CHAP. I. The Qualities which are required in a perfect Merchant of Forraign Trade.

THe love and service of our Country con­sisteth not so much in the knowledge of those duties which are to be per­formed by others, as in the skilful [Page 3] practice of that which is done by our selves; and therefore (my Son)As it is very commendable to know what is to be done by others in their places: So it were a great shame to be igno­rant in the duties of our own Vocati­ons. it is now fit that I say something of the Merchant, which I hope in due time shall be thy Vocation: Yet herein are my thoughts free from all Ambition, although I rank thee in a place of so high esti­mation; for the Merchant is wor­thily called The Steward of the King­doms Stock, by way of Commerce with other Nations; a work of no less Reputation than Trust, which ought to be performed with great skill and conscience, that so the private gain may ever accompany the publique good. And because the nobleness of this Profession may the better stir up thy desires and endeavours to obtain those abilities which may effect it wor­thily, I will briefly set down the excellent qualities which are re­quired [Page 4] in a perfect Merchant.

1. He ought to be a good Pen­man, a good Arithmetician, and a good Accomptant, by that noble order of Debtor and Creditor, which is used onely amongst Merchants; also to be expert in the order and form of Charter-parties, Bills of La­ding, Invoyces, Contracts, Bills of Ex­change, and Policies os Ensurance.

2. He ought to know the Mea­sures, Weights, and Monies of all forraign Countries, especially where we have Trade, & the Mo­nies not onely by their several de­nominations, but also by their in­trinsique values in weight & fine­ness, compared with the Stan­dard of this Kingdome, without which he cannot well direct his affaires.

3. He ought to know the Cu­stoms, Tolls, Taxes, Impositions, [Page 5] Conducts and other charges upon all manner of Merchandize ex­ported or imported to and from the said Forraign Countries.

4. He ought to know in what several commodities each Coun­try abounds, and what be the wares which they want, and how and from whence they are furni­shed with the same.

5. He ought to understand, and to be a diligent observer of the rates of Exchanges by Bills, from one State to another, where­by he may the better direct his affairs, and remit over and receive home his Monies to the most ad­vantage possible.

6. He ought to know what goods are prohibited to be expor­ted or imported in the said for­raign Countreys, lest otherwise he should incur great danger and [Page 6] loss in the ordering of his af­fairs.

7. He ought to know upon what rates and conditions to fraight his Ships, and ensure his adventures from one Countrey to another, and to be well acquain­ted with the laws, orders and cu­stomes of the Ensurance office both here and beyond the Seas, in the many accidents which may happen upon the damage or loss of Ships or goods, or both these.

8. He ought to have know­lege in the goodness and in the prices of all the several materials which are required for the build­ing and repairing of Ships, and the divers workmanships of the same, as also for the Masts, Tackling, Cor­dage, Ordnance, Victuals, Muniti­on and Provisions of many kinds; [Page 7] together with the ordinary wages of Commanders, Officers and Mariners, all which concern the Merchant as he is an Owner of Ships.

9. He ought (by the divers oc­casions which happen sometime in the buying and selling of one commodity and sometimes in ano­ther) to have indifferent if not per­fect knowledge in all manner of Merchandize or wares, which is to be as it were a man of all occu­pations and trades.

10. He ought by his voyaging on the Seas to become skilful in the Art of Navigation.

11. He ought as he is a Tra­veller, and sometimes abiding in forraign Countreys to attain to the speaking of divers Languages, and to be a diligent observer of the ordinary Revenues and expen­ces of forraign Princes, together [Page 8] with their strength both by Sea and Land, their laws, customes, policies, manners, religions, arts, and the like; to be able to give ac­count thereof in all occasions for the good of his Countrey.

12. Lastly, although there be no necessity that such a Merchant should be a great Scholar; yet is it (at least) required, that in his youth he learn the Latine tongue, which will the better enable him in all the rest of his endeavours.

Thus have I briefly shewed thee a pattern for thy diligence, the Merchant in his qualities; which in truth are such and so many, that I find no other profession which leadeth into more worldly knowledge. And it cannot be denied but that their sufficiency doth appear likewise in the excel­lent government of State at Ve­nice, [Page 9] Luca, Genoua, Florence, the low Countreys, and divers other places of Christendom. And in those States also where they are least e­steemed, yet is their skill and knowledge often used by those who sit in the highest places of Authority: It is therefore an act beyond rashness in some, who do dis-enable their Counsel and judg­ment (even in books printed) making them uncapable of those ways and means which do either enrich or empoverish a Common­wealth, when in truth this is only effected by the mystery of their trade, as I shall plainly shew in that which followeth. It is true indeed that many Merchants here in England finding less encourage­ment given to their profession than in other Countreys, and see­ing themselves not so well esteem­ed [Page 10] as their Noble Vocation requi­reth, and according to the great consequence of the same, doe not therefore labour to attain un­to the excellencie of their professi­on, neither is it practised by the Nobility of this Kingdom as it is in other States from the Father to the Son throughout their gene­rations, to the great encrease of their wealth, and maintenance of their names and families: Where­asThere is more honor and profit in an Indu­strious life, than in a great Inheri­tance which wasteth for want of ver­tue. the memory of our richest Mer­chants is suddenly extinguished; the Son being left rich, scorneth the profession of his Father, con­ceiving more honor to be a Gentleman (although but in name) to consume his estate in dark ignorance and excess, than to follow the steps of his Father as an Industrious Merchant to main­tain and advance his Fortunes.

[Page 11]But now leaving the Merchants praise we will come to his pra­ctice, or at least to so much there­of as concerns the bringing of Treasure into the Kingdom.

CHAP. II The means to enrich this Kingdom, and to encrease our Treasure.

ALthough a Kingdom may be enriched by gifts recei­ved, or by purchase taken from some other Nations, yet these are things uncertain and of small consideration when they happen. The ordinary means therefore to encrease our wealth and treasure is by Forraign Trade, wherein weeForraign Trade is the rule of our Treasure. must ever observe this rule; to sell more to strangers yearly than wee consume of theirs in value. For suppose that when this Kingdom [Page 12] is plentifully served with the Cloth, Lead, Tinn, Iron, Fish and other native commodities, we doe yearly export the overplus to for­raign Countries to the value of twenty two hundred thousand pounds; by which means we are enabled beyond the Seas to buy and bring in forraign wares for our use and Consumptions, to the value of twenty hundred thousand pounds; By this order duly kept in our trading, we may rest assu­red that the Kingdom shall be en­riched yearly two hundred thou­sand pounds, which must be brought to us in so much Trea­sure; because that part of our stock which is not returned to us in wares must necessarily be brought home in treasure.

For in this case it cometh to pass in the stock of a Kingdom, [Page 13] as in the estate of a private man; who is supposed to have one thou­sand pounds yearly revenue and two thousand pounds of ready money in his Chest: If such a man through excess shall spend one thousand five hundred pounds per annum, all his ready mony will be gone in four years; and in the like time his said money will be doubled if he take a Frugal course to spend but five hundred pounds per annum; which rule never faileth likewise in the Commonwealth, but in some cases (of no great moment) which I will hereafter declare, when I shall shew by whom and in what manner this ballance of the Kingdoms account ought to be drawn up yearly, or so often as it shall please the State to discover how much we gain or lose by trade with forraign Nati­ons. [Page 14] But first I will say some­thing concerning those ways and means which will encrease our ex­portations and diminish our im­portations of wares; which being done, I will then set down some other arguments both affirmative and negative to strengthen that which is here declared, and there­by to shew that all the other means which are commonly sup­posed to enrich the Kingdom with Treasure are altogether in­sufficient and meer fallacies.

CHAP. III. The particular ways and means to en­crease the exportation of our commo­dities, and to decrease our Consump­tion of forraign wares.

THe revenue or stock of a Kingdom by which it is provided of forraign wares is either Natural or Artificial. The Natural wealth is so much only as can be spared from our own use and necessities to be exported unto strangers. The Artificial consists in our manufactures and industrious trading with forraign commodities, concerning which I will set down such particulars as may serve for the cause we have in hand.

1. First, although this Realm be already exceeding rich by na­ture [Page 16] yet might it be much en­creased by laying the waste grounds (which are infinite) into such employments as should no way hinder the present revenues of other manured lands, but here­by to supply our selves and pre­vent the importations of Hemp, Flax, Cordage, Tobacco, and di­vers other things which now we fetch from strangers to our great impoverishing.

2. We may likewise diminish our importations, if we would so­berly refrain from excessive con­sumption of forraign wares in our diet and rayment, with such often change of fashions as is used, so much the more to encrease the waste and charge; which vices at this present are more notorious amongst us than in former ages. Yet might they easily be amended [Page 17] by enforcing the observation of such good laws as are strictly pra­ctised in other Countries against the said excesses; where likewise by commanding their own ma­nufactures to be used, they pre­vent the coming in of others, without prohibition, or offence to strangers in their mutual com­merce.

3. In our exportations we must not only regard our own super­fluities, but also we must consider our neighbours necessities, that so upon the wares which they can­not want, nor yet be furnished thereof elsewhere, we may (be­sides the vent of the Materials) gain so much of the manufacture as we can, and also endeavour to sell them dear, so far forth as the high price cause not a less vent in the quantity. But the superflui­ty [Page 18] of our commodities which strangers use, and may also have the same from other Nations, or may abate their vent by the use of some such like wares from other places, and with little inconveni­ence; we must in this case strive to sell as cheap as possible we can, rather than to lose the utterance of such wares. For we have found of late years by good expe­rience, that being able to sell our Cloth cheap in Turkey, we have greatly encreased the vent thereof, and the Venetians have lost as much in the utterance of theirs in those Countreys, because it is dearer. And on the other side a few years past, when by the excessive price of Wools our Cloth was exceed­ing dear, we lost at the least half our clothing for forraign parts, which since is no otherwise (well [Page 19] neer) recovered again than by theThe State in some occasions may gain most, when private men by their re­venues get least. great fall of price for Wools and Cloth. We find that twenty five in the hundred less in the price of these and some other Wares, to the loss of private mens revenues, may raise above fifty upon the hun­dred in the quantity vented to the benefit of the publique. For when Cloth is dear, other Nations doe presently practise clothing, and we know they want neither art nor materials to this perfor­mance. But when by cheapness we drive them from this employ­ment, and so in time obtain our dear price again, then do they also use their former remedy. So that by these alterations we learn, that it is in vain to expect a great­er revenue of our wares than their condition will afford, but rather it concerns us to apply our endea­vours [Page 20] to the times with care and diligence to help our selves the best we may, by making our cloth and other manufactures without deceit, which will encrease their estimation and use.

4. The value of our exportati­ons likewise may be much advan­ced when we perform it our selves in our own Ships, for then we get only not the price of our wares as they are worth here, but also the Merchants gains, the charges of ensurance, and fraight to carry them beyond the seas. As for ex­ample, if the Italian Merchants should come hither in their own shipping to fetch our Corn, our red Herrings or the like, in this case the Kingdom should have or­dinarily but 25. s. for a quarter of Wheat, and 20. s. for a barrel ofred herrings, whereas if we carry these [Page 21] wares our selves into Italy upon the said rates, it is likely that wee shall obtain fifty shillings for the first, and forty shillings for the last, which is a great difference in the utterance or vent of the King­doms stock. And although it is true that the commerce ought to be free to strangers to bring in and carry out at their pleasure, yet nevertheless in many places the exportation of victuals and muni­tion are either prohibited, or at least limited to be done onely by the people and Shipping of those places where they abound.

5. The frugal expending like­wise of our own natural wealth might advance much yearly to be exported unto strangers; and if in our rayment we will be prodigal, yet let this be done with our own materials and manufactures, as [Page 22] Cloth, Lace, Imbroderies, Cut­works and the like, where the ex­cess of the rich may be the em­ployment of the poor, whose la­bours notwithstanding of this kind, would be more profitable for the Commonwealth, if they were done to the use of stran­gers.

6. The Fishing in his Maje­sties seas of England, Scotland and Ireland is our natural wealth, and would cost nothing but labour, which the Dutch bestow willing­ly, and thereby draw yearly a very great profit to themselves by serv­ing many places of Christendom with our Fish, for which they re­turn and supply their wants both of forraign Wares and Mony, be­sides the multitude of Mariners and Shipping, which hereby are maintain'd, whereof a long dis­course [Page 23] might be made to shew the particular manage of this im­portant business. Our Fishing plantation likewise in New-Eng­land, Virginia, Groenland, the Sum­mer Islands and the New-fourd-land, are of the like nature, affording much wealth and employments to maintain a great number of poor, and to encrease our decaying trade.

7. A Staple or Magazin forHow some States have been made Rich. forraign Corn, Indico, Spices, Raw-silks, Cotton wool or any other commodity whatsoever, to be imported will encrease Ship­ping, Trade, Treasure, and the Kings customes, by exporting them again where need shall re­quire, which course of Trading, hath been the chief means to raise Venice, Genoa, the low-Countreys, with some others; and for such [Page 24] a purpose England stands most commodiously, wanting no­thing to this performance but our own diligence and endea­vour.

8. Also wee ought to esteem and cherish those trades which we have in remote or far Coun­treys, for besides the encrease of Shipping and Mariners thereby, the wares also sent thither and re­ceiv'd from thence are far more profitable unto the kingdom than by our trades neer at hand; As for example; suppose Pepper to be worth here two Shillings the pound constantly, if then it be brought from the Dutch at Am­sterdam, the Merchant may give there twenty pence the pound, and gain well by the bargain; but if he fetch this Pepper from the East-indies, he must not give [Page 25] above three pence the pound at theThe traffick to the East Indies is our most profita­ble trade in its proportion both for King and King­dom. most, which is a mighty advan­tage, not only in that part which ser­veth for our own use, but also for that great quantity which (from hence) we transport yearly unto divers other Nations to be sold at a higher price: whereby it is plain, that we make a far greater stock by gain upon these Indian Com­modities,We get more by the Indian wares than the Indians themselves. than those Nations doe where they grow, and to whom they properly appertain, being the natural wealth of their Countries. But for the berter understanding of this particular, we must ever distinguish between the gain of the Kingdom, and the profit ofA distinction between the Kingdoms gain and the Merchants profit. the Merchant; for although the Kingdom payeth no more for this Pepper than is before suppo­sed, nor for any other commodity bought in forraign parts more [Page 26] than the stranger receiveth from us for the same, yet the Merchant payeth not only that price, but al­so the fraight, ensurance, customes and other charges which are ex­ceeding great in these long voya­ges; but yet all these in the King­doms accompt are but commu­tations among our selves, and no Privation of the Kingdoms stock, which being duly considered, toge­ther with the support also of our other trades in our best Shipping to Italy, France, Turkey, the East Coun­treys and other places, by transpor­ting and venting the wares which, we bring yearly from the East In­dies; It may well stir up our ut­most endeavours to maintain and enlarge this great and noble busi­ness, so much importing the Pub­lique wealth, Strength, and Hap­piness. Neither it there less ho­nour [Page 27] and judgment by growing rich (in this manner) upon the stock of other Nations, than by an industrious encrease of our own means, especially when this later is advanced by the benefit of the sormer, as we have found in the East Indies by sale of much of our Tin, Cloth, Lead and other Commodities, the vent whereof doth daily encrease in those Coun­treys which formerly had no use of our wares.

9. It would be very beneficial to export money as well as wares, being done in trade only, it would encrease our Treasure; but of this I write more largely in the next Chapter to prove it plain-

10. It were policie and profit or the State to suffer manufa­tures made of forraign Materi­als [Page 28] to be exported custome-free, as Velvets and all other wrought Silks, Fustians, thrown Silks and the like, it would employ very many poor people, and much en­crease the value of our stock year­ly issued into other Countreys, and it would (for this purpose) cause the more forraign Materi­als to be brought in, to the im­provement of His Majesties Cu­stomes. I will here remember a notable increase in our manufa­cture of winding and twisting on­ly of forraign raw Silk, which within 35. years to my knowledg [...] did not employ more than 300 people in the City and suburbs of London, where at this present time it doth set on work above fourteen thousand souls, as upon diligent enquiry hath been credi­bly reported unto His Majestie [Page 29] Commissioners for Trade. And it is certain, that if the said forraign Commodities might be exported from hence, free of custome, this manufacture would yet en­crease very much, and decrease as fast in Italy and in the Netherlands. But if any man allege the Dutch proverb, Live and let others live; I answer, that the Dutchmen not­withstanding their own Proverb, doe not onely in these Kingdoms, encroach upon our livings, but also in other forraign parts of our trade (where they have power) they do hinder and destroy us in our lawful course of living, here­by taking the bread out of our mouth, which we shall never prevent by plucking the pot from their nose, as of late years too many of us do practise to the great hurt and dishonour of this [Page 30] famous Nation; We ought ra­ther to imitate former times in ta­king sober and worthy courses more pleasing to God and suita­ble to our ancient reputation.

