CHAP. I.
The Causes of the VVant of Moneys in England.

THis Assertion we shall now bring to the hammer, the Anuel 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 vnderualuation of his Maiesties Coyne, where he saith by way of interrogation:

Who will procure licence in Spaine to bring Realls Pag. 8. Vnderua­lution of the Kings Coyne, The 1. Cause. 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 haue for the same, fiue and twenty in the hundred in Holland?

[Page 12] Here in an obscure manner, he obserueth the exchange from Spayne to be Sixe pence the Reall, as value for value, or the Par in exchange, whereby it is lesse (as hee saith:) and hee doth account the price of 8. Reals at 51. Stiuers in Holland, and the Rate of exchange at 33. 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; howsoeuer wee see that this is grounded vp­on the exchange, which is the efficient Cause thereof, otherwise the 15. in the hundreth to be gotten in Holland more then in England: is altogether imaginary and not Reall. For example let fiue of these Realls of 8. be bought here for An imagi­nary gayne made Reall of our own meanes. 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 vncertaine, 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 vpon the Vnderua­luation of Moneys in exchange. lowe exchange, whereby they are inabled to deliuer their money there, by exchange at an vndervalue, in giuing there but 33. shillings 4. [Page 13] pence and vnder, to haue 20. shillings Starlin [...]ayed by Bill of exchange in England, whereby [...]he kingdome maketh good vnto them the said [...]5. vpon the hundreth. For this Reall of 8. was valued but at 42. Stiuers, 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 gouernment of those Countries: And shal we now receiue in exchange the said price of 8. Reals for 51. Stiuers, which is aboue fiue shillings and one penny Starlin, be­cause they haue inhaunced the same to their ad­vantage, and continue the Par of exchange at 33. shillings 4. pence. by which Computation the said 42. Stiuers make but foure shillings two pence halfe penny or thereabouts in true value? Absit ignorantia. Whereas, if our merchants of Spaine should giue the saide price there in ex­change for 42. Stiuers, 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 vnderstanding of Mer­chants, that there needeth no other explanati­on, for it demonstrateth manifestly, that if the lowe exchange were not, This Gayne would prooue to be Imaginary, as we haue noted. And this causeth these Realls of Spayne to be diuerted from vs, and might els be imported to the said [Page 14] Merchants or others, which doe practise vpon 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 finenesse, and their extrinsicke valuation: They are neuer exported, because the Gayne is answe­red The Rule of exchāge excludeth the gaine to be had by Moneys by exchange, which is the Cause of Trans­portation. This cause being preuented, maketh the effect to cease; and this is engraffed in eue­ry mans iudgement, according to the Maxime often noted heretofore, Sublata Causa, Tollitur effectus.

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 ouerruled thereby. For if you inhaunce the Coyne, the exchange doth controlle it and rise accordingly. And if you vndervalue 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 vpon 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 obserueth the rule of [Page 15] exchange, and (will not be ouer-taken as wee [...]e;) will ouer-rule the same ipso facto, and [...]e you so much lesse in exchange, as we shall [...]haunce our Coine by valuation, or imbase the [...]e by Allay. In like manner if you Cry [...]wne moneys beyond the Seas, Th'exchange [...]ll alter in price accordingly: and if you Cry [...]wne moneys here, or vnderualue them by [...]me, Th'exchange ought to Rule and to make [...]e denomination accordingly in price, and still [...]maineth Predominant ouer moneys and com­ [...]odities. Exchange is still Pre­dominant. For euen as Commodities being the [...]dy of Trafficke, draw vnto them moneys, and therein may seeme to be Actiue; yet mo­ [...]y (being the right iudge or Rule which gi­ [...]th or imposed a price vnto Commodities:) [...] the Thing Actiue, and Commodities become [...] thing Passiue: Euen so, although money is [...]e Subiect whereupon exchanges are made [...] [...]et still th'exchange is made to Rule moneys; To the end, that the value thereof should bee [...]nswered by the Publike Measure of exchange; To preuent all abuses and inconueniences ari­ [...]ng by the price of Commodities, and the va­ [...]uation of moneys in exchange: which moneys are either Reall or imaginary, according to the Custome of the place of exchange by the de­uice of Bankers.

This was Seriously obserued in the yeere 1576. by diuers most honourable and Graue Counsellours of State, Namely, Sir Nichol [...] [Page 16] Bacon, Lord Keeper of the great Seale; Sir Will­am Burghley Lord Treasurour of England, T [...] mas Earle of Sussex, Francis Earle of Bedfo [...] Sir Francis Knowles, Sir Iames Croft, and M [...] ster Secretarie Walsingham, with the assistan [...] of other worthy persons of experience, nam [...] ly Sir Thomas Chamberlaine, Sir Thomas Gr [...] ham Knight, Master Peter Osborne, Mast [...] Iames Altham, Master Thomas Riuet, and M [...] ster Richard Martin, Master of the Minte: [...] they found that the following inconuenience were practised, by Bankers or exchangers for th [...] Priuate gaine and benefite, for the aduancing some Common-weales, and [...]e the destruction other Common-weales.

To lay their money with Gaine in any place of the world, where exchange lyeth. Admirable feats to bee done by exchange.

To Gaine and waxe Rich, and neuer medd [...] with any Princes Commodity; or,

To buy any Princes Commodity with th [...] Subiects money, and not one pennie of their owne.

To vnderstand whether money employed on exchange or Commodities is more profit.

To liue and increase vpon euery Princes Sub­iect, which take vp moneys.

To winde out euery Princes Treasure out of his Realme, whose Subiects bring in more Wares, then they carry out.

To make the Staple of money Runne, where the Rich Prince will haue it.

[Page 17] To vnfurnish the poore Prince of his pro­uision of money in Warres.

To furnish their need of money, that tarry the selling of their Wares or Commodities.

To take vp 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 vp 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 Subiects liue most, by their owne Commodities, and sell yeerely the ouer­plus into the world, and both occupie that in­crease yeerely, and also their old store of Trea­sure vpon exchange.

To vndoe 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 Deliuerers, they will receiue in an other place aboue the Standard of the Minte of the Princes money deliuered: and when they will be Takers; they will pay the same in an other place, vnder the Standard of the Princes money taken vp.

[Page 18] 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 vp by exchanges, in Wares, and so make others trauell for their Gaine.

To keepe Princes from hauing any Cu­stomes, Subsidies, or Taxes vpon their money, as they employ it not.

To value iustly 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 endeauours of Sir Thomas Gresham, thinking to rule th'exchange of England by plenty of Queene Elizabeth lending money out of th'Ex­chequer. money proueth fruitlesse, and might haue 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 Con­siscate the Bankers Goods, and so did Philip d [...] Ualois, 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 [...]e and twentie hundred thou­sand Bodin de Rep. pounds. The kingdome of England would haue beene more sensible of the like▪ losse, if the hostile depredations heretofore made, had not [Page 19] supplied the same, notwithstanding that the offers of Queene Elizabeth of blessed memory, [...]ere stored with seuen hundred thousand [...]unds Starlin, before the Warres with the [...]rle of Tyrone in Ireland, wherein more then [...]uble that Summe hath beene spent, as I found [...] the accompts. For this disordred course of [...]change (as I haue said) is like to the cruelty of [...]e Planet Saturne, which maketh his Spheri­ [...]ll course in 30. yeeres with great operation, [...]d it is not many yeeres lesse, since I haue ob­ [...]ued this inconuenience for the good of the [...]ealme, albeit Enuy hath crossed the same, by The Can­ker of Eng­lands Common-wealth. [...]gnorant men denying Principles, and by other [...]eanes here not to be mentioned.

The second cause of the want of Moneys in [...]gland, is (saith the said Author) the superfluity [...] Plate generally in priuate mens hands. Here he [...]th omitted, to Note the great quantitie of Siluer consumed in the making of Siluer Thread, Spangles, Purles, Oaes, and the like, which vpon late examination of the Right Ho­ [...]urable Henry Vizcount Mandeuille Lord [...]esident, are found to amount 80. thousand [...]unds and vpwards yeerely; whereas the Plate [...]ade in London, is only but 50. or 60. thou­ [...]d The se­cond cause the super­fluitie of Plate, &c. pounds worth, which remaineth as a stan­ [...]ng Treasure, when th'other is worne and con­ [...]med, leauing but some part to be molten a­ [...]ine: and if the Plate were conuerted into [...]oneys, without all doubt, it would more ea­sily [Page 20] be Transported, hauing his weight and [...]ine nesse, and affording 12. in the 100. Gaine abo [...] the exchange in two moneths and lesse time.

An exchange hereof, wee haue yet fresh [...] memorie, during the Raigne of the Fren [...] King Charles the ninth, who after the Massa [...] of Paris, finding the Treasure of the Real [...] exhausted, and his Subiects wealth to con [...] more of Plate then of ready Money, was a [...] uised by some, that vnder colour of the Sup [...] pressing of Pride, it were good to prescribe [...] uery man, what store of Plate he should keep [...] according to his degree & qualitie, & the rest [...] be turned into moneys: others were of opinio [...] that it would not only breed a discontent vn [...] his Subiects, but also a derogation and dish [...] nour to the Kings Reputation with forra [...] Nations: Seeing, That the State of a Pri [...] The state of a Prince consisteth as much by reputation as by strength. doth as much consist by reputation, as by streng [...] Therefore like good Polititians, aduised t [...] King somewhat to imbase his money vnder t [...] Standard of the Plate, which would cause t [...] lesse exportation, and the Plate (of course) [...] bee turned into money: and this was do [...] accordingly, and had also the same effect, s [...] uing that where they thought money wo [...] not be Transported; they found themselues d [...] ceiued, for the course of exchange was not lo [...] ked into, which, not being answered accordi [...] to the true values of the moneys, made a Gai [...] by the vnderualuation of them in exchang [...] [Page 21] and so long as the Gaine remained, it was con­ [...]inually Transported, whereby at last the Plate of the Realme (turned into money) was lost; [...]swell as he lost his money before that time: and [...]o it came to passe in England, during the Raigne of King Henry ths eight, who Granted [...]euerall Letters Patents, or Authorities to di­ [...]ers of his Nobles to make base moneys of [...]heir owne Plate, which did fall out to be the greater preiudice to the Common-wealth, and [...]o himselfe but a present shift for the time.

