England's LOOKING IN AND out. Presented to the High COURT of PARLIAMENT now Assembled.  
By the Author R. M. Knight.  
LONDON, Printed by T. Badger for H Mosley, and are to be sold at his Shop at the Prince's arms in Saint Paul's churchyard 1640.   

The humble request of Sir Ralph Maddison KNIGHT, to the Honourable House of COMMONS, Die Martis primo Decembris 1640.  
THat it would please this Honourable assembly of the House of Commons, to take into their consideration the decay of our kingdom's commodities, and especially the Wools of this kingdom of late years much decayed in price; which (if it continue) will assuredly pull down the revenue of King and subject, to the unspeakable loss of all in general.  
Which your humble petitioner conceiveth to come by two special or principal ways or means, both of them worthy of your High and Noble consideration; namely, the overballancing of Trade in commerce with Strangers, And the marchandizing Exchange by bills used between us and strangers; both which do tend to, and in truth do drive out our kingdoms coin both Gold and Silver for the making up the unequal and prejudicial balance of Trade, and the usurious and Canker-eating contracts daily practised between us and strangers, and especially the Bankers the first movers therein.  
And because the words (Balance of Trade, or commerce and marchandizing Exchange) must of force be mentioned because they are the words of art of science well known to many in this Honourable Assembly, who have been versed by Trade or travel in foreign parts: Yet because I suppose there be more here assembled that have not been ver●ed, or given their mind to Marchandizing business; I humbly crave pardon, if I be bold (for the help of all men's understanding herein) to explain these words in as few words as I can.  
And first, of (Balance) all men do know what it meaneth in buying and selling at home, but the word (Trade) put thereto, is obscure, till it be opened.  
Balance of Trade then, is the computation, or taking the account or valuation of all the merchandise exported or imported into this kingdom every year; which (being cast up) may tell us whether we get or lose, or what loss or gain cometh to the kingdom's Commerce that year the balance is cast up. And if it be found that we import more than we export, then that which doth want of making the balance equal, must be fulfilled with our kingdom's stock or store of money; which (in process of time) will eat up, or consume (to a small portion) our moneys that should beat or maintain our home-commerce and markets; (per consequence) lessen the prices of our wools, corn, Lands, and what not? for this is infallibly true in common sense, that where much money is, there the prices are greater; and where little money is, there the prices of all things are less, and go low. Hence it was, and will be said this proverb, Regina pecunia donat, for money will bear rule in price in despite of all men that say no. But I do conjecture (as some have said to myself) some in this assembly will say; How is it possible that all goods or merchandise, going out of this realm and coming in should be accounted? This is a thing that to some wise men doth seem impossible. To this I answer, It is no new thing, that the valuation or rate or price of all goods going out and into this realm, hath been put into books duly kept in every port of this kingdom, and once a year at a certain time all brought into the King's remembrancers office in the Exchequer, and there to be collected and made up into one gross sum of all out bound and another gross sum of all in bound goods; whereby the King might (as in a mirror) see the face of his common weal whether it grew fat or lean; And this (under favourable correction be it spoken) was one amongst other causes wherefore custom of old was due to the King by common reason or law, for maintenance of the officers that attended this care in every Port, and is so ancient as in Henry the third his time it was called (the old custom:) before all memory of Record: This may suffice in brevity for the words, balance of Trade.  
Secondly, the word exchange, all know what it is to make a change; Marchandizing Exchange is known only to merchants, and those that in foreign travel have used it: And few of either sort do know the par or equal exchange of coins between foreigners and us.  
Exchange of merchants was first invented for saving of portage and keeping of moneys at home in every kingdom, beside the hazard that might befall in carrying of Treasure (as luggage) from kingdom to kingdom, which otherwise, upon every several contract (made to be paid forrainly) would be exported; and every Traveller beyond the Seas should carry his expending money with him. But now, if by equal or disadvantageous exchange a man deliver an hundred pounds here to be paid so much like quantity of gold or silver again there beyond Seas; this both keepeth the money at home. But if by unequal exchange a gain may be had by overvaluing of our money beyond Seas, as now they be overvalued, especially in France, not only a merchant making contract as aforesaid, or a Traveller not knowing the mystery, shall lose ten or more in the hundred. And the merchant observer of the mystery, (for the gain had thereby) export the money in specie, but more especially gold, when visibly without change of species he may retain ten of those pieces and more in the hundred, and there with ninety pieces pay the hundred pieces received here; and this is the overt or open fallacy, now too frequently in France practised upon or by the denomination of that coin: But there is another more secret which is practised by Exchangers to be considered from the fineness of the coin; wherein is to be noted, that all Prince's coins are not alike, for some have more Ailay or Copper mixed with the gold or silver, which were a long discourse to enter into, and upon agitation of this business of Exchange, will be opened sufficiently there being only two chief ways of deceit; denomination, or open deceit; The second, intrinsicke or inward value, consisting in the mixture of Copper more or less put into the gold or silver.  