11. It is needful also not to charge the native commodities with too great customes, lest by indearing them to the strangers use, it hinder their vent. And especially forraign wares brought in to be transported again should be favoured, for otherwise that manner of trading (so much im­porting the good of the Common wealth) cannot prosper nor subsist. But the Consumption of such for­raign wares in the Realm may be the more charged, which will turn to the profit of the kingdom in the Ballance of the Trade, and thereby also enable the King to lay up the more Treasure out of his yearly [Page 31] incomes, as of this particular I intend to write more fully in his proper place, where I shall shew how much money a Prince may conveniently lay up without the hurt of his subjects.

12. Lastly, in all things we must endeavour to make the most we can of our own, whether it be Natural or Artificial; And foras­much as the people which live by the Arts are far more in num­ber than they who are masters of the fruits, we ought the more care­fully to maintain those endea­vours of the multitude, in whom doth consist the greatest strength and riches both of King and Kingdom: for where the people are many, and the arts good, there the traffique must be great, and the Countrey rich. The Italians employ a greater number of [Page 32] people, and get more money by their industry and manufactures of the raw Silks of the Kingdom of Cicilia, than the King of Spain and his Subjects have by the reve­nue of this rich commodity. But what need we fetch the exam­ple so far, when we know that our own natural wares doe not yield us so much profit as our in­dustry? For Iron oar in the Mines is of no great worth, when it is compared with the em­ployment and advantage it yields being digged, tried, transported, bought, sold, cast into Ordnance, Muskets, and many other instru­ments of war for offence and de­fence, wrought into Anchors, bolts, spikes, nayles and the like, for the use of Ships, Houses, Carts, Coaches, Ploughs, and other in­struments for Tillage. Compare [Page 33] our Fleece-wools with our Cloth, which requires shearing, washing, carding, spinning, Weaving, ful­ling, dying, dressing and other trimmings, and we shall find these Arts more profitable than the na­tural wealth, whereof I might in­stance other examples, but I will not be more tedious, for if I would amplify upon this and the other particulars before written, I might find matter sufficient to make a large volume, but my desire in all is only to prove what I propound with brevity and plainness.

CHAP. IV. The Exportation of our Moneys in Trade of Merchandize is a means to encrease our Treasure.

THis Position is so contrary to the common opinion, that it will require many and strong arguments to prove it before it can be accepted of the Multitude, who bitterly exclaim when they see any monies carried out of the Realm; affirming there­upon that wee have absolutely lost so much Treasure, and that this is an act directly against the long continued laws made and confirmed by the wisdom of this Kingdom in the High Court of Parliament, and that many pla­ces, nay Spain it self which is the Fountain of Mony, forbids the [Page 35] exportation thereof, some cases on­ly excepted. To all which I might answer, that Venice, Florence, Genoa, the Low Countreys and di­vers other places permit it, their people applaud it, and find great benefit by it; but all this makes a noise and proves nothing, we must therefore come to those rea­sons which concern the business in question.

First, I will take that for gran­ted which no man of judgment will deny, that we have no other means to get Treasure but by for­raign trade, for Mines wee have none which do afford it, and how this mony is gotten in the mana­ging of our said Trade I have al­ready shewed, that it is done by making our commodities which are exported yearly to over bal­lance in value the forraign wares [Page 36] which we consume; so that it re­steth only to shew how our monyes may be added to our com­modities, and being jointly expor­ted may so much the more en­crease our Treasure.

Wee have already supposed our yearly consumptions of forraign wares to be for the value of twen­ty hundred thousand pounds, and our exportations to exceed that two hundred thousand pounds, which sum wee have thereupon affirmed is brought to us in trea­sure to ballance the accompt. But now if we add three hundred thousand pounds more in ready mony unto our former exportati­ons in wares, what profit can we have (will some men say) al­though by this means we should bring in so much ready mony more than wee did before, seeing [Page 37] that wee have carried out the like value.

To this the answer is, that when wee have prepared our ex­portations of wares, and sent out as much of every thing as wee can spare or vent abroad: It is notMoney be­gets trade and trade en­creaseth mo­ny. therefore said that then we should add our money thereunto to fetch in the more mony immediately, but rather first to enlarge our trade by enabling us to bring in more forraign wares, which being sent out again will in due time much encrease our Trea­sure.

For although in this manner wee do yearly multiply our im­portations to the maintenance of more Shipping and Mariners, im­provment of His Majesties Customs and other benefits: yet our con­sumption of those forraign wares [Page 38] is no more than it was before; so that all the said encrease of commodities brought in by the means of our ready mony sent out as is afore written, doth in the end become an exportation unto us of a far greater value than our said money's were, which is proved by three several examples follow­ing.

1. For I suppose that 100000. l. being sent in our Shipping to the East Countreys, will buy there one hundred thousand quar­ters of wheat cleer aboard the Ships, which being after brought into England and housed, to export the same at the best time for vent thereof in Spain or Italy, it cannot yield less in those parts than two hundred thousand pounds to make the Merchant but a saver, yet by this reckning wee see the King­dom [Page 39] hath doubled that Treasure.

2. Again this profit will be far greater when wee trade thus in remote Countreys, as for exam­ple, if wee send one hundred thou­sand pounds into the East-Indies to buy Pepper there, and bring itRemote trades are most gainful to the Com­monwealth. hither, and from hence send it for Italy or Turkey, it must yield seven hundred thousand pounds at least in those places, in regard of the excessive charge which the Mer­chant disburseth in those long voyages in Shipping, Wages, Victuals, Insurance, Interest, Customes, Imposts, and the like, all which notwithstanding the King and the Kingdom gets.

3. But where the voyages are short & the wares rich, which therefore will not employ much Shipping, the profit will be far less. As when another hundred thousand [Page 40] pounds shall be employed in Turkey in raw Silks, and brought hither to be after transported from hence into France, the Low Countreys, or Germany, the Merchant shall have good gain, although he sell it there but for one hundred and fifty thousand pounds: and thus take the voyages altogether in their Medium, the moneys exported will be returned unto us more than Trebled. But if any man will yet object, that these returns come to us in wares, and not real­ly in mony as they were issued out,

The answer is (keeping our first ground) that if our consump­tion of forraign wares be no more yearly than is already supposed, and that our exportations be so mightliy encreased by this man­ner of Trading with ready money [Page 41] as is before declared: It is not then possible but that all the over­ballance or difference should re­turn either in mony or in such wares as we must export again, which, as is already plainly shewed will be still a greater means to en­crease our Treasure.

For it is in the stock of the Kingdom as in the estates of pri­vate men, who having store of wares, doe not therefore say that they will not venture out or trade with their mony (for this were ri­diculous) but do also turn that into wares, whereby they mul­tiply their Mony, and so by a con­tinual and orderly change of one into the other grow rich, and when they please turn all theirThe Proverb saith, He that hath ware hath mony by the year. estates into Treasure; for they that have Wares cannot want mony.

[Page 42]Neither is it said that Mony is the Life of Trade, as if it could not subsist without the same; for we know that there was great tra­ding by way of commutation or barter when there was little mony stirring in the world. The Itali­ans and some other Nations have such remedies against this want, that it can neither decay nor hin­der their trade, for they transfer bills of debt, and have Banks both publick and private, wherein they do assign their credits from one to another daily for very great sums with ease and satisfaction by wri­tings only, whilst in the mean time the Mass of Treasure which gave foundation to these credits is employed in Forraign Trade as a Merchandize, and by the said means they have little other use of money in those countreys more [Page 43] than for their ordinary expences. It is not therefore the keeping of our mony in the Kingdom, but the necessity and use of our wares in forraign Countries, and our want of their commodities that causeth the vent and consumption on all sides, which makes a quick and ample Trade. If wee were once poor, and now having gain­ed some store of mony by trade with resolution to keep it still in the Realm; shall this cause other Nations to spend more of our commodities than formerly they have done, whereby we might say that our trade is Quickned and Enlarged? no verily, it will pro­duce no such good effect: but rather according to the alteration of times by their true causes wee may expect the contrary; for all men do consent that plenty of [Page 44] mony in a Kingdom doth make the native commodities dearer, which as it is to the profit of some private men in their revenues, so is it directly against the benefit of the Publique in the quantity of the trade; for as plenty of mony makes wares dearer, so dear wares decline their use and con­sumption, as hath been already plainly shewed in the last Chapter upon that particular of our cloth; And although this is a very hard lesson for some great landed men to learn, yet I am sure it is a true lesson for all the land to observe, lest when wee have gained some store of mony by trade, wee lose it again by not trading with our mony. I knew a Prince in Italy (of famous memory) Ferdinando the first, great Duke of Tuscanie, who being very rich in Treasure, [Page 45] endevoured therewith to enlarge his trade by issuing out to his Mer­chants great sums of money for very small profit; I my self had forty thousand crowns of him gratis for a whole year, although he knew that I would presently send it away in Specie for the parts of Turkey to be employed in wares for his Countries, he being well assured that in this course of trade it would return again (according to the old saying) with a Duck in the mouth. This noble and in­dustrious Prince by his care and diligence to countenance and fa­vour Merchants in their affairs, did so encrease the practice there­of, that there is scarce a Noble­man or Gentleman in all his do­minions that doth not Merchan­dize either by himself or in part­nership with others, whereby [Page 46] within these thirty years the trade to his port of Leghorn is so much encreased, that of a poor little town (as I my self knew it) it is now become a fair and strong City, being one of the most fa­mous places for trade in all Chri­stendom. And yet it is worthy our observation, that the multi­tude of Ships and wares which come thither from England, the Low Countreys, and other places, have little or no means to make their returns from thence but on­ly in ready mony, which they may and do carry away freely at all times, to the incredible advantage of the said great Duke of Tuscanie and his subjects, who are much enriched by the continual great concourse of Merchants from all the States of the neighbour Prin­ces, bringing them plenty of [Page 47] mony daily to supply their wants of the said wares. And thus we see that the current of Merchan­dize which carries away their Treasure, becomes a flowing stream to fill them again in a grea­ter measure with mony.

There is yet an objection or two as weak as all the rest: that is, if wee trade with our Mony wee shall issue out the less wares; as if a man should say, those Coun­treys which heretofore had occa­sion to consume our Cloth, Lead, Tin, Iron, Fish, and the like, shall now make use of our monies in the place of those necessaries, which were most absurd to affirm, or that the Merchant had not rather carry out wares by which there is ever some gains expected, than to export mony which is still but the same without any encrease.

[Page 48]But on the contrary there are many Countreys which may yield us very profitable trade for our mony, which otherwise af­ford us no trade at all, because they have no use of our wares, as namely the East-Indies for one in the first beginning thereof, al­though since by industry in our commerce with those Nations we have brought them into the use of much of our Lead, Cloth, Tin, and other things, which is a good addition to the former vent of our commodities.

Again, some men have alleged that those Countries which per­mit mony to be carried out, do it because they have few or no wares to trade withall: but wee have great store of commodities, and therefore their action ought not to be our example.

[Page 49]To this the answer is briefly, that if we have such a quantity of wares as doth fully provide us of all things needful from beyond the seas: why should we then doubt that our monys sent out in trade, must not necessarily come back again in treasure; to­gether with the great gains which it may procure in such manner as is before set down? And on the other side, if those Nations which send out their monies do it be­cause they have but few wares of their own, how come they then to have so much Treasure as we ever see in those places which suf­fer it freely to be exported at all times and by whomsoever? I an­swer, Even by trading with their Moneys; for by what other means can they get it, having no Mines of Gold or Silver?

[Page 50]Thus may we plainly see, that when this weighty business is duly considered in his end, as all our humane actions ought well to be weighed, it is found much contrary to that which most men esteem thereof, because they search no further than the begin­ning of the work, which mis-in­forms their judgments, and leadsOur humane actions ought especially to be constdered in their ends. them into error: For if we only behold the actions of the hus­bandman in the seed-time when he casteth away much good corn into the ground, we will rather accompt him a mad man than a husbandman: but when we con­sider his labours in the harvest which is the end of his endea­vours, we find the worth and plentiful encrease of his actions.

CHAP. V. Forraign Trade is the only means to improve the price of our Lands.

IIt is a common saying, that plenty or scarcity of mony makes all things dear or good or cheap; and this mony is either gotten or lost in forraign trade by the over or under ballancing of the same, as I have already shewed. It resteth now that I distinguish the seeming plenties of mony from that which is only substan­tial and able to perform the work: For there are divers ways and means whereby to procure plen­ty of mony into a Kingdom, which do not enrich but rather empoverish the same by the seve­ral inconveniences which ever accompany such alterations.

[Page 52]As first, if we melt down our plate into Coyn (which suits not with the Majesty of so great a Kingdom, except in cases of great extremity) it would cause Plenty of mony for a time, yet should we be nothing the richer, but ra­ther this treasure being thus alte­red is made the more apt to be carried out of the Kingdom, if we exceed our means by excess in for­raign wares, or maintain a war by Sea or Land, where we do not feed and cloath the Souldier and supply the armies with our own native provisions, by which dis­orders our treasure will soon be exhausted.

Again, if we think to bring in store of money by suffering for­raign Coins to pass current at higher rates than their intrinsick value compared with our Stan­dard, [Page 53] or by debasing or by en­hancing our own moneys, all these have their several inconve­niencies and difficulties, (which hereafter I will declare) but ad­mitting that by this means plenty of money might be brought into the Realm, yet should we be no­thing the richer, neither can such treasure so gotten long remain with us. For if the stranger or the English Merchants bring in this money, it must be done upon a valuable consideration, either for wares carried out already, or af­ter to be exported, which helps us nothing except the evil occasi­ons of excess or war aforenamed be removed which do exhaust our treasure: for otherwise, what one man bringeth for gain, ano­ther man shall be forced to carry out for necessity; because there [Page 54] shall ever be a necessity to bal­lance our Accounts with strangers, although it should be done with loss upon the rate of the money, and Confiscation also if it be in­tercepted by the Law.

The conclusion of this businessHow we must get Treasure to make it our own. is briefly thus. That as the trea­sure which is brought into the Realm by the ballance of our for­raign trade is that money which onely doth abide with us, and by which we are enriched: so by this plenty of money thus gotten (and no otherwise) do our Lands improve. For when the Mer­chant hath a good dispatch be­yond the Seas for his Cloth and other wares, he doth presently re­turn to buy up the greater quan­tity, which raiseth the price of our Woolls and other commodi­ties, and consequently doth im­prove [Page 55] the Landlords Rents as the Leases expire daily: And also by this means money being gained, and brought more abundantly into the Kingdom, it doth enable many men to buy Lands, which will make them the dearer. But if our forraign trade come to a stop or declination by neglect at home or injuries abroad, whereby the Merchants are impoverished, and thereby the wares of the Realm less issued, then do all the said benefits cease, and our Lands fall of price daily.

CHAP. VI. The Spanish Treasure cannot be kept from other Kingdoms by any prohi­bition made in Spain.

ALL the Mines of Gold and Silver which are as yet dis­covered in the sundry places of the world, are not of so great value as those of the West-Indies which are in the possession of the King of Spain: who thereby is en­abled not onely to keep in sub­jection many goodly States and Provinces in Italy and elsewhere, (which otherwise would soon fall from his obeisance) but also by a continual war taking his advan­tages doth still enlarge his Do­minions, ambitiously aiming at a Monarchy by the power of his Moneys, which are the very [Page 57] sinews of his strength, that lies so far dispersed into so many Coun­treys, yet hereby united, and his wants supplied both for war and peace in a plentiful manner from all the parts of Christendom, which are therefore partakers of his treasure by a Necessity of Commerce; wherein the Spanish policy hath ever endeavoured to prevent all other Nations the most it could: For finding Spain to be too poor and barren to sup­ply it self and the West-Indies withThe policie and benefit of Spain by the trade to the East-Indies. those varieties of forraign wares whereof they stand in need, they knew well that when their Native Commodities come short to this purpose, their Moneys must serve to make up the reckoning; where­upon they found an incredible advantage to adde the traffick of the East-Indies to the treasure of [Page 58] the West: for the last of these be­ing employed in the first, they stored themselves infinitely with rich wares to barter with all the parts of Christendom for their Commodities, and so furnishing their own necessities, prevented others for carrying away their moneys: which in point of state they hold less dangerous to im­part to the remote Indians, than to their neighbour Princes, lest it should too much enable them to resist (if not offend) their ene­mies. And this Spanish policy against others is the more re­markable, being done likewise so much to their own advantage; for every Ryal of Eight which they sent to the East-Indies brought home so much wares as saved them the disbursing of five Ryals of Eight here in Europe (at the [Page 59] least) to their Neighbours, espe­cially in those times when that trade was only in their hands: but now this great profit is failed, and the mischief removed by the English, Dutch, and others which partake in those East-India trades as ample as the Spanish Sub­jects.

