in God alone As a good Logician of our time saith That the cause why men cannot dichotomize some things is Oâ—â— defectum Intellectus for want of vnderstanding Syntagma Logicum cap. 48 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 c. Plato in Timaeu And hence it is that Plato that Divine Philosopher affirmeth that To reduce things infinit in multitude into two parts is very difficult but Divine And Aristotle Platoe's Scholler was honoured for Dichotomizing with this knowne Distichon Summus Aristoteles trutinando Cacumina rerum In duo divisit quicquid in Orbefuit Aristotle Prince of learning in his time Poizing the heads of things with skill Divine Did part them all in twaine distinct in sense And those he cal'd Substance and Accidence And as these were renowned among the Heathen so is Ramus no lesse honoured of those that vnderstand him amongst Christians Who was so admirable in all the Arts and aboue all the rest in this Logicall skill of Dichotomizing that he saith of himselfe If he should desire a Memoriae Sacrum Si me de vigiliis studijsque meis interroges sepulchri mei columnam è Logica artis institutione desiderem In dialect Epist A monument vpon his graue hee would wish it of the Institution of the Art of Logick And thus much briefly in defence of those Definitions and Distributions which I haue vsed in my little Treatise of Free trade which in Malynes sentence doe seeme superfluous All the rest that Malynes saith in his 4. Chapter trencheth no way vpon any thing that I haue sayd notwithstanding his challenge He thinks it enough to set my Title Of want of Government in trade over this Chapter and the title Of Remedies over the next as he vseth to doe the names of his bookes which like Ianus faces looke two wayes or like Watermen that looke one way and row another and that 's his best refutation of either Onely here 's a tale or two of his owne telling worth observing the one of himselfe in these words Insomuch P. 80. that if I receiue here one hundreth Pieces of 20. shillings I can send 90. Pieces to pay my bill of Exchange and put ten Pecies in my pocket for an over-plus and gaine SO that hereby it seemeth §. 42. Malynes is well vers't in this mystery of transportation of the Kings Coine eitherby practice in himselfe or observation of others Which deserve examination in both P. 92. The other of a Flemish reckoning of his owne making vp between a Londoner and an Amsterdamer wherein for want of his Par of Exchange this Kingdome forsooth was deprived of a thousand pounds at a clap in a bargaine of a thousand pounds employment onely This is Mirabile dictu more strange then true For his report as the Poet speaketh of Fame is Tà m ficti pravique tenax Aen. 4. quà m nuncia veri For in this story Malynes would suppose that the Londoner and Amster damer made a contract together The Londoner sent Clothes to Amsterdam to the value of 1000. li. The Amsterdamer sent Silkes to London for 1500. li. Flemish The Amsterdamer saith hee desired to haue his mony sent him ouer in Specie and so got 15. in the hundred which is 150. li. and the Kingdom saith he lost the whole 1000. li. The Londoner saye's Malynes could not doe the like because the moneys were inhansed at Amsterdam 15. in the hundred higher then at London So that the Londoner is forced to receiue his 1000. li. home by Exhange at a lowe rate or at 33. sh 4d whereby saith Malynes hee doth receiue the sayd 1000. li. with no gaine at all This tale deserue's the title of Cuius contrarium for 't is nei-neither true in Manner nor Matter Not in the Manner for first he propounds such a rate of Exchange as was never knowne betweene Amsterdam and London and yet reckons the Londoners 1500. li Flemish at 33.4 d. which is no lesse then 100. li. difference in 1000. li. Nor in the Matter for when Malynes tolde this tale it was October 1622. And then By the Royall Intercession of his Maiesty the States had decried their monies in the Vnited Provinces Great Whale p. 313. 314. whereof Malynes himselfe takes notice in his Great Whale So that Vice versâ the case is quite altered For the Londoner brought over from Amsterdam his 1500. li. in good Iacobus pieces to profit But Malynes friend the Amsterdamer as is reported happened vpon an ill Exchange from London For hee would needs change his 1000. li. into Spanish Reals and ship them at Saint Katherins and the Searcher tooke them vp at Graues-end And if Malynes for his part would haue beene as nimble in fetching an hundred twenty shillings pieces from Amsterdam he might now as well haue put ten Pieces in his pocket in bringing them thence as hee sometimes seemed to doe in carrying of them hence and more safely too for money is there a