THE CENTRE OF THE CIRCLE OF COMMERCE. OR, A Refutation of a Treatise, Entitled The Circle of Commerce, or The Balance of Trade, lately published by E. M. By GERARD MALYNES Merchant. Magna est Veritas, praevaluit, 〈◊〉 semper praevalebit. LONDON, Printed by William jones, and are to be sold by Nicholas Bourne at the Royal Exchange. 1623. Regina Pecunia Loquitur. Haec gaudere facit sapientis nomine stultum, & graue Prudentis munus obire viri, Quisquis in hac non est sapiens quasi stultus habetur & quasi quod Vacuum, sit Ratione caput, Regnat in incertis Regina Pecunia Rebus, moribus Ambiguae, quae stat in orbe deae. TO THE MOST Illustrious and most excellent Prince CHARLES, Prince of Wales, Duke of Cornwall, Earl of CHESTER, etc. It may please your Highness. THE Oracle of Apollo at Delphos, being demanded why jupiter should be the chiefest of the gods, sith Mars was the best Soldier: Answered, Mars is valiant, but jupiter wise; concluding by this, that Council and Policy are of more force to subdue then Valour; Parua sunt Arma foris, nisi sit Concilium domi, saith Cicero: but forasmuch that neither wisdom nor valour can well subsist without treasure, since Moneys have obtained the title of the sinews of war, and the life of Commerce: I hope that the accumulating thereof may properly be called The Praeheminent study of Princes, when the same is procured by Trade: which is the sole peaceable instrument to enrich Kingdoms and Commonweals. This Trade is performed between us and foreign Countries under three simples, namely Commodities, Moneys, and Exchanges for Moneys, which being jointly and distinctly considered in their proper natures, will cause our decayed Trade to flourish: but because one Edward Misselden did omit to handle the Predominant part of Trade (in a Treatise Dedicated unto your Highness, Entitled) Free Trade, viz. the Mystery of Exchanges, and that not without an aspersion laid upon me I was moved to make an answer thereunto, showing his main scope to be, to have the moneys of the Realm enhanced, and the foreign Coin to be currant at an equal value: which was to reform things by a Remedy worse than the disease; for the enhancing of our Moneys will increase the prices of all things, whereby the Kings most Excellent Majesty shall become the greatest loser in the revenues of the Crown, and the Nobility and Landed men also: and to make foreign Coin currant within the Realm, will overthrew his Majesty's Mint, and abrogate a mark of Sovereignty, the Coining of Moneys. Hereupon having in the Epistle Dedicatory of the said Treatise unto his sacred Majesty, entitled, The Maintenance of Free Trade: compared the same unto the Little Fish mentioned by Plutarch, swimming before the Great Whale: because I had then under the Press a great volume of Lex Mercatoria, Dedicated likewise unto his Majesty, and both presented unto your Highness. The said Misselden (carping at the Simile, and directing his course from your Highness) hath lately published an opposition to the said Books, called the Circle of Commerce, copious of uncivil speeches, whereby (in respect of private cause) I have great occasion to implore his Majesty's favour against him; As Homer did Ptolemy the great King of Egypt, against the railing commentaries of Zoylus. But the matter concerning the Public, and being of fare greater consequence than a centention for Learning, I am compelled humbly to beseech your Highness to intercede for me unto his sacred Majesty, to be well pleased to peruse this my third Book, entitled The Centre of the Circle of Commerce, wherein the means to provide his Kingdoms and Dominions with Bullion & Moneys are more distinctly declared, according to the said Centre of Commerce, which is (gain,) without which his Circle is (vain.) To make A Definition of the Centre of the Earth is difficult even amongst learned Philosophers and Schoolmen, considering Aristotle his Doctrine grounded upon Levity of things ascending, and Gravity of things falling to their Centre: and the opinion of Copernicus, or rather of the pythagorians, ascribing a Stability to the Heavens, and a Mobility to the Earth; But to make a Definition of this Centre (gain) is easy, and engrafted in every man's judgement. This Centre maketh a perfect Orb, including all Geometrical proportions, and can answer all Mathematical Problems of Trade, for the doubling of the Cube of Solids, and the Quadrature of the Circle in Plain, without Plato's Exposition, or Misseldens conceited Balance of Trade: for all the weight of Commerce falleth within the Circuit of the Circle of this Centre (gain:) insomuch, that if the due consideration hereof be neglected in the course of Trade, nothing can be expected but the decay of Trade, and destruction of Commonweals, according to the Demonstration of the following Allegory to a diseased body natural so that Statesmen and Politicians are to bend their judgements in all public causes to this Centre (gain, which beareth the sway in all humane actions,) thereby to find out all fallacies and misprisions of Trade, to the increase of the Kingdom's stock, without private regard of particular Merchants making their benefit by the general loss of the Kingdom: there is no man so simple but will avoid a loss if he can, and on the contrary, procure a gain where he may or can; Shall it be imagined then that Bullion & Moneys will be imported when the bringer thereof becometh a loser, or that moneys will remain within the Realm, when so great a gain can be had by the exportation thereof? Or will any man think that Trade can be driven conveniently without moneys and Exchanges? will not the want of it make a dead Trade within the Realm when this Vital spirit of Commerce faileth? surely it is questionless in every man's understanding. Your Highness therefore may be pleased to advance the establishing of this Centre in the course of Trade, whereby his Majesty's Kingdoms and Dominions will flow with Bullion and Moneys, and infuse life thereunto, which will be felt by the Pulses, the Hammers of the Mint: upon my life and reputation of knowledge, which time and occasion seem to further by the price of Exchange, inclining thereunto since this Treatise hath been under the Press. If any thing therein shall seem impertinent to the Gravity of the Centre, I beseech your Highness to attribute the same to the Levity of the Circle, the rather because Nugae seria ducunt. Thus with all humbleness taking leave, I shall continue my fervent Prayers to the Almighty, to preserve your Highness in health and happiness, to his glory, and your eternal felicity. London the 20. of November. 1623. Your Highness' most obedient Servant GERARD MALYNES. THE CENTRE OF THE CIRCLE OF COMMERCE. OR, A Refutation of a Treatise, entitled The Circle of Commerce, lately published by E. M. The Proem. STrong imagination, nourished by opinion, may cause most men to suppose, that Edward Misselden, Sallust of S●allenger. in whom the Babylon of learning seemeth to be: would not publish any thing which were not serious & substantial, which moved me to enter into consideration of the Reasons, which caused him to entitle his Treatise, The Circle of Commerce: and imagining that Giotto the Painter (having in the turning of an hand made a perfect Circle without a Compass:) was the cause thereof. I did instantly perceive, that the comparison was most proper and apt, to make the matter perspicuous: for even as the Circle of Giotto, was made without a Centre, even so is his Circle of Commerce, without substance or Centre, like unto a stone cast into a standing water, which maketh a Circle, and that circle begetteth many Circles upon circles: but at last they all vanish away, and leave neither Centre nor any thing beside to build upon. For when I do compare his circle to the Celestial Sphere, Epist. Dedicatory. comprehending the figures or constellations within the twelve Signs: I am first encountered with Comets or Blazing stars of Adulation; and with diverse Meteors of watery vapours of high presumption; & then approaching near to the Stars, I do find him to endeavour, that all his inferrences, might be as powerful, as their influences to revenge his quarrel against me, which concerneth the whole kingdom. In the great and little Bear, Absurdities in all the parts of his Treatise. he findeth an accusation of Scandalum Magnatum. In the Dragon's Tail, vox Pecudis concerning the whole kingdom. In Hercules a Club to defend the errors of Merchants. In Serpentario, calumniation & detraction. In Agitator, Logic turned into Rhymes & railing. In Pegasus, vain imaginations, swimming in his brain: In the Whale's belly, Great Whale and little fish. he is like the Sexton in the Belfry. In the little fish, everstriving contradictions. In the great and little Dog, barking and biting. In the Ship, he is sailing without a Rudder or Compass. In Centaur, frenzies and biting scurrility. In Putius, A puddle of untruths. In vulture volans: a devouring of fame. In the Harp, noises and unpleasant tunes. In the Triangle, dreams of jews and Grecians. In Andromuda, accusation of ignorance. In Perseo, scandelous Aspersions. In the crown, presumptuous exhortations to Superiors. In Sepheo, obstinacy & vain disputations. In Orion, matter and form by former & later. In vulture Cadens, deprivation of modesty. In the cup A defence of Vintner's. In the Swan, a prejudicating humour. In the Crow, vexation of innocence. In the Dolphin, An intention of fishing. In via lactea, a conjuration of circles. In the flying Horse, flattery of particular persons and Societies. And finally in the other figures or constellations, a running with the stream of ignorance, to maintain errors & fallacies, cutting down with Arcturus Sith, all wholesome Laws and Ordinances, made for Reformation of abuses. To contract all these into the imaginary Circle of the 12 Signs, would be more offensive, than troublesome, because of the application of the Cornuted beasts of Aries, Taurus, & Capricorn: But I have resolved to make Libra the balance of our discourse, and to use modest terms in opposition of uncivil speeches. So that finding no Centre in the Celestial Sphere: Time a destroyer. Abbaddon coming by told me, that the Terrestrial Globe was the Centre of it, unless (saith he) you will make this man to be the Centre, and place him in the middle thereof (as he speaketh of Sapor King of Persia, P. 142. sitting in his great Globe made of glass:) And so draw all the lines of his circle, from the circumference of his aforesaid Passions to the undivided point of the Centre of his heart, from whence they have their Original. Hereupon calling to mind his own confession, P. 5. that he knoweth not how he is enclosed within this his Circle, & that he will through the Centre thereof draw a Diameter, and divide the whole circle into two Semicircles to get out of it, (much like to the maget in a haselnut, which after she hath devoured the kernel, maketh a hole to creep out, and then it is but newly borne:) I have resolved to gird him within his own circle, by the fi●e Zones or Girdles of this Terrestrial Globe, beginning from the Arctic circle unto the Tropic of Cancer, equidistant and correspondent to the Antarctic circle and the Tropic of Capricorn, placing the Equinoctial in the middle of the five chapters following. And when I do exclude all the Stuff contained in the former absurdities, together with the Logic & Geomitry of Ramus: There remaineth little or nothing, but may be compared to the conceited and witty enterprise of Aesop, who would undertake the drinking up of the main Ocean: So as the Rivers were separated from it. here you must now imagine him to be able to determine with the Philosophers of the principles of natural things, P. 11. whether they be one, two, three & ten, & how they may be discerned from their essence, & then to conclude with Aristotle his opinion, besides all this, he can discourse of colours, Sounds, Smells, Tastes & qualities of touching, which do offer themselues to his common sense, & are carried into the inner closet of his Fancy, in whose mirror they are represented to his simple understanding by simple terms, he will tell you in what respect a Man is said to be a Man, that when a house is made of the pieces of a Ship: the Ship is deprived of her fashion, & other the like singularities, of all which I might make a pleasant application. For these (forsooth) are very material matters of Commerce, but the remembrance of the picture of two fools, deriding one another, made by our modern Painters, with an inscription: We are three, meaning the looker on for one, (deserving no less commendation, than Apelles his apprehension; Ne suitor ultra crepidam;) caused me to set hereunto a Period. But some will say, Why do you so much inculcate about a Centre, when it is apparent, that he maketh his Balance of Trade ot be the Centre? I answer, this imaginary Balance is without a Parallel, as his Circle is without a Centre; and may rather be termed the periphery or circumference of his Circle, than a Centre, as shall be demonstrated hereafter. To prosecute therefore our Simile; it is recorded that when Grotto had made his Circle for his masterpiece, another Painter (perceiving the same to be without a Centre) did instantly with a pinsell make a point within the same, which made a perfect centre; whereupon his Art was much extolled and preferred before Giotto's conceit; which caused me to entitle this Treatise the Centre of the Circle of commerce. Gaine is the Centre of Commerce. For therein is showed, that gain is the centre of Traffic and commerce, which being the scope of Merchants, draweth more forcibly than the Adamant stone; and all the direct lines of the circumference of the body thereof, must be drawn to that centre which is the end of Trade, and ruleth the course thereof. This gain is procured by Merchants, by or under the three essential parts of Traffic, either by Commodities, or by Moneys, or by exchange of moneys, according to every man's profession and occasion in the course of Trade; some by Commodities only, others by money, & others by exchanges for moneys, or by all three means, Three means of Trade. or some of them, which yields most benefit, as we shall declare in the sequel of this Discourse in plain and significant words, fit for every man's understanding, without affectation of superficiary terms of Art, by demonstrative reasons and infallible arguments, illustrated by similes, notwithstanding the Refuters objections, which I intent to answer as they shall occur unto me, having by this Index Purgatorius dissolved some frantic diseases of his brain, which might have obscured the things material of this important business. Thus having resolved to contain myself within the circle of modesty, remembering the saying of Socrates, If an Ass kick thee, wilt thou kick him again? I am only to address some few speeches unto him by way of imitation. Alas poor man, you do so often deplore my ignorance by these words, to extol your learning, who was never graduated in Schools, do you think to conjure me within the circuit of your Circle, wherein you are enclosed? I am not to follow your method of circulation, especially when you strive to commend and make good that within book which was never in question, and maliciously urge some things without book, that were never meant by words nor writings to be defended; neither can I be drawn from the matter by your Meanders or excursions and vain disputations De lana Caprina, you do embrace with Ixion, a cloud for juno, and with Narcissus (loving your own shadow) for a water Nymph. Leave your profanation of God's word, in your passionate writings; for the highest point of knowledge is to know that we know nothing. And so I end, with an observation only of such other absurdities as are fit to be noted for the better understanding of the matters to be entreated of. The Contents of the five Chapters or Zones. Chap. 1. That exchange for moneys, by bills of exchanges is the public measure between the Realm of England and other countries, placed under the Arctic circle. Chap. 2. That the Moneys of the Realm are undervalved in exchange between us and other countries, in the Tropic of Cancer. Chap. 3. That Gain is the centre of the circle of commerce: and that the undervaluation of our moneys in exchange, is the efficient cause of the overbalancing of Trade, placed in the Equinoctial. Chap. 4. An examination of the Centre of commerce, in the Trades from England into other countries, placed in the Tropic of Capricorn. Chap. 5. The means to balance the Trade of England by the said Centre: or the Remedies against the causes of the decay thereof, placed in the Antarctic circle. CHAP. I. That exchange for moneys by bills of exchanges is the public measure between the Realm of England and other countries'. Entering into the first Zone or Arctic Circle of the North, let us direct our compass according to this North Star of the public measure between us and other Nations, and so proceed methodically. There is no Rule so general in any thing, which admitteth not some exception: but to ground any thing upon an exception, and to leave the general rule, is never done by any man of judgement. All misselden's contradictions are grounded upon exceptions, and the general rule is neglected. As for example: The Ship named the Dragon, coming from the East Indies, misselden's absurdities. was driven by necessity to sail a great part of her way without a Rudder: P. 22. shall we make a rule hereof, and sail without a Rudder or compass? Statesmen have observed for a general rule, that the enhancing of the coin doth generally raise the prices of commodities: shall we term this a fallacy, P. 39 because that the linens in Germany have these two or three year's last, come thence so cheap, notwithstanding they were bought with moneys given out at high rates, especially when intestine wars make things good cheap, as Monsieur Bodine hath observed in France and other places? Again, when the price of commodities is raised generally with the price of moneys enhanced; P. 25. shall we contradict the same, because one commodity, as Cloves, is not risen, but sold as a staple ware? Likewise when moneys are not imported, when there is a loss by the bringing of them: Moneys decayed of their price are imported again. shall we deny this principle when moneys are brought in, being decried or made bullion beyond the seas, as the jacobus and other coins have been of late in Holland and those parts, which caused some quantity (for a time) to be imported again? When generally all Divines do interpret and understand the Hebrew word Neshech to be the biting of a dog, or a gnawing as a dog doth upon a bone, concerning usury, which the learned Doctor Felton now Bishop of Ely, and Doctor Wilson the Civilian have so plainly expounded in their two Treatises of Usury: P. 44. shall we disallow hereof, because one Rabbi Bechai doth take it to be the biting or sucking of a Serpent? The general Trade, all the world over, is made by the rule and square of moneys, which is therefore called publica mensura in all countries where moneys are used to set a price unto all commodities. Now albeit that there are some countries where they have no moneys, but commodities are bartered by way of commutation in kind: shall we abandon therefore the general rule or institution of moneys, and judge by the particular or exception? Absit ignoranti●. Misselden doth confess: P. 20. That Money is the Public measure between man and man, but exchange for moneys he utterly denieth to be so, between us and foreign Nations. This assumed opinion of his by a certain Chimaera swimming in his brain, might find some kind of entertainment in a weak man's judgement, if the Laws of the kingdom did not prohibit the Transportation of moneys. But where moneys are forbidden to be carried out, there must of necessity some other means be found to answer the same, unless we should return again to the Commutation of Commodities in kind, and then moneys will not be useful. And this was the beginning of exchange for moneys. This exchange for moneys cannot be otherwise, but with a consideration of the very value of the materials whereof the money is made, for we do not exchange for cockle shells, so that the inward value of Silver and Gold by weight, is the foundation of this exchange, as shallbe declared, and consequently, this exchange is the public measure, which all men will confess. And to apply the common saying, P. 13. Mendacem oportet esse memorem, by way of retortion, his own argument (like unto Goliaths sword) will convince him, and take away the breath of his wilful opinion, for he did speak plainly a little before, but it seemeth that some Tobacco smoke did offend his memory; which made him forgetful. There is no Merchant (saith he) of any experience, P. 17. but as he hath one eye upon the value of his commodities, so hath he the other eye upon the money, both Intrinsique in the inward value or fineness, and Extrinsique, in the outward denomination or account, as it is currant in every Country, together with the course of Exchange, whither he doth direct his trade. Otherwise, if the money rise in denomination, above the true worth in valuation, and the Exchange also rise accordingly: if this Merchant do not raise the price of his Commodity in due proportion answerable thereunto; he shallbe sure to come home by weeping cross, how ever he make his return, whether by Exchange; or in Money, Bullion, or wares. etc. IF I should take upon me to discourse upon this Text, & make no other answer unto all his Assertions, surely here is matter enough to convince him of all his folly, which by the Proverbial Text in the Title of his Pampflet is quoted, but I intent to be brief and substantial. All men of judgement may easily perceive, that the main point in question concerning our differences, doth consist in the abuse of Exchanges, touching the value of moneys of other Countries enhanced of late years, when the moneys of the Realm did remain at a stand, & that there is an undervaluation of our moneys in Exchange, whereby the denomination of foreign coin doth in some part answer us, as if by exchange we did really receive the value thereof, there is no man blinder than he that will not see, if he were in the Indies, where the inhabitants call the Europians, Free Trade. 113 one Eudman, as he hath observed out of Mafscius History, they would call him blind by his own reasons. He saith that Merchants of experence do divide (as it were) their eyes, by casting the one upon commodities, and the other upon moneys, with a consideration of the inward value, and outward valuation thereof, if they did so, there is no difference between him and me in this principal point. So as the words Together with the course of Exchange, were also considered of, and that the price of Exchange did rise proportionally with the rising of the moneys, whereof we do complain: Shall this Merchant come home by weeping cross that doth not the same? and shall not Exchange for moneys be the public measure? you will buy cloth of a Draper by the yard at a certain price, and yet the yard whereby it is measured must not be called the measure. But some will say, why do you take Missolden so short, doth not he say that Merchants of experience do so, and herein he doth use a little equivocation, or rather providence in pondering of his words▪ well, I must crave pardon, and prove that Merchants do not so, and then it must follow that experience is wanting: but howsoever the Maxim is true: That Exchange is the Public Measure between us and foreign Nations, where we deal by Exchange, according to which all our domestic Commodities and foreign wares are bought and sold, The ground of Exchange. for the same is grounded upon the moneys of the Realm, and the moneys of other Countries respectively, according to their inward value, truly to be expressed by outward valuation imposed upon them, by the Authority of Sovereign Princes and States, which are to sit at the Stern of Trade, for Merchants may commit great errors in Trade, seeking their private gain, and the Common wealth doth receive an incredible prejudice thereby, as shallbe made plain hereafter. To make this more evident, General Rules, consider we of these general rules, even as plenty of money maketh things dear, and Scarcity of money maketh things good cheap: even so plenty or scarcity of commodities maketh the price thereof to rise and fall according to their use more or less, which rule is not without exception, howbeit, Money must not be bereft of her function, as the right judge thereof. And so it is in matters of Exchanges, whereby commodities are dearer or better cheap, according to the Positive Exchange, Positive Exchange. wherein the prices of commodities do perpetually follow the rates of Exchange: but the Exchange having also another course of rising and falling in price, according to plenty or scarcity of moneys, and the few or many Takers or deliverers of money, Currant Exchange. which may be termed The currant Exchange: hath not the like operation, to make daily (as it were) the prices of commodities to rise and fall according to the said Exchange, for as the few or many takers or deliverers of money doth proportionate this price of Exchange in all Countries, according to the true value or above the same, grounded upon the said Positive Exchange, so doth plenty or scarcity of money do the like, and the commodities so bought by moneys taken up by Exchange, are calculated by Merchants of experience in price to cost accordingly. So that even as money doth still remain the rule for commodities; so doth Exchange for money, remain the rule of moneys, and consequently of commodities, Exchange doth rule Moneys. etc. without any such contradiction, as he untruly allegeth. This caused me to observe, that Exchange had two courses like unto the Sun, the one Annual, which may properly be called Positive: the other by daily rising & declination currant exchange as aforesaid. But Misselden will no more understand this, P. 20. than he doth the Simbolization of the elements, which (as it were) by striving do subsist and are agreeing by Concordi Discordia, and are not therefore to be termed in this A Dissimilitude, should I carp at every word, and be ravished with a foolish admiration at the word (upheld) and make the same an Oratory, I might be as good a Rhetorition, as the Clerk was in calling a flock of sheep to be an Auditory, which I think was the man, that would needs go in all haste to dwell in the immaginary flourishing commonwealth of Utopia without money, so much by him extolled. Misselden (changing his immodest stile in a more temperate manner) saith, P. 