ENGLAND'S VIEW, IN THE UNMASKING OF TWO PARADOXES:  
With a replication unto the answer of Master john Bodine.  
By Gerrard de Malynes' Merchant.  Opposita juxta se posita, magis apparent. 
ANCHORA SPEI  
LONDON, Printed by Richard Field. 1603.   

To the right honourable Sir Thomas Sackuile, Baron of Buckhurst, Lord high Treasurer of England, Knight of the most noble Order of the Garter, and one of the Lords of her majesties most honourable privy Council: G. de M. wisheth all health, increase of honour and everlasting happiness.  
THESE two Paradoxes (right honourable) having been presented unto the French King, as a mean to qualify the general complaints of the dearth of things in France, by proving that nothing was grown dearer in three hundred years, were answered by the famous M. john Bodine: who dedicated his answer unto the Precedent of the high court of Parliament of France, as a matter of great consequence and considerable in the government of a Commonwealth. Hence proceeded that resolution, which emboldened me to present unto your Lordship, the substance of both their writings, with all their arguments and propounded remedies: to the end, that in the balance of your grave wisdom they may be weighed with my Replication thereunto, showing how things are to be considered of for the good of a Commonwealth. Your honours judgement shall easily perceive, that the Paradoxes are opposite, and do contradict one another, besides the slender and weak ground of their foundation: as also that Master Bodine hath mistaken the true ground of the matter, by comparing the prices of things within themselves in a Commonwealth: whereas the comparison must be between the home Commodities of one Commonwealth, and the foreign Commodities of other nations: and that, either by way of permutation of Commodities for Commodities, or by Commodities for money in specie, or by exchange. So that a due consideration must be had of the course of Commodities, Money, and Exchange: which are the essential parts of all trade and traffic. Wherein must be considered the end of all Merchants, which is gain and profit: at which scope they aim according to their profession and practice; some by Commodities, some by Money, some by Exchange, some by all three, or that which yieldeth them most gain. For as money doth rule the course of Commodities: so the exchange for moneys doth both rule the course of moneys, and Commodities. By the disorder whereof it happeneth, that the riches of a Commonwealth doth so much decrease, as it is not always in the power of the wise, that have the managing of the government thereof, to make choice of the best, and to banish the worst: but must not only obey the tempest and strike sails, but also cast over board some precious things to save the ship and bring it into a safe port: and afterwards by degrees overcome greater things, changing the estate thereof from evil to good, and from good to better, which otherwise might have been prevented in the beginning by removing the causes thereof. To your most honourable judgement I refer the consideration of all: and pray the Almighty to have your Honour in his divine protection. And so in all humility I take leave. London, this 16. of januarie. 1603.  
Your Lordship's most humble and in all duty bounden, GERRARD DE MALYNES'.   

England's view.  
A SENTENCE alleged without application to some purpose, is to handle a matter without conclusion: and he that will attribute unto any man the knowledge of the essential parts, grounds, or pillars of any science, must make apparent proof thereof: otherwise, his assertion is like clouds and winds without rain, or like an arrow shot at random. Quòd oportet patrem-familias vendacem esse, non emacem, is a worthy sentence to be duly executed of all good householders, or fathers of families, especially of Princes, that are the fathers of the great families of Commonweals: who (as justinian saith) are to provide carefully for the two seasons, namely, the time of war when arms are necessary, and the time of peace more fitting wholesome laws: in both which, it cannot properly be said, that the office of a Prince is wholly employed about the government of the persons of men, and of things convenient and fit for the maintenance of human society, according to the definition of the heathens: but rather in the observation of Religion towards God, and administration of justice towards man: the one teaching us especially of the life to come; & the other, how we should live in this life. Religion doth knit and unite the spirits of men, whereby they live obediently in unity, peace, and concord: and justice is as a measure ordained by God amongst men, to defend the feeble from the mighty. Hence proceedeth, that the causes of seditions and civil wars, is the denial of justice, oppression of the common-people, inequal distribution of rewards and punishments, the exceeding riches of a small number, the extreme poverty of many, the overgreat idleness of the subject, and the not punishing of offenders: which bringeth destruction of Commonweals.  
Religion doth teach the fear of God, which maketh a good man, and is indeed the beginning of a Prince. For sith Princes reign by wisdom, and that the fear of God is the beginning thereof: we must conclude, that it is the beginning also of a virtuous and wise Prince. Now, as Princes reign by God, so must they be directed by him: yea they reign best and longest, that serve him best and most. Serve him they cannot but according to his will; and his will is not known, but by his word and law: which made the Prophet David to meditate therein day and night, preferring the cause of faith or religion before temporal commodity. And this is properly the first and chiefest point, that the Prince is to regard: whereunto the other is annexed and doth depend upon. For as justice is administered and prescribed by laws and customs: so reason requireth, that this gradation should be observed concerning all laws: that even as the wills, contracts or testaments of particular men cannot derogate the ordinances of the Magistrates, and the order of the Magistrates cannot abolish customs, nor the customs can abridge the general laws of an absolute Prince: no more can the laws of Princes alter or change the law of God and Nature.  
By justice (properly called Distributive) is the harmony of the members of a Commonweal maintained in good concord: howbeit, much hindered, where usury is tolerated, which giveth cause of discord; some few waxing thereby too rich, and many extreme poor: the operations of effects whereof, are declared by me under certain Similes or Metaphors in the Treatise of Saint George for England.  
By justice (properly called Commutative) is the commerce and traffic with other nations maintained, observing a kind of equality, which is requisite in every well governed Commonwealth, where providence and policy cause the Prince (the Father of the great family) to sell more than he buyeth, or else the wealth and treasure of his realm doth decrease, and it were his expenses do become greater, or surmount his incomes and revenues. This kind of equality is interrupted and overthrown by the merchandizing exchange, as in the Treatise of The Canker of England's Commonwealth is declared. For as all the trade and traffic between us and other nations, is performed by three simples: namely, Commodities, Money, and Exchange: so (as we have proved) is the course of exchange (being abused) become predominant and overruling the course of money and Commodities; whereby the wealth of the Realm doth decrease.  
And this wealth cannot properly increase but two manner of ways: namely, by bringing of money and bullion into the Realm, or any other things which are not bought for our money, or bartered by way of permutation for our Commodities: and by buying the foreign Commodities better cheap than we sell our home Commodities. And so may the father of the great family become a seller and not a buyer, as is before alleged.  