It is not unknown that there be other great causes which do hinder our prizes and procure damage to our home commodities; namely, exportation of Gold and Silver, diversion of bullion and home-consumption of gold and silver, Inhancing of our money's Gold and Silver in foreign parts, and especially in France as aforesaid, and homebred monopolian practices; all which will fall into consideration upon the handling of the two first causes above said.  
Whereupon my humble request is you would be pleased to cause the balance of Trade to be truly cast up and presented unto you with all speed, as also to take notice how the exchange goeth between us and foreign merchants. And (if both be found prejudicial) to set such convenient remedy as hath been formerly in ancient time used, or by your grave wisdoms be found more agreeable to these modern times; And he shall ever rest a devoted servant unto our King and Country, with his hearty prayers for prosperity of both.  
R. M.   

DREAD sovereign, and Right Honourable Lords, with the honourable House of Commons: For unto you all, I humbly present these my Labours, (for that it doth concern every one, from the King to the Beggar) expecting neither profit nor praise for the same, Ministerium oblatum ne sordescat. My single duty bindeth me, (as a member in a Ship in time of distress,) to put to my hand to work in the same.  
One of the leaks in this Ship or house, is the running out or leaking of our moneys into other lands by way of overballancing in Trade or Marchandizing Exchange, or both; the two principal causes of our trades decay, and want of moneys.  
And for that Marchandizing Exchange is mystical, and full of secret deceit, chiefly nourished and directed by the Bankers or lenders of moneys beyond Seas for unconscionable gain; and (by secret or close conveyance) to work out and carry away our bullion or moneys in specie, as it hath been divers years, and yet is visibly seen in France, and other parts beyond the Seas; Therefore (imitating herein the wisest of men) I shall seek out plain and easy words to express the same; not tying myself to the words of Art, thereby endeavouring to facilitate, and make the difficulty thereof easy to every man's understanding not versed therein, (if they have a desire:) Wherein I shall observe the Method of the wisest Instructor, who first created the light to enlighten the succeeding world, and after manifested the creatures by the same; So I shall (God willing) first open the use of the merchant Exchange, and after set forth some abuses of the same to all men's understanding, and lastly, the remedy. So, praying to God to prosper your labours in all happiness, I rest Your humble and devoted Subject and Servant.  
Ralphe Maddison Knight.   

IN the first place than it behooveth to show the composing of the weight of silver and gold; Silver weight is thus composed: A pound Troy containeth twelve ounces; an Ounce containeth twenty penny weight, a penny weight containeth twenty four grains of wheat, taken out of the midst of the wheat ear, et e converso, 24. grains taken out of the midst of the wheat ear do make a penny weight; twenty penny weight do make an ounce, and twelve ounces do make a pound Troy.  
Where note, that a pound Taile is but four ounces, which before King Henry the Sixt his time, was all one with the pound Troy, he then did raise it by prerogative to 30. pence the ounce, which caused the price of an ounce of silver to pass at that price in currant payment betwixt man and man; and a pound weight Troy to pass at 30s which before was but 20s. Thus by dividing the ounce Troy into so many more pieces, he lost so much in his revenues, customs, and other duties belonging to him, as he had multiplied the pence in number, and this is called, raising the coin in denomination.  
And in success of time, between Henry the Sixt, and the beginning of Edward the sixth his time, the ounce was raised to sixty pence, and so it remained ever since constant, notwithstanding the raising of it in foreign parts; for it was found by experience of our former raisings, that raising of the ounce weight, was but a temporary remedy to keep the moneys at home, and stood no longer than they raised again beyond Seas; This may suffice for the weight of silver, consisting now of sixty pence the ounce, twelve ounces to the pound Troy.  
The gold pound being the same in weight with the silver is otherwise composed in other terms; as thus, The Gold casteth away the name of penny weight, thus, A pound weight of Troy of pure Gold is said to be 24. Carrats, and every Carrat containeth four grains, two Carrats and an ounce are one weight, a grain and half a quarter of an ounce are one weight.  
Next followeth in order to know the Composition of the mixture or fineness of Gold and Silver; and first, of Silver, because it is the common market man both at home and abroad.  
Here is to be noted that no moneys be made of pure Silver in no Mints, the reason is, because in its pureness and purity the Silver is as flexible as lead almost, and therefore not so useful in its purity, as when it is something hardened with Copper; even so it is with Gold. There is no pure Gold minted in any place I know of, but hath some alloy or Copper, and if it hath been heretofore, it is so ancient that no memory thereof remaineth to us; and if it were at any time done so, the alteration began with some Prince that meant and did deceive others with so doing: for it is a powerful means to fetch his neighbour's coins from them to be minted in his mints; which being perceived, his neighbours did mix their coins also, thinking thereby to fetch theirs home again by the same means it went away; but (as it is before said of denomination;) so then and now it falleth out to be the same in embasing the coin, as it was or is in denomination; but a temporary remedy and to no purpose but hurt, as I shall tell you hereafter, when I come to speak of the inconveniences of raising the coin by denomination or debasing of it by alloy or Copper, which be all one in effect and worketh alike.  