Concerning the Gold and Siluer thread, I haue [...]eretofore endeuoured to haue the Manu­facture Englands View. thereof in England, vpon plenty of mo­ney and Siluer to bee procured from forraine parts by meanes of th'exchange. But finding of late such vnreasonable Consumption of Sil­uer therein spent after the refining thereof, and the vncertainty in goodnnesse by the Wier­drawers: it pleased his Maiestie with the ad­uice of his most Honourable priuy Councell, to forbid the same lately by Proclamation, and to admit the forraine siluer Thread to come in; whereby our Siluer is not only preserued, but the quantity also is increased, because after the wearing a good part, remaineth in burnt Siluer, whereas the Silke lace is consumed to nothing. And such is the Gaine of Siluer beyond the Seas (in regard of the lowe exchange by Bills, vn­derualuing Exchange the scope of gai [...]. our moneys,) that Purles & Oaeses (in some sort prepared here) haue beene (by [Page 22] way of Merchandise) Transported of purpos [...] to melt the same downe there, for the making of moneys, as I haue seene by diuers Certifi­cates from Dart in Holland.

The third Cause of the Want of Moneys [...] The third cause the consumpti­on of for­raine wares England, is the Consumption of forraine Com­modities, which I haue alwayes called, The [...] uerballancing of those Commodities, with the na­tiue 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, As Silkes, Linner cloth, Cambrickes, Lawnes, and other the like Commodities brought in by the Merchants Aduenturours which haue the Maine Trade, and buy these Commoditis (proportionably) dearer then they sell our home Commodities; The Can­ker, &c. which I haue proued, 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 iudgement, who seeth not, That this ouerballancing doth expell our moneys out of the Realme, and which are (in effect) as it were giuen to boote to other Nations to Counteruaile this inequalitie? Let them con­sider of the Reasons following.

First, moneys being vndervalued in ex­change, Causes of the ouer­ballancing of Com­modities. causeth the price of our home Com­modities to be abated, and to bee sold better cheape in forraine parts, & is also the cause that [Page 23] our moneys are continually Transported.

Secondly, the moneys being Transported, taketh away the liuely course of Traffique of our said Commodities, and causeth young mer­chants to Runne by exchanges vpon Bills to maintaine their Trade, paying great Interest for money, which they cannot take vp at Vse vpon 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 ouerthrow the Mar­kets of others, and make them to Sell good cheape.

So on the contrary, the Coynes being ouer­valued 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 ouervalued moneys, but to their exceeding great losse; and by ex­change, they finde few Takers, vnlesse it be our young Merchants, which doe consume their Estates by exchanges & Rechanges: For of the English Merchants bereaued of the 2. essen­tiall parts of Trade. Three Essentiall Parts of Traffique, we haue but the vse 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 [Page 24] the Seas, the rather for that they make Bills ob­ligatory, serue as ready Money, which they Transferre and set ouer betweene man and man for the paiment of Moneys or Wares▪ causeth there a liuely course of Trade, where­by their Commodities are aduanced 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 diuert the Realls of Spaine, as before hath beene declared: hence it procee­deth, that our home Commodities, are many times sold better cheape beyond the Seas then here; for although Merchants doe lose thereby, they make account to gaine more, by the low exchange, deliuering their moneys there, or taking of them vp here by exchange, to pay their Bills of exchange at an vndervalue: inso­much, that many Merchants hauing no Com­modities there, may take vp money here, and sending ouer the same in specie, will pay there­with An ingeni­ous pra­ [...]ise of ex­ [...]hange. their Bill of exchange, and Gaine (by dexteritie of wit) 15. in the hundreth in lesse then two moneths time. Thus when Gaine is practised by exchange, the Commodities of the Realme are lesse vented, and the moneys are exported, which causeth the lesse employ­ment here to be made vpon our Commodities: Euen as the importation of moneys being hin­dered (by the inhauncing of the Coynes beyond [Page 25] the Seas:) compelleth our Merchants to make [...]he greater employment vpon forreine Com­modities at deere Rates.

For the Commodities beyond the Seas, are [...]n the hands of them that make sale of them, vpon a certaine price (as it were) at their plea­sure, hauing Plenty of money, and at cheape Rate at interest, whereas also they haue no man [...]o vndersell them, here and there, as our Mer­chants Our Com­modities fallen ouer­much in price. doe our Commodities, which (without all comparison:) are farre much fallen in price, [...]hen the forraine Commodities now somewhat [...]bated in price.

Concerning other Commodities imported, As Wines, Raisons, Corints, Tobacco, and Spices of the East Indies: Let vs briefely obserue, that the Wines of France might be bought better cheap, if the money of the Realme were not French Wines dee­rer by ex­change. [...]ndervalued in exchange; for wheras heretofore they gaue vs in paym [...]t their French Crowne of Gold for 64. Soulx, now they giue vs the same at 75. Soulx, which Crowne was then worth 6. shillings, 6. pence Starlin, and their quart d'escu now paied for 16. Soulx and aboue, was then but 15. Soulx, for which we gaue here (accompting 4. to the Crowne of Siluer) 69. pence and thereabouts, and now 72. pence and aboue.

And besides that, more of our natiue Com­modities were vented with better profit, accor­ding to th'exchange; for the Rule is, that the [Page 26] 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 prouided by other means. But the limitation to restraine all men from importing them, then onely those of the Leuant company, maketh no free Trade of this Commodity, nor other the like.

The immoderate Vse of that weede Tobacco The im­moderate vse of To­bacco. hath beene so effectuall in debarring vs 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 haue 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 Authour saith) The great The fourth cause the want of the East-Indie stocke. want of our East India stocke here at home, which he tearmeth the especiall Remote Cause; whereas most men would haue expected that the ready moneys sent in Realls of Plate to make the em­ployment of the said Trade, would rather haue beene mentioned. My meaning is not to be­come a Trapezuntiā Flatterer. For Aesops Moral, That the Lyon could not be healed without the Ap [...] [...]. A Table. Herodot, in Cl [...]o. Liuer: that is, Princes can not be safe without the destruction of flatterers: remaineth still fresh in [Page 27] memory; but in fauour of truth and Policy, I am resolued to deliuer my plaine and sincere o­pinion, concerning the said Trade, which began with vs in England immediately after the great Iubile yeare, 1600.

If the Discourse made of the Trade from Eng­land into the East Indies be truely collected, no A discourse of the East-India Trade by T. M. doubt the said Trade may be found very profi­table hereafter, albeit it hath beene very diffi­cult in the beginning, according to the Prouerb, Omne principium graue; especially when the Controuersies betweene vs and the Hollan­ders shall be determined, and their agreements established.

For if Pepper doe but cost two pence halfe­penny the pound in the Indies, and that tenne shillings imployed therein will require but 35. shillings for all charges whatsoeuer to deliuer it in London; where it is vsually sold for aboue 20. pence: It followeth by consequence, that there must be a very great gaine, which will in­crease, when the said parties shall be vnited in true Loue, and buy the said Commodities better cheape; and so proportionably for all other Spi­ces, drugges, silkes, Indicoes and Callicoes.

Againe, if one hundreth thousand pounds in money exported, may import the value of 500. thousand pounds Starlin in wares or Commo­dities: albeit England do not spend aboue 120. thousand pounds, and 380. thousand pounds is exported vnto diuers forraine parts, and there [Page 28] sold for ready money with great advantage.

And lastly, if the very Commmodities of the Realme exported into the East Indies, will buy so much as England vseth of their Commodi­ties, and the employment is made for forraine Coyne or Realls of 8. procured from other pla­ces, what man of vnderstanding can iustly finde fault with that Trade? If treasure were im­ported thereby vnto vs, as their finall end, as the Discourse saith, but that other Trades do diuert 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 vpon Corints, Wines, Cotton-Wooll and Yearne, Galles and diuers other Commodities, wherewith the Ships bee­ing reladen: yet a great proportion remaineth to be brought ouer in moneys, which are diuer­ted from vs, by the course of exchange in vn­dervaluing our moneys, as hath beene declared. The losse whereof is greater to this kingdome, The losse had by ex­change yearely, is greater then the East Indie stocke yearely imployed. then all the moneys employed yearely for the East Indies, cometh vnto, 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 and augmented, reseruing neuer­thelesse vnto vs the vse of forraine Commodi­ties at reasonable rates. And therefore is the same by all meanes to be continued, the rather [Page 29] for that the Hollanders haue 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 Polititians and States­men.

1. Because the Right, Power, and freedome A discourse of their Eastindie Trade. of the Traffique and Trade belongeth vnto them (iure gentium) aswell as to any nation of the world; which the Spaniards did call in questi­on.

2. For that the reuenge of any iniuries 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 aboue all nations.

4. For the increase of Customes and meanes raised by the Buying of these commodities, their Countrey being a Storehouse for all wates and merchandizes.

5. Because that by the continuance of the said Trade (although it should prooue vnprofi­table:) They maintaine a certaine peace and as­surance in the course of their gouernment which consisteth thereby.

This Trade of the Hollanders for the East-Indies began vpon the Embargoes made in Spain of their goods and interruption of their Trade, wherein they did associate themselues with the Germanes to disperse and vent their said India [Page 30] 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 Siluer and Gold come into Eu­rope, since the West Indies were discouered, is to be noted, which hath made euery thing dearer according to the increase of money, which like vnto an Ocean, diuiding the Course into seueral branches in diuers Countries, hath caused a The Oceā of Monyes from the West-Indies. 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 discouery 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, The fifth [...]ause, the [...]arres of [...]irates. causing exportation of moneys, and the Pirates hindering importation of money. The latter is meerely a Preuention or Robbing of our mo­nyes, which are supposed, might be brought in. But if Pirates did not take some of our mo­nyes, it followeth not, that the same should come vnto vs in specie. For experience, by the [Page 31] example of the Spanish Merchants, diuerting [...]e Realls of 8. from vs (for Gaine to be made [...] forraine parts:) prooueth vnto vs the con­ [...]ary. Gayne beeing alwaies the Scope of Mer­ [...]ants: and to prooue that this Gayne, is made [...]ally onely by the abuse of exchange (which [...]herwise would be but Imaginary,) wee haue [...]ready declared.

Now touching the exportation of monyes [...]y the Warres of Christians, where he declareth [...] vrgent instance: That the Riecks Doller, is [...]ised (two markes Lubish making the said Dol­ [...]:) to twenty markes Lubish in many pla­ [...]s of Germany, whereby abundance of money [...] drawen vnto the Mintes of those Countries, [...]om all the Mines and Parts of Christendome: [...]erein he is much mistaken; for when moneys [...]e inhaunced, they neuer are carried to the Money in­haunced neuer car­ried to the Mint. Mintes for to be conuerted into other Coyne. [...]ut they remaine currant, betweene man and [...]an, running like a Poste-horse, euery man [...]aring to receiue a losse by the fal. Neither ma­ [...]eth this any rule for merchants in places of [...]rade, otherwise then that they may take [...]nowledge of the publike valuation thereof, to [...]ell their Commodities accordingly, by rating [...]he price of exchange, vpon their former obser­ [...]ation; which being neglected or done in part, [...]auseth the vnderualuation of our moneys in [...]xchange. And this is the immediate Cause by [...]im first alleaged and treated of, wherein the [Page 32] Commodities are no more Actiue, then Tenderdon Steeple in Kent, was the Cause of the decay of Douer hauen.