It is further to be considered, that besides the disability of the Spaniards by their native commo­dities to provide forraign wares for their necessities, (whereby they are forced to supply the want with mony) they have like­wise that canker of war, which doth infinitely exhaust their trea­sure, and disperse it into Chri­stendom even to their enemies, part by reprisal, but especially through a necessary maintenance of those armies which are compo­sed [Page 60] of strangers, and lie so far re­mote, that they cannot feed, clothe, or otherwise provide them out of their own native means and pro­visions, but must receive this re­lief from other Nations: whichThe effects of different wars concern­ing Treasure. kind of war is far different to that which a Prince maketh upon his own confines, or in his Navies by Sea, where the Souldier receiving money for his wages, must every day deliver it out again for his necessities, whereby the treasure remains still in the Kingdom, al­though it be exhausted from the King: But we see that the Spani­ard (trusting in the power of his Treasure) undertakes wars in Germany, and in other remote pla­ces, which would soon begger the richest Kingdom in Christendom of all their mony; the want whereof would presently disorder [Page 61] and bring the armies to confufi­on, as it falleth out sometimes with Spain it self, who have the Fountain of mony, when either it is stopt in the passage by the force of their enemies, or drawn out faster than it flows by their own occasions; whereby also we often see that Gold and silver is so scant in Spain, that they are for­ced to use base copper money, to the great confusion of their Trade, and not without the undoing also of many of their own people.

But now that we have seen the occasions by which the Spanish treasure is dispersed into so many places of the world, let us likewise discover how and in what propor­tion each Countrey doth enjoy these Moneys, for we find that Turkey and divers other Nations have great plenty thereof, al­though [Page 62] they drive no trade with Spain, which seems to contradict the former reason, where we say that this treasure is obtained by a Necessity of Commerce. But to clear this point, we must know that all Nations (who have no Mines of their own) are enriched with Gold and Silver by one and the same means, which is already shewed to be the ballance of their forraign Trade: And this is not strictly tyed to be done in those Countries where the fountain of treasure is, but rather with such order and observations as are pre­scribed. For suppose England by trade with Spain may gain and bring home five hundred thou-Ryals of 8. yearly, if we lose as much by our trade in Turkey, and therefore carry the mony thither, it is not then the English but the [Page 63] Turks which have got this trea­sure, although they have no trade with Spain from whence it was first brought. Again, if England having thus lost with Turkey, do notwithstanding gain twice as much by France, Italy, and other members of her general trade, then will there remain five hun­dred thousand Ryals of eight cleer gains by the ballance of this trade: and this comparison holds between all other Nations, both for the manner of getting, and the proportion that is yearly gotten.

But if yet a question should be made, whether all Nations get treasure and Spain only lose it? I answer no; for some Countreys by war or by excess do lose that which they had gotten, as well as Spain by war and want of wares [Page 64] doth lose that which was its own.

CHAP. VII. The diversity of gain by Forraign Trade.

IN the course of forraign trade there are three sorts of gain, the first is that of the Com­monwealth, which may be done when the Merchant (who is the principal Agent therein) shall lose. The second is the gain of the Merchant, which he doth sometimes justly and worthily ef­fect, although the Common­wealth be a loser. The third is the gain of the King, whereof he is ever certain, even when the Commonwealth and the Mer­chant shall be both losers.

Concerning the first of these, we have already sufficiently shew­ed [Page 65] the ways and means whereby a Commonwealth may be enriched in the course of trade, whereof it is needless here to make any repe­tition, only I do in this place af­firm, that such happiness may be in the Commonwealth, when the Merchant in his particular shall have no occasion to rejoyce. As for example, suppose the East-India Company send out one hundred thousand pounds into the East-Indies, and receive home for the same the full value of three hun­dred thousand pounds; Hereby it is evident that this part of the Commonwealth is trebled, and yet I may boldly say that which I can well prove, that the said Company of Merchants shall lose at least fifty thousand pounds by such an adventure if the returns be made in Spice, Indico, Callicoes, [Page 66] Benjamin, refined Saltpeter, and such other bulkey wares in their seve­ral proportions according to their vent and use in these parts of Eu­rope. For the fraight of Shipping, the ensurance of the adventure, the charges of Factors abroad and Officers at home, the forbearance of the Stock, His Majesties Cu­stoms and Imposts, with other pet­ty charges incident, cannot be less then two hundred and fifty thou­sand pounds, which being added to the principal produceth the said loss. And thus we see, that not only the Kingdom but also the King by his Customs and Im­posts may get notoriously, even when the Merchant notwith­standing shall lose grievously; which giveth us good occasion here to consider, how much more the Realm is enriched by this [Page 67] noble Trade, when all things pass so happily that the Merchant is a gainer also with the King and Kingdom.

In the next place I affirm, that a Merchant by his laudable en­deavours may both carry out and bring in wares to his advantage by selling them and buying them to good profit, which is the end of his labours; when nevertheless the Commonwealth shall decline and grow poor by a disorder in the people, when through Pride and other Excesses they do con­sume more forraign wares in value then the wealth of the Kingdom can satisfie and pay by the exportation of our own com­modities, which is the very qua­lity of an unthrift who spends be­yond his means.

Lastly, the King is ever sure to [Page 68] get by trade, when both the Com­monwealth and Merchant shall lose severally as afore-written, or joyntly, as it may and doth some­times happen, when at one and the same time our Commodities are over-ballanced by forraign wares consumed, and that the Merchants success prove no bet­ter than is before declared.

But here we must not take the Kings gain in this large sense, for so we might say that His Majesty should get, although half the trade of the Kingdom were lost; we will rather suppose that whereas the whole trade of the Realm for Exportations and Importations is now found for to be about the yearly value of four millions and a half of pounds; it may be yet increased two hundred thousand pounds per annum more by the im­portation [Page 69] and consumption of forraign wares. By this means we know that the King shall be a gainer near twenty thousand pounds, but the Commonwealth shall lose the whole two hundred thousand pounds thus spent in ex­cess. And the Merchant may be a loser also when the trade shall in this manner be increased to the profit of the King; who notwith­standing shall be sure in the end to have the greatest loss, if he pre­vent not such unthrifty courses as do impoverish his Subjects.

CHAP. VIII. The enhansing or debasing our Moneys cannot enrich the Kingdom with treasure, nor hinder the exportation thereof.

THere are three ways by which the Moneys of a Kingdom are commonly altered. The first is when the Coins in their several Denomi­nations are made currant at more or less pounds, shillings or pence than formerly. The second is when the said Coins are altered in their weight, and yet continue currant at the former rates. The third is when the Standard is ei­ther debased or enriched in the fineness of the Gold and Silver, yet the Moneys continue in their for­mer values.

[Page 71]In all occasions of want or plenty of Money in the Kingdom we do ever find divers men, who using their wits for a remedy to supply the first and preserve the last, they fall presently upon al­tering the moneys; for, say they, the raising of the Coins in value will cause it to be brought into the Realm from divers places in hope of the gain: and the debasing of the monies in the fineness or weight will keep it here for fear of the loss. But these men plea­sing themselves with the begin­ning onely of this weighty busi­ness, consider not the progress and end thereof, whereunto we ought especially to direct our thoughts and endeavoues.

For we must know, that monyMony is the measure of our other means. is not only the true measure of all our other means in the Kingdom, [Page 72] but also of our forraign commerce with strangers, which therefore ought to be kept just and con­stant to avoid those confusions which ever accompany such alte­rations. For first at home, if the common measure be changed, our Lands, Leases, wares, both for­raign and domestique must alter in proportion: and although this is not done without much trouble and damage also to some men, yet in short time this must necessari­ly come to pass; for that is not the denomination of our pounds shillings and pence, which is re­spected, but the intrinsique value of our Coins; unto which we have little reason to add any fur­ther estimation or worth, if it lay in our power to do it, for this would be a special service to Spain, A notable service for Spain. and an act against our selves to [Page 73] indear the commodity of another Prince. Neither can these courses which so much hurt the Subjects, any way help the King as some men have imagined: for although the debasing or lightning of all our mony should bring a present benefit (for once only) to the Mint, yet all this and more would soon be lost again in the future great In-comes of His Majesty, when by this means they must be paid year­ly with mony of less intrinsique value then formerly; Nor can it be said that the whole loss of the Kingdom would be the profit of the King, they differ infinitely: for all mens estates (be it leases, lands, debts, wares or mony) must suffer in their proportions, where­as His Majesty should have the gain only upon so much ready mony as might be new Coined, [Page 74] which in comparison, would prove a very small matter: for al­though they who have other e­states in mony are said to be a great number, and to be worthAll the ready mony in this Kingdom is esteemed at little more then one mil­lion of pounds five or ten thousand l. per man, more or less, which amounts to many millions in all, yet are they not possessed thereof all together or at once, for it were vanity and against their profit to keep conti­nually in their hands above forty or fifty pounds in a family to de­fray necessary charges, the rest must ever run from man to man in traffique for their benefit, whereby we may conceive that a little mony (being made the measure of all our other means) doth rule and distribute great matters daily to all men in their just proportions: And we must know likewise that much of our [Page 75] old mony is worn light, and there­fore would yield little or no profit at the Mint, and the gain upon the heavy, would cause our vigi­lant neighbours to carry over a great part thereof, and return it presently in pieces of the new stamp; nor do we doubt that some of our own Countrymen would turn Coiners and venter a hanging for this profit, so that His Majesty in the end should get little by such alterations.

Yea but say some men, If His Majesty raise the mony, great store of treasure would also be brought into the Mint from forraign parts, for we have seen by expe­rience that the late raising of our Gold ten in the hundred, did bring in great store thereof, more than we were accustomed to have in the Kingdom, the which as I [Page 76] cannot deny, so do I likewise af­firm, that this Gold carried away all or the most part of our Silver, (which was not over-worn or too light) as we may easily perceive by the present use of our Moneys in their respective qualities: and the reason of this change is, be­cause our Silver was not raised in proportion with our Gold, which still giveth advantage to the Mer­chant to bring in the Kingdoms yearly gain by trade in Gold rather than in Silver.

Secondly, if we be inconstant in our Coins, and thereby violate the Laws of forraign Commerce; other Princes are vigilant in these cases to alter presently in propor­tion with us, and then where is our hope? of if they do not alter, what can we hope for? For if the stranger-merchant bring in his [Page 77] wares, and find that our moneys are raised, shall not he likewise keep his Commodities untill he may sell them dearer? and shall not the price of the Merchants ex­change with forraign Countries rise in proportion with our Mo­neys? All which being undoubt­edly true, why may not our Mo­neys be carried out of the King­dom as well and to as much profit after the raising thereof, as before the alteration?

But peradventure some men will yet say, that if our Moneys be raised and other Countries raise not, it will cause more Bullion and forraign Coines to be brought in than heretofore. If this be done, it must be perfor­med either by the Merchant who hath exported wares, or by the Merchant who intends to buy off [Page 78] our Commodities: and it is ma­nifest that neither of these can have more advantage or benefit by this Art now, than they might have had before the alteration of the Money. For if their said Bul­lion and forraign Coins be more worth than formerly in our pounds, shillings and pence, yet what shall they get by that when these moneys are baser or lighter, and that therefore they are risen in proportion? So we may plainly see that these Innovations are no good means to bring treasure into the Kingdom, nor yet to keep it here when we have it.

CHAP. IX. A Toleration for Forraign Coins to pass currant here at higher rates then their value with our Standard, will not encrease our Treasure.

THe discreet Merchant for the better directing of his trade and his exchanges by bills to and from the several places of the world where he is acusto­med to deal, doth carefully learn the Parity or equal value of the monies according to their weight and fineness compared with our Standard, whereby he is able toMerchants do or ought to know the weight and fineness of forraign Coins. know perfectly the just profit or loss of his affairs. And I make no doubt but that we trade to divers places where we vent off our native commodities yearly, to a great value, and yet find few [Page 80] or no wares there fitting our use, whereby we are enforced to make our returns in ready mony, which by us is either carried into some other Countries to be converted into wares which we want, or else it is brought into the Realm in Specie; which being tolerated to pass current here in payment at higher rates then they are worth to be Coined into sterling mony; that seemeth very probable that the greater quantity will be brought in: but when all the circumstances are duly considered, this course likewise will be found as weak as the rest to encrease our Treasure.

First, the toleration it self doth break the laws of enter­course, and would soon move other Princes to perform the same acts or worse against us, and so frustrate our hopes.

[Page 81]Secondly, if mony be the true measure of all our other means, and forraign Coins tollerated to pass current amongst us, at high­er rates than they are worth (be­ing compared with our Standard) it followeth that the common wealth shall not be justly distri­buted, when it passeth by a false measure.

Thirdly, if the advantage be­tween ours and forraign Coins be but small, it will bring in little or no Treasure, because the Merchant will rather bring in wares upon which there is usual­ly a competent gaine. And on the other side if we permit a great advantage to the forraign Coins, then that gain will carry away all our starling mony, and so I leave this business in a Dilem­ma, and fruitless, as all other cour­ses [Page 82] will ever prove which seek for the gain or loss of our treasure out of the ballance of our general forraign trade, as I will endea­vour yet further to demon­strate.

CHAP. X. The observation of the Statute of Im­ployments to be made by strangers, cannot encrease, nor yet preserve our Treasure.

TO keep our mony in the Kingdom is a work of no less skill and difficulty than to augment our Treasure: for the causes of their preservation and production are the same in nature. The statute for employment of strangers wares into our commo­dities seemeth at the first to be a good and a lawful way leading to [Page 83] those ends; but upon th' exami­nation of the particulars, we shall find that it cannot produce such good effects.

For as the use of forraign tradeThe use of Forraign Trade is a­like to all Nations. is alike unto all Nations, so may we easily perceive what will be done therein by strangers, when we do but observe our own pro­ceedings in this waighty business, by which we do not only seek with the vent of our own com­modities to supply our wants of forraign wares, but also to enrich our selves with treasure: all which is done by a different manner of trading according to our own oc­casions and the nature of the places whereunto we do trade; as namely in some Countrys we sell our com­modities and bring away their wares, or part in mony; in other Countreys we sell our goods and [Page 84] take their mony, because they have little or no wares that fits our turns: again in some places we have need of their commodi­ties, but they have little use of ours; so they take our mony which we get in other Coun­treys: And thus by a course of traffick (which changeth accor­ding to the accurrents of time) the particular members do accom­modate each other, and all ac­complish the whole body of theHow for­raign Trade a destroyed. trade, which will ever languish if the harmony of her health be distempered by the diseases of ex­cess at home, violence abroad, charges and restrictions at home or abroad: but in this place I have occasion to speak only of re­striction, which I will perform briefly.

There are three ways by which [Page 85] a Merchant may make the returns of his wares from beyond the Seas, that is to say in mony, in commodities, or by Exchange. But the Statute of employment doth not only restrain mony (in which there is a seeming provi­dence and Justice) but also the use of the Exchange by bills, which doth violate the Law of Commerce, and is indeed an Act without example in any place of the world where we have trade, and therefore to be considered, that whatsoever (in this kind) we shall impose upon strangers here, will presently be made a Law for us in their Countreys, especially where we have our greatest trade with our vigilant neighbours, who omit no care nor occasion to support their traffique in equal privileges with other Nations. [Page 86] And thus in the first place we should be deprived of that free­dom and means which now we have to bring Treasure into the Kingdom, and therewith likewise we should lose the vent of much wares which we carry to divers places, whereby our trade and our Treasure would decay toge­ther.