So than you having the weights of silver and gold in your understanding and memory; it remaineth to let you know that almost all Prince's coins do differ in fineness or mixture, few do agree just together, insomuch as Spain having four Mints or more under his command, two in the West Indies Mexico and Perue, and two in the Continent of Spain, Lisbon and Sivile, yet all four differ in fineness one from the other something, for which there is some reason to be given in its proper time: So likewise there is some difference in fineness in other Prince's coins, as between us and France, and the Low-Countries, arch-duchess, and united Provinces, Lubeck, Hamborough, Stoad, and the imperial Cities of Germany.  
And for this cause of differences, ours consisting of eleven ounces two penny weight fine, FRANCE of eleven ounces fine, Low-Countries of ten ounces, and some of nine ounces-fine in the pound Troy.  
It behooveth us who have the finest Standard or mixture of silver in our moneys, to beware that our fine moneys be not drawn out from us to maintain the baser mints; for if denomination have a power to work that effect; much more hath embasing of coin being not so easily perceived as the other, and to watch over them in all places, lest we be deceived by any of them.  
But some will say; what need we be put to trouble to watch others, cannot we more easily do as others do?  
To this I answer, if there were no harm in so doing at home, yet to alter with them that alter or may alter, requireth a continual watch over all others with whom we have commerce, or else, how should we know when they alter, or know what mint it is that draweth our moneys from us? and if we should alter our mint as often as others may alter, we should ever be altering and have no rest at home; this, perconsequence must needs bring a confusion in short time, when once moving our mint hath made great alterations amongst us at home, and will ever do so when we shall alter; It is the greatest harm to King and Subjects, as shall be showed (God willing) hereafter.  
In the mean time, give me leave to let you know, that in or about the year of our Lord one thousand five hundred fifty and five, we being in amity with all Princes and neighbour-mynts, there was a general consent amongst Princes and States to make a treaty for the Concord in mint affairs, to keep a parity in coins, which treaties were frequent in elder times, but now, (by reason of wars near hand, in France, Low Countries, and Germany) is omitted.  
And in King HENRY the eight, his time, there is mention made of a Treatise between the KING and the arch-duchess of Austria, wherein it was found that the difference of an half penny in an angel of Gold (which now is about three pence in the pound tale) it would be sufficient to exhaust his treasure out of his kingdom, and by no means would suffer it.  
Then per consequence what do they which at this time do raise both Gold and Silver, twenty in the hundred above others?  
The answer to this is, they do break the Law of Nations, which is a just cause of war amongst Princes, to go about to draw away their neighbour's coin by inhancing, by denomination, or debasing the fineness by alloy, for all make one effect as aforesaid.  
But what care they to break the law of nations that purpose to have war? then this is answered for that; and must we then of consequence have our moneys exhausted (as they are) or make war, and by the next consequence be undone, is there none other remedy? There is, but I refer the remedy till another time and place.  
Now I have laid open the composing of the weight and fineness of Gold and Silver, I am to show the cause of exporting of our Gold and Silver, before aremedy can be applied.  
And this is a secret to most men to know the cause, and will be controverted by them that have profit thereby; and if we believe them that controvert it, the cause is lost; herein is to be noted, what Ecclesiastes (as concerning merchant Exchange saith: Trust not a merchant in the business or touching Exchange, a Labourer, in the point of hire, nor a soldier in the ending of wars.  
Bear in remembrance the weight and fineness of our own coin especially, without which knowing and remembering, you cannot fall upon nor understand the true cause of exhansting of our moneys, which is the marchandizing Exchange, nor yet the remedy; Therefore I pray you pause upon that which hath been said a while, unless you have been versed or do understand the mint business, and composing of Gold and Silver, which hath been declared in some measure.  
Also take this with you for a principle; moneys can neither be advanced in denomination, nor a pound Troy or an ounce be made into more pieces of Silver, nor debased by putting in more Copper or alloy, without general detriment to the Respublike: A perilous thing to deal withal without doubt, and most especially in Land Common weals.  
And wherefore more in land commonwealths, then in maritime and Marchandizing Common weals? I must tell you, or you will not believe.  
Maritime and merchants can immediately change with the Changer, without detriment; The merchant can immediately set a price of his merchandise, according to the worth of the money; and the Artificer and Labourer set a price accordingly to his labour or hire; which cannot be done in terraine State, more especially in our kingdom; which I forbear for the present, till I show the inconveniencies or mischiefs that would follow the alteration of our mint, and will be most pernicious to undertake any such thing.  
And for that I have already named the merchant Exchange to be the efficient cause of exhausting our moneys in general, thus it is; merchant's Exchange was first invented for the saving of portage, and keeping of moneys at home in every kingdom, besides the hazard that might befall in carrying of Treasure (as luggage) from kingdom to kingdom, which otherwise upon every several contract (made to be paid forraignly) would be exported; And every traveller beyond the Seas would carry his expending money with him.  
But now, (if by equal or disadvantagoeus Exchange) a man deliver an hundred pounds here, to be paid so much like quantity of Gold or Silver again there beyond Seas; this both keepeth the money at home, and saveth the Traveller a labour and hazard in carrying the money over.  
