The Maintenance of Free Trade
by Gerard de Malynes
1622

The Maintenance of Free Trade, According to the Three Essentiall
Parts of Traffique; Namely Commodities, Moneys and Exchange of
Moneys, by Bills of Exchanges for other Countries.
Or answer to a Treatise of Free Trade, or the meanes to make
Trade floushish, lately Published.

Contraria iuxta se Pofita magis Elucescunt.

by Gerard Malynes Merchant.

London,
Printed by I.L. for William Shefford, and are to be sold at his
shop, at the entring in of Popes head Allie out of Lumbard
Street, 1622.

To The Most High and Mighty Monarch, James, by the grace of God,
King of great Britaine, France and Ireland, Defender of the
Faith, etc.

Traffique, (Most Dread and gracious Soueraigne) by Nature
Admirable; and by Art Amiable; being the Sole peacible
Instrument, to inrich Kingdomes and Commonweales: may properly be
called, The Praeheminent Studie of Princes; the rather, because
the Sacred wisdome hath approued this Axiom: That a King is
miserable (how rich soever he be:) if he Raignes over a poore
people; and that, that Kingdome is not able to subsist (how Rich
and Potent soever the people be:) if the King bee not able to
maintaine his Estate. Both which, (being Relatives) are depending
upon Traffique and Trade, which is performed under Three Simples
or Essentiall parts, namely, Commodities, Moneys, and Exchange
for Moneys by Bills. Whereupon having lately perused a Treatise
intituled Free Trade, or, The meanes to make Trade flourish;
wherein the Author, either ignorantly or willfully, hath omitted
to handle The Predominant Part of Trade, namely, the Mystery of
Exchange: which is the Publike measure between us and other
Nations, according to which, all our Commodities are bought and
sold in forraine parts: his only Scape being, to have the Money
of the Kingdome inhaunced in price, and the forraine Coynes made
Currant within the Realme at high Rates. (whereby great
inconveniences will follow:) I could not but bee moved, both by
my faithfull alleagence due unto your Majestie, and the observant
duty owing by mee, to the Publike good:) To make an answere to
the materiall points of the saide Treatise, by comparing things
by contraries for the better illustration; the rather for that it
was published in Articulo temporis, when your Majesties vigilant
Princely Care, had been pleased to referre the Consideration of
this important businesse of State, to the Learned, Lord Vizcount
Maundevile, Lord President of your Majesties most Honourable
Privy Councell, and other persons of knowledge and experience:
amongst whom (although unworthy) my selfe was called, and our
opinions were certified unto your Highnesse.
     For the Consideration of this weighty matter of great
Consequence, is absolutely to be submitted unto your High
Wisedome and Transcendent judgement, by means whereof (according
to the saying of Epictetus the Philosopher, Hoc est Maxime
iudicis, Aptare Vniuersalia singularibus,) All Causes both
Ecclesiasticall and Civill, are observed, discerned and applyed
to their proper and determinate ends.
     Your Majestie therefore, may bee pleased to vouchsafe (with
a gracious aspect) the reading of this small Treatise, which
(like unto the little fish, mentioned by Plutarch, swimming
before the great Whale, giving notice of dangerous shallow
places;) shall be amply explained in a Volume (almost imprinted:)
intituled Lex Mercatoria, or the Ancient Lawe Merchant, which (in
all humility:) is to bee presented unto your most Sacred Majesty;
wherein in the dangerous Rockes, (to be avoyded in the Course of
Traffique, and the means thereunto conducing:) are manifested for
the preservation and augmentation of the wealth of your Highnesse
Realms and Dominions, to bee effected by the Rule of iustice
grounded upon AEquality and Aequity according to ius gentium,
which is chiefly maintained by the Lawe Merchant. The knowledge
whereof, is of such moment, that all other Temporall Lawes
(without it) are not complete, but imperfect.
     Worthy of commendation, are those offices, who can by
Providence preserve the Treasure of Kings and Commonweales;
worthier are those that both (by honest and lawfull meanes) can
preserve and augment them: but worthiest of all immortall praise,
are these, who can and doe (by easie, just, and Politike meanes)
inrich Kingdomes and Common-weales, and thereby fill the Princes
Coffers with standing Treasure, to serve all occasions in the two
seasons, which Princes are to care for; (observed by the Emperour
Iustinian,) namely the Time of Warre, when Armes are necessary,
and the time of Peace, more fitting wholesome Lawes. In the
Theoricke Part of which Study, I have these forty yeares spent
much time and charges at the pleasure of great personages: and
albeit nothing did encounter mee but ingratitude, yet my
constancy to spend the Remainder of my dayes therein, (in hope of
Practise,) is as immoveable as the continuance of my daily
prayers, to the Great Iehovah, to multiply your Majesties dayes
as the dayes of heaven. 
London the 25 of October, 1622
Your Majesties most Loyall Subject
Gerard Malynes.

The Maintenance of Free Trade, According to the Three Essentiall
parts of Traffique, namely, Commodities, Monyes, and Exchange of
Monyes by billes of Exchanges, for other Countries.

     Natural Mother wit, did teach man, before Arts or Sciences
were invented; that of all things and in all humane actions: the
Beginning, Progresse, Continuance and Termination or End is to
bee observed; whereupon Politicians or Statesmen have noted, that
the often comparing of a thing unto his Princple or Originall
produceth the longer continuance, shewing (by digression) how the
same is decayed and may bee reduced to the first integrity and
goodnesse. For there was never any thing by the wit of man so
well devised, or so sure establihed; which in continuance of time
hath not bin corrupted.
     The consideration whereof is most requisite, in the
reformation of the course of Traffique, as a matter eminent for
the good and welfare of Commonweales, and especially for England.
Quia vita civilis is societate posita est, Socretas autem in
imperio & commercio.
     According to this rule, let us observe, that all the
Traffique and Trade betweene us and forraine nations, is
performed under three Simples, which are the essential Parts
therefo, namely, Commodities, Monyes, and Exchange of money by
Bills for forraine Parts; which may be aptly compared to the
Body, Soule and Spirit of Traffique.
     The First as the Body, upheld the world by Commutation and
Bartring of commodities, untill money was devised to be coyned.
     The Second, as the Souls in the Body, did infuse life to
Traffique by means of Equality and Equity, preventing advantage
betweene Buyers and Sellers.
     The Third, as the Spirit and faculty of the soule (beeing
seated every where) corroborateth the Vitall spirit of Traffique,
directing and controlling (by just proportions) the prices and
values of commodities and monyes.
     Now even as monyes were invented to bee coyned of the purest
mettals of silver and gold to bee the Square and Rule to set a
price unto all commodities and other things whatsoever within the
Realme, and therefore called Publica Mensura: even so is exchange
of monyes by Bills, The Publike Measure between us and forraine
countries, according to which, all commodities are bought and
sold in the course of Traffique; for this exchange is grounded
upon the weight, fineness and valuation of the money of each
countrey: albeit the price thereof in exchange doth rise and fall
according to scarcity and plenty of money, and the few or many
deliverers and takers thereof.
     These three essential parts of Traffique are to bee
considered joyntly and divided for the good of Commonweales in
the benefite to be procured for the generall welfare, or for the
particular profit of some few persons; for albeit that the
generall is composed of the particular: yet it may fall out, that
the general shall receive an intollerable prejudice and losse, by
the particular and private benefite of some: These (in this
respect) are not to be regarded, especially if they may make the
like benefite (in some measure) without hurt or detriment to the
generall.
     Some Merchants doe deale all for Commodities, others for
Monyes, and other some altogether for Exchanges or all three, or
that which yeeldeth them most gaine: and commonly without
consideration had of the good of the Commonwealth, which is the
cause that Princes and Governours are to fit at the stern of the
course of Trade and Commerce.
     For to speake ingeniously, Merchants cannot enter into
consideration of the quantity of forraine commodities imported at
deare rates, and the home commodities exported at lesser rates
Respecitively in former time; by the disproportion whereof
commeth an evident overballancing of commodities. Merchants doe
not regard, whether the monyes of a Kingdome are undervalued in
forraine parts, whereby our monyes are exported; when the
exchange doth not answer the true value by Billes, and the monyes
of other countryes cannot bee imported, but with an exceeding
losse, which every man shunneth. True it is, that they observe
within the Realme to keepe the price of money at a Stand,
according to the Kings valuation: but in forraine parts, they
runne with the streame, headlong downe with other nations,
without consideration of their owne hinderance. Merchants doe not
know the weight and finenesse of monyes of each Countrey, and the
proportions observed betweene Gold and Silver, nor the difference
of severall Standards of coyne; a matter so necessary for them to
know, to make thereby profitable returnes of the provenue of our
home commodities, either in Money, Bullion or Wares. Finally
Merchants (seeking their Privatum Commodum) take notice onely of
what is prohibited and commanded, whereas it may fall out also,
that to require their opinion for the reformation of some abuses:
they may bee thought many times as unfit, as to call the Vintner
to the consultation of lawes to bee made against drunkards.
     Kings and Princes therefore, which are the fathers of the
great families of Commonweales are to be carefull for the
generall good so that the expences doe not exceede or surmount
the incombes and revenues thereof, according to the saying of
Marcus Cato, Oportet Patrem, familias, vendacem esse, non emacem,
Hee must bee a Seller, and not a Buyer.
     For the effecting whereof, there is a serious study to bee
had in the true understanding of the Three essential Parts of
Traffique, whereof the course of exchange (which is the most
neglected) will be found to bee the efficient Cause, which with
us is Praedominant, and overruleth the course of Monys and
Commodities, as shall be declared in this discourse. For these
Three parts of Traffique concurre joyntly together in their
proper function and nature, by an orderly carriage, according to
their first invention and institution.
     For as the Elements are joyned by Symbolization, the Ayre to
the Fire by warmness; the Water to the Ayre, by moisture; the
Earth to the Water, by coldness: So is exchange joyned to monyes,
and monyes to commodities, by their proper qualities and effects.
And ever as in a Clocke, where there be many wheeles, the fist
wheel being stirred, driveth the next, and that the third, and so
foorth, till the last that moveth the instrument that strikes the
clocke; even so is it in the course of Traffique: for since money
was invented and became the first wheele which stirreth the
wheele of Commodities and inforceth the Action. But the third
wheele of exchange of monyes betweene Countrey and countrey,
being established and grounded upon monyes, is (in effect) like
to the instrument that striketh the Clocke, being therein the
thing Active, and Commodities & Monyes are become things Passive:
in so much that the Sequele thereof may be compared unto Archers
shooting at the Buttes, directing their Arrowes according as the
Blanke doth stand, high or low; for so do Merchants by exchange
in the sale of commodities and negotiation of monyes, without
which, commodities lie dead in all markettes. Since the Ancient
Commutation of commodities in kind did cease, and the body of
Commodities doth not worke without the Spirit which is exchange,
so that this observation being neglected: the whole instrument of
Trade must needes bee out of order, and discompounded, like a
distemptered Lock, which wil neither open nor shut.
     When the Art of navigation and shipping had continued many
yeares, and marriners did imitate each others obsrevation, before
the Science of the Mathematics was invented: It hapned that two
great Whales with a great volubility swimming in furious manner,
did approach an English ship of Traffique which was bound for the
Coast of Barbary, laden with disvers good Commodities and Staple
wares. The marriners (as the manner was:) did with al diligence
cast overboard divers empty barrels for the whales to play with
all, and to keepe them from the ship. The whales not pleased
therewith, and a suddaine storm arising, did endanger their ship,
which made them unawares to cast overboard many good wares and
rich Commodities, wherewith one of the whales was playing. But
the other whale more fierce, strook the Ship many times with his
Taile, and at last broake the Rudder of the Ship, whereby they
were much hindered in their Sailing, and all the shippes of their
fleete tooke the Start of them and arrived to their destined
ports, the rather because they lost also their sayling Compasse
by the violence of the saide Stormy wind and tempest. And the
marriners had leisure (with a Calme) to discourse of the Accident
to question which was the most necessary and Active thing of True
sailing.
     Some did attribute the same to the winds and Currant of the
Seas; Others to the sailes and agitations of the winds in them.
And others to the compasse made by the admirable virtue of the
loadstone. But all of them were Novices in their profession;
whereupon a merchant standing by (being a passenger in that
voyage) used these or the like speeches. My friends and good
fellows, I doe not a little admire to heare you thus ignorant in
matter of your profession: Can not the losse of the Rudaer of our
ship make you sensible to understand, That the Active Part of
sayling is to bee ascribed thereunto, seeing it driveth the ship
according to all the points of the winds and variation of the
Compasse being fastened upon the Paralell of the Keele of
Equality? Shipwrights will tell you, That if it be not Rightly
placed, it doth interrupt sayling: and if it be not of Compentent
length, but that the upperbuilding of the ship doe sway the same,
it maketh a ship unserviceable: That neither the direction of the
Compasse, nor the Recptacle of the Sailes forewind, can make her
performe her voyage as other shippes doe. I perceive you are like
unto him that did attribute to the letters of a clocke diall, the
shewing of the houre, and not to the hand or Index, which is the
Active thing to shew you the same, albeit it can not doe the same
without the other, which the Thing Passive: you must therefore
truely distinguish and attribute the efficient Cause of Sayling
to the Rudder of a Ship, and the other are called Secondary or
mean Causes. And they all agreed that this observation was true.
     Is not the Moderne Merchant of Hackney or the Author of the
Treatise of Free Trade like unto these Novices? who perceiving
two great whales to have assulted the English ship of Traffique,
The cruellest being the warres in Christendome and the Pirates,
The other more gentle, being the Policy of Princes and States in
the Course of Trade; hath published in the yeare of Grace, 1622.
The Causes of the decay of Trade in England, and the means to
make the same flourish, without observation of the operative
power of exchange, which is the Rudder of the Ship of Traffique
fastened upon the Rule of the equalitie of Moneyes according to
their weithg and fineness, to be denominated by the valuation of
Princes as a matter perculiarly appertaining to their
Praerogatives.
     And because that therein, hee hath like unto Esops Jay clad
himself with the feathers of other Birds: I hope it will not be
impertinent, To unmaske his discourse, and nevertheless to supply
(according to my former Treatises) The maintenance of free Trade,
wherin I endeavour to be Compendious and Substantiall, and to
follow his Method and some distribution for the better
understanding, as a most important businesse of State, which is
the cause that so many Statutes and lawes have beene made
concerning moneyes and exchanges. 2. So many Proclamations for
the due execution thereof have bin published. 3. Lastly, so many
Treatises and Conferences have beene had had from Time to Time,
Both with other Princes and within our selves, which in the
judgement of the said Author are neglected as unnecessary, or by
ignorance not mentioned; concluding with him, That as there are
many causes discussed and discoursed of, at this time of the
decay of Trade: So are there many Remedies propounded, wherein if
either the Principall Causes be mistaken (as hee hath done) or
defective Remedies propounded: The present disease of this Trade
may increase and cast the Body into a more dangerous Sicknes. For
the efficient Cause being unknown, putteth out the Phisitians
eye, as the Proverbe is.
     Now let us come to the handling of the particulars in order,
and afterward to the True Remedies, which must arise from the
matter of exchange, as shall bee plainely demonstrated to the
judicious Reader, voide of partiality; for the exchange is the
faculty or Spirit of the soule of moneyes in the Course of
Traffique.