We have heretofore noted the property of money to be: That plenty of money maketh generally things dear; and scarcity of money maketh likewise generally things good cheap: whereas things are also particularly dear or good cheap, according to the plenty or scarcity of the things themselves, or the use of them. According to which plenty or scarcity of money aforesaid, things generally became dear or cheap: whereunto the great store or abundance of money and bullion, which of late years is come from the West Indies into Europe, hath made every thing dearer, according to the increase of money: which like unto an Ocean, dividing her course into several branches in diverse countries, hath caused a great alteration and enhancing of the price of every thing: and most especially, because the money itself was altered in valuation in most countries. So that the measure being altered and made lesser by denomination, there went more number to make up the tale, and of necessity other things went and were named accordingly in price. For money must always remain to be the rule and square to set a price unto every thing, and is therefore called Publica mensura, the public measure: whereby the price of all things is set to maintain a certain equality in buying and selling, to the end that all things may equally pass by trade from one man to another.  
This money must have his standing valuation only by public authority of the Prince: to whom properly belongeth the disposing thereof, as a matter annexed to his Crown and dignity. And as the money doth set a price to the natural riches of lands: so doth it also set a price to the artificial riches proceeding of the lands. And therefore reason requireth a certain equality between the natural riches and the artificial riches.  
That plenty of money maketh things dear, is found by daily experience: whether it be in bullion of gold and silver, or the same converted into money. But so long as it is in bullion, it remaineth in nature of Commodity, which is given by way of permutation or barter in exchange for other Commodities. Plenty or scarcity of Commodities doth also alter the price of the things wanting or abounding according to the use thereof, which is grounded upon estimation by consent, after the pleasure and sensuality of man.  
The History of the West Indies maketh mention, that during the great quantity or abundance of gold and silver that was found about fourscore years past, and the rareness of other things, a cloak of cloth was sold in Peru for a thousand ducats, a pair of breeches of cloth for three hundred ducats, a good horse four or five thousand ducats: and other things then in use and rare accordingly. The romans after the conquest of the Persians, brought such abundance of gold and silver to Rome, that the price of lands did rise above two thirds.  
And on the contrary, concerning scarcity of money, Grafton in his Chronicle of England hath recorded, that king Edward the third having great wars with France and Scotland, and incorporating the money into his hands for the maintenance thereof, caused through the lack of money the price of Commodities so to fall, that a quarter of wheat was sold for two shillings, a fat ox for a noble, a sheep for six pence, and other things after the rate.  
The consideration of the premises, maketh the two Paradoxes of Master Malestroit (one of the Officers of the French kings Exchequer) to be most Paradoxical, that is to say, far differing from the vulgar opinion: which Paradoxes (upon complaint of the people of the dearth of things in France) he presented unto the king, thereby to qualify the cause of their complaint. The substance whereof I have thought most expedient to set down, and the answer also which Master john Bodine the greatest Politician or commonwealths man of France, hath made thereunto: together with my explication thereof, and Replication to his answer; whereby the truth will appear, and how things are to be considered of for the good of the Commonweal.  

The first Paradox.  
To complain of the general dearth of all things in France is without cause, seeing that there is nothing grown dearer these three hundred years.   

The second Paradox.  
There is much to be lost upon a Crown, or any other money of gold and silver, albeit one do give the same in payment at the price he did receive the same.   

Since that the ancient Permutation (saith he) hath been changed in buying and selling, and that the first riches of men (which did consist of cattle) was transferred to the gold and silver; whereby all things have received their estimation, and have been praised and sold for: it followeth, that those metals are the right judges of the good cheap or dearth of all things▪  
We cannot say, that any thing is now dearer, than it was three hundred years ago, unless that for the buying thereof we must now give more gold or silver, than we did then▪ But for the buying of all things, we do not give now more gold or silver, than we did then, saith he. Therefore, since that time nothing is grown dearer in France.  
To prove this he doth allege, that during the reign of king Philip de Valois in the year 1328. the French Crown of the Flower-de-luce, as good in weight and fineness, as the French Crown of the Sun now; was then worth but twenty sols tournois: which (for the better understanding) being valued according to the common computation of ten sols for a shilling starling, is two shillings. In those days (saith he) the French elle or yard of velvet was worth four livers, which is four crowns or 8 shillings starling: the said yard of velvet doth now cost ten livers, or twenty shillings: and the French crown, which was then valued at two shillings, is now valued at fifty sols or five shillings. So that four crowns do make the said 20 shillings; yet the said french crowns do contain no more in gold, in weight, or in fineness then before: whereby there is no more gold given in substance then heretofore, and consequently the velvet is not now dearer than it was then.  
During the reign of king john his successor, in the year 1350, the price of a measure of wine (being indifferently taken) was at 4 livers or 8 shillings starling. And in his time were the golden francs coined and valued at 20 sols or 2 shillings, and so 4 franks were 4 livers: the said measure of wine is now worth 12 livers or 24 shillings, and the said frank of gold is valued at 60 sols or 6 shillings: so that four franks valued now at three times the value, will pay these 12 livers or 24 shillings; and yet the said franks do not now contain any more gold in substance than they did then.  
Proceeding to the money of silver, he taketh his beginning from the time of king Saint Lewis, who began his reign anno 1227, and caused the first sols to be coined worth 12 deniers tournois: which were (as he saith) of fine silver, and there went 64 pieces in the mark. The sols called douzains of late years coined by king Henry the second, and now currant, are of three ounces and one half fine, and of 93½ pieces to the mark: which accounted to the mark fine silver is 320, which is five times 64 pieces which were in king Lewis his time. So that one of those sols of his time did make five of the sols made now: and consequently the twenty sols now are worth but 4 of the sols then; and the 25 livers, 5 livers; the hundred livers, twenty; and so more or less accordingly.  
Now when we pay for one yard of velvet 10 livers or 20 shillings starling, it is no more than 2 livers or 40 sols, which is two shillings starling: which was the price of velvet in Saint Lewis his time.  
The elle of cloth which now is sold for 100 sols or 10 shillings starling, is no more than twenty sols or two shillings starling in those days.  
The Gentleman that hath now 500 livers by the year to spend, hath no more than he that had one hundred livers to spend in those days.  
In the like manner he proceedeth for corn, wine, and other commodities: and thereupon concludeth, that the dearth of all things is but imaginary, and that it is a vain opinion of men without any substance of truth, that things should be dearer now, then in those days.   

The second Paradox.  
There is much to be lost upon a crown or any other money of gold and silver: albeit, one do give the same in payment for the same price he did receive it.  
This (saith Master Malestroit) is an old and common error rooted in the judgement of most men, that are far from the mark and without their reckoning, as he will manifest by the same terms of his former Paradox.  