But if (by unequal Exchange) a gain may be had by overvaluing our moneys beyond Seas, as now they be overvalued, especially in France; not only a merchant making contract as aforesaid, or a Traveller (not knowing the mystery) shall lose ten or twenty in the hundred: And the merchant (observer of the mystery) will (for the gain had thereby) export the same in specie, but more especially gold, when visibly without change of species, he may retain ten or more of those pieces; and there with Ninety (or less) of those pieces, pay the hundred pounds or pieces received here; and this is the overt or open fallacy by mutation of place, now too frequently used, by the denomination of that coin.  
But there is another more secret, which is practised by exchangers, to be considered from the fineness of the coin; wherein is to be noted that all Prince's coins are not alike, for some have more alloy or Copper mixed with the gold or silver, as before hath been touched; there being only two chief ways of deceit; denomination, or open deceit; The second, intrinsical or inward fineness, consisting in the mixture of Copper more or less.  
And because our Gold might not be seen too visible, and make too great a show in France; there is now an ordinance in France to bring the foreign Gold (so fast as it cometh into his Exchequer,) into the myn● to be there minted into French crowns double and treble and quatreble pieces, calling them Lowyzens, and minteth them after the proportion of fifteen to one of Silver, we holding in our proportion thirteen to one; which very mint is able by that means to draw all our gold away (even that which is left) so fast as it can be gleaned up, if remedy be not provided speedily.  
And occasion now offereth itself to give us to understand this observation following; that if disproportion between Gold and Silver be not observed aright; gold may buy silver out of the realm, and silver may buy gold out of the realm, and the realm deprived of the one by the other; The raising of the gold here, did cause more gold than silver to come to the mint; and by the same means, it is called from us into France; which plainly showeth that the raising of Gold or Silver, or disproportioning one by another, is but temporary, and in the end proveth no better than a fallacy, as inhancing and debasing, and they all be; And the truth is, no state stands sure that stands not of the rules of right.  
Here is to be noted that silver prizes gold, and gold prizes not silver; The reason is, because silver is of more common use, though gold be more esteemed of rich men, according to the common adage, bonum quo communius, eo melius, it is also better for the kingdom, that more silver than gold be minted, for silver is not so hastily nor easily exported, as gold will be: and there will be always some Canker worms or money brokers to export silver or gold, so long as trade is; for remedy of which there must be some allowance made in the balance of Trade.  
But something else cometh to mind, that hindereth me yet for speaking of the balance a while, which is the inconveniences that befall this our state, when our moneys are raised or made little; The moving of our mint must either be in embasing the gold or silver, or advancing it in denomination, for back it cannot be brought when once it is raised, and hath obtained Currancy; It is a dangerous thing to meddle with the mint, either in embasing the money, or cutting it smaller with the shears; for if it be embased, first, it causeth counterfeiting; secondly, that part, or so much as is embased, will carry so much fine silver out of the realm; and when it is perceived, the amends is as evil as the disease. All those in whose hands the base money shall be, shall be the losers of so much as is minted within the realm before it be decried, and what grievance would this be? able even to cause the Commonalty hate the government, and fall into uproars, and unnatural rebellions, as it hath been in times past when the Commons rebelled and wrote these words in their banner or Standard, Rex est qui bene regit.  
If the money be made less, it giveth so much to the le●●ye or borrower; the King's revenue that standeth upon constant fees of his crown, ancient Crown lands lease, all rent charges, land of the Bishops or Church, and such like that be leased, shall lose so much; the Noblemen, Gentlemen, and usurers shall part with so much in proportion as the money is advanced, so commodities will be advanced accordingly; So whether moneys be raised or debased, it maketh disturbance most miserable in effect.  
Therefore there is no stirring of our mint neither up nor down, for the reasons aforesaid, no gain to the kingdom but infallible loss to some part, heart burning and discontentment fit to bring in a foreign enemy will ensue, the tampering with the mint.  
Therefore I conclude this point, that there is no safe way, but to stand constant at home, and change with the changer abroad, to keep our moneys at home.  
And first to prove the merchant Exchange unequally carried, is the efficient cause of exporting our money, give me leave to know whether plenty of moneys make our prices to rise, and scarcity of money make small prices, which no man (I think) will deny, and that commodities are prised according to the goodness of the coin, or to what end serveth fine gold and fine silver, if it be not to prize all things?  