To make this to appeare, let vs note, that this Rieckx Doller being the maine and most usuall Coyne in Germany, Eastland, the Vnited [...] Reconciled Countries vnder both Gouernme [...] and many other places, was valued at 2. ma [...] Lubish, euery marke being 16. shillings Lub [...] or 16. Stiuers; for in the yeare 1575. the [...] Doller was still coyned in the Empire for [...] Stiuers. And was so currant by Valuation in [...] Low Countries, wherby the said shilling L [...] A shilling Lubish and Stiuer Fle­mish all one in the yeare 1575 and the Stiuer Flemish were al one, but the [...] in the Low Countries hath bin the cause of [...] inhauncing of this Doller, which was brou [...] to 35. Stiuers, and in the yeare 1586, to [...] Stiuers by intermissiue Times and Valuati [...] howbeit at Stoade, Hamborough and other places in Germany, the said Doller did remaine st [...] at 32. Stiuers or two markes. And as the sai [...] Doller did inhaunce in price: so did they coy [...] new Stiuers accordingly, sometimes lighte [...] weight, and at other times imbased by Allay [...] Copper. And yet in accompt, the Stiuer did a [...] doth remaine the ground of all their mony [...] A great fallacy. But the said Doller holdeth his Standard agreeable to the first Doller, which is called the Burgondian Doller with the crosse of Saint Andr [...] coyned in the yeare 1575. which is in finene [...] tenne ounces, and twelue penny weight of fi [...] [Page 33] siluer, and foure and one halfe of these Dollers, were there made equiualent to our 20. shillings Starlin, as a Publike measure in exchange be­ [...]weene vs, and the Low Countries, Germany, and all other places where this Doller was cur­ [...]ant, which made the Par or price of exchange [...]o be 24. of their shillings, for 20. shillings of [...]ours, according to which computation, exchan­ges were made, alwaies aboue that price, both here and beyond the seas; and the Stiuer of the Lowe Countries was not in value answerable thereunto, for being but two ounces 17. pence with fine, their 32. Stiuers for the said Doller, (which is foure pieces and one halfe 144. Sti­uers:) did not containe so much fine siluer in them, as the said Doller proportionably. But there wanted aboue 3. shillings Flemish in the pound of 20. shillings Starlin.

These Dollers haue since beene imitated and made by the States of the vnited Low Prouin­ces in their seuerall 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 Stiuer: that is to say, at thirty three Sti­uers, where the said Dollers, went in the Low Countries by valuation for 45. Stiuers 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 [Page 34] was so agreed vpon to our disadvantage, for according to the saide 4 [...] Dollers, at for­ty fiue Stiu [...]rs, it maketh thirty three shilling nine pence; but our twenty shillings valued at tenne Stiuers for the shilling, was the caus [...] that it was put to thirty three shillings four [...] pence. My selfe being there, a Commissione [...] appointed by the Councell Table, with Sir Ri­chard Martin Knight, and Monsieur Ortell, Mo [...] ­sieur Coase, and Monsieur Valcke, Commissio­ners for the States of the vnited Prouinces.

This Doller is since that time inhaunced t [...] In the vni­ted Pro­uinces. fifty two Stiuers in the Lowe Prouinces, whic [...] maketh the price of exchange aboue 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 fiue shil­lings, and after that rate vndersell 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 vs 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 no [...] by inhauncing of our monyes:) can bee easi­ly preuented? as heereafter shall bee decla­red.

This Doller is likewise since that time, more inhaunced in Germany from time to time, and In Ger­many. leauing the excessiue alteration in Remote pla­ces, [Page 35] let vs note the Ualuation of Hamborough, where it hath beene at fifty foure Stiuers the Doller, which maketh the exchange aboue forty shillings of their money for our twenty shillings. And although we haue raised the price of exchange from twenty foure shillings nine to thirty fiue shillings or thereabours: shall we rest here and goe no further? haue we reason to doe it in part, and not in the whole, according to iustice, equity, and true Policy? And shall we bee like a man, that by halting in iest, became same in earnest? I say againe, Ab­sitignorantia. Thus much Obiter.

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

THE Moneyes of Christen­dome, which haue their ebbing and flowing, doe shew their operation vpon 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 high exchange, and the price to rise, ouerruling both the price of moneys and Commodities, which beeing obserued by the great exchangers or Bankerers; caused them [Page 37] to inuent all the meanes to compasse the same, and to rule the course thereof at their pleasure, hauing the maine sea of exchanges, wherein the exchange of England runneth like a Riuer or Branche, and is ouerruled by the generall Cur­rant; which may be preuented: for we haue 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 causes of the want of monyes in England (as the waste of the treasure and the like:) will not be so sensible as [...]ow they are, especially when needfull Commo­dities of Trade, shal be imported from some pla­ [...]es, which shall supply (as in times past) the ex­portation of much money, when the Commo­dities of Russia, being Tallow, Waxe, Hides, re­transported Commo­dities of o­ther coun­tries, vsed to prouide Wines, Rai­sons, &c. The first cause of the decay of Trade. 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 subiect to the necessity of Merchants, which [...]endeth to the destruction of one Common­weale, and to the inriching of an other. And this is effected by the exchange, as the graue and wise Coūsellors of State before mentioned, haue very well obserued, whereof Aristotle and Seneca [Page 38] 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 Pag. 20. 21. wares for wares, and not money for wares. No maruell therefore that hee doth inuert things, and runneth into a Labyrinth without distin­ction, betweene the thing Actiue, and the Pas­siue, by approouing Money to bee the rule and square, whereby things receiue estimation and price. And yet commending the Commutation before Money was deuised to be coyned.

Aristotle saith, That Action and Passion are meerely Relatiues, and that they differ no more, Phys. 3. lib. cap. 3. then the way from Thebes to Athens, and from Athens to Thebes. We will therefore leaue this Merchant to walke betweene both vntill hee can discerne the one from the other. And then he shall finde, that as the Liuer (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 therfore by the liuer receiue his Tinctured Chilus by his owne mouth and stomacke, and the blood full of Spirits, shall fill all the Ueines, and supply the want of monyes. The easie course and recourse of whose exchange, shall bring all things in time, and serue all mens turnes. For euen as there are two Courses obser­ued [Page 39] of the Sunne: the one Annuall, and the o­ther by dayly declination, rising and going vn­der: euen so must wee obserue 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 haue already de­clared.

The second Cause of the decay of Trade, saith he, is Vsury, meaning Vsury Politicke, wherein he The second Cause of the decay of Trade. is preuented to speake, because of a Treatise made against Vsury by an vnknowne 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 vnto him­selfe the making of verses: but taketh the whole substance of his discourse out of other mens Englands View. workes, published aboue 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 deliuered at vse or interest vpon occasions, when the Vsurer is glad to finde a taker vp of his monyes, and doth Plenty of money a­bateth th [...] Ra [...]e of Vsury of Course. pray him to doe the same, by reason of the a­bundance of money; which maketh the price of Vsury to fall, more then any Law or Proclama­tion [Page 40] can euer doe. So that to abate the Rate of Tenne vpon the hundred to eight (as the saide Tract against vsury would haue had the Parlia­ment to do:) will be effected of course, which alwaies hath the greatest command.

This doth also much preuent, that the Rule of Concord and Equality is not so soone broken and ouerthrowne in Common-weales, some growing very rich, and others extreame poore, not able to liue in their vocation: The most pregnant cause of discord, causing many times Ciuill warres, as Cornelius Tacitus hath noted, and appeareth in another Treatise where the o­perations S. George for Eng­ [...]and. of Usury are described.

The biting Vsury & intolerable extortion com­mitted by certen vncharitable 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 the first world was drowned, which feedeth vp­on the sweat & blood of the meere merchanicall poore, taking 40 50. 60. & 100. vpon the 100. by the yeare: besides Bili money and for feiture of the pawnes, when charitable persons haue of­fered aboue 20 yeares since, to giue 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 Englands [...]iew, Pag. [...]2. poore & mechanicke people; the neglect wherof sheweth that our hearts are ouerfrozen with the Ice of vncharitablenesse, which otherwise could [Page 41] not haue so long continued; for it prouoketh Gods anger against vs in the highest degree. If these men had beene Iewes, I might haue be­stowed some Hebrew vpon them in detestation of the word Neshech, which is nothing else but a kind of biting, as a dog vseth to bite & gnaw vpō a bone; otherwise to vse many languages in a litle Treatise of free trade may seem impertinent.

The third cause of the decay of Trade he saith, is, The third cause of the decay of Trade. the litigious Law suits, which as one way they in­crease by scarsity of money, which compelleth men to stand out in Law for a time, when they cannot pay vntill they receiue: So another way, when moneys are plentifull, men care the lesse for money, & pride causeth them to spend, & to go to law for euery triflle, disputing Delana Ca­prina: true it is, 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, imprisoned & ouerthrowne, hauing spent their time & means in Law: which might haue bin employed in trade for the good of the Cōmon-wealth & their owne quietnesse.

I do likewise omit to intreat of transportation of ordnance & munition heretofore permitted, mentioned by the said author, & now preuented in some sort; neither was England in the yeere, 1588. in such great distresse to be termed in arti­culo Pag. 75. temporis, when the merchants Aduenturers did prouide from Hambrough a ships lading with [Page 42] Powder and shot, as parcell of their dutie to assist the Kingdome, by God only preserued.

The fourth Cause of the Decay of Trade, or The fourth cause of the decay of Trade. to speake properly, neglect of Trade, is, The ad­mitting of forraine Nations, to fish in his Ma­iesties Streames and dominions, without pay­ing any thing for the same, whereby their Na­uigation 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 liuing.

Concerning this fishing Trade: there hath beene a continuall Agitation aboue 30. yeeres to make Busses and Fisher-boats, but the Ac­tion is still interrupted, because other Nations doe finde too great fauour and friends here to diuert all the good intentions and endeuours of such as (with the Author of this Discourse) haue imployed their Time and good meanes therein; for the Merchants Aduenturours, the Companie of Merchants Trading in Russia, and the East-land Merchants, did also oppose them­selues against it at the Councell Table, and did alleage the reasons following.