In the aforesaid time of king Philip de Valois, the French crown aforesaid was worth but 20 sols, which is now currant for fifty sols at the least.  
The Gentleman that had fifty sols rend or income, did receive for it two crowns and a half, or so much in silver accordingly: for which two crowns and a half, he had half a yard and half a quarter of velvet after the rate of 4 livers the yard, which was the price of velvet then. Now for this 50 sols, the Gentleman doth receive but one crown, or so much of silver money: and for that one crown he can buy now but one quarter of a yard of velvet after the rate of ten livers, that velvet is now worth; whereas before he had half a yard and half a quarter: whereby he loseth then one quarter and one half quarter of velvet upon his crown, although he have given the same in payment for 50 sols, which is the price for which he received the said crown: and so proceedeth with other the like examples.  
Then for the silver money, the gentleman (saith he) who during the reign of king Lewis had 16 livers of rents or incomes, did receive for the said 16 livers, five marks of fine silver, or in gold accordingly. For as by the first Paradox is declared the mark of fine silver did contain 64 pieces or sols. Now for the payment of this rent of 16 livers, he shall receive 320 pieces or sols, which do contain but one mark of fine silver: which is but the fifth part of that which was contained in the 16 livers of king Lewis. In those days 16 else of cloth would have been had for those 16 livers after the rate of 20 sols the elle, as good cloth & better than that which doth now cost 100 sols: whereof you shall have now but 3 else ⅕ for your 16 livers: so that you shall lose 12 else ⅘ of cloth upon 16 livers: albeit you have given in payment every liver for 20 sols, at which price you have received the same: which he doth also amplify with other examples; adding thereunto further: that if any man would object & say, I care not what the crown, liver or sols is worth, so as I having one hundred livers of rent, I may have one hundred livers paid me, and that I can pay out again the said hundred livers. This man (saith he) must then make proof, that he can now have as much wares for two sols which are now almost all of copper, as he could have had in times passed for two sols, which were of fine silver: and in doing so, he should make a third Paradox, more strange than the former. For he should go about to prove every thing to be become better cheap: which cannot be proved. And therefore he concludeth still with the former first Paradox, That nothing is grown dear.  
The substance and intention of these two Paradoxes is (saith he) to show, that the king and his subjects do now buy all things as dear, as in times past: for that they must give as great a quantity of gold and silver, as in times past. But by the enhancing of the price of the moneys of gold, from whence of necessity proceedeth the embasing of the silver moneys: the king doth not receive in payment of his revenues, such a quantity of gold and silver, as his predecessors. In like sort, Noblemen and Gentlemen the king's subjects that have great incomes, do not receive such a quantity of gold and silver as in times past: but are paid (as the king is) in copper, in am of gold and silver. For which copper, according to the second Paradox, they cannot have so much wares, as they might have for the like quantity of gold & silver. So that the loss, which we think to have by the growing dear of all things, cometh not by giving more: but by receiving less quantity of fine gold and silver, than we were wont to have. Whereby we see manifestly, that the more we do enhance the price of money, the more we lose: for thereby cometh the great dearth of all things now, which bringeth a general poverty to this realm.  
The famous and learned Master john Bodine making answer unto these two Paradoxes, first showeth: how M. Malestroit hath abused himself, to use the example of velvet to prove his assertions. For he proveth that velvets were yet unknown in France during the reign of Philip surnamed the Fair. And that although he should admit the example of velvets: yet it were no consequence for all other things, which were not so dear proportionably. And concerning the price of wines and corn, he doth prove the same to be dearer 20 times, and more or less upon occasions: concluding that those examples are also unfit. And then he cometh to the price of lands, which cannot increase or diminish nor be altered of their goodness, if they be manured. Whereupon he taketh occasion to show the fertility of France: and that certain Dukedoms, Earldoms and Baronnies are now worth of revenue as much yearly, as they were sold for in times past. The lands being so much risen in price: he showeth, that within sixty years all things are grown dear ten times the price comparing it to any money in France: and so setteth down the causes of this dearth which are 5 in number:  

1 The principal & almost only cause: The abundance of gold and silver now extant in the kingdom, more than in times past.  
2 The Monopolies.  
3 The want of things, caused by excessive trade and waste thereof.  
4 The pleasure of Princes, that advance the price of things.  
5 The alteration of the valuation of money.   
Concerning the first and principal cause, he saith, that the enhancing of the price or dearth of all things in what place soever: proceedeth of the abundance of that which giveth price and estimation unto things: and hereupon doth allege diverse examples. Plutarch and Pliny do witness, that Paulus Aemylius after the conquest of Macedon against the Persians, did bring such abundance of gold and silver to Rome; that the people was freed of all imposts, and the price of lands advanced unto two third parts in a moment. The Emperor Augustus brought such great riches from Egypt, that the price of usury did decrease, and the lands, became much dearer than before: which was not for the want of lands, which cannot increase or diminish; nor for the Monopolies, which can take no place in this case: but it was the abundance of gold and silver, which abated the estimation thereof; as it happened at jerusalem at the time of the Queen of Candace; and in the West Indies, when the Spaniards became masters thereof. By which reason the Emperor Tiberius was much mistaken, to cause him to be beheaded, that would have made glass soft and malleable; fearing that gold and silver would thereby have lost their estimation: whereas the abundance of glasses, which are made almost of all stones, and many herbs, would have diminished the reputation thereof; as it falleth out with all other things. Therefore (saith he) we are to show, that there was not so much gold and silver in times past three hundred years ago, as there is now: which may easily be known. For if there be money within the realm, it cannot be so well hidden, but that Princes in their necessity and occurrences will find the same: whereas it is well known, that king john in his great necessity, could not find 60 thousand franks (let it be crowns) for his ransom; but did remain a prisoner to the king of England for the space of 8 years. In like sort, the king of Scots being prisoner, could not find means for his ransom of a hundred thousand nobles, until the French king Charles the fifth paid the same, making alliance with Robert the king of Scots, anno 1371. King Saint Lewis was in the like predicament being prisoner in Egypt. And the ancient histories do record, that for want of silver, money was made of leather with a nail of silver. Whereby appeareth the great want of silver and gold in France in those days: whereas coming to our age, we shall find that the king did find in Paris in six months (besides the incomes and revenues) more than three millions 4 hundred thousand pounds; which after 10 pounds for the pound starling, is 340 thousand pounds starling. hereunto he hath added a comparison between certain revenues and moneys given in marriage with Princes and their kindred in those days; with the like done by Princes of late years: and how Italy (through peace and means of their traffic) had drawn all the gold unto them; the treasure in Europe being generally increased since the discovery of the West Indies. For it is incredible (saith he) and yet true, that since the year 1533, there came from Peru more than one hundred millions of gold, and twice as much in silver. Then he cometh to the causes of the increase of the wealth and treasure of France: showing how the Spaniard running to the uttermost corner of the world for gold, silver, and spices, doth come unto them for their corn, linen cloth, and diverse other commodities. On the other side, how the English man, Scot, the people of Norway, Swaden, and Denmark are continually digging an infinite number of mines even to the very centre of the earth, for metals and minerals, for to buy their wines, prunes, and other Commodities; and most especially their Manna of salt, which God sendeth as it were from heaven, their Climate being more apt thereunto, then that of other countries: which causeth the Flemings to come with their empty vessels, to buy the same for ready money for the maintenance of their traffic of saltfish. And this is the first cause.  