And if in our commerce with other nations, we do give more fine Gold or Silver than we receive, or undertake our coins in commerce with others, It is a sufficient outlet or way to carry out our money or bullion; when thereby those that perceive the advantage to be had, shall leave the true use of trading in merchandise, and turn money merchants, or exporters of bullion or moneys, for no laws are prevalent against gain; And if we do not carry an even hand with foreigners in preserving and increasing our moneys, as foreigners do, we shall in small time undervalue our commodities for want of money, and consequently overbalance our Trade in price or quality, and continuing the same course, send out our moneys in change for commodities, and have no more commodities than we had before; which course will infallibly impoverish the realm exceedingly: when there is a want of money or wasting of bullion, the commodities of the realm wool and woollen manufactors, will fall in price; the commodities falling, rents will fall accordingly; when rents do fall by such a necessity, the necessity which spreads its self over the land: And (Tenants having taken leases) at enhanced prices, of country commodities, not knowing the efficient cause of this change, will lay the cause upon the landlords and grow in hatred towards them, not knowing how to hold their farms, nor what to do if they give them over; this is a fearful effect that followeth the want of a convenient stock of money to maintain the price, and to beat or maintain our home Commerce, proceeding from foreign cause, and not from Land-owners or Tenants at home;  
So it followeth, that those that look to the homecause; as evil making of our manufactures, or such like, do not amend the matter nor raise the prices, so long as there is no more moneys to make the prices any greater; for it is infallably true, much money much price; little money little price; and it is as true that the inhancing of our Gold and Silver in France, will draw our money into France, if remedy be not had; for the open reason aforesaid, namely, the inhancing of Gold and Silver beyond the Sea, and specially in France, and this is openly done to the view of all the world.  
But there is a more secret way practised by merchants and Bankers, which hath long continued a secret biting or Canker-eating usury, namely, the marchandizing Exchange, which at the first was devised for a good and moderate gain to the lender and ready dispatch in their affairs, and for avoiding of hazard in postage of moneys, which being abused is turned into inestimable loss and damage to the Prince and kingdom wherein it is not understood by the merchants in general that use it.  
To avoid the carrying of moneys out of every Prince's realm, and that every Prince might have the sole use of their own moneys within their dominions, & for the aforesaid causes, a certain exchange was devised; grounded upon the weight and fineness of the moneys of each Country, just value for value, the taker or borrower to give the lender usance for the time according to reason, and so might our exchange of England (grounded upon the same reason) be continued; and the Law of the land commandeth the same.  
And thereupon the true valuation of our money maketh the price of exchange, for every place wheresoever we have to do; and the want of knowing and putting into use this mystery of comparing our coins, with the coins of others, value, for value; bringeth in the abuse, and an inestimable damage to this kingdom; for we ought to examine and compare our weight aforesaid with the weight of other Countries; and the fineness of our Standard aforesaid, with the fineness of the STANDARD of the moneys of other Countries; And if we differ not with them in the proportion between the Gold and Silver, then may our Exchange run at one price both for the Gold and Silver, the valuation of each country's moneys being taken according to weight and fineness as aforesaid.  
And if the proportion of Gold and Silver of other moneys do differ from ours, then must we have two distinct valuations, one for the Gold, the other for the Silver, as now there is difference in proportion in France, from ours in England; And hereby shall we find how much fine silver or gold our pound Starling containeth, and how much of other moneys of Germany, France, the low Countries, the East Countries, or elsewhere, we are to have to countervail the same in the like weight and fineness answerable to ours, whether it be by the Pound, crown, Ducket, or Doller, giving always value for value, which amongst merchants was and is called Parr.  
This due and equitable course in Exchange being abused, and through the ignorance of merchants of not examining the truth, but taking the price of Exchange upon Trust, from the Bankers who rule the price of Exchange, this trade of Exchange is become very deceivable and damageable to our kingdom; the merchant making his account from the price of exchange, as it goeth when he useth it, and not from the true par or equality required; And from hence groweth the loss of our moneys, and the Exchange is become predominant over our moneys, as moneys do rule commodities; and is the very efficient cause of this over balancing of commodities in price before spoken of, and consequently of the decrease of our wealth, and exportation of our moneys, when we are driven thereby to give as much of our native commodities for foreign commodities as we did before the abuse, and moneys to boot to fulfil the same quantity.  
This exchange is made properly by bills, when money is delivered simply here in England, and bills delivered or received again for the payment thereof in some other Country beyond Sea, or when the like is done beyond the Seas, and money received here in England; And that upon a certain price agreed upon between party and party, which is termed the price of Exchange, whereof the merchants, or rather the Bankers have the only and whole disposing, and buy and sell their commodities beyond the Seas accordingly, without that few or none of them do look into the nature or inward value of the Exchange, but only to the present object, which is to know how the price thereof goeth at the time when they have occasion to deal there with either in taking up or delivering out moneys by Exchange; whereas, if they will be true Exchangers indeed, they must know perfectly the weight and fitness of every country's coin, hereby to render every one his just and due proportion as aforesaid; and this is, par pari referre, with consideration to the lender according to the time agreed upon.  
And because I have heretofore attributed the ruling of the Exchange to the Bankers, rather than to the general or common merchants; It behooveth me (for the enlightening of Your understanding, and illustration of the business of Exchange, to show what a Banker is. A bank is properly a collection of a great quantity of the ready moneys of a Province, Common weal or City, into the hands of some persons, licenced and established thereunto by public authority, erected with great solemnity in the view of all the people and inhabitants, showing great store of Gold and Silver, as belonging to the persons so established, which is to them an attractive to persuade and allure the common people to bring their moneys into these Bankers hands; So that these persons or Bankers, do become (as it were) the general servants or Cassiers of that City, province, or common weal;  
The Bankers have their factors or correspondency in the chief places in Christendom, and do keep account with every man of whom they have received any money into their bank. And generally all men of wealth that be merchants, are desirous to please them, and to bring their moneys into the bank, in regard of double and treble credit they give to their compartners, which they do by assignation without laying any out of the bank.  