Secondly, if by the said Statute we thrust the exportation of our wares (more than ordinary) upon the stranger, we must then take it from the English, which were injurious to our Merchants, Mar­riners and Shipping, besides the hurt to the Commonwealth inventing the Kingdoms stock to the stranger at far lower rates here than we must do if we sold it to them in their own Countrys, as is proved in the third Chapter.

[Page 87]Thirdly, whereas we have al­ready sufficiently shewed, that if our commodities be over ballan­ced in value by forraign wares, our mony must be carried out. How is it possible to prevent this by tying the Strangers hands, and leaving the English loose? shall not the same reasons and advan­tage cause that to be done by them now, that was done by the other before? or if we will make a statute (without example) to pre­vent both alike, shall we not then overthrow all at once? the King in his customes and the Kingdom in her profits; for such a restriction must of necessity de­stroy much trade, because the di­versity of occasions and places which make an ample trade re­quire that some men should both export and import wares; some [Page 88] export only, others import, some deliver out their monies by ex­change, others take it up; some carry out mony, others bring it in, and this in a greater or les­ser quantity according to the good husbandry or excess in the Kingdom, over which only if we keep a strict law, it will rule all the rest, and without this all other Statutes are no rules ei­ther to keep or procure us Trea­sure.

Lastly, to leave no Objection unanswered, if it should be said that a Statute comprehending the English as well as the stranger must needs keep our money in the Kingdom. What shall we get by this, if it hinder the coming in of money by the decay of that ample Trade which we enjoyed in the freedom thereof? is not the [Page 89] Remedy far worse than the Dis­ease? shall we not live more like Irishmen than Englishmen, when the Kings revenues, our Mer­chants, Mariners, Shipping, Arts, Lands, Riches, and all decay to­gether with our Trade?

Yea but, say some men, we have better hopes than so; for th' intent of the Statute is, that as all the forraign wares which are brought in shall be imployed in our commodities, thereby to keep our money in the Kingdom: So we doubt not but to send out a sufficient quantity of our own wares over and above to bring in the value thereof in ready money.

Although this is absolutely de­nied by the reasons afore written, yet now we will grant it, because we desire to end the dispute: For [Page 90] if this be true, that other Nati­ons will vent more of our com­modities than we consume of theirs in value, then I affirm that the overplus must necessarily re­turn unto us in treasure without the use of the Statute, which is therefore not onely fruitless but hurtful, as some other like restri­ctions are found to be when they are fully discovered.

CHAP. XI. It will not increase our treasure to enjoyn the Merchant that exporteth Fish, Corn or Munition, to return all or part of the Value in Money.

VIctuals and Munition for war are so pretious in a Commonwealth, that ei­ther it seemeth necessary to re­strain the exportation altogether, [Page 91] or (if the plenty permits it) to require the return thereof in so much treasure; which appeareth to be reasonable and without dif­ficulty, because Spain and other Countries do willingly part with their money for such wares, al­though in other occasions of trade they straightly prohibit the expor­tation thereof: all which I grant to be true, yet notwithstanding we must consider that all the ways and means which (in course of trade) force treasure into the Kingdom, do not therefore make it ours: for this can be done one­ly by a lawful gain, and this gain is no way to be accomplished but by the overballance of our trade, and this overballance is made less by restrictions: therefore such re­strictions do hinder the increaseSome restri­ctions hinder Trade. of our treasure. The Argument [Page 92] is plain, and needs no other rea­sons to strengthen it, except any man be so vain to think that re­strictions would not cause the less wares to be exported. But if this likewise should be granted, yet to enjoyn the Merchant to bring in money for Victuals and Munition carried out, will not cause us to have one peny the more in the Kingdom at the years end; for whatsoever is forced in one way must out again another way: because onely so much will remain and abide with us as is gained and incorporated into the estate of the Kingdom by the over­ballance of the trade.

This may be made plain by an example taken from an English­man, who had occasion to buy and consume the wares of divers strangers for the value of six hun­dred [Page 93] pounds, and having wares of his own for the value of one thousand pounds, he sold them to the said strangers, and present­ly forced all the mony from them into his own power; yet upon cleering of the reckoning be­tween them there remained onely four hundred pounds to the said Englishman for overballance of the wares bought and sold; so the rest which he had received was re­turned back from whence he for­ced it. And this shall suffice to shew that whatsoever courses we take to force money into the King­dom, yet so much onely will re­main with us as we shall gain by the ballance of our trade.

CHAP. XII. The undervaluing of our Money which is delivered or receceived by Bills of Exchange here or beyond the Seas, cannot decrease our treasure.

THe Merchants Exchange by Bills is a means and pra­ctice whereby they that have money in one Countrey may deliver the same to receive it again in another Countrey at cer­tain times and rates agreed upon, whereby the lender and the bor­rower are accommodated with­out transporting of treasure from State to State.

These Exchanges thus made between man and man, are not contracted at the equal value of the moneys, according to their respective weights and fineness: [Page 95] First, because he that delivereth his money doth respect the ven­ture of the debt, and the time of forbearance; but that which cau­seth an under or overvaluing of moneys by Exchange, is the plen­ty or scarcity thereof in those pla­ces where the Exchanges are made. For example, when here is plenty of money to be delivered for Amsterdam, then shall our mo­ney be undervalued in Exchange, because they who take up the mo­ney, seeing it so plentifully thrust upon them, do thereby make ad­vantage to themselves in taking the same at an undervalue.

And contrariwise, when here is scarcity of mony to be delivered for Amsterdam, the deliverer will make the same advantage by over­valuing our money which he deli­vereth. And thus we see that as [Page 96] plenty or scarcity of mony in aPlenty of Mony makes the Exchange cheap, and all other things dear. Common-wealth doth make all things dear or good cheap: so in the course of exchange it hath ever a contrary working; where­fore in the next place it is fit to set down the true causes of this effect.

As plenty or scarcity of mony do make the price of the exchange high or low, so the over or under ballance of our trade doth effectu­ally cause the plenty or scarcity of mony: And here we must under­stand, that the ballance of our trade is either General or Particu­lar. The General is, when all our yearly traffique is jointly va­lued, as I have formerly shewed; the particular is when our trade to Italy, France, Turkey, Spain, and other Countreys are severally con­sidered: and by this latter course [Page 97] we shall perfectly find out the places where our mony is under or overvalued in Exchange: For although our general exportati­ons of wares may be yearly more in value than that which is imported, whereby the dif­ference is made good to us in so much treasure; never­theless the particlar trades do work diversly: For peradventure the Low Countreys may bring us more in value than we sell them, which if it be so, then do the Low What kinds of plenty or scarsity of mony make the Ex­change high or low. Countrey Merchants not only carry away our treasure to ballance the accompt between us, but also by this means mony being plentiful here to be delivered by exchange, it is therefore undervalued by the takers, as I have before de­clared; And contrariwise if we carry more wares to Spain, and [Page 98] other places than we consume of theirs, then do we bring away their treasure, and likewise in the Merchants exchange we overva­lue our own money.

Yet still there are some who will seem to make this plain by Demonstration, that the under­valuing of our money by Ex­change doth carry it out of the Kingdom: for, say they, we see daily great store of our English Coins carried over, which pass current in the Low-Countries, and there is great advantage to carry them thither, to save the loss which the Low-Countrymen have in the Exchange; for if one hundred pounds sterling deliver­ed here, is so much undervalued, that ninty pounds of the same sterling money carried over in spe­cie shall be sufficient to make re­payment [Page 99] and full satisfaction of the said hundred pounds at Amster­dam: Is it not then (say they) the undervaluing of our Mony which causeth it to be carried out of the Realm?

To this Objection I will make a full and plain Answer, shewing that it is not the undervaluing of our money in exchange, but the overballancing of our trade that carrieth away our treasure. For suppose that our whole trade with the Low-Countries for wares brought into this Realm be per­formed onely by the Dutch for the value of five hundred thou­sand pounds yearly; and that all our commodities transported into the said Low-Countries be per­formed onely by the English for four hundred thousand pounds yearly: Is it not then manifest, [Page 100] that the Dutch can exchange on­ly four hundred thousand pounds with the English upon the Par pro Pari or equal value of the respe­ctive Standards? So the other hundred thousand pounds which is the overballance of the trade, they must of necessity carry that away in mony. And the self same loss of treasure must happen if there were no exchange at all permitted: for the Dutch carrying away our mony for their wares, and we bringing in their forraign Coins for their commodities, there will be still one hundred thousand pounds loss.

Now let us add another exam­ple grounded upon the aforesaid proportion of trade between us and the Low Countreys. The Dutch (as aforewritten) may exchange with the English for four hundred [Page 101] thousand pounds and no more upon the equal value of the mo­nies, because the English have no further means to satisfie. But now suppose that in respect of the plenty of mony, which in this case will be here in the hands of the Dutch to deliver by exchange,The under­valuing of our mony in Exchange is the Stran­gers, loss and our gain. our mony (according to that which hath been already said) be undervalued ten per cent. then is it manifest that the Dutch must deli­ver four hundred and forty thou­sand pounds to have the English­mans four hundred thousand pounds in the Low Countreys: so that there will then remain but 60000. pounds for the Dutch to carry out of the Realm to ballance the accompt between them and us. Whereby we may plainly perceive that the undervaluing of our mo­ney in exchange, will not carry [Page 102] it out of the Kingdom, as some men have supposed, but rather is a means to make a less quantity thereof to be exported, than would be done at the Par pro pari.

Further let us suppose that the English Merchant carrieth out as much wares in value as the Dutch Merchant bringeth in, whereby the means is equal between them to make their returns by exchange without carrying away of any mony to the prejudice of either State. And yet notwithstanding the Dutch Merchant for his oc­casions or advantage will for­sake this course of exchange, and will venture to send part of his returns in ready mony.

To this the answer is, that hereupon it must follow of neces­sity, that the Dutch shall want [Page 103] just so much means in exchange with the English, who therefore shall be forced to bring in the like sum of mony from beyond the Seas, as the Dutch carried out of this Realm; so that we may plainly perceive that the monies which are carried from us within the ballance of our trade are not con­siderable, for they do return to us again: and we lose those mo­nies only which are made of the over ballance of our general trade, that is to say, That which we spend more in value in forraign wares, than we utter of our own commodities. And the contrary of this is the only means by which1 The Can­ker of Eng­lands Com­monwealth. 2 Free trade. 3 Lex Mer­catoria. 4 The Centre of trade. we get our treasure. In vain therefore hath Gerard Malines la­boured so long, and in so many printed books to make the world beleeve that the undervaluing of [Page 104] our money in exchange doth ex­haust our treasure, which is a mere fallacy of the cause, attribu­ting that to a Secondary means, whose effects are wrought by ano­ther Principal Efficient, and would also come to pass although the said Secondary means were not at all. As vainly also hath he propounded a remedy by keep­ing the price of Exchange by Bills at the par pro pari by publick Au­thority, which were a new-found Office without example in any part of the world, being not only fruitless but also hurtful, as hath been sufficiently proved in this Chapter, and therefore I will proceed to the next.

CHAP. XIII. The Merchant who is a mere Exchanger of money by Bills cannot increase or decrease our treasure.

THere are certain Merchants which deal onely upon all advantages in th'Exchange, and neither export nor import wares into the Kingdom, which hath caused some men to affirm, that the money which such mere Exchangers bring in or carry out of the Realm is not comprehend­ed in the ballance of our forraign trade; for (say they) sometimes when our sterling mony hath been undervalued and delivered here for Amsterdam at 10. per cent. less than the equal value of the respe­ctive Standards, the said mere Ex­changer may take here one thou­sand pounds sterling, & carry over [Page 106] onely nine hundred thereof in spe­cie, which will be sufficient to pay his Bill of Exchange. And so up­on a greater or a lesser summe the like gain is made in three months time.

But here we must know, that although this mere Exchanger deal not in wares, yet notwith­standing the money which he car­rieth away in manner afore-writ­ten must necessarily proceed of such wares as are brought into the Kingdom by Merchants. So that still it falleth into the bal­lance of our forraign trade, and worketh the same effect, as if the Merchant himself had carried a­way that money, which he must do if our wares be overballanced, as ever they are when our money is undervalued, which is expressed more at large in the 12. Chapter.

[Page 107]And on the contrary, when the mere Exchanger (by the said ad­vantages) shall bring money into the Kingdom, he doth no more than necessarily must be done by the Merchant himself when our commodities overballance for­raign wares. But in these occasi­ons some Merchants had rather lose by delivering their money at an under-value in Exchange, than undertake to hazard all by the Law; which notwithstanding these mere Exchangers will per­form for them in hope of gain.

CHAP. XIV. The admirable feats supposed to be done by Bankers and the Merchants Ex­change.

ALthough I have already written something concer­ning the Merchants Ex­change, and therein of the under­valuation of our money, and of the mere Exchanger, with their true causes and effects; Neverthe­less it will not be impertinent to pursue this business yet a little fur­ther, and thereby not onely to strengthen our former Argu­ments, but also to avoid some cun­ning delusions which might de­ceive the unskilful Reader of those books entituled, Lex Mercatoria, pag. 409. and The maintenance of free trade, pag. 16. wherein the Author [Page 109] Gerard Malynes setteth down the admirable feats (as he termeth them) which are to be done by Bankers and Exchangers, with the use and power of the Exchange: but how these wonders may be effected he altogether omitteth, leaving the Reader in a strange opinion of these dark mysteries, which I cannot think he did for want of knowledge, for I find him skilful in many things which he hath both written and collect­ed concerning th' affairs of Mer­chants, and in particular he dis­courses well of divers uses, forms and passages of the Exchange, in all which as he hath taken great pains for the good of o­thers, so do his Works of this kind deserve much praise: but where he hath disguised his own knowledge with Sophi­stry [Page] to further some private ends by hurting the publick good; there ought he to be discovered and prevented, unto which per­formance (in this discourse of treasure) I find my self obliged, and therefore I intend to effect it by shewing the true causes and means whereby these wonders are done, which Malines attributeth to the sole power of the Ex­change. But first for order I think it fit to set down the par­ticular feats as they stand in his said books.

• 1. To lay their mony with gain in any place of the world where any exchange lyeth.
• 2. To gain and wax rich, and [Page 113] never meddle with any Princes commodities.
• 3. To buy any Princes com­modity, and never bring penny nor pennyworth into the Realm, but doe that with the Subjects mony.
• 4. To grow rich and live without adventure at Sea or tra­vaile.
• 5. To do great feats having credit, and yet to be nought worth.
• 6. To understand whether in conjecture their mony employ­ed on Exchange, or buying of wares will be more profit.
• 7. To know certainly what the Merchants gain upon their wares they sell and buy.
• 8. To live and encrease upon every Princes subjects that con­tinually take up mony by Ex­change, [Page 112] and whether they gain or no.
• 9. To wind out every Princes
  ☞
  treasure out of his Realm whose Subjects bring in more wares than they carry out of the Realm.
• 10. To make the Staple of money run thither where the rich Prince will have it to be brought, and pay for it.
• 11. To unfurnish the poor Prince of his provision of mony, that keeps his wares upon inte­rest mony, if the enemy will seek it.
• 12. To furnish their need of mony that tarry the selling of their wares in any Contract un­till they make them come to their price.
• 13. To take up mony to en­gross any commodity either new come or whereof they have some [Page 113] store to bring the whole trade of that commodity into their own hands to sell both at their plea­sure.
• 14. To hide their carrying a­way of any Princes mony.
• 15. To fetch away any Prin­ces fine mony with his own or any other Princes base mony.
• 16. To take up Princes base mony and to turn into his fine mony, and to pay the deliverer with his own, and gain too.
• 17. To take upon credit into their hands for a time all the Mer­chants mony that will be delive­red, and pay them with their own, and gain too.
• 18. To make the Realm gain of all other Realms whose Sub­jects live most by their own com­modities, and sell yearly the over­plus into the world, and both [Page 114] occupie that encrease yearly, and also their old store of treasure up­on exchange.
• 19. To undoo Realms and Princes that look not to their Commonwealth, when the Mer­chants wealth is such, that the great houses conspire together so to rule the Exchange, that when they will be deliverers, they will receive in another place above the Standard of the Mint of the Princes mony delivered: and when they will be takers, they will pay the same in another place under the Standard of the Mint of the Princes mony taken up.
• 20. To get ready mony to buy any commodity that is offered cheap.
• 21. To compass ready mony to get any offered bargain out of [Page 115] another mans hands, and so by out­bidding others oftentimes to raise the wares.
• 22. To get a part and some­times all his gains that employ­eth mony taken up by Exchange in wares, and so make others tra­vail for their gain.
• 23. To keep Princes for ha­ving any Customs, Subsidies or Taxes upon their mony, as they employ it not.
• 24. To value justly any Wares they carry into any Coun­trey by setting them at that va­lue, as the mony that bought them was then at by Exchange in the Countrey whither they be carried.