The second is the increase of people, which by reason of the civil wars which ceased between the houses of Orleans & Burgundy, are much augmented until the troubles for Religion. Whereas the wars of neighbour countries was but a necessary purgation of the ill humours of the body of their Commonwealth: and the wars at home had before that time wasted the country, overthrown husbandry, and spoiled all handiwork: the Englishman having sacked their towns, burned their villages, murdered and robbed the most part of their people, and gnawed the rest to the bones: howbeit, within these 100 years, the towns have been re-edified, villages new builded, woods increased, & the people augmented in such sort, that colonies of Frenchmen have been sent into other countries to inhabit them: and the Spaniard being negligent and lazy, is for the most part in Arragon and Navarre without any labourers or any other workmen, but only Frenchmen which are more serviceable and active.  
Another cause of the riches of France, is the trade had since their king Francis the first, with the Turk and Barbarian: & the Bank of Lions erected in his time, brought abundance of gold and silver into France, when he paid 8 upon the hundred for money, and his successor ten, afterwards 16, and 20 upon urgent necessity: which made the Florentines, Lugueses, Genoese, Germans and others to come & dwell in the realm. By which means also the rents levied upon the city of Paris are brought to amount unto 3 millions, and three hundred and fifty thousand pounds tournois yearly. And the city would be much richer, if there were a house as at Genes, called the house of S. George, which taketh all the money that men will bring, after the rate of 5 upon the 100; and doth deliver out the same to the merchants to traffic therewith, after two and three upon the hundred: like as the great Emperors Antony and Alexander Severus did, which did deliver money at 4 per 100 And Augustus delivered money freely without interest to them that would give sureties to restore double the value, if they did not pay it at the time limited. By these means their subjects got much, and Princes were not driven to borrow, or to pill their subjects: but did rather diminish their imposts. And so he concludeth, that the abundance of gold and silver is the cause partly of the dearth of things.  
The second cause of the dearth of things, namely the Monopolies, he doth pass over as a matter not considerable to the things entreated of: which is (saith he) when merchants, artificers or labourers do assemble themselves to set a price upon the Commodities, or their handiwork with the augmenting of wages. For the preventing whereof, he commendeth the abolishing of their fraternities or companies procured by the means of their Chancellor.  
The third cause of the dearth by the want of things, cometh to pass by the excessive trade of the things, and by the waist thereof. It is certain (saith he) that we have our corn and wine better cheap during the wars with the Spaniard and Fleming, then after the wars when the trade is permitted. For the husbandman being driven to sell and to make money of his wares, and the gentleman finding the same perishable, when the merchant dare not lad his ships, bringeth down the price of Commodities, and maketh the people to live good cheap: which according to the Proverb (France can never be famished) would always continue, if by the means of the stranger their storehouses were not emptied. The Spaniard doth buy and transport their corn before it is ripe, because his country (except Arragon and Granado) is of great sterility: therefore have the corn merchants great privileges for bringing corn unto them, and are only licenced to export money for the same. From the Spaniard (saith he) we have but their oils and spices, and yet the best drugs come unto us from Turkey and Barbary. From Italy we have their allumes, some silks, and other Commodities. Oils we may have within our dominions of Languedoc and Provence more than we do need: and there are as good silks made with us, as at Florence and Genes. Touching allumes, if we would cut the veins of the Pireney mountains, we should find an infinite number of alum and copresse, as hath been sufficiently proved: whereas France doth spend far above the value of one million thereof yearly: and the waist of things is incredible.  
The fourth cause of the dearth of things, proceedeth from the pleasure of Princes, which do impose a price unto the things which they affect. For it is a general rule in state matters, that Princes do not only give laws unto their subjects, but also (as Plato hath noted) they do change by their example the manners of men. To which purpose he doth use the example of their king Francis the first, who being hurt in the head, caused his hair to be cut off: wherein the people did presently imitate him, as following the will of Princes, & praising that which they do commend. We have seen at one time (saith he) three great Princes striving (as it were) who should have the most learned men and best artificers: namely, the great king Francis the first, Henry king of England, and Pope Paul the third: in such sort, that the king of England could never have the learned and reverend Beda; and the French king did pay 72 thousand crowns for a Diamond, rather than king Henry should have had the same. Presently the Nobility and the people did give themselves to study and to buy precious stones: and when king Henry began to make little account of the stones, their general estimation and price was abated: whereof there are many examples in like sort for the art of painting. The Princes of the East and Alexander the Great had brought them into such credit, that a picture of Venus issuing out of the waters which Apelles had made, was bought for 60 thousand crowns; Alexander gave for his 200 talents, that is 36 thousand pound starling. Apelles himself made no difficulty to buy a picture of Protogenes for 50 thousand crowns: concluding with other examples, that the pleasure of Princes maketh things dear as aforesaid. And so returning to the waist or consumption of things, wherein their example is also imitated, he doth reprehend the cutting of silk upon silk, or any other stuff, so that it can serve but once for one person: which caused the Turks to call us mad men. And further he findeth fault, that our Lackeys and servants are appareled therewith, and that so much stuff is put into the apparel, disguising with new fangled fashions the proportion of our person or body, contrary to the ancient modesty: when as the fashion of the apparel will many times cost more than the apparel itself. To this is linked the desire of costly household stuff, and dainty and delicate fare of all sorts of meat and drink; whereof he alleged examples, which are better concealed then spoken of: for they bring with them all licentiousness and excess, as a spring of vices of the calamities and miseries of a Commonwealth.  