• 1. The infringing of their Priuiledges here and beyond the Seas.
  Inconueni­ences a­gainst the [...]shing in England.
• 2. The Interloopers aduantage to interrupt their Trade vnder colour hereof.
• 3. The want of meanes to make Returne, both for Fish and Cloth also.
• [Page 43] 4. The inhauncing of the price of forreine Commodities.
• 5. The preoccupying of money to the hin­derance of Cloth.
• 6. The dissolution of the ioynt stocke of the Russia Company.
• 7. The incouragement of Strangers here­upon to make a Contract with the Russian Emperour.
• 8. The discouragement to vndertake new discoueries.
• 9. The defraying of the Charge of Embassa­dours and other extraordinarie Charges for honour of the State.
• 10. The plenty of Fish, which those Coun­tries haue 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: neuerthelesse such is the conditi­on of some Merchants, not vnderstanding the Mysteries of exchange, and ouer-ruling others by their order of Antiquitie in their Society: that neither Reason or experience can preuaile; insomuch, that whereas other Princes take [Page 44] their Duties of other Nations for fishing, and fish themselues also by their Subiects: yet Eng­land cannot resolue to doe the like, or at least take order for the said Duties.

In Russia many leagues from the Maine, Fi­sher-men Exemplary Actions of other Prin­ces about duties of fishing. doe pay great Taxes to the Emperour of Russia, and in most places, other Nations are prohibited to fish.

The King of 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 vpon 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 Vnited Prouinces doe take an imposition vpon 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 moreouer a Tribute in the Sound for passage, to fetch the said fish. And of mine owne knowledge, I am assured, they would willingly haue paid the same vnto England, or a good composition for it, had not the greedy lucre of some persons hin­dered the same.

[Page 45] These exemplary Actions haue long deter­mined Com [...] ­nitie of the Seas, as al­so a distinct Dominion. the question of Mare liberum, touching the Communitie or freedome of the Seas, which is acknowledged to be so, for Nauigation, with­out that the same doth any manner of way pre­iudice 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 Ciuilians which are mentioned in the Treatise De Domi­nio Maris. For the matter hath beene learnedly handled at the Councell Boord, before the Graue Senators, many yeeres since, by our Ciui­lians and others, which (to auoid prolixitie) I doe omit.

Now from the Fishing we are come to Clo­thing or Drapery of the Kingdome, and the The fifth cause of the decay of Trade. abuses thereof, as the fist cause of the decay of Trade: wherein to vse many distinctions of the new and old Drapery (vnlesse it were to Re­duce matters in statu quo prius:) shall be need­lesse. And although the dressing and dying of Cloth, was insisted vpon 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 reuoked:) I cannot omit to obserue the Practises which were vsed by Combination [Page 46] with other Nations abroad, and domesticke in­telligence a [...] home, whereby many good Acti­ons are o [...]rowne, to the generall hurt, and with little aduancement 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 o [...] late yeere [...] in Italy and Spaine also:) the Trade of Cloth [...] 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) striuing to our vndoing, to vnder­sell other Nations; for Satan cannot cast o [...] Page 105. Satan, as the said Author alleageth: which might 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 vnderselling 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 The ad­uantage of our Mer­chants in the sale of Clothes. our Clothes when they were sold deerer, by the one halfe in price then they be now) did neuer 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 vnto vs their forraine Commodities, as [Page 47] we can be to sell our Clothes to them; for those that make Clothes in their Countries, haue no occasion to buy forraine Wares, or the Com­modities of others, but seeke to sell them for ready money, or to bee payed at some times: whereby England hath a great aduantage, and may enioy the benefit of it, in selling their Cloth with Reputation, which is euer accom­panied with Request, and causeth Commodities to be sold at good rates; whereas vilifying the price of Wares, can neuer 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 conue­nient The Au­thors Apo­logie. to make an answer, to the imputation and false interpretation which the said Author ma­keth, in the last chapter of his Treatise vpon the words mentioned in the Canker of Englands Common-wealth, wishing the amendment of the aboue said fault, That our Cloth might be sold at Pag. 46. so deere a Rate, and according to the price of for­raine Commodities, that thereby other Nations, should take vpon them, to make our Cloathes. And the Remedie is added, by selling our Woolles deerer, whereof they must make them; for in those dayes of the latter Time of Queene Eli­zabeth of blessed memory, and vntill the second yeere of our most Gracious Lord King Iames, Wools were permitted to be Transported by the Staplers and others. And the makers of [Page 48] Cloth beyond the Seas, must needs haue them to couer their Woolles in the Indraping, which is now prohibited, and the Case is altered: here­vpon this Moderne Merchant out of his deepe Speculation; saith, which seemes to haue in it, much more Dutch then English, to depriue this King­dome of so Royall a Manufacture, whereby so many thousands of poore Families are main­tained: imitating herein the Butchers flye, by­ting vpon one place, which seemeth to bee ga [...]ld, as he saith, and leauing all the found bo­dy vntoucht. For my Writings which are extant Englands View. Pag. 88. A Manu­script of the Royall Merchant of great Britaine. 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 sauour of too much English, and had made my selfe odious thereby, so that I may iustly Challenge the misapplied example of the great Commander of the Ro­mans Belizarius, alledged by the said Author; for Enuie (looking asquint, as if shee were borne vnder Saturne:) hauing depriued mee of the sight of one eye with forraine Nations; doth now endeauour to make mee blinde, to bring me to say, Date obulum Belizario, quem in­uidia, non culpa caecauit. The like part shee plaid with me, for the inuention of Farthing tokens, by accusation, that there was an intention to bring the vse of Copper moneys within the Realme; which Tokens are found to bee very commodious and necessary, whereby the waste [Page 49] of much Siluer is preuented, the meere poore releeued, and many of their liues saued, and the Common-wealth cannot be without them, vnlesse Leaden Tokens were made againe in derogation of his Maiesties Praerogatiue Royall. Wise men haue noted, that the due obseruation of vertue, maketh a Stranger grow naturall in a strange Countrie, and the vicions a meere Stranger in his owne natiue Soile: and to their iudgements I shall alwaies appeale with the diuine assistance, and also pray for Unitie and Concord where none is, especially where the Spirits of neighbour friends should be vnited by true Religion to make Iustice flourish; to which end, Wisdome doth construe things in the best Sense For if they had with Patroclus put on Achilles Armour, and rid on his Horse, and durst Pag. 15. neuer touch Achilles his Speare: Surely our A­chilles Speare doth both wound and heale, as his did, and like vnto the water of Dodona, both extinguish and lighten Torches, whose conti­nuall Of [...] & [...] to work forcibly. iXres, A Steppe, [...]. To distribute. vigilant care by many Nocturnall Lucu­brations, hath no need to bee remembred by the sight of his Subiects bloud in sheetes, writ­ten within and without, proceeding of [...] a Reuenging eye.

Returning to the Cloth Trade and the Clo­thier, with a consideration of the merchants Aduenturours, Eastland merchants, Russia Mer­chants and others, and the Wooll Grower, or the Gentleman; let vs carefully obserue them [Page 50] in particular and in generall, supposing their complaints were all heard at one instant toge­ther, as also diuidedly, whereby Truth doth better appeare by obseruing their Pollicies, part­ly declared in the neglect of the fishing Trade. The merchants Aduenturours hauing ingrossed into their hands by colour of their last Letters Patents, The sole Power of exporting all The sixt Cause of the decay of Trade, The Poli­cies of Merchants. 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, Brist [...]l, South-hampton, Hull, Boystone, and New-castle, haue heretofore exported, either Cloth or Wooll, or both, which now they may not.

All other Merchants at large, as well at Lon­don, as of all other parts of the Kingdome haue vsually 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 [Page 51] Countries, where the same are especially to bee vented, is in the Power of the Merchants Ad­uenturours only; and it is come to be managed by 40. or 50. persons of 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 vp at Interest. It is impossi­ble that the same number with the same ability, can manage the same Trade, 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 haue borrow­ed 50. or 60. thousand pounds at vse, for the seruice of the Company, and thereby engaged the Trade, and set themselues in debt; which causeth many of the best merchant Aduentu­rours to giue ouer Trade, and are become pur­chasers, or lenders of money at Interest. Many others of them haue engaged themselues in the East Indian Company, which did carry away their money, and left the Cloth.

This small number to manage so great a Trade The se­uenth cause of the de­cay, is the false ma­king of our Cloth. incourageth the Clothier to aduenture to make false Cloth, because it is impossible, that so few Merchants can search and visit euery 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 [Page 52] none may export but they, and therefore they will giue what price they please: for this deceit­full Cloth hath caused 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 preiudice to the whole King­dome, which though it haue made London rich, it hath made all the Ports and other parts of the Kingdome poore; for it enforceth needlesse and chargeable carriage and Re­carriage of diuers Commodities, whereby they are endeared vnto vs, and it hinders all the Ports (being the Walls of the Kingdome) from hauing either forraine or domesticke Commo­dities brought vnto 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 adioyning Ports, for how can they sell, when there are no Merchants?

It causeth all Chapmen to giue poore and faint prices for Wooll, because when it is indra­ped, it may not more freely be exported to the best aduantage. So that the Grower is hindred in the price of his Wooll, for euery losse and [Page 53] preiudice that comes vpon cloth and the Clo­thier, One extre­mity enfor­ceth ano­ther. doth fall vpon the Wooll and the Wooll Grower. And the Clothier saith, hee is preuen­ted of his best Chapmen for his Cloth, for that merchants Strangers, or other English mer­chants cannot worke vpon the aduantage 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 improued; and forraine Commodities are freely taken in Barter for the Returne of our home Commodities, when mo­neys nor Bullion can be imported, as hath beene declared: so that the Hammers at the Minte, where the pulses of the common-wealth should be felt, are the life and mouing. 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 Proclamed a Free Trade, when within our selues, we are in Bondage, and haue lost the benefit of the Two essentiall Parts of Trafficke, namely the Rule of money and ex­changes? Let euery man iudge.

To say nothing of the dependances of Trade, as the increase of Nauigation and Nauigators, when Merchants heretofore had more free­dome, and the Ports were furnished and fre­quented, with great store of shipping; which [Page 54] although they were but small of burden: yet euery one had their seuerall Pilot and Mariners, which did daily supplie the Land, with plenty of Sea-men.

The Merchants Staplers haue obserued, that the Merchants Aduenturers, haue an ineuitable opportunity of Combination, to set what price they please vpon cloth to the Clothier, of Wooll to the Grower, and of all Commodities exported and imported; and likewise to lay what priuate impositions they please, vpon any of the said Commodities, so that whether they doe well or ill for the Common-weale, there can be no apparant triall: for hauing power to barre all others from Trade, but themselues, 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 neuer so light. So that this ingrossing of Trade into few mens Engrossing of Trade. hands, hath caused our home Trades to decay, our Manufactures to decrease, and our home­bred Commodities to lie vpon our hands vn­sold, or to bee sold at a low price, to the vtter vndoing of all sorts of poore people in Eng­land, and the great dammage of all his Maie­sties louing Subiects: and whilest our merchants hinder one another from Trade, other Nations increase their owne Manufactures, and enlarge their Trade; not only for the said Countries of high and low Germany, but also for Russia, [Page 55] Eastland, Poland, and other places.