Chapter One

The Causes of the Want of Moneys in England.

     This Assertion we shall now bring to the hammer, the Anvel
and the Touchstone, namely to firme Reason, by his owne first
Argument of the immediate Cause of the want of money in England,
alleaged by him to bee the undervaluation of his Majesties Coyne,
where he saith by way of interrogation:
     Who will procure licence in Spaine to bring Realls into
England, to sell them here at Tenne in the hundred Gaine, which
is lesse then the exchange from thence will yeeld, when he may
have for the same, five and twenty in the hundred in Holland?
     Here in an obscure manner, he observeth the exchange from
Spayne to be Sixe pence the Reall, as value for value, or the Par
in exchange, whereby it is less (as hee saith:) and hee doth
account the price of 8. Reals at 51 Stivers in Holland, and the
Rate of exchange at 22 shillings 4 pence Flemish to answer our 20
shillings Starlin as at Par pro Pari for those parts, howbeit
that 42 shillings 6 pence Flemish payde there for the 5 Realls of
8 make 25 shillings 6 pence Starlin according to that
Computation; howsoever wee see that this is grounded upon the
exchange, which is the efficient Cause thereof, otherwise the 15
in the hundreth to be gotten in Holland more than in England: is
altogether imaginary and not Reall. For example let five of these
Realls of 8 be bought here for 22 shillings Starlin, and bee
transported into Holland, and there buy commodities with the
same, according as the price of them, is inhaunced there; no man
maketh any doubt, but that the said Commodities are also raised
in price, according to the money inhaunced. So that the gayne
becommeth uncertaine, for the Commodities may be sold to losse.
But the merchants trading in Spaine, which cause their Realls to
be sent from Spaine thither, or doe transporte them from the
Downes: Rely wholy upon the lowe exchange, whereby they are
inabled to deliver their money there, by exchange at an
undervalue, in giving there but 33 shillings 4 pence and under,
to have 20 shillings Starlin payed by Bill of exchange in
England, whereby the kingdome maketh good unto them the said 15
upon the hundreth. For this Reall of 8 was valued but at 42
Stivers, when the Par of exchange was made to be 33 shillings 4
pence, in the yeare 1586, when Robert Dudley, Earle of Leycester,
went to take the government of those Countries; And shal we now
receive in exchange the said price of 8 Reals for 51 Stivers,
which is about five shillings and one peny Starlin, because they
have inhaunced the same to their advantage, and continue the Par
of exchange at 33 shilling 4 pence by which Computation the said
42 Stivers make but four shillings two pence half penny or
thereabouts in true value? Absit ignorantia. Whereas, if our
merchants of Spaine should give the saide price there in exchange
for 42 Stivers, as they did formerly, (and may be done by order
of exchange:) They shall not finde thereby Ten in the hundreth
gaine, which they can make here more certaine and commodiously,
whereby this money will be imported, without inhauncing of our
Coyne. This is so plaine in the understanding of Merchants, that
there needeth no other explanation, for it demonstrateth
manifestly, that if the lowe exchange were not, This Gayne would
proove to be Imaginary, as we have noted. And this causeth these
Realls of Spayne to be diverted from us, and might els be
imported to the said Merchants or others, which doe practice upon
the Benefite of moneys to bee made betweene the exchange and
moneys.
     For the Rule is infallible, That when the exchange doth
answer the true value of our moneys according to their
intrinsicke weight and fineness, and their extrinsicke valuation:
They are never exported, because the Gayne is answered by
exchange, which is the Cause of Transportation. This cause being
prevented, maketh the effect to cease; and this is engraffed in
every man's judgement, according to the Maxima often noted
heretofore, Sublata Causa, Tollitur effectiu.
     So that exchange still hath the command and striketh the
Stroake, insomuch that albeit the price thereof riseth and
falleth, according to Plenty or Scarcity of money: yet moneys are
overruled thereby. For is you inhaunce the Coyne, the exchange
doth controlle it and rise accordingly. And if you undervalue the
same, The exchange in like manner doth fall in price. Wherein
note the operation of exchange both here and beyond the Seas, in
places where exchanges runne upon the pound of 20 shillings
Starlin. If the inhauncing of Coyne be beyond the Seas, and the
exchange be not made accordingly: Then our moneys are carried
out. If the inhauncing of Coyne were made here: E contra, moneys
would bee imported. But the merchant Stranger, who observeth the
rule of exchange, and (will not be over-taken as wee are;) will
over-rule the same ipso facto, and give you so much less in
exchange, as we shall inhaunce our Coine by valuation, or imbase
the same by Allay. In like manner if you Cry downe moneys beyond
the Seas, Th'exchange will alter in price accordingly: and if you
Cry down moneys here, or undervalue them by name, Th'exchange
ought to Rule and to make the denomination accordingly in price,
and still remaineth Predominant over moneys and commodities. For
even as Commodities being the Body of Trafficke, draw unto them
moneys, and therein may seeme to be Active; yet money (being the
right judge or Rule which giveth or imposed a price unto
Commodities:) is the Thing Active, and Commodities become the
thing Passive: Even so, although money is the Subject whereupon
exchanges are made: yet still th'exchange is made to Rule moneys;
To the end, that the value thereof should bee answered by the
Publike Measure of exchange; To prevent all abuses and
inconveniences arising by the price of Commodities, and the
valuation of moneys in exchange: which moneys are either Reall or
imaginary, according to the Custome of the place of exchange by
the device of Bankers.
     This was Seriously observed in the yeere 1576 by divers most
honourable and Grave Counsellours of State, Namely, Sir Nickolas
Bacon, Lord Keeper of the great Seale; Sir William Burghley Lord
Treasurour of England, Thomas Earle of Sussex, Francis Earle of
Bedford, Sir Francis Knowles, Sir James Croft, and Master
Secretarie Walshingham, with the assistance of other worthy
persons of experience, namely Sir Thomas Chamberlain, Sir Thomas
Gresham Knight, Master Peter Osborne, Master James Altham, Master
Thomas Rivet, and Master Richard Martin, Master of the Mints: for
they found that the following inconveniences were practised, by
Bankers or exchangers for their Private gaine and benefite, for
the advancing of some Common-weales, and the destruction of other
Common-weales.
     To lay their money with Gaine in any place of the world,
where exchange lyeth.
     To Gaine and waxe Rich, and never meddle with any Princes
Commodity; or,
     To buy any Princes Commodity with the Subjects money, and
not one pennie of their owne.
     To understand whether money employed on exchange or
Commodities is more profit.
     To live and increase upon every Princes Subject, which take
up moneys.
     To winde out every Princes Treasure out of his Realme, whose
Subjects bring in more Wares, then they carry out.
     To make the Staple of money Runne, where the Rich Prince
will have it.
     To unfurnish the poore Prince of his provision of money in
Warres.
     To furnish their need of money, that tarry the selling of
their Wares or Commodities.
     To take up money to engrosse any Commodity, or to
incorporate any Trade.
     To hide their carrying away of any Princes money.
     To fetch away any Princes fine money, with the baser money
of other Princes.
     To take up Princes base money, and turne it into fine, and
pay the party with his owne.
     To get all Merchants money into their hands and gaine
thereby, and paying them, with their owne.
     To make that Realme gaine of all other Realmes: whose
Subjects live most, by their owne Commodities, and sell yeerely
the over-plus into the world, and both occupie that increase
yeerely, and also their old store of Treasure upon exchange.
     To undoe Realmes and Princes, that looke not to their
Common-wealth, when the Merchants wealth in such and the great
houses of one Countrie, conspire together; so to rule th'xchange,
that when they will be Deliverers, they will receive in an other
place above the Standard of the Minte of the Princes money
dilivered: and when they will be Takers; they will pay the same
in an other place, under the Standard of the Princes money taken
up.
     To get ready money to buy any thing that is offered cheape,
and to raise the price of Wares.
     To get a part, and sometimes all his Gaines, that employeth
money taken up by exchanges, in Wares, and so make others travell
for their Gaine.
     To keepe Princes from having any Customes, Subsidies, or
Taxes upon their money, as they employ it not.
     To value justly any Wares they carry into any country, by
setting them at a value, as the money that bought them, was then
at by exchange in the Countrie, whither they bee carried.
     By the premisses we may see, of what importance the
operation of exchange is, wherein the endeavours of Sir Thomas
Gresham, thinking to rule th'exchange of England by plenty of
money proveth fruitlesse, and might have beene done with more
facilitie by direction, as shall be made manifest.
     This was the cause that the French King Lewys the ninth, and
Philip the faire, did Confiscate the Bankers Goods, and so did
Philip de Valois, who indited them as Coozeners of the Common-
wealth; for it was found, that in a short time (with 24, thousand
pounds) they had gotten foure and twentie hundred thousand
pounds. The kingdome of England would have beene more sensible of
the like losse, if the hostile depredations heretofore made, had
not supplied the same, nothwithstanding that the Coffers of
Queene Elizabeth of blessed memory, were stored with seven
hundred thousand pounds Starlin, before the Warres with the Earle
of Tyrone in Ireland, wherein more than double that Summe hath
beene spent, as I found by the accompts. For this disordred couse
of exchange (as I have said) is like to the cruelty of the Planet
Saturne, which maketh his Spheri call course in 30 yeers with
great operation, and it is not many yeeres lesse, since I have
observed this inconvenience for the good of the Realme, albeit
Envy hath crossed the same, by ignorant men denying Principles,
and by other meanes here not to be mentioned.
     The second cause of the want of Moneys in England, is (saith
the said Author) the Superfluity of Plate generally in privat
mens hands. Here he hath omitted, to Note the great quantitie of
Silver consumed in the making of Silver Thread, Spangles, Purles,
Oaes, and the like, which upon late examination of the Right
Honourable Henry Vizcount Mandeville Lord President, are found to
amount 80 thousand pounds and upwards yeerely; whereas the Plate
made in London, is only but 50 or 60 thousand pounds worth, which
remaineth as a standing Treasure, when th'other is worne and
consumed, leaving but some part to be molten againe: and if the
Plate were converted into moneys, without all doubt, it would
more easily be Transported, having his weight and fineness, and
affording 12 in the 100. Gaine above the exchange in two moneths
and lesse time.
     An exchange hereof, wee have yet fresh in memorie, during
the Raigne of the French King Charles the ninth, who after the
Massacre of Paris, finding the Treasure of the Realme exhausted,
nad his Subjects wealth to consist more of Plate then of ready
Money, was advised by some, that under colour of the Supressing
of Pride, it were good to prescribe every man, what store of
Plate he should keepe, according to his degree & qualitie, & the
rest to be turned into moneys: others were of opinion, that it
would nto only breed a discontent unto his Subjects, but also a
derogatin and dishonour to the Kings Reputation with forraine
Nations: Seeing, That the State of a Prince, doth as much consist
by reputation, as by strength, Therefore like good Politians,
advised the King somewhat to imbase his money under the Standard
of the Plate, which would cause the lesse exportation, and the
Plate (of course) to bee turned into money: and this was done
accordingly, and had also the same effect, saving that where they
thought money, would not be Transported; they found themselves
deceived, for the course of exchange was not looked into, which,
not being answered according to the true values of the moneys,
made a Gaine by the undervaluation of them in exchange, and so
long as the Gaine remained, it was continually Transported,
whereby at last the Plate of the Realme (turned into money) was
lost; aswell as he lost his money before that time: and so it
came to passe in England, during the Raigne of King Henry the
eight, who Granted several Letters Patents, or Authorities to
divers of his Nobles to make base moneys of their owne Plate,
which did fall out ot be the greater prejudice to the Common-
wealth, and to himselfe but a present shift for the time.
     Concerning the Gold and Silver thread, I have heretofore
endevoured to have the Manufacture thereof in England, upon
plenty of money and Silver to bee procured from forraine parts by
meanes of th'exchange. But finding of late such unreasonable
Consumption of silver therein spent after the refining thereof,
and the uncertainty in goodnnesse by the Wier-drawers: it pleased
his Majestie with the advice of his most Honourable privy
Councell, to forbid the same lately by Proclamation, and to admit
the forraine silver Thread to come in; whereby our Silver is not
only preserved, but the quantity also is increased, because after
the wearing a good part, remaineth in burnt Silve, whereas the
Silke lace is consumed to nothing. And such is the Gaine of
Silver beyond the Seas (in regard of the lowe exchange by Bills,
undervaluing our moneys,) that Purles & Oaeses (in some sort
prepared here) have been (by way of Merchandise) Transported of
purpose to melt the same downe there, for the making of moneys,
as I have seene by divers Certificates from Dort in Holland.
     The third Cause of the Want of Moneys in England, is the
Consumption of forraine Commodities, which I have alwayes called,
The overballancing of those Commodities, with the native
Commodities of the Kingdome, in Price, and not so much in the
quantitie. And the comparison hereof is, principally to be made
in the Trade of cloth, and the Returne of it, made by Forraine
Commodities, At Silkes, Linnen cloth, Cambrickes, Lawne, and
other the like Commodities brought in by the Merchants
Adventurours which have the Maine Trade, and buy these Commoditis
(proportionably) dearer then they sell our home Commodities;
which I have proved, by many reasons to proceed, by the abuse of
exchange, according to which, they are both waies sold and
bought. Is there any man of judgement, who seeth not, That this
overballancing doth expell our moneys out of the Realme, and
which are (in effect) as it were given to boote to other Nations
to Countervaile this inequalitie? Let them consider of the
Reasons following.
     First, moneys being undervalued in exchange, causeth the
price of our home Commodities to be abated, and to bee sold
better cheape in forraine parts, & is also the cause that our
moneys are continually Transported.
     Secondly, the moneys being Transported, taketh away the
lively course of Traffique of our said Commodities, and causeth
young merchants to Runne by exchanges upon Bills to maintaine
their Trade, paying great Interest for money, which they cannot
take up at Use upon their single Bond, as they can doe by a Bill
of exchange, without Sureties.
     This causeth the said young Merchants and others to make
rash Sales of their Commodities beyond the Seas, to pay their
Bills of exchanges, whereby they overthrow the Markets of others,
and make them to Sell good cheape.
     So on the contrary, the Coynes being over-valued in
exchange, and also inhaunced beyond the Seas, causeth the price