If any man should here object (saith he) that if things did still become dearer, partly through the waist, and partly also for the abundance of gold and silver, no man should be able to live because of the dearth: it is true. But the wars and calamities happening to a Commonwealth do stay the course hereof: as we may see, that the romans have lived with great scarcity, and to speak properly, in great misery almost five hundred years, when they had but copper moneys of a pound weight, and without stamp, until king Servius; and they made no silver moneys but 485 years after the foundation of Rome; and 62 years after, they made moneys of gold. And here he taketh occasion to compare the price of things altered during the government of the romans, and the laws made by them for the suppressing of abuses: and that all their gold and silver came unto them in a hundred and twenty years by the spoils of all the world, which was brought to Rome by the Scipions, Paul Aemylius, Marius, Sylla, Lucullus, Pompey and Caesar, especially by the two last. For Pompey did conquer so much land, as made the revenue of the Empire to come unto 8 millions and one half of crowns. Caesar notwithstanding all his expenses & prodigalities brought to the treasury 40 millions of crowns: having given at one time unto Paul Consul 900 thousand crowns for to hold silence, and unto Curion Tribune 1500 thousand crowns to take his part. Mark Antony went further: (if it be true that which Plutarch and Appian have written) for he gave unto his army for their service done 200 thousand talents, being 120 millions of crowns: which is to be credited, seeing that the Emperor Adrian for to have the goodwill of 40 legions, gave ten millions of crowns. So that we may here see abundance of gold and silver at Rome: but it did not last ever, for in less than 300 years, the Parths, Goths, Hercules, Hongers and other cruel nations did overcome the Empire & all Italy, and overcame the Romans, burned their city, and took the spoil of them. The like doth happen unto all Commonweals, to wax and increase by little and little, and to flourish for a time in wealth and power: and afterwards to grow old and decline, until they be utterly ruinated and destroyed.  
Coming to the last cause of the dearth of things by the alteration of money, he showeth how Master Malestroit hath mistaken the matter in the moneys themselves made within 300 years. For whereas he saith, that S. Lewis caused the first sols to be coined worth twelve deniers, whereof 64 pieces went to the mark; and that in Philip de Valois his time, the crown of the Flower-de-luce without number, & as good as the crowns now, was valued but 20 sols; and that afterwards king john caused the franks to be made of fine gold which were but valued 20 sols; and that the sols of silver of that time was worth five of our sols: he doth not say of what weight or fineness the moneys were in those days. And touching the last point he doth contradict himself: for he doth acknowledge that the old crown weighing three penny weight, is no more worth than 60 of our sols: so that the ancient sols of fine silver can be worth but three of them: and yet the franks of gold do weigh less by four grains then the old crown, and are no better in fineness then the other. And by the proclamation of the year 1561, the old crown is valued at 60 sols, and the frank at 50 sols: which if his proposition were true, and that it were five sols for one; then would the old crown be by this proportion valued at 100 sols, and the frank at 90 sols. And if Master Malestroit (saith he) doth take his comparison of the alteration of moneys at some one time in any such years when moneys have been embased; that is no consequence at all: for within the abovesaid time it is manifest, that the money was once so base in allay, that one of our sols was worth 5 of those which were then. And then he showeth, how all things were rated for their customs, and how used within fifty or sixty years: concluding that the price of things (notwithstanding his former allegation) is not altered by the valuation of moneys. But well, that things are grown dear, contrary to the first Paradox of Master Malestroit: and that was the first point which he was to prove; & the second was the causes of this dearth, as we have briefly rehearsed.  
But forasmuch (saith he) as some great personages do labour by words and writings, that the trade should be cut off, and that no Commodities should be transported out of the realm; making account that we could live peaceably within ourselves, and very good cheap without giving or receiving any thing of other nations: he doth reprehend them, and showeth that they have need of the strangers, and most especially of the traffic with them. Insomuch that although they could live without them in regard of Commodities: yet charity and humanity willeth us to maintain friendship with our neighbours, and rather to give them part of our blessings, than not to deal or to communicate with them. Wherein the romans were much to blame, who having extended their power from the West unto the East, did refuse to take under their government some nations, because there was nothing to be had of them: whereas the greatest gift of honour that God giveth unto man, is to give him the majesty to command, and to do justice especially to the poor not being instructed. But if this lesson doth not please men of this humour, God hath so bestowed and divided his graces and blessings, that there is no country in all the world so fruitful, but hath need of divers things: whereby he holdeth all the subjects of his Commonwealth in friendship, or at the least doth hinder them to make long wars one with another. And so he proceedeth to show some remedies to the causes aforesaid.  
The abundance of gold and silver now adays more than in times past, must partly excuse the dearth of things: (saith he) adding further touching Monopolies and the waist of things, that in vain are good laws made if they be not executed; especially if the king do not cause the courtier to observe them, whom the common people doth imitate: whereby also many superfluous things might be avoided, and not brought into the realm; as is done by Italians with perfumes, counterfeit stones, and such trifles. Concerning the excessive trade of some Commodities, he declareth, that as the things transported, cause the like to grow dear by the exportation: so the things imported become the better cheap. Whereof he excepteth the trade of corn, which is to be governed more wisely: for they have had intolerable famines for want of such a due care as joseph had in Egypt. The mean to prevent the same, is to have many public storehouses in several places, making provision of corn yearly, by selling the old and providing new in place.  
Touching the opinion of those, that would have the vines taken up, and corn sowed in the place: or at the least to command that no vines should be planted hereafter: the husbandman doth with reason laugh them to scorn. For God himself did so direct and dispose the nature of the ground, that all should not be for corn, or all wine; seeing the one hath need of a fat, and the other of a stony ground. And if the vines were pulled up, we should (saith he) deprive France of one of the greatest riches of the land. But there is a mean propounded by those that have understanding in matters of imposts, which would very much enrich the realm, and relieve the common-people: which is, to lay part of the ordinary charges upon corn, wine, salt, wood, linen cloth and drapery: and most especially upon wine, salt, and corn, which are three elements whereupon (next under God) the life of the stranger dependeth, and which can never fail. The mines of the North and of the Indies are exhausted in a short time, and the metals cannot grow again: but our springs of corn, salt & wine are not to be drawn out. And howsoever the season of the year doth hinder them to come to perfection: yet other nations do not regard, at what price soever they buy them. And it cometh to pass many times, that salt is better cheap in England, Scotland, and Flaunders, then in France: neither can other nations take offence if impositions be laid upon these Commodities: for they have done the like upon divers Commodities of their own. And so he concludeth, that by these means there would be the less transported: and so the dearth of things qualified by greater store remaining within the land.  