Merchandize here a treasure there tollerated to bee exported here prohibited And thus Malynes being put to his shifts and wanting powder and shot to charge or discharge any longer is at last encountered of the Remedies Against which hee is forc't to mount his great Ordinance wot you what it is a Piece of wood after Malynes block painted like a Brasse Piece and yet braue's it like himselfe and promiseth A Remedy of great facility P. 83. P. 85. a Remedie that comprehends all Remedies No lesse I can tell you then his Engine of Exchange His Par forsooth pro Pari must stand him in stead Ad Omnia quare as the chiefe Oare in his boat the Key of his work his onely Antidote But this his Quare must not passe without a Quaere For Homine Imperito nunquà m quicquam Iniustius Ter. in Adelph Quinisi quod ipse facit nihil rectum putat THE CIRCLE OF COMMERCE The Second PART Of Exchanges in generall and therein of the Ballance of the Trade of this Kingdome with forraigne Countries THere are certaine Empericks or Quacksaluers in the world Section 1. that vse a Pill they call Panchreston that is a medecine for euery malady a salue for euery sore And if Malynes had been but a Smatterer in any Science I should haue thought him of their Colledge for he will needs haue his Par of Exchange to be the sole and soueraigne remedy for all the grieuances of Trade If he had vsed the Flemish phrase that Butter is good for all things he had spoke more like himselfe and you might better haue belieued his word This Par of Exchange is an old foil'd proiect of his §. 2. of 22. yeeres growth For in An. 1601. hee pas't the Presse with a Pamphlet called after his manner The Canker of Englands Common-wealth That he then dedicated to that worthy and noble States-man Sir Robert Cecill then Secretary of State to Qu. Eliz. wherein if there had been any thing of worth he could neither haue
owne stock there the Spring doth not spread it selfe into stragling streames in which their fame is lost their name put out the Estate consum'd in ryot and this is a Common losse vnto our Common-wealth Merchants I say besides their knowledge of Commodities and the course of Exchanges and the values waight and finenes of monies and the standards of severall Countries and their generall iudgement in all manner of trade all which are but the elements of merchandizing and a kinde of inbred knowledge in a well-bred Merchant are acquainted with the Manners Customes Languages Lawes of forraine Nations yea with the Religion Revenue Strength and Policy of forrain Princes and States whence it is that the States and States-men Governours Counsellers and Magistrates of Venice Luca Genoa Florence the Vnited Provinces of the Low Countries and many other well governed Common-wealths are by education Merchants In so much as I may truely say and I hope without any suspition or offence there 's none more fit to make a minister for a King then an expert and iudicious Merchant But if Malynes hath no more skill of Merchants how will you take his word for Merchandize yes he will shew you that vnder three simples simply enough I warrant you thus Commodities moneyes P. 2. and exchange of monies may be aptly compared to the Bodie Soule and Spirit of traffique The first as the Body vpheld the world by Commutation and bartering vntill money was devised to be coyned The second as the Soule in the Body did infuse life to traffique by the meanes of equalitie and equity preventing advantage betwene Buyers and Sellers The third as the Spirit and faculty of the Soule being seated every where corroberateth the vitall Spirit of traffique directing and controlling by iust proportions the prises and values of Commodities and monies VPheld the world by Commutation §. 7. admirable Oratory and as incomparable a comparison for the Body without the Soule or life is dead but so was not Cōmerce in former times without money else he had much mistaken his voyage that when Sir Thomas Mores Vtopia was first discovered would needs in all haste goe dwell there because there was such a flourishing Common-wealth without money And to speake of the soule without the spirit or faculties of the soule is absurd for the soule and the faculties of the soule are inseparable But before there was any Exchange in monies trade and traffique did consist in money and merchandize and subsist without it and so doe the trades of many Countries at this day which haue no exchange for monies at all See another Simile Even as money is the square and rule to set a price vnto all Commodities P. 3. and therefore called Publia mensura even so is the exchange of money by bills the publique measure betweene vs and forraine Countries according to which all Commodities are bought and sold in the course of traffique THe Proposition is true §. 