of forraine Commodities to be increased more then our home
commodities, and our Merchants are compelled of course, to make
Returne thereby. For they cannot import those overvalued moneys,
but to their exceeding great losse; and by exchange, they finde
few Takers, unlesse it be our young Merchants, which doe consume
their Estates by exchanges & Rechanges: For of the Three
Essential Parts of Traffique, we have but the use of one, which
is the buying of forraine Commodities to make Returnes homewards,
and doth increase the consumption of the said Wares.
     Moneys remaining hereby plentifull beyond the Seas, the
rather for that they make Bills obligatory, serve as ready Money,
which they Transferre and set over betweene man and man for the
paiment of Moneys or Wares; causeth there a lively course of
Trade, whereby their Commodities are advanced in price & sale,
neither are they compelled to sel them, but at their price,
because they finde money at interest at 5 and 6 in the hundred.
This money is made daily more plentifull, by our Spanish
Merchants, which doe divert the Realls of Spaine, as before hath
beene declared: hence it proceedeth, that our home Commodities,
are many times sold beter cheape beyond the Seas then here; for
although Merchants doe lose thereby, they make account to gaine
more, by the low exchange, delivering their moneys there, or
taking of them up here by exchange, to pay their Bills of
exchange at an undervalue: insomuch, that many Merchants having
no commodities there, may take up money here, and sending over
the same in specie, will pay there with their Bill of exchange,
and Gaine (by dexteritie of wit) 15 in the hundreth in lesse than
two moneths time. Thus when Gaine is practised by exchange, the
Commodities of the Realme are less vented, and the moneys are
exported, which causeth the lesse employment here to be made upon
our Commodities: Even as the importation of moneys being hindered
(by the inhauncing of the Coynes beyond the Seas:) compelleth our
Merchants to make the greater employment upon forreine
Commodities at deere Rates.
     For the Commodities beyond the Seas, are in the hands of
them that make sale of them, upon a certaine price (as it were)
at their pleasure, having Plenty of Money, at a cheape Rate at
interest, whereas also they have no man to undersell them, here
and there, as our Merchants doe our Commodities, which (without
all comparison:) are farre much fallen in price, then the
forraine Commodities now somewhat abated in price.
     Concerning other Commodities imported, As Wines, Raisons,
Corints, Tobacco, and Spices of the East Indies: Let us briefely
observe, that the Wines of France might be bought better cheap,
if the money of the Realme were not undervalued in exchange; for
wheras heretofore they gave us in payment their French Crowne of
Gold for 64. Soulx, now they give us the same at 75 Soulx, which
Crowne was then worth 6 shillings, 6 pence Starlin, and their
quart d'eseu now paied for 16 Soulx and above, was then but 15
Soulx, for which we gave here (accompting 4 to the Crowne of
Silver) 69 pence and thereabouts, and now 72 pence and above.
     And besides that, more of our native Commodities were vented
with better profit, according to th'exchange; for the Rule is,
that the lesse of Starlin money wee doe reckon in exchange with
them, the more is the Gayne of our Commodities. The like may be
applyed for the Trade of Corints, which is now provided by other
means. But the limitations to restraine all men from importing
them, then onely those of the Levant company, maketh no free
Trade of this Commodity, nor other the like.
     The immoderate Use of that weede Tobacco hath beene so
effectuall in debarring us from Spanish Realls to be (as
formerly) imported to a great value yearely: but the wisedome of
the State hath so qualified the same, that our Merchants trading
in Spaine doe now sell Perpetuanoes, Bayes, Sayes, and other our
home Commodities to benefite, which before were sold to losse, to
have moneys to buy this Tobacco, that the Spaniard did say, Todo
te pagara in humo, All shall be paid with smoake.
     The fourth cause of the want of Money in England, is (as the
said Author saith) The great want of our East India stocke here
at home, which he termeth the especiall Remote Cause; whereas
most men would have expected that the ready moneys sent in Realls
of Plate to make the employment of the said Trade, would rather
have beene mentioned. My meaning is that to become a Trapez untia
Flatterer. For AEsops Moral, That the Lyon could not be healed
without the Apes Liver: that is, Princes can not be safe without
the destruction of flatters: remaineth still fresh in memory; but
in favour of truth and Policy, I am resolved to deliver my plaine
and sincere opinion, concerning the said Trade, which began with
us in England immediately after the great Jubile yeare, 1600.
     In the Discourse made of the Trade from England into the
East Indies be truely collected, no doubt the said Trade may be
found very profitable hereafter, albeit it hath beene very
difficult in the beginning, according to the Proverb, Omut
principium grave; especially when the Controversies betweene us
and the Hollanders shall be determined, and their agreements
established.
     For if Pepper doe but cost two pence halfe-penny the pound
in the Indies, and that tenne shillings imployed therein will
require but 35 shillings for all charges whatsoever, to deliver
it in London; where it is usually sold for above 20 pence: It
followeth by consequence, that there must be a very great gaine,
which will increase, when the said parties shall be united in
true Love, and buy the said Commodities better cheape; and so
proportionably for all other Spices, drugges, silkes, indicoe's
and Callecoes.
     Againe, if one hundreth thousand pounds in money exported
may import the value of 500 thousand pounds Starlin in wares of
Commodities: albeit England do not spend above 120 thousand
pounds, and 380 thousand pounds in exported unto divers forraine
parts, and there sold for ready for ready money with great
advantage.
     And lastly, if the very Commodities of the Realme exported
into the East Indies, will buy so much as England useth of their
Commodities, and the employment is made for forraine Coyne or
Realls of 8 procured from other places,what man of understanding
can justly finde fault with that Trade? If treatise were imported
thereby unto us, as their finall end, as the Discourse saith, but
that other Trades do divert the same? For when the said Indian
Commodities are sent from England into Turkie, Ligorne, Genoway,
the Low Countries, Marselleis and other places, and are sold for
ready money: The same is imployed againe upon Gorints, Wines,
Cotton-Wooll and Yearne, Galles and divers other Commodities,
wherewith the Ships beeing reladen: yet a great proportion
remaineth to be brought over in moneys, which are diverted from
us, by the course of exchange in undervaluing our moneys, as hath
beene declared. The losse whreof is greater to this kingdome,
than all the moneys employed yearely for the East Indies, cometh
unto, which without due consideration, seemeth to bee impossible.
So that wee may very well affirme, that by this Trade the
Treasure of the Realme can greatly be increased unto us the use
of forraine Commodities at reasonable rates. And therefore is the
same by all meanes to be continued, the rather for that the
Hollanders have declared 5 especiall Reasons for the continance
of their East Indie Trade, which are not to be neglected, but are
to bee pondered by all Politians and Statesmen.
     1. Because the Right, Power, and freedome of the Traffique
and Trade belongeth unto them (iure gentium) aswell as to any
nation of the world; which the Spaniards did call in question.
     2. For the revenge of any injuries done to the Hollander,
may bee recompenced in those Countries; which was heretofore
without breach of Truce.
     3. For the maintenance of their Marriners and Shipping, of
which two, they abound above all nations.
     4. For the increase of Customes and meanes raised by the
Buying of these commodities, their Countrey being a Storehouse
for all wares and merchandizes.
     5. Because that by the continuance of the said Trade
(although it should proove unprofitable:) They maintaine a
certaine peace and assurance in the course of their government
which consisteth thereby.
     This Trade of the Hollanders for the East Indies began upon
the Embargoes made in Spain of their goods and interruption of
their Trade, wherein they did associate themselves with the
Germanes to disperse and vent their said India commodities better
and speedier.
     To this Argument appertaineth, the consideration of the
Trades out of Christendome, maintained for the most part with
ready moneys. As for Turkie and Persia, wherein the abundance of
Silver and Gold come into Europe, since the West Indies were
discovered, is to be noted, which hath made every thing dearer
according to the increase of money, which like unto an Ocean,
dividing the Course into several branches in divers Countries,
hath caused a great alteration. But England doth not participate
by the Course of Traffique a proportionable Competent share of
the said aboundance of moneys, as other nations doe: albeit not
many yeares since, we had more moneys then in times past, before
the saide discovery of the West Indies: But we must now measure
things according to the said abundance, which is much diminished
by the continuall exportation of moneys for the East Indies from
all places of Traffique.
     The fifth Cause of the Want of Money in England, hee saith,
are the Warres of Christendome, causing exportation of moneys,
and the Pirates hindering importation of money. The latter is
meerely a Prevention or Robbing of our moneys, which are
supposed, might be brought in. But if Pirates did not take some
of our moneys, it followeth not, that the same should come unto
us in specie. For experience, by the example of the Spanish
Merchants, diverting the Realls of 8 from us (for Gaine to be
made in forraine parts:) prooveth unto us the contrary. Gayne
beeing alwaies the Scope of Merchants: and to proove that this
Gayne, is made Really onely by the abuse of exchange (which
otherwise would be but Imaginary), wee have already declared.
     Now touching the exportation of monyes by the wares of
Christians, where he declareth an urgent instance: That the
Riecks Doller, is raised (two markes Lubish making the said
Doller:) to twenty markes Lubish in many places of Germany,
whereby abundance of money is drawen unto the Mintes of those
Countries, from all the Mines and Parts of Christendome: herein
he is much mistaken; for when moneys are inhaunced, they never
are carried to the Mintes for to be converted into other Coyne.
But they remaine currant, betweene man and man, running like a
Poste-horse, every man fearing to receive a losse by the fal.
Neither maketh this any rule for merchants in places of Trade,
otherwise then that they may take knowledge of the publike
valuation thereof, to sell their Commodities accordingly, by
rating the price of exchange, upon their former observation;
which being neglected or done in part, causeth the undervaluation
of our monyes in exchange. And this is the immediate Cause by him
first alleaged and treated of, wherein the Commodities are no
more Active, then Tenderdon Steeple in Kent, was the Cause of the
decay of Dover haven.
     To make this to appeare, let us note, that this Rieckx
Doller being the maine and most usuall Coyne in Germany,
Eastland, the United and Reconciled Countries under both
Governments, and many other places, was valued at 2 marks Lubish,
every marke being 16 shillings Lubish, or 16 Stivers; for the
yeare 1575, the saide Doller was still coyned in the Empire for
32 Stivers. And was so currant by Valuation in the Low Countries,
wherby the said shilling Lubish and the Stiver Flemish were al
one, but the wars in the Low Countries hath bin the cause of the
inhauncing of this Doller, which was brought to 35 Stivers, and
the yeare 1586, to 45 Stivers by intermissive Times and
Valuations howbeit at Stoade, Hamborough and other places in
Germany, the said Doller did remaine still at 32 Stivers or two
markes. And as the said Doller did inhaunce in price: so did they
coyne new Stivers accordingly, sometimes lighter in weight, and
at other times imbased by Allay or Copper. And yet in accompt,
the Stiver did and doth remaine the ground of all their monyes.
But the said Doller holdeth his Standard agreeable to the first
Doller, which is called the Burgundian Doller with the crosse of
Saint Andrew coyned in the yeare 1575 which is in fineness tenne
ounces, and twelve penny weight of fine silver, and four and one
halfe of these Dollers, were there made equivalent to our 20
shillings Starlin, as a Publicke measure in exchange betweene us,
and the Low Countries, Germany and other places where this Doller
was currant, which made the Par or price of exchange to be 24 of
their shillings, for 20 shillings of ours, according to which
computation, exchanges were made, alwaies above that price, both
here and beyond the seas; and the Stiver of the Lowe Countries
was not in value answerable thereunto, for bieng but two ounces
17 pence with fine, their 32 Stivers for the said Doller, (which
is foure pieces and one halfe 144 Stivers:) did not containe so
much fine silver in them, as the said Doller proportionably. But
there wanted above 3 shillings Flemish in the pound of 20
shillings Starlin.
     Those Dollers have since beene imitated and made by the
States of the united Low Provinces in their severall Mintes, as
also by the Archduke Albertus in the reconciled Provinces. And
the price of them at Hamborough, Stoade, and other places was
inhaunced but one Stiver; that is to say, at thirty three
Stivers, where the said Dollers, went in the Low Countries by
valuation for 45 Stivers in the yeare, 1586, at which time the
Par of exchange was found to bee twenty foure shillings nine
pence for those parts, and for the Low Countries at thirty three
shillings 4 pence; which was so agreed upon to our disadvantage,
for according to the saide 4 1/2 Dollers, at forty five Stivers,
it maketh thirty three shillings nine pence; but our twenty
shillings valued at tenne Stivers for the shilling, was the cause
that it was put to thirty three shillings four pence. My selfe
being there, a Commissioner appointed by the Councell Table, with
Sir Richard Martin Knight, and Monsieur Ortell, Monsieur Coase,
and Monsieur Valcke, Commissioners for the States of the united
Provinces.
     This Doller is since that time inhaunced to fifty two
Stivers in the Lowe Provinces, which maketh the price of exchange
above thirty eight shillings, or rather thirty nine shillings:
and shall we suffer this, and not alter our price of exchange
accordingly, but be contented to take thirty foure shillings or
thirty five shillings, and after that rate undersell all the
Commoditis of the kingdome, and suffer also, (because of this
gaine) our monyes to be exported, the Realls of 8 to bee debarred
from us to bee brought in and carried to other Countries, for
bringing a losse to the importer, which by inhauncing of the
price of our exchange (and not by inhauncing of our monyes:) can
bee easily prevented? as heereafter shall be declared.
     This Doller is likewise since that time, more inhaunced in
Germany from time to time, and leaving the excessive alteration
in Remote places, let us note the Valuation of Hamborough, where
it hath beene at fifty foure Stiners the Doller, which maketh the
exchange above forty shillings of their money for our twenty
shillings. And although we have raised the price of exchange from
twenty foure shillings nine to thirty five shillings or
thereabouts: shall we rest here and go no further? have we reason
to doe it in part, and not in the whole, according to justice,
equality, and true Policy. And shall we bee like a man, that by
halting in jest, became lame in earnest? I say againe, Absit
ignorantia. Thus much Obiter.