If I had a desire to amplifie in the explanation of these wonders, they would afford me matter e­nough [Page 116] to make a large volume, but my intent is to do it as briefly as possibly I may without obscuri­ty. And before I begin, I can­not chuse but laugh to think how a worthy Lawyer might be deje­cted in his laudable studies, when he should see more cunning in Lex Mercatoria by a little part of the Merchants profession, then in all the Law-cases of his learned Authors: for this Exchange goes beyond Conjuring; I think verily that neither Doctor Faustus nor Banks his Horse could ever do such admirable feats, although it is sure they had a Devil to help them; but wee Merchants deal not with such Spirits, we delight not to be thought the workers of lying wonders, and therefore I endeavour here to shew the plain­ness of our dealing (in these sup­posed [Page 117] feats) to be agreeable to the laudable course of Trade.

And first, To lay our Money with gaine to any place of the World where Exchange lieth. How can this be done (will some men say) for Amsterdam, when the losse by Exchange is sometimes eight or ten per cent. more or lesse for one moneths usance? The answer is, That here I must consi­der, first, that the principal effici­entThe princi­pal efficient cause of loss by Exchange. cause of this losse, is a greater value in Wares brought from Am­sterdam then we carry thither, which make more Deliverers then Takers here by Exchange, whereby the Mony is undervalued to the benefit of the taker: here­upon the Deliverer, rather then he will lose by his Money, doth con­sider those Countreys, unto which we carry more Wares in value [Page 118] than we receive from them; as namely, Spain, Italy, and others; to which places he is sure (for the reasons aforesaid) that he shall ever deliver his money with pro­fit. But now you will say, that the money is further from Amster­dam than before; How shall it be got together? yes, well enough; and the farther about will prove the nearest way home, if it come at last with good profit; the first part whereof being made (as we have supposed) in Spain, from thence I consider where to make my second gain, and finding that the Florentines send out a greater value in cloth of Gold and Silver, wrought Silks, and Rashes to Spain, than they receive in Fleece Woolls, West-India Hides, Sugar and Cochineal, I know I can­not miss of my purpose by deli­vering [Page 119] my money for Florence; where (still upon the same ground) I direct my course from thence to Venice, and there finde that my next benefit must be at Frankfort or Antwerp, untill at last I come to Amsterdam by a shorter or longer course, according to such occasions of advantage as the times and places shall afford me. And thus we see still, that the pro­fit and loss upon the Exchange is guided and ruled by the over or under ballance of the several Trades which are Predominant and Active, making the price of Exchange high or low, which is therefore Passive, the contrary whereof is so often repeated by the said Malynes.

To the second, fourth, four­teenth, and twenty third, I say, that all these are the proper works [Page 120] of the meer Exchanger, and that his actions cannot work to the good or hurt of the Common­wealth, I have already sufficiently shewed in the last Chap. and there­fore here I may spare that labour.

To the third. It is true, I can deliver one thousand pounds here by exchange to receive the value in Spaine, where with this Spanish money I can buy and bring away so much Spanish wares. But all this doth not prove, but that in the end the English money or commodities must pay for the said wares: for if I deliver my thousand pounds here to an English man, he must pay me in Spain, either by goods already sent, or to be sent thi­ther; or if I deliver it here to a Spaniard, he takes it of me, with intent to employ it in our [Page 121] wares; so that every way we must pay the Stranger for what we have from him: Is there any feats in all this worthy your admiration?

To the fifth, thirtenth, twen­tieth, and twenty first. I must answer these Wonders by heaps, where I finde them to be all one matter in divers formes, and such froth also, that eve­ry Idiot knowes them, and can say, that he who hath credit can contract, buy, sell, and take up much money by Ex­change, which he may do as well also at Interest: yet in these courses they are not alwayes gainers, for sometimes they live by the losse, as well as they who have less credit.

To the sixth and seventh. Here is more poor stuff; for when I [Page 122] know the current price of my Wares, both here and beyond the Seas, I may easily conjecture whe­ther the profit of the Exchange or the gain which I expect upon my Wareswil be greater. And again, as every Merchant knows well what he gains upon the Wares he buy­eth and selleth, so may any other man do the like that can tell how the said Merchant hath proceed­ed: But what is all this to make us admire the Exchange?

To the eighth and twelfth. As Bankers and Exchangers do fur­nish men with money for their occasions, so do they likewise who let out their money at interest with the same hopes and like ad­vantage, which many times not­withstanding fails them, as well as the Borrowers often labour onely for the Lenders profit.

[Page 123]To the ninth and eighteenth. Here my Author hath some secret meaning, or being conscious of his own errours, doth mark these two Wonders with a ☞ in the Margin. For why should this great work of enriching or impo­verishing of Kingdomes be attri­buted to the Exchange, which is done onely by those means that doe over or under-ballance our Forraign Trade, as I have already so often shewed, and as the very words of Malynes himself in these two place may intimate to a judi­cious Reader?

To the fifteenth and sixteenth, I confess that the Exchange may be used in turning base money in­to Gold or Silver, as when a stran­ger may coin and bring over a great quantity of Farthings, which in short time he may disperse or [Page 124] convert into good money, and then deliver the same here by ex­change to receive the value in his own Countrey; or he may do this feat by carrying away the said good mony in specie without using the exchange at all, if he dare ven­ture the penalty of the Law. The Spaniards know well who are the common Coiners of Christendome, that dare venture to bring them store of Copper money of the Spanish stamp, and carry away the value in good Ryals of Eight, wherein notwith­standing all their cunning devi­ces, they are sometimes taken tar­die.

To the 17. The Bankers are al­ways ready to receive such sums of mony as are put into their hands by men of all degrees, who have no skill or good means [Page 125] themselves to manage the same upon the exchange to profit. It is likewise true that the Bankers do repay all men with their own, and yet reserve good gain to themselves, which they do as­well deserve for their ordinary provision or allowance as those Factors do which buy or sell for Merchants by Commission: And is not this likewise both just and very common?

To the 11. I must confess thatLex Merca­toria, pag. 410. Mainte­nance of free trade, p. 17. here is a wonder indeed, that a poor Prince should keep either his wars ot wares (I take both to­gether as the Author sets them down both ways differing in his said two books) upon interest mony; for what needs the Enemy of such a poor Prince deale with the Bankers to disapoint him or defeat him of his mony in time [Page 126] of want, when the interest it self will do this fast enough, and so I leave this poor stuff [...].

To the 19. I have lived long in Italy, where the greatest Banks and Bankers o [...] Christendom do trade, yet could, never see nor hear, that they did, or were able to rule the price of Exchange by confederacie, but still the plenty or scarcity of mony in the course of trade did always overrule them and made the Exchanges to run at [...]h or low rates.

[...] the 22. The Exchange byExchange hinders not Princes of their cu­stoms. bills between Merchant and Mer­chant in the course of trade can­not hinder Princes of their Cu­stoms and Imposts: for the mony which one man delivereth, be­cause he will not, or hath not occasion to employ it in wares, another man taketh, because he [Page 127] either will or hath already laid it out in Merchandize. But it is true, that when the wealth of a Kingdom consisteth much in rea­dy mony, and that there is also good means and conveniencie in such a Kingdom to trade with the same into forraign parts, either by Sea or Land, or by both these ways; if then this trade be neg­lected, the King shall be defeated of those profits: and if the ex­change be the cause thereof, then must we learn in what manner this is done; for we may exchange either amongst our selves, or with strangers; if amongst our selves, the Commonwealth can­not be enriched thereby; for the gain of one subject is the loss of another. And if we exchange with strangers, then our profit is the gain of the Commonwealth. [Page 128] Yet by none of these ways can the King receive any benefit in his customes. Let us therefore seek out the places where such exchan­ging is used, and set down the rea­sons why this practice is permit­ted; in search whereof we shall only find one place of note in all Christendome, which is Ge­noua, whereof I intend to say something as briefly as I can.

The State of Genoua is small,The present estate of the common­wealth of Genoua. and not very fertile, having little natural wealth or materials to employ the people, nor yet victu­als sufficient to feed them; but nevertheless by their industry in former times by forraign trade into Aegypt, Soria, Constantinople, and all those Levant parts for Spices, Drugs, raw Silks and ma­ny other rich wares, with which they served the most places of Eu­rope, [Page 129] they grew to an incredible wealth, which gave life unto the strength of their Cities, the pomp of their buildings, and other sin­gular beauties. But after the foundation and encrease of that famous City of Venice, the said trades turned that way. And since likewise the greatest part thereof doth come into England, Spain, and the Low Countreys by na­vigation directly from the East Indies, which alterations in the traffique, hath forced them of Genoua to change their course of trading with wares, into exchan­ging of their mony; which for gain they spread not only into divers Countreys where the trade is performed with Merchandize, but more especially they do there­with serve the want of the Spani­ards in Flanders and other places [Page 130] for their wars, whereby the pri­vate Merchants are much enrich­ed, but the publique treasure by this course is not encreased, and the reasons why the Common­wealth of Genoua doth suffer this inconvenience, are these.

First and principally, they are forced to leave those trades which they cannot keep from other Nations, who have better means by situation, wares, Ship­ping, Munition and the like, to perform these affairs with more advantage than they are able to doe.

Secondly, they proceed like a wise State, who still retain as much trade as they can, although they are not able to procure the twentieth part of that which they had. For having few or no ma­terials of their own to employ [Page 131] their people, yet they supply this want by the Fleece-wools of Spain, and raw Silks of Sicilia, working them into Velvets, Damasks, Sat­tens, Woollen-drapery, and other manufactures.

Thirdly, whereas they find no means in their own Countrey to employ and trade their great wealth to profit, they content themselves to do it in Spain and other places, either in Merchan­dize, or by exchanging their mo­nies for gain to those Merchants who trade therewith in wares. And thus wheresoever they live abroad for a time circuiting the world for gain; yet in the end the Center of this profit is in their own Native Countrey.

Lastly, the government of Ge­noua being Aristocracie, they are assured that although the pub­lique [Page 132] get little, yet if their pri­vate Merchants gain much from strangers, they shall doe well enough, because the richest and securest Treasure of a Free State, are the riches of the Nobility (who in Genoua are Merchants) which fal­leth not out so in a Monarchy, where between the comings in of a Prince, and the means of Pri­vate Men, there is this distinction of meum & tuum, but in the occasi­ons and dangers of a Republick or Commonwealth, where Liber­ty and Government might be changed into Servitude, there the Proper substance of private men is the publique Treasure, ready to be spent with their lives in defence of their own Soveraignty.

To the 24. If a Merchant should buy wares here with intentions to send them for Venice, [Page 133] and then value them as the Ex­change comes from thence to London, he may find himself far wide of his reckoning: for be­fore his goods arrive at Venice; both the price of his Wares and the rate of the Exchange may al­ter very much. But if the mea­ning of the Author be, that this valuation may be made after the goods arrive, and are sold at Ve­nice, and the money remitted hi­ther by Exchange, or else the money which bought the said wares here may be valued as the Exchange passed at that time from hence to Venice; Is not all this very common and easie busi­ness, unworthy to be put into the number of Admirable feats?

To the tenth. Although a rich Prince hath great power, yet is there not power in every rich [Page 134] Prince to make the staple of Mo­ney run where he pleaseth: for the Staple of any thing is not where it may be had, but where the thing doth most of all a­bound. Whereupon we com­monly say, that the Spaniard, in regard of his great treasure in the West Indies, hath the Fountain or Staple of money, which he mo­veth and causeth to run into Italy, Germany, the Low Countreys, or o­ther places where his occasions doe require it, either for Peace or War. Neither is this effected by any singular Power of the Ex­change, but by divers wayes and means fitting those places where the money is to be employed. For if the use thereof be upon the confines of France to maintain a War there, then may it be safely sent in specie on Carriages by Land; [Page 135] if in Italy, on Gallies by Sea; if in the Low Countreys, on Shipping by Sea also, but yet with more dan­ger, in regard of his potent ene­mies in that passage. Wherefore in this occasion, although the Ex­change is not absolutely necessa­ry, yet is it very useful. And be­cause the Spaniards want of Commodities from Germany and the Low Countreys is greater in va­lue than the Spanish Wares which are carried into those parts, there­fore the King of Spain cannot be furnished there from his own sub­jects with money by exchange, but is and hath been a long time enforc'd to carry a great part of his treasure in Gallies for Italy, whereHow the Ita­lians are ena­bled to furnish Spain with money in Flanders. the Italians, and amongst them the Merchants of Genoua especial­ly, do take the same, and repay the value thereof in Flanders, [Page 136] whereunto they are enabled by their great trade with many rich commodities which they send continually out of Italy into those Countreys and the places there­abouts, from whence the Italians return no great value in wares, but deliver their money for the service of Spain, and receive the value by Exchange in Italy out of the Spanish Treasure, which is brought thither in Gallies, as is afore-written.

So that by this we plainly see, that it is not the power of Exchange that doth enforce treasure where the rich Prince will have it, but it is the money proceeding of wares in Forraigne trade that doth enforce the exchange, and rules the price thereof high or low, according to the plenty or scarcity of the said money, which [Page 137] in this discourse, upon all occasi­ons, I think I have repeated neer as often as Malynes in his Books doth make the Exchange to be an essential part of trade, to be active, predominant, over-ruling the price of Wares and Moneys, life, spirit, and the worker of admirable feats. All which we have now briefly expounded; and let no man ad­mire why he himself did not take this pains, for then he should not onely have taken away the great opinion which he laboured to maintain of the Exchange, but al­so by a true discovery of the right operation therof, he should utter­ly have overthrown his par pro pari; which project (if it had prevailed) would have been a good business for the Dutch, and to the great hurt of this Common-wealth, as hath been sufficiently proved in the 12. chapter.

[Page 138]Now therefore let the learned Lawyer fall cheerfully to his books again, for the Merchant cannot put him down, if he have no more skill than is in his Ex­change. Are these such admirable feats, when they may be so easily known and done in the course of trade? Well then, if by this disco­very we have eased the Lawyers minde, and taken off the edge of his admiration, let him now play his part, and take out a Writ of Er­rour against the Par pro Pari; for this project hath misinformed many, and put us to trouble to expound these Riddles.

Nay, but stay awhile, can all this pass for current, to slight a business thus, which (the Author saith) hath been so seriously ob­served by that famous Council, and those worthy Merchants of [Page 139] Queen Elizabeth of blessed memo­ry, and also condemned by those French Kings, Lewis the 9^th. Philip the fair, and Philip de Valois, with confiscation of the Bankers goods? I must confess that all this re­quires an answer, which in part is already done by the Author himself. For he saith, that the wisdome of our State found out the evil, but they missed of the re­medy; and yet what remedy this should be no man can tell; for there was none applyed, but all practise and use in Exchange stand still to this day in such manner and form as they did at the time when these Feats were discovered, for the State knew well that there needed no remedy where there was no disease.

Well then, how shall we be able to answer the proceedings of [Page 140] the French Kings who did abso­lutely condemn the Bankers, and confiscated their goods? Yes, well enough, for the Bankers might perhaps be condemned for some­thing done in their exchanges against the Law, and yet their profession may still be lawful, as it is in Italy and France it self to this day. Nay we will grant like­wise that the Banks were bani­shed, when the Bankers were punished; yet all this proves no­thing against Exchangers, for Kings and States enact many Sta­tutes, and suddenly repeale them, they do and undo; Princes may err, or else Malynes is grosly mista­ken, where he setteth down 35. several Statutes and other ordinan­cesMaintenance of free trade, p. 76, 77, 78, and 79. enacted by this State in 350. years time to remedy the decay of Trade, and yet all are found de­fective; [Page 141] only his reformation of the Exchange, or Par pro pari, is effectual, if we would believe him; but we know better, and so we leave him.