Another remedy against the dearth of things, especially of victuals, is to restore the use of fish to his ancient credit: by means whereof, beef, mutton, foul, & all such kind of flesh would become better cheap: showing to this purpose the commodious situation of France, and the great number of rivers within their dominion. And so with Galen he doth prefer fish before flesh: for that fish is more wholesome, and is never unsound, as the pork and hare, nor scurvy as the sheep, nor lousy as the buck, neither subject to divers diseases as beasts are: neither hath God created four hundred several sorts of fishes (which do not cost any thing to feed) in vain, being almost all fit for meat: whereas there is not 40 sorts of beasts and fowl, fit for the nourishment of man: but to eat flesh and fish together is very unwholesome. And hereupon he showeth, in what great estimation fish was in times past: and that the principal banquets were made of fish; as that of Caligula which did continue six months, who made all the Mediterrane sea to be fished; and but for variety, fowl and other meats were used with it. The coast of Picardy where the sea is of a sandy ground, (saith he) there the fish is flat; the coast of Normandy & Guienne which is stony, bringeth forth the rockefish; and the coast of Britain which is slimy, yieldeth the round fish, as Lamprays, conger's & such like: and yet man knoweth not from whence at one season doth come the infinite millions of Herrings about the coasts of France and England, Pilcheards about Galisiea, and Whales and other fishes in newfound land and other seas. Commending hereupon our custom of England, where men are constrained (saith he) to observe fish-days in the week, notwithstanding the great plenty of beasts and fowls. The only mean to bring this to pass is the example of the Prince and great men, whom the people will imitate▪ Adrian a Hollander was of a poor scholar made Pope, by means of the Emperor Charles the fifth his disciple: and because he did love to feed upon hake-fish, presently all the Courtiers, and his followers to please him did the like, and the people also: so that nothing was dearer at Rome then hake fish. The example therefore is of great efficacy, which inferior men do follow of their superiors.  
Then he cometh to the last point, which may hold the price of Commodities in a certain equality: namely, certainty and equality of money, which for the time must not be mutable or incertain: for if it were, no man could make an estate certain: the contracts will be uncertain; the rents, charges, taxes, wages, pensions, penalties, customs and impositions, and all things else in the Commonwealth will be uncertain: whereas the Prince (saith he) must be the warrant of the moneys unto his subjects, and is to have a singular care to avoid embasing and counterfeiting. And then he discourseth of some ancient moneys and weights used by other nations, and of the property and diversity of metals, and of the alteration of money in France, together with their fineness, proportion, & valuation: which (for to avoid prolixity) I do pass over, albeit I mean to touch in part hereafter.  
This is the substance and answer of Master Bodine unto these Paradoxes, which he hath dedicated unto the Precedent of the French kings Parliament: for to encourage all them (saith he) that wish well to the Commonwealth, to continue in the study of so good a subject; to the end that Princes which have the power to command, together with those that do give them counsel, may be more resolved in those things, for the honour of God, & welfare of the Commonwealth: when they shall understand the just complaints and griefs of the poor people, which do feel the smart, but cannot for the most part judge of the causes thereof; and those that have some judgement, cannot have audience or means to make it known, but by writings unto those that can easily remedy the same.  
But if Master Bodine had according to his wisdom and deep judgement in other matters, considered of these two Paradoxes: he would have made a direct answer thereunto, before he would have proceeded in his discourse before alleged.  
The first Paradox being considered of with the second, will show a manifest contradiction or contrariety. For the first doth consist in giving of more gold and silver for Commodities now, then in times past: which he denieth. And the second, in receiving less Commodities for the gold and silver now, then in times past; which he affirmeth: which both ways is to be taken in nature of Permutation.  
Now if we do not give more quantity of gold and silver for Commodities then in times past: how can we receive less Commodities for the gold and silver, and thereby receive a loss, as in the second Paradox is alleged?  
Again, if we do receive less quantity of Commodities for gold and silver, then in times past, according to the second Paradox, whereby we sustain a loss: how can the first Paradox be true, That nothing is grown dear, for that we give no more quantity of gold and silver for Commodities, then in times past?  
The explanation of his intention touching these 2 Paradoxes, is more absurd considering the premises. For whereas he saith, that the king and his subjects do now buy all things as dear as in times past, by giving as great a quantity of gold or silver for it: it followeth, that the king and other his subjects do receive the like quantity of gold and silver proportionably for their revenues, and not a payment of copper in am of gold and silver (as he saith) considering the course of money is all alike between the king and the subject. But if we will take his meaning to be, that he hath excepted the Crown lands and incomes of the king, and the revenues of Noblemen & others, whereof the price (as it should seem) is not altered with them; like as the Crown lands with us, which are at the ancient rent, when silver was at twenty pence an ounce, which ounce is now esteemed five shillings: how can this construction be admitted, considering that he▪ doth conclude again in general words, that the loss which we think to have by the dearth of things, cometh not by giving more, but by receiving less quantity of gold and silver, than we were wont to have? which is by enhancing the price of money (saith he) which is the cause of the dearth of all things now, and bringeth a general poverty to the realm. A conclusion most opposite to the first Paradox.  
And whereas he saith, that of necessity the embasing of the silver moneys proceedeth by the enhancing of the gold: the word Embasing must be understood in price, according to the proportion of valuation which is observed between the gold and silver: which in those days was 11 of fine silver to one of fine gold. But the silver is not embased by allay or copper in advancing the price of gold: for the substance remaineth unaltered and becometh only abated in price in regard of the gold. Now if Master Bodine had not showed before, that Malestroit hath mistaken himself in the setting down of the enhancing of money in price, and the embasing by allay: whereby the gold moneys by him alleged to be risen from one to two and a half, and three in price, and the silver moneys from one to 5: we might have examined this proportion between gold and silver according to his allegation; and thereby made known, that he had mistaken the matter as well in the alteration of moneys in valuation, fineness, and weight, as he did the whole ground of his Paradoxes. For having lost the line, wherewith he went into the Labyrinth of moneys and their property: he is like unto a man, who having lost his way amongst the woods, the further he goeth, the more he erreth from the right way.  
Master Malestroit might have declared his intention in two words, if he had had the true ground, and understood the matter he went about: by proving only, that when moneys do alter in weight, or in fineness, or in valuation, or in all three; the price of things doth alter only by denomination, if the valuation be made accordingly.  