Chapter II.

The Causes of the Decay of Trade in the Merchandize of England.

     The Moneyes of Christendome, which have their ebbing and
flowing, doe shew their operation upon commodities, making by
Plenty, the price thereof deare, or by Scarcity better cheape.
And on the Contrary, by exchange we finde that plenty of money
maketh a Low exchange; and the price of monyes to fall in
exchange: and that Scarcity of money maketh a fhigh exchange, and
the price to rise, overruling both the price of moneys and
Commodities, which beeing observed by the great exchangers or
Bankerers; caused them to invent all the means to compasse the
fame, and to rule the course thereof at their pleasure, having
the maine sea of exchange, wherein the exchange of England
runneth like a River or Branche, and is overruled by the generall
Currant; which may be prevented: for we have the head of exchange
of 20 shillings Starlin for the places where most of our
Commodities are sold, which will command all the parts & members
of the body of Traffique, and procure plenty of money, whereby
the other cuases of the want of monyes in England (as the waste
of the treasure and the like;) will not be so sensible as now
they are, especially when needfull Commodities of Trade, shal be
imported from some places, which shall supply (as in times past)
the exportation of much money, when the Commodities of Russia,
being Tallow, Waxe, Hides, retransported into France and Spaine,
did by exchange furnish the Realme with Wines, Corints, Raisons
and the like Commodities.
     The Want of Money there, is the first cause of the Decay of
Trade, for without money, commodities are out of request. And
when they fall againe into Permutation or Barter, Traffique is
subject to the necessity of Merchants, which tendeth to the
destruction of ne commonweale, and to the inriching of an other.
And this is effected by the exchange, as the grave and wise
Cousellors of State before mentioned, have very well observed,
whereof Aristotle and Seneca could take no notice in the infancy
of Traffique, which maketh me to forbeare to alleadge their
opinions and definitions; howbeit Commercium is quasi Commutatio
Mercium, which the said Author would turne againe by a change of
wares for wares, and ot money for wares. No marvell therefore
that hee doth invert things and runneth into a Labyrinth without
distinction, betweene the thing Active, and the Passive, by
approoving Money to bee the rule and square, whereby things
receive estimation and price. And yet commending the Commutation
before Money was devised to be coyned.
     Aristotle saith, That Action and Passion are meerely
Relatives, and that they differ no more, then the way from Thebes
to Athens, and from Athens to Thebes. We will therefore leave
this Merchant to walke betweene both untill hee can discerne the
one from the other. And then he shall finde, that as the Liver
(Money) doth minister Spirits to the heart (Commodities,) and the
heart to the Braine (Exchange:) so doth the Brayne exchange
minister to the whole Microcosme or the whole Body of Traffique.
Let the heart therefore by the liver receive his Tinctured Chilus
by his own mouth and stomacke, and the blood full of Spirits,
shall fill all the Veines, and supply the want of monyes. The
easie course and recourse of whose exchange, shall bring all
things in time, and serve all mens turnes. For even as there are
two Courses observed of the Sunne: the one Annual, and the other
by dayly declination, rising and going under: even so much wee
observe in exchange two Courses, the one according to Par pro
Pari, or value for value: the other rising and falling from time
to time, as wee have already declared.
     The second Cause of the decay of Trade, saith he, is Usury,
meaning Usury Politicke, wherein he is prevented to speake,
because of a Treatise made against Usury by an unknowne Authour,
and presented to the last Parliament, for whom he taketh great
care, that hee be not abused as Virgill was by proclaiming too
late, Hos ego versiculos feci, tulit alter honores. True it is
that the said Authour doth not attribute unot himself the makeing
of verses: but taketh the whole substance of his discourse out of
other mens workes, published above twenty yeares since. Turpe est
Doctori, dum culpa redarguit ipsum. Cato.
     Usury in a Common-wealth is so inherent, and doth properly
grow with the decay of Trade, as Pasturage doth increase, with
the decrease of Tilling. Albeit in some respects, Trade is
increased by monyes delivered at use or interest upon occasions,
when the Usurer is glad to finde a taker up of his monyes, and
doth pray him to doe the same, by reason of the abundance of
money; which maketh the price of Usury to fall, more then any Law
or Proclamation can ever doe. So that to abate the Rate of Tenne
upon the hundred to eight (as the saide Tract against usury would
have had the Parliament to do:) will be effected or course, which
alwaies hath the greatest command.
     This doth also much prevent, that the Rule of Concord and
Equality is not so soone broken and overthrowne in Common-weales,
some growing very rich, and others extreame poore, not able to
live in their vocation: The most pregnant cause of discord,
causing many times civill warres, as Corvelius Tacitus hath
noted, and appeareth in another Treatise where the operations of
Usury are described.
     The biting Usury & intolerable extortion committed by
certain uncharitable men, commonly called Brokers for pawnes, is
not to bee touched in a word, for this is the only the remarkable
sin, (I meane extortion & oppression:) for which feedeth upon the
sweat & blood of the meere merchanicall poore, taking 40, 50, 60
& 100 upon the 100 by the yeare: besides Bill money and
forfeiture of the pawnes, when charitable persons have offered
above 20 yeares since, to give largely, and to lend moneys
Gratis, as also after 10 in the 100 to supply by way of pawn-
houses (by some called Lombards:) the need and occasions of the
poore & mechanicke people; the neglect wherof sheweth that our
hearts are overfrozen with the Ice of uncharitablenesse, which
otherwise could not have so long continued; for it provoketh Gods
anger against us in the highest degree. If these men had beene
Jewes, I might have bestowed some Hebrew upon them in detestation
of the word Neshech, which is nothing else but a kind of biting,
as a dog useth to bite & gnaw upon a bone; otherwise to use many
languages in a litle Treatise of free trade may seem impertinent.
     The third cause of the decay of Trade he saith, is, the
litigious Law suits, which as one way they increase by scarcity
of money, which compelleth men to stand out in Law for a time,
when they cannot pay untill they receive: So another way, when
moneys are plentifull, men care the less for money, & pride
causeth them to spend, & to go to law for every triffle,
disputing De lana Caprina: true it it, that this Law warfare
interrupteth trade, but to make the same to be one of the
efficient Causes of the decay of trade, I cannot altogither agree
therunto: but rather to the Remedies which shal be hereafter
declared; albeit many men, are vexed, imprisioned & overthrowne,
having spent their time & meanes in Law: which might have bin
employed in trade for the good of the Comon-Wealth & their owne
quietnesse.
     I do likewise omit to intreat of transportation of ordnance
& munition heretofore permitted, mentioned by the said author, &
now prevented in some sort; neither was England in the yeere,
1588 in such great distresse to be termed in articulo temporis,
when the merchants Adventurers did provide from Hambrough a ships
lading with Powder and shot, as parcell of their dutie to assist
the Kingdome, by God only preserved.
     The fourth Cause of the Decay of Trade, or to speake
properly, neglect of Trade, is, The admitting of forraine
Nations, to fish in his Majesties Streames and dominions, without
paying any thing for the same, whereby their Navigation is
wonderfully increased, their Mariners multiplied, and their
Countrie inriched, with the continuall labour of the people of
all sorts, both impotent and lame, which are set on worke, and
get their living.
     Concerning this fishing Trade: there hath beene a continuall
Agitatin above 30 yeeres to make Busses and Fisher-boats, but the
Action is still interrupted, because other Nations doe finde too
great favour and friends here to divert all the good intentions
and endevours of such as (with the Author of this Discourse) have
imployed their Time and good meanes therein; for the Merchants
Adventurours, the Companie of Merchants Trading in Russia, and
the East-land Merchants, did also oppose themselves against it at
the Councell Table, and did alleage the reasons following.
     1. The infringing of their Priviledges here and beyond the
Seas.
     2. The Interloopers advantage to interrupt their Trade under
colour hereof.
     3. The want of meanes to make Returne, both for Fish and
Cloth also.
     4. The inhauncing of the price of forreine Commodities.
     5. The preoccupying of money to the hinderance of Cloth.
     6. The dissolution of the joynt stocke of the Russia
Company.
     7. The incouragement of Strangers hereupon to make a
Contract with the Russian Emperour.
     8. The discouragement to undertake new discoveries.
     9. The defraying of the Charge of Embassadours and other
extraordanarie Charges for honour of the State.
     10. The plenty of Fish, which those Countries have from time
to time, and some other Reasons.
     So that in conclusion, England (by their saying) cannot
maintaine the Sea Trade and the Land Trade together; neither do
they make account to make Returne in money, knowing that they
should lose more thereby, then by the exchange of those
Countries, or by Commodities. And albeit that all the premisses
may bee moderated without hinderance to the said Companies:
neverthelesse such is the condition of some Merchants, not
understanding the Mysteries of exchange, and over-ruling otheres
by their order of Antiuqitie in their Society: that neither
Reason or experience can prevaile; insomuch, that whereas other
Princes take their Duties of other Nations for fishing, and fish
themselves also by their Subjects: yet England cannot resolve to
doe the like, or at least take order for the said Duties.
     In Russia many leagues from the Maine, Fisher-men doe pay
great Taxes to the Emperour of Russia, and in most places, other
Nations are prohibited to fish.
     The King od Denmarke doth the like, and taketh great
Tribute, both at Ward-house and the Sound.
     The King of Sweden in like manner, and the said King of
Denmarke now for the Kingdome of Norway.
     All the Bordering Princes of Italy doe take Taxes upon fish
within the Mediterranian Seas. 
     The like Taxe is taken by the Duke of Medina Sidonia for
Tunny in the Spanish Seas.
     The States of the United Provinces doe take an imposition
upon fish, which is taken within the Streames, and Dominions of
other Princes.
     The Hollanders doe allow the Tenth fish, both in Russia,
Lappia and other places, or pay a Composition for the same; as
also moreover a Tribute in the Sound for passage, to fetch the
said fish. And of mine owne knowledge, I am assured, they would
willingly have paid the same unto England, or a good composition
for it, had not the greedy lucre of some persons hindered the
same.
     These exemplary Actions have long determined the question of
Mare liberum, touching the Communitie or freedome of the Seas,
which is acknowledged to be so, for Navigation, without that the
same doth any manner of way prejudice the Distinct Dominions of
the Seas of all Princes concerning fishing; that is to say, the
fishing Trade. So that it is superfluous to alleage the opinions
of Orators and Poets about the fishing heretofore in the
Mediterranian Seas, neither doth it belong to this place to cite
the Determinations of the learned Civilians which are mentioned
in the Treatise De Dominio Maris. For the matter hath beene
learnedly handled at the Councell Boord, before the Grave
Senators, many yeeres since, by our Civilians and others, which
(to avoid prolixitie) I doe omit.
     Now from the Fishing we are come to Clothing or Drapery of
the Kingdome, and the abuses thereof, as the fist cause of the
dacay of Trade: wherein to use many distinctions of the new and
old Drapery (unlesse it were to Reduce matters in statu quo
prius:) shall be needlesse. And although the dressing and dying
of Cloth, was insisted upon to be done in England in the yeere
1616. To establish the Manufacture within the Realme, (at which
time 64 thousand Clothes were exported:) which was afterwards
revoked:) I cannot omit to observe the Practises which were used
by Combination with other Nations abroad, and domesticke
intelligences at home, whereby many good Actions are overthrowne,
to the generall hurt, and with little advancement to the
particular.
     It cannot be denied, but that the Drapery of forraine
Nations (not only the making of Cloth in the Low Countries, but
of late yeeres in Italy and Spaine also:) the Trade of Cloth is
much diminished, both in the number made, and in the price
thereof, which is a Canker to the Common-wealth. But this is not
to bee cured by abating the price of our Cloth continually (as it
were) striving to our undoing, to undersell other Nations; for
Satan cannot cast out Satan, as the said Author alleageth: which
mich hereunto be better applied, if the Simile were grounded; for
in Phisicke one deletorious poison, is hardly tempred, but by one
of equall strength. For the underselling of our Clothes will not
make them more vendible, when the Accidents of great Warres doth
hinder the same: wherein wee are to note two principall points.
     First, that other Nations (buying heretofore our Clothes
when they were sold deerer, by the one halfe in price then they
be now) did never complaine that the Clothes were sold too deere,
but they did alwaies complaine of the false making of our Cloth.
     Secondly, that other Nations are as willing to sell unto us
their forraine Commodities, as we can be to sell our Clothes to
them; for those that make Clothes in their Countries, have no
occasion to buy forraine Wares, or the Commodities of others, but
seeke to sell them for ready money, or to bee payed at some
thimes: whereby England hath a great advantage, and may enjoy the
benefit of it, in selling their Cloth with Reputation, which is
ever accompanied with Request, and causeth Commodities to be sold
at good rates; whereas vilifying the price of Wares, can never
establish a Trade, and make Commodities more vendible; for this
course is violent, and Nullum violentum perpetuum.
     And in this place it may bee thought convenient to make an
answer, to the imputation and false interpretation which the said
Author maketh, in the last chapter of his Treatise upon the words
mentioned in the Canker of Englands Common-wealth, wishing the
amendment of the above said fault, That our Cloth might be sold
at so deere a RAte, and according to the price of forraine
Commodities, that thereby other Nations, should take upon them,
to make our Cloathes. And the Remedie is added, by selling our
Wooles deerer, whereof they must make them; for in those dayes of
the latter time of Queene Elizabeth of blessed memory, and untill
the second yeere of our most Gracious Lord King James, Wools were
permitted to be Transported by the Staplers and others. And one
makers of Cloth beyond the Seas, must needs have them to cover
their Woolles in the Indraping, which is now prohibited, and the