93. ● That Exchanges in general may be said to be Personal and Provincial: the Personal Exchange is a plain buying and selling of commodities and of moneys, and why not for exchanges of moneys by bills of Exchanges or letters of credit? And here cometh in his former and latter, the one is matter of Trade, the other is matter of State: and so all kingdoms and commonweals are made Provincial, and the money changers are brought in by raising terms, because they were whipped out of the Temple for abusing the place, if it were only for the place, surely himself for abusing the places of Scripture deserveth a worse punishment. Leaving the name of Exchange, Par pro Pari. he bringeth in an other distinction of Natural and Politic, and the Natural Exchange, he will not call Par pro pari, but value for value, according to the inward finesse, which is known by the assay and melting, separating the pure from the impure, the fine silver and gold, from the allay or copper; and herein is no other observation, but look how much fine silver or gold you receive in one place, just so much and no more you must pay and deliver in another place. But you may not call this Parity nor Purity. This saith he, is a better direction than limitation of exchanges; whereby you may understand how he is mistaken, supposing that the price of the Currant exchange should be limited, and not rise and fall according to the nature of exchange, upon plenty or scarcity of money, and the many or few takers or deliverers of the money, as hath been declared. So that he maketh no difference between the Positive exchange, and the Currant exchange, the Positive exchange is properly the matter of state, that concerneth The King and kingdom, P. 99 (as himself confesseth, howbeit without any mystery therein) It concerneth the King, when by the benefit of exchange his Majesty's affairs of state and high concequence may be furnished with moneys in foreign parts upon all occasions, without exportation of any of his own treasures: It concerns the Kingdom, both in respect of Noblemen, and Tradesmen, including therein the Clotheir and all Subjects in general. HEre now he is fully persuaded to have spoken both ingenously and effectually, for presently after (like a silly Hare) he insulteth over a dead Lion, as the Proverb is: But we may say with the Fox that found a dead man's scull, O quale Caput & Cerebrum non habet, will any man of judgement commend this Politic exchange, to secure the King and Kingdom, when there is a greater loss to both, by the abuse thereof in the delivering of moneys by exchange, then by the transportation of the moneys inspecie, because when our moneys are undervalued in exchange, the money is not only exported, but all the commodities of the Realm are undersold by so much also, and foreign commodities are (in the nature of moneys enhanced) put upon us. If this man did hear me, he would cry out, P. 14. what is the man mad? hath he no less a crime to accuse our Merchants of then ignorance, as he doth the kingdom of Depudations: I leave him and it to the judgement of the State. It is pity such stuff as this should pass the Press. Good Sir have patience, let not any strong imagination prevent your judgement. Tell me (I pray you) if the King or the Nobility and all other men should deliver money by exchange at so low a price, under the true value of the moneys, that there were ten or twelve in the hundreth to be gotten in a month's time, between the money inspecie and by exchange, whereby he that taketh the money, hath an ability given him to export that money by all secret conveyances: to pay his bill of exchange therewith beyond the Seas, and to put the overplus (of this incomparable gain) into his purse, do not you think that the money will be exported by them that are the takers thereof? whereby the kingdom loseth the money, and you that are the deliverers of the money: the benefit which they reap thereby, which you ought to have given you by just and true exchange? Are not the King and the Nobility great loser's hereby in delivering of their moneys? hereunto he replieth, you are wide, there is no such matter, you mistake the business, this cannot be proved, it is the main pillar to support that strange and perilous Project of the Par, the foundation whereof I have rooted out, P. 101. for by taking that away, all Malines allegations are fallen to the ground, there is not any such undervaluation of our moneys in exchange, P. 76. it is but foppery and delusion proceeding of a weak brain. De homine imperito nunquam, quic quam iniustius: Qui nisi quod ipse facit, nihil rectum Putat. To this peremptory opinion, me must join a peremptory issue, and come to the proof, putting him nevertheless in mind, that he doth maintain: that the low exchange for moneys is profitable for our Merchants, that are commonly the takers of moneys here in Engla●d, and so beyond the Seas where they are deliverers, now how a low exchange can be imagined without the undervaluation of our moneys in exchange, I refer to his deep apprehensions, come we therefore in the next place to prove this undervaluation of our moneys in Exchange, and then such as deserve the name of Mountebanks, jugglers, or impostures of Trade, will be found out as easily by the Centre of Commerce, P. 17. as the Cu'man Ass, was (wearing the Lion's skin) by the stranger that had seen a Lion, who knew him by his ears and braying: marvel not therefore that I have written of Merchant's Laws, which are extolled, and not disgraced thereby, or by such a fellow who willeth you to remember Maximilians Fool, telling the Emperor that if he would derive his pedigree from Noah's Ark, whereas now he reverenced him like a God, if he came once to the Ark, he should be his fellow, for he was sure that he also descended from thence. This undervaluation being proved, will verify the Proverb, who is the fool now: and Horace his Crow will be found to have lost his Cheese by too P. 144. much Chattering: or Aesop's Dog his Bone, by too much gaping, which similes himself hath used. CHAP. II. That the Moneys of the Realm are underuauled in Exchange between us and other Countries. FRom the North Star of the Arctic Circle or Pole, we are come to the Tropic of Cancer, to entreat of the undervaluation of our moneys in Exchange, which may well be compared unto Cancer the Crab in going back, for so doth the wealth of the Realm (by these means) decay, for we look one way, and go another way, like men that row on the water, or like Crabs on the Land. We have observed heretofore, that Polititions or Statesmen have noted, that the often comparing of a thing unto his Principle or Original, produceth the longer continuance, showing (by Digression) how the same is decayed, and may be reduced to the first integrity and goodness. To reduce therefore the course of Exchange for moneys to the first institution, may seem very necessary to explaime this important matter. It is about 80. years since that there was an equal Exchange between England and the Netherlands, Equal Exchange. which in true value may be called Positive, and according to alteration in price Currant, at which time, twenty shillings of their coin, and twenty shillings Starlin, were alike in denomination, that is to say, were named all one in price, & of intrinsique or inward value, for their Imperial Royal of gold was valued and went currant for Ten shillings Flemish, and our Angel was valued at Ten shillings Starlin, being all of a goodness of Gold in value, which we call Waight and finesse by the terms of the Mint, so the French Crown which was valued here at Six shillings Starlin, English & foreign coin all one in Exchange. and beyond the Seas at six shillings Flemish, was correspondent: the Philip Doller of silver was valued at five shillings Flemish, and so was the Edward Crown of silucr five shillings Starlin: our ten Groats being three shillings and four pence, was correspondent to the Emperor's Florin of twenty Stivers: and the Flemish shillings of six Stivers or twelve pence Flemish, was all one with our shilling or twelve pence Starlin: for an ounce of Starlin silver was valued as five shillings, for there was five pieces or shillings made out of an ounce: and although the Standards of moneys did differ in the finesse or goodness of the silver and gold, yet the quantity in weight did answer and made good the same: as for example, the Starlin Standard being 11. ounces 2. d. weight in fine silver, in the 12 ounces Troy to the pound weight made into 60 s. caused the ounce to be five shillings; and the Philip. Doller being but ten ounces of fine silver in the like pound weight of 12 ounces Troy: was correspondent and currant for five shillings, or the said pound was valued at 60 s. This Philip Doller weigheth 22 penny weight, which is two penny weight more than an ounce, to answer our silver by the more weight of such silver as is not so good as ours, because it containeth more allay or copper: so that their inward value of silver is made by weight answerable and correspondent to ours. And so the names for the price and value of the coin, were named alike; and the prices of commodities (both here and beyond the seas) were likewise named accordingly; whereby all fallacies concerning the value of moneys and the prices of commodities were excluded; and then Merchants (to accommodate one another by exchange) would give or deduct either 3 d. 4 d. or 6 d. or thereabouts upon the pound of our 20 s. or a penny or two pence upon the Noble (wherupon exchanges were then commonly made) to pay or receive their moneys by exchange here or beyond the seas, according as they could agree: in so much, that 20 s. Starlin hath been given here to receive beyond the seas 19 s. 6 d. Flemish by exchange. And the like hath been given beyond seas, to receive here 20 s Starlin, according to the occasions of Merchants. From this equality or parity of exchange, we are fallen to very great inequality, by the enhancing of moneys beyond the Seas, whereby the price was there altered in name or denomination, our moneys remaining here at a stand; and the standards of moneys both here and beyond the Seas also remaining unaltered, and so continued beyond the Seas until this day, albeit they have caused diverse new coins of other standards to be made since that time, which is to be observed hereafter, the rather for that it is a maxim, That the silver coins do rule the markets in all places, because of the abundance thereof, Silver coin do rule the Markets and Exchange. being 500 to one of gold, which causeth the exchanges to be made according to the silver coins, which overruleth the coins of gold. The first inequality crept in by the enhancing of moneys, was upon the Philip Doller, which was come from 30 Stivers or 5 s, as aforesaid, to 33 and 35 Stivers; whereby the price of exchange began to alter in the years of our Lord 1563 and 1564, which then was looked into by the Merchant's Adventurers, according to the complaints of Mr. Hussey their Governor, and that made them to make exchanges upon our pound of 20 s Starlin at 22 s. 6 d. and 23 s. Afterwards in the year 1575., the said Philip Doller went currant for 36 Stivers, or 6 s Flemish, which was enhanced full twenty in the hundred, or four shillings upon twenty shillings; whereby the parity of exchange was altered in name from 20 to 24, because that 24 s with them beyond the Seas and our 20 s here was all one in value: so that 500 l Starlin was correspondent or answerable to 600 l Flemish, by reason of the said valuation, without any alteration of Standards. Before that time, that is to say, in the year of our Lord 1567., the Burgundian Rickx Doller was coined in the Empire for 32 Stivers lups, or two Marks lubish, of 16 shillings the Mark. So that then one shilling lubish and one Stiver, Shilling Lubish and Stivers all one. was between Germany and the Netherlands all one in name; as we have more amply declared in Lex Mercatoria and elsewhere. From this position, let us come now to the undervaluation of our moneys in exchange by three several and infallible means; and therein observe the progress of valuation and the course of exchange, for the main places of Trade. First, by the Assays of moneys made in former times, and the calculations of exchanges made thereupon, upon, according to the prices or valuations of the moneys enhanced beyond the Seas, and not enhanced with us in England. Secondly, Three means to prove the undervaluation of our moneys in Exchange. by true calculations derived from the said Assays and enhancing of foreign coins, as also of our moneys beyond the Seas, which rule cannot fail: so long as the Standards of the moneys are not altered. Lastly, By the trial of Assays both of our moneys and the coins of foreign Countries lately taken, concerning both the premises, by which three means, any man of judgement may perceive that the Exchange is the Public means between us and other Countries already proved. Concerning the first, it appeareth of record, that in the said year 1575. there was (by order of the Right Honourable the Lords & others of her Majesties then Privy Council of the late Queen Elizabeth of blessed memory) diverse Assays made of the moneys of sundry Countries, and the price of Exchange, that is to say of the Positive Exchange, was set down accordingly, whereof I have made this Abstract, for so much as maketh for the purpose. The Philip Doller of 10. ounces fine at 36. Stivers or 6. s. Flemish, made the price of the said Exchange 24. s. as aforesaid, accounting 4 Dollars for the l. The Rickx Doller of 10. ounces 12. penny weight at 32. shillings lubish or Stivers Flemish made the said Positive Exchange to be 24. s. also, Exchange at 14. s. at Hamborough and the Low Countries. accounting four, and a half Doller for 20. s. Starlin. The Rickx Doller being enhanced to 33. shillings lubish, made the price of the said Exchange at one shilling more, upon the 4. prices and a half to be at 24. s. 9 d. which contained for a long time at Hamborough and other places in Germany, Exchange at 24. s. 9d. in Germany. and all their own coins were correspondent thereunto in the inward value: but in the Low Countries the valuation did alter, and moneys were enhanced by intermissive times, by the wars and division of the 17. Provinces. Come we now to the year 1586. when Robert Lord Dudley Earl of Leycester went over to take the Government of the United Provinces, at which time moneys were much enhanced, and the States did coin the great silver Royal of the goodness of the Philip Doller, as also Rickx Dollars, in every province of the goodness of the said Imperial or Burgundian Dollars, and the Arch Duke Albertus of Austria did the like in the reconciled Countries under his Government. Hereupon there was Assays made again of the said coins and other moneys, and the goodness of them was by the said Assays correspondent in weight and finesse, and so the Positive Exchange was made accordingly upon the valuation made in the said Countries, namely the said Philip Doller being risen and valued at 50. Stivers, or 8. s. 4. d. Flemish made the said Exchange (by the said 4. pieces) to be 33. s. 4. d. for 20. shillings Starlin: the said Rickx Doller was valued at 45. Stivers, or 7. s. 6. d. Flemish made the Exchange to be after 4 pieces and a half to the pound Starlin 33. s. 9 d. but because our shilling was valued at 20. d. Flemish, or 10 Stivers, whereof 20. s. made 33. s. 4. d. Flemish, it was agreed by the Commissioners, Exchange for the Low Countries at 83 s. 4 d. that the Positive Exchange should be 33. s. 4. d. for our 20. s: and all other moneys had correspondence with the said price or thereabouts: and the Spanish Royal of 8. was valued at 42. Stivers, or 7. s. Flemish, as appeareth by the Placeart or Proclamation then made by the said Earl of Leycester. If you will be sure whether the said Assays and Valuations are truly calculated in exchange, Calculations upon Assays and Moneys. the Account by the Golden Rule is easy for any man of mean judgement to be cast up, that is to say, if the Philip Doller of 36, Stivers made the price of exchange to be 24. s. what must the price now be, when the said Doller is valued at 50. Stivers, facit 33. s. 4. d, again if the Rickx Doller at 33. Stivers giveth in exchange 24. s. 9 d. what will 45. Stivers give in exchange, facit 33. s. 9 d: so that you see the Assays and Valuations doth agree in the price of exchange, and rather somewhat to our disadvantage. In the year 1600. (by a Commission granted to Sir Richard Martin Knight, and Master of the Mint, Sir Richard Saltonstall, Sir Henery beling slay knights, Thomas afterwards Lord Knynet, Mr. john Williams, myself and diverse others) there was an examination taken concerning the goodness and valuation of moneys in exchange, and there ensued but an alteration in the valuation of gold concerning the proportion, with some small reformation concerning the Standards: but in Exchanges nothing was effected, for some reasons here not declared: come we now to this present time, and see how much the said moneys have been enhanced, Calculations up on the last valuation. not by the toleration of Merchants to receive them above their price, but according to the Placcart or Edict of Proclamation of the said Estates made the 21 of july 1622. There you shall find that the Philip Doller is made Bullion: that is to say, not currant, as they have also done of other coins: but the Rickx Doller of Germany and the Nether-lands are enhanced and valued by Public Authority (besides their toleration to go above the same) at 50. Stivers, now cast hereupon what the Positive Exchange must be, when 45. is made 50. or when 5. is gotten in 45, which is just one ninth part: take the ninth part of one hundreth, and it is 11. and 1/9. that the said Dollars and other moneys are in haunced thereby. But our Shillings or 12. pence Starlin (albeit they must be delivered by weight) is but advanced to ten Stivers and a half, which is but 5. d. 100 when it should be 11 1/9. part, or 11. l. 2. s. 2. d. ⅔. The Rule is. If 45. give 5, what shall 50. give? Facit 11. & 1/9. parts. Or if 45. give in true Exchange 33. s. 9 d, what 50? Facit 37. s. 6. d. Or if 42. for the Royal give 33. s. 4. d, what gives 48? Facit 38. s. 1. d. So that it plainly appeareth by grounded calculation upon Assays, that from 33. s. 4. d. the moneys of the Realm between us and the Low Countries are undervalued 11. l. 2. s. 2. ⅔. d. in every hundred pounds, Exceeding great gain by the exportation of our moneys. whereby we undersell our home commodities, and buy the foreign Commodities so much dearer, and lose for every hundreth pounds so much in the Kingdom stock, for we do receive but 88 l. 17. s. 9 ⅓. d. for one hundreth pounds: and he that exported our money may get ipso facto, or every month above 11. per cent, which is 132. per cent by the year, and no money or Bullion can be imported from thence without the like loss to the bringer thereof, unless by gold, which is here more esteemed then in other Countries, whereby he may save some part of his loss, especially the same being made Bullion beyond the seas, as aforesaid. And because Misselden will not allow of the supposition set down upon the rates of 30. s. for 20. ●. P. 75. Starlin, to show how Merchants may be correspondence accommodate each other, to the Kingdom's great loss, by the means of a low Exchange, which must in the comparison needs be under the price supposed in Exchange, and not at 33. s. 4. d, which is called low in regard of the present, and hereupon he doth miscast 100 l. in 1000 l. between the Londoners and the Amsterdamers, with other cavillations in the answering thereof: I though good to observe the same between the price of equal exchange, altered by the enhancing of moneys beyond the Seas at the beginning, when 20. s. Starlin was made 24. s. by exchange, whereby 500 l. made 600. l. beyond the Seas as aforesaid, for the said 600, l. Flemish was correspondent in account between the said Londonner and Amsterdammer, after the said rate of 24 s. by exchange, so long as the value was made good by exchange: but if the Exchange had not risen in price according to the moneys enhanced, and had remained at 20 s. for 20 s. and they had still so kept their account between them; All men of judgement can very well see that the 500 l. Starlin (being transported) will make 600 l. Flemish: But the Londoner hath not the like means to import his money in specie from beyond the Seas, where the same is enhanced: so that if he do not receive their 600 l. in lieu of his 500 l, he becometh a loser of so much, and the Kingdom is bereft of the others money, which the Amsterdammer caused to be sent over unto him, as shallbe made plain in the next Chapter. To return to our aforesaid declaration of the undervaluation of our moneys. Exchange at 358. for the Low United Countries. True it is, that since the said Proclamation of the States, whereby our shilling is valued at 10 ½. Stivers, the price of exchange is risen to 35 s, which some understand to be value for value, or Par pro Pari: and others will say, who knoweth whether the said Assays were truly made and reported accordingly, and so speak against our benefit. I answer, admit that the loss be but 6 1/9. per centum for a month, is this tolerable, when by the exportation of our moneys there may be gotten above 73 per centum by the year, which is a gain exceeding all other gains, besides the loss of our Treasure? This is convenience being opened to the Grand Commission of 51. Persons, of diverse qualities and degrees appointed for matters of Trade, namely, The Right Honourable the Lord Vizcount Man-devile, The Grand Commission for Trade. Lord Precedent of the Council. The Lord Brooke. Sir john Suckling Knight, controller of his Majesty's Household, Sir julius Caesar Knight, Master of the Rolls, and diverse other Knights, Baronet's, and others: It pleased them to send for his Majesty's Assay-master, Master Andrew Palmer a man of rare knowledge and experience, and willed him to make Assays of the principal foreign coins, and to compare the same unto ours by way of Exchange, after the rate of 35 s. Flemish for 20 s. Starlin, whereupon he made the report here following, in the Month of March last passed, 1623. Twenty shillings English money, Master Palmer's report to the Commissioners. containeth in fine silver 3 ounces, ten penny weight, 23 grains, 4 mites, 12 droicts, 7 periods, 17 blanks. Five and thirty Hollands shillings contains in fine silver, 3 ounces, 6 penny weight, 14 grains, 6 mites, 16 droicts. Whereby the difference of fine silver is 4 penny weight, 8 grains, 17 mites, 20 droicts. Every penny weight of fine silver is worth in our currant silver moneys, three pence farthing and half a farthing full: so the difference in value between the moneys above said, is 14 pence half penny and one farthing, which is upon the hundreth pounds, six pounds three shillings. Every Holland shilling contains in fine silver, one penny weight, 21 grains, 13 mites, 8 droicts, which is in value to our silver moneys, six pence 3/● parts: every Holland Stiver of the best contains in fine silver, 7 grains, 12 mites, 5 droicts, 6 periods 16 blanks: which is in value two ounces, one penny, 1½ mites, every 5 shillings English silver contains in fine silver, 17 penny weight, 17 grains, 16 mites. Every Holland Doller containeth in fine silver 16 penny weight, 4 grains, 10 mites: the difference in fine silver is one penny weight, 13 grains, 6 mites, which is in value Starlin, 5 pence full. Every piece of 8 royals of Spain, containeth in fine silver 16 penny weight, one grain: the difference is one penny weight, 16 grains, 16 mites. And in value Starlin, five pence, half penny full. So to the difference of six pounds, three shillings in every hundreth pounds, the 5 upon the hundreth added between 33 s. 4 d, and 35 s. is in Totall 11 l. 3 s, by this calculation of Assay. Thus it appeareth unto men even of the meanest understanding, that our moneys are undervalved in exchange for the Low Countries, and for Hamborough & other places much more, where the Rickx Doller is risen to 52, and 54 shillings lubish, which by the precedent rules, maketh the price of this Positive Exchange to be above 40 s. of theirs for our 20 s, which to avoid prolixity, I leave to every man's judgement to calculate. Now because we have spoken of men of mean capacity, Inconveniences of the undervaluation of our. moneys. and that I do labour to express myself in the plainest manner: I pray you, is there any man living that will not conceive, that this exceeding great gain had by exportation of our moneys, will still deprive us of our Treasure? And on the contrary, that this great loss had by the importation of money, doth still debar us from any to be brought in? Again, when greater gain is given upon the Spanish royals beyond the Seas, will not the same be diverted from us and carried thither, or if some be imported upon occasion or by accident, will not other men transport them again, and so take away the life of Trade, and cause the Vital Spirits thereof to languish? Surely all men are able to understand this, yet it shallbe made more plainer. Thus may we observe the Disgression and inequality between the said moneys, which can never (conveniently) be reducted to their first price and equality: I might likewise make instance of the coins of gold which are more enhanced, for the Sovereign of 20 s. is now currant at 37 s. 8 d. Flemish But the premises declare sufficiently the undervaluation of our moneys in exchange, both by calculation and trial of the subtle Assay. Misselden in his former Treatise misnamed Free-Trade, setteth down, P. 7. that the immediate cause of the want of money in England: is the undervaluation of his Majesty's coin, which hindereth the importation, and causeth the exportation of ours, whereupon he would have the King's coin raised▪ and foreign coin to be made currant at equal value: And in his Circle of Commerce he saith: P. 101. that I would persuade the world, that there is a great undervaluations of our moneys in exchange to those of Germany and the Low Countries, which is the main Pillar to support the Par, and so now there is no undervaluation. And thus with the Saytre he▪ bloweth hot & cold at one instant with one breath▪ and withal he doth acknowledge, that if the premises by us declared were true (as true and manifest they are) That they be fearful effects, and again, that moneys are not so little enhanced as 20 in the hundreth since the enhancing begun, which we have proved to be double, or 100 upon the hundreth, well in good time, 'tis mistaken, to make it serve his turn. He accuseth