For the making of good and true Cloth, many excellent Lawes haue beene made and enacted, especially in the fourth yeere of his Maiesties happy Raigne; whereupon I haue heretofore made a Demonstration which was ex­hibited to the Right Honourable the Lords of the Priuie 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 vnder Lex Merca­toria or Law Merchant. 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 The eight cause of the decay of Trade, ex­portation of Materi­als and im­positions. of the materials of Woolls, and Wooll-fells, from the Sea-coasts of England, and the Kingdome of Scotland, and the Cu­stomes and Impositions laid vpon Clothes at home and abroad in other Countries, especially the great Imposition in the Low vnited Pro­uinces called Consumption Money, payed by the Retaile of Cloth or Drapery, only vpon our English Clothes, and not vpon Cloth in those parts, whereby their Cloth is more vented, and English Cloth in lesse Request.

[Page 56] Touching the exportation of Materials, there is a prouident order taken. to preuent the same in England, by a late direction and Pro­clamation, prohibiting the exportation of Woolls, Wooll-fells, Wool-yearne, Fullers earth, and Woodashes. And the like will be done in Scot­land; and for the better execution, there is a Committie appointed of certaine selected dis­creet persons vnder the great Seale of Eng­land.

The ninth Cause of the decay of Trade, are The ninth cause of the decay of Trade, the warres, the Pirate, and Bankrupts. the Warres in Christendome, as also in other Countries out of the same, where our Cloth and Manufactures haue beene 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 ouerthrowing of Trade; and this can neuer be diuerted, preuen­ted, nor remedied, by selling our Clothes or Manufactures cheape, to vndersell other Na­tions, who meet with the said hinderances and interruptions 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 Wooll being fallen from 33. shillings the Todde, to 18. shillings and vnder, disimpro­ning the Reuenue of lands, can neuer increase Trade, but impouerish the Kingdome and all landed men.

[Page 57] Aristotle saith, that Riches is either Natu­rall or Artificiall. The naturall Riches, as lands, vines, forrests, meddowes, &c. The Artificiall, as Money, Gold, Siluer, Cloth, and all things metalline or mineral, and manufactures, procee­ding of the Naturall Riches. And as both these doe receiue 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; wherein some vn­skilfull merchants are much to bee blamed in making inconsiderate Barters for our Clothes Inconside­rate Bar­ters. beyond the Seas, wanting vente, and being (by the abuse of exchange) depriued to import mo­neys and Bullione. To conclude this point, let vs remember, that the Protection of Princes in warres and against the Pirates, is to be maintai­ned to preuent the decay of Trade.

The tenth and last Cause of the decay of Trade, The tenth cause of the decay of Trade. The Vse of forraine Wares. is the immoderate vse of forraine Commodi­ties, and the lesse vse of our home Commodi­ties: for albeit that by the Superfluity of our na­tiue Commodities, Trade is procured: yet if that Superfluity do abound so, that thereby the price of it becommeth abated: Then forraine Commodities being more vsed and worne, come in the liew thereof and are aduanced, which bringeth an euident ouerballancing of Commo­dities.

[Page 58] This caused some States men in France, to inuent meanes how the Trade might be cut off, and that no Commodities should be transpor­ted out of the Realme, making account, that they could liue peaceably within themselues and very good cheape, without giuing or re­ceiuing 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 haue liued without them in regard of Commodities: yet charity, humanity, and Po­licy willeth vs to maintaine friendship with our neighbours, and rather to giue 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 vnder the Sunne, can subsist of it selfe, none hath more cause of thanksgiuing vnto God, then the Kingdomes of Great Brittaine and Ireland, so richly replenished with all things seruing ad Victum & Vestitum, for the Backe and Belly, as we terme it, not onely for our owne maintenance, but also for the sup­ply of others. But God caused nature to distri­bute her benefites, or his blessings to seuerall 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 [Page 59] liue with an other. And therefore is Traffique and Trade so much to bee maintained and de­fended, wherein all manner of rashnesse in the sale of wares is to be auoided, but by Policy to be preuented and vpholden, according to the Plutarch in vita Sertorij 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 mightiestman of his campe could not effect, vsing violence: when the feeble man did performe the same by pulling out the haires by little and little. Merchants can vse the like Policie, when they want not monyes, and doe expect a conuenient time to sell their Clothes with reputation.

CHAP. III.
Of Gouerned Trade, and therein of Monopoly.

HITHERTO (saith the said Authour:) the matter of Trade hath beene conside­red in Money and Merchan­dize, and the exchange of mo­nyes is past ouer by him, as a matter not worthy the consi­deration: Commo­dities and Moneys. indeed it was good for him to saile betweene the two Rocks of Scylla and Charyb­dis, without further aduenture, and not to suf­fer Shipwracke vpon the dangerous Rocke of exchanges. But diuers merchants haue much distasted, that a man of their profession should neglect one of the Essentiall Parts of Traffique, and the most operatiue in Trade, being the on­ly measure betweene vs and forraine nations, without which, all his discourse is without Rime [Page 61] or Reason. So that he cannot finde any Parity nor Purity in exchanges; like vnto a sicke 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 vnderstand matters, wherein he is surpassing others: The Prouerbe is, Il entendle Par, he doth vnderstand his Par or Equality; which cannot bee applyed vnto him that doth not vnderstand 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 vnderualuation of our money in specie.

Nothing causeth Merchants to export more money out of the Realme, then they bring in: but onely the bringing in of more Commodi­ties into the Realme then they carried out. The vnderualuation of our moneys, causeth no more Commodities to bee brought into the Realme, then is carried out: Ergo, the vnder­ualuation of our moneys, causeth not more money to be carried out of the Realme, then is brought in. But left this should breede a Di­lemma, let vs examine his words concerning ex­changes.

It is not the Rate of exchanges, but the value of Pag. 104. Monyes, here low, elsewhere high, which causeth their exportation; nor doe the exchanges, but the Hysteron Proteron. Plenty and Scarcity of moneys cause their values.

[Page 62] There are three waies to dissolue an argu­ment, [...] t [...] [...]ssolue an argument. Deniall, Retorting and Distinction. Deni­all is too hostile, sauouring more of obstinacy, then of Arte; Retorsion 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 prooueth nothing.

If monyes be here low, and elsewhere high, how is this knowen but by the Valuation of ex­change? Exchange compared to the As­say of mo­ney. considering the diuersity of moneys of seuerall Standards, wherein the exchange is like to the Assay, whereby the finenesse of Sil­uer and Gold is knowne, grounded vpon the quantity, which the exchange requireth accor­ding to the weight of fine Siluer and Gold, con­tained in the monyes of each Countrey, which is the intrinsicke value, 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 monyes cause their values, it being contrary to the nature and properties of money. The publike Measure, the yard doth measure the Cloth, but the Cloth doth not measure the yard. To illustrate the premisses by exam­ples, I haue heretofore shewed the considera­tion incident. The Can­ker of Eng­land. Pag. 58.

Suppose that some Merchants Strangers doe come ouer into the Realme, to buy a Packe of [Page 63] Tenne Clothes valued at 80. pound Starlin, which they are to pay in Gold and Siluer, 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 finenesse of the forraine Coyne, which they haue brought ouer: hereupon to content both par­ties, the moneyes on either side must bee tried by the Subtill Assay according to their finenesse, calculated vpon the pound weight of 12. oun­ces Troy, and then by Weight they answer each other accordingly; and so this negotiation is (in effect) but a Permutation of monyes for Commodities, before exchange was inuen­ted.

This being not well obserued, might cause men to be deceiued, as the Pewterer (sometime an Alderman of London.) was, who beeing vsed to change old Pewter for new, taking a consi­deration for the fashion, would take the like course in the buying of Siluer Plate of a Gold­smith, deliuering his money by weight, where­by he sustained a losse, because hee did deliuer him a quantity of old groates, which were ligh­ter then their value; as also other Starlin mo­neys, which were worne out in continuance of time, and much vnder their true weight. And boasting of his good bargaine, hee was made to calculate what an ounce of siluer did stand him, and he found that by thesemeanes, he had paide 6. shillings the ounce for that, which was offe­red [Page 64] vnto him for 5. shillings, 6. pence. Faller [...] fallentem non est fraus.

The lightnesse of this Pewterers money may be compared to the low exchange in the vnder­ualuation of our moneys, by exchange; for if a Merchant Stranger did bring ouer money in specie at this time, to buy Commodities within the Realme, and deliuer the same here according to the very value in payment by the Assay; and thereupon doe looke backe how his mony is ouerualued in regard of the exchange, wher­by he might haue made ouer 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 aboue nine pence in euery ounce of Siluer. Great are the gaines to be made by ex­changes, without euer to deale or meddle with any Commodities at all.

I know that to the iudicious Merchants; I haue giuen cause of offence, to haue written so much in the defence of exchange; But knowing that many graue and discreete persons haue gi­uen ouer this Princely Study, imagining therein A Princely Study. more mystery then there is, rather then they would take paines to vnderstand it: I haue bin prolixe, wishing that the saide Authour had the Purity of vnderstanding to know the Parity of so many exchanges, as haue beene deuised in I­taly, Germany, France, Spaine, The Low Countries, Eastland, Poland, and other places, at large decla­red in my booke, Lex Mercatoria; seruing all [Page 65] Societies and Companies of Merchants to bee mindfull of the Common Wel-fare, wherein Master Hussey Gouernour of the Merchants Aduenturers company in the beginning of Queene Elizabeths Raigne tooke great paines with others, To finde and establish the True Par of exchange, which was examined and altered Par of ex change. 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 gouernment of Trade, wee haue noted heretofore, that in all Traffiques, the generall doth gouerne the particular. Some would haue other natiōs to come to buy the Cō ­modities of vs, within the Realme, for, say they, Forraine nations fetch our Wares. there is according to the Prouerb, twenty in the hundreth difference betweene. Will you buy? and will you sell? These men haue no consideration of the maintenance of nauigation, which is the greatest strength of the Realme, whose defence (next vnder 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 vnto our Mer­chants to the places by them appointed, as Delf and Hamborough; which is (in effect) as­much [Page 66] 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 seuerall 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 bee vented, will quench his desire of buying: and hee that commeth to barter other Commodities for ours, hath the like consideration.

But let vs admit, that our Cloth would bee aduanced 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 euent 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 whom wee sell our Cloth: and if our Merchants were cut off, and that other nations should buy the Cloth within the Realme, and so aduance 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 vnto vs by them againe: for the small gaine had vpon our Com­modities [Page 67] causeth vs, and would cause them to seeke a better gaine vpon the forraine Commo­dities to the generall hurt.