Case is altered; hereupon this Moderne Merchant out of his deepe
Speculation; saith, which seemes to have in it, much more Dutch
then English, to deprive this Kingdome of so Royall a
Manufacture, whereby so many thousands of poore Families are
maintained: imitating herein the Butchers flye, byting upon one
place, which seemeth to bee gawld, as he saith, and leaving all
the sound body untoucht. For my Writings which are extant in
Print and Manuscripts, doe shew, that my continuall studie hath
beene to seeke the welfare of this Kingdome, which caused
forraine Nations to say, that I did savour of too much English,
and had made my selfe odious thereby, so that I may justly
Challenge the misapplied example of the great Commander of the
Romans Belizarius, alledged by the said Author; for Envie
(looking asquint, as if shee were borne under Saturne:) having
deprived mee of the sight of one eye with forraine Nations; doth
now endeavour to make mee blinde, to bring me to say, Date obulum
Belizario, quem invidia, non culpa caecavit. The like part shee
plaid with me, for the invention of Farthing tokens, by
accusation, that there was an intention to bring the use of
Copper moneys within the Realme; which Tokens are found to bee
very commodious and necessary, whereby the waste of much Silver
is prevented, the meere poore releeved, and many of their lives
saved, and the Common-wealth cannot be without them, unlesse
Leaden Tokes were made againe in derogation of his Majesties
Praerogative Royall. Wise men have noted, that the due
observation of vertue, maketh a Stranger grow naturall in a
strange Countrie, and the vicious a meere Stranger in his owne
native Soile: and to their judgements I shall alwaies appeale
with the divine assistance, and also pray for Unitie and Concord
where none is, especially where the Spirits of neighbouring
friends shold be united by true Religion to make Justice
flourish; to which end, Wisdome doth construe things in the best
Sense. For if they had with Patroelius put on Achilles Armour,
and rid on his Horse and durst never touch Achilles his Speare:
Surely our Achilles Speare doth both wound and heale, as his did,
and like unto the water of Dodona, both extinguish and lighten
Torches, whose continuall vigilant care by many Nocturnall
Lucubrations, hath no need to bee remembred by the sight of his
Subjects bloud in sheetes, written within and without, proceeding
of ?????? /??? a Revenging eye.
     Returning to the Cloth Trade and the Clothier; with a
consideration of the merchants Adventurours, Eastland merchants,
Russia Merchants, and others, and the Wooll Grower, or the
Gentleman; let us carefully observe them in particular and in
generall, supposing their complaints were all heard at one
instant together, as also dividedly, whereby Truth doth better
appeare by observing their Pollicies, partly declared in the
neglect of the fishing Trade. The merchants Adventurours having
ingrossed into their hands by colour of their last Letters
Patents, The sole Power of exporting all white Clothes, coloured
Clothes, Kersies, Baies, Sayes, Serges, Perpetuanoes, and all
other new Draperies, into Holland, Zealand, Brabant, and other
parts of the low and higher Germany, hath abated the Trade.
     For all Merchants Strangers, might and did heretofore export
white Clothes out of the Kingdome, paying double Custome, which
they now may not.
     The Merchants of the Staple, from all the Staple Ports, As
London, Westminster, Bristol, South-hampton, Hull, Boystone, and
New-castle, have heretofore exported, either Cloth or Wooll, or
both, which now they may not.
     All other Merchants at large, as well as London, as of all
other parts of the Kingdome have usually heretofore exported,
coloured Clothes, Kersies, Bayes, Sayes, Serges, Perpetuanoes,
&c. which now they may not. So that all the Trade of the
Merchants of the Staple, of the merchant Strangers, and of all
other English Merchants, concerning th'exportation of all the
Commodities made of Wooll into those Countries, where the same
are expecially to bee vented, is in the Power of the Merchants
adventurours only; and it is come to be managed by 40 or 50
persons of that Company, consisting of three or foure thousand.
Nay one man alone, hath compassed into his hands, the whole Trade
of coloured Clothes and Kersies for these parts, by the meanes of
exchanges, and moneys taken up at Interest. It is impossible that
the same number with the same ability, can manage the same Trade,
as to the best profit in Times of warres, as in Times of Peace:
Then much lesse can a lesser number, with lesser abilitie manage
a greater Trade, in most Troublesome times, especially if they
have borrowed 50 or 60 thousand pounds at use, for the service of
the Company, and thereby engaged the Trade, and set themselves in
debt; which causeth many of the best merchant Adventurours to
give over Trade, and are become purchasers, or lenders of money
at Interest. Many others of them have engaged themselves in the
East Indian Company, which did carry away their money, and left
the Cloth.
     This small number to manage so great a Trade incourageth the
Clothier to adventure to make false Cloth, because it is
impossible, that so few Merchants can search and visit every
Cloth, as it ought to bee done, and the Clothiers conscience is
satisfied. For he saith that the falsest Cloth is answerable to
the best price, because none may export but they, and therefore
they will give what price they please for this deceitfull Cloth
hath cause great iarres and differences betweene the English
Merchants and the forraine Nations for Tare or Rebatements, and
the generall Report of the falsenesse of English Manufactures,
hath caused a wonderfull decay of the sale thereof.
     The Trade thus limited to a small number of a Company,
residing for the most part at London, is a generall prejudice to
the whole Kingdome, which though it have made London rich, it hat
made all the Ports and other parts of the Kingdome poore; for it
enforceth needlesse and chargeable carriage and Recarriage of
divers commodities, whereby they are endeared unto us, and it
hinders all the Ports (being the Walls of the Kingdome) from
having either forraine or domesticke Commodities brought unto
them at the best hand, which causeth them to be almost desolate
and forsaken: and it hindereth the Clothiers and new Drapers,
(which dwell in remote parts:) from selling their Cloth and
Stuffes at their next ajoyning Ports, for how can they sell, when
there are no Merchants?
     It causeth all Chapmen to give poore and faint prices for
Wool, because when it is indraped, it may not more freely be
exported to the best advantage. So that the Grower is hindered in
the price of his Wooll, for every losse and prejudice that comes
upon cloth and the Clothier, doth fall upon the Wooll, and the
Wooll Grower. And the Clothier saith, hee is prevented of his
best Chapmen for his Cloth, for that merchants Strangers, or
other English merchants cannot worke upon the advantage of
Markets and the Clothiers necessitie, which beates downe the
price of Cloth; the price of Cloth beateth downe the price of
Wooll; the price of Wooll beateth downe the price of Lands which
cannot be improved; and forraine Commodities are freely taken in
Barter for the Returne of our home Commodities; when moneys nor
Bullion can be imported, as that beene declared: so that the
Hammers at the Minte, where the pulses of the common-wealth
should be felt, are the life and moving. And it is come to such
extremitie with the Eastland merchants, that they cannot vent
their Cloth in Barter of other Wares to make Returne, and by
money their losse would be incredible.
     Shall this be Proclaimed a Free Trade, when within
ourselves, we are in Bondage, and have lost the benefit of the
Two essential Parts of Trafficke, namely the Rule of money and
exchanges? Let every man judge.
     Today nothing of the dependances of Trade, as the increase
of Navigation and Navigators, when Merchants heretofore had more
freedome, and the Ports were furnished and frequented, with great
store of shipping; which although they were but small of burden:
yet every one had their severall Pilot and Mariners, which did
daily supplie the Land, with plenty of Sea-men.
     The Merchants Staplers have observed, that the Merchants
Adventurers, have an inevitable opportunity of Combination, to
set what price they please upon cloth to the Clothier, of Wooll
to the Grower, and of all Commodities exported and imported; and
likewise to lay what private impositions they please, upon any of
the said Commodities, so that whether they doe well or ill for
the Common-weale, there can be no apparant triall: for having
power to barre all others from Trade, but themselves, they are
like a Commoditie weighed in a Ballance, that hath but one end,
where there can be no Counterpoize, and then it seemes to bee
great weight, although it be never so light. So that this
ingrossing of Trade into few mens hands, hath caused our home
Trades to decay, our Manufactures to decrease, and our home-bred
Commodities to lie upon our hands unsold, or to be sold at a low
price, to the utter undoing of all sorts of poore people in
England, and the great damage of all his Majesties loving
Subjects; and whilest our merchants hinder one another from
Trade, other Nations increase their own Manufactures, and enlarge
their Trade; not only for the said Countries of high and low
Germany, but also for Russia, Eastland, Poland and other places.
     For the making of good and true Cloth, many excellent Lawes
have beene made and enacted, especially in the fourth yeere of
his Majesties happy Raigne; whereupon I have heretofore made a
Demonstration which was exhibited to the Right Honourable the
Lords of the Privie Councell, shewing the weight, length and
breadth of all sorts of Clothes, and that Weight and Measure doth
controlle each other, whereby the Merchant that buyeth the Cloth,
may be enabled to finde out the fraud and deceit of the Clothier:
but this should bee done before the selling of them, and that by
honest Officers or Magistrates, according to the said Acte,
whereof our great Booke (now under the Presse,) intituled Lex
Mercatoria or the Law Merchant, doth intreat of more
particularly.
     The eight cause of the decay of Trade, is Th'exportation of
the materials of Wools, and Wooll-fells, from the Sea-coasts of
England, and the Kingdome of Scotland, and the Customes and
Impositions laid upon Clothes at home and abroad in other
Countries, especially the great Imposition in the Low united
Provinces called Consumption Money, payed by the Retaile of Cloth
or Drapery, only upon our English Clothes, and not upon Cloth in
those parts, whereby their Cloth is more vented, and English
Cloth in less Request.
     Touching the exportation of Materials, there is a provident
order taken, to prevent the same in England, by a late direction
and Proclamation, prohibiting the exportation of Woolls, Wooll
fells, Wool-yearne, Fullers earth, and Wood ashes. And the like
will be done in Scotland; and for the better execution, there is
a Committee appointed of certaine selected discreet persons under
the great Seale of England.
     The ninth Cause of the decay of Trade, are the Warres in
Christendome, as also in other Countries out of the same, where
our Cloth and Manufactures have been transported, increased by
the daily losses sustained by Pirats, and continuall breaking of
Merchants and Tradesmen; all which is meerely Heterocliton or
opposite to Traffique, and they concurre all in nature, to the
interruption and overthrowing of Trade; and this can never be
divereted, prevented, nor remedied, by selling our Clothes or
Manufactures cheape, to undersell other Nations, who meet with
the said hinderances and interruption as well as we doe, in the
Trade of the Clothes made by them: But Time and quietnesse must
be expected in some measure. The price of Wool being fallen from
33 shillings the Todde, to 18 shillings and under disimproving
the Revenue of lands, can never increase Trade, but improverish
the Kingdome and all landed men.
     Aristotle saith, that Riches is either Natural or
Artificiall. The natural Riches, as lands, vines forrests,
meddowes, etc. The Artificiall, as Money, Gold, Silver, Cloth,
and all things metalline or mineral, and manufactures, proceeding
of the Naturall Riches. And as both these doe receive their price
and estimation by mony (as the Rule and square) so reason
requireth a certaine Equality betweene them in the estimation of
the value thereof, which dayly decreaseth by abating the price of
our Commodities, and for the want of moneys; which in some
unskilful merchants are much to bee blamed in making
inconsiderate Barters for our Clothes beyond the Seas, wanting
vente, and being (by the abuse of exchange) deprived to import
moneys and Bullione. To conclude this point, let us remember,
that the Protection of Princes in warres and against the Pirates,
is to be maintained to prevent the decay of Trade.
     The tenth and last Cause of the decay of Trade, is the
immoderate use of forraine Commodities, and the lesse use of our
home Commodities: for albeit that by the Superfluity of our
native Commodities, Trade is procured; yet if that Superfluity do
abound so, that thereby the price of it becommeth abated: The
forraine Commodities being more used and worne, come in the liew
thereof and are advanced, which bringeth an evident
overballancing of Comodities.
     This cause some Statesmen in France, to invent meanes how
the Trade might be cut off, and that no Commodities should be
transported out of the Realme, making account, that they could
live peaceably within themselves and very good cheape, without
giving or receiving any thing of other nations. This was much
contradicted by Monsieur Bodine the great Polititian of France,
as is noted in Englands View, who shewed that they had neede of
the Stranger, and most especially of the Traffique with them:
Insomuch, that although they could have lived without them in
regard of Commodities: yet charity, humanity, and Policy willeth
us to maintaine friendship with our neighbours, and rater to give
them part of our blessings, then not to deale or Communicate with
them. True it is, that it cannot bee denyed, that if any kingdome
under the Sunne, can subsist of itself, none hath more cause of
thankgiving unto God, then the Kingdomes of Great Brittaine and
Ireland, so richly replensihed with all things serving and Victum
& Vestitum, for the Backe and Belly, as we terme it, not onley
for our owne maintenance, but also for the supply of others. But
God caused nature to distribute her bennefites, or his blessings
to severall Climates, supplying the barrennesse of some things in
one countrey, with the fruitfulnesse and store of other
countries, to the end that interchangeably one Common-weale
should live with an other. And therefore is Traffique and Trade
so much to bee maintained and defended, where in all manner of
rashnesse in the sale of wares is to be avoided, but by Policy to
be prevented and upholden, according to the Policy of that
valiant Captaine Sertorius, who did preferre the same before
strength by setting the feeble Souldior to pull out the horses
taile, which the mightiest man of his campe could not effect,
using violance: when the feeble man did performe the same by
pulling out the haires by little and little. Merchants can use
the like Policie, when they want not monyes, and doe expect a
convenient time to sell their Clothes with reputation.