me of gross errors, for that the exchange is risen in price according to the valuation of moneys, which even now we have proved to be false: and if exchange should rise and fall accordingly, that is to say, if moneys rise beyond the Seas, that the price of exchange should rise accordingly: and if moneys do rise here, that then on the contrary the exchange should fall in price here, what remedy can there be then in the enhancing of the moneys, when the price of exchange will still over rule the same, misselden's Errors. as it were an enhancing upon an enhancing between us and other Countries upon the price of exchange, which (as hath been showed) is the Public Measure? But he will make this perspicuous by a familiar example, surely one of the familiars of his Circle hath deluded him herein: for if a Gentleman maketh over 100 l. for Amsterdam at 33 s. 4 d, and receiveth for it there 166 l. 13 s. 4 d. Flemish in Holland Dollars, called Lion Dollars; at two Guilderes or 40 Stivers the Doller, which amounteth just 500 Dollars, and upon occasion after he hath received the same, he is to deliver them there again by exchange to be paid in London: the question is not upon the enhancing of two Stivers upon every Doller and 35 s, which he must give there to have here paid him, 20 s. Starlin for every pound, whereby the said enhancing of the Doller there, and the price of Exchange do just concur, and there can be neither gain nor loss. But the point is, whether these 500 Dollars do contain so much fine silver by weight, as there is in 100 l. Starlin here by him delivered, whereby it might be at his choice to import the said 500 Dollars inspeci, or to deliver them there by exchange, to receive the value thereof in England without loss: and upon examination hereof, the difference (according to the premises) will be found so great, that it cannot be put into one eye, for it will fill such an empty skull without brains: as the Fox before spoken of had found by chance; and we now perceive, here you may distinguish his Personnall Exchange concerning Trade, and his Provincial Exchange concerning State, to be handled in the next Chapter, for the said Lion Doller was by the said Proclamation of the Earl of Leycester valued at 36 Stivers, Philip, Dollars, which is now enhanced to 40 Stivers, Rick● Dollars being just one ninth part as before is declared. Lion Dollars all proportionable. Concerning others Dollars, and maketh 11 1/9 part in the 100 being 11 l. 2 s. 2⅔ d, whereby we may perceive that there is a proporcionable valuation of these coins: so that the Gentleman was (according to the true value) to receive at Amsterdam ●55. Hollands or Lion Dollars, and 5/9 parts, or 20 Stivers, and even so much is our money undervalved, from 33 s. 4 d. Flemish, as the Assay doth demonstrate. And according to the said Rule, if 42 Stivers made the exchange upon the Spanish Royal of 8. to be 33 l. 4 d, what shall the same be at 48 Stivers for the said Royal, Facit, 38 s. 1 d. as aforesaid: This Flemish reckonning is true, and truer than the Spanish reckonning, whereupon Misselden directeth his Argument. And if the said Gentleman had bestowed the last year the said 100 l. in royals of 8, at 22 s. for the 5 prices, and paid them out there at 51 Stivers, and so returned his money by exchange at a low rate, or 33 s. 4 d, or under, he might have gotten 25 Per Cento, where the said royals (when he bought them) did cost him but ten upon the hundreth: and thus you may see what deep speculations this man hath (whilst he is enclosed within his Circle) to find out these Mysteries, & yet no Mysteries: like unto the Man, An Eunuch. that was no Man: which threw a Stone, A Pumex. that was no Stone: at a Bird, that was no Bird: sitting upon a Tree, A Bat. A dead Trunk. that was no Tree: at which a Dog did bark, A Beech. that was no Dog: And this is the manner of his Sophistry. But he will come a little closer, and leave all the uncertain rates of exchanges, and so bring me to the touchstone of the said last Proclamation of the States of the United Provinces, whereby the Royal of 8 is cried down to 48 Stivers, or 8 s. Flemish. And here he hath calculated matters to a hair, by the English weight of English and Asses, and penny weight and grains, reckoning after 32 Asses for the penny weight or English, the penny weight being but 24 grains, and making 4 pieces 3/● parts to be equal with our 20 s. in value, which at 10 〈◊〉; Stivers for our shilling, according to the said Proclamation, jumpeth all at 35 s. Flemish in exchange for the said 2 s. Starlin; this is very prettily contrived by the dexterity of his ingenious spirit, or rather by his supports, who would help a lame Dog over the stile, as the prover be is by abating the price of the Royal, and advancing the price of exchange, taking care only for the present rate & time of exchange, wherewith he chargeth me with a p●ace of Scripture, with such a Magnanimity, P. 113. as if he were riding in his Triumphant Chariot, drawn by ignorance and impudence, as a couple of Coach Horses: imitating Caligula, who following the example of julius Caesar in conquering Britain, Suetornius & Di●n. and conducting his Army to the Sea side, commanded his Soldiers to gather shells, which he called the spoils of the Ocean, and binding a few Germans that never fought against him, led them in triumph to Rome: Even such is the behaviour of Misselden, who having gathered the shells of knowledge, could never attain to the solid flesh of truth and prudence, for an answer therefore to this untrue Assertion, I utterly deny, that 4 royals ●/8 parts, do answer our 20 s. Starlin, and by the aforesaid Rule of Arithmitike, if 22 s. will buy 5 pieces or royals of 8, than 20 s. requireth 4 6/11 pieces, and although the said Royal be decried, yet is the same currant above the price of the Proclamation in most places: moreover by the said rule, if one shilling was worth ten Stivers and more, when the Rickx Doller was valued at 45 Stivers, which is now enhanced, and currant above 50, which is 1/9 part increased: than it followeth that the said our shilling ought to be valued above 11 Stivers and 1/9 part, especially now the same must be delivered by weight, which is the cause that above six in the hundreth profit will be given in the Mints there, according to the policy in Mint affairs, when there is an intention to melt down foreign coin, as we have amply declared in the second Part of Lex Mercatoria: now concerning the exchange for Hamborough, The vnderu●luation of our moneys by Exchange at Hamborough. where after the rate of 4 Rickx Dollars and one half, we are to look for 450 Dollars for one hundreth pound Starlin. I am conscious by bills of exchanges made at Hamborough the last year between English money and lubish amongst the Merchant's Aduenturours, that for 381 Dollars delivered there, there have been paid 100 l. here in England, which is 69 Dollars under the true value, whereby they sold their clothes better cheap there, and so the Kingdom's stock must answer for it, to the impoverishment thereof. There is no man that hath the name of a Merchant, that having there 381 Dollars, will import the same into the Realm, knowing that he shall make but 4 s. 6 d a piece, which maketh but 85 l. 14 s. 6 d. when he can have by exchange 100 l, which is 14 l. 5 s. 6 d. more in two months time. Is not this an intolerable interest between Merchants, falling upon those that have small stocks and are takers up of money, when they ought to be deliverers paying 70 and 80 upon the hundreth to the underselling of our native commodities: let him here apply the saying, Animus Meminisse horret, luctuque Refugit. I his undervaluation of our moneys in exchange by the enhancing of foreign coin is so plain, and Luce Meridiana Clarius in every man's understanding, that there needeth not any further explanation, yet Misselden will not acknowledge, that the 15 Per Cento, P. 25. more gotten by the royals of 8 beyond the seas then in England, cometh to pass by reason of the low exchange and undervaluation of our moneys, in giving there little by exchange to receive much for it here: in the same manner as the precedent example of Hamborough doth demonstrate, for he denieth that the price of commodities doth rise with the enhancing of the moneys, which he mistermed Value of Moneys: and this is mere contrary to his former Assertion, Pag. 17. where he saith: That if the Merchants do nor raise the price of their Commodities in due proportion to the moneys enhanced in Exchange, they shall come home by weeping cross: the best is, he can swallow up many of these Guggions, and put down things never by me affirmed. As that the Exchange in the year 1586, or at any time since, went constantly at 33 s. 4 d, and here he might produce more than 1586 witnesses and Merchants Books; P. 28. Surely this man doth imitate the country Corydon, who seeing a sign for Horses to be let to hire and livery, with the year of 1622 thereunto added: was looking where those great Stables stood, that could contain so many Horses. For he dare say and affirm any thing, though it be never so untrue, and being convinced thereof, is no more ashamed, than a Horse which hath overthrown his Cart. There was of late years a Merchant of great experience, A Worthy consideration in Exchange. who (by ruminating of his brain) was of opinion, that although sometimes the price of exchange went low for some weeks, it went high again at other weeks, and so accounting one week with an other, this undervaluation might be recompensed and found to be correspondent: this consideration was very material, and moneys were not then at all enhanced at Hamborough, neither so much risen in the Low Countries, whereupon it was thought convenient to cast up the weekly price of exchanges one with another, according to the Broker's Bills of the prices of exchanges which they deliver weekly, and (that for certain years) after 52 weeks for the year, casting the Medium thereof, by certain tables made thereof: and although the difference was not so much as it hath been, and continued these 12 years since by one third part; yet the loss sustained thereby, came yearly to 35 and 37 Per Cento, by the year, the operation whereof was to be felt in time, as now we do in the want of moneys, for in the great bodies of Commonweals, things are not sensible but in progress of time: which causeth me to compare the working thereof to the Planet Saturn, making his Spherical course in Thirty years. The Rule therefore (which Misselden called, Aniufal●ible Rule. a Precept) is infallible, that when the exchange doth answer the true values of our moneys, according to their inward weight and finesse, and their outward valuation: they are never exported, because the gain is answerable by exchange, which is the cause of exportation: to this he answereth. That the stranger commits the fault, and I would have the English punished, which is as sententious for him to lay, as that I teach Gentlemen a way how to improve their wooles, To the Reader. and to cozen the Kingdom of the Cloth; if the Reader will believe him, there is not a word in his Pamphlet, P. 29. but of some use: But my discourse is piect together with stolen stuff: If I do borrow of others that have written learnedly, (as all Authors do) why will your slanderous pen blame me, especially when you do nothing else but traduce the writings of others, and some whom you do name, had first their light from me? Now if I should conclude this point and say, P. 16. that to the judicious Merchants I have given cause of offence to have written so much in the defence of exchange, (as I may well do) do I, by your perverted constitution bewray my want of wit and honesty? A Mule is a beast begot of a Horse and a she Ass, and so are these answers begot between wit and idleness. That serious observation of those most grave and Honourable Councillors of State in the year 1576. concerning the Feats and Bankers, Maine of Free Trade. P. 16. and the examples of the French King Lewis the nineth, & Philip the fair, confiscating their goods, which was also done by Philip de Valois, who indicted them as cosonners of the Commonwealth: are not to be passed over with jests and untruths, for wise men look for better things, Suetonius in viat Vesp. and will not be rested withal, which caused Vespasian to remove such a Busphoon as jested at his friends, willing him to jest at himself. The Acts of Parliaments, Proclamations and Ordinances made upon this consideration, with the treaties and conferences with other Princes, hereafter to be declared, will manifest the importance of this matter of State, which is canker of the Commonwealth, and therefore placed in this Zone of the Tropic of Cancer, as before is noted: the operation whereof willbe more perspicuous upon examination of it, by the Centre of Commerce to be entreated of in the Equinoctial, being the middle and third Zone of the Globe of Traffic and Trade, according to our distribution, whereby the old Adage will approve. That young men do think that old men are Fools: But old men do know that young men are Fools which hath a reference to the general, and may be applied in this particular, Lest per adventure he be wise in his own eyes, Proverbes 26. v. 5. CHAP. III. That gain is the Centre of the Circle of Commerce, and that the undervaluation of our Moneys in Exchange, is the efficient cause of the overbalancing of Trade. Now that we come to the Equinoctial Line, where the Centre of the Circle of commerce is to be found, upon the rule of equity and Parity, to be observed between moneys and exchanges of moneys by Bills: let us note, that Aristotle in his fourth Book of Metaphysics, (which is commonly called the Book of Distinction) hath largely confirmed, that all errors proceeds from Indistinction, now forasmuch as a Distinction can be no other thing then the enumeration of sundry significations of the same, Definition of Distinctions. with an apt application to the thing in question: observe we the plainest way to distinguish the operation of the said Centre (gain) in the course of Traffic: for even as a spider hath the best quality of feeling sitting with the head downwards in her circular web, (as the Centre thereof) to catch her living in all the parts of the circumference of her web: even so have all men (but most especially worlings looking down wards with the Kite) an Action and feeling of their benefit and gain, which ruleth the course of Trade in general, by God's direction to be observed therein. The wealth of a Kingdom cannot properly decrease, Three means to decrease the Wealth of the Realm. but three manner of ways, namely: by selling our native Commodities too good cheap: by buying the foreign Commodities too dear: and by the exportation of our moneys inspecie, caused by a low exchange for moneys by Bills of exchanges, as before is declared. In the managing whereof, we are to make three distinctions. The First, concerning the King and the Nobility, Gentlemen and Travellers, Three Distinction considerable. who are here deliverers of money to serve their occasions beyond the Seas, or else they are takers up beyond the Seas by letters of credit, to their greater loss, when the price of exchange is low, or foreign coin is enhanced or overvalued in exchange unto us, as is before declared in the first Chapter. The Second distinction concerneth particular Merchants, who do make a private benefit by moneys and exchange to the prejudice of the Kingdom, by a low exchange, and undervaluation of our moneys. The Third, concerneth the whole Kingdom in general, wherein the said particular Merchants do bear some loss unawares, although they have a greater gain by a disordered Trade another way, to the utter undoing of all Trade, and destruction of the Realm, which we are now to distinguish. It is demanded, P. 17. whether it be lawful for Merchants to seek their Privatum commodum in the exercise of their calling, whether gain be not the end of Trade, and whether the private be not invalued in the public? The answer is extant, that Albeit the general is composed of the particular, Maine of free Trade. P. 3. yet it may fall out, that the general shall receive an intolerable prejudice and loss by the particular benefit of some, the opinion and council therefore in the reformation of abuses of some private Merchants, is to be held in suspicion, and Kings and Princes are to sit at the stern of Trade, which caused the wise man to say: Consult not with a Merchant concerning Exchanges. Ecclesiasticus 37. ver. 11. The gains which are prejudicial to the Commonwealth, and beneficial to some Merchants in particular, are these as followeth. English Merchants (being here the takers of money by exchange) have a great gain when they take the same at a low exchange, Pernicious Asguments. giving less by their Bill of exchange in foreign parts, and in 〈◊〉 manner beyond the Seas, in giving Flemish or other moneys there, to have here Starlin money for it, they being there commonly the deliverers of money, so that a low price of exchange by the undervaluation of our moneys is profitable to the Merchant: and to maintain this, it is inferred, that merchant strangers would export more moneys out of the Realm into foreign parts, if English Merchants did not take the said moneys by exchanges, and that at a low price, whereby the English Merchant becometh a gainer, and the Merchant stranger a loser. Again, if an equal exchange were used, according to the Standards of moneys of other Nations and ours: then could not English Merchants sell our native Commodities so good cheap beyond the Seas, to undersell other Nations, casting their calculations of buying and selling according to the low price of exchange. Also, if the price of exchange were high beyond the Seas: then the Spanish Merchants could not make such gain by the royals of 8 which they transport thither, making return of the proceed of them by a low exchange, to their great benefit of 25 Per cento, where they can make here but ten upon the hundreth. If the moneys were not enhanced beyond the Seas, Merchants could not sell our native commodities at the prices they now do, and return the value thereof by a low exchange from thence, or taking up the same here, give so little by exchange there. English Merchants buying here cloth upon their credits, and selling the same beyond the Seas, have a good gain to return their money by a low exchange, to pay the seller of the Cloth with his own, & so trading without stocks: are instruments to sell the native Commodities of the Realm. If the exchange were not low under the value of the Standard, Merchants could not make a great benefit by taking up moneys here (be he either English or stranger) and transport the same to pay their Bills of exchanges beyond the Seas, and reserve a great part of the money for their benefit, neither could they buy foreign Commodities beyond the Seas upon long days of payment, and transport money to pay the seller at the said times. All this is done by maintaining the undervaluation of our moneys by a low exchange, The Rule of justice & equity. which must be distinguished from the true rule of justice and equity, which requireth an equal valuation in exchange, or an advantage over and above to accommodate the course of Traffic, and then it will be found that the undervaluation of moneys in exchange is intolerable, and that this gain procured to the hurt of the Kingdom (although profitable to particular Merchants) is to be abolished. The like is done by selling of our Cloth good cheap beyond the Seas in greater quantity, when Merchants have beaten down the price with the Clothier, whereby the Clothier is forced to do the like with the Woolegrower, which disimproveth the revinew of lands. But the Merchant employeth the lesser stock, and hath not therefore the less benefit: the Woolegrower and the Clothier bearing the loss, besides other private dealings of Merchants, which are errors of Trade, declared in out former Treatise. P. 75, 76. The third distinction concerning the whole Kingdom, is now to be examined by way of Antithesis or conterpointing, showing how gain doth command and direct Trade, in the said three simples of Traffic, namely Commodities, Moneys, and Exchanges, and especially in the exchanges of moneys which overruleth the other two, whereby the overbalancing of foreign Commodities, with our native Commodities in price is procured: and this may be avoided and prevented by the contrary, if it be put in practice according to the said rule of justice and equity. Inconveniences arising to the Realm of England, by the undervaluation of our moneys in Exchanges upon the pound of xx. shillings for the main places of Trade. FIrst, when our moneys are undervalued in exchange, whereby there ariseth a gain between the inward value of the moneys and the price of exchange: then are our moneys continually exported into foreign parts, for the like gain can never be made by any Commodity. 2 This exportation of money, causeth not only the less moneys to be employed upon our native Commodities, and returneth in foreign wares, but taketh away also the Vital spirit of Traffic, and giveth a great cause of overbalancing of commodities. 3 The said undervaluation of our moneys in exchange doth the like, and causeth our native Commodities to be sold better cheap beyond the Seas, for want of knowledge of the true value of our moneys and theirs: even as the enhancing of foreign coin beyond the Seas, caused the foreign wares to be advanced in price, according as the said money is enhanced, whereby the said overbalancing must needs come to pass of course. 4 It doth hinder the importation of Bullion and Dollars from the said places of Trade, which we have had in times past: for the said enhancing coin not being truly valued by exchange, cannot be imported but to an exceeding loss, and Merchant strangers will not take the same at a low exchange, so that our Merchants are compelled to make their returns by foreign Commodities, thereby greatly increasing the said overbalancing of Trade. 5 Young English Merchants are constrained to take up a great part of the said money at a low exchange, to maintain their rechanges to their loss, or else must make quick sales of their commodities, whereby they spoil the markets of others, which causeth them to set over their bills obligatory (received for their Clothes sold there) either for money, to pay the money taken up here by exchange, or for foreign Commodities at dear rates by the said enhanced moneys and otherwise, which cannot but breed an overbalancing of Commodities. 6 The said low exchange (whereby the Spanish Merchants make a diversion of the royals of 8 unto to those parts finding there more gain, when they can make over their moneys by a low exchange doth also divert from us a great Trade, by such employments as are made there upon foreign Commodities, as Bays, Says, and other new Draperies made in those parts, which might be employed upon our Commodities, and can this negotiation be without argumenting of the said overbalancing? 7 If by occasion or accident moneys or Bullion is impotted: (which might be carried to the Mint, and the moneys made thereof would be delivered by exchange to our Merchants, and so by them employed upon our Commodities, if the said were high or indiffetent:) it falleth out, that the said moneys or Bullion are exported again by other Merchants, which bring in foreign wares for it, for gain still beareth the sway. Thus by buying foreign commodities (as it were) by forcible means of course, by reason of the said undervaluation of our moneys by exchange: and selling our native Commodities by a false measure of exchange to our loss, The causes of overbalancing and decay of Trade. at the pleasures of other Nations: and by converting their enhanced coin into Starlin money by a low exchange, and the continual exportation of our moneys affording such great gain, and being debarred to bring in moneys because of the loss had thereby, is our trade decayed: and would be so, although there were no more wares in Christendom, for these be the causes of overbalancing, whereby the Realm is impoverished: which shallbe more amply declared. Sublata Causa, T●ll itur effectus. Now albeit that the contrary hereof doth produce the benefits to the Commonwealth, and doth properly belong to the remedies of the inconveniences of Trade, to be handled in the last Chapter: yet because it is more intelligible in this place, let us declare the same. Benefits which will arise to the Realm of England by the true valuation of our Moneys in Exchange, to meet with the said inconveniences. FIrst, Means to prevent the overbalancing of Trade, and to restore Trade. when the exchange doth answer the true value of our moneys, than there is no gain to be made by exportation, which is prevented thereby. 2 The transportation of moneys being prevented, will cause the greater employment to be made upon our native Commodities, either by the Merchant stranger, or by English Merchants to whom the stranger will deliver his money by exchange, for by the exportation he shall have no gain, and therefore he will expect the taker of it: by which plenty of money there will be a lively Trade, and the cause of overbalancing will diminsh. 3 The true value of our money or above being answered by a high exchange, causeth Merchants strangers to sell their Commodities according to the true value of the money, whereby the overbalancing must needs decrease of course, 4 The undervaluation of our moneys, and the enhancing of foreign coin being met withal, and calculated in exchange, causeth moneys and Bullion to be brought into the Realm without loss, and most times with gain, and sometimes with a little disadvantage, because our Merchants will rather than to buy foreign commodities dear▪ have their money ready to be employed again. ● this doth also meet with the said over balancing. 5 Young English Merchants which are takers of moneys beyond the Seas, will receive more by an high exchange there, and finding plenty of money, shall not be driven to make rash sales or barters to their loss, and hindrance of others, which will also moderate the said over balancing. 6▪ When the Spanish Merchants shall not be able to deliver their Royals of 8, or the money received for them by a low exchange beyond the Seas, but according to the true value required by a just and lawful exchange: then they will find no more gain there then here, which will cause them to import the said royals here, where the inward value will be answered unto them: & the diverted Trade by these means will return into England, to employ the said royals or the moneys made thereof, upon our Bays, Says, and other Draperies, which of course will qualify the said overballancing. 