Such and greater devices have they and many other too long now to recite; the money (still remaining in the Bankers hands) is employed by them to other uses; as to the engrossing of foreign commodities, to England's prejudice, and such like feats, making moneys to ebb and flow at their pleasure, when they please; And to that purpose, the heads of every bank do set price and agree upon it by common consent at their Ferias or general fair for moneys only: And still their eye or devices tend to the beating down of our English, and raising their native commodities; which cunning our merchants do not countermand, as in old times, when the Staplers that were entrusted with our staple commodities, were sworn to advance our kingdom's commodities to their power; as also to bring into the realm, a fifth part of their exitus in money.  
But as concerning the point of Exchange, it is most certain that neither difference of weight, fineness of Standard, nor valuation of money can be any true cause of exporting of our moneys, so long as a due course is holden in Exchange; But this due course being abused, causeth (as aforesaid) our moneys to be exported, and maketh scarcity thereof, which abateth the price of our home commodities, and (on the contrary side) advanceth the price of the foreign commodities, by reason of plenty of money there, increased by ours, sent thither.  
But to this, may be objected; If this be true, as it is very likely, than it would follow that our commodities would also be dear where the plenty of money is; True it is, it would be so, but that they have two crafty devices to prevent the rising of our commodities; one is, our merchant's being takers of moneys here to pay there, they know they must sell, and do proffer the price according to the goods in bought, which they know as well as they that bought them; And also they have Toleration of their moneys to pass far above their value with them, and to the greater transportation of ours, and hindrance of importation of any to us.  
Therefore, to conclude; There is no remedy but in the watch of the Exchange, to preserve our own at home, and our ample trade of woollen commodities will advance the balance.  
An high Exchange hindereth moneys to come from the East, diverts the rials of eight that come from the West, and hindereth employment at home.  
A low Exchange exporteth our money in specie, for gain; wherefore neither high, nor low Exchange is advantageous, but prejudicial to us, only now a medium is the best; giving leave to plenty or scarcity, as necessity or plenty inviteth, and most agreeable to right and equity to all men; which otherwise carried, they have three ways of exportation; namely, by commodities, moneys, and exchange; But there are but two ways of importation; namely, commodities, and Exchange, whereby cometh a notable overbalancing of foreign commodities; and be assured, the gains to be sought upon moneys, doth impeach the gains to be had upon our commodities, and beateth down our prices at home, and our commodities being beat down, it is a great cause of carrying out our moneys to fulfil, or equal the balance.  
The moneys exported (as they now be) causeth a plenty of moneys beyond Sea, so that our merchants buying dear, must sell dear; which bringeth a wonderful overballancing, and causeth us to feed upon our native soil, giving the benefit thereof to another nation; whereas we should live by the gains of our home commodities, being fold to other Nations: and now we are driven to seek a gain upon foreign commodities, to the great prejudice of our own Country, wherein, though the merchants be gainers, yet the king doom generally beareth the loss, and they feed still upon their mother's belly; whereunto they are the more instigated through the immoderate use of foreign commodities, which doth not fall out altogether in the quantity, but more in price; the foreigner growing daily in price, and increasing upon us (within this fifty years) a fourth part, more than we have increased our moneys still being with us the self same, and herein consisteth the over balancing aforesaid; for if the foreign commodities, which are soon consumed, and brought (as it were) to dung, shall amount in value, or cost as much or more, than the solid commodities of our land; certes that land is very negligent and unprofitable in every man's judgement.  
So then give me leave to intimate this following, that followeth by the abuse or want of observing the true use thereof; That our home commodities are abated by the abuse of the Exchange four manner of ways.  
First, by scarcity of money (which causeth home commodities to be good cheap) caused by the unequal exchange.  
Secondly, by the gain sought upon moneys which otherwise would be sought upon our commodities.  
Thirdly, by an high Exchange with us, which causeth men to deliver that money by Exchange, in nature of Trade, which otherwise, by them might be employed upon our commodities; likewise by a low Exchange which causeth exportation of our moneys.  
Fourthly, by rash sale of our commodities by young merchants, and others, that are driven to pay money taken up by exchange here in England, to keep them doing, thereby spoiling the market of others.  
Foreign commodities (on the contrary) are advanced four manner of ways.  
First, through plenty of moneys in other Countries, which maketh generally things dear; which plenty is increased by our own moneys, transported to our own hurt every way.  
Secondly, by a high Exchange beyond the Seas, whereby men are inclined to buy foreign commodities, and by a low Exchange, when there are no takers up of money, and therein our excessive use of them, doth encourage them.  