8. that money is Publica mensura but the Reddition is false that the Exchange is the publique measure between vs and forraine Nations whereby Commodities are bought and sold in the course of traffique For Merchants as I haue shewed doe vse to value the Commodities of every Countrie by the finenes or basenes of the money of each Countrey and by their observation whether the same Commodities are in more or lesse request and not by the Exchange For it is not the rate of Exchange whether it be higher or lower that maketh the price of Comodities deare or cheape as Malynes would here inferre but it is the plenty or scarcitie of of Commodities their vse or Non-vse that maketh them rise and fall in price Otherwise if Malynes rule were true that the prices of Commodities should perpetually follow the rates of Exchange then Commodities should all rise and fall together as the Exchange riseth or falleth But Merchants of experience know that commonly one Commodity riseth when another falleth and that they fall and rise as they are mor or lesse in request and vse See yet another dissimilitude As the Elements are ioyned by Symbolization P. 5. the ayre to the fire by warmnes the water to the ayre by moysture the earth to the water by coldnes so is Exchange ioyned to Monies and Monies to Cōmodities by their proper qualities and effects I Would there were a Symbolum or affection in his Elements §. 9. and not an Asymbolum or disaffection or confusion in them as Du Bartas observed sometimes to be in the other whereof hee thus speaketh La terre l'air le feu se tenoyent dans la mer De la Sepmaine 1. Iour La mer le feu la terre estoyent logez dans l'air L'air lamer et le feu dans la terre et la terre Chez l'air le feu la mer. Earth aire and fire were with the waters mixt Water fire earth within the aire were fixt Aire water fire about the earth did glide Earth fire water did in the aire reside BVt Malynes hath more skill in Philomythy then Philosophy §. 10. hee will tell you a tale of a voyage into Barbary P. 7. where hee learn't so much experience in Navigation that now he can tell you that the Rudder of a Ship is the Efficient cause of sayling P. 8. Is this man fit to giue his iudgement in matters of waight and affaires of State that sheweth such grosse ignorance in so easie and familiar things If hee had consulted with a Yonker or Novice that had made but one voyage to Sea he would haue told him that the Rudder is the cause of stearing or guiding of the Ship but the winde of sayling For a Ship may sayle without a Rudder as sometimes the East India Companies Ship the Dragon did a great part of the way from the East Indies but for a Ship to sayle without winde it is impossible For that 's Causa sine qua non as the Logicians speake Or if hee had well vnderstood the name of the thing he might haue given a better guesse at the nature and vse thereof according to that of the Poet Conveniunt rebus nomina saepè suis For the Rudder of a Shippe is therefore called Gubernaculum à Gubernando because it governeth and guideth the Shippe But Velum and in French La voile the sayle is derived à volando of flying and running swiftly For a Ship sayling with a great gale of winde is sayd to fly before the winde And thence it is that we are wont to say Avis volat and Navis volat the Bird flies and the Shippe sayles the one being a proper Calep. the other a Metaphoricall speech Or Malynes mother tongue might haue taught him so much mother wit as to haue knowne that Het Roer van't schip is so called à Roeren or Rúeren to touch or stirre a thing because a Ship feeles the very touch of the Rudder Which phrase hath in
themselues in debt TTantúmne est ab re tua otij tibi aliena vt cures eaque nihil quae ad te attinent § 34. Teran heaut This man certainely hath nothing to doe of his owne that is so busie in other mens affaires It is true that the Merchants-Adventurers trade is ingaged in a great summe of money yet not for the service of the Company but of the State and therefore it is a very audacious part for a man of his qualitie to cast such a calumny in the face of so worthy a Company It were a great happines vnto that trade and other trades also that depend on it that some good means were thought vpon either that which hath beene proposed or some such other as might be thought more fit in the wisdome of the State for case therein whereby the Trade of Cloth and the Traders therein both Clothier and Merchant might be more encouraged The Merchants-Adventurers haue strugled much to lessen this charge even with the withdrawing of pensions and deserved stipends from many which alas is like a drop of