to emulate With waxen wings which Dedals Art did make He flies in vaine to giue by haplesse fate Names to the Icarian glassie blewish lake For Misselden hauing in his former Treatise either ignorantly or willingly omitted to handle The Pradominant Part of Trade namely the Mistery of Exchange which is the Publike Measure between vs and other nations as we haue poued now in this his Circle of Commerce he hath vndertaken with the Artificiall wings of his supporters set on with wax to fly so high in the discourse thereof that this hot climate of the Antartike Circle or South Pole hath dissolued the wax and the splendant Beames of the Sunne of truth hath dispelled all foggy misteries of deceitfull fallacies as aforesaid so that he is drowned with his Ballance in the Sea of Exchanges according to Ouids Allusion Ipse Misseldemus nomina facit aquis THE CONCLVSION VNto you therfore Noble Lords and Right Honorable Priuy Councellers of State with the rest of the Right Worshipfull his Maiesties Commissioners for Trade whom I haue at all times attended as becommeth me vnto your graue wisdomes and discretions I say belongeth properly the serious consideration of this Center of Commerce This is the firme North Starre of Trade by which your Compasse is to be directed according to the Lawes Statutes and Ordinances of this Realme of England This is the Rudder of the Ship of Traffique to guide steire Commerce to her right ports or Hauens of profit This is that true Par of Exchange approued by the Lawes of nations that hath no imposture froth nor fallacy to amuse or abuse vs with as the casting of a deceitfull Ballance hath wherein no certainty can be found Let not your Heroicall Vertues for the Publike good be blemisht with priuate Centers of Commerce but be you a meanes that Phebus himselfe will be pleased to driue the Chariot of Trade this Center whereby the Horses of all societies and corporations my draw a like in the course of Trade by his wise guiding and direction Masterr Milles Acroamata let the procuring of Bullion be your first study to set his Mint on worke which is recommended vnto you by the efficacy of other mens words For Money of it selfe be it more or lesse in whose hands so euer without Bullion to supply is but water in a Cesterne taken from the Spring that by vse becomes exhausted or being but let alone consumes it selfe to nothing by strikes and putrifaction So Coyne becomes but Medals out of vse of out of fashion For Bullion being the Fountaine Money is but the Water and Exchange the Riuer that serues all priuate turnes Bullion being the Sun Money is but the Beames Exchange the Light that makes the world to see Bullion being the Pilot Money is but the Sterne Exchange the Compasse that guides all courses right Bullion being the Chylus Money is but the Bloud Exchange the Spirit that quickens all the Body To be short Bullion is the very Body and Bloud of Kings Money is but the Medium betweene Subiects and their Kings Exchange the heauenly Mistery that ioynes them both together Next therefore let the exportation of moneys the profusion of Bloud be preuented by the meanes of this Center wherein the vitall spirit of Trade doth consist and procure plenty of Money and Bullion by all Reall Substantiall and Politike meanes For plenty of Money will improue your Lands aduance the price of your natiue Commodities increase your Manufactures establish the Fishing maintaine forreine Trades augment the Kings reuinewes make forreine Wares better cheape preuent the ouerballancing and inrich the Kingdome with an aduancement of all the dependances of Trade contained in the Articles of your Commission God grant a blessing in all to his Glory the Kings Honor and the Kingdomes welfare Obsta Principijs sedo Medicina Paratur FINIS ERRATA Pag. 5. lin 11. read Reprehension for apprehension p. 17. l. 27. r. Depredations for depudations p. 18. l. 29. r. Wee for me p. 25. l. 2. r. Peeces for prices p. 37. l. 8. r. Peeces for prices p. 38. l. 2. r. 20 â— for 2 â— p. 42. l. 20. r. Construction for contution p. 44. l. 17. r. Good for Gods p. 58. l. 14. r. Caution for cannon p. 58. l. 22. r. Confusion for conclusion p. 64. l. 18. r. Hoopes for hops p. 64. l. 31. r. Indeering for induring p. 68. l. 8. r. Mobile for Mobill p. 77. l. 22. r. Cornuted for corneited p. 78. l. 7. r. Flatter for scatter p. 78. l. 30. r. Procupine for procerpine p. 80. l. 20. r. For for from p. 81. l. 12. r. Inabled for inable p. 101. l. 〈◊〉 â— Contratenor for contratos
frequently when siluer is aduanced by altering the proportion and reducing the same to 12 to one or thereabouts Secondly The forreine coyne will be aduanced by these meanes 7 vpon the hundreth aboue our Starlin moneys and thereby increase the exportation of the said Royalls Thirdly The King will loose his coynage money being aboue 2 d. vpon an ounce and the melting downe of his moneys and effacing of his stampe is a great derogation of his Prerogation Royall it being a marke of Soueraignty Fourthly The inhauncing of the said Royalls will alter the price of Plare as also of other commodities within the Realme which is a matter much respected hitherto Fiftly When moneys are inhaunced beyond the Seas the price of exchange doth also inhaunce in some measure but when moneys are inhaunced here the exchange abateth which causeth the exportation of our money to increase As for example The propery of true exchange If to make siluer equiualent to gold of 12 to one the ounce should be valued at 5 s. 6 d whereby it would be inhaunced tenne Pro cento should be though conuenient it would make the price of exchange to fall 10 Pro cento or more which for the Low Countries would fall