I might here take occasion to say something against another project of the same brood that lately attended upon the success of this Par propari, as I have been credibly informed, which is, the changing and re-changing here within the Realm, of all the Plate, Bullion and Monies, Forraign or Sterling, to pass only by an office called, The Kings Royal Exchanger, or his Deputies, paying them a Peny upon the value of every Noble: which might raise much to their private good, and destroy more to the publique hurt. For it would decay the Kings Coinage, deprive the Kingdom of much [Page 142] Treasure, abridge the Subjects of their just liberty, and utterly over­throw the worthy trade of the Goldsmiths, all which being plain and easie to the weakest under­standings, I will therefore omit to amplify upon these particu­lars.

CHAP. XV. Of some Excesses and evils in the Com­monwealth, which notwithstanding decay not our Trade nor Treasure.

IT is not my intent to excuse or extenuate any the least excess or evil in the Commonwealth, but rather highly to approve and commend that which by others hath been spoken and written against such abuses. Yet in this discourse of Treasure, as I have already set down affirmatively, [Page 143] which are the true causes that may either augment or decrease the same: so is it not impertinent to continue my negative declara­tions of those enormities and acti­ons which cannot work these ef­fects as some men have supposed. For in redress of this important business, if we mistake the na­ture of the Malady, we shall ever apply such cures as will at least delay, if not confound the Remedy.

Let us then begin with usury, which if it might be turned into Charity, and that they who are Rich would lend to the poor free­ly; it were a work pleasing to Almighty God, and profitable to the Commonwealth. But ta­king it in the degree it now stands; How can we well say, That as usury encreaseth, so Trade decreaseth? [Page 144] For although it is true that some men give over trading, and buy Lands, or put out their Money to use when they are grown rich, or old, or for some other the like occasions; yet for all this it doth not follow, that the quantity of the trade must lessen; for this course in the rich giveth opportu­nity presently to the younger & poorer Merchants to rise in the world, and to enlarge their dealings; to the performance whereof, if they want means of their own, they may, and do, take it up at interest: so that our money lies not dead, it is still traded. How many Mer­chants, and Shop-keepers have begun with little or nothing of their own, and yet are grown ve­ry rich by trading with other mens money? do we not know, that when trading is quick and [Page 145] good, many men, by means of their experience, and having cre­dit to take up money at interest, do trade for much more than they are worth of their own stock? by which diligence of the industrious, the affairs of the Common-wealth are increased, the moneys of Widows, Orphans, Lawyers, Gentlemen and others, are employed in the course of Forraign Trade, which themselves have no skill to perform. We find at this present, that notwith­standing the Poverty we are fallen into by the Excesses and Losses of late times, yet that many men have much money in their chests, and know not how to dispose thereof, because the Merchant will not take the same at interest (although at low rates) in regard there is a stop of trade in Spain and [Page 146] in France, whereby he cannot em­ploy his own meanes, much lesse other mens moneys. So that for these, and some other reasons which might be alledged, we might conclude, contrary to those who affirm, that Trade decrea­seth as usury encreaseth, for they rise and fall together.

In the next place, we hear our Lawyers much condemned; the vexation and charges by multi­plicity of Sutes do exceed all the other Kingdomes of Christendome, but whether this proceed from the Lawyers Covetousness, or the Peoples Perverseness, it is a great question. And let this be as it may, I will enquire no farther therein than our present discourse doth require, concerning the de­cay of our Trade, and impoveri­shing of the Kingdom: Sure I am, [Page 147] that Sutes in Law make many a man poor and penniless, but how it should make us trade for less by one single penny, I cannot well conceive. For although amongst the great number of them who are vexed and undone by contro­versies, there be ever some Mer­chants; yet we know, that one mans necessity becomes another mans opportunity. I never knew as yet, a decay in our Trade and Treasure for want of Merchants, or Means to employ us, but rather by excessive Consumption of Forraign Wares at home, or by a declination in the vent of our Commodities abroad, caused ei­ther by the ruinous effects of Wars, or some alterations in the times of Peace, whereof I have spoken more fully in the third Chapter. But, to conclude with [Page 148] the Lawyers, I say, that their no­ble Profession is necessary for all, and their Cases, Quillets, De­layes and Charges, are mischie­vous to many; these things in­deed are Cankers in the Estates of particular men, but not of the Common-wealth, as some sup­pose, for one mans loss becomes another mans gain, it is still in the Kingdome, I wish it might as surely remain in the right pla­ces.

Lastly, all kind of Bounty and Pomp is not to be avoided, for if we should become so frugal, that we would use few or no Forraign wares, how shall we then vent our own commodities? what will become of our Ships, Mari­ners, Munitions, our poor Artifi­cers, and many others? doe we hope that other Countreys will [Page 149] afford us money for All our wares, without buying or barter­ing for Some of theirs? this would prove a vain expectation; it is more safe and sure to run a mid­dle course by spending moderate­ly, which will purchase treasure plentifully.

Again, the pomp of Buildings, Apparel, and the like, in the No­bility, Gentry, and other able persons, cannot impoverish the Kingdome; if it be done with cu­rious and costly works upon our Materials, and by our own peo­ple, it will maintain the poor with the purse of the rich, which is the best distribution of the Common-wealth. But if any man say, that when the people want work, then the Fishing­trade would be a better employ­ment, and far more profitable; I [Page 150] subscribe willingly. For in that great business there is means enough to employ both rich and poor, whereof there hath been much said and written; It re­steth only that something might be as well effected for the honor and wealth, both of the King and his Kingdoms.

CHAP. XVI. How the Revenues and Incomes of Princes may justly be raised.

NOw that we have set down the true course by which a Kingdom may be enriched with treasure; In the next place we will endeavour to shew the ways and means by which a King may justly share therein without the hurt or oppression of his Sub­jects. The Revenues of Princes [Page 151] as they differ much in quantity, according to the greatness, riches and trade of their respective dominions; so likewise is there great diversity used in procuring the same, according to the con­stitution of the Countreys, the government, laws and customs of the people, which no Prince can alter but with much difficulty and danger. Some Kings have their Crown Lands, the first fruits upon Ecclesiastical Livings, Customs, Tolls and Imposts up­on all trade to and from forraign Countries; Lones, Donations and Subsidies upon all necessary occasions. Other Princes and States leaving the three last, do add unto the rest, a custom upon all new wares transported from one City, to be used in any other City or place of their own dominions, [Page 152] customs upon every alienation or sale of live Cattel, Lands, Houses, and the portions or marriage mo­ny of women, licence mony upon all Victualling houses and Inkeep­ers, head mony, Custom upon all the Corn, Wine, Oyl, Salt and the like, which grow and are consu­med in their own dominions, &c. All which seem to be a rabble of oppressions, serving to enrich those Princes which exact them, and to make the people poor and miserable which endure them; especially in those Coun­treys where these burdens are laid at heavy rates, at 4, 5, 6, and 7. per cent. But when all the circum­stances and distinction of places are duly considered, they will be found not only necessary and therefore lawful to be used in some States, but also in divers re­spects [Page 153] very profitable to the Com­monwealth.

First there are some States, as namely Venice, Florence, Genoua, the united Provinces of the Low Coun­treys, and others, which are singu­lar for beauty, and excellent both for natural and artificial strength, having likewise rich Subjects: yet being of no very great extent, nor enjoying such wealth by or­dinary revenues as might support them against the suddain and powerful invasions of those migh­ty Princes which do inviron them; they are therefore enfor­ced to strengthen themselves not only with confederates and Leagues (which may often fail them in their greatest need) but also by massing up store of trea­sure and Munition by those ex­traordinary courses before writ­ten, [Page 154] which cannot deceive them, but will ever be ready to make a good defence, and to offend or di­vert their enemies.

Neither are these heavy Con­tributions so hurtfull to the hap­pinesse of the people, as they are commonly esteemed: for as the food and rayment of the poor is made dear by Excise, so doth the price of their labour rise in pro­portion; whereby the burden (if any be) is still upon the rich, who are either idle, or at least work not in this kind, yet have they the use and are the great con­sumers of the poors labour: Nei­ther do the rich neglect in their several places and callings to ad­vance their endeavours according to those times which do exhaust their means and revenues; where­in if they should peradventure [Page 155] fail, and therefore be forced to abate their sinful excess and idle retainers; what is all this but hap­piness in a Commonwealth, when vertue, plenty and arts shall thus be advanced all together? Nor can it be truly said that a Kingdom is impoverished where the loss of the people is the gain of the King, from whom also such yearly In­comes have their annual issue to the benefit of his Subjects; except only that part of the treasure which is laid up for the pub­lique good; wherein likewise they who suffer have their safe­ty, and therefore such contribu­tions are both just and profita­ble.

Yet here we must confess, that as the best things may be corrup­ted, so these taxes may be abused and the Commonwealth notori­ously [Page 156] wronged when they are vainly wasted and consumed by a Prince, either upon his own ex­cessive pleasures, or upon unwor­thy persons, such as deserve nei­ther rewards nor countenance from the Majesty of a Prince: but these dangerous disorders are sel­dom seen, especially in such States as are aforenamed, because the disposing of the publique trea­sure is in the power and under the discretion of many; Neither is it unknown to all other Principa­lities and Governments that the end of such Excesses is ever ruin­ous, for they cause great want and poverty, which often drives them from all order to exorbitance, and therefore it is common poli­cy amongst Princes to prevent such mischiefs with great care and providence, by doing nothing that [Page 157] may cause the Nobility to despair of their safety, nor leaving any thing undone which may gain the good will of the Commonalty to keep all in due obedience.

But now before we end thisSome States cannot sub­sist, but by the means of hea­vy taxes. point in hand, we must remem­ber likewise that all bodies are not of one and the same constitu­tion, for that which is Physick to one man, is little better than poy­son to another; The States afore­written, and divers others like to them cannot subsist but by the help of those extraordinary con­tributions, whereof we have spo­ken, because they are not able otherwise in short time to raise sufficient treasure to defend them­selves against a potent enemy, who hath power to invade them on the suddain, as is already de­clared. But a mighty Prince [Page 158] whose dominions are great and united, his Subjects many and Loyal, his Countries rich both by nature and traffique, his Victu­als and warlike provisions plenti­ful and ready, his situation easy to offend others, and difficult to be invaded, his harbors good, his Navy strong, his alliance pow­erfull,Princes, who have no just cause to lay extraordina­ry and heavy taxes upon their Sub­jects. and his ordinary revenues sufficient, royally to support the Majesty of his State, besides a reason­able sum which may be advanc'd to lay up yearly in treasure for fu­ture occasions: shall not all these blessings (being well ordered) en­able a Prince against the suddain invasion of any mighty enemy, without imposing those extraor­dinary and heavy taxes? shall not the wealthy and loyal subjects of such a great and just Prince main­tain his Honour and their own [Page 159] Liberties with life and goods, al­wayes supplying the Treasure of their Soveraign, untill by a well ordered War he may inforce a happy Peace? Yes verily, it can­not otherwise be expected. And thus shall a mighty Prince be more powerful in preserving the wealth and love of his Subjects, than by treasuring up their riches with unnecessary taxes, which cannot but alter and provoke them.

Yea, but say some men, we may easily contradict all this by exam­ple taken from some of the great­est Monarchs of Christendome, who, besides those Incomes which here are termed ordinary, they adde likewise all, or the most of the other heavy-Contributions. All which we grant, and more; for they use also to sell their Offi­ces [Page 160] & Places of Justice, which is an act both base & wicked, because it robbeth worthy men of their Me­rits, & betrayeth the cause of the in­nocent, whereby God is displeased, the people oppressed, and Vertue banished from such unhappy Kingdomes: Shall we then say, that these things are lawfull and necessary because they are used? God forbid, we know better, and we are well assured that these exa­ctions are not taken for a necessa­ry defence of their own right, but through pride and covetousness to add Kingdome to Kingdome, and so to usurp the right of o­thers: which actions of ImpietyThe sinister ends which some great Princes have in laying heavy taxes upon their subjects. are ever shadowed with some fair pretence of Sanctity, as being done for the Catholick Cause, the pro­pagation of the Church, the sup­pression of Hereticks, and such [Page 161] like delusions, serving onely to further their own ambition, whereof in this place it shall be needless to make any larger dis­course.

CHAP. XVII. Whether it be necessary for great Prin­ces to lay up store of Treasure.

BEfore we set down the quan­tity of Treasure which Prin­ces may conveniently lay up yearly without hurting the Common-wealth, it will be fit to examine whether the act it self of Treasuring be necessary: for in common conference we ever find some men who do so much dote or hope upon the Liberality of Princes, that they term it base­ness, and conceive it needless for them to lay up store of Treasure, [Page 162] accounting the honour and safety of great Princes to consist more in their Bounty, than in their Money, which they labour to confirm by the examples of Caesar, Alexander, and others, who hating covetousness, atchieved may acts and victories by lavish gifts and liberal expences. Unto which they add also the little fruit which came by that great summ of money which King David laid up and left to his son Solomon, who not­withstanding this, and all his o­ther rich Presents and wealthy Traffique in a quiet reign, consu­med all with pomp and vain de­lights, excepting only that which was spent in building of the Tem­ple. Whereupon (say they) if so much treasure gathered by so just a King, effect so little, what shall we hope for by the endea­vours [Page 163] of this kind in other Princes? Sardanapalus left ten millions of pounds to them that slew him. Darius left twenty millions of pounds to Alexander that took him; Nero being left rich, and ex­torting much from his best Sub­jects, gave away above twelve millions of pounds to his base flatterers and such unworthy per­sons, which caused Galba after him to revoke those gifts. A Prince who hath store of mony hates peace, despiseth the friend­ship of his Neighbours and Allies, enters not only into unnecessary, but also into dangerous Wars, to the ruin and over-throw (some­times) of his own estate: All which, with divers other weak ar­guments of this kind, (which for brevity I omit) make nothing against the lawful gathering and [Page 164] massing up of Treasure by wise and provident Princes, if they be rightly understood.

For first, concerning those wor­thies who have obtained to the highest top of honour and dignity, by their great gifts and expences, who knows not that this hath been done rather upon the spoils of their Enemies than out of their own Cofers, which is indeed a Bounty that causeth neither loss nor peril? Whereas on the con­trary, those Princes which do not providently lay up Treasure, or do imoderately consume the sameExcess and bounty brings beggery, which makes most men de­vise in their heads how to extort and get mony in­to their hands. when they have it, will sodainly come to want and misery; for there is nothing doth so soon de­cay as Excessive Bounty, in using whereof they want the means to use it. And this was King Solo­mons case, notwithstanding, his in­finite [Page 165] Treasure, which made him over-burthen his Subjects in such a manner, that (for this cause) ma­ny of them rebelled against his Son Rehoboam, who thereby lost a great part of his dominions, be­ing so grosly mis-led by his young Counsellors. Therefore a Prince that will not oppress his people, and yet be able to maintain his Estate, and defend his Right, that will not run himself into Poverty, Contempt, Hate, and Danger, must lay up treasure, and be thrif­ty, for further proof whereof I might yet produce some other ex­amples, which here I do omit as needless.

Only I will add this as a neces­sary rule to be observed, that when more treasure must be rais­ed than can be received by the or­dinary taxes, it ought ever to be [Page 66] done with equality to avoid the hate of the people, who are never pleased except their contributi­ons be granted by general con­sent: For which purpose the invention of Parliaments is an excellent policie of Govern­ment, to keep a sweet concord between a King and his Subjects, by restraining the Insolency of the Nobility, and redressing the Inju­ries of the Commons, without en­gaging a Prince to adhere to either party, but indifferently to favour both. There could nothing be devised with more judgment for the common quiet of a Kingdom, or with greater care for the safety of a King, who hereby hath also good means to dispatch those things by others, which will move envy, and to execute that himself which will merit thanks.

CHAP. XVIII. How much Treasure a Prince may con­veniently lay up yearly.