water to the Ocean And as it can conduce little to the case of so great a charge so may it much hazard the honour and reputation of the government of so famous a fellowship in forraine parts which heretofore hath shined in the eyes of Strangers aboue all other Nations Wherein also there 's a relation to the honour of the King and Kingdome both which are represented vnto Strangers in forraine parts in their government and therefore it 's pittie that those that therein haue excelled others should now be inferiour vnto all Neither doth this man so much as spare his aspersions from the Clothier for thus he saith This small number to mannage so great a trade P. 51. incourageth the Clothier to adventure to make false Cloth because it is impossible that so few Merchants can search and vifit every Cloth as it ought to be done and the Clothiers conscience is satisfied for hee saith that the falsest Cloth is answerable to the best price VTquisque est vir optimus ita difficilime esse alios Improbos suspicatur § 34. Cic. ad Quint. If Malynes were good himselfe hee would thinke better of other men I cannot thinke there is any Clothier so bad that would speake so ill Ill will speake's well of none nor Malynes of Merchant nor Clotheir For it is not the small or great number of Merchants that incourageth the Clothiers to make false cloth but meerely the want of execution of the Statute Free trade cop 2. and 7. of 4. of the King enacted for clothing as I haue else where shewed at large Now the Statute provideth that cloth bee searcht wet and not dry as it commeth out of the Mill and not as it commeth to the Market And therefore the wisdome of Parliaments hath appointed the search to bee made where the clothes are made So that if the search be neglected there it is not the multitude of Merchants that can help the search or indeed try the search as it ought to be For in the winter time the season of the yeare will not afford drying for the tenth Cloth to be wet and dryed againe for timely exportation And should the Clothier bee detained from his money and the cloth from the market till such a kinde of vnkindly search or review were made both Merchants and Clothiers would soone be a weary of such a tryall Neither is there any necessitie for the Merchants to make this review for then the great numbers of the Clothworkers in London that are set a worke by the Merchants-Adventurers to visit their Clothes would lose their employment So that if Malynes had sayd true that there wants Merchants yet there 's no want of Clothworkers to performe this worke Many other things hee speaketh at Random of the Clothiers of the Ports of Chapmen and others as generally he doth throughout the whole scope of his booke which deserue not repetition much lesse the honour of an answer and concludeth these digressions thus Shall this be proclaimed a free trade P. 53. when within our selues we are in bondage and haue lost the benefit of the two essentiall parts of traffique namely the rule of money and Exchange And a little after P. 54. The Merchant Staplers haue observed that the Merchants Adventurers haue an inevitable opportunitie of combination to set what price they please vpon Cloth to the Clothier of Woll to the grower and of all Commodities exported and imported ASpis à vipera venenum mutuatur § 36. Malynes calls the Staplers to witnes against the Merchants Adventurers when hee and they are both their profest Adversaries But for the accusation no Subiects I dare say of this Kingdome are more free of these crimes then the Merchants-Adventurers neither haue they any opportunity of such combination as is most vntruely suggested For there are no Merchants of the Kingdom that doe more bid and out-bid one another at the market then they If they did trade as some Merchants doe in a ioynt stock there might be some suspition of it but where there are so many buyers as are continually of the Merchants-Adventurers every man in that case is nearest to himselfe And if all the Orders which ever they made since they had the honour of their name were searched out and sisted over there would not be found a syllable in them of that sound whereof Malynes maketh such a noyse For the Free trade whereof hee speaketh and whereby hee pointeth at my Tract of trade I would to God that those grievances therein mentioned were remooved and then mauger Malynes or any other if any be of his minde I durst proclaime that this Kingdomes trade would both be free flourish Wherin neverthelesse I haue dealt freely and fairely in wishing That the Kings high way of trade Free Trade cap. 3. vpon such reasonable termes as might concurre with the wisdome of the State might be opened vnto all men But I perceiue