Thirdly, by the toleration of moneys beyond Seas, to go currant far above their value; for by the alteration of moneys, the price of commodities doth alter also; And this toleration being an hindrance, for the importation of moneys, causeth the greater quantity of foreign commodities to be brought over at a dearer rate.  
Fourthly, for that the principal commodities of silks, Velvets, Fustians, and such like, are engrossed by the bankers as aforesaid, that sell them at their pleasure. These both ways considered, must needs bring an over balance in our trade, in value to the loss of 500000 a year, at least.  
Thus we may consider how the Bankers, and every one of our felves do use or rather abuse the Exchange, making it a trade for moneys; and maketh that a biting usury, which was invented for speedy commutation, ease, safety, and moderate gain to the lender, and merchant borrower indifferently.  
Thus you see, Marchandizing Exchange ruleth moneys, as moneys ruleth commodities; and that is fully proved when we shall find visibly that one sum of money of one sort and kind of coin, hath two prices, and two valuations at one time, exchanging the place only, or Country, as for example.  
You have a piece of twenty shillings, and beyond the Seas you may see the same species pass between man and man in some place for 22s in some other place at 24s, and in France at 26s, at one and the self same time, and money willingly goeth where it is most made on, and whether they work upon coined money, or valuing the ounce or pound at an higher price or rate, than their neighbour Princes; If it be not carefully looked unto, it worketh the same effect, and one remedy preventeth both.  
Wherefore (seeing our merchants have no care nor regard of this) it behooveth our State (which you represent at this present) to have a special regard and care unto, which I most humbly present to your grave consideration; lest the want of moneys (when you stand most need of it) now flying away from us do still continue the fall of wools, yet lower, with all other commodities, and your Rents and livelihood to fall, which will be the undoing of your Tenants (turning up your farms) impoverishing all trades, and handy crafts, in the whole kingdom exceedingly in general, which (in truth) is the mother of Rebellion, procured through a general decay of all estates, every man being ready to strike the next above him or about him; And these be the fearful effects that follow an unequal Exchange, and (for truth) the cunning course thereof unknown to most merchants, and almost all men else, excepting some few that use it for their private and unconscionable gain, to the kingdom's loss; like unto the Canker or disease called a wolf, eating and consuming the bosom that first bred it.  
Give me leave (before I explain the conceived remedy) to inform you, that if any (to delude time) will oppose or contradict, that an unequal exchange is prejudicial to our State; it is yielded unto by common assent of all hands, merchants and others, that an unequal Exchange is prejudicial to the State, when is was controverted and determined in King James his time; at what time he appointed certain Commissioners for trade, to sit weekly in Haberdashers-HALL. Whereupon it followeth, that for the prevention of public loss to the kingdom, a party or equality of Exchange should be made known to all men that have occasion to use Exchange; having regard to the forbearance, according to time and place; which is most just and equal for all men, both denizens and strangers.  
To this exception will be taken, unless I do explain myself, allowing and granting for truth that plenty or scarcity of moneys to be given or taken up, doth bear a sway, even as it is upon the statute made upon usury.  
If there be plenty of moneys, they will be lent under the Statute; and if there be scarcity, there will be more given for the Loane than the statute alloweth, by some covert means or other, for (in ttuth) the good use of marchandizing Exchange, is none other but a ready way of borrowing for merchants, without sureties, or delay to be executed; which moderately used, (without excessive, or biting usury) is both profitable and commendable for all merchants to use, as their occasion requireth. But if it be unequally and abusedly carried, may be justly called, the Canker of England's common wealth.  
And let no merchant think but that I am their friend in wishing them ease and remedy herein, that it be not carried at the will of the Banker, as it is; but that it may be used according to the ancient laws of the kingdom extant for the same. And the practice of the time of Queen Elizabeth and her proclamation to that purpose; which laws and proclamation will appear upon the debate of this business, if you please to take order therein.  
As also the demonstration of the tables mentioned in the Law, one for Gold, and another for Silver; as I have seen the like made in King Edward the Sixt his time, respectively expressing the value of every piece of Gold or silver coin, with whom we have commerce, severally compared with our pound starling, whereby the equality is demonstrated to every merchant that will follow the table of Exchange, to avoid the danger of the Law.  
And because foreign coins are daily subject to alteration in fineness or valuation, after the computation is once made; It behooveth that there be (and it is no hard matter) an observant watch, or diligent eye set over those places of commerce and Mints, to send intelligence hither to the Guardian of the Tables, to alter the table immediately in that point, and to keep constant at home; which will be a sufficient guide to defend us from foreign wrong by any. This Table of demonstration once made, will be far more easy to understand, than any pen or tongue can express.  
This being done and observed, that the foreign Banker or exchanger do us no harm; in a small process of time, our balance of Trade will recover itself again; and we shall have (God willing) a constant thrift to attend our kingdom's labours, and not be wrought upon by any biting usury by Shufts or interval of time, to wast, or exhaust our treasure, or consume our kingdom's stock, that should maintain the price of our kingdom's commodities, rents, and artizens, as sundry times (in my memory) it hath done; but what a kingdom or kingdoms exitus, have we, that is able to bear the loss of so much coin as we have lost this three or four years, which amounteth near to two millions of Gold, and undoubtedly our Silver will follow after, (and beginneth visibly to go already) if remedy be not had; to the unspeakable loss of all the kingdom, as before hath been declared.  