7 Thus moneys and Bullion will then be imported by a necessity of nature beyond all resistance, and the Dollars, royals of 8, and other coins brought in upon occasion or accidentally, will remain within the Realm, when there shall be no gain by the exportation, because this true exchange (Rising and falling nevertheless above the value, and not under) will answer the said value, and prevent that gain, which is now procured in danger of the Laws, adventure of the Seas, and of lewd persons. So that by comparing the precedent benefits with the former inconveniences, An application of the comparison. every man of judgement may easily see how hurtful the low exchange and undervaluation of our moneys is to the Commonwealth: and on the contrary, how beneficial the true valuation or high exchange will be, concurring with equity and true policy, whereupon the Centre of the Circle of Commerce is grounded. Consider we now this Centre (Gain) in every particular upon the premises, drawing from the Circumference all direct lines into it, and excluding all obloquy, curuey, and helical lines, and we shall find, that Nothing doth force Trade but Gain. Gaine had upon moneys by undervaluation in exchange, and enhancing of foreign coin beyond the Seas: causeth our moneys to be exported. Gaine had upon moneys by exchange and true valuation, causeth moneys to be brought in. Gain upon moneys being taken away and answered by true exchange, keepeth moneys within the Realm. Gaine given upon moneys imported here, equal to the gain made beyond the Seas: will prevent the diversion of the royals of 8. Gain more made by our moneys, then by our commodities exported: causeth less employment to be made upon our Commodities, and greater exportation. Gaine made by a low exchange, undervaluing our moneys, causeth them to be sold less beyond the Seas, and foreign wares dearer, to overbalance us. Gaine made upon our native Commodities, is Really imported by moneys and Bullion, when there is no loss by the importation of moneys. Gaine had upon foreign coin within the Realm, being prevented by the value in Exchange, keepeth the coin within the Realm and Mint. Gain upon moneys being greater beyond the Seas then with us in England, draweth moneys thither, and hindereth moneys to be imported, the want whereof maketh a dead Trade. Gaine had by exchange upon young Merchants of small means, spoileth the vent of our commodities, by overthrowing the Market of others. Gaine given by exchange of moneys by Bill, according to the true value or above the same: causeth foreign Commodities to be sold better cheap within the Realm, and giveth a direction (Tacite) to sell our native Commodities with more gain and reputation. Gaine procured by our Commodities outwards, more than by foreign Commodities inwards, which means to import Bullion and moneys to be done by this true valuation in exchange as aforesaid, will prevent the overbalancing of Trade, and bring all things in tune, when the Centre (Gain) findeth rest in Proprio Loco. The consideration hereof excludeth all unjust, unlawful, and private gain, made to the prejudice of the Realm by the oversight of Merchants, which seem to steer the helm when Palynicrus was sleepy. This is that Geometrical Axiom or Maxim, Circulus Tangit Planum unico Puncto heretofore observed, this is properly the Scope of Merchants, P. 104. all the Mysteries of Personal and Provincial Exchanges are comprised in this Mystery, which Misselden will make to be no Mystery, and to use his own words nevertheless. All the knowledge of Commerce is presented and represented in this History. All the rivers of Trade spring out of this source, P. 142. and empt themselves again into this Ocean. All the weight of Trade falls to this Centre, and comes within the circuit of this Circle. This is that Par pro Pari, that weighs down misselden's Balance of Trade, which is without a Parallel: which to prove let us now examine what is presented and represented by his uncertain Balance. A Merchant saith he, when he will inform himself how his Estate standeth, P. 130. is said to take a Balance of his Estate: wherein he collecteth and considereth all his Wares, and Monies, and Debts, as if he would cast every-thing into the Scale to be tried. etc. IF this Merchant should not look to the Centre. (Gain) in the mean time, what will the taking of a Balance avail him, or to what end and purpose will this tend? Surely only for a trial to find out whether he hath gained or lost, this is all a Balance can do. And although a Merchant can (in some sort) do this: It followeth not that the Royal Merchant or a Prince can do it, albeit he is the Father of the great family of the Commonwealth, for the cause of Trade is not in his own power, but Merchants do manage the same, who (as hath been showed) may procure their private gain, and yet impoverish the Kingdom. So that the Casting up of this Balance, P. 116. can never be an excellent and policique invention to show us the difference of weight in the Commerce of one Kingdom with another, unless the three Essential parts of Trade be wisely directed and observed by the Prince, according to the said Centre of Commerce, and not by this conceited Balance. Misselden having found an ancient wormeaten Balance upon Record, which is said to be made in the 28 year of Edward the Third: might very well have over past the same, seeing the imperfection thereof: P. 30. and that he found it in that Maniscript that he so little esteemeth, from which (as he saith) I have stored myself. For therein diverse Commodities of the Kingdom, as Led, Tin, Butter, Cheese, Tallow, Hides, Skins, Iron, and other Staple Wares, are not mentioned, and yet concern the said Balance: so that his comparison between those ancient, P. 123. with these modern times, is but vain and a Superfluous tale. But he delighteth i● words for want of matter or substance. Then he cometh to a Positive constitution of the form of a Balance in the years of our Lord 1612, and 1621. And here lieth the Pot of Roses, to know whether the native Commodities exported, and the foreign Commodities imported do balance or overbalance one another in the Scale of Commerce: P. 121. and if the native Commodities exported do weigh down and exceed in value the foreign Commodities imported, P. 127. that overplus must either come in (as he saith) in money or Merchandise, P. 117. if not in money, then in Merchandise. Surely he did not consider this without a nightcap, for it deserveth to be written in Capital Letters. Money's will not be imported so long as there is a loss by the bringing in of them: and if Commodities be brought in, it increaseth the said overbalancing, as a Deceptio Visus upon your Scale of Commerce, whereby you cannot discern the truth: but you must of force find your Balance false, The Balance, A deceptio Visus. and your judgement uncertain: and herein is no more hope of a remedy, than there is to overtake a man which runneth to the East, and you pursue him towards the West, running from him. But let us come somewhat closer to the consideration of this Balance, and suppose, that by increasing our Manufactures by four or five hundreth thousand pounds yearly more to be exported, this balance will be reform, is not this like and feasible to be done? I answer, that although it were feasible to make and vent such a quantity of Manufactures yearly: yet is it not like to moderate the overbalancing. For all men of judgement will say, that the proceed or return of the said Manufactures will come unto us in foreign Commodities, because moneys and Bullion cannot be brought in but to loss, as the case standeth. So that still our overbalancing increaseth, for when more Commod●●● are imported, than the Kingdom spends: 〈◊〉 must be exported again for other places, and ot●●● Commodities are imported again for the retu●● thereof, to augment the said overbalance, nay●● force us to wear more foreign wares through the abundance of it, and to neglect the use of our native Commodities. But saith he, P. 123. the form will illustrate this conceited course of Balance: Tota sensus, quot capita: As many minds, as men: every man abounding in his own sense: a marvellous grounded rule to build upon where there is so many Cannons, must we needs sail between Scylla and Charibays of an uncertain Balance without a Parallel, Absurd to admit such uncertainties. when the Compass of our Centre doth direct us in the very negotiation, and nothing can be directed unto us by this Balance without the said Centre? The uncertainty of this Balance doth consist of many particulars, whereby it is so fare from understanding, as conclusion is from order. First. This Balance cannot be certainly prescribed by one year's time, The uncertainties of the Realm. or any certain or limited time, for sometimes (and that unexpected) some East India Ship or other rich lading may come in, or the Spices and other goods already come in, and to be exported, are not carried out, when the calculation of the Balance is made. Secondly for moneys secretly exported: the return in Commodities may be yet to come, or if it be for gain had by interest money or exchanges, it need never to return for the Merchant stranger: as also for moneys taken up by exchange to be employed upon Commodities and other means whereof the Balance cannot be sensible, not coming to be Balanced. Thirdly, The profit made upon our native Commodities, as also for the foreign Commodities and the charges is incertain, both in the exportation of the one, and the importation of the other, which he bringeth upon the Balance by estimate, and is merely conjectural. Fourthly, The foreign Commodities are not underrated by one third part in the Custom Books, in comparison of our native Commodities. Fiftly, The fine goods secretly conveyed inwards more than outwards, by one hundreth thousand pounds yearly, is but a supposition. Sixtly, The payment of Customs being uncertain, and the concealing of Custom coming to be twenty for one in the calculation, maketh the account to be most incertain. seventhly and lastly, There may be so much gotten by Commodities exported & retransported, and for that gain foreign Commodities brought in, that it may seem to be an overbalance, when it is not. The premises considered, what Centre is there in this Balance? is it not like unto those great Balloons, that men play with all filled with wind? for there is not any solid substance, P. 126. but all is conjectural and immaginary, neither is it practised by other Princes and Countries, as he untruly allegeth. For other Princes and States are careful to augment Trade, by increasing of their Manufactures, and 〈◊〉 sell them to benefit, as also to make their Territor●●● (as it were) Magazines for all Commodities, Gains to be procured by Commodities, moneys, and Exchanges. and as they get by Commodities, so do they also by moneys and exchanges, which cannot but prevent the overbalancing. We all agree that there is an overbalance, which must be remeded by the redress of the causes, and not by the study of Balances, which demonstrate little in truth and certainty, but much in imagin●●●. on and conceit. It is Gain that beareth the sway, and it is more than necessary to Tautologize and to repeat things of this nature, for they produce fearful effects, we feel them, we complain of them: and woeful experience showeth unto us, that it is high time to reform them. For Abyssus Abyss●● invocat. By the aforesaid distinction, every man of understanding can discern the particular & private gain from the general benefit, whereby he may the better perceive the weakness of misselden's objections. He saith. P. 108. The higher the exchange is in England, the more loss is it to the taker. And the more gain to the deliverer, 1. Object. which is the Merchant stranger. Again. The higher the Exchange is in Dutchland, the more loss to the deliver, and gain to the taker: which is likewise there the Merchant stranger, and this he declareth by example. THis Objection is the first Pernicious Argument noted in this Chapter, (which representing unto us the Equinoctial Line) requireth equality and equity in the valuation of Moneys and true Exchanges for the general good, as before is demonstrated: the absurdity of which objection let us now declare. Suppose that (notwithstanding the enhancing of the foreign coin beyond the Seas) the price of exchange were still at even money, as it was about 80 years past, as hath been declared, namely at twenty shillings here with us, which is a low exchange upon the Balance of Trade. A Merchant stranger selling here his foreign Commodities bought beyond the seas with the enhanced coin, finding this low exchange to make his return by, will resolve either to buy our Commodities, or to export our moneys, for by this low exchange he shall be a very great loser: so that our English Merchants shall find no money to be taken up by exchange, to make their ready employment upon our Commodities, and the Merchant stranger will buy them, or else the money will be conveyed away for the most part, notwithstanding the Statute of employment, which as it is a loss to the Realm: so is it to the English Merchants in particular, who might have employed the same. So then è contrario. The lower the Exchange is in England, the less money 1. Answ. is delivered by exchange unto English Merchants, and the more is the Trade driven into the Merchant strangers hands. As also the more moneys are exported. Again. The lower that the Exchange is in Dutchland, the less money is taken up by the Merchant stranger there, and the more 〈…〉 are imported, both by the English Merchants and the Merchant strangers, WHich bringeth an overbalancing, and increaseth the transportation of our moneys: and is also a hindrance to the importation, because their moneys are enhanced, whereby it is manifest, that one extremity enforceth another. What is now the Medium, or rather, The general benefit to be preferred before the particular. which of these extremes shall take place? The one conterneth the general welfare of the Realm: The other concerneth private Merchants. Shall not the rule of justice and equity be preferred, whereby the Commonwealth is enriched, and the private be abolished, which destroyeth the Kingdom? yes questionless. But this reformation or Par of exchange, 2● Object. threateneth the decay of Cloth Trade. For the exchange is that, P. 109. which representeth to our English Merchant, his whole estate beyond the Seas, for his ready use and employment thereof in England upon all occasions. So that if there should be a stop in the course of exchange, Exchange the public measure then either the English Merchant will for bear to take up money by exchange; or else he will lock to recover his loss of exchange, upon his Cloth. I answer. 2. Answ. That giving more to the Merchant stranger by exchange then formerly, the Trade will be advanced. For the English Merchant will find more money for his ready employment then before, and the money will not be transported. So that to surmise, that the English Merchant will forbear to take up moneys by exchange, or will be so in●urious to his Country to maintain an 〈◊〉 of our moneys in exchange, contrary to his Majesty's Proclamation, and the laws of the Realm, is altogether without ground and senseless. The course of exchange rising and falling shall have no stop, neither will there be any stand in Blackwell Hall, whereby the remedy will be fare worse than the disease. As Misselden laboureth to prove. But the English Merchant must needs recover the 3. Object. loss● of the exchange upon the Cloth, which must either be done in the buying of it at home, or selling of it abroad: But it cannot be done in the sale of Cloth abroad, for the Cloth Trade groans already under the burden, as appeareth by the quantity and the price thereof which is diminished: and to bring it upon the Ch●●hier, is a matter of grievous consequence. Experience (as I have said) maketh a full answer, 3. Answ. that as there wanted no takers of money, when the late enhancing of money at Hamborough caused the exchange to rise from under 28 s. to above 35 s, which is fare more than the intended reformation, and Wool was at 33 s. the Todd, which is now at 20 s. and under; so there will want no vent for our Cloth: for if there were sale for double the quantity then, when Cloth was sold dearer by full one third part, we need not to doubt of vent, when other Nations are as willing to buy the same, as they are willing to vent their Commodities unto us: and it standeth with more reason to advance the price thereof, when the same is good cheap, and to reform the price of exchange then when this dear. Albeit we never heard any complaint of the dearness of our Cloth. Misselden will insinuate of many objections that can be made against this reformation so much requisite: but they are but words, P. 11●. as all former considerations do manifest, the taker will be ruled by the deliverer. For albeit that Trade requireth a natural liberty, (which in no Country is so much restrained as in England) yet Gain the true Centre doth overrule all (as it were) by a voluntary command, which maketh the voluntary contract by the mutual consent of both parties by him allegeth: and when the Gain of exportation of moneys faileth, P. 113. than the statute of employment is better observed, and moneys are more plentiful by exchange. For all these Arguments are as Lime twigs or Hops to keep him still enclosed within his Circle. He replieth, that although there wanted not Takers of money by exchange for Hamborough, when the exchange rise from 28 s. to 35 s, yet it doth not follow, that therefore there would be Takers at the Par of Exchange, for it is a different case. Indeed he doth not understand the case, P. 114. for the Takers did not gain, neither did the deliverer lose (as he saith) by the fast rising of exchange at Hamborough, only he that was to take up money back again to pay his Bills of exchanges taken upon him, might therein become a gainer, although by the buying of Commodities he might have been a loser by the enduring of Commodities there, upon the enhancing of moneys. A Particular maketh no rule. These accidents are particulars, and make no general rule. That he understandeth not himself in the Par of Exchange, (which I have distinguished by the Positive Exchange from the Currant Exchange) appeareth also by his inferrence, That it may prove also another bar to Trade, and cause the Cloth Trade both in the Clothier and Merchants hands to be so much dearer to them, and cheaper to the stranger by how much the natural course should be altered in exchange, when it should be answered by the price of exchange, to the great advantage of foreign Nations, and loss of the Kingdom. This man seeketh a knot in a Bulrush, and concludeth, that all he hath alleged is as clear as the Sun: and that until the Kingdom come to an overbalance of Trade, P. 131. the causes of the decay of Trade cannot be taken away: for the decay of Trade, and the overbalance cannot stand together. That is to say, a sick body cannot be in health until it be cured: which is a sentence containing many sentences, when the overbalance is the decay of Trade. To speak ingeniously, can the making of a Balance cause moneys and Bullion to be brought in, or hinder the transportation of moneys? or can the calculation of the said Balance procure that our native Commodities exported, shall surmount in price and quantity the foreign Commodities brought in. And lastly, can the said Balance bring to pass that Spanish royals of 8 (now diverted from us) shall be imported, and when the said royals and Dollars are brought in, that they shall not be carried out again, but be brought to the Mint: as the said Centre (Gain) will do by the true course of exchange, to the enriching of the Realm, and prevention of overbalancing? Questionless it cannot, for the end of the Balance (by his own confession) is last in place, but first and chiefest in purpose, P. 130. or in the beginning, which is nothing else but to make a trial of things past: so that put this Circle of Commerce into the Seals of the Balance, and lay a feather against it, and it will weigh down the same. But some will say: Why do you expostulate or make inquiry of the end of this Balance, P. 132. hath not he contracted all the causes of our underballance in two words? Poverty and Prodigality grounded upon Idleness and Excess; and therein used such a Ciceronian stile, to exhort the learned Divines and provident Statesmen, that we may say Movit Cornicula risum, assuredly he hath: but this may not be ascribed to the Balance of Trade, for riot and excess may be known without such a Balance, and Poverty and want is not without feeling, neither aught to be without commiseration. For the transportation of moneys to heaven is lawful, by charitable giving to the poor, which God himself hath promised to reward, although men were never so unthankful. Here (according to misselden's manner) I have occasion offered me, to make a very ample discourse concerning his presumption above the wisdom of the City of London, his uncharitable disposition to prevent ten thousand pounds yearly cast away to the poor, and his peremptory and absolute conclusion in the government of State-affairs, wherein he is a mere novice. But my intention is to be brief and substantial. To end therefore this matter of Balance, it may be thought strange that some men would be seduced thereby, Discourse of the East India Trade, by T. M. P. 49. 52. and give bridle to the present course of Trade, expecting an overbalance to happen on our side without removing of the causes, after they had spoken well concerning exchanges: although they confessed to be a ground, as a matter much too high for their handling: saying, That the abuse thereof is very prejudicial unto this Kingdom in particular, whilst in the interim the benefits do arise unto other Countries, who diligently observing the prices, whereby the moneys be exchanged, may take advantage to carry away the gold and silver of this Realm, at those times when the rate of our Starlin money (in exchange) is under the value of that standard, unto which place they are conveyed, for in respect the prices of the exchanges do rise and fall according to the plenty and scarcity of money, which is to be taken up or delivered out: the exchange is hereby rather become a Trade for some great moneyed men, than a furtherance and accommodation of Recall Trade of Merchants, as it ought to be in the true use thereof: and thus many times money may be made over hither by strangers to a good gain, and presently carried beyond the Seas to a second profit. And yet the mischief ends not here: for by these means the Takers up of money in foreign Countries must necessarily drive a Trade to those places from whence they draw their moneys and so do fill us up with foreign Commodities, without the vent of our own Wares▪ etc. And thus we see how the overbalance of Commodities is proceeding from the abuse of exchanges, which overrule moneys, and moneys overrule Commodities, as heretofore is manifestly declared. That the undervaluation of our moneys in exchange is the efficient cause of the overbalancing of Trade, Undervaluation of our money's inexchange is the efficient cause of the overbalancing. doth appear upon the consideration of the causes depending one upon another, enforced by this Primum-Mobill, as followeth. 1. The undervaluation of our moneys in exchange, 2. proceeding of the enhancing of moneys beyond the Seas, which causeth 3. (by gain) the transportation of our moneys, 4. and debarred (by loss to be sustained) the importation of moneys and Bullion, 5. hindereth also the bringing of royals of 8. unto us, being otherwise diverred. 6. The foreign Commodities are risen in price according to the moneys enhanced. 7. The native Commodities are in price undervalved according to the undervaluation of our moneys, all which are fearful effects. For the treasure is exhaunced, the Realm impoverished, and money is made a Merchandise. And this cannot be cured but by the contrary, as shall be declared in the remedies. Hitherto we have observed and manifestly proved. First, That exchange is the public measure between England, and all places where we deal by exchange. Secondly, That the moneys of the Realm are undervalved in exchange between us and other Countries. And thirdly, That Gain is the Centre of the Circle of Commerce, and that the said undervaluation is the efficient cause of the overbalancing of Trade: and withal we have showed that 〈◊〉 conceited Balance of Trade proposed by Misselden, can be but a Trial and Discovery of the overbalancing of Trade, without that it can produce any other benefit to the Commonwealth. By his last Balance we may perceive, that all the Commodities exported, and the Commodities imported yearly, do amount unto five Millions, or fifty hundreth thousand pounds, according to our observation in the Canker of England's Commonwealth. Now if the loss by exchange were but ten upon the hundreth, (which we have proved above threescore and ten) it would amount to five hundreth thousand pounds yearly: P. 37. The loss whereof is greater to the Kingdom, than all the moneys employed to the East Indies cometh unto, An incredible loss. which Misselden affirmeth to be an abominable untruth, which I cannot but retort upon him, because he is unfortunate to find out the truth, as shallbe made more plain in the following Chapter, for he is in league with equivocation in all his refutations, which challengeth to be Cusen German to truth, making his speeches a Centaur, half a man, half a horse: or like one of the broods of Nilus, half earth, half frogs, a thing both shapeless, and shaped in one mixture, which it thus distinguished by the Equinoctial in this place. CHAP. four An Examination of the Centre of Commerce in the Trades from England into other Countries. THe Tropic of Capricorn being the fourth Zone or girdle by our distribution, is to underprop and sustain (by the gain of Trades) the said Centre or Gain within the circumference of the Circle of Commerce, not by an absolute power to be left unto Merchants in the managing of Trade, or in the disposing of moneys, Commodities and exchanges for moneys: but by a direction grounded upon Laws, Ordinances, and Proclamations. For in regard of State affairs, Merchants are ignorant in the course of Traffic, for as much as they do only study for private benefit, so that they must have leaders and conductors: whereunto Bucks and Goats have been compared in times past, leading the silly sheep to feed in mountainous places. To prove therefore that this is no new doctrine or invention of mine, as Misselden allegeth: let us enter into consideration of the following observations, before our intended examination of the Centre of Commerce in foreign Trade●. It is near 350. years since King Edward the first did erect the office of the King's Royal Exchanger, Ancient Office of Exchanges. which did continue successively by 16 several Letters Patents of the Kings of this Realm: by means whereof the moneys were preserved within the same, and the Commodities were orderly vented, & the Merchandising exchange was then unknown. King Edward the third, did constitute diverse exchanges 9 E. 3. 