there 's no discourse of Free trade will please Malynes and others of his minde without a Par of Exchange or complaint against Companies the Merchants-Adventurers especially But you the Merchants-Adventurers who worthily haue obtained honour of his Maiestie favour of the Nobility fame in the world loue of Strangers good report of all that you I say should come vnder Malynes pen and be made the subiect of his style the obiect of his envie is such a disgrace as the State was never wont to let you suffer or the honour of your name to vndergoe What should be the cause of this mans enuy Is his eye evill because the gracious eye of his Maiestie is so good to haue beheld your famous fellowship with His own aspect For his Maiesty looking backe vpon some former and later experiments made vpon this trade and looking forward vpon the danger and inconvenience of Innovations hath as his Royall Predecessors
ever did vouchsafed his Royall grace and favour to These Merchants This trade Because the Cloth-trade is the Dowry of the Kingdome the great Revenue of the King It is the Axis of the Common-wealth whereon all the other trades of the Kingdome doe seeme to turne and haue their revolution And therefore it hath ever beene the policy of State to entrust this trade to such men as are Probatae fidei of approoved credit and trust wisely to manage the same and not to Novices and new-made Merchants by whose inexperience the trade might bee subiect to bee betrayed into the hands of forraine Nations And certainely the Common-wealth would lose more by the losse of one expert Merchant discouraged and driven out then it could hope to gaine by twenty Novices let in into a trade which they doe not vnderstand So that this restraint is the cause of this enuy which is in nature an innate and inbred thing Eleg. 3.4 according to that of the Poet Nittimur invetitum semper cupimusque negata Men are commonly most fond of that which they are most forbid Otherwise I am as confident as I am conscious of it that there is no trade of this Kingdom giveth so little allurement to those that are without or so small encouragement to those that are within as doth the Merchants-Adventurers trade at this day Which notwithstanding I hope his Royall Maiestie shall ever finde in them that loyall resolution which heretofore they haue shewne to cast downe themselues and their trades in all humility at his Maiesties feet to be disposed of according to the good pleasure of his Maiesties high wisdome and grace And yet I would haue no man thinke that I would seeme hereby to take vpon mee to personate them or meddle in their matters further then you see Malynes hath led me into the same Wherein I must vse this iust defence for them and me that I haue neither had commission from them nor consulted with them or any of theirs about this thing or any thing contained herein But with an even hand and heart haue without partiality Crassâ Minervâ according to the plainenes and simplicity of mine owne poore Genius pursued Malynes from point to point Neither doe the Merchants-Adventurers of all others stand in need of my helpe For they are happy in enioying him who for his learning and integrity deserveth praise of whom if I say that hee is not second to any of his qualitie in this Kingdome I shall neither flatter him nor iniure any as all that know him doe know and will acknowledge To him therefore I shall commend this theame as most proper to his person and office who for his parts is more able and for his place is more fit then my selfe to take vpon him this defence if there bee cause It is true I am a brother though vnworthy of that worthie Society and so I am of other Companies also and so also am I a member though one of the least of the great Common-wealth of this Kingdom wherein I haue learnt to preferre that publique to all these particular obligations Amicus Plato Amicus Socrates sed magis Amica veritas Those Companies and that course of trade shall be my discourse of Free trade which shall be best approved of the State and wherein the honour of The King and the welfare of the The Kingdome are most involved BY this time Malynes is come to Monopolies the discourse whereof §. 