As for example: an ounce of starling silver was divided heretofore by the kings of England in 20 pieces, and so valued 20 pence, every penny in value weighing a penny weight. This ounce in process of time (as we have showed elsewhere) was divided afterwards into 30 pieces, than 40 pieces, 45 pieces, and now 60 pieces: so that a penny weight of starling silver is now three pence, and the piece is only altered in name: for a three penny piece weigheth but a penny weight. So that the ounce of silver being altered only in denomination, the price of Commodities must needs receive the like name or denomination. And if the price of Commodities were not risen above this estimation of three for one: then M. Malestroit might have made good his first Paradox: howbeit failed in his second Paradox. Again, let us suppose that the Queen of England should reduce the valuation of an ounce of starling silver unto 20 pence, presently the price of things would be altered accordingly: and that, for which we give now 3 pence, should but bear the name of a penny; which would seem to be better cheap, and yet would not be so in effect. For we should give still the quantity of silver of three pence, albeit the name thereof were altered: and therefore not better cheap. True it is, that the Queen should receive for her incomes and revenues of Crown lands such a quantity of gold and silver as her predecessors did in times past: and Noblemen and others in like sort for their lands, and officers for their fees being after the old rent and custom. But this reduction would prove very prejudicial, considering that other Princes have enhanced the price of their moneys, which doth carry a show of gain in the eyes or judgement of most men, which are thereupon inclined to carry money unto them: albeit, the price of the Commodities of those Prince's dominions, doth not only countervail that supposed gain in the general course of traffic, but also far surmount the same. But the money with us not being altered in weight, fineness or valuation within these fifty years (in which time the price of Commodities is so much altered) how can the first Paradox take any place? And if his second Paradox had been of a true ground, what reason hath any man to measure things present with the things of former ages, so long as there is no alteration of the money almost within the age of any man? For if above fifty years passed I have received an angel of such weight and fineness as the angels now adays, for ten shillings, and do pay out the same again for ten shillings; there can be no loss, although I should receive less quantity of Commodities for the same: which if I do, I cannot attribute the loss thereof upon my angel, but rather to the dearth of Commodities, the money not having been altered within my time.  
King Henry the 8 in the beginning of his reign, did find the ounce of starling silver to be valued at 40 pence, & the price of Commodities accordingly, the money being in weight and fineness according to the ancient standard of England: at which time the moneys of other country's adjacent was not so much advanced in price. For an angel being in his time valued at 6 shillings 8 pence, was then worth beyond the seas 9 shillings 7 pence, and the silver money accordingly. Afterwards towards the latter end of his reign upon especial occasion, he caused all his money to be embased by allay of copper, and made very base money: whereby the price of all Commodities was advanced. So that the money (being altered in substance) was the cause to advance the price of Commodities: albeit that afterwards when (to her majesties great honour) the substance of money was reduced to her former purity and fineness, had not the like effect; which seemeth to contradict our matter in hand. But we must note here, that there is a coherence to be considered of in the money between the weight, fineness, and valuation; whereby if generally either of these be altered, all things do alter in price accordingly: but if it be altered in part with due consideration, it hath not the like effect or operation. King Henry did alter the fineness of the money by allay of copper, and withal did advance the valuation of an ounce of silver from 40 pence unto 45 pence, and the gold accordingly; accounting one of fine gold to 11 of fine silver: whereby an angel was worth 7 shillings 6 pence. The money being brought to the former goodness in her majesties reign, would have abated the price of other things accordingly: had not the valuation been altered and countervailed the same, together with the increase of money. For this ounce of silver aforesaid was valued at 60 pence, and that which before did bear the name of 45 was called 60: which denomination caused all other things to remain at the old price, whereunto they were come through the baseness of the money before that time. Now before we conclude, it is worthy the noting, that when in this king's time the angel was worth under the Archduke of Burgundy, 9 shillings 7 pence; the King did send unto the Duchess (whiles her husband was in Germany) desiring her to value the angel at 10 shillings Flemish: but he could not obtain the same. Which seemeth very strange, considering that the advancing of the price of money, doth cause the money to be transported to the places where it is advanced: whereby all the angels might have been carried into her dominion. But she like a wise and politic Duchess, caused the matter to be examined and considered of, sending men skilful in mint causes into England. And finding that the golden fleece, aliâs Toison d'or, was the money than most currant with her: and that the same was worth both in regard of weight & fineness, as much as the angel, & was also valued at 9 shillings 7 pence: she could not grant the king's requests without altering also her money, unless she would have suffered the English merchants to bring angels unto her for 10 shillings, and to carry away the golden fleeces for 9 shillings 7 pence to be converted into angels, to the great loss of her dominions, both in the money, and to leave the Commodities of her country unuented: so long as there were a gain upon the money, which abated the price of commodities.  
These two Paradoxes being thus unmasked, are easily conceived of any man of judgement to be far from the truth: and therefore will the understanding thereof be accounted a matter of small moment, as all things else are when they be known; like unto the egg of Columbus, who having discovered the West Indies, and hearing some say at a dinner, that if he had not done it, another might and would; called for an egg, and willed all the guests one after another to set it up on end: which when they could not do, he gently bruising the one end of it did make it flat, or rather by swinging did break the yolk within, and so set it up: showing how easy it was to do that which a man had seen done before him.   

Now let us examine the answer of Master Bodine.  
Master Malestroit was of opinion, That nothing was grown dearer in three hundred years, as is before showed. But Master Bodine was of a contrary opinion, and showeth five causes of the dearth of things, as we have also declared. Whereunto for a general and direct answer by way of Replication, we say: that to show the alteration of the price of things and the causes thereof, is of small moment, the true ground of the matter being by him mistaken. Which true ground must be by making a comparison of the enhancing of the price of the Commodities of one country, with the price of the Commodities of other countries: and thereby to find out, whether things are grown dear with us in effect; and whether we pay more proportionably for the foreign Commodities within the aforesaid time of three hundred years, than we do receive for the price of our home Commodities. For if we do now pay more for corn, wine, and all other victuals; and sell our Commodities for more than we were wont to do proportionably: here is no alteration in effect, but in name only, so long as the substance of the money is not altered in property. But if we sell our Commodities dearer, and buy our victuals dearer than heretofore; and that over and above the price thereof, we must pay far dearer for the foreign Commodities, then proportionably the price of our Commodities is risen: this causeth us to be aloser in particular, and bringeth by an overbalancing of foreign Commodities with our home Commodities, a general loss to the Commonwealth: which to supply, causeth us to make up the inequality with money, which is the treasure of the realm. The consideration than must be, not to compare things within themselves in the Commonwealth where we do live; but between us and other nations with whom we deal, either by way of permutation of Commodities for Commodities, or Commodities for money in specie, or by exchange. So that we must examine the course of Commodities, Money▪ and Exchange, which are the three simples, under the which all the trade and traffic is performed: whereof we shall entreat, when we shall have examined the matters by him alleged in particular.  