Others would haue all things at large in the Dissoluti­on of Soci­eties, &c. 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 themselues, according to the manner of some other Countries: These men haue no regard, that innouations are as dan­gerous, as to remooue the corner stones of a building; neyther doe they obserue a momen­tary difference betwixt the Gouernment of a Monarchy, and that especially in an Iland: and the gouernment of a Democracy which is popular, or of an Aristocracy, which is gouer­ned 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 vpon all things consumed and most vpon victuals; the other, namely the Monarchy, auoiding asmuch as they can, the multitude of forraine nations to in­habite within their gouernment, and holding impositions and Taxes to bee done with great aduisement. And that the ouerballancing of for­raine Commodities with the natiue Commo­dities may be preuented; which by the other is not regarded, neither can it bee by them obser­ued.

[Page 68] The Prouidence of the State hath also a great consideration in the course of Trade, vnder go­uernment in appointed places, especially in that of the Merchant Aduenturers company, (who haue the managing of the creame of the land, the maine Trade of the kingdome, and doe expose to aduenture the greatest part of the wealth therof with forraine nations in trouble. some times of wars:) because they may by this order be soone remooued or called home vpon occasion, which cannot be done conueniently 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 Ann. 1584. valued, and summed by the offices of that City, (which were vented there in one yeare.) The whole being deuided 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 vnaduisedly, 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 ture Palynurus, and sit at the Rudder of the Ship of Traffique, to reforme abuses. For a Society may become to [Page 69] be A Monopoly in effect, when some few Mer­chants A Society may be­come a Monopoly. haue 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, hauing their Stockes employed therein to sell the Commodities of the Realme with reputation at conuenient times, and not vpon a suddaine to pay Billes of exchanges or moneys taken vp at inte­rest,

To make a Definition of a Monopoly, we neede The pro­perty of Monopoly. not vse many words, for the abuse of Monopoli­um hath made the same aswell to be vnderstood as the word of Vsura, I meane biting Vsury. 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 priuate benefits, and the preiudice of the Common-wealth. And as this may be done by authority, so may the aboue­said course also be committed vnder the color of authority by the Princes grant or letters Patēts.

Commendable is the custome of the City of Norenborough in Germany, where to maintaine the people on worke, they receiue all their ma­nufactures and pay them weekely, & afterward sell thē for a reasonable profit, which therby be­come dispersed in all countreys; whereby they haue made a great Trade for the West Indies, & they maintaine therby their Commō-wealth as an Aristocratick gouernment: and this is neither [Page 80] A Monopoly, nor properly An engrossing, bee­ing done by publike authority. Such therefore as sel the Commodities of the Realme vnto for­raine nations with aduantage of priuate bene­fite, (albeit within the Compasse of a Monopo­ly:) are more to be tolerated then those that vn­dersell 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 obseruation of that Royall Commodity Tinne, which aboue Englands View. Pag. 142. one hundred yeares past, was sold for 40. shil­lings the hundreth, when the best veluets were sold for 10. shillings the yard: how the Mer­chants trading Turky found fault of his, Male­sties Praeemption, and caused the same to be abo­lished, to keepe the price at 55. shillings the hundred; and bringing in Corints, Leuant Wines, Spices, and Indicoe (at deare rates:) vsed all meanes to suppresse the rising thereof: which caused forraine nations to fall into considerati­on thereof, and vsing meanes to incorporate the same, it brought that Commodity in esti­mation againe. And the saide Praeemption was reestablished againe, which hath aduanced the price to double the rate; whereby the stocke or wealth of the kingdome, hath beene since in­creased 600. thousand pounds Starlin, and his Maiestie hath receiued for his benefite. 150. Praeempti­on of Tin. thousand pounds, which was gotten by forraine [Page 81] nations, who iustly 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 haue beene made for other Countries: hath beene so ill gouerned by work­mens vnderselling 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 haue maintained the same.

In like manner the sole importation of Spa­nish Tobacco, doth gaine and saue the kingdome many thousand pounds yearely. For Bayes, Sayes, Perpetuanoes, and the like Commodi­tiet, Licence of Tobacco. which these two yeares haue beene solde in Spaine with 15. vpon the hundred losse to pro­cure money to buy the same, are now sold to so much profite, besides the benefite of his Maie­sties imposition and aduancement of the Virgi­nia and Bermodaes Plantation: the like may bee practised vpon other Commodities, without in­curring the inconuenciences of Monopolie.

Concerning Companies or Societies to deale in a ioynt Stocke or apart: it may bee thought Ioynt Stockes or apart. conuenient to haue ioynt Stockes for Remote places, as the East Indies and Persia. And albeit [Page 72] that some would haue the same to be only out­ward in the employment, but in Returne to bee deuided in kinde or Species of the Commodi­ties which they Receiue: yet the manner of the Portugals, is (by experience) found better to sell also ioyntly, considering we sell vnto other Nations, who pay for it, although some part thereof is sold deerer thereby within the Realme to the Subiects and inhabitants. But for other places neerer, the Merchants to deale apart vnder some Gouernment, may seeme con­uenient.

The generall intention of all Grants by The inten­tion of Letters Pa­tents for new inuen­tions. Letters Patents, for the making of any kinde of Manufactures hath Relation to set the peo­ple on worke, to recompence the Inuentor for some yeeres with a priuiledge: but most espe­cially, that thereby the said Manufactures or Commodities may be sold better cheape to the Subiects. What shall wee say then of those Grants, which make the Commoditie deerer to the Subiect, and sell the same better cheape to Allomes. the Transporter or Stranger? Surely they may be thought to be, for to set the people on worke vpon the common Purse, but otherwise there is but little pollicie in it; much like vnto the Sil­uer Mines of the Duke of Brownswicke, which he maintained to his charges, called the Wilde man: which causeth him to coyne Dollers, hauing on the one side his Armes, and on the other side a Sauage man, holding a burning Candle in his [Page 73] hand with an inscription, Alijs inseruiendo, Con­sumor.

To end this point, wherein the said Author hath made good distinctions, I shall onely adde moreouer, that when new inuentions are found out, for the good of the Common-wealth: That the next is, to augment them by Trade in forraine parts. And to preuent that the same be not ouerthrowne by the knowledge of their seruants or others, but that by some good pri­uiledges and meanes, they may be maintained to the increase of Trade, for the Generall wel­fare of the Kingdome.

CHAP. IIII.
Of want of Gouernment in Trade.

WIse Men haue noted, that A Distinction only, doth dispell the foggy miste­ries of deceitfull falla­cies: as the Sun driues away the Winde and Cloudes. Therefore too many distinctions in a little Treatise may seeme superfluous, especially when they are grounded vpon many Repetiti­ons: So that hauing in the former Chapters, obserued the Defectiue Parts of Trade, and ta­cite answered some obiections, 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 Maiestie [Page 85] and the Common-wealth mentioned in the fift and sixt Chapters, to auoyd 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 Gouern­ment Errours in Trade cō ­mitted by Merchants in Trade, should seeme to be misapplyed: I haue thought good to declare, wherein Mer­chants may easily commit errors, to the preiu­dice of the Common-wealth, albeit, it maketh for their priuate benefit, namely;

In the selling of their Cloth good cheape be­yond the Seas in greater quantitie, when they haue beaten downe the price with the Clo­thier, whereby the Clothier is forced to doe the like with the Wooll-grower, which disimpro­ueth the Reuenue of lands; but the Merchant employeth the lesser Stocke, and hath not ther­fore the lesse benefit; the Wooll-grower and the Clothier bearing the losse.

To make ouer their moneys from beyond the Seas, at a low price of exchange, in giuing lesse money there, to haue the same paied here by Bill of exchange in Starlin money, receiuing 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, giueth an exceeding gaine on the contrary, and our Cloth is thereby more vndersold as afore said.

To conniue or winke at the false making of Cloth, and afterwards to abate the greater [Page 76] Tare, for the faults, vpon 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 vpon their Clothes, whereby the Common-wealth is impouerished.

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 vpon Clothes, to the end, they may sell them better cheape, by vnderselling others.

To vndersell our Clothes so much in price, that in comparison of the Cloth made beyond the Seas, the Drapery there bee giuen ouer, without regard had, how to Returne some mo­ney and Bullion, but by transferring of their Bills of debt for forraine Commodities, to o­uer-lade the Kingdome with them at deere Rates, according to the inhauncing of their Coynes; all which may proue beneficiall to them in particular, but wonderfull preiudiciall to the whole Kingdome.

Now, before we come to intreat of the Re­medies for all the afore-said inconueniencies, it is most necessary to examine the Defectiue Meanes and Remedies, which haue beene tried, these 350. yeeres. And these may be distingui­shed in their proper and seuerall natures, three [Page 77] manner of waies: for the wealth of a Kingdome Three meanes [...] decrease the wealth of the Realme. cannot properly decrease, but by selling our natiue 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. especiall causes. 14. R. 2. 1. The aduancing of the price and sale of our natiue Commodities. 2. To preuent the ouer­ballancing of forraine Commodi tie sAnd 3. To preserue 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, Wooll­fels, and other Commodities beyond the Seas, with the Correctors and Brokers to Register the buyings 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 seuere Proclamations for the obser­uation of the Statures 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 Retaile.

[Page 88] 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 informations in th'Exchequer and other Courts.

13. The Swearing of the Masters of ships, a­bout moneys.

14. The Reformation of the ouer-heauinesse of our pound Troy of 12 ounces, in the Tower of London.

15. The Reformation of the ouer-richnesse of our Starlin Standard. Moneys.

16. The Alteration of the proportion be­twixt Gold and Siluer.

17. The making of more prices out of the pound Troy.

18. The inhauncing of Siluer and Gold Coynes in price.

19. The imbasing of money by Allay of Copper.

20. The vse of seuerall Standards, and the Reducing of them againe to two Standards of Gold and siluer.

21. The increase of Coynadge money to hin­der exportation.

22. The prohibition to cull out heauy pieces to export.

23. The banishing of light Spanish money [Page 89] out of the Realme, and light Gold to be molten downe.

24. The giuing 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 vpon Coyne.

30. The Bullion deliuered in the Minte by weight, to be restored in Coyne by Tale.

31. The inhauncing of Gold, and vnderua­luing Exchange. of Siluer.

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. Moneys deliuered to Sir Thomas Gres­ham Knight out of th'Exchequer to Rule the course of exchanges.