Chapter III

Of Governed Trade, and therein of Monopoly.

     Hitherto (saith the said Authour:) the matter of Trade hath
been considered in Money and Merchandize, and the exchange of
monyes is past over by him, as a matter not worthy the
consideration: indeed it was good for him to saile between the
two Rocks of Scylla and Charybdis, without further adventure, and
not to suffer Shipwracke upon the dangerous Rocke of exchanges.
But divers merchants have much distasted, that a man of their
profession should neglect one of the Essentiall Parts of
Traffique, and the most operative in Trade, being the only
measure betweene us and forraine nations, without which, all his
discourse is without Rime or Reason. So that he cannot finde any
Parity nor Purity in exchanges; like unto a fickle body, who by
reason of the bitternesse of his tongue, can not relish.
     Monsieur Bodine saith, that when a man is noted to be of
experience, and to understand matters, wherein he is surpassing
others: the Proverbe is, Il entend le Par, he doth understand his
Par or Equality; which cannot bee applyed unto him that doth not
understand the matter of exchange: for all his arguments are
fram'd betweene Commodities and moneys, from whence this
Syllogisme may bee drawne against him, to maintaine the
undervaluation of our money in specie.
     Nothing causeth Merchants to export more money out of the
Realme, then they bring in: but onely the bringing of more
Commodities into the Realme then they carried out. The
undervaluation of our moneys, causeth no more Commodities to bee
brought into the Realme, then is carried out: Ergo, the
undervaluation of our moneys, causeth not more money to be
carried out of the Realme, then is brought in. But lest this
should breede a Dilemma, let us examine his words concerning
exchanges.
     It is not the Rate of exchanges, but the value of Monyes,
here low, elsewhere high, which causeth their exportation, nor
doe the exchanges, but the Pleny and Scarcity of moneys cause
their values.
     There are three waies to dissolve an argument, Deniall,
Retorting and Distinction. Deniall is too hostile, favouring more
of obstinacy, then of Arte; Retortion is more witty, then
profitable. But Distinction is like to mature Remedies compared
to Purges, which clense and feede. Now the said Authour taketh
the course of Deniall, and prooveth nothing.
     If monyes be here low, and elsewhere high, how is this
knowen but by the Valuation of exchange? considering the
diversity of moneys of severall Standards, wherein the exchange
is like to the Assay, whereby the finenesse of Silver and Gold is
knowne, grounded upon the quantity, which the exchange requireth
according to the weight of fine Silver and Gold, contained in the
monyes of each Countrey, which is the intrinsicke valuation, and
not according to the extrinsicke valuation, which is altered by
Denomination; for the name of a thing doth not alter the value
Really, but the substance doth it, if it be altered; much lesse
doth Plenty or Scarcity of moneys cause their values, it being
contrary to the nature and properties of money. The publicke
Measure, the yard doth measure the Cloth, but the Cloth doth not
measure the yard. To illustrate the premisses by examples, I have
heretofore shewed the consideration incident.
     Suppose that some Merchants Strangers doe come over into the
Realme, to buy a Packe of Tenne Clothes valued at 80 pounds
starlin which they are to pay in Gold and Silver, and yet they
doe not know, what the weight and finenesse of our Starlin money
is, neither doth the English Merchants know the weight and
fineness of the forraine Coyne, which they have brought over:
hereupon to content both parties, the moneyes on either side must
bee tried by the Subtill Assay according to their finenesse,
calculated upon the pound weight they answer each other
accordingly; and so this negotiation is (in effect) but a
Permutation of monyes for Commodities, before exchange was
invented.
     This being not well observed, might cause men to be
deceived, as the Pewterer (sometimes an Alderman of London) was,
who beeing used to change old Pewter for new, taking a
consideration for the fashion, would take the like course in the
buying of Silver Plate of a Goldsmith, delivering his money by
weight, whereby he sustained a losse, because hee did deliver him
a quanity of old groates, which were lighter then their value; as
also other Starlin moneys, which were worne out in continuance of
time, and much under their true weight. And boasting of his good
bargaine, hee was made to calculate what an ounce of silver did
stand him, and he found that by these meanes, he had paide 6
shillings the ounce of that, which was offered unto him for 5
shillings, 6 pence. Fallere fallentem no est fraus.
     The lighnesse of this Pewterers money may be compared to the
low exchange in the undervaluation of our moneys, by exchange;
for if a Merchant Stranger did bring over money in specie at this
time, to buy commodities within the Realme, and deliver the same
here according to the very value in payment by the Assay; and
thereupon doe looke backe how his mony is overvalued in regard of
the exchange, wherby he might have made over the same by a bill
of exchange; he shall finde a farre greater losse then the
Pewterer did, not of 6 pence in an ounce, but above nine pence in
every ounce of Silver. Great are the gaines to be made by
exchanges, without ever to deale or meddle with any Commodities
at all.
     I know that to the judicious Merchants, I have given cause
of offence, to have written so much in the defence of exchange;
But knowing that many grave and discreete persons have given over
this Princely Study, imagining therein more mystery then there
is, rather then they would take paines to understand it: I have
bin prolixe, wishing that the saide Authour had the Purity of
understanding to know the Parity of so many exchanges, as have
been divised in Italy, Germany, France, Spaine, The Low
Countries, Eastland, Poland, and other places, at large declared
in my booke, Lex Mercatoria, serving all Societies and Companies
of Merchants to bee mindfull of the Common Wel-fare, wherein
Master Hussy Governour of the Merchants Adventurers company in
the beginning of Queene Elizabeths Raigne tooke great paines with
others, To find and establish the True Par of exchange, which was
examined and altered in the yeares, 1564, and 1576 as also in the
yeares 1586 and 1600, my selfe being a Commissioner in the later:
But the true Remedy to rule the course of exchange, was but
lately found out.
     Concerning the government of Trade, wee have noted
heretofore, that in all Traffiques, the generall doth governe the
particular. some would have other nations to come to buy the
Commodities of us, within the Realme, for, say they, there is
according to the Proverb, twenty in the hundreth difference
between Will you buy? and Will you sell? These men have no
consideration of the maintenance of navigation, which is the
greatest strength of the Realme, whose defence (next under God)
consisteth most of Ships and well experienced Marriners. Whereas
also the transporting of our Cloth to certaine places, causeth
other nations to resort thither to buy them, which may bee more
properly called to be Will you sell? Seeing that those nations
doe bring their owne Commodities unto our Merchants to the places
by them appointed, as Delf and Hamborough; which is (in effect)
as much as Will you buy? And would not this be, Will you buy? if
in a dispersed and stragling manner, our Cloth were carried to
all markets beyond the seas in severall places; which would take
away the desire of buying: for he that buyeth, doth it in hope of
gaine to be had in places where he intendeth to carry the
Commodities, which Commodities if hee knoweth to bee extant in
most places to be vented, will quench his desire of buying: and
hee that commeth to barter other Commodities for ours, hath the
like consideration.
     But let us admit, that our Cloth would bee advanced in
price, when men (should by multitudes) run to the markets, or
into the countrey in al places to buy it: what would be the event
of it? It would not onely bee solde beyond the seas with a
smaller gaine and many times to losse (we being naturally to make
speedy returne:) but we should also pay dearer for the forraine
Commodities, which wee should obtaine by way of Permutation, or
for the Billes obligatory of the Merchants to who wee sell our
Cloth: and if our Merchants were cut off, and that other nations
should buy the Cloth within the Realme, and so advance the price
thereof: (as it happeneth most commonly in France and Spaine at
the Vintage time with their Wines & Raisons:) Then forraine
Commodities would be sold dearer unto us by them againe: for the
small gaine had upon our Commodities causeth us, and would cause
them to seeke a better gaine upon the forraine Commodities to the
generall hurt.
     Others would have all things at large in the course of
Traffique, and that there should be no societies or corporations
of Merchants for any places of Trade (terming them to be
Monopolies) but that by way of partnership Merchants might
associate themselves, according to the manner of some other
Countries: These men have no regard, that innovations are as
dangerous, as to remoove the corner stones of a building; neyther
doe they observe a momentary difference betwixt the Government of
a Monarchy, and that especially in an Iland: and the government
of a Democracy which is popular, or of an Aristocracy, which is
governed by the better sort of the people; these seeking by all
meanes to make their Countries populous by the inhabiting of all
nations for the increase of their meanes collected by impositions
and Aczises, and that upon all things consumed and most upon
victuals; the other, namely the Monarchy, avoiding asmuch as they
can, the multitude of forraine nations to inhabite within their
government, and holding impositions and Taxes to bee done with
great advisement. And that the overballancing of forraine
Commodities with the native Commodities may be prevented; which
by the other is not regarded, neither can it bee by them
observed.
     The Providence of the State hath also a great consideration
in the course of Trade, under government in appointed places,
especially in that of the Merchant Adventurers company, (who have
the managing of the creame of the land, the maine Trade of the
kingdome, and doe expose to adventure the greatest part of the
wealth therof with forraine nations in troublesome times of
wars:) because they may by this order be soone remooved or called
home upon occasion, which cannot be done conveniently otherwise:
where there is no vigilant eye to take care for the generall
wealth of the Realme, for no nation of Christendome Traffiques so
much in Bulke of Staple Commodities, as the Realme of England;
which Boters (though altogether Spanish in times past, and no
friend to England) confesseth, that two yeares before the taking
of Andwarpe, all the wares of Christendome being valued, and
summed by the offices of that City, (which were vented there in
one yeare.) The whole being divided into sixe parts: the English
amounted to foure parts thereof.
     But we must not seeme to flatter Companies or Societies,
when it is found that they deale unadvisedly, or that by their
meanes, things are out of order in the course of Trade; for then
the Kings authority or the Royall Merchant of great Brittaine,
must be the true Palynurus, and sit at the Rudder of the Ship of
Traffique, to reforme abuses. For a Society may become to be A
Monopoly in effect, when some few Merchants have the whole
managing of a Trade to the hurt of a Common-wealth, when many
others might also Traffique and negotiate for the Common good,
having their Stockes employed therein to sell the Commodities of
the Realme with reputation at convenient times, and not upon a
suddaine to pay Billes of exchanges or moneys taken up at
interest.
     To make a Definition of a Monopoly, we neede not use many
words, for the abuse of Monopolium hath made the same swell to be
understood as the word of Usura, I meane biting Usury. The parts
of it are to be considered.
     The Restraint of the freedome of commerce to some one or
few, and the setting of the price, at the pleasure of one or few;
to their private benefits, and the prejudice of the Common-
Wealth. And as this may be done by authority, so may the above-
said course also be committed under the color of authority by the
Princes grant or letters Patents.
     Commendable is the custome of the City of Norenborough in
Germany, where to maintaine the people on worke, they receive all
their manufactures and pay them weekely, & afterward sell them
for a reasonable profit, which thereby become dispersed in all
countreys; whereby they have made a great Trade for the West
Indies, & they maintaine therby their Common-wealth as an
Aristocratick government: and this is neither A Monopoly, nor
properly An engrossing, beeing dome by publike authority. Such
therefore as sel the Commodities of the Realme unto forraine
nations with advantage of private benefite, (albeit within the
Compasse of a Monopoly:) are more to be tolerated then those that
undersell the Commodities of the kingdome, and procure their
Gaines by the Commodities of other nations to bee solde deare
within the Realme.
     Here I call to mind our former observation of that Royall
Commodity Tinne, which above one hundred yeares past, was sold
for 40 shillings the hundreth, when the best velvets were sold
for 10 shillings the yard: how the Merchants trading Turky found
fault of his Majesties Praemption, and caused the same to be
abolished, to keepe the price at 55 shillings the hundred; and
bringing in Corints, Levant wines, Spices, and Indicoe (at deare
rates:) used all meanes to suppresse the rising thereof: which
caused forraine nations to fall into consideration thereof, and
using meanes to incorporate the same, it brought that Commoditiy
in estimation againe. And the saide Praemption was reestablished
againe, which hath advanced the price to double the rate; whereby
the stocke or wealth of the kingdome, hath been since increased
600 thousand pounds Starlin, and his Majestie hath received for
his benefite 150 thousand pounds, which was gotten by forraine
nations, who justly paid the same according to the value; the
price of forraine Commodities considered. On the contrary,
another Commodity minerall, namely Copperas, which was sold for
10 and 12 pound the Tunne, and whereof a great Trade might have
beene made for other Countries: hath beene so ill governed by
workmens underselling one another, and for want of good order,
that the same is sold for 3 pounds the Tunne, and is become out
of request in all countreys. For the best things may be marr'd in
handling, which by the wisedome of the State, is to be foreseene
by meanes of Merchants of experience, who might have maintained
the same.
     In like manner the sole importation of Spanish Tobacco, doth
gaine and save the kingdome many thousand pounds yearely. For
Bayes, Sayes, Perpetuanoes, and the like Commodities, which these
two yeares have been solde in Spaine with 15 upon the hundred
losse to procure money to buy the same, are now sold to so much
profite, besides the benefite of his Majesties imposition and
advancement of the Virginia and Bermodaes Plantation: the like
may bee practised upon other Commodities, without incurring the
inconvenciences of Monopolie.
     Concerning Companies or Societies to deale in a joynt Stocke
or apart: it may be thought convenient to have joynt Stockes for
Remote places, as the East Indies and Persia. And albeit that
some would have the same to be only outward in the employment,
but in Returne to bee divided in kinde or Species of the
Commodities which they Receive: yet the manner of the Portugals,
is (by experience) found better to sell aslo joyntly, considering
we sell unto other Nations, who pay for it, although some part
thereof is sold deerer thereby within the Realme to the Subjects
and inhabitants. But for other places neerer, the Merchants to
deale apart under some Government, may seeme convenient.
     The generall intention of all Grants by Letters Patents, for
the making of any kinde of Manufactures hath Relation to set the
people on worke, to recompence the Inventor for some yeares with
a priviledge: but most especially, that thereby the said
Manufactures or Commodities may be sold better cheape to the
Subjects. What shall wee say then of those Grants, which make the
Commoditie deerer to the Subject, and sell the same better cheape
to the Transporter or Stranger? Surely they may be thought to be,
for to set the people on worke upon the common Purse, but
otherwise there is but little pollicie in it; much like unto the
Silver Mines of the Duke of Brownswicke, which he maintained to
his charges, called the Wilde man: which causeth him to coyne
Dollers, having on the one side his Armes, and on the other side
a Savage man, holding a burning Candle in his hand with an
inscription, Alijs inserviendo, Consumor.
     To end this point, wherein the said Author hath made good
distinctions, I shall onely adde moreover, that when new
inventions are found out, for the good of the Common-wealth: That
the next is, to augment them by Trade in forraine parts. And to
prevent that the same be not overthrowne by the knowledge of
their servants or others, but that by some good priviledges and
meanes, they may be maintained to the increase of Trade, for the
Generall welfare of the Kingdome.

Chapter IIII

Of want of Government in Trade.

     Wise men have noted, that A Distinction only, doth dispell
the foggy misteries of deceitfull fallacies: as the Sun drives
away the Winde and Cloudes. Therefore too many distinctions in a
little Treatise may seeme superfluous, especially when they are
grounded upon many Repetitions: so that having in the former
Chapters, observed the Defective Parts of Trade, and tacite
answered some objections, I will omit, the commendation of all
the Societies of Merchants, handled by the said Author in his
fourth chapter, as also the effects of the former Causes, as they
may concerne the Kings Majestie and the Common-wealth mentioned
in the fift and sixt Chapters, to avoyd the cramming of a man
with learning, as promises doe with hope; and so come to his
propounded Remedies.
     But lest this Title of the want of Government in Trade,
should seeme to be misapplyed: I have thought good to declare,
wherein Merchants may easily commit errors, to the prejudice of
the Common-wealth, albeit, it maketh for their private benefit,
namely;
     In the selling of their Cloth good cheape beyond the Seas in
greater quantitie, when they have beaten downe the price with the
Clothier, whereby the Clothier is forced to doe the like with the
Wooll-grower, which disimproveth the Revenue of lands; but the
Merchant employeth the lesser Stocke, and hath not therfore the
lesse benefit; the Wool-grower and the Clothier bearing the
losse.
     To make over their moneys from beyond the Seas, at a low
price of exchange, in giving lesse money there, to have the same
paied here by Bill of exchange in Starlin money, receiving the
moneys there at such prices, as they cannot import them, but to
their exceeding losse: whereby it commeth to passe, that the
exportation of our moneys, giveth an exceeding gaine on the
contrary, and our Cloth is thereby more undersold as afore said.
     To connive or winke at the false making of Cloth, and
afterwards to abate the greater Tare, for the faults upon the
Clothier.
     To make continuall Returnes of our Cloth in forraine
Commodities, and thereby procure the more gaine, because of the
small gaine or losse either, had upon their Clothes, whereby the
Common-wealth is impoverished.
     To sell our Cloth so good cheape beyond the Seas, that other
Nations may make a Trade thereby for Russia, Eastland, Barbary,
and other Countries, to the great hinderance of the Merchants of
those Societies.
     To abate the Customes and Impositions here laid upon
Clothes, to the end, they may sell them better cheape, by
underselling others.
     To undersell our Clothes so much in price, that in
comparison of the Cloth made beyond the Seas, the Drapery there
bee given over, without regard had, how to Returne some money and
Bullion, but by tranferring of their Bills of debt for forraine
Commodities, to over-lade the Kingdome with them at deere Rates,
according to the inhauncing of their Coynes; all which may prove
beneficiall to them in particular, but wonderfull prejudiciall to
the whole Kingdome.
     Now, before we come to intreat of the Remedies for all the
afore-said inconveniencies, it is most necessary to examine the
Defective Meanes and Remedies, which have beene tried, these 350
yeeres. And these may be distinguished in their proper and
severall natures, three manner of waies; for the wealth of a
Kingdome cannot properly decrease but by selling our native
Commodities too good cheape, by buying the forraine Wares too
deere, and by the exportation of our moneys in specie, or by way
of exchange for moneys by Bills.
     1. First, the Statute of Employment made for Merchants
Strangers, for 3 3spciall causes. 1. The advancing of the price
and sale of our native Commodities. 2. To prevent the over-
ballancing of forraine Commodities And 3. To preserve the moneys
within the Realme.
     2. The lodging of Merchant Strangers with free hoasts, who
had an inspection of their negotiations for Commodities and
moneys.
     3. The keeping of Staples for Woolls, Woolsels, and other
Commodities beyond the Seas, with the Correctors and Brokers to
Register the buying and sellings of Strangers.
     4. To cause Denizons to pay Strangers Customes.
     5. The Sunday Treaties and Conferences, with the
Commissioners of other Princes, about merchandise moneys and
exchanges.
     6. the severe Proclamations for the observation of the
Statutes made, concerning the same, and the Articles of
entercourse.
     7. The prohibition to export Commodities, but at great
Ports.
     8. The prohibition for Strangers to sell Wares by Retaille.
     9. The prohibition for English Merchants to ship in strange
bottomes.
     10. The Transportation of money, made fellony by Act of
Parliament.
     11. The attendance of Searchers, Waiters and other Officers.
     12. The informaitons in th'Exchequer and other Courts.
     13. The Swearing of the Masters of Ships, about moneys.
     14. The Reformation of the over-heaviness of our pound Troy
of 12 ounces, in the Tower of London.
     15. The Reformation of the over-richnesse of our Starlin
Standard.
     16. The Alteration of the proposition betwixt Gold and
Silver.
     17. The making of more prices out of the pound Troy.
     18. The inhauncing of Silver and Gold Coynes in price.
     19. The imbasing of money by Allay of Copper.
     20. The use of several Standards, and the Reducing of them
againe to Two Standards of Gold and Silver.
     21. The increase of Coynadge money to hinder exportation.
     22. The prohibition to cull out heavy pieces to export.
     23. The banishing of light Spanish money out of the Realme,
and light Gold to be molten downe.
     24. The giving more for Bullion in the Minte.
     25. The prohibition of Gold smiths to buy Bullion.
     26. The making of the principall forraine Coyne, currant in
England.
     27. The binding of Merchants to bring in Bullion.
     28. The prohibition to pay Gold to Merchant Strangers.
     29. The prohibition to take Gaine upon Coyne.
     30. The Bullion delivered in the Minte by weight, to be
restored in Coyne by Tale.
     31. The inhauncing of Gold, and undervaluing of Silver.
     32. The punishment of the Transporters of money, by great
Fines in the Star-chamber.
     33. The prohibition by Acts of Parliament, to make exchange
for money by Bills for forraine parts without the Kings Licence.
     34. Money delivered to Sir Thomas Gresham Knight out of
th'Exchequer to Rule the course of exchanges.
     35. The Officer of the Kings Royall exchanger, never put in
practise, since the merchandising exchange began, whereof there
was two Offices, namely, Custos Cambij Regis, erected by King
Edward the first in the 11 yeere of his Raigne; and Custos Cambij
infra Turrim: which were both put into one mans hands, by a Law
made in the Time of K. Henry the Sixt: so that all the precedent
meanes, have beene found defective & fruitlesse, as more
particularly may be proved, by divers Records and observations:
The Coppies whereof aare in my custodie, to doe his Majestie all
dutifull and acceptable service.
     Here we are to observe, that the Statute of employment to be
Defective, appeareth more manifestly at this time, when Merchants
as well English as Strangers, have an ability given them by
exchange, to take up money here, and to deliver a Bill of
exchange for it, payable beyond the Seas, and can send over that
money in specie, and become a great Gayner thereby; insomuch,
that if I receive here one hundreth Pieces of 20 shillings, I can
send 90 Pieces to pay by Bill of exchange, and put 10 Pieces in
my Pocket for an overplus and gaine. The like may be done, by
making over money from beyond the Seas, to be paied here by
exchange; which being received, I can Transport with 15 upon the
hundreth, gaines in two moneths and less, advancing thereby an
hundreth upon the hundred in a yeere: which exceedeth all the
benefit to be made by Commodities, wherewith I need not to
entermeddle, neither can the said Statute be any helpe herein, to
avoide the same.
     Concerning moneys, which doe consist of weight, fineness &
Valuation; it is evident, that Gold and silver are but materials,
and in the nature of Bullion; but Valuation is the Spirit which
giveth life. This Valuation is twofold; the one by the Publicke
Authority of Kings and Princes, the other by the Merchants in the
course of exchange; and this is Predominant and over-ruleth the
Kings Valuation: for when the King hath valued the shilling piece
of Starlin money at 12 pence, they doe undervalue the same at 11
pence halfe pennie, or 11 pence; which undervaluation causeth the
continuall exportation of our moneys, and is the hindrerance of
importation of moneys and Bullion, as wee have so often
inculcated, to make the motive stronger to produce a sufficient
Remedy, as followeth.