THus far we have shewed the ordinary and extraordi­nary incomes of Princes, the conveniency thereof, and to whom only it doth necessarily and justly belong, to take the ex­traordinary contributions of their Subjects. It resteth now to ex­amine what proportion of trea­sure each particular Prince may conveniently lay up yearly. This business doth seem at the first to be very plain and easy, for if a Prince have two millions yearly revenue, and spend but one, why should he not lay up the other? Indeed I must confess that this course is ordinary in the means [Page 168] and gettings of private men, but in the affairs of Princes it is far different, there are other circum­stances to be considered; for al­though the revenue of a King should be very great, yet if the gainForraign Trade must give propor­tion to a Princes trea­sure which is laid up yearly. of the Kingdom be but small, this latter must ever give rule and pro­portion to that Treasure, which may conveniently be laid up year­ly, for if he should mass up more mony than is gained by the over­ballance of his forraign trade, he shall not Fleece, bu Flea his Subjects, and so with their ruin overthrow himself for want of future sheer­ings. To make this plain, suppose a Kingdom to be so rich by nature and art, that it may supply it self of forraign wares by trade, and yet advance yearly 200000 l. in ready mony: Next suppose all the Kings revenues to be 900000 l. and his [Page 169] expences but 400000 l. whereby he may lay up 300000 l. more in his Coffers yearly than the whole Kingdom gains from strangers by forraign trade; who sees not then that all the mony in such a State, would suddenly be drawn into the Princes treasure, whereby the life of lands and arts must fail and fall to the ruin both of the publick and private wealth? So that a King who desires to lay up much mony must endeavour by all good means to maintain and en­crease A Prince whose Sub­jects have but little for­raign Trade cannot lay up much mony. his forraign trade, because it is the sole way not only to lead him to his own ends, but also to enrich his Subjects to his farther benefit: for a Prince is esteemed no less powerful by having many rich and well affected. Subjects, than by possessing much treasure in his Coffers.

[Page 170]But here we must meet with an Objection, which peradven­ture may be made concerning such States (whereof I have for­merly spoken) which are of no great extent, and yet bordering upon mighty Princes, are there­fore constrained to lay extraordi­nary taxes upon their subjects, whereby they procure to them­selves very great incomes yearly, and are richly provided against any Forraign Invasions; yet have they no such great trade with Strangers, as that the over-balance or gain of the same may suffice to lay up the one half of that which they advance yearly, besides their own expences.

To this the answer is, that stil the gain of their Forraign Trade must be the rule of laying up their trea­sure, the which although it should [Page 171] not not be much yearly, yet in the time of a long continued peace, and being well managed to ad­vantage, it will become a great summe of money, able to make a long defence, which may end or divert the war. Neither are all the advances of Princes strictly tied to be massed up in treasure, for they have other no less neces­sary and profitable wayes to make them rich and powerfull, by issu­ing out continually a great part of the mony of their yearly Incomes to their subjects from whom it was first taken; as namely, by employing them to make Ships of War, with all the provisions thereunto belonging, to build and repair Forts, to buy and store up Corn in the Granaries of each Province for a years use (at least) aforehand, to serve in occasion of [Page 172] Dearth, which cannot be negle­cted by a State but with great danger, to erect Banks with their money for the encrease of their subjects trade, to maintain in their pay, Collonels, Captains, Souldiers, Commanders, Mari­ners, and others, both by Sea and Land, with good discipline, to fill their Store-houses (in sundryMunition for war ought to be kept in di­vers places of the State, to prevent▪ the loss of all by treachery in one place. strong places) and to abound in Gunpowder, Brimstone, Salt­peter, Shot, Ordnance, Musquets, Swords, Pikes, Armours, Horses, and in many other such like Pro­visions fitting War; all which will make them to be feared a­broad, and loved at home, espe­cially if care be taken that all (as neer as possible) be made out of the Matter and Manufacture of their own subjects, which bear the burden of the yearly Contri­butions; [Page 173] for a Prince (in this case) is like the stomach in the body, which if it cease to digest and distribute to the other members, it doth no sooner corrupt them, but it destroyes it self.

Thus we have seen that a small State may lay up a great wealth in necessary provisions, which are Princes Jewels, no less precious than their Treasure, for in time of need they are ready, and can­not otherwise be had (in some places) on the suddain, where­by a State may be lost, whilest Munition is in providing: so that we may account that Prince as poor who can have no wares to buy at his need, as he that hath no money to buy wares; for although Treasure is said to be the sinews of the War, yet this is so because it doth [Page 174] provide, unite & move the power of men, victuals, and munition where and when the cause doth require; but if these things be wanting in due time, what shall we then do with our mony? the consideration of this, doth cause divers well-governed States to be exceeding provident and well fur­nished of such provisions, especi­ally those Granaries and Storehou­ses with that famous Arsenal of the Venetians, are to be admired for the magnificence of the buildings, the quantity of the Munitions and Stores both for Sea and Land, the multitude of the workmen, the diversity and excellency of the Arts, with the order of the govern­ment. They are rare and worthy things for Princes to behold and imitate; for Majesty without pro­vidence of competent force, and [Page 175] ability of necessary provisions is unassured.

CHAP. XIX. Of some different effects, which pro­ceed from Naturall and Artificiall Wealth.

IN the latter end of the third Chapter of this Book, I have already written ▪ something concerning Natural and Artificial Wealth, and therein shewed how much Art doth add to Nature; but it is yet needful to handle these particulars apart, that so we may the better discern their severall operations in a Common-wealth. For the effecting whereof, I might draw some comparisons from Turkey and Italy, or from some other remote Countreys, but I will not range so far, having mat­ter [Page 176] sufficient here in Great Britain and the united Provinces of the Low Countreys, to make this business plain: wherefore, in the first place, we will begin with England briefly, and onely in general terms, to shew the natural riches of this famous Nation, with some principal effects which they pro­duce in the disposition of the peo­ple, and strength of the King­dome.

If we duly consider Englands Largeness, Beauty, Fertility, Strength, both by Sea and Land, in multitude of warlike People, Horses, Ships, Ammunition, ad­vantagious situation for Defence and Trade, number of Sea-ports and Harbours, which are of diffi­cult access to Enemies, and of ea­sie out-let to the Inhabitants wealth by excellent Fleece-wools, [Page 177] Iron, Lead, Tynn, Saffron, Corn, Victuals, Hides, Wax, and other natural Endowments; we shall find this Kingdome capable to sit as master of a Monarchy. For what greater glory and advantage can any powerful Nation have, than to be thus richly and natu­rally possessed of all things need­ful for Food, Rayment, War, and Peace, not onely for its own plen­tiful use, but also to supply the wants of other Nations, in such a measure, that much money may be thereby gotten yearly, to make the happiness compleat. For ex­perience telleth us, that notwith­standing that excessive Consum­ption of this Kingdome alone, to say nothing of Scotland, there is ex­ported communibus annis of our own native commodities for the va­lue of twenty two hundred thou­sand [Page 178] pounds Sterling, or somewhat more; so that if we were not too much affected to Pride, monstrous Fashions, and Riot, above all other Nations, one million and an half of pounds might plenti­fully supply our unnecessary wants (as I may term them) of Silks, Sugars, Spices, Fruits, and all others; so that seven hundred thousand pounds might be yearly treasur'd up in money to make the Kingdome exceeding rich and powerful in short time. But this great plenty which we enjoy, makes us a people not only vicious and excessive, wastful of the means we have, but also improvident & careless of much other wealth that shamefully we lose, which is, the Fishing in his Majesty's Seas of England, Scotland, and Ireland, being of no less consequence than all [Page 179] our other riches which we ex­port and vent to Strangers, whilestThe fruits of Idleness, which are Englands common re­proches a­mong Stran­gers. in the mean time (through lewd idleness) great multitudes of our people cheat, roar, rob, hang, beg, cant, pine and perish, which by this means and maintenance might be much encreased, to the further wealth and strength of these Kingdomes, especially by Sea, for our own safety, and ter­rour of our enemies. The endea­vours of the industrious Dutch do give sufficient testimony of this truth, to our great shame, and no less perill, if it have not a timely pre­vention: for, whilest we leave our wonted honourable exercises and studies, following our plea­sures, and of late years besotting our selves with pipe and pot, in a beastly manner, sucking smoak, and drinking healths, until death [Page 180] stares many in the face; the said Dutch have well-neer left this swinish vice, and taken up our wonted valour, which we have often so well performed both by Sea and Land, and particularly in their defence, although they are not now so thankful as to ac­knowledgeThe Nether­landers in­gratitude. the same. The summ of all is this, that the general le­prosie of our Piping, Potting, Feasting, Fashions, and mis-spend­ing of our time in Idleness and Pleasure (contrary to the Law of God, and the use of other Nati­ons) hath made us effeminate in our bodies, weak in our know­ledg, poor in our Treasure, decli­ned in our Valour, unfortunate in our Enterprises, and contemned by our Enemies. I write the more of these excesses, because they do so greatly wast our wealth, which is [Page 181] the main subject of this whole Books discourse: and indeed our wealth might be a rare discourse for all Christendome to admire and fear, if we would but add Art to Nature, our labour to our natural means; the neglect whereof hath gi­ven a notable advantage to other nations, & especially to the Holland­ers, whereof I will briefly say some­thing in the next place.

But first, I will deliver my opi­nion concerning our Clothing, which although it is the greatest Wealth and best Employment of the Poor of this Kingdome, yet neverthelesse we may per­adventure employ our selves with better Safety, Plenty, and Profit in using more Tillage and Fishing, than to trust so wholly to the making of Cloth; for in times of War, or by [Page 182] others occasions, if some forraign Princes should prohibit the use thereof in their dominions, it might suddenly cause much po­verty and dangerous uproars, especially by our poor people, when they should be deprived of their ordinary maintenance, which cannot so easily fail them when their labours should be di­vided into the said diversity of employment, whereby also many thousands would be the better en­abled to do the Kingdom good service in occasion of war, espe­cially by Sea: And so leaving England, wee will pass over into the United Provinces of the Nether­lands.

As plenty and power doe make a nation vicious and impro­vident, so penury and want doe make a people wise and industri­ous: [Page 183] concerning the last of these I might instance divers Common­wealths of Christendom, who ha­ving little or nothing in their own Territories, do notwithstan­ding purchase great wealth and strength by their industrious com­merce with strangers, amongstThe Hollan­ders im­provement and indu­stry. which the united Provinces of the Low Countreys are now of greatest note and fame: For since they have cast off the yoke of Spanish slavery, how wonderfully are they improved in all humane po­licy? What great means have they obtained to defend their li­berty against the power of so great an Enemy? and is not all this performed by their continual industry in the trade of Merchan­dize? are not their Provinces the Magazines and Store-houses of wares for most places of Christendom, [Page 184] whereby their Wealth, Shipping, Mariners, Arts, People, and there­by the publique Revenues and Excizes are grown to a wonder­ful height? If we compare the times of their subjection, to their present estate, they seem not theThose Prin­ces which do willingly sup­port the Dutch, would as re­solutely resist the Spaniard. same people; for who knows not that the condition of those Pro­vinces was mean and turbulent under the Spaniards government, which brought rather a greater charge than a further strength to their ambition; neither would it prove over difficult for the neigh­bour Princes in short time to re­duce those Countreys to their for­mer estate again, if their own safe­ty did require the same, as cer­tainly it would if the Spaniard were sole Lord of those Netherlands; but our discourse tends not to shew the means of those mutati­ons, [Page 185] otherwise than to find out the chief foundation of the Hol­landers wealth and greatness: for it seems a wonder to the world, that such a small Countrey, not fully so big as two of our best Shires, having little natural Wealth, Victuals, Timber, or other necessary amunitions, either for war or peace, should notwith­standing possess them all in such extraordinary plenty, that besides their own wants (which are very great) they can and do likewise serve and sell to other Princes, Ships, Ordnance, Cordage, Corn, Powder, Shot, and what not, which by their industrious tra­ding they gather from all the quarters of the world: In whichMuch Poli­cy, but little Honesty. courses they are not less injurious to supplant others (especially the English) than they are careful [Page 186] to strengthen themselves. And to effect this and more than hath been said (which is their war with Spain) they have little foun­dation besides the Fishing, which is permitted them in His Majesties Seas, being indeed the means of an incredible wealth and strength, both by Sea and Land, as Robert Hichcock, Tobias Gentleman, and others have published at large in print to them that list to read. And the States General themselves in their proclamation have inge­niously set out the worth thereof in these words following, The Part of the States Pro­clamation, dated in the Hague, 19. July 1624. great Fishing and catching of Herrings is the cheifest trade and principal Gold Mine of the United Provinces, whereby many thousands of Housholds, Families, Handicrafts, Trades and Occupations are set on work, well maintained and prosper, especially the sailing and na­vigation, [Page 187] as well within as without these Countreys is kept in great estimati­on; Moreover many returns of mony, with the encrease of the means, Con­voys, Customs and revenues of these Coun­treys are augmented thereby and pros­per, with other words following, as is at large expressed in the said Proclamations, set forth by the States General for the preser­vation of the said trade of Fish­ing; without which it is appa­rent that they cannot long subsist in Soveraignty; for if this foun­dation perish, the whole building of their wealth and strength both by Sea and Land must fall; for the multitude of their Shipping would suddainly decay, their re­venues and customs would be­come small, their Countreys would be depopulated for want of maintenance, whereby the Ex­cise [Page 188] must fail, and all their other trades to the East Indies or else­where must faint. So that the glory and power of these Nether­landers consisteth in this fishing of Herrings, Ling and Cod in His Maje­sties Seas. It resteth therefore to know what right or title they have thereunto, and how they are able to possess and keep the same against all other Nati­ons.

The answers to these two que­stions are not difficult: for first, it is not the Netherlandish Au­thor of Mare Liberum, that can in­title them to Fish in His Majesties Seas. For besides the Justice of the cause, and examples of other Countreys, which might be alleged, I will only say, that such titles would be sooner de­cided by swords, than with words; [Page 189] I do beleeve indeed that it is free for the Fish to come thi­ther at their pleasure, but for the Dutch to catch and carry them away from thence with­out His Majesties licence, I harbour no such thought. There may be good policy to connive still, and so long to permit them this fish­ing as they are in perfect league with England, and in war with Spain. But if the Spaniards were Masters of the United Provinces as heretofore, it would neer­ly concern these Kingdoms to claim their own right, and care­fully to make as good use thereof for increase of their wealth and strength, to oppose that potent ene­my, as now the Netherlanders do, and are thereby well enabled for the same purpose: by which particular alone they are ever [Page 190] bound to acknowledge their strong alliance with England, a­bove all other Nations, for there is none that hath the like good means to lend them such a pow­erful maintenance. Nor were itMoney and Fishing com­pared. possible for the Spaniard (if he had those Countreys again) to make a new Foundation with the power of his money, to encrease his strength, either by Sea or Land, to offend these Kingdoms, more than he is now able to perform with the conve­niency of those Provinces which he hath already in his possession; for it is not the Place, but the Em­ployment, not the barren Ne­therlands, but the rich Fishing, which gives Foundation, Trade, and Subsistence to those multi­tudes of Ships, Arts and People, whereby also the Excises and [Page 191] other publick Revenues are conti­nued, and without which Em­ployment all the said great De­pendences must necessarily dis­bandon and fail in very short time. For although I confess, that store of money may bring them materials (which they altogether want) and Artsmen to build them Shipping, yet where are the wares to fraight and maintain them? if money then shall be the onely means to send them out in Trade, what a poor number of Ships will this employ? or if the uncertain occasions of War must support them, will not this require ano­ther Indies, and all too little to maintain the tenth part of so ma­ny Ships and Men as the Hollan­ders do now set on work by the Fishing and other Trades thereon depending? But if it be yet said, [Page 192] that the Spaniard being Lord of all those Netherlands, his expence of the present War there will cease, and so this power may be turned upon us. The answer is, that when Princes send great For­ces abroad to invade others, they must likewise encrease their charge and strength at home, to defend themselves; and also we must consider, that if the Spani­ard will attempt any thing upon these Kingdomes, he must con­sume a great part of his Treasure in Shipping, whereby the means of his invading power of Money and Men to land will be much less than now it is in the Low Countreys: Nor should we regard them, but be ever ready to beard them, when our Wealth and Strength by Sea and Land might be so much encreased by the pos­session [Page 193] and practise of our Fishing, of which particular I will yet say something more where occasion shall be offer­ed in that which followeth. And here in this place I will onely add, that if the Spani­ard were sole Lord of all the Netherlands, he must then ne­cessarily drive a great trade by Sea, to supply the com­mon wants of those Coun­treys, whereby in occasion of war, we should have means daily to take much wealth from him; whereas now the Spaniard using little or no trade in these Seas, but imploying his Ships of warre to the ut­termost of his power, he on­ly takes, and we lose great mat­ters continually.