7. in sundry places of the Realm, and caused tables of exchanges to be set up at Donor and elsewhere, to answer the value of our moneys in the coin to be paid for it beyond the Seas, according to the very value, with some allowance to be given to accommodate Merchants affairs and travellers occasions. The like was done by Richard the second: 5. R. 2. 2. and this was the true Par pro Pari, 2. H. 6. 6. then used and continued by Henry the sixth, and Edward the fourth, 4. E. 4. 16. but more especially by that wise and politic Prince 2. H. 6. 6. King Henry the seventh, 3. H. 7. 6. absolutely forbidding the making of exchanges and rechanges for foreign parts, without the King's especial licence had and obtained for the same; to which end all the several Acts of Parliament touching the directing and ordering of moneys and exchanges have been made, as in the margin. In primo of King Henry the eight, Sir Thomas Bullen Knight, was the King's exchanger by Letters Patents for all changes and rechanges for foreign parts, as by the Records appeareth in his Majesty's Exchequer: and there also you shall find, that during the r●igne of the said king Henry the seventh, one Petrus Contarin a Venetian Merchant, was sued in the tenth year of his reign upon the said Statutes, and the like ●u●e was brought in the ninteenth year following, against Dominico Polli●o●o the Pope's collector. And Lorenzo Alb●rti upon the like condemnation did pay 933 l. grafton's Cron. This caused the said King Henry the eight in the twenty two year of his Reign, to make a very severe Proclamation, that no person should make any exchange contrary to the true meaning of the said Acts and Statutes: but as Wars discompound all good orders, and necessity hath no law: so (in the latter end of this King's Reign) by reason of the base money then coined, this office of exchanges did discontinue; And in Edward the sixth his time, the practice of exchange was for a time prohibited, but upon urgent necessity of the conveniences thereof, again admitted unto Merchants. In the beginning of the Reign of the late Queen Elizabeth of blessed memory, the abuses of exchanges were called in question by Mr. Hussly, governor of the Merchant's Aduenturors: afterwards the Lord Burghley, Lord Treasurer of England, had a grant by Letters Patents of the said office for 23. years, who not being informed how the same should be truly Governed, (after Proclamation made) could not find convenient means to establish the same: this in progress of time did touch the said Lord so much in his honour and reputation, that his Son Sir Robert Cecil, Lord Treasurer of England after him, would never incline to establish the said office, much less to reform the abuses thereof: besides some other consideration might move him, because the business was propounded by others. So that Misselden doth speak untruly that the same was rejected, P. 92. for it hath still continued and been in agitation, even as the fishing Trade: (hitherto neglected) whereof more hereafter. The importance of the matter of exchange, Treaties of Exchanges with other Princes. doth not only appear by the said general Acts of Parliament hitherto vnrepealed, and now most necessary than ever to be put in practice: but also by diverse Treaties that the Kings of England have had by many conferrences with other Princes and states. concerning the losses sustained thereby, now utterly neglected. Let it be considered what incredible loss England sustaineth, when we lose above two●shillings in the pound, when the Duchess of Savoy▪ Regent of the Low Countries, allegeth that one half penny in the pound loss, would ruin the State of those Countries: as by ancient records in the Exchequer appeareth. King Henry the eight being come to Calais, required the Archdutches of Austria, than governor of the Low Countries, to permit his gold and silver to pass currant in her Dominions a little above the true value thereof, for the better enabling of his Soldiers and Merchants. The Duchess dispatched Thomas Gramay general of her mints, and john Dewsbrooke her Assay-master, with instructions to the King of England; advertising him, Notable considerations. that to suffer the English coin run at an overvalue, was against all Statutes and ordinances of the Mint: and that it would redound to the great scandal, loss, and harm to the commonweal, and the harm and loss should be so great, that it were impossible to esteem it: for the Merchant findeth that more might be gotten in England, then in her Do●inions for Bullion: by this overvaluation of the English coin, would carry away all five gold melted and unmolten, not only in ingots, but also in pieces of gold, made in the Archduke's Mint, to convert them into Angel Nobles, by which means the Country and Subjects of the same should be totally consumed, spoilt and destroyed, which would turn to a damage inestimable. The like is affirmed to ensue by the toleration of our English silver moneys to be over valued, Gaine is still the Centre. because all Merchants for their gain would carry into England not only the materials of silver, but also pieces coined, whereby the intercourse of Merchandise should cease, and the Merchants should become Merchants of silver, without selling any other ware or Merchandise. Furthermore she pleaded, that never any Prince would permit strange money to pass higher than his own, but that of custom they use the contrary. And which is most effectual, she urged that the ordinances of the Mints for the benefit of the Prince and his Subjects, ought ever to be kept of good policy for a Law, firm and stable, forasmuch the means of Princes and of Noblemen, together with the rents, fees, and wages of all his Subjects are taxed and valued, and all Merchandise ruled and governed thereby: wherefore without great necessity or evident utility, no alteration ought to be made in the price of moneys. Upon this remoustrance, the Archdutchesse Commissioners & the Mint-masters of the Tower made assays of all English and Flemish coins, and after long disputing and wrangling, the King could never obtain to have his coin pass at an half penny above the true value. What shall we say of these our days, wherein we suffer so great an undervaluation of our moneys in exchange, and inhaunoing of foreign coin: whereby the Trade is decayed, the Realm impoverished, and every man (in a manner) undone? Are all the precedent Laws and ordinances made in vain and forgotten? When Hercules had lo●t his oxen, Bateman in his Leaden gods. and had long time sought them in vain, they were at last discovered by their bellowing to be in Cacus Den: now Cacos in Greek signifieth Evil, which draweth men backwards by the tail as Cacus did the oxen: whenc I do conclude, that the said Laws and ordinances are hid in misselden's Den; for in his Circle he will take no notice of them, P. 9 but keepeth them back. But thankes be given unto God, and honour to the King, who out of his Princely care and providence hath Hercules strength to put the said Laws in execution: to which purpose, and to advance Trade, his highness hath been graciously pleased; First, to grant a special Committee to examine the causes of the decay of Trade: next, an especial Commission directed to diverse Noble Personages and Privy Councillors of State, associated with most worthy persons of quality, to divise wholesome remedies for these diseases, wherein they bestow unfatigable industry and pains to receive all informations, which may conduce them to find out the true remedies, and discern them from all fallacies: to them (I doubt not) my labours will be acceptable, done freely and sincerely for the common good. It may be that the reformation hereof hath also been reserved until these days, now the Right Honourable Lionel Baron Cranfield, Earl of Middlesex, is Lord High Treasurer of England, (whose name Misselden hath omitted in his Epistle Dedicatory) for his Lordship having knowledge of moneys and exchanges, is better enabled to advance this important matter, if it be possible that this time can entertain good things; wherein I am the more confident, because the King himself in his high wisdom was desirous to be informed hereof, by the Lord Vizcount Mandeuill, Lord Precedent of the Council, who calling (by his Majesty's commandment) unto him, Sir Robert Cotton, Knight and Baronet, Sir Ralph Maddyson, Knight, Mr. john Williams, his Majesty's Goldsmith, Mr. William Sanderson, Merchant Adventurer, and myself, in the Month of April 1622, delivered to the King's Majesty a Remonstrance made by us, A Report touching Exchanges, containning in substance: That having examined the nature of exchange of moneys by Bills, how it went in the elder and evener times, and how it is now carried to the prejudice of the Realm, and what will be the best means to reduce it to the former equity and parity according to the Rule of exchange, which is Par pro Pari: we did find that this equal and ancient Rule is broken by the enhancing of the price of moneys beyond the Seas, whereby (in effect) we exchange part of the intrinsicque value of our moneys for their outward denomination or valuation, and that the redress of this unequal exchange between us and foreign nations may be done by his Majesty's Proclamation, without enhancing of our moneys at home, or meddling with the finesse or allay thereof, in such manner and form as therein is declared, and hereafter expressed, according to our former declaration in Print, both in the Treatise of the maintenance of free Trade, and Lex Mercatoria, wherein Gain the Centre hath a Predominant power. And hereby it may appear that I have not forgotten Cato his lesson, Ad consilium non accesseris, antequam v●ceris: neither am I so audacious and unmannerly as Misselden would proclaim me to the world, he hath need of a leather case for his tongue, that in all his Circle supped up such hot broth, P. 17. Contra verbosos noli Contendere verbis, etc. To examine now the Centre (Gain) in every particular Trade of the Realm for foreign parts, we will begin with the song of four parts, so termed by Misselden; P. 52. and answer most of his Satyrike speeches with merry conceits, which may prove harmonious to the wise, but if any thing shall seem to be extrevagant, let it be attributed to this Region of Capricorn, where Corneited beasts will be skipping, the voices of his song is of strangers, of the staplers, of the Interloopers, and of the Ports, and the poor Merchant's Aduenturors are made the burden of the song, P. 49. on whom I do endeavour (as he saith) to lay a Tacite and secret Aspersion, of which he maketh himself to be the informer. A Sycophant is taken for a flatterer, of the Greek word Sycos, which signifieth a Fig: for the Kings in times past did so much esteem that fruit, as Princes do now their Deer, and such Promouters as gave information of the taking of figs, were so called, which agreeth with ours; howsoever I hope that his song will be a recantation of his errors, (as all good Patriots ought to do) albe●t, he may perhaps (for a time) recantare, that is, sing it over again. Humanum est errare, sed perseverare Diabolicum. As I will not scatter any society or corporations, in that which proveth prejudicial to the Commonwealth, so have I forborn to speak that which nevertheless is very considerable, and hath been observed by that worthy Councillor and Secretary of State, Sir Francis Walsingham, touching Corporations, where the absolute disposing of the Trade is left unto them, without the Prince his guide and direction for Commodities, Moneys, and Exchanges: all my writings are emblazoned with the praise and commendations of Merchants, albeit Misselden goeth about to make me distasteful in perverting or misconstruing of them after his manner, especially that I would have the indraping of our Wools to be done in foreign parts, which he can never prove: neither will I make any other answer in defence thereof then is made already; For it is recorded, that he who will make a great fire continually, must rake together much mean fuel: and he that will be always shaking the spleen of others, must have (as this man hath) much curiosity, more words, and most lies, his face must be as hard as the shell of a Tortis; his tongue as sharp as the quills of a Procerpine; his heart as unclean as the Stable of Augnis, before Hercules brought in the river Alpheus to cleanse it. He saith. That the State hath been abused by information, that the Dutch could not subsist without our English Cloth. P. 51. THere is not any such thing in my writings, neither did I ever stand so much upon the necessary use of our Wools: but I did insist upon two principal points concerning the sale of Cloth, The advantage of the sale of our Cloth. which was, that other Nations (buying heretofore our Clothes, when they were sold dearer by the one half in price than they be now sold) did never complain that the Clothes were sold too dear, but they did always complain of the false making of Cloth: and again, that other Nations are as willing to sell unto us their foreign Commodities, as we can be to sell our Clothes to them: for those that make Clothes in their Countries, have no occasion to buy foreign Wares, or the Commodities of other Countries, but seek to sell them for ready money, or to be paid at some times of payment: whereby England hath a great advantage, and may enjoy the benefit of it in selling their Cloth with reputation, which is ever accompanied with request, and causeth Commodities to be sold at good rates; whereas vilifying the price of Wares, can never establish a Trade, nor make Commodities more vendible, and this requireth great consideration. That one man which Malynes out of Malice Picks and Points at, is indeed an ample Trader in coloured Cloth, but not in Kerseys: yet so as there are very many others of the Company that are also Traders in coloured Cloth as well as he. HAd not this man been one of his supporters, by whose mouth his pen speaketh: I would have imagined, that he had been in the City of Butus, and had consulted with the Oracle of Laton●, where those that sleep before her image can make a Prediction by the first word of them that next met them. Herodotus in Euterpe. I bore no malice to the man, nor to the Secretary of the said Company, in whose commendation he so much speaketh. P. 65. For I am assured, that upon better consideration of the matters in question, they will willingly embrace the true reformation of these great abuses. Aspis a viper a venenum Mutuatur: Here Misselden▪ doth mount his great ordinance against the Merchants of the Staple and myself: for he stairs as wildly upon us, P. 62. Metamor. 3. as Again did upon her Son Pentheus, when she took him from a Boar: Ille mihi seriendus Aper, etc. Accuseth us both to be professed adversaries to the Merchant's Adventurers, for saying, that the Staplers have observed, that the Merchant's Adventurers have an inevitable opportunity of combination, to set what price they please upon Cloth to the Clothier, of Wool to the grower, and of all Commodities exported and imported: and to make this to be but a Suggestion, he careth not to accuse the said Company of an extraordinary discord, whereby they do more bid and out bid one another at the market, than any other Companies: surely his allegation that the Cloth Trade groans under the burden & cannot recover, is then most untrue, P. 110. for Merchants will not strive to run into an eminent danger of loss, but (as is noted before) they will be sure to impose all upon the Clothier & the Wool grower, to the disimproving of the revinew of Lands, and loss of the Kingdom's stock: and on the other side, the Staplers would not be so desirous to deal in Cloth if they saw no means to make a benefit thereby, and that fare greater than now is done, which would deserve the name of Free Trade, especially when we should be enable to make our choice, to return the proceed of our Native Commodities by all the three simples of Trade to our best advantage, Commodity's Moneys and Exchange. whereby they should not be subject to my pen, neither to his defence that presumeth so much to have deserved at their hands by extolling their wisdom and providence, which cannot be complete, unless the Commodities of the Realm were advanced by them in price and sale for the general good of the Kingdom, which he calleth the Dowry and the Axis of the Commonwealth, P. 64. whereon all the other Trades of the Realm do seem to turn and have their revolution, so that the Centre must be found in the middle of this Axis. Again, the stranger would not be desirous to deal in Cloth if there were no Centre, nor the inhabitants of other Ports. Lastly, the Interlopers would be quiet if there were no gain to be made, and the noises of their songs would not be heard all in one tune, but these latter will be prevented and cut off: now that Misselden is employed beyond the Seas by the Merchant's Aduenturors, who having the Art of discovery to give information, will spy them out: I cannot but lament their case. For when Sixtus Quintus was Pope, he made such an extraordinary search in Rome for to discover inveterated offences: that the image of Saint Peter standing on the one side of the portal of his Cathedral Church, did expostulate with Saint Paul standing on the other side, concerning these strict proceed, and was resolved to departed had not Paul dissuaded him: not withstanding that he had good cause, for having cut off Malchus his ear; P. 74. For the like fear may befall the said Interloopers by misselden's examinations of all their ancient and modern offences. To conclude this point of the Cloth Trade, which would be in danger to be wholly overthrown. I say: that even as there was a man, that bringing his Mare to drink, thought that he saw the Moon drunk up by his Mare, which indeed was only hid and obscured in a cloud: the next day consulting with his neighbours of Gotham, after much laying of their Cod's heads together, it was concluded, that they should rip the Mare and let out the Moon: and ever since these Goats of this Tropic of Capricorn, have thought all the world beholding to them for the recovery of the Moon. Even so are the Merchant's Aduenturors: nay, all the Kingdom beholding unto Misselden for the preservation of the Cloth Trade. By this time he is come to Monopolies, P. 66. and here he doth say: that there is not any worse Monopoly in the Kingdom, than I would make of the exchange. And Monsieur bodin's allegation touching the French Proverb, I'll intend le par, is no good phrase in French: here he will correct Magnificat, et nescit quid significat. The reformation of the abuse of exchange is to be done by all men, and therefore cannot be termed a Monopoly. And for the considerations requisite in Monopolies, I refer myself to the Chapter of Associations in Lex Mercatoria. Now for his finding fault with a syllogism made before he was borne, P. 91. drawn from Negatives: if I were but a Smatterer in any Science, and had known the use of his Pill Panchreston, I would prove as good and skilful in equivocation, as he is found to be in altering the state of a question, which is nothing but an equivocation, as for example: Quite Animal dicit, verum praedicat, & quite Asinum idem et te Animal dicit ergo. The Elenches of Accidents secundum quid, are lurking: and yet withal the question is changed, for the reason is drawn (as his manner is) from a particular to an universal, which is preposterous and retrograde. So where the question is begged, the stream of the disputation turns his channel. And this will serve for an answer to his Paralogism. It followeth, P. 69. to make also some brief answer to his exception of the comparison I made of things active and passive, because he will not understand the application of it; for he replieth and confesseth That the cloth doth not measure the yard, but the yard the cloth. But he addeth, the greater the measure is, the fewer yards the cloth containeth; and the less the measure, the more yards. MAy it not be said, that the yard is active and the cloth passive, P. 40 without Pacius explication, as the bough proceeding from Aristotle the ●oote? Let him remember that our famous Recorder of London made this distinction very perspicuous, when Dunscomb had stricken Cox; did not he give sentence that comb should be taken from Duns who was active, and be given to Cox to make him a Coxcomb, because he was passive. If he will not believe this, Staffords law may make him feel it, when he meeteth with impatient men. It is enough for me to prove, that exchange is active, and commodities and moneys are passive, wise men do know it, and fools will not understand it, though you bray them like Anaxarchus in an iron mortar. And so much might be said for the difference between things done virtute officij & colore officij. P. 70. But this matter requireth a more ample exposition and answer: for when he meets with my recital of some short observations concerning the decay of trade, which I gathered out of notes that past from the Merchants of the Staple, and other Merchants at the last Session of Parliament, he seems by his winsing to be somewhat galled, and that makes him turn and wriggle up and down, that he cannot contain himself within his circle, but breaks out into sundry contrarieties and contradictions, quarrelling on the behalf of the Merchant's Adventurers, at the multitude of their aforesaid adversaries, whom he cannot name without envy, nor let them pass his pen before he hath cast his As-pis and other his viperous venom upon them, as aforesaid. And in his Oration to his Masters, the Merchant's Adventurers, he magnifieth them, and brayeth out: O ye Merchants Adventurers, that have worthily obtaine● honour of his Majesty, P. 63. favour of the Nobility, fame in the world, love of strangers, good report of all. This proceeds from some distemper, and is worse than the wild goose race he taxeth me withal: P. 68 where (by the way) I observe that this Omnibus visus, that hath such skill in canting, P. 52. quacksalving, P. 91. and what not, hath here in this phrase of hunting mistaken his term, as he often doth his matter. For if he read Mr. Markham his book of Huntsmanship, and others Writers of that subject, he may find discourses of a wild goose chase, but the wild goose race is his own. Wherefore I will leave him, and follow the chase, as he pursueth the forenamed supposed Adversaries, of which I would have spoken in order as he hath named them, but that according to the manner of wild goose chase, he having got the leading, I must follow, and that within distance. And first he leads me into a defence of that that I said, the Merchant's Adventurers had engrossed into their hands by colour of their last Letters patents, the sole power of exporting cloth, etc. this he saith is but my liberty of speech, and so he endeavours to refute it by extenuating (as it were) his Majesty's favour towards them in point of exportation. For saith he, pag. 53. in point of exportation of white and coloured clothes, kerseys, bays, says, and other new draperies, there is no more power given them in the said later, than his Majesty and his royal Predecessors have honoured them with in former Letters patents, of which he recites the catalogue, and gins but in the eighth year of Hen. 4. by which he saith the aforesaid trade of cloth, etc. was entrusted unto them. Let that be taken for granted, and it will plainly appear that they have no privilege at all in this behalf, but only power to assemble themselves to choose a Governor to rectify their own abuses, and by way of justice to punish one another for their misdemeanours; and to that purpose that foresaid grant was made unto them, Power of the Merchant's Adventurers Letters patent. wherein one William Oueray was assigned to be their Governor, as by the said Letters patents at large appeareth. And of this power and privilege, all Merchants and Mariners of England, Ireland and Wales are to be equally partakers without exception, limitation or difference of person, country or commodity. And whatsoever freedom of trade into the parts therein expressed, his Majesty's subjects are now barred of, is merely usurped. And if you ask me, what means he then to mention such large grants of Henry the 4. and other succeeding Kings, with new titles and privileges granted unto them, and that with prohibition of all other, as he relates? I answer, this man either hath not seen or not understood the main of this matter, but hath dealt in it either ignorantly or concealedly: for the making plain whereof, let us observe, that in that time of Hen. the 4. (which he mentioneth to be the beginning of the Merchant's Adventurers) there was then, The antiquity of the Merchants of the Staple. and long before that time settled (both in England and beyond the Seas) another famous Society of English Merchants, called the Merchants of the Staple, as by sundry ancient records hereafter specified appeareth; these were the Merchants then entrusted with the trade of exporting the Staple commodities of the kingdom, whereof Wool and cloth were the chief, which they exported in such abundance, that they being trusted by the State to collect the King's Customs amongst themselves, they have paid out of the Staple into the Exchequer 68 thousand pounds starling per annum, as appeareth by record of 36 of Hen. 6. at which time an ounce of silver was valued but at 30 d. which is now 5 s being just double the said sum in value, or 136 thousand pounds. These were the Merchants that (before cloth was made in England) exported the materials of this Land, as Wool, Led, Tin, etc. and returned for the same Gold or silver, either coin or bullion; and to that purpose they made worthy laws and ordinances amongst themselves, still extant, to which every Merchant of that Society was sworn, and they did likewise give good bond to the Mayor of the Staple (before their goods were suffered to pass) that they should not barter away the Staple commodities of the kingdom, but should return a great proportion (if not the whole value) in coin or bullion, whereby this kingdom was at all times made rich and potent. And under these Merchants, trade was so managed, that cloth making began in England; and they exported cloth before the Merchant's Adventurers or the lieges their predecessors had a name or being. And if you ask, how then came those lieges and these Merchant's Adventurers to ship cloth, not being free of the Staple? I answer, that the purpose of the State was then so bend to cherish the manufacture of cloth, that there was liberty given to all sorts of Merchants and Mariners (subjects of this Realm) for the exportation thereof. And though it was accounted a Staple commodity, and exported by the Merchants of the Staple, yet other Merchants were likewise permitted to export the same, though they did not at all times return coin and bullion, according to the laws of the Staple; whereupon many Merchants and Mariners of England, Ireland and Wales, not free of the Staple, did trade with English cloth in foreign parts: and then finding themselves encumbered with many evils (which proceeded from want of government) some of them procured of King Henry the 4. the aforesaid Letters patents, granted (as before observed) to all the King's lieges, trading beyond the Seas, into Holland, Zealand, Brabant, and other Countries in amity with this Kingdom. This was the first original and foundation of the now Merchants Adventurers, and from that their beginning, there was not any other power, privilege or propriety of trade, or any other title or addition given unto them, but a mere confirmation of that first grant (as appeareth by Misselden his own book) until the xx. year of Hen. 7. when (saith he) they were honoured with the title of Merchants, and had power given them to keep their Courts at Calais. Herein he dealeth reservedly; for though he sets forth the truth, yet he sets not forth the whole truth; and that which he concealeth, is the chief direction of that which he expresseth. He sets forth their authority to keep their Courts in their Town of Calais, but he conceals two matters of consequence contained in their Letters patents, viz an Exception and a Command: An exception & a command of the Merchant's Adventurers grant. the Exception, that if in their Courts they make any law or ordinance contrary to the honour, dignity royal or prerogative of the King, or to the diminution of the common weal of the Realm, it is of no force. The Command: We straight charge and command, that all and every Merchant or subject, any way using or exercising the art or feat of a Merchant Adventurer, be obedient unto the Governor, and come into the said Fellowship of Merchant's Adventurers, and be free of them, paying the Haunce of ten marks sterling, according to a certain Act of our high Court of Parliament made within the time of our reign, etc. And no marvel though he conceal it, for that the practice of the Merchant's Adventurers is so contrary unto it: for, to say nothing of their orders, but of this disorder, they do not only refuse to admit his Majesty's subjects to be free of their Company, according to the said Command contained in their Letters patents, and according to that good and worthy law yet in force, as aforesaid, but (as I am informed) they have utterly rejected and of late driven out of trade (by procuring the imprisonment of their persons, and seizing their goods, and other like vexations) such as have been brought up in the trade of merchandise most part of their lives, and so many as have been observed to trade for an hundred thousand pounds per annum and more; yea notwithstanding that some great ones (whom I think not fit for me to name) have spoken, yea and written in some of their behalves. Now to proceed according to his book. From this time the Merchant's Adventurers continued without any other addition or alteration until the sixth year of Queen Elizabeth, P. 34. at which time (saith he) they were inscribed by the name of Merchant's Adventurers of England, and had authority to exercise their government within this Kingdom; wherein is to be observed, that the power and privilege given them by their former grants, was but for their government and use in foreign parts, wherein such abuse was committed, that they were at two several times greatly complained of in Parliament, in the 36. of Hen. 6. for interrupting of the Staplers, and in the 12. of Hen. 7. for disturbing of other English Merchants, under pretence of a particular relation that they seemed to have to S. Thomas Becket, for redress whereof there were at the same times two worthy and memorable laws made, that are yet in force, wherein there is a large expression of the complaints and remedies. And whereas he relateth that in the 28. of Queen Eliz. these Merchant's Adventurers had a new grant for enlargement of their trade into Germany, with prohibition of all other her Majesty's subjects not free of their said Fellowship, to trade into any of their privileged places, which (he saith) he hath not by hearsay, but by his own collection. I wish he had made a true collection, and expressed the especial proviso, that nothing therein contained should any way impeach or prejudice the Mayor, Constables or Society of the Merchants of the Staple, but that they and every particular brother of that Company should and might use their trade and privileges, as formerly they had done, etc. And at that same time the Merchants of the Staple had as free trade and large privileges in the Low Countries and Germany as the Merchant's Adventurers. And in his recital of the Letters patents made unto the Merchant's Adventurers by his Majesty, he continueth his former course, setting forth the tenor of the grant to the utmost, but not a word of the limitation and exception. For it likewise pleased his Highness into those Letters patents granted unto the Merchant's Adventurers in the xv. year of his reign, to insert a most gracious proviso and large exception for the Merchants of the Staple. The proviso followeth in haec verba, viz. Provided always, that these our Letters patents, or any thing in them contained, shall not in any wise be prejudicial or hurtful to the Mayor, Constables and Fellowship of Merchants of the Staple of England, or to their successors, or to any particular Fellow of the said Fellowship that now is or hereafter shall be, but that they and every of them shall and may have and enjoy all and every such grants, liberties and privileges as heretofore have been granted unto them by Us or any other our progenitors or predecessors as they or any of them have lawfully used or had, in as large and ample manner and form as they or any of them might or aught to have had or enjoyed before the date of these presents, any clause, article or restraint in these patents contained to the contrary notwithstanding. If they object that this proviso was in respect of the trade of wool, and not of cloth. I answer, that cannot be so: for that his Majesty by his public Proclamation had forbidden all exportation of Wool three years before; so that there was nothing to be reserved to the Merchants of the Staple by this proviso, but their trade of cloth. And whereas he saith, that the Merchants of the Staple never shipped any clothes at any time as Staplers, but as Merchant's Adventurers. I answer, that the Merchants of the Staple in their notes aforesaid, exhibited to the high Court of Parliament at the last Session, did set forth that they had used the trade of shipping cloth before the Merchant's Adventurers or the Leidgers their predecessors had a name or being, as is before recited: and that they afterward exercised the same trade into the same Countries together with the said Merchants Adventurers, as they affirmed they could prove by Indentures of composition made betwixt the said two Companies. They likewise signified, that they have had their trade of exporting all Staple commodities, whereof cloth was one, continued and confirmed unto them by sundry Acts of Parliament, viz. in the 27. of Edw. 3. and likewise in the 36. of Hen. 6. together with many other in the times of succeeding Princes, and also by diverse and sundry the gracious Letters patents of Edw. 2. Edw. 3. Ric. 2. Hen. 4. Hen. 5. Hen. 6. Edw. 4. Hen. 7. Hen. 8. Edw. 6. with a large and ample grant of new titles and privileges in the third year of Queen Eliz of famous memory, which she enlarged unto them in the 26 year of her reign; and that all these have been effectually confirmed unto them by his Highness' gracious Letters patents. And for further proof of their use of the cloth trade, they exhibited a report of three reverend judges, viz. Sir Christopher Wray Lord chief justice, The report of three reverend judges in the behalf of the Merchants of the Staple. Sir Gilbert Gerrard Master of the Rolls, and Sir Roger Manwood Lord chief Baron, unto whom the examination of that business was referred by the right Honourable the then Lord high Treasurer Burleigh, about the 25 year of Queen Eliz. The report followeth in haec verba, viz. We have since our last certificate thereof made to your Lordship, according to your Lordship's latter direction, sundry times heard both the said parties and their counsels, and think it best now to certify to your Lordship more at large: the effect of all material things that hath been alleged and showed of either party for the proof or disproof of the matter now in question between them, whereof some part now showed to us is more than was showed before. And first for the effect of the proof for the Merchants Staplers touching their antiquity and their trade of woollen clothes, is as hereafter followeth, that is to say, they have showed that in the 51 year of Hen. 3. there was a Wool Staple, and wool shipped, and officers belonging to it. And also that there was a Mayor and Company of Staplers in Antwerp an. 12. of Edw. 2. as appears by a records out of the office of the Clerk of the Pipe in the Exchequer. Also they do show forth three several Statutes, one in the 14. of Ric. 2. & another in the 11. of Hen. 4. ca 8. and one other in the 9 of Hen. 5. ca 9 whereby amongst diverse other things woollen clothes are recited in the preambles to be merchandizes of the Staple. Item, that the Merchants of the Staple have shipped woollen clothes, tempore Hen. 6. as by the Custom book of Boston appeareth, wherein is entered that the Merchants of the Staple shipped cloth versus Leiden in Holland, and also in the ships of Camphire and Sirecsea in Zealand, which they allege is probable to go into the Low Countries, for that at that time there was no trade into Spain with clothes, and for France there is no trade of broad clothes thither, and the ships be named in the Custom books Naviculae, and therefore not meet to brook the Spanish seas to carry clothes thither. Item, that the Merchants of the Staple have proved above an hundred mere Staplers not free of the Merchant's Adventurers, to have been shippers of woollen clothes, in the reigns of King Ric. 2. King Hen. 6. King Edw. 4. and King Hen. 7. against which no proof hath been made by the Adventurers to the contrary, besides those which shipped in the reign of Hen. 8. and her Majesty's reign. Item, that King Hen. 6. an. 36. of his reign, by his Charter to the Merchants of the Staple, did publish that the Charter of Hen. 4. granted to his lieges, and now alleged by the Merchant's Adventurers for their part, were not meant to trouble or disquiet the Merchants of the Staple in bodies or goods in the Low Countries; and therefore concerning the Merchants of the Staple or their goods, the said Charter of Hen. 4. should not extend. Item, it is also proved, that the Merchants of the Staple have shipped woollen clothes in the reigns of King Hen. 8. and some in this Queen's time, as well as in the reigns of Ric. 2. King Hen. 6. Edw. 4. and King Hen. 7. already reported. Item, That her Majesty an. 3. of her Highness' reign granted and confirmed to the Merchants of the Staple, all such privileges and liberties as they did, might or aught to have enjoyed a year before the loss of Calais, by grant of Charter, law, prescription or custom, notwithstanding none use, forfeiture, abuse, law or statute, or any other thing to the contrary whatsoever. 14. May 1583. Thus subscribed, C. Wray. G. Gerrard. Roger Manwood. This is a true copy of the original. Ex. per A. Maynard. Upon these, together with many other weighty reasons concerning the conveniences and profit of this State, then tendered to their grave considerations, the said house of Commons did pass a Bill for them, entitled. An Act restoring the Free Trade of the Merchants of the Staple, for the exportation of Cloth, and all other Manufactures made of Wool in the parts beyond the Seas; as by the said Bill appeareth: so that whereas out of false premises Misselden makes this conclusion, whereby it is manifest saith he, that the Cloth and other the Manufactures of this kingdom, have with the favour of the State, been conferred upon the Merchant's Adventurers: not only by their last Letters Patents, but by many other former grants before recited. I answer, That by this reply it is most apparent, that the Merchant's Adventurers from their first Grant, made in the eight of King Henry the 4, unto the last Grant made unto them in the fifteenth year of his Majesty: they never had any propriety or trust of Trade committed to them, but with exceptions and limitations as is before expressed. And it is also most manifest that the Merchants of the Staple might, and did from time to time Ship Cloth in their own right into Holland, &c: as Staplers, and not as Merchant's Adventurers: wherefore the power which the Merchant's Adventurers now assume unto themselves, to restrain the Merchants of the Staple from Trading with Cloth, as formerly they have done, and the practice which they use, to keep out other Merchants being Subjects of his Majesty from being free of their Company, is merely by colour, and not by virtue of any of their Grants or Letters Patents whatsoever: and hereby Misselden may understand what the difference is: P. 70. between Authority and the Prince's Letters Patents, and find cause not to marvel, but to wonder at his exception. And whereas he hath put another gloss, P. 56. saying: the Merchants of the Staple may Ship Cloth still, such of them as are free of the Merchant's Adventurers, whereof (saith he) there are many. I answer, That of all the Merchant's Aduentuers that are now Traders in Cloth, there are but o●ely three of them free men of the Staple. Thus fare have I followed him in his chase after the Merchants of the Staple. And now I find him pursuing another of his supposed adversaries viz. the Merchant Stranger, Concerning the Trade of Merchant Strangers. and their loss or the lessening of their Trade he would salve with a distinction of Cloth dressed and undressed, affirming that the Merchant Stranger could never ship Cloth undressed, by reason of certain Statutes made against it: and for Cloth dressed, and other Manufactures he saith, they may ship them still paying Strangers Custom, and perhaps better cheap also. This point I think, and especially the (perhaps) is worth the examining. It is true that there are Statutes against shipping Cloth undressed above a certain value, but there have been ever or for the most part means to dispense with the said Satutes, as the Lord of Cumberland his Licence, and others of that kind, for which business there hath been usually heretofore an Officer in the Custom House ready to admit composition with Strangers aswell as with others, and so the Strangers paying Strangers Custom, might ship Cloth undressed aswell as the Merchant's Adventurers: but now the Merchant's Adventurers have engrossed the foresaid dispensations into their own hands, so that the Strangers are now prevented of shipping Cloth undressed, as formerly they have done: by reason whereof, one other means whereby great quantities of Cloth have been heretofore vented, and the prices thereof advanced, is by the Merchant's Adventurers wholly intercepted. But now come to the (Perhaps) the Merchant's Strangers may now ship dressed Clothes, Kerseys, and all other new Draperies, paying Strangers Custom: and (Perhaps) better cheap saith he; How may this better cheap be? I answer, perhaps he may compound with some Merchant Adventurer for the use of his name, viz. to enter the Stranger's goods in the Merchant his name, paying a certain rate upon every parcel of goods, as upon every Karsey, Bay, Say, Parpetuana, and likewise upon every dozen of Stockings, which composition being paid, the Stranger shall ship his goods for English Custom. And for proof that this is so, I refer myself to the Blank Bills lately showed forth in Parliament by certain Merchants of London, with the Seal of the Merchant's Adventurers fixed, and their Deputy his name also subscribed: into which Bills being left blank for the purpose, the goods of any other English Merchant not free of their Company might be entered without enquiry whether he were Probatae fidei, or an Interlooper, a Novice, or a new Merchant, that for want of experience might betray the Trade into the hands of Strangers; and if any Strangers goods of any value whatsoever might have been entered in the said blank Bills, and so shipped forth upon English Custom, I leave to misselden's examination, being not desirous to inform. The third sort of those that he would chase out of trade, he calleth Interlopers'. Of the Interlopers. This word of interloping is a Brat of their own breed: for such of their Company as will not observe the shippings and Mart Towns appointed by their orders, but convey over goods in other ships and to other places, are usually punished for interloping, and hence comes this term of Interloper: but having worn it threadbare amongst themselves, they now put it as a note of ignominy upon all other English Merchants not free of their Company, if they have any trade into their territories, whether they be Merchants of the Staple, or any other English Merchants residing in London or any other the ports of this Realm, whereof there have been heretofore so many as have usually shipped forth most part of the coloured clothes, kerseys, and all other new Draperies of the kingdom. For until the 15 year of his Majesty, that the Merchant's Adventurers obtained their new Letters patents, other English Merchants constantly and continually traded therein as well as the Merchant's Adventurers, as may appear by the manifold entries daily made in all the Custom-books of this Kingdom; for which purpose the Merchant's Adventurers in their former Grants (as is before observed) procured this clause to be inserted, viz. That other English Merchants that should trade into their territories, might be compelled to observe the Merchant's Adventurers orders; whereby it appears plainly, that though the Merchant's Adventurers have procured a free licence of exporting certain thousands of white clothes to themselves (non obstante) the Statutes, yet the State never intended that they should also engross the whole trade of all coloured clothes, kerseys, bays, and other new Draperies into their hands, to the utter ruin and wearing out of all other Merchants that traded therein as now the Merchant's Adventurers would have it. For they now challenge an absolute power and propriety of trade into those parts, with all the foresaid English manufactures, and seek to exclude all other English Merchants from that trade, under this term of Interlopers: and have of late (as aforesaid) brought so many vexations upon them, that most of them are now constrained either to steal trade by secret means, to the prejudice of themselves and the trade of the kingdom, or else they must learn to trade by Misseldens perhaps. The last sort of those that trouble him, are the Ports, Of the Merchants of the Ports. that is to say, all the Merchants of the out-ports of the Realm, who because they made a loud cry of late in the Parliament hou●e, he affirms to bear a part also in this song, whereof (saith he) the Merchant's Adventurers are made the Burden; here he hath found a fit Epithet for his Masters. If he had been willing to set down all the Singers, he might have found a very large Quire; for at that time not only those that he picked out, as the Merchant's strangers, the Merchants of the Staple, the Interlopers, and the Ports, but the Clothiers of all sorts from all parts of this Realm, and Wooll-growers Of the Clothiers and wooll-growers. of all Counties of England and Wales being there assembled did sing the same song, that they were all weary of this Burden, the Merchant's Adventurers, as at large appeareth by their several petitions, reasons, repetitions, and continual suits for relief and remedy in that behalf; whereupon the Act for restoring the free trade of the Staple was drawn for their relief, and passed the house of Commons, as is before related. Thus have I followed him to the end of this chase; and now I refer it to the judgement of the Reader; whether the Merchant's Adventurers have not engrossed (and that by colour of their last Letters patents) the trade of the Merchant's strangers, the Merchants of the Staple, the Merchants of the Ports, and of many other English Merchants, concerning the exportation of cloth and all other manufactures made of Wool into Holland, Zealand, Brabant, and other parts of the Low Countries and Germany; and last of all I refer the remedy (as I am most bound in duty) to the matchless wisdom of his most excellent Majesty. And now he leads me to the place where he seems to be angry for my saying, P. 59 if they had engaged their trade for a sum of money, which I supposed was for the use of their Company; he confesseth the action, but traverseth the occasion, saying, it was borrowed for the service of the State, by which one word he hath barred my reply; but only this I observe, that his Masters whom he saith are probatae fidei, and trusted with that (axis) of the Commonwealth, he freely confesseth they have laid this axis to pawn, and presseth hard for help to redeem the same. And I cannot but wonder when I compare that small sum with the great loss, which others say they have borne by their appropriating trade these six years to themselves, and with the great sums they have raised by impositions upon cloth and upon other native commodities of that kind, I cannot but wonder I say, that they have not long sithence fetched their axis home. Thus endeth misselden's song, with my Contrator, concerning the cloth trade, wherein we find a centre for the public good in general. Come we now to the examination of the trade from England to the East Indies, The trade for the East Indies. by the said Centre of Commerce, namely Gain, where Misselden (according to his ordinary custom) thus chanteth against me; and we shall find that the said Trade is unprofitable for England. This Company also, that deserveth so much pity, cannot escape Malynes envy: for here he endeavoureth closely and cunningly to insinuate, that the cause of the want of money, is the ready money sent to the East Indies in Reals of plate. Again, P. 37. Malynes taketh notice of M. Mun's discourse of the East India trade; whereby he is forced to confess, that the employment of the East India Company is very profitable and necessary, that the gain of the Trade is very good; that thereby the increase of the stock of the kingdom is very great; that the same is a means to bring in much treasure, etc. COncerning the first part, That I do insinuate, that the cause of the want of money is the ready money sent to the East Indies; I am so far from that, that although there were one hundred thousand pounds sent yearly where there is only appointed thirty thousand, I would find no fault with it, if Trade were so carried, that moneys were imported; and that the return of the East India commodities retransported, did procure moneys from other places; and more especially if there were a centre or gain answerable to the adventure; which caused me to say, If the discourse of the trade from England into the East Indies be truly collected, no doubt the said Trade may be found very profitable hereafter, albeit it hath been very difficult in the beginning. But forasmuch as misselden's words and constructions have moved me to examine the said discourse farther, and for that my opinion hath always been, That our excessive charges would consume all; I have thought convenient to examine the said Discourse, as it is laid down. According to which, to frame our Arguments abeffectis, let us lay our foundation upon Mr. Mun's Abstract of the accounts, collected out of the diverse volumes of the East India books, of all the moneys and commodities sent thither from the beginning of the said Trade until july 1620, being the space of 20 years or thereabouts, as appeareth pag. 39 which was done to satisfy the Parliament concerning the imputation of the moneys exported by them. All the ready money sent out of the Realm, and from all other places whatsoever beyond the Seas, he saith to be 548090 l starlin; and all the commodities both English and foreign wares which have been sent thither during that time, amounteth in all but 292286. So the stock of moneys and commodities sent in all is 840376 l. Brought home in diverse sorts of wares within that time 356288 l. The loss sustained by the Hollanders, and charges esteemed at 84088 l. So there remaineth for both the joint stocks in the East Indies 400 thousand pounds, which doth balance this account, whereof diverse returns are made. The nature of the commodities is to be considered by way of Commutation called Negotiativa, The nature of commodities to be consideted. whether they be Natural or Artificial, or Both, wherein the Manufacture is much to be regarded; for the Rule of Pollititions requireth, that the commodities exported should be sold proportionably to the commodities imported, with a consideration of customs, charges, adventure, shipping, and regard of time, persons and place, with the circumstances, etc. The commodities imported being 356288 l. as above said, were sold (although the most part was transported for other places) for 1914 thousand and six hundreth pounds: according to which proportion, the commodities exported should produce 1558 thousand 858 l: that is to say, five and one third part for one: whereas our commodities have produced by this account but 22 pro cento in lieu thereof, which is not one forth part of one, for they did cost 292286 l. as aforesaid, and there is in return but employed 356288 l, which is but 64002 l. more: so that the principal is but come home, and the said 64 thousand pounds, which is but 22 pro 100 in three year's time, with great adventure, to the Kingdom's loss in stock, shipping, Mariners, and all things besides, to be gotten and saved otherwise. This disproportion is fare greater, if we consider that the said goods were carried thither by our shipping, and we pay them greater Customs for their Commodities, than they pay without adventure of the Seas, and the circumstances aforesaid. The first Assertion than is. That by our native Commodities to be sent into the East Indies, 1. Assertion. there is no benefit to be made, but rather an evident loss: and the foreign Commodities sent thither, namely Elephants Teeth, Quicksilver, vermilion, and other things have yielded more gain than our Clothes, Led, Tin, &c: which upon due consideration is no gain, but a mere loss. COnsider we of the commodities returned and sold for 1914 Thousand 600 pounds, producing five and one third part for one towards custom charges, and all other things as aforesaid: and we shall be ravished with admiration upon examination of the prices in particular, by the said Author declared. This calculation is to be made between the commodities bought in the East Indies, withal charges, and the sale of them in England without charges. P. 11 & 44. Pepper at 2 d ½ the pound, sold for 20 d, is 8 for 1. Cloves at 9 d, sold for 5 s, is 6 and two thirds for 1. Nutmegs at 4 d. the l, sold at 3 s, is full 9 for 1. Mace at 8 d. the pound, sold for 6 s, is full 9 for 1. Indigo at 14 d. the l, sold for 5 s, is but 4⅓. for 1. Raw-Silkes at 8 s. the l, sold for 20 s, is but 2 ½ for 1. Wherein the quantity of each kind of commodities is much to be respected, to make a true calculation. Hereupon any man of mean judgement may easily perceive, that the inferrence to make the East India Trade more profitable, by the employments to be increased of Indigo and Silks by the Persian P. 7. & 14. Gulf, is altogether mistaken. For if Spices which yield 7. 