to 30 s. and vnder and so it will be still transported and the making of forreine coyne currant within the Realme aboue the value of ours is not vsed vpon any good order as we haue noted by the Arch-Dutchesse of Austria To come therefore to the true remedy wee are to consider the true causes of their operations to which end we haue declared in the Equin octiall the losse which the Realme sustaineth by a low exchange or the vndervaluation of our moneys as also the benefits which will arise by the high exchange as meerely opposite vnto it so that we may conclude certainly Causes to preuent the ouerballancing è conuerso I that when the exchange shall be rectified and our moneys be truely valued in exchange 2 according to the inhauncing of moneys beyond the Seas 3 then will the transportation of moneys cease 4 and the more natiue commodities will be exported and consequently the losse of that inhauncing being preuented 5 will cause Bullion and moneys to be imported 6 and the lesse forreine commodities to be brought in 7 the Royall of Spaine will not be diuerted nor the Trade depending thereupon 8 which will procure plenty of money 9 to aduance the price of our commodities 10 and abating the price of the forreine commodities thereby effectually preuenting the aforesaid ouerballancing This is to be done onely by his Maiesties Proclamation The way to restore Englands Wealth according to the aforesaid Statutes and Proclamation of exchanges prohibiting that after 3 moneths next and ensuing the same no man shall make any exchanges by Bills or otherwise for moneys to be paied in forreine parts or to be rechanged towards this Realme vnder the true Par or value for value of our moneys and the moneys of other Countries in weight and finesse but at the said rate or aboue the same as Merchants can agree but neuer vnder the same which shall be declared by a paire of Tables vpon the Royall Exchange in London with such cautions and obseruation as formerly haue beene noted whereunto I must referre my selfe to be seene at large in Lex Mercatoria For the better vnderstanding hereof and to shew that the like hath beene formerly done but therein onely direction was wanting hitherto I haue thought conuenient to put downe the same verbatiâ— as followeth A Proclamation for the ordering of the exchange of money vsed by Merchants Queene Eliz. according to the 〈◊〉 and Statutas of the Realme FOrasmuch as there are so great abuses of 〈◊〉 yeares growne by the corrupt dealing of sundry Merchants and Brokers as well Strangers 〈◊〉 vpon bargaine of exchanges and rechange of moneys to be paid both out within this Realme as not onely the good laudable and profitable vse of naturall Merchandising is greatly decayed the true values of the moneys of this Realme much â—based and her Maiesties Customes and subsedies that are the ancient inheritance of this Crowne diminished and withdrawne with sundry of 〈◊〉 inconueniences to the notable damage of 〈◊〉 Realme for the due remedy whereof there 〈◊〉 beene made heretofore sundry good Lawes and Statutes of this Realme which doe still continueâ—â— their force The Queenes Maiestie intending 〈◊〉 haue such great enormities and mischiefes 〈◊〉 doth giue all maner of Merchants Broken all other persons vsing to bargaine by exchange and rechange to vnderstand that her meaning 〈◊〉 haue such Lawes and Statutes put in executiâ—â—â— haue beene prouided and doe remaine in force for this purpose and therefore warneth all maner of persons to haue hereafter due regard thereunto 〈◊〉 on such penalties as in the said Lawes Statures 〈◊〉 other ordinances remaning in their force is pâ—â—uided And for the lawfull satisfaction of all such as shal haue necessary cause to take or deliuer any money by exchange there shall be certaine orders in 〈◊〉 set vp in places conuenient declaring the rates thereof as the same shall or ought to be paid to the vse of her Maiestie or to her Ministers and Officers thereunto authorized Giuen at Green-wich the 20 of September 1576 in the eighteenth yeare of the prosperous Raigne of the Queenes Maiestie The Noble and renowned the Baron of Elsmere Lord Chancellour of England deceased vnto whom I owe perpetuall obligation did at fouerall times aduise at the Councell Table to publish the like Proclamation with some other good obseruations seeing therein is nothing required but equity and iustice agreable to the Lawes of Nations But the euill man sowing Thres in the night made the weedes to grow so fast that the good feed could not prosper so that inueterated diseases breaking forth at last makes vs to feele the smart thereof For some men vpon priuate respects will cast doubts beyond the Moone The nature of vnexperience Others will propound more questions in an houre then a wise man can answere in a yeare And others are alwayes consulting and neuer deliberating So that the graue and discreâ—te Councellours of State are to determine these serious businesses And to the other I may say Know you not that the sâ—ept the Doctrine of Pyrrhâ— Ariston and Heriâ—â—â—â— hath beene long agoe hist out of the Schooles or rather banisht and confined amongst the Barbarians will you cause vs to doubt of all things then shall wee doubt whether you doubt or no it is possible you can carry bread in the 〈◊〉 hand and a stone in the other neuertheles to 〈◊〉 vnto these men some satisfaction which make 〈◊〉 whether the said his Maiesties Proclamation 〈◊〉 obeyed here beyond the Seas I am to proue that the Center of Commerce will effect the same for gaine will command effectually The Center will Command Por el Dinero bay la 〈◊〉 Perro said the Spaniard
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