37. if you will take his word P. 60. Is without Ryme or Reason because his pure Par of Exchange is not appendix't to it And indeed there is some reason that such a Par as hee parret's of should haue had some place assigned it amongst Monopolies For I 'le vndertake that there is not any worse Monopoly in the Kingdome then hee would make of this If hee might haue his will For other Monopolists would be sole sellers and buyers in merchandize hee in the Exchange But if you doubt of his iudgement in this proiect hee will produce his Monsieur Bodin to approue it by this French proverbe I l entend le par P. 61. which was never yet knowne for any good phrase in the French much lesse for a proverbe and is as ill a proofe as a proverbe to approue his experience For Celuy qui est d'experience entend le par Malynes n'entend pas le par Ergo Malynes n'est point d'experience The proposition is prooved by his owne Proverbe the Assumption by his Proiect as the event will manifest But now you talke of a Sillâ—gisme will you heare Malynes make a Paralogisme Thus Nothing causeth Merchants to export more money out of the Realme then they bring in P. 61. but onely the bringing in of more Commodities into the Realme then they carryed out The vnder-valuation of our monies causeth no more Commodities to bee brought into the Realme then is carryed out Ergo the vnder-valuation of our monies causeth not more money to bee carryed out of the Realme then is brought in NEvè negativis rectè concludere scibis §. 38. Seton There is no good conclusion can bee drawne from Negatiues And therefore the Philosophers say Ex nihilo nihilfit You cannot make something of nothing Neither hath it the shape of a Syllogisme for all the Propositions in it are Negatiue which cannot come vnder any Mood or Figure of Aristotle Or if it had the forme of a Syllogisme yet it makes nothing against any thing I haue said For I do not say any where that the vnder-valuation of our mony causeth more mony to be caried out of the Realme then is brought in but that it causeth money to be caryed out of the Realme when it is brought in against which this Paralogisme if it had beene a Syllogisme could haue concluded nothing For mony must be first brought into the Realme before it bee carryed out Againe although it should be granted that the vnder-valuation of our money doth not cause more money to bee carryed out of the Realme then is brought in yet for all that it may cause a great part of that which is brought in to bee carryed out Thus you see this Sophister how he chops Logicke And great care forsooth hee takes that it breed not a Dilemma which hee vnderstands as well as he doth a Syllogisme For a Dilemma is that which convinceth both wayes which his Paralogisme doth no way or rather convinceth him of folly For his argument may easily be retorted vpon hinselfe thus If nothing causeth Merchants to export more mony out of the Realme then they bring in but onely the bringing in of more Commodities into the Realme then they carryed out then it is not for want of a Par of Exchange But the the first is true by his owne argument and therefore the second Or will you heare of a hound that hath a better sent of a Syllogisme then Malynes The hound having lost the sent coasts the
thought to be little was easily granted But she caused the skinne to be cut in small peeces and stretcht out in such length as it compa'st 22. stadia or furlongs of that measure whereon shee built Carthage in the midst thereof a Castle which she called Byrsa frō the name of the Bulles hide and by a Metonimy a Purse Strabe lib. 17. a Buls hide Whereon a Towre rare to bee seene Was buil't cal'd Burse by Dido Queene And indeed the Burses for Merchants assemblies in most places are of stately Structure as is our Burse of London the modell whereof was taken from the Burse of Antwerpe which twaine are much alike and excell all others that I know That of Amsterdam resembleth ours but ours farre exceedeth that in extent and costly architecture and was worthily named of Qu. Elizabeth The Royall Exchange And thus much of the Name The Thing it selfe followeth §. 9. The Thing or matter considered in the Exchange Naturallor Politique Which may be said either to be Natural or Politique A Natural Exchange is when mony is exchanged Value for Value according to the Intrinsique or inward finenes or true value thereof The Intrinsique value or finenes of monies cannot be known but by a dissolution melting down of the same into their proper bodies by a separatiō of the pure from the impure the fine siluer or gold from the allay or copper by assay In which Naturall Exchange there is no rate nor price to be admitted for the deliuering or taking of mony but looke how much fine siluer or gold you receiue in one place iust so much and no more you must pay or deliuer in another And this is a better direction then limitation of Exchanges For the finenes of monies is that Cynosure or Center whereunto all Exchanges haue their naturall propension But if you should so limit or restraine Exchanges that no man should take or deliuer any mony but according to the iust finenes then the vse of Exchanges in all places would bee taken away For then there would be no aduantage left neither to him that deliuereth nor him that taketh when mony must bee answered with mony in the same Intrinsique value For as it is the goodnes of a Commodity that directeth the price yet that price is greater or lesse according to the vse of the thing or the iudgement of the buyer and seller euen so it is the finenes of mony that directeth the price or value of the Exchange yet that price is greater or lesse according to the occasions of both parties contracting for the same which cannot be done in the Naturall Exchange because it admitteth no aduantage to either The Politique Exchange is when mony is exchanged value for value §. 