8. and 9 for one, have procured but small gains: how shall Silks and Indigo augment and increase the same, when they produce but 2½. for one and 4 ⅓? which is very deed breedeth a loss upon the aforesaid employment, and decreaseth the same. The second Assertion therefore is, 2. Assertion. that this imaginary blessing arising by the intended employment to be made in Silks and Indigo, is mistaken, and hurtful to the Realm: especially if the Manufactures of Silk be increased in derogation of the Manufacture of our native materials. But some affectioned East India Merchant will say, that the general account aforesaid to make five and one third part for one, is a great matter of benefit towards custom, charges, and all other things incident to trade. For the Author doth say, that 10 s. P. 13. employed in Pepper in the East Indies, will require but 35 s. for all charges whatsoever delivered in London, which is 3 ●2. for one. This Merchant cannot enforce his argument for want of a true judgement; for he might have made a better conclusion, to say Pepper doth cost but 2 d ½ the pound, and is sold for 20 d. which is 8 for one, as aforesaid. And if with all charges in London it cometh but to 3 ½, than the benefit of 4 ½ for one is an admirable gain to enrich himself and the common wealth. This judgement upon a particular, seemeth to prove a far greater gain than the abovesaid general gain of 5 ⅓ for one. But to find out the truth, there must be a nearer calculation made, by a true distinction of the managing of the Stock remaining at home, which was never adventured, and the aforesaid stock of moneys and commodities sent into the Indies, and what both these did amount unto. Next, if the goods taken from the Indians and Portugals be comprehended in the said return, whereof the said sum of 1914 thousand 600 l was made, than the case is altered, and will not produce the one half. Lastly, the building and repairing of Ships, Wharfes, houses, magazines, and the like employment of the stock at home, together with the allowances of Officers, Mariners, and servants wages, will come to an incredible sum. But let us come to the general consideration of this Trade, respecting the weal public, by comparing the same to the former trade maintained by the Portugals along the Cape of Good Hope; which is more proper then to compare the same to the trade between us and Turkey and the said East Indies: for the trade of Portugal made the Merchants trading Turkey, to sell the Spices brought from Aleppo to loss, because the Camels back could not pass the needle's eye, without great charges & difficulty: nevertheless that trade was very profitable to the kingdom, The Trade for Turkey. selling our kerseys, broad-cloths, tin, and many other our native commodities with 60 pro cento gain; and there is far more to be gotten by raw silks bought at Aleppo at 12 s the pound, then to be brought from the East Indies at 8 s the pound, which is the difference which the said author maketh, ascribing such happiness to the trade of silk, whom Misselden doth imitate. I may affirm by experience, that before the open wars with Spain, the trade of Portugal and the Lands was very profitable to the Realm: The Trade for Portugal and the Lands. for we made an ordinary gain of 25 upon the hundred, by Bays, Says, Reding and Kentish clothes, Northern and Western kerseys, stockings, and diverse other commodities: and the debts being turned over to the Contraction house, return was made in Spices and Sugar in less than six months' time, with little adventure, fraught and charges, whereby the manufactures of the kingdom were advanced, and moneys from time to time imported; and the life of Trade was felt by Merchants; Tradesmen and the Mint did flourish: so that for matter of commodities, there is no comparison in the sale of them into Portugal with 25 pro cento in less than 6 months, and 22 pro cento for the East Indies in 3 years, besides the adventure of the Seas and enemies. And it will be proved, that the native commodities of the Realm vented in Portugal and Spain before the East India trade began, did amount to 300 thousand pounds worth more than since every year, which is more than all the domestic and foreign commodities come unto, sent into the East Indies by the Company those 20 years, to say nothing of the mortality of men and destruction of ships. And from Spain we had the West India commodities, The Trade for Spain. as Cutchenelle, Ginger, hides and other commodities, with the wines, raisins, oils and all other commodities of their growth for return of ours, especially abundance of Royals of plate, now much hindered by the employment of Tobacco. Let us now examine the price of Spices in those days within the Realm, and we shall find that Pepper was sold for 2 s the pound, Cloves 6 s, Mace 7 s, Nutmegs 3 s, and Indigo 6 s; which small difference in price, for so much as is yearly spent in England, P. 44. may be declared by the proportion set down by the said Author, which being calculated at 4 d. upon a pound of Pepper, and 12 d upon Cloves, Mace and Indigo, and 6 d upon Nutmegs, amounteth but to 21166 l. 13 s 4 d. This true account will be proved by ancient Merchants books, and the weekly price currant of the Broker's bills, before the open wars with Spain. But the said Author doth set down the prices as they were in the time of wars, when Merchants charges, P. 45. adventure and all things were increased; and herein he maketh his comparison with Turkey, and according to that computation he affirmeth, that the trade in Spice and Indigo only, saveth the kingdom yearly 74966 l. 13 s. 4 d: and that less than one quarter of this sum shall buy in the Indies the proportion of the yearly consumption thereof, being 400 thousand of Pepper, 40 thousand of Cloves, 20 thousand of Mace, 160 thousand of Nutmegs, and 150 thousand of Indigo; which calculated by the prices of them, as they were sold coming from Portugal, will amount to 128 thousand pounds, and not 183500 l, as he reckoneth them coming from Turkey: so that the difference between Portugal and Turkey in this account is 55500 l, being in truth but 21666 l. 13. 4. to be reckoned upon the said allegation. The third Assertion is, 3. Assertion. that the kingdom saveth not yearly the sum of 74966 l. 13. 4. by Spices and Indigo, as the said Author allegeth. FRom the particular account of Spices and Indigo concerning England, come we to the general account laid down by him for all Christendom, P. 12. whereunto he hath added the raw silk valued at 400 thousand pounds; and thereupon he affirmeth, that in comparison of the said Turkey trade, there is saved yearly 953543 l. 4 s. 4 d. starlin in ready moneys, that heretofore hath been transported out of Christendom into Turkey. Deduct the said 400 thousand pounds for silk from the general employment of 511458 l. 5. 8. that the total sum amounteth unto, and there remains but 111458 l. 5. 8. for Spices and Indigo. Calculate now what the said proportion for England did cost in the Indies according to the said prices, and you shall find it to be 16749 l. 15. 0. which is almost the sixth part of all the Spices and Indigo spent in Christendom: and this being sold in England, produceth 108333 l. 6. 8. Now deduct of the abovesaid 953543 l, the gains of the silk being 200 thousand pounds, there remaineth 753543 l, whereof the sixth part saved for England, cometh near to 108 thousand pounds, which is as much as all the Spices and Indigo sold in one year in England cometh to, as aforesaid. Whereby it appeareth, that England saving yearly that sum, there is (as it were) nothing spent in Spices and Indigo, which he may very well call to be incredible. So that Our fourth Assertion is, 4. Assertion. That there will be found an apparent great loss by all this negociation, and detriment to the kingdom's stock both for moneys and commodities; and that there is not 953543 l. saved in moneys yearly in Christendom, especially the Portugal East India trade considered. NOw if upon the matter we do consider the Customs and Impost, the Factors, Officers and Mariners wages, without interest of moneys and assurances, all will prove but transmutations without increase, but with the great decrease of the Kingdom's stock. But to prove that the said accounts are made at random, P. 27. roving at the matter, let us consider of the proportion made by him of 100 thousand pounds in ready money to be employed yearly, whereof there are 52499 l in raw silks and Calicoes, and but 47501 l in Spices and Indigo, which should produce 500 thousand pounds or thereabouts: he doth allot 120 thousand pounds to England, and 380 thousand pounds for transportation; and of this 120 thousand pounds there is 108333●. 6. 8. in Spices and Indigo named in the sequel of his discourse, which is now become one third part of all the Spices and Indigo to be brought in by the employment of the said 100 thousand pounds, amounting to 337083 l. 6. 8. Now if we take the like proportion of raw silks & Calicoes of 162916. 13. 4. to make up the said 500 thousand pounds, which is one third, it will amount to 54305 l. 6. 8. which with the 108333 l⅓ l⅓, maketh 162638 l. 13. 4. which is 42638 l. 13. 4. more than he hath allotted to England to be spent in a year; which is a manifest contradiction. The consideration hereof caused some Merchants of that Company to be as crafty as Aesop's Fox, who being desirous to drink, found a Well with two buckets, and entering into one of the buckets, descended suddenly into the water; but having satiated his thirst, could not get out, until one of the Goats of this Tropic of Capricorn came to the said Well, Primum mihi, secundum tibi. whom he persuaded (by the goodness of the water, and by making her believe that the Moon shining in the water was a Holland cheese to be divided between them) to enter into the other bucket, which done, down came the Goat by reason of her weight, and up came the Fox, leaving the Goat in the Well: even so have some Merchants done, by extolling the great gain of this trade, until they had drawn themselves out, by selling their adventures, leaving the buyer to the hazard of the loss, which was (no doubt) to them well known. For to make the best construction hereof, we may conclude, that 400 thousand pounds lost by his account in the said Indies, are since come home, and employed by the several Factors in the said Indies, and most of it in Silks and Indigo, and yet there is wanting 148 thousand pounds of the stock of 840 thousand adventured, accounting the former returns made, to proceed of the commodities & gain, as aforesaid, which is almost one sixth part of the stock adventured to the Indies, whereof this account giveth no satisfaction at all, unless the 31079 l lost in six ships cast away, were parcel thereof. The conclusion which the said Author maketh, is, That the East India trade alone (although it be driven in no ampler manner than is afore written) is a means to bring in more treasure into this Realm than all the other Trades of this Kingdom (as they are now managed) being put together. For if the rule be true, That when the values of our commodities exported doth overbalance the worth of all those foreign wares which are imported and consumed in this kingdom, than the remainder of our stock which is sent forth, must of necessity return to us in treasure, we must imagine it will do so with us in time. Here you may see from whence Misselden drew his Balance of Trade, which he never dutst undertake to maintain before the aforesaid his Majesty's Commissioners, who have often called him by Warrants and otherwise; for he was not able to maintain an other man's Proiect. We have already shown the incertainty of the said Balance, and in the Remedies we shall entreat thereof further; nevertheless I cannot omit Obiter, to say that this Rule may serve for a Demonstration: but it can never be found true until it concur with the Centre (Gain:) for so long as treasure cannot be imported without loss, we shall still receive wares in return, and augment the cause of overbalancing. And which is more, suppose there were an overbalancing of Trade 〈◊〉 our side, whereby moneys should be forced upon us, yet should we find it would be to the incredible loss of the Commonwealth, by the enhancing of the foreign coin beyond the Seas; and the undervaluation of our moneys in exchange, which may be demonstrated by a trifle, as well as by hundreds and thousands. One buyeth a pair of Gloves for 5 s starlin, An example of loss by an over balance on our side. and selleth them beyond the Seas for 5 s. 6 d. where he receiveth a Rickx Doller for 5 s. or 50 Stivers: and moreover, 5 single Stivers taken to be worth 6 d. and so getteth 10 pro cento. Suppose now that the overbalance is on our side, and this alleged necessity shown her operation, and that he that sold the said Gloves bringeth over this Rickx Doller and the 5 single Stivers; and going to exchange them, no man will give him above 4 s. 6 d. for his Doller, and 4 d for his 5 Stivers, which is the true intrinsique value. Where is now his gain of 10 pro cento, when he loseth 2 d of his 5 s, besides his labour, charges and customs? But how shall this revolution of overbalancing ever come to pass, when we use no means thereunto, as other nations do, as shall be declared in the next Chapter? To conclude then with the East India Trade, wherein we find no Centre; let us have a care that the moneys proceeding of Spices and Silks, may be partly imported into the Realm to increase treasure. Trade for Russia. The Trade for Russia was in times passed very profitable for the venting of our coloured clothes, and returning from thence very useful commodities, as Tallow, Wax, Hides, Furs and other wares, which for the most part being carried out again for France & other places, made provision for wines, canvas, etc. For heretofore the commodities of the Realm & other were vented in France in great quantities, Trade for France. and by delivering one third part in ready money, and two thirds in cloth, kerseys, stocking, and other native commodities; our Merchants made their employment in wines, which is now done with ready money; wherein the exchange is to be considered in a contrary course upon their French crown; but I will omit to handle the same, to avoid intricateness, having declared the same in Lex Mercatoria. The Trade for Eastland and those parts, Trade for Eastland. wanteth a centre; for Merchants can hardly make return in any commodities for their cloth: and upon moneys enhanced, without the reformation of exchange, they are great losers. The Barbary Trade bringeth us some Gold; Trade for Barbary. but our Cloth is there sold with so small profit, that it cannot quite charges and adventure: nay it is come to that pass, that other nations can maintain these trades for Russia, Eastland and Barbary, with our native commodities, better than we do. Misselden (passing over all these serious considerations, replieth, that Malynes having run himself out of breath, and overrun Monopolium with telling tales) showeth to be one of this Climate of Capricorn: for men of his humour are called by the Italian 〈◊〉 I shall therefore conclude this encounter, and remember, Aristotle Oemund▪ Cap. 1. that they that came to Athens, the first year were wise men, the second year Philosophers, that is, lovers of wisdom; the third year Rhetorieians, that is, mere babblers: the meaning is, first they deemed themselves to be wise, casting up moutaines to heaven, like the sons of Aeolus; after feeling themselves puffed with a Tympany of Pride, Metamor. 11. they desired that to be in themselves which they admired in others; lastly, seeing the more they strayed, the less they could go back, they found a harvest of wild corn was left them, and that was between Athens and Thebes, P. 68 where I left Misselden with his hounds (about one year since) which have lo●t their scent, not knowing whether the Deer is gone, East, West, North or South; for a wild goose chase is fitting for him that hath lost his Game: and for his verses, I refer him to Tailor the Waterman to rhyme with him, who can furnish him with a pair of Oars, to transport him (with his Hebrew & Greek which he hath learned at the greater South door near Christ Church in London, together with his Parrots and Bulls) into the Island of Antisera or Psittacorum Regio, to have his brains purged with Helibon, and to read there Historia Ventorum. CHAP. V. The means to balance the Trade of England by the said centre; or the remedies against the causes of the decay thereof. FRom the Tropic of Capricorn we are come to the Antarctic Circle in the South, to make a perfect Orb, to keep Misselden and his Balance enclosed within his own Circle. For in this Region, the transparent and splendent beams of the Sun of truth, do dispel all foggy mysteries of deceitful fallacies, insomuch that men of mean capacity and understanding may very well demand a reason, wherefore we do not prevent (by contraries) the known Spring of this disease, whereby the body of the Commonwealth is so much distempered. For Res ipsaloquitur, that Gain the Centre of commerce is excluded by error of Trade, because no money or bullion can be imported but to loss, neither can any money be kept within the Realm by reason of the great gain had upon moneys by exportation: so that (Returns being made continually of our native Commodities by foreign Commodities) nothing can be expected but an increase of the overbalancing of our Trade in nature before alleged. But some Supporter of the conceited Balance of Trade will say, that Time by the increase of Trade will turn the Tide, and bring all things in tune again, by a necessity of nature beyond all resistance, when the sale of our native commodities in foreign parts shall surmount the value of the commodities imported unto us. Is not this in substance the hunting of our own shadow? suffering other nations to use all means for their benefit, and we shall amend all things when we come to Rome, and we never dispose ourselves to undertake the voyage to go thither: neither are the causes with us alike with foreign nations, whereby we might expect the like effects. For, Effects cannot be without causes. We do not enhance our moneys as they do all foreign coin and their own; neither do we overvalue our moneys by exchange unto them, as the Low Countries and East-land do unto us, breeding exportation, and hindrance of importation of moneys, as hath been amply declared. We do not sell our native Commodities according to moneys enhanced, as they do theirs, but at an under value, according as our moneys are calculated in exchange, to our loss and their benefit. We do not deliver money at interest beyond the Seas, as the Merchant stranger doth here at 10 pro cento, which is there at 5 and 6 upon the hundred to be had; neither do they pay 15 and 20 upon the hundred by exchange, as we do. We do not procure by Gain or Pollic●e the importation of Bullion or Royals of 8 as they do, by enhancing all moneys, and diverting the said royals and dollars from us, to be brought in as in times past. We do not procure plenty of money to make a lively Trade, as they do by the two Real means of importation, and toleration of exportation: as also by the two Politic means of Transfering 〈◊〉 of debts between man and man, and the payment by assignations. We do not prevent that the Trade of Bays, Says, and new Draperies should not be carried from us by diverting the Royal or 8 from us, nor that other nations should drive a Trade with our Cloth and other commodities for Barbary, Russia, Eastland, and other Countries; for being deprived of our own moneys, and of the said royals, we do lose the Trade also. We cannot make return for our native commodities by the three ordinary means, A matter of great consequence. either by money, or by exchange, or by commodities at our choice and best advantage as they do: but are compelled (of course) to buy foreign commodities at dear rates, by a disordered Trade; how is it possible then, that we should expect any such imaginary overbalancing of Trade to happen on our side, when we have not the like causes to produce the like effects? Others are of opinion, that some moderation might be procured herein, by making the Spanish royals of 8 currant within the Realm at 4 s. 7 d, or 8 d: that is to say, above the value. But they do not consider effectually of the inconveniences which will ensue, as followeth. First, It will be the utter overthrow of his Majesty's Mint, and undoing of the poor Moneyers, aswell for the coins of gold as of silver; for gold will not be brought so frequently when silver is advanced by altering the proportion, and reducing the same to 12 to one, or thereabouts. Secondly, The foreign coin will be advanced by these means 7 upon the hundreth above our Starlin moneys, and thereby increase the exportation of the said royals. Thirdly, The King will lose his coinage money, being above 2 d. upon an ounce: and the melting down of his moneys and effacing of his stamp, is a great derogation of his Prerogation Royal, it being a mark of Sovereignty. Fourthly, The enhancing of the said royals will alter the price of Plare, as also of other commodities within the Realm: which is a matter much respected hitherto. Fiftly, When moneys are enhanced beyond the Seas, the price of exchange doth also enhance in some measure: but when moneys are enhanced here, the exchange abateth, which causeth the exportation of our money to increase. As for example, The propery of true exchange. If to make silver equivalent to gold of 12 to one, the ounce should be valued at 5 s. 6 d, whereby it would be enhanced ten Pro cento, should be though convenient, it would make the price of exchange to fall 10 Pro cento, or more: which for the Low Countries would fall to 30 s. and under, and so it will be still transported: and the making of foreign coin currant within the Realm above the value of ours, is not used upon any good order, as we have noted by the Archdutchesse of Austria. To come therefore to the true remedy, we are to consider the true causes of their operations, to which end we have declared in the Equin octiall, the loss which the Realm sustaineth by a low exchange or the undervaluation of our moneys: as also the benefits which will arise by the high exchange, as merely opposite unto it; so that we may conclude certainly, Causes to prevent the overbalancing. è converso, I that when the exchange shall be rectified, and our moneys be truly valued in exchange, 2 according to the enhancing of moneys beyond the Seas, 3 then will the transportation of moneys cease, 4 and the more native commodities will be exported, and consequently the loss of that enhancing being prevented, 5 will cause Bullion and moneys to be imported, 6 and the less foreign commodities to be brought in: 7, the Royal of Spain will not be diverted, nor the Trade depending thereupon, 8, which will procure plenty of money, 9, to advance the price of our commodities, 10, and abating the price of the foreign commodities, thereby effectually preventing the aforesaid overbalancing. This is to be done only by his Majesty's Proclamation, The way to restore England's Wealth. according to the aforesaid Statutes and Proclamation of exchanges, prohibiting that after 3 months next and ensuing the same, no man shall make any exchanges by Bills or otherwise, for moneys to be paid in foreign parts, or to be rechanged towards this Realm under the true Par or value for value of our moneys, and the moneys of other Countries in weight and finesse: but at the said rate, or above the same as Merchants can agree, but never under the same: which shall be declared by a pair of Tables upon the Royal Exchange in London, with such cautions and observation as formerly have been noted, whereunto I must refer myself to be seen at large in Lex Mercatoria. For the better understanding hereof, and to show that the like hath been formerly done: but therein only direction was wanting hitherto: I have thought convenient to put down the same verbatim, as followeth. A Proclamation for the ordering of the exchange of money used by Merchants, Queen Eliz. according to the 〈◊〉 and Statutas of the Realm. FOrasmuch as there are so great abuses of 〈◊〉 years grown by the corrupt dealing of sundry Merchants and Brokers, as well Strangers 〈◊〉, upon bargain of exchanges and rechange of moneys, to be paid both out & within this Realm, as not only the good laudable and profitable use of natural Merchandising is greatly decayed, the true values of the moneys of this Realm much abased, and her Majesty's Customs and subsidies (that are the ancient inheritance of this Crown▪ diminished and withdrawn, with sundry of 〈◊〉 inconveniences, to the notable damage of 〈◊〉 Realm; for the