The five causes of the dearth of things by him alleged, are to be distinguished according to our form▪ observation. For the first & last cause concerning plenty of gold and silver, and the alteration of the valuation of money, may be causes that generally things are dear. But the other three touching Monopolies, the want and waste of things, and the pleasure of Princes; can but make things particularly dear, according to the use thereof: wherein the time maketh also now and then an alteration upon occasion; as when arms are dearer in time of war, then in time of peace: victuals in time of famine: wood in winter, and water in desert places, and such like.  
Seeing then that plenty of money maketh not only the Commodities of a country dear, but that they are also Nerui bellorum, the sinews of war; every Prince is to have a singular care for the preservation and augmentation thereof: especially those Princes that have no mines of gold or silver within their dominions, or such as have had them, and are now without them. The gold was wont to come much out of the mountains of Boheme, and rivers of Pannonia and Swaden. Out of Spain, there was wont to come both out of the rivers and monntaines above 20 thousand pound weight yearly, which is all exhausted: than it came from the West Indies, first from Santo Domingo and other places, where it doth also cease: now it cometh from Peru by certain millions, which will also take an end. The silver is brought also from the West Indies, and was much found in Germany: but is now in many places drawn out.  
The most noble Kings of this realm have always had a singular care to accumulate treasure; deeming therefore, that it was neither expedient nor convenient for them to suffer the transportation of their moneys or bullion out of the same: as by divers acts of Parliament may be seen, whereby it was made felony for the space of many years continuing.  
William the Conqueror caused a description to be made of the realm, and the land to be measured, reserving so much thereof, as he thought convenient for the Crown: and the rest he divided amongst his Barons and knights, who did pay him therefore a certain sum of money: whereby he did gather a treasure.  
Henry the second succeeding him within one hundred years, having had many great wars, and joined Ireland to the Crown of England, conquering also Scotland, and reducing Normandy and other places in France to the Crown; and having reigned 35 years, had never cause to impose any tribute, subsidy or tax upon his subjects: and left notwithstanding behind him in treasure 900 thousand pounds; which in those days was not only a great matter (the West Indies not being discovered) but also for that it would make now with us 27 hundred thousand pounds, the ounce of silver being esteemed at five shillings, which then was but at twenty pence.  
Edward the third made many good laws to keep the treasure within the realm, and for the advancement of his home Commodities, and had a great care, that the foreign Commodities, should not over-ballaunce his home Commodities: knowing that if he paid more for them, than he made of his Commodities, the difference must be made up and balanced with the treasure or money of the realm. For having brought the working and making of cloth into the realm, he did devise by all means to find vent for the same, observing a due course for to prevent the transportation of his money: and that the true value of his money might be answered by exchange with the moneys of other countries. And forasmuch as the same course of exchange could not be done by a multitude of people so conveniently, (the most part being ignorant of the true value of the moneys of other countries) he did appoint and ordain an Exchanger, who did make exchanges with all men for foreign parts, according to value for value, and specie for specie, proceeding in all things most orderly, as may appear also by that: a sack of wool containeth 13 Tods according to the Lunar months of the year, every Tod 4 nails for the 4 weeks to the month, and so 52 weeks in the year: every nail 7 pounds to the 7 days of the week, and so 28 days for the month, as 28 pounds for a Tod: and in all 364 pounds for so many days of the year.  
Richard the second having an especial regard to the overbalancing of foreign Commodities with his home Commodities, caused the Statute of Employment for merchants strangers, to be duly executed. And if they could not sell their Commodities within a convenient time, they were to transport the same again: and if they made not their return in Commodities, they might deliver their money by exchange, but only to the Exchaunger by him ordained, and none other.  
Henry the fifth confirming the former statutes, caused the Staplers to bring into the realm in return of their wools a great part in bullion, and the Statute of Employment to be duly executed. And the like was done by other kings.  
Henry the seventh, in the 3 year of his reign, made an Act of Parliament for explanation of the former Statutes, prohibiting all manner of exchange or rechaunge within his realm, or for any foreign parts: and that no person should make any exchange without the king's licence, or of his exchanger according to the statute of Richard the second. For in his time the Bankers had their beginning, who did invent the merchandizing exchange, and made of money a merchandise: whereby they found the means to overrule the course of Commodities, and to advance the price of their Commodities, abating the price of others. But this prudent and politic king, having his coffers stored with standing treasure, did (for the furtherance of traffic, and for to advance the price of his Commodities) lend great sums of money freely to the Merchants. And whereas other nations came into the realm to buy his Commodities, which he knew to be staple Commodities and of great request, as being most necessary for the use of man; he did inhibit them the buying of any, unless they became bound in recognisance not to carry any to the place, where his subjects kept their Marts: and did so qualify the course of Commodities, money and exchange, as he left an incredible wealth and treasure in those days, when the West Indies were but newly discovered, and an ounce of silver but valued at 40 pence.  
Henry the 8 in the 18 year of his reign, perceiving the price of money continually to rise beyond the seas, after remission made unto the Archduke of Burgundy, and no reformation ensuing, caused the angel noble to be valued from 6 shillings 8 pence, unto seven shillings 6 pence: whereby an ounce of silver was worth five and forty pence: afterwards requested the Duchess to value his angel at a higher rate, as is before showed, which was clean contrary. And then Cardinal Wolsey obtained a patent to alter the valuation of money, as he should see cause from time to time. In the 22 year of his reign, the king being informed, that diverse nations brought abundance of foreign Commodities into his realm, and fearing an overbalancing of Commodities (for that those nations receiving ready money for their Commodities, which money they ever delivered by exchange unto other Merchants, & never employed the same on the Commodities of the realm; whereby his Majesty was hindered in his Customs, and the Commodities of the realm less vented) he caused a Proclamation to be made according to the former statutes, That no person should make any exchange contrary to the true meaning of the said Statutes, upon pain to be taken the kings mortal enemy, and to forfeit all that he might forfeit: which took place but for a short time, because the wars brought all things out of order. So that at last the base money was coined, which being done without any order, brought diverse inconveniences to the realm.  
Edward the sixth did cry down those base moneys of his father, and caused new money to be coined, according to the ancient standard of the realm, and did also prohibit very severely the transportation thereof by Proclamations: albeit they proved fruitless, as they have done in her majesties time.  
By this brief collection is to be seen, the great care these noble Princes have had, to the end they should not find themselves and their kingdom without treasure of gold & silver, drawn by means of their Commodities: and to avoid Not to fall into that error of the French king Charles