These tables of Exchange being put in use for our safeguard; it followeth then (as good husbands use to do) that we take account of our kingdom's thrift, to see yearly how we thrive, also to know by what ways we go about it, and therein to distinguish what several Trade is beneficial to our kingdom, or not; and to set redress accordingly (if occasion require it;) which is no new thing, but an ancient practice, as might be manifested; To begin with that in general, which must be Examined in every particular trade.  
First then, that trade or merchant that carrieth out our superfluities, or those commodities we abound in, and bringeth in those commodities that we want, for them; is a good trade, or merchant, and deserveth to be nourished, countenanced, and maintained therein, and those that do the contrary, better ordered.  
Now, who knoweth not that we abound in wool, and woollen commodities, tin and lead, and some other things, which I name not? Who knoweth not, what we want of our own, but must have it from without us; namely, gold, silver, Iron, and steel, which for brevity I name not; per consequence it followeth, that those merchants that bring in those said commodities we want, are most to be nourished and favoured before others that do the contrary.  
But how, or by what means is this trade, or merchant discovered, but by the ancient way of balance of trade, of late years almost grown out of use; but that it was discovered in the latter time of King James, and always observed by the wise Lord Burley, Lord Treasurer of England. And to what other end was all the port books of the kingdom brought into the custom house of London; and from thence once a year transmitted into the King's remembrancers office in the Exchequer; where one gross sum of our kingdoms exitus and introitus might be known, of all the goods both inward and outward bound, and the value of both accounted; thereby to know whether we were buyers or sellers; for it behooveth a father of a family to be a seller, and not a buyer; And if it be found that we sell more than we buy, we do well; if otherwise, it behooveth us to look about us.  
As in the general a view may be had of our public Thrift; so in every particular Trade, their walk being observed, it may be known what trade bringeth in or forceth in money, or such things as we want, for therein lieth a difference to be observed, and thereupon lieth our kingdom's thrift. As also may be found what Trade is hurtful or damageable; This public Thrift or reformation (as I conceive) would not be held in a mystery, but be made more common and easy to every intelligent Gentleman, because he is in some sort interessed in the same, for the advancement of the public good, and therein, his own particular also.  
Therefore I am bold, and humbly commend the general, or theorical studies of the Marchandizing Exchange, and balance of Trade, unto your wisdom to be regarded; and for these purposes, the keeping and the observance of the balance of trade is useful.  
There be also many other things to be met with in the observation of the merchant Exchange, and balance of trade, which I forbear to particularize for avoiding of tediousness and dispute that may arise by them that would endeavour to frustrate the business; for private gain never wanteth colours, and pretexts, to stupefy or inveigle the understanding of such as have not been versed herein.  
Give me leave (lastly) to repeat one thing wise, though the same have in effect been said before.  
It is a sure Tenet or maxim, that it is necessary for our kingdom to keep constancy in our mint at home; So is it as necessary to change with the changer in all foreign coins, either Gold or Silver, reducing all foreign coins to a par or equality, with our constant coins; and to that end, in ancient times there was a pair of Tables set forth, expressing the same demonstratively; The French crown to answer to fix of our English shillings; Our unite, to contain three French crowns, and a third; and so of the Dutch Rider; although it go but for one and twenty shillings, it is of equal value to our unite; So all foreign coins severally reduced to our coins, did show and express, what was to be given and allowed, between strangers and us, in accounts; which is called the merchandise Exchange.  
This equality being known and expressed, as aforesaid, we may be deceived three manner of ways;  
First, (if we watch not foreign mints) by the shears in coining, whereby it may come to want in weight, though it were of equal fineness.  
Secondly, by putting in more alloy or Copper into their moneys, which is not perceived or discovered, but by trial in the fire, in melting some part, and refining it, and comparing the remainder of pure silver, to the like quantity of our money refined as theirs was.  
The third is without lessening or embasing, to call any of their species higher up; a way commonly used in foreign parts, called denomination, which must be watched and prevented by new expressions, as is aforesaid, (so often as there shall be cause) by such as the King shall depute for that purpose; most proper to the Mint master, or other skilful in mint causes; This is a sure way of preserving our coins at home; without which the Bankers (both foreign and domestic) have power to deceive our kingdom, and lessen our kingdom's stock of Gold and Silver, which will turn to a fearful effect in time, and in few words not to be expressed, and most of all, when this balance of trade is against us to our loss; and that Country that gains the balance, gets our money, be it friend or enemy; And if we lose in the total balance of our trade; how should we long subsist without home-poverty and consumption; and in the well governing of the merchant Exchange, and balance of Trade, consists our weal or woe, concerning Thrift or wasting poverty.  
FINIS.   

Imprimatur.  
Tho: Wykes.