35. The Office of the Kings Royall exchan­ger, neuer put in practise, since the merchan­dising exchange began, whereof there was two The Kings Royall Ex­change. Offices, namely, Custos Cambij Regis, erected by King Edward the first in the 11. yeere of his [Page 80] 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, haue beene found de­fectiue & fruitlesse, as more particularly may be proued, by diuers Records and obseruations: The Coppies whereof are in my custodie, to doe his Maiestie all dutifull and acceptable ser­uice.

Here we are to obserue, that the Statute of employment to be Defectiue, appeareth more manifestly at this time, when Merchants as well English as strangers, haue an ability giuen The de­fects of the Statute of employ­ment. them by exchange, to take vp money here, and to deliuer a Bill of exchange for it, payable be­yond the Seas, and can send ouer that money in specie, and become a great Gayner thereby; insomuch, that if I receiue here one hundreth Pieces of 20 shillings, I can send 90 Pieces to pay my Bill of exchange, and put 10 Pieces in my Pocket for an ouerplus and gaine. The like may be done, by making ouer money from be­yond the Seas, to be paied here by exchange; which being receiued, I can Transport with 15. vpon the hundreth, gaines in two moneths and lesse, aduancing thereby an hundreth vpon 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 b e any helpe herein, to anoide the same.

[Page 81] Concerning moneys, which doe consist of Money cō ­sisteth of weight, finenesse and Valu­ation. weight, finenesse & Valuation; it is euident, that Gold and siluer are but materials, and in the nature of Bullion; but Ualuation is the Spirit which giueth life. This Ualuation, is twofold; the one by the Publike Authority of Kings and Princes, the other by the Merchants in the course of exchange; and this is Praedominant and ouer-ruleth the Kings Ualuation: for when the King hath valued the shilling piece of Star­lin money at 12 pence, they doe vnderualue the same at 11 pence halfe pennie, or 11 pence; which vnderualuation causeth the continuall ex­portation of our moneys, and is the hinderance of importation of moneys and Bullion, as wee haue so often inculcated, to make the motiue stronger to produce a sufficient Remedy, as fol­loweth.

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

HAuing hitherto obserued the Methode of the said Author, in part 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 cau­ses alleaged, which are noted by me to be tenne in number.

The Efficient cause of the Transportation of our 1. Cause of the vnder­ualuation of our mo­neys. Moneys is (Gaine,) and this Gaine ariseth by the vnderualuation of our moneys, in regard of the inhauncing and ouervaluation of forraine [Page 83] Coyne; so that the cause is Extrinsike & compri­sed vnder the said exchange of moneys, and not intinsicke, in the weight and finenesse of the Coyne, which are considered in the course of True exchange betweene vs, and forraine Na­tions; and thereupon it followeth, that neither difference of weight, finenesse of Standard, proportion betweene Gold and Siluer, or the proper valuation of moneys, can be any true 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 giuen in exchange, which cutteth off the said Gaine, had by the said exportation, and causeth (in effect) that the for­raine Coyne beyound the Seas, shall not be re­ceiued aboue the value, although the inhaun­cing thereof, or the imbasing by allay were al­tering continually. For take away the cause (Gayne) and the effect will ceasse.

All men of common vnderstanding, when they doe heare of the raising of moneys be­yond the Seas, are ready to say, we must doe the like; for they conceiue the saying of Cato, Tu quoque fac simile, sic Ars deluditur Arte, to be a proper application hereunto: but they doe not enter into consideration, what Alterations it would bring to the State, and that the matter might runne, Ad infinitum, as shall be declared.

[Page 84] But let vs 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 ouerualuation and vnderualuation of Gold and Siluer, as they doe, requiring a continuall laboure, charge, and innouation; 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 Maiesties Pro­clamation The way to restore. Englands wealth. 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 rechanged towards this Realme vnder 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 aboue the same, as Merchants can agree, but neuer vnder the said Rate: which shall be declared in a paire of Tables publikely to be seene vpon the Royall Exchange 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 Respectiue places of ex­changes, either by their inhauncing of moneys by valuation, or by imbasing of the same by Al­lay; [Page 85] which by a vigilant eye may be obserued, and will be a cause to make other Nations more constant in the course of their moneys. And this will be executed more of course, then by Authority; because Gaine doth beare sway and command with most men.

The facilitie hereof putteth me in minde of the Geometricall Axiom or Maxime, obser­ued in commendation of the inuention of round Wheeles, Cir [...]ulus tangit Planum, vnico puncto, A Geome­tricall Axi­ome. as a reason to draw and carry Loads with a small strength; whereas if they had beene made square, or in 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. Vnto which this Remedie may bee aptly compared, which (in a manner) comprehendeth all the other Remedies.

For the Merchant Stranger, being here the Deliuerer of money generally: will easily bee induced to make the most of his owne, recei­uing by exchange more for the same be­yond the Seas; and the English Merchant being the Taker of the said moneys, will not bee so iniurious to the State, as to giue 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 Deliuerer will not let him haue it. Besides that the Takers occasions [Page 86] are enforced by necessitie, and he can be no lo­ser; for by this direction, he will sell his Com­modities beyond the Seas accordingly.

English Merchants being the Deliuerers of money beyond the Seas, and the price of ex­change altering there accordingly, will haue the like consideration, and the Merchant Stranger will prouoke him thereunto. And if there be no Takers, the English Merchant may bring ouer the money in specie, wherein he shall become a Gayner.

This course is agreeable to Iustice and the Ius gentium. 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 preuentions as shall be set downe to preuent all inconueniences, proceeding by the inhauncing of money; which fall generally vp­on Inconueni­ences of the inhaun­cing of Moneys. all men, in the indearing of things, and par­ticularly vpon Land-lords and Creditours in their Rents and Contracts; and especially vpon the Kings Maiesties Lands.

Now before we come to answer some obie­ctions made against this Remedie, let vs examine what Time the old obseruer, and experience the best Schoole-master of mans life, haue mani­fested touching the Raising of moneys in for­raine parts, and within the Realme; it being one of the 34. defectiue remedies before de­clared.

It is recorded in an auncient booke, that the [Page 87] inhauncing of the Coynes beyond the Seas, was the cause that King Henry the sixt of Eng­land, did raise the ounce of Starlin Siluer 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 affaires and exchanges, (perceiuing 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, vnto se­uen shillings and foure pence, and presently af­ter to 7 shillings 6 pence; whereby euery ounce of Starlin Siluer was worth 45 pence: and yet there was nothing effected thereby, the money still altering beyond the Seas; whereupon Cardi­nal Wolsey had Letters Patents granted him by the King, to alter the Valuation of money from time to time, as he should see cause.

Afterwards the said King in the 22. yeere of Grastons Chronicle. his Raigne, perceiuing that diuers Nations brought abundance of forraine Commodities into his Realme, and receiued money for it; which money they euer deliuered to other Mer­chants by exchange, and neuer employed the same on the Commodities of the Realme, whereby his Maiestie was hindered in his Cu­stomes, and the Commodities of the Realme were not vttered, to the great hinderance of his Subiects: as is there alleaged: His Maiestie caused a Proclamation to be made, according to [Page 88] the aforesaide 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, vpon paine to be taken the Kings mortall enemy, and to for­feite all that hee might for feite: 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 na­tiue Commodities to rise at the Farmors and One extre­mity en­forceth another. Tenants hands, and thereupon Gentlemen did raise the rents of their lands, and tooke farmes to themselues, and made inclosures of grounds; and the price of euery 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 vpon the Base money no exchange was made, and other nations counterfeited the same, and filled the kingdome with it, and so carrien out the good Staple wares of the Realm 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, vnto 60. pence or [Page 89] 5. shillings Starlin Standard: But the exportati­on did neuer ceasse, because the course of ex­change for money did runne alwaies vnder 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 preuented by Direction in a paire of Tables, much like vnto the Tables kept Table of exchange at Douer. at Douer in the time of King Edward the third, to receiue the passengers money, and by ex­change in specie for it beyond the Seas; which made them to leaue 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, aduancing the price of our natiue Commodities, and to preuent the Transporta­tion of our moneys: and all other Remedies. are Defectiue, as experience will prooue and de­monstrate, if good things can bee fauou­red.

The Statute of employment must also bee obserued, to make the Remedy more com­pleate with a Register also, to record the Mo­neys which forraine Marriners doe receiue for fraight comming from Norway and other pla­ces, which are aboue 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 haue herein [Page 90] beene more Politicke then we, keeping the price Policy of the Turke, Persian, & Russian. of their exchanges high much aboue the Ualu­ation of their moneys. So that they haue no Trade by exchange, nor moneys, but onely for Commodities; whereby they preuent the ouer; ballancing of forrain Commodities with theirs, as also the exportation of their moneys: albeit the vse of our Commodities in those countreys, is very great.

The Obiections made by some against this Sole Remedy may easily be answered, for they are grounded vpon Suppositions against assured experience.

1. Some make doubt, that the price of ex­change Obiectiōs. being risen, there will be no takers of money, and then the deliuerer is more thrust vpon the exportation of moneys.

2. Others say, that those merchants, which haue sold their Cloth beyond the Seas, shall re­ceiue a losse in the making ouer of their money from thence.

3. Others say, that they shall not be able to vent their Cloth, according to the high ex­change, especially now that the same is out of request; and would haue the matter of reforma­tion deferred vntill an other time.

The first obiection is answered before, That the taker is ruled by the deliuerer, who will not Answers. giue his money by exchange vnder the true va­lue according to the Proclamation to be made; and the deliuerer being the Merchant stranger [Page 91] here, will sooner be thrust vpon the Statute of employment; for by the exportation of money, he shall haue no gaine, whereas some of the dis­creeter sort would not haue that Statute too Mediocria firma. stricktly pressed vpon the Stranger, because the Trade should not bee driuen into their hands.

To the second, the Proclamation limiting a time for execution, giueth Merchants ability to recouer 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 vnder 28. shil­lings to aboue 35. shillings; which is more then the present alteration will be, and Wooll was at 33. shillings the Todde, which is now fullen vn­der 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 aboue 80. thousand Clothes sold yearely, where there is not sold now 40. thousand Clothes. The time is also to bee thought more conuenient to ad­uance a Commoditie being vndervalued, 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 e­uery [Page 92] 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 said to be iniurious to any. This o­pinion seemes to be eiusdem farinae, as the for­mer, and hath no consideration what the alte­ration of Weights or Measures betweene vs and forraine nations, may produce to the losse of the Common-wealth, albeit that betweene man and man, it may prooue alike in some respects.