10. The Politique Exchange according to the extrinsique or outward valuation Such as is the intrinsique finenes to the Natural Exchange such is the extrinsique value to the Politique Exchange Wherein Merchants are wont to reckon the certaine value of mony in finenes at an vncertaine valuation in denomination and accompt sometimes at a higher sometimes at a lower rate Which is therefore in Merchants termes called the price or course or rate of the Exchange And this valuation is thus vncertaine because it is greater or lesse according to the circumstances of time and place and persons Of time when money is taken by Exchange for longer or shorter time Of place where mony is more plentifull or scarse Of persons when the party taking mony is of greater or lesse credit or hath more or lesse need thereof In all these respects the rates of monies deliuered and taken by Exchange are alwayes more or lesse For as it is a common thing amongst men to sell one the same commodity to diuers men at diuers prises so is it also in Exchange when one and the same finenes of mony is answered by a different value in denomination or accompt Neither is there any certainty of gaine to the deliuerer of mony in the first Exchange although he seem to haue some aduantage in the price thereof aboue the value of fine siluer nor of losse to the taker though hee seeme to haue some disaduantage in the price thereof vnder the value of fine siluer because the deliuerer may perhaps be subiect to remit his mony backe in the second or forrain Exchange as much vnder the value of fine siluer as he had before aboue the value in the first Exchange And it may fall out also that the taker may gaine by the rising of the Exchange abroad that which hee seemed to lose by the falling thereof at home And if it happen that the mony deliuered in the first Exchange bee not remitted in the second Exchange but otherwise employed in trade that alter's not the case by Malynes owne rule which is Pag. 3. That commodities are bought and sold according to the publike measure of the Exchange So that in these Exchanges there is no certainty of gaine or losse to the parties taking or deliuering of mony vntill the time be run out and the returne come backe from those parts and places whether the mony was first deliuered by Exchange during which time the manifold occurrents which are contigent to trade may vary the gaine or losse to either party But because Malynes would make the world beleeue §. 11. The vse of Exchange that there is some great mystery in this kinde of Exchange let vs come a little neerer home in considering the Vse or Abuse thereof This kind of Politique Exchange is an excellent policy of trade I might say of State and concerneth both The King and Kingdome It concerneth The King when by the benefit of the Exchange his Maiesties affaires of State and high consequence may bee furnished with monies in forraine parts vpon all occasions without the exportation of any of his owne treasure It concerne's The Kingdome both in respect of Noble-men and Trades-men Of Noble-men when by the benefit of Exchange yong Noble-men and Gentlemen may be supplied with monies in their trauels without the danger inconueniēce of carrying ouer mony which without the Exchange could not be auoided Of Trades-men and that principally in respect of Merchants and Clothiers Of Merchants Old and Yong. Of Old Merchants whose meanes although good yet through the deadnes of times trades a good mans estate may be out of his hands in debts and wares which may be supplied by the benefit of Exchange Of Yong Merchants who hauing little meanes and lesse credit with the vsurer without a surety whom euery Yong man nor Old neither hath at command may supply themselues vpon their owne credits with great summes of mony by Exchange the least part whereof they could not haue had without a surety at interest Which is a singular benefit to Yong Merchants and tendeth to a very great inlargement of trade Of Clothiers for when the Cloth-markets are dead and when the Clothier cannot sell his