due remedy whereof, there 〈◊〉 been made heretofore sundry good Laws and Statutes of this Realm, which do still continue●● their force. The Queen's Majesty intending 〈◊〉 have such great enormities and mischiefs 〈◊〉, doth give all manner of Merchants, Broken, & all other persons using to bargain by exchange and rechange, to understand that her meaning 〈◊〉 have such Laws and Statutes put in execution have been provided, and do remain in force for this purpose: and therefore warneth all manner of persons to have hereafter due regard thereunto, 〈◊〉 on such penalties as in the said. Laws, Statures, 〈◊〉 other ordinances remaning in their force is provided. And for the lawful satisfaction of all such as shall have necessary cause to take or deliver any money by exchange, there shall be certain orders in 〈◊〉 set up in places convenient declaring the rates thereof, as the same shall or aught to be paid to the use of her Majesty, or to her Ministers and Officers thereunto authorized. Given at Green-wich the 20 of September 1576, in the eighteenth year of the prosperous Reign of the Queen's Majesty. The Noble and renowned the Baron of Elsmere, Lord Chancellor of England deceased, (unto whom I own perpetual obligation) did at foverall times advice at the Council: Table to publish the like Proclamation with some other good observations, seeing therein is nothing required but equity and justice, agreeable to the Laws of Nations; But the evil man sowing Thres in the night, made the weeds to grow so fast that the good seed could not prosper: so that inveterated diseases breaking forth at last, makes us to feel the smart thereof. For some men (upon private respects) will cast doubts beyond the Moon. The nature of unexperience. Others will propound more questions in an hour, than a wise man can answer in a year. And others are always consulting, and never deliberating. So that the grave and discreate Counsellors of State are to determine these serious businesses; And to the other I may say, Know you not that the s●ept the Doctrine of Pyrrh●, Ariston, and Heri●●●●, hath been long ago hist out of the Schools, or rather banished and confined amongst the Barbarians? will you cause us to doubt of all things: then shall we doubt whether you doubt or no: it is possible you can carry bread in the 〈◊〉 hand, and a stone in the other: nevertheless to 〈◊〉 unto these men some satisfaction, which make 〈◊〉 whether the said his Majesty's Proclamation 〈◊〉 obeyed here & beyond the Seas; I am to prove that the Centre of Commerce will effect the same: for gain will command effectually, The Centre will Command. Por el Dinero, bay la 〈◊〉 Perro, said the Spaniard, A Dog will dance for money. The Merchant Stranger being here commonly the deliverer of money (casting his eyes upon the Centre) will easily be induced to make the most of his own, receiving by exchange more for his money beyond the Seas: and if the English Merchant (being the taker of the said money) would be so injurious to the State, as to give less beyond the Seas than the value of the money of the Realm by exchange contrary to the said Proclamation, the deliverer of the money will not let him have it: besides that the takers occasions are (in a manner) enforced by necessity, and he can be no loser, for by this direction he shall sell his commodities accordingly. English Merchants being the deliverers of money beyond the Seas, and the price of exchange altering there accordingly, will have the like consideration, and the Merchant Stranger will provoke him thereunto by the Centre (gain) whereupon their eyes are fixed: and if there be no takers of Merchant's Strangers, the English Merchants may bring 〈◊〉 the money inspecie, wherein he shall become gainer when the exchange is rectified, where now he is a loser, which causeth him to import no moneys: although as Misselden saith, There gates stand wide open, P. 135. you may carry out as much money as you will. So that unless we have are guard to the premises by procuring importation of Bullion and moneys, and preventing the exportation according to the said Laws and Statues it were better for the Kingdom to set all at liberty, howbeit with 〈◊〉 direct on in exchanges. Now forasmuch as we have already answered the objections to be made against this remedy in the Equinoctial. Let us now examine the remedies propounded by Misseldens conceited Balance, and whether the calculation of the same be more than a trial, as we have declared. The remedy, misselden's Remedies. is in a word (saith he.) nothing else but to make our importation less, and our expectation more, by the importation of superfluous things ●o be restrained, and the exportation by Manufactures to be improved: but what can the casting of a Balance effect herein? Just nothing. There is a practice required to set the people more on work upon the materials of our own growth, or of foreign growth: and therein examples is the best precept; And hereupon we are sent to the 〈…〉 to learn frugality; industry, and policy, in whose commendation he seemeth to speak: like unto the Temporizing Friar Cornelius of Bridges, (who (according to the events of things) would in his Sermons speak of the Prince of Orange, during the late warns of the Low Countries, as the success fell out, and call his auditory to witness that be ne●●er spoke 〈◊〉 the Prince, when he 〈◊〉 and railed of him beyond measure at other time's 〈◊〉, until some other accident falling out on the 〈◊〉trary. So this man moveth a question, and like himself, kicks down all at once what he had spoken, saying, P. 37. And why not the Belgic Grasshopper? for the Grasshopper hath no King, yet they march out 〈◊〉 Troops, they are a multitude by Sea and Land, and thy feed upon Roots and Herbs; as he saith in 〈◊〉 the margin, P. 134. which is only for the learned; as the said Friar Cornelius was wont to say, when (speaking of Heretics) he said there was a thousand burnt, Sed erant Cespites, they were 〈…〉 this a full Frenzy. Like unto the Daughters of P●●tus, that took themselves to be Kine: raging like Hercules and Aiax in the Tragedy? Think you that Endymion did ever dream such dreams▪ Or the seven Sleepers, that slept from the 〈◊〉 Decius, to the days of Theodosius. But what will not novelty and singularity bring forth? I leave this Ianu● to his feeding of roots in the Low Countries, seeing he is fallen from a Gallum●frey 〈…〉 Hotchpotch of other men's Cookeries: P. 30. making 〈◊〉 a doubt whether Her●●litus tears were more seelily to lament his 〈◊〉 ignorance o● 〈◊〉 laughter to reprove his foolishness. Surely this 〈◊〉 proceed of some deepespeculation; P. 142. Sitting (by imagination) which Sapor King of 〈◊〉 in the Centre of the Globe (of a Glass, beholding the 〈◊〉 revolutions of Commerce represented 〈◊〉 Balance, acted by these Grasshoppers, which 〈…〉 full for the winter (as the Pismire is) to 〈◊〉 wealth: whereas the Grasshopper is a 〈…〉 Summer, and dieth in winner, and is found to be one of the plagues of Egypt. Being in this humour he falleth into timing: P. 138. The Persian trade will not let me pass, nor the fishing neither without a word of either. The Persian Trade for Silks is of far less benefit than the Trades of Spices and other East India commodities; and the increase of the Manufactures thereof will decrease the indraping of our Wools, and increase our overbalance: unless moneys were imported for the greatest part of the return thereof. But the Fishing Trade (propounded so many years since by Mr. john Keymer, with the assistance of the Noble Lord Sheffield, Sir william Cokaine Knight, and diverse other worthy persons of quality, who have promised to lay out great sums of money therein) will effectually improve our exportations, and afford much more benefit than any Persian or East India Trade can do, if his Majesty were pleased to encourage them with privileges and immunities, as the 〈◊〉 of the action deserveth. But the envious man sleepeth not, who is able (upon one man's undigested opinion sometimes) to overthrew the long industrous study of others that sincerely intent the common good. Shall we propound the example of other nations concerning their industry and policy▪ and shall we not be able to imitate them? Can they increase Manufactures upon the materials of other Countries?) And cannot we do the fame of our own stuffs and materials? Shall we run into remote Regione and Countries for their Commodities to make a benefit, and neglect Gods blessings at home before their own doors? Do we feel the Politic Body of the Common wealth distempered and full of diseases, and 〈◊〉 found out the efficient causes thereof) shall we not be able to provide the Remedies? If things cannot be understood in plain terms it may be the Allegory following will make us more sensible of natural Remedies. An Allegory of the decayed Trade of England, compared to a diseased Body natural: with the Remedies to cure the same. Statesmen or Politicians (which are the Physicians of Commonweals) having entered into serious consideration of the estate of the Politic Body of Traffic, do find that the external parts thereof look wan and pale, prognosticating a consumption of the liver: (Money) which causeth the decay of Merchants and Tradesmen; hollow eyes and dim sighted, through the exhalation of the Radical Moisture of the Body, by the excessive use of Tabac●, whereby the memory is decayed: and the sinews of the ancient Statutes and Proclamations are debilitated: the ordinances for the government of the brain, (Exchange) and rectifying of the Liver (Money) to comfort the heart of (our Native Commodities) are put in oblivion; Tobacco is imported in the lieu of Spanish royals and Pistolets, which causeth the prizes (the Hammers of the Mint) to be weak and faint: the Urine they found to be of a clear greenish colour, proceeding from weakne● and the use of too much white Wine sophisticated into Claret, the Legs full of dropsicke humours of consumption, by the immoderate wearing of Velvets, Silks, Cambrics and Lawns: engendering an overbalancing (or surfeit) of foreign commodities, so that the Vital Spirits of Bullion and Monly doth languish with a continual Flux of exportation. Considering the internal parts, they found the liver (Money) obstructed, and the condinct pipes of Bullion and Moneys for importation stopped, whereby the Hepaties could not minister good blood, with spirits sufficient to comfort the heart of (our native commodities) by a natural heat: for the gall of Customs and impositions is overflown also, depriving the stomach of his appetite: hence the brain (Exchange, wanting sleep) is distempered, whereby the body is overtaken with a Trepidation or shaking, showing the very Symptoms of death. Hereupon some Empricke (being more forward than the learned Physicians) did deliver his opinion, that the said body (by a surset, or overbalancing of foreign commodities) is fallen into a consumption: yet that nature is so strong, that (without Physic) she will recover again her former health in progress of time; But herein he shall find himself as much deceived, as the Spaniard was (who being to go a journey on foot) resolved to go fasting, conceiving he should go the lighter: but fainting by the way, cried out, Aora hallo que las Tripas Ile●●anel vientre, y no el vientpe las Tripas: now do I find that the Guts do carry the Belly, & not the Belly the whereupon he used afterwards meat and 〈◊〉 for his sustenance upon the like occasion: and found on the contrary, that the abuse thereof did 〈…〉 surfeits in the Body natural: even as the abuse of money and exchanges doth in the Body of Traffic, whereunto Physic must be ministered upon necessity, according to the disease. Another Practitioner in Physic was of opinion; that the Flux of exportation should be diverted and stopped by opening the Meridian Vein, suffering moneys to be exported at the pleasure of Merchants▪ but upon better consideration of the weakness of the Body, (through the former profusion of Blood) he did alter the said opinion: observing that Art given no facility, when nature wanteth ability for to increase Manufactures and Fishing, thereby to cu●● the said surfeit or overbalancing. Whereupon the learned Physicians of experience (having examined the causes of the diseases of this Body) did resolve to apply and use proper Remedies. First, That the continual Flux of exportation of our moneys must be stopped by taking away the cause thereof, which is (Gain) had upon moneys, proceeding of the undervaluation of our moneys in exchange, and the enhancing of moneys beyond the Seas. Next, That the obstruction of the Liver, (Money, and the conduct Pipes of Spanish royals and german Dollars) must be opened by the means of the Brain, (Exchange) to minister good Blood and Spirits to the Heart of our native Commodities, to make a lively Trade, whereby Bullion brought to the Mint, will cause the hammers (as the 〈◊〉 of the Body of Trade) to beat with temperate strokes, by means whereof the distemperature of the Brain (Exchange) will be qualified: the bitterness of the Gaul shall provoke appetite, when customs and impositions shall be moderated in the rates, without diminution of substance: the Sin●wes of the necessary ancient Statutes and Proclamations for the government of Trade will be corroborated; the Eye sight will be illuminated when the over much smoke of Tobacco is vanished away: and the Complexion will be lively when Merchants shall be encouraged. We shall not need to use Mechoacan or Indian Roots against the Dropsy, or Prohibitions against the overmuch importation of foreign Commodities in the wearing of them (which will enforce the like use in other Countries:) for the humours of the Legs will be evacuated, and the convulsion of the face (by our native Commodities truly made and vented) will be extenuated: for plenty of money shall advance the quantity and price of them, and abate the price of foreign Commodities, whereby the Surfeit or overbalancing will be remedded, if we preserve the good Blood in the Body by the wisdom of the Brain (Exchange) where the seat of judgement is placed to increase the same for the comfort of the Heart, (our native Commodities) which shall receive thereby his tintered Chylus by his own mouth and stomach: and the blood full of Spirits shall fill all the veins, and strengthen the Sinews: by supplying the want of moneys, the easy course and recourse of whose Exchange (finding rest by the Basis of true valuation) shall supple the joints and settle the blood to serve all men's turns, whereby the said shaking of the body will cease, the colour of the urine will be rectified, the too much use of white Wine shall not be so much offensive, but in some measure rejoice the Heart, and take away the melancholic disease of the mind, which commonly procureth the disease of the Body. Finally, The Body will be cured of the said consumption, and grow fat again by a true and lawful replection, of the general good of the King and Commonwealth, through God's blessings. If this Allegory be truly considered, we shall find that therein is a lively expression of the diseases of the Politic Body of Trade: and if a natural Body had all the said diseases, there is no other remedy nor way to to cure the same but after the manner here declared, as the learned Physicians of experience will confess: for the reasons are plain and evident, and without Physic it is impossible to cure it. Will any man of judgement think that the Flux will be stopped of course by the strength of nature, so long as we minister such things which of themselves are laxitive? Or shall we expect that the Veins will be filled with Blood, when the Hepaties want their operation? Or if Blood did increase, shall the Body receive nutriment so long as there is a profusion of Blood? Or shall the Heart be comforted with the lively spirits of the Blood? Shall the Brain receive rest, unless she do find means to strengthen the Heart: and that the Liver, the Heart, and the 〈◊〉 may all in one Sympathy perform their functions? The Stomach cannot digest, every thing provoketh a surfeit: the Gaul (by her overstowing) hindereth appetite, which bringeth a distemperature to the whole Body, and filleth the same with crude humours, engendering Dropsies and other diseases, which at last turn into a consumption: the Brain wanteth sleep, for the spirits are fatigated and troubled. To make application hereof to the Body Politic of Trade, we know that even as in natural Bodies the Heart (which is the Centre of the Body) receiveth life first, and retaineth the same last; So Commodities in Traffic are first, and moneys came afterwards, whereby Commutation or Barter was brought into a Trade: and to preserve that money, (as the Blood in the Body) exchange was devised as a spirit to quicken the same; and shall it be used to destroy the Body because the true use of it is not understood, and the same is made a Merchandise? Shall we imagine that the exportation of our moneys shall be prevented, when by taking enhanced coin beyond the Seas above the true value in exchange, we feed the causes of exportation? Or shall we expect that moneys shall be imported unto us, when there is a loss by the bringing of them, which loss is measured according to the price of exchange: which to avoid, compelleth us to buy foreign Commodities? Or if any moneys are imported, (by accident or occasion) shall the Body of Trade be the better by it so long as they are carried out again? Shall the Trade of our native Commodities be lively, when moneys are wanting? Can the exchange have his due course, unless the foundation thereof according to Parity and Equality be respected, howsoever the price thereof may rise and fall according to the occasions of Merchants, and the plenty or scarcity of moneys? Shall not the price of this true exchange impose a price upon our native Commodities, so that Commodities, moneys and exchanges may (according to equity and justice) be governed in their proper natures accordingly? The Kingdom cannot consume the foreign Commodities imported, but they cause an overbalancing; the Customs and Impositions (which might be moderated in the rate, and yet not decrease in value by the greater employment of Trade) doth discourage Merchants, which bringeth a distemperature in Trade: foreign wares are overaboundantly brought in, in the lieu of moneys, whereby the Realm doth swell with foreign Commodities, which (being retransported) bring still other Wares in return: so that moneys and bullion (the vital spirit of Trade) is neglected, which is properly the decay of Trade; For the exchange (which ruleth Commodities and money) is overruled by other Nations. Let us therefore practise the contrary, to find a full remedy for Contraria contrarijs curantur. The Turk, The Policy of the Turk Persian and Russian. the Persian, and the Russians do exceeds in Policy, preventing the exportation of their moneys, by maintaining the price of exchange above the valuation of their moneys, causing Merchants thereby to make employment upon their Commodities of course, and not by precept or compulsion, whereby they accumulate treasure. The King of Ba●tan and other Princes in the East do the like, selling their corruptible Wares for silver to hoard up the same; cannot this awake us to imitate them, when it may be done by so easy means through the Centre of Commerce so often repeated? I say no more, but leave it to the high wisdom of the King and State to direct it, wherein misselden's Balance is as necessary as the first wheel in a Wagon. To make an end therefore with his Copia Verborum, P. 143. he much rejoiceth that (by Acadnes' thread) he is got out of the Labyrinth of the Little Fish and Great Whale; but this little Spawn will stick so fast in his Throat, that he shall need of Cranes to pluck it out: so that I might very well retort upon him his conceited dismission and capricious farewell, borrowed of the ancient Fathers. But it is sufficient for me to show that (as it is the fable of the Fox) he hath only licked the out side of the Glass of true judgement of this matter of State, but could never come to the Pottage or Centre, according to the old observation: Lucian's Dialog. showing how jupiter was fed with bones and fat, Promethius reserving unto himself the solid flesh: whereby is meant sound knowledge, by the fat, the fleeting show of superficiary terms of Art, and by the bones are deciphered the inextricable and perplexed labour in the curiosities of everstriving contradictions: wherein he doth a-abound. Sed magna est veritas & praevalet: He did think once to have made an Index 〈◊〉 of my writings: but (finding that his dirty broom had employment to cleanse the Stables at Hack●●y and now to find out the Interlopers beyond the Seas) he left it. I still do strive to be temperate, but public slanders cannot be washed off but by public defences: sure I am that my Books are acceptable unto wisemen, and Lex Mercitoria is translated into Spanish and French, and much respected beyond the Seas; In the Conclusion of which Book to the Indicious Reader I gave notice long since, that Envy would command Triple headed Cerberus to let lose the Satyrs, Zoylus, Momus, and Mastix: for this latter was already come on a Hackney Horse with a Blattant tongue to carp at the actions of any man▪ 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉, To hurt. although it were as commendable as Homer's learning, or Hercules Acts, whereof Virgil the Prince of Helicon was not free: neither the worthy one of former ages, whose virtues darkened like the Moon with some blot are registered (with the point of Diamond) in the Glass of true History. Thus having made his Circle useful in some respect by placing of a Centre in it, P. 2. it will be more close and durable, for (himself saith in the Proem) that it is slightly set up and pinned together to try how the parts and joints thereof would trent and fit the square, for by his Apostrophe ad Regem (whose most judicial eyes can easily discern wilfulness and ignorance) P. 14. 5 that of Horace is verified. Pindarum quis quid studet aemulari, juli ceratis open Dedalea, Nititur Pennis, vitreo daturus, — Nomina Ponto. julus who strives, Pinder to emulate With waxed wings, which Dedals Art did make: He flies in vain, to give by hapless fate Names to the Icarian glassy bluish lake. For Misselden having in his former Treatise (either ignorantly or willingly) omitted to handle The Pradominant Part of Trade, namely the Mystery of Exchange, which is the Public Measure between us and other nations, as we have poved now in this his Circle of Commerce; he hath undertaken (with the Artificial wings of his supporters set on with wax) to fly so high in the discourse thereof, that this hot climate of the Antarctic Circle or South Pole hath dissolved the wax, and the splendent Beams of the Sun of truth hath dispelled all foggy mysteries of deceitful fallacies as aforesaid: so that he is drowned (with his Balance) in the Sea of Exchanges, according to Ovid's Allusion. Ipse Misseldemus nomina facit aquis. THE CONCLUSION. Unto you therefore Noble Lords and Right Honourable Privy Councillors of State, with the rest of the Right Worshipful his Majesty's Commissioners for Trade, (whom I have at all times attended as becometh me) unto your grave wisdoms and discretions (I say) belongeth properly the serious consideration of this Centre of Commerce. This is the firm North Star of Trade, by which your Compass is to be directed according to the Laws, Statutes, and Ordinances of this Realm of England; This is the Rudder of the Ship of Traffic to guide & steer Commerce to her right ports or Havens of profit. This is that true Par of Exchange approved by the Laws of nations, that hath no imposture, froth, nor fallacy to amuse or abuse us with: as the casting of a deceitful Balance hath, wherein no certainty can be found. Let not your Heroical Virtues for the Public good be blemished with private Centres of Commerce: but be you a means that Phoebus himself will be pleased to drive the Chariot of Trade: this Centre, whereby the Horses of all societies and corporations my draw a like in the course of Trade by his wise guiding and direction: Masterr Milles Acroamata. let the procuring of Bullion be your first study to set his Mint on work, which is recommended unto you by the efficacy of other men's words. For Money of itself (be it more or less) in whose hands so ever, without Bullion to supply, is but water in a Cistern taken from the Spring, that by use becomes exhausted, or being but let alone, consumes itself to nothing by strikes and putrefaction. So Coin becomes but Medals, out of use, of out of fashion. For Bullion being the Fountain, Money is but the Water, and Exchange the River that serves all private turns. Bullion being the Sun, Money is but the Beams, Exchange the Light that makes the world to see. Bullion being the Pilot, Money is but the Stern, Exchange the Compass that guides all courses right. Bullion being the Chylus, Money is but the Blood, Exchange the Spirit that quickens all the Body. To be short, Bullion is the very Body and Blood of Kings, Money is but the Medium between Subjects and their Kings, Exchange the heavenly Mystery that joins them both together. Next therefore let the exportation of moneys, the profusion of Blood, be prevented by the means of this Centre, (wherein the vital spirit of Trade doth consist) and procure plenty of Money and Bullion by all Real Substantial and Politic means; For plenty of Money will improve your Lands, advance the price of your native Commodities, increase your Manufactures, establish the Fishing, maintain foreign Trades, augment the King's revinewes, make foreign Wares better cheap, prevent the overbalancing, and enrich the Kingdom with an advancement of all the dependences of Trade, contained in the Articles of your Commission. God grant a blessing in all, to his Glory, the King's Honour, and the Kingdom's welfare. Obsta Principijs, sedo Medicina Paratur. FINIS. ERRATA. Pag. 5. lin. 11. read. Reprehension, for apprehension. p. 17. l. 27. r. Depredations, for depudations. p. 18. l. 29. r. We, for me. p. 25. l. 2. r. Pieces, for prices. p. 37. l. 8. r. Pieces, for prices. p. 38. l. 2. r. 20 ●, for 2 ●. p. 42. l. 20. r. Construction, for contution. p. 44. l. 17. r. Good, for Gods. p. 58. l. 14. r. Caution, for cannon. p. 58. l. 22. r. Confusion, for conclusion. p. 64. l. 18. r. Hoops, for hops. p. 64. l. 31. r. Endearing, for enduring. p. 68 l. 8. r. Mobile, for Mobill. p. 77. l. 22. r. Cornuted, for corneited. p. 78. l. 7. r. Flatter, for scatter. p. 78. l. 30. r. Procupine, for procerpine. p. 80. l. 20. r. For, for from. p. 81. l. 12. r. Enabled, for enable. p. 101. l. 〈◊〉. ● Contratenor, for contratos.