Chapter V

Of the Remedie, for all the former causes of Decay of Trade.

     Having hitherto observed the Methode of the said Author,
inpart of his Distribution in the matter and forme of Trade, and
therein shewed very great deformities: I am now to apply the True
Remedies likewise in order, according to the cuases alleaged,
which are noted by me to be tenne in number.
     The Efficient cause of the Transformation of our Moneys is
(Gaine), and this Gaine ariseth by the undervaluing of our
moneys, in regard of the inhauncing and overvaluation of forraine
Coyne; so that the cause is Extrinsike & comprised under the said
exchange of moneys, andnot intrinsicke, in the weight and
fineness of the Coyne, which are considered in the course of True
exchange betweene us, and forraine Nations; and thereupon it
followeth, that neither difference of weight, finenesse of
Standard, proportion betweeen Gold and Sivler, or th proper
valuation of moneys, can be any ture causes of the exportation of
our moneys; so long as a due course is held in exchange, which is
founded thereupon.
     Hence ariseth the facilitie of the Remedie, by the
Reformation of exchange, in causing the value of our money to be
given in exchange, which cutteth off the said Gaine, had by the
said exportation, and causeth (in effect) that the forraine Coyne
beyond the Seas, shall not be received above the value, although
the inhauncing therefore, or the imbasing by allay were altering
continually. For take away the cause (Gayne) and the effect will
cease.
     All men of common understanding, when they doe heare of the
raising of moneys beyond the Seas, are ready to say, we must doe
the like; for they conceive the saying of Cato, Tu quoque fac
similie, sic Ars deluditur Arte, to be a proper application
hereunto: but they doe not enter into consideration, what
Altherations it would bring to the State, and that the matter
might runne, Ad infinitum, as shall be declared.
     But let us suppose, that this will be a sufficient Remedy,
to inhaunce our moneys, as they doe theirs, to imbase our Coyne,
as they doe theirs, and to imitate overvaluation and
undervaluation of Gold and Silver, as they doe, requiring a
continuall laboure, charge, and innovation; is it not an
excellent thing that all this can be done by the course of
exchange, with great facilitie? And that without inhauncing of
our moneys at home, or medling with the weight and finenesse of
the Starlin Standard?
     This is to be done only by his Majesties Proclamation
according to the Statutes of exchanges, prohibiting that after
three moneths next ensuing the same, no man shall make any
exchanges by Bills or otherwise, for moneys to bee paied in
forraine parts, or to be recharged towards this Realme under the
true Par, or value for value of our moneys, and the moneys of
other Countries in weight and finenesse, but at the said Rate, or
above the same, as Merchants can agree, but never under the said
Rate: which shall be declared in a paire of Tables publikely to
be seene upon the Royall Exchanges in London, according to the
said Proclamation, and the said Table shall be altered in price,
as occasions shall be ministred beyond the Seas, in the generall
Respective places of exchanges, either by their inhauncing of
moneys by valuation, or by imbasing of the same by Allay; which
by a vigilant eye may be observed, and will be a cause to make
othr Nations more constant in the course of their moneys. And
this will be executed more or course, then by Authority; becuase
Gaine doth beare sway and command with most men.
     The facilitie hereof putteth me in minde of the Geometricall
Axiom or Maxime, observed in commedation of the invention of
round Wheeles, Circulus tangit Planum, unico puncta, as a reason
to draw and carry Loads with a small strength; whereas if they
had been made square, or any other Poly-angle and proportion:
Forty horses would not so easily draw them, being laden, as two
doth now, both with speed and ease. Unto which this Remedie may
bee aptly compared, which (in a manner) comprehendeth all the
other Remedies.
     For the Merchant Stranger, being here the Deliverer of money
generally: will easily bee induced to make the most of his owne,
receiving by exchange more for the same beyond the Seas; and the
English Merchant being the Taker of the said moneys, will not bee
so injurious to the State, as to give lesse beyond the Seas, then
the value of the money of the Realme in exchange, contrarie to
the said Proclamation: and if hee would, the Deliverer will not
let thim have it. Besides that the Takers occasions are enforced
by necesssitie, and he can be no loser; for by this directio, he
will sell his Commodities beyond the Seas accordingly.
     English Merchants being the Deliverers of money beyond the
Seas, and the price of exchange altering there accordingly, will
have the like consideration, and the Merchant Stranger will
provoke him thereunto. And if there be no Takers, the English
Merchant may bring over the money in specie, wherein he shall
become a Gayner.
     This course is agreeable to Justice and the Law of Nations,
and will not hinder th'exchange to rise and fall as formerly; but
keepe all in due order, with those considerations, Cautions and
preventions as shall be set downe to prevent all inconveniences,
proceeding by the inhauncing of money; which fall generally upon
all men, in the indearing of things, and particularly upon Land-
lords and Creditours in their Rents and Contracts; and especially
upon the Kings Majesties Lands.
     Now before we come to answer some objections made against
this Remedie, let us examine what Time the old observer, and
experience the best Schoole-master of mans life, have manifestly
touching the Raising of moneys in forraine parts, and within the
Realme; it being one of the 34 defective remedies before
declared.
     It is recorded in an ancient booke, that the inhauncing of
the Coynes beyond the Seas, was the cause that King Henry the
sixt of England, did raise the ounce of Starlin Silver from 20
pence to 30 pence: and King Edward the fourth from 30 pence to 40
pence. And after him King Henry the eight, after many sendings to
forraine Princes about Minte affairs and exchanges, (preceiving
the price of money continually to rise beyond the Seas:) caused
in the 18 yeere of his Raigne, The Angell Noble to be valued from
6 shillings 8 pence, unto seven shillings and four pence, and
presently after to 7 shillings 6 pence; whereby every ounce of
Starlin Silver was worth 45 pence: and yet there was nothing
effected thereby, the money still altering beyond the Seas;
whereupon Cardinal Wolsey had to alter the Valuation of money
from time to time, as he should see cause.
     Afterwards the said King in the 22 yeere of his Raigne,
perceiving that divers Nations brought abunance of forraine
Commodities into his Realme, and received money for it; which
money they ever delivered to other Merchants by exchange, and
never employed the same on the Commodities of the Realme, whereby
his Majestie was hindered in his Customes, and the Commodities of
the Realme were not uttered, to the great hinderance of his
Subjects: as is there alleaged: His Majestie caused a
Proclamation to be made, according to the aforesaid Statute, made
in the time of King Richard the Second, That no person should
make any exchange contrary to the true meaning of the said Act
and Statute, upon paine to be taken the Kings mortall enemy, and
to forfeite all that hee might forfeite; which tooke effect but
for a short time, and no other was to bee expected, it not beeing
of that moment, nor the principall meane to doe it.
     After this followed the imbasing of Moneys and then all the
price of forraine Commodities did rise immoderately, which made
the native Commodities to rise at the Farmors and Tenants hands,
and thereupon Gentlemen did raise the rents of their lands, and
tooke farmes to themselves, and made inclosures of grounds; and
the price of every thing beeing deare, was made dearer through
plenty of money and Bullion comming from the West Indies, as is
already noted; and by these meanes, was the Office of the Kings
Royall exchanges neglected, because upon the Base money no
exchange was made, and other nations counterfeited the same, and
filled the kindome with it, and so carried out the good Staple
wares of the Realme for it.
     This raising of money was augmented afterwards by Queene
Elizabeth of blessed memory, in the highest degree, by one full
third part, from 45 pence the ounce, unto 60 pence or 5 shillings
Starlin Standard: But the exportation did never ceasse, because
the course of exchange for money did runne alwaies under the
value of the money, still affoording a gaine betweene the said
exchange and money, which caused the said exportation. And so
will it bee stil, if this be not prevented by Direction in a
paire of Tbles, much like unto the Tables kept at Dover in the
time of King Edward the third, to receive the passengers money,
and by exchange in specie for it beyond the Seas; which made them
to leave their moneys within the Realme; and this course of
exchange so directed, is the onely meane and way to restore
Englands wealth by importation of money and Bullion, advancing
the price of our native Commodities, and to prevent the
Transporation of our moneys: and all other Remedies are
Defective, as experience will proove and demonstrate, if good
things can bee favoured.
     The Statue of employment must also bee observed, to make the
Remedy more compleate with a Register also, to record the Moneys
which forraine Marriners doe receive for fraight comming from
Norway and other places, which are above one hundred voyages in
one yeare; as also many other Ships, bringing corne into the
Northerne and Westerne parts of the Realme, and exporting money
for it.
     The Turke, Persian, and Russian have herein beene more
Politicke then we, keeping the price of their exchanges high much
above the Valuation of their moneys. So that they have no Trade
by exchange, nor moneys, but onely for Commodities; whereby they
prevent the over-balancing of forrain Commodities with theirs, as
also the exportation of their moneys: albeit the use of our
Commodities in those countreys, is very great.
     The Objections made by some against this Sole Remedy may
easily be answered, for they are grounded upon Suppositions
against assured experience.
     1. Some make doubt, that the price of exchange being risen,
there will be no takers of money, and then the deliverer is more
thrust upon the exportation of moneys.
     2. Others say, that those merchants, which have sold their
Cloth beyond the Seas shall receive a losse in the making over of
their money from thence.
     3. Others say, that they shall not be able to vent their
Cloth, according to the high exchange, expecially now that the
same is out of request; and would have the matter of reformation
deferred untill an other time.
     The first objection is answered before, That the taker is
ruled by the deliverer, who will not give his money by exchange
under the true value according to the Proclaimation to be made;
and the deliverer being the Merchant stranger here, will sooner
be thrust upon the Statute of employment; for by the exportation
of money, he shall have no gaine, whereas some of the discreeter
sort would not have that Statute too stricktly pressed upon the
Stranger, because the Trade should not bee driven into their
hands.
     To the second, the Proclamation limiting a time for
execution, giveth Merchants ability to recover their moneys, or
to sell their billes of debt for money, or to buy Commodities for
them, as the manner is.
     To the third, experience maketh a full answer to both, that
there did not want takers, when the late inhauncing of money at
Hamborough, caused the exchange to rise from under 28 shillings
to above 35 shillings; which is more then the present alteration
will be, and Wooll was at 33 shillings the Todde, which is now
fallen under 20 shillings. So that the vent of our Cloth was not
hindered when it was solde dearer by one full third part: But
there was above 80 thousand Clothes sold yearely, where there is
not sold now 40 thousand Clothes. The time is also to bee thought
more convenient to advance a Commoditie being undervalued, then
to doe it when the price is high. For this Pleurisie of the
Common-wealth is dangerous, and admitteth no time to bee cured;
like the fire in a City, which permitteth not enquiries to
examine how the fire beganne, but requireth every mans helpe to
quench the same.
     And whereas it is alleadged in defence of the inhauncing of
our Coyne, That which is equall to all, when hee that buyes
deare, shall sell deare, cannot be saide to be injurious to any.
This opinion seemes to be eiusdem farina, as the former, and hath
no consideration what the alteration of Weights or Measures
betweene us and forraine nations, may produce to the losse of the
Common-wealth, albeit that betweene man and man, it may proove
alike in some respects.
     To make this evident, suppose two Merchants, the one
dwelling in London, and the other dwelling at Amsterdam, do
contract together; that the Londer sending Clothes to sell at
Amsterdam, the merchant of Amsterdam sendeth him Velvets and
Silkes to bee solde at London; and in the account to be kept
betweene them they agree to reckon the moneys in exchange but at
30 shilings flemish for 20 shilling Starlin, and so make returne
each to other from time to time as money shall be received, both,
here and beyond the Seas. Wherupon put the case, that there is
received at Amsterdam 1500 lib. flemish for Cloth, and at London
there is received 1000 lib. Starlin for Velvets and Silkes, which
by the said rate & calculation is all one (in effect) between
them, and might by way of Rescounter answer each other in
account. But the Merchant of Amsterdam, (knowing that by reason
of the moneys inhaunced there) he can make a great gaine to have
the said 1000 lib. sent unto him in specie:) desireth the
Londoner to send him this 1000 lib Starlin in silver & gold
coyns, Realls of eight or Rieckx Dollers, wherby he shal profite
15 upon the 100, by the meanes aforesaid, which amounteth to 150
lib gaines. The Londoner having his 1500 lib. flemish or 1000
lib. Starlin at Amsterdam, cannot doe the like, because the
moneys are inhaunced and received above the value, so that his
money must be delivered by exchange there at a low rate, or at 33
shillings 4 pence, whereby he doth receive here the said 1000
lib. with no gaine at all. Thus the account betweene them is made
even; but by these means, the Kingdome is deprived of the 1000
lib. of the Merchants money sent to Amsterdam, which doth not
onely procure the want of money in England, whereof every man
hath a feeling to his losse: but also it causeth the native
Commodities to be undersold, and the forraine Commodities to be
advanced in price beyond the Seas, by plenty of money; and
hindereth the importation of money and Bullion, as aforesaid.
     To prevent this, the Question is now, whether it be better
and more expedient, to raise the price of exchange, or the price
or valuation of our moneys; Surely all men or judgement wil say,
that the raising of exchange breedeth not that alteration, which
the inhauncing of moneys doth, namely to make every thing deere,