[Page 194]Now concerning the second question, Whether the Hollanders be able to possess and keep this fishing against all other Nations. It is very probable, that although they claim now no other right than their own freedome in this Fish­ing, seeming to leave the like to all others; yet if the practise of any Nation should seek either to Fish with them or to supplant them, they would be both rea­dy and able to maintain this Golden Mine, against the stron­gest opposition except England, whose harbours and In-lands with other daily reliefs are very needful, if not absolutely neces­sary for this employment, and whose Power also by Sea, is able (in short-time) to give this busi­ness disturbance, and utter ruin, if the occasion should be so ur­gent [Page 195] as is afore supposed: Nei­ther is it enough for any man to contradict all this by saying the Hollanders are very strong by Sea, when both Sea and Land en­counter them with a greater pow­er: we must observe from whence their strength doth grow, and if the root may once be spoiled, the branches soon will wither; and therefore it were an error to esteem, or value them according to the present power and wealth, which they have obtained by trade or purchase; for although this were far greater then indeed it is, yet would it soon be consu­med in a chargeable war against a potent enemy, when the current of those Accidents may be stopt and turned by preventing the sub­stance it self (which is the Fishing in His Majesties Seas) that gives [Page 196] Foundation, and is the very Foun­tain of their strength and happi­ness: The United Provinces (we know) are like a fair bird suited with goodly borrowed plumes; but if every Fowl should take his feather, this bird would rest neer naked: Nor have we ever seen these Netherlanders as yet in their greatest occasions to set forth neer so many ships of war at once as the English have often done with­out any hinderance of their or­dinary traffique; It is true indeed, they have an infinite number of weak Ships to fish with, and fetch Corn, Salt, &c. for their own victualling and trading, the like to fetch Timber, Plank, Boords, Pitch, Hemp, Tar, Flax, Masts, Cordage, and other Ammuniti­ons to make those multitudes of Ships, which unto them are as our [Page 197] Ploughs to us, the which exceptThe Nether­landers Ploughs. they stir, the people starve; their Shipping therefore cannot be spared from their traffique (as ours may if occasion require) no not for a very short time, with­out utter ruin, because it is the daily maintenance of their great multitudes which gain their li­ving but from hand to mouths upon which also depends the great excises, and other publique revenues, which support the State it self: Neither indeed are those Vessels strong or fit for war; and in their proper use of Fishing and trade they would become the ri­ches, or the purchase of a potent Enemy by Sea, as they partly find by one poor town of Dun­kirk, notwithstanding their great charge of Men of war, strong Convoys, and other [Page 198] comm [...]ndable diligence, which continually they use to prevent this mischief: but if the occasion of a more powerful enemy by Sea should force them to double or treble those charges, we may well doubt the means of their con­tinuance, especially when (by us) their fishing might nevertheless be prevented, which should pro­cure the maintenance. TheseMen who speak by af­fection or tradition, not from reason. and other circumstances make me often wonder, when I hear the Dutch vain-gloriously to brag, and many English simply to be­lieve, that the United Provinces are our Forts, Bulwarks, Walls, out-works, and I know not what, without which we cannot longThe Hollan­ders main supportance is Englands good Alli­ance. subsist against the Spanish forces; when in truth, we are the main foun­tain of their happiness, both for war and peace; for trade and treasure, [Page 199] for Munition and Men, spending our bloud in their defence; whilst their people are preserved to conquer in the Indies, and to reap the fruits of a rich traffique out of our own bosoms; which being assumed to our selves (as we have right and pow­er to do) would mightily encrease the breed of our people by this good means of their maintenance, and well enable us against the strongest enemy, and force like­wise great multitudes of those Netherlanders themselves to seek their living here with us for want of better maintenance: whereby our many decayed Sea-towns and Castles would soon be re-edified and populated in more ample manner than formerly they were in their best estate. And thus these forces being united, would be ever more ready, sure, and vi­gorous [Page 200] than a greater strength that lies divided, which is always subject to delays, diversion, and other jealousies, of all which we ought not to be ignorant, but perfectly to know, and use our own strength when we have oc­casion, and especially we must ever be watchful to preserve this strength, lest the subtilty of the Dutch (under some fair shews and with their mony) prevail, as peradventure they lately pra­ctised in Scotland, to have had a Patent for the possessing, inha­biting, and fortifying of that ex­cellent Island of Lewis in the Orcades; whose scituation, har­bours, fishing, fertility, largeness and other advantages, would have made them able (in short time) to offend these Kingdoms by suddain invasions, and to have [Page 201] defended the aforesaid Fishing against his Majesties greatest pow­er, and also to send out and return home their Shipping prosperously that way, to and from the East and West Indies, Spain, the Straights, and other places, without passing through his Majesty's narrow Seas, where in all occasions this Kingdome now hath so great ad­vantage to take their Ships, and prevent their best Trades, which would soon bring them to ruine, whereby (as they well know) we have a greater tie and power over them than any other Nation. And howsoever the said Island of Lewis might have been obtained in the name of private men, and un­der the fair pretence of bringing Comerce into those remote parts of Scotland; yet in the end, when the work had been brought to [Page 202] any good perfection, the possessi­on and power would no doubt have come to the Lords, the States General, even as we know they have lately gotten divers pla­ces of great Strength and Wealth in the East Indies, in the names and with the purse of their Mer­chants, whereby also their actions herein have been obscur'd & made less notorious unto the world, untill they had obtain'd their ends, which are of such consequence, that it doth much concern this Nation in particular, carefully to observe their proceedings, for they notori­ously follow the steps of that vali­ant and politick Captain, Philip of Macedon, whose Maxim was, That where force could not prevail, he al­wayes Where force fails, yet mo­ney prevails; thus hopes the Hollanders. used bribes, and money to corrupt those who might advance his fortune; by which policy he gave founda­tion [Page 203] to a Monarchy; & what know we but that the Dutch may aim at some such Soveraignty, when they shall find their Indian at­tempts and other subtil plots suc­ceed so prosperously? Do we not see their Lands are now become too little to contain this swelling people, whereby their Ships and Seas are made the Habitations of great multitudes? and yet, to give them further breed, are they not spared from their own wars to enrich the State and themselves by Trade and Arts? whilest by this policy many thousands of stran­gers are also drawn thither for performance of their martial em­ployments, whereby the great re­venue of their Excises is so much the more encreased, and all things so subtilly contrived, that al­though the forraign Souldier be well [Page 204] paid, yet all must be there again expended; and thus the Wealth remains still in their own Coun­treys; nor are the strangers enri­ched which do them this great service.

I have heard some Italians wise­ly and worthily discourse of the natural Strength and Wealth of England, which they make to be matchless, if we should (but in part) apply our selves to such policies and endeavours as are ve­ry commonly used in some other Countreys of Europe; and much they have admired, that our thoughts and jealousies attend on­ly upon the Spanish and French greatness, never once suspecting, but constantly embracing the Netherlanders as our best Friends and Allies; when in truth (as they well observe) there are no [Page 205] people in Christendome who do more undermine, hurt, and eclipse us daily in our Navigation and Trades, both abroad and at home; and this not only in the rich Fish­ing in his Majesty's Seas (where­of we have already written) but also in our Inland trades between City and City, in the Manufa­ctures of Silk, Woolls, and the like, made here in this Kingdom, wherein they never give employ­ment or education in their Arts to the English, but ever (according to the custome of the Jewes, where they abide in Turkey, and divers places of Christendome) they live wholly to themselves in their own Tribes. So that we may truly say of the Dutch, that although they are amongst us, yet certainly they are not of us, no not they who are born and bred [Page 206] here in our own Countrey, for stil they will be Dutch, not having so much as one drop of English bloud in their hearts.

More might be written of these Netherlanders pride and ambiti­ous endeavours, whereby they hope in time to grow mighty, if they be not prevented, and much more may be said of their cruel and unjust violence used (especi­ally to their best friends, the Eng­lish) in matters of bloud, trade, and other profits, where they have had advantage and power to per­form it: but these things are alrea­dy published in print to the view and admiration of the world; wherefore I will conclude, and the summ of all is this, that the United Provinces, which now are so great a trouble, if not a terrour to the Spaniard, were heretofore [Page 207] little better than a charge to them in their possession, and would be so again in the like occasion, the reasons whereof I might yet fur­ther enlarge; but they are not pertinent to this discourse, more than is already declared, to shew the different effects between Natu­ral and Artificial Wealth: The first of which, as it is most noble and advantagious, being alwayes rea­dy and certain, so doth it make the people careless, proud, and given to all excesses; whereas the second enforceth Vigilancy, Literature, Arts and Policy. My wishes therefore are, that as England doth plentifully enjoy the one, and is fully capable of the other, that our endeavours might as worthily conjoyn them both together, to the reformation of our vicious idleness, and greater glory of these famous Kingdomes.

CHAP. XX. The order and means whereby we may draw up the ballance of our Forraign Trade.

NOw, that we have suffici­ently proved the Ballance of our Forraign Trade to be the true rule of our Treasure; It resteth that we shew by whom and in what manner the said ballance may bedrawn up at all times, when it shall please the State to discover how we pro­sper or decline in this great and weighty business, wherein the Officers of his Majesties Customes are the onely Agents to be em­ployed, because they have the accounts of all the wares which are issued out or brought into the Kingdome; and although (it is [Page 209] true) they cannot exactly set down the cost and charges of other mens goods bought here or beyond the seas; yet nevertheless, if they ground themselves upon the book of Rates, they shall be able to make such an estimate as may well satisfie this enquiry: for it is not expected that such an ac­count can possibly be drawn up to a just ballance, it will suffice onely that the difference be not over great.

First therefore, concerning ourHow we must value our Exportatione and Imper­tations. Exportations, when we have va­lued their first cost, we must add twenty five per cent. thereunto for the charges here, for fraight of Ships, ensurance of the Adventure, and the Merchants Gains; and for our Fishing Trades, which pay no Custome to his Majesty, the va­lue of such Exportations may be [Page 210] easily esteem'd by good observati­ons which have been made, and may continually be made, ac­cording to the increase or de­crease of those affairs, the present estate of this commodity being valued at one hundred and forty thousand pounds issued yearly. Also we must add to our Expor­tations all the moneys which are carried out in Trade by license from his Majesty.

Secondly, for our Importati­ons of Forraign Wares, the Cu­stome-books serve onely to di­rect us concerning the quantity, for we must not value them as they are rated here, but as they cost us with all charges laden in­to our Ships beyond the Seas, in the respective places where they are bought: for the Merchants gain, the charges of Insurance, [Page 211] Fraight of Ships, Customes, Im­posts, and other Duties here, which doe greatly indear them unto our use and consumption, are notwithstanding but Com­mutations amongst our selves, for the Stranger hath no part thereof: wherefore our said Im­portations ought to be valued at twenty five per cent. less than they are rated to be worth here. And although this may seem to be too great allowance up­on many rich Commodities, which come but from the Low Countreys and other places neer hand, yet will it be found rea­sonable, when we consider it in gross Commodities, and up­on Wares laden in remote Coun­treys, as our Pepper, which cost us, with charges, but four pence the pound in the East In­dies, [Page 212] and it is here rated at twenty pence the pound: so that when all is brought into a medium, the valuation ought to be made as afore-written. And therefore, the order which hath been u­sed to multiply the full rates upon wares inwards by twen­ty, would produce a very great errour in the Ballance, for in this manner the ten thousand bags of Pepper, which this year we have brought hither from the East Indies, should be valu­ed at very near two hundred and fifty thousand pounds, where­asThe Trade to the East Indies is not onely great in it self, but it doth also make our o­ther trades much grea­ter than they were. all this Pepper in the King­domes accompt, cost not above fifty thousand pounds, because the Indians have had no more of us, although we paid them extraordinary dear prices for the same. All the other charges [Page 213] (as I have said before) is but a change of effects amongst our selves, and from the Subject to the King, which cannot impo­verish the Common-wealth. But it is true, that whereas nine thousand bags of the said Pep­per are already shipped out for divers forraign parts; These and all other Wares, forraign or domestick, which are thus transported Outwards, ought to be cast up by the rates of his Ma­jesties Custome-money, multi­plyed by twenty, or rather by twenty five (as I conceive) which will come neerer the reckoning, when we consider all our Trades to bring them into a medium.

Thirdly, we must remember, that all Wares exported or im­ported by Strangers (in their shipping) be esteemed by them­selves, [Page 214] for what they carry out, the Kingdom hath only the first cost and the custom: And what they bring in, we must rate itas it is worth here, the Custom, Impost, and pety charges only deducted.

Lastly, there must be good no­tice taken of all the great losses which we receive at Sea in our Shipping either outward or home­ward bound: for the value of the one is to be deducted from our Exportations, and the value of the other is to be added to our Importations: for to lose and to consume doth produce one and the same reckoning. Likewise if it happen that His Majesty doth make over any great sums of mony by Exchange to maintain a for­raign war, where we do not feed and clothe the Souldiers, and Pro­vide the armies, we must deduct all [Page 215] this charge out of our Exportati­ons or add it to our Importati­ons; for this expence doth either carry out or hinder the coming in of so much Treasure. And here we must remember the great col­lections of mony which are sup­posed to be made throughout the Realm yearly from our Recu­sants by Priests and Jesuits, who secretly convey the same unto their Colleges, Cloysters and Nunneries beyond the Seas, from whence it never returns to us a­gain in any kind; therefore if thisTwo Contra­ries which are both pr­nicious. mischief cannot be prevented, yet it must be esteemed and set down as a cleer loss to the Kingdome, except (to ballance this) we will imagine that as great a value may perhaps come in from forraign Princes to their Pensioners here for Favours or Intelligence, which [Page 216] some States account good Policy, to purchase with great Liberali­ty; the receipt whereof not­withstanding is plain Treache­ry.

There are yet some other petty things which seem to have refe­rence to this Ballance, of which the said Officers of His Majesties Customs can take no notice, to bring them into the accompt. As namely, the expences of tra­vailers, the gifts to Ambassadors and Strangers, the fraud of some rich goods not entred into the Custom-house, the gain which is made here by Strangers by change and re-change, Interest of mony, ensurance upon English mens goods and their lives: which can be little when the charges of their living here is deducted; besides that the very like advantages are [Page 217] as amply ministred unto the Eng­lish in forraign Countreys, which doth counterpoize all these things, and therefore they are not consi­derable in the drawing up of the said Ballance.

CHAP. XXI. The conclusion upon all that hath been said, concerning the Exportation or Importation of Treasure.

THe sum of all that hath been spoken, concerning the enriching of the King­dom, and th' encrease of our trea­sure by commerce with strangers, is briefly thus. That it is a cer­tain rule in our forraign trade, in those places where our commo­dities exported are overballanced in value by forraign wares brought into this Realm, there [Page 218] our mony is undervalued in ex­change; and where the contrary of this is performed, there our mony is overvalued. But let the Merchants exchange be at a high rate, or at a low rate, or at the Par propari, or put down altoge­ther; Let Forraign Princes en­hance their Coins, or debase their Standards, and let His Majesty do the like, or keep them constant as they now stand; Let forraign Coins pass current here in all payments at higher rates than they are worth at the Mint; Let the Statute for employments by Strangers stand in force or be re­pealed; Let the meer Exchanger do his worst; Let Princes oppress, Lawyers extort, Usurers bite, Pro­digals wast, and lastly let Mer­chants carry out what mony they shall have occasion to use in [Page 219] traffique. Yet all these actions can work no other effects in the course of trade than is declared in this discourse. For so much Treasure only will be brought in or carried out of a Common­wealth, as the Forraign Trade doth over or under ballance in value. And this must come to pass by a Necessity beyond all re­sistance. So that all other cour­ses (which tend not to this end) howsoever they may seem to force mony into a Kingdom for a time, yet are they (in the end) not only fruitless but also hurtful: they are like to violent flouds which bear down their banks, and sud­denly remain dry again for want of waters.

Behold then the true form and worth of forraign Trade, which is, The great Revenue of the King [Page] The honour of the Kingdom, The Noble profession of the Merchant, The School of our Arts, The supply of our wants, The employment of our poor, The im­provement of our Lands, The Nurcery of our Mariners, The walls of the King­doms, The means of our Treasure, The Sinnews of our wars, The terror of our Enemies. For all which great and weighty reasons, do so many well governed States highly counte­nance the profession, and care­fully cherish the action, not only with Policy to encrease it, but also with power to protect it from all forraign injuries: be­cause they know it is a Principal in Reason of State to maintain and defend that which doth Sup­port them and their estates.