To make this euident, suppose two Mer­chants, the one dwelling in London, and the o­ther dwelling at Amsterdam, do contract toge­ther; that the Londoner sending Clothes to sell at Amsterdam, the merchant of Amsterdam sendeth him Veluers 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. shil­lings Starlin, and so make returne each to other from time to time as money shall be receiued, both here and beyond the Seas. Wherupon put the case that there is receiued at Amsterdā 1500 lib. flemish for Cloth, and at London there is re­ceiued 1000. lib. Starlin for Veluets 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 Rescounter in Ac­count. Merchant of Amsterdam, (knowing that by rea­son of the moneys inhaūced there) he can make [Page 93] a great gaine to haue the said 1000. lib. sent vnto him in specie:) desireth the Londoner to send him this 1000. lib. Starlin in siluer & gold coyns, Realls of eight or Rieckx Dollers, wherby he shal profite 15. vpon the 100, by the meanes afore­said, which amounteth to 150. lib. gaines. The Londoner hauing his 1500. lib. flemish, or 1000. lib. Starlin at Amsterdam, cannot doe the like, because the moneys are inhaunced and receiued aboue the value, so that his money must be deli­uered by exchange there at a low rate, or at 33 shillings 4. pence, whereby he doth receiue here the said 1000. lib. with no gaine at all. Thus the account betweene them is made euen; but by these means, the Kingdome is depriued of the 1000, lib. of the Merchants money sent to Am­sterdam, which doth not onely procure the want of money in England, whereof euery man hath a feeling to his losse: but also it causeth the na­tiue Commodities to be vndersold, and the for­raine Commodities to be aduanced in price be­yond the Seas, by plenty of money; and hinde­reth the importation of money and Bullion, as aforesaid.

To preuent 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 of iudgement wil say, that the raising of exchange breedeth not that alteration, which the inhauncing of moneys doth, namely to make euery [Page 94] 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 vndervalue them in ex­change betweene vs, vnlesse it be preuented by our owne 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 with them vpon all Alterations and practises, 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 The want of money causeth the price of Plate to fall Plate, To lessen the superfluitie, or to bee tur­ned into Coyne. It is worthy the obseruation, that (by reason of the want of money:) the price of Plate is fallen from 6 shillings 6 peace 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 Siluer 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 [Page 95] pound, and pay euer after (for all other things) twenty and thirty lib. dearer yearely. And the moneys made thereof, would neuerthelesse be transported, vnlesse the exchange did preuent the same.

In this place, we are to remember, that the Siluer vsed for diuers manufactures and Plate, doth much differ in finenesse, whereby many of his Maiesties Subiects are deceiued: It may therefore be thought conuenient, that no siluer made into manufactures be sold, vnlesse it bee tried by an Assay master, and marked accor­dingly, especially the siluer 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 shal be thought conuenient to serue the kingdome, and to be­come bound to make Returne in the manufa­cture of our Wooll for their manufacture of Siluer 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 vsed, because of the quan­tity of them, imported proceeding also of the abuse of exchange, as the efficient Cause thereof, as aforesaide.

The excessiue Vse of Tobacco for so much as concerneth the importation thereof in liew of Treasure, will be much diminished by the late li­mitation [Page 96] of a quantity of Spanish Tobacco late­ly established; to the end that the Plantation of Virginia and the Bermodaes may be aduanced thereby; and it is to be wished that the moneys to bee employed in Spanish Tobacco were like­wise made ouer by exchange, and deliuered to the Merchants aduenturers and others, to be bestowed vpon 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) vnto Vnprofita­ble lands. doung, and surmount the price of the Commo­dities, or fruits of the land: Certes, that land [...] vnprofitable in euery mans iudgement. For lands (being the Naturall riches so much desi­red of all men) are much disimprooued by the want of money and the selling of our natiue Commodities too good cheape in regard of the price of forraine Commodities; This beeing an euident token of the pouerty of a Common-wealth, which (like an vnweildy Elephantike Bo­dy) hath a slowe motion, and therefore more dangerous and subiect 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 [Page 97] shall be at an end of their present con­trouersies, which by his Maiesties high wise­dome, will soone be determined.

Touching the warres of Christendome, for so much as concerneth the want of moneys: I haue 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 vpon mee to discourse of warres, might make me subiect to Apelles his reprehension, Ne sutor vltra Crepi­dam. Onely I hope that the famous example of Augustus Caesar the Emperour may bee re­membred, who perceiuing 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 whosoeuer should bring him the head of the said Pirate, he would reward him with 20. thou­sand The Policy of rewards. crownes; whereupon the saide 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 owne head to the obedience of iustice, and demanding the said 20. thousand crownes, had the same payed vnto him, whereby all his associates were ouer­come 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 [Page 98] or Loade-stone, which caused the Spani­ard to say, Dadiuas quebrantan Pennas, Gifts doe breake stony Rockes.

From the Precedent causes of the want of The 1. Cause. 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.

Vsury Politike, is made the next cause of the decay of Trade, which must be remedied by the The 2. Cause. Plenty of money to be procured as aforesaide, wherein that laudable Custome of the transfor­ming or setting ouer of billes of debt from man to man is to be remembred, which by his Maie­sties Praerogatiue 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 precisenesse 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, Englands View, Pag. 157. so vrgent, 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, Pag. 159. by meanes as shall be more amply here­after declared; and here is to be wished, that [Page 99] the City of London, and euery principall towne of a Shiere or the most part of them, would take vpon them to take money casually at the hand of such as will deliuer the same vpon the aduen­ture of their or other mens liues. As at Venice, where a man for the summe of three or foure hundreth pounds once giuen (and in like man­ner at Amsterdam) shall be sure to haue 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 vsed, that the City becommeth alwayes a Gayner by the decease of the parties that doe deliuer money in this nature. But it is conuenient 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 The third Cause. third cause of the decay of Trade, can hardly be remedied for the reasons before declared, but must haue their course; and herein there can be no shorter course deuised by the witte of man, then the Common-wealth doth vse vpon proofe and specialties, if the pleadings and is­sues (although Peremptory:) bee ioyned ac­cording to the first institution, whereby the [Page 100] Matter of fact may nakedly appeare before the Iury of twelue men, who are to iudge thereof according to the euidence of witnesses produced before them; for touching the mat­ter of Law, the same beeing separated from the matter of Fact, maketh a Dem [...]rer to be determined by the Iudge. I haue great cause to enter into Campum spatiosum about this Law warfare, hauing by experience and study spent much time therein. But I thinke fit onely to commend the orders vsed in Germany to take downe the litigious humours of some per­sons: To make them pay a Fine of twelue pence vpon the pound or more to the Em­perors or Magistrates, for so much as they claime more of the defendant, then they can iustly prooue to be due vnto them; besides [...] further charge, if hee bee found in his pro­ceedings to doe things for a Reuenge, which they call an vnlawfull imprisonment, although by the lawe he haue commenced his Sute lawfully: and this is tearmed Poena Plus Petentium.

For all other meanes, whereby the differen­ces happening betweene Merchants are deter­mined, I must referre the same vnto my booke of Lexmercatoria, as a matter requiring a large explanation.

The like I must doe concerning the fishing Trade, which is the fourth Cause noted before, The fourth Cause. [Page 101] 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 seuerall societies of Merchants before alleadged: for although they be of seuerall companies, yet such orders may be deuised by the corporation to be made of fishing Merchants, as shall not infringe their seuerall priuiledges any way: and all obiections may be answered by true and iust preuention, obseruing other nations, Facilius est addere, quàm constituere.

The fift cause of the decay of Trade, by ma­king Cloth in forraine Countries hath beene The fifth Cause. 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, ser­uing for the making of Cloth. The Rules also to de described for the true making of Cloth (wherein the said Author hath beene a good obseruer) may be (with a vigilant-eye of the Officers to be imployed therein by the Cor­poration, and the increase of Merchants to ma­nage Trade:) a Remedie to the seuenth cause: as also to the eight Cause of the decay of Trade: but the sixt cause concerning the Policy The 6. 7. & 8. Causes. of Merchants, is not to be omitted, whose or­ders [Page 100] [...] [Page 101] [...] [Page 102] already made, and hereafter to bee made, may be thought conuenient to be Surueyed by a Commttie, who (vpon complaints of the parties grieued 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 haue noted in all this Dis­course. So that other Merchants vpon reaso­nable considerations, may be admitted (vpon this especiall occasion) to be of the said Socie­ties or Companies; for otherwise it may seeme somewhat dissonant from reason, to prohi­bite all Merchants, aswell English as Strangers, to bring in any of the Commodities of Turkie or of the Leuant, and now lately from Eastland and those Countries; vnlesse they were free of the said Companies: but to prohibite the im­portation of Commodities in Strangers Bot­tomes concurreth with the Law.

The ninth cause of the decay of Trade, con­sisting The ninth Cause. of the interruption thereof by Warres, Pirates, and Bankerupts, I haue partly handled in the fifth Cause. And although decayed men are found at all times, yet the want of money hath caused diuers Merchants and Tradesmen to Breake, who might haue maintained then 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 [Page 103] depend vpon plenty of money, or meanes in the liew of money, as the setting ouer of Bills of debt before spoken of. For the Statute a­gainst Bankerupts, cannot produce any great effect, but be a meane to vndoe the party for euer, if it doe depend long vpon him contra­ry to the 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 Bankerupt, to bee examined by all lawfull meanes: the same is protracted for tenne, twenty, and more mo­neths; and all those that come in the said I [...]e­rim 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 tenth Cause. the decay of Trade, (being the immoderate vse of forraine Commodities:) doth (as I haue 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 ob­serue with Plato, that as the Prince is, so are the Subiects, who (by imitation) follow his example, which sooner entreth into their eyes, then into their eares: And the greater their [Page 104] Authoritie 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 euery step and iustled each other, as if they had beene euill sighted: and so of other Princes in their apparell, precious stones and other things, which is made to bee the fashion. Hence the Prouerbe tooke beginning, Countries fashion, Countries honour. And the effect hereof, is ma­ny times greater then the Lawes can bring to passe, vnlesse it be vpon some Remarkable occa­sion, as the late Command may proue for the wearing of Blackes at Funeralls, in Cloth and Stuffes made of English Wooll within the Realme.

Here I haue omitted, to speake of Cu­stomes, Impositions publike and secret, layed vpon Commodities, especially vpon 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, vnlesse it bee, with the consent of both parties, where the one hath prouoked the other to impose them.

For a Conclusion therefore let vs 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 [Page] Cause, which maketh vs to finde out so easie Remedie, whereby the Kingdome shall enioy all the three essentiall parts of Traffique vnder good and Politike Gouernment, which will bee Free Trade effectually or in deed. And this will also bee admirable in the eyes of other Princes, finding his Maiesties wisdome to bee Transcendent in Gouerning of his owne, which (by so many sendings and remissions of Am­bassadours vnto forraine Princes and States by his Noble Predecessours:) could neuer bee effected, as by diuers 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 A­riadnae caeca regens filo vestigia, non modo nos errare non sinit, sed etiam efficit, vt aberrantes in Rectam viam deduca­mur.