and to cause Landlords and Creditors to lose in their Rents and
Contracts. And Merchants of experience doe know, that wee cannot
doe as they doe. For the inhauncing of moneys here, will be
countermined by other Nations, who still will undervalue them in
exchange betweene us, unlesse it be prevented by our own true
valuation to be made knowne as aforesaid, which by the Law of
Nations, cannot be contradicted; whereby we shall also bee
enabled to meet them upon all Alterations and practices, to
direct our course accordingly, sooner then a Milner can turne his
Winde-mill, to grinde Corne with the variation of all windes.
     It followeth (saith the said Author) that the Raising also
of the Coyne, would raise the price of Plate, To lessen the
superfluitie, or to bee turned into Coyne. It is worthy the
observation, that (by reason of the want of money:) the price of
Plate is fallen from 6 shillings 6 pence guilt, to 5 shillings 6
pence; and white Plate from 5 shillings 8 pence to 5 shillings 2
pence. And if the moneys were inhaunced ten in the hundreth, that
is to say, an ounce of Starlin Silver to 5 shillings 6 pence: the
Plate and all other things would rise accordingly. Whereby if a
man that spendeth two or three hundreth pounds by the yeere,
should spare one hundreth pounds worth of his Plate, and bring
the same to be Coyned, might thereby get once tenne pound, and
pay ever after (for all other things) twenty and thirty lib.
dearer yearely. And the moneys made thereof, would neverthelesse
be transported, unless the exchange did prevent the same.
     In this place, we are to remember, that the Silver used for
divers manufactures and Plate, doth much differ in finenesse,
whereby many of his Majesties Subjects are deceived: It may
therefore be thought convenient, that no silver made into
manufactures be sold, unlesse it bee tried by an Assay master,
and marked accordingly, especially the silver Threed comming from
beyond the Seas: some beeing but eight ounces fine, which is
offered to be solde accordingly: or els to make it finer, as
shall be thought convenient to serve the kingdome, and to become
bound to make Returne in the manufacture of our Wooll for their
manufacture of Silver and Silke; which may bee thought a very
reasonable Permutation.
     The want of mony coming by the consumption of forraine
Commodities, may properly be tearmed overballancing of
Commodities, which are more worne and used, because of the
quantity of them, imported: proceeding also of the abuse of
exchange, as the efficient Cause thereof, as aforesaid.
     The excessive Use of Tobacco for so much as concerneth the
importation thereof in liew of Treasure, will be much diminished
by the late limitation of a quantity of Spanish Tobacco lately
established; to the end that the Plantation of Virginia and the
Bermodaes may be advanced thereby; and it is to be wished that
the moneys to bee employed in Spanish Tobacco were likewise made
over by exchange, and delivered to the Merchants adventurers and
others, to be bestowed upon the Commodities of the Realme to make
benefite of our owne; for if such forraine Commodities, shal
vanish away in smoake, or be consumed and brought (as it were)
unto doung, and surmount the price of the Commodities, or fruits
of the land: Certes, that land is unprofitable in every mans
judgement. For lands (being the Naturall riches so much desired
of all men) are much disimprooved by the want of money and the
selling of our native Commodities is too good cheape in regard of
the price of forraine Commodities; This beeing an evident token
of the poverty of a Commonwealth, which (like an unweildy
Elephantike Body) hath a slowe motion, and therefore more
dangerous and subject to destruction, which by the want of money,
is made visible and sensible.
     The returnes lately had from the East-Indies, wil in part
asswage the same, if Merchants in the dispersing of those
Commodities, will procure importation of money and Bullion, as
(no doubt) they will doe. And this will further bee increased,
when the Hollanders and our Merchants shall be at an end of their
present controversies, which by his Majesties high wisedome, will
soone be determined.
     Touching the warres of Christendome, for so much as
concerneth the want of moneys: I have already shewed how the same
is also comprised in the reformation of the abuse of exchange,
procuring thereby moneys, which are Nerui Bellorum. But to take
upon mee to discourse of warres, might make me subject to Apelles
his reprehension, Ne sutor ultra Crepidam. Onely I hope that the
famous example of Augustus Caesar the Emperour may be remembered,
who perceiving the forces of the great Pirate Crocataes to
increase daily by the concourse of many nations, whilest hee was
in Spaine, caused a Proclamation to be made, that whosoever
should bring him the head of the said Pirate, he would reward him
with 20 thousand crownes; whereupon the said Pirate was brought
in danger of the humors of the saide nations, whose suspected
inconstancy and lucre bred a resolution in him, to offer his own
head to the obedience of justice, and demanding the said 20
thousand crownes, had the same payed unto him, whereby all his
associates were overcome and dispersed. In like manner did Sixtus
Quintus deale with the Banditi in Italy, and made them to cut one
anothers throats. This Policy of reward draweth as forcibly as
the Adamant or Loade-stone, which caused the Spanaiard to say,
Dadiuas quebrantan Pennas, Gifts doe breake stony Rockes.
     From the Precedent causes of the want of money in England,
come we to the causes of the decay of Trade in order, whereof
this is the efficient Cause, whereunto the onely Remedy hath
beene declared already.
     Usury Politike, is made the next cause of the decay of
Trade, which must be remedied by the Plentyof money to be
procured as aforesaide, wherein that laudable Custome of the
transformating or setting over of billes of debt from man to man
is to be remembred, which by his Majesties Praerogative Royall or
by Act of Parliament might be established; for thereby great
matters are effected as it were with ready money. But our law
requireth a more preciseness in the execution thereof, then in
Germany and the Low Countries, it not being Choses in Action, as
the Lawyers speake. But the necessarines hereof, is so urgent,
that no man is like to contradict the same; for wee doe finde by
experience, that things which are indeede, and things which are
not indeede, but taken to be indeed (as this is for payment of
moneys) may produce all one effect. And for the biting Usury
before mentioned, there will be stocke found to erect pawne-
houses, by meanes as shall be more amply hereafter declared; and
here is to be wished, that the City of London, and every
principall towne of a Shiere or the most part of them, would take
upon them to take money casually at the hand of such as will
deliver the same upon the adventure of their or other mens lives.
As at Venice, where a man for the summe of three or foure
hundreth pounds once given (as in like manner at Amsterdam) shall
be sure to have one hundreth pounds a yeare, during his life;
wherby a great Stocke might be raised for the generall good of
all parties, and especially to set the poore people on worke, and
to take their manufactures of them to be sold with a reasonable
gaine: for experience hath taught in all places, where the like
is used, that the City becommeth alwayes a Gayner by the decease
of the parties that doe deliver money in this nature. But it is
convenient to prescribe certaine rules hereupon in the making of
all manufactures, which commonly is best effected by
Corporations.
     The litigious Suits in Law being noted as the third cause of
the decay of Trade, can hardly be remedied for the reasons before
declared, but must have their course; and herein there can be no
shorter course devised by the witte of man, then the Common-
wealth doth use upon proofe and specialties, if the pleadings and
issues (although Peremptory:) bee joyned according to the first
institution, whereby the Matter of fact nakely appeare before the
Jury of twelve men, who are to judge thereof according to the
evidence of witnesses produced before them; for touching the
matter of Law, the same beeing separated from the matter of Fact,
maketh a Demurrer to be determined by the Judge. I have great
cause to enter into Campum Spatiosum about this Law Warfare,
having by experience and study spent much time therein. But I
thinke fit onely to comment the orders used in Germany to take
downe the litigious humours of some persons: To make them pay a
Fine of twelve pence upon the pound or more to the Emperors or
Magistrates, for so much as they claime more of the defendant,
then they can justly proove to be due unto them; besides a
further charge, if hee bee found in his proceedings to doe things
for a Revenge, which they call an unlawfull imprisonment,
although by the lawe he have commenced his Sute lawfully: and
this is tearmed Paena Plus Petentium.
     For all other meanes, whereby the differences happening
between Merchants are determined, I must referre the same unto my
booke of Lex mercatoria, as a matter requiring a large
explanation.
     The like I must doe concerning the fishing Trade, which is
the fourth Cause noted before, which hath a reference to the want
of money, or to speake ingeniously, is a chiefe cause of the want
of money, which might bee procured thereby; whereby both the
Trade of Cloth and fishing might flourish together, contrary to
the opinion of the severall societies of Merchants before
alleadged: for although they be of severall companies, yet such
orders may be devised by the corporation to be made of fishing
Merchants, as shall not infringe their severall priviledges any
way: and all objections may be answered by true and just
prevention, observing other nations, Facilius est addere, quam
constituere.
     The fift cause of the decay of Trade, by making Cloth in
forraine Countries, hath beene considered of, whereupon the late
Proclamation was made, prohibiting Th'exportation of Wooll,
Wooll-fells, Wooll-yearne, Fullers earth, and Wood ashes, and all
materials, serving for the making of Cloth. The Rules also to be
described of the true making of Cloth (wherein the said Author
hath been a good observer) may be (with a vigilant eye of the
Officiers to be imployed therein by the Corporation, and the
increase of Merchants to manage Trade:) a Remedie to the seventh
causes: as also to the eight Cause of the decay of Trade: but the
sixt cause concerning the Policy of Merchants, is not to be
omitted, whose orders already made, and hereafter to bee made,
may be thought convenient to be Surveyed by a Committie, who
(upon complaints of the parties grieved in all Societies:) may
take order by way of approbation or deniall, to execute things
for the generall good, and not for the particular: as I have
noted in all this Discourse. So that other Merchants upon
reasonable considerations, may be admitted (upon this especiall
occasion) to be of the said Societies or Companies; for otherwise
it may seeme somewhat dissonant from reason, to prohibite all
Merchants, as well English as Strangers, to bring in any of the
Commodities of Turkie or of the Levant, and now lately from
Eastland and those Countries: but to prohibite the importation of
Commodities in Strangers Bottomes concurreth with the Law.
     The ninth cause of the decay of Trade, consisting of the
interruption thereof by Warres, Pirates and Bankrupts, I have
partly handled in the fifth Cause. And although decayed men are
found at all times, yet the want of money hath caused divers
Merchants and Tradesmen to Breake, who might have maintained
their credits, but that being out of their moneys, and the moneys
out of the Kingdome, maketh them to goe out of their credits; for
Necessitas Parit Turpia. The Remedy hereof doth most depend upon
plenty of money or meanes in the liew of money, as the setting
over of Bills of debt before spoken of. For the Statute against
Bankcrupts, cannot produe any great effect, but be a meane to
undoe the party for ever, if it doe depend long upon him,
contrary tothe intention thereof; for whereas all such as are
Creditors, ought to come in within foure moneths to take their
part, of what may appeare of the State of the Bankcrupt, to bee
examined by all lawful meanes: the same is protracted for tenne,
twenty, and more moneths; and all those that come in the said
Interim are admitted with the former, and a great part of the
estate is spent in charges. This may bee remedied by the
Authority of the Chauncery to the Commissioners appointed for
th'execution of the said Statute.
     The Remedy to the last and tenth Cause of the decay of
Trade, (being the immoderate use of forraine Commodities:) doth
(as I have shewed before) consist, partly by the abundance of
those Commodities imported by the abuse of exchange, and partly
by the wearing of those Commodities, affected by the vulgar sort
or Common people. Monsieur Bodine doth observe with Plato, that
as the Prince is, so are the Subjects, who (by imitation) follow
his example, which sooner entreth into their eyes, then into
their eares: And the greater their Authority is, the more
affectionate is their imitation. Alexander cast his head aside,
and all the Court held their necks awry; Denis was Purblinde, and
his Courtiers stumbled at every step and justled each other, as
if they had beene evill sighted: and so of other Princes in their
apparell, precious stones and other things, which is made to bee
the fashion. Hence the Proverbe tooke beginning, Countries
fashion, Countries honour. And the effect hereof, is many times
greater then the Lawes can bring to passe, unlesse it be upon
some Remarkable occasion, as the late Command may prove for the
wearing of Blackes at Funeralls, in Cloth and Stuffes made of
English Wooll within the Realme.
     Here I have omitted, to speake of Customes, Impositions
publike and secret, layed upon Commodities, especially upon
Cloth, both here and beyond the Seas; because the same requireth
great consideration, and the abolishing thereof (being once laied
on) will hardly bee brought about, unlesse it bee, with the
consent of both parties, where the one hath provoked the other to
impose them.
     For a Conclusion therefore let us note, That all the said
causes of the decay of Trade in England, are almost all of them
comprised in one, which is the want of money; whereof wee finde
the abuse of exchange, to bee the efficient Cause, which maketh
us to find out so easie a Remedie, whereby the Kingdome shall
enjoy all the three essentiall parts of Traffique under good and
Politike Government, which will bee Free Trade effectually or in
deed. And this will also bee admirable in the eyes of other
Princes, finding his Majesties wisdome to bee Transcendent in
Governing of his owne, which (by so many sendings and remissions
of Ambassadours unto forraine Princes and States by his Noble
Predecessours:) could never bee effected, as by divers Records
appeareth; albeit there was nothing required of them, but what
did stand with the Rule of Equality and Equitie, which cannot
erre: But velut Ariadne caeca regens filo vestigia, non modo nos
errare non finit, sed etiam efficit, ut aberrantes in Rectam viam
deducamur.

          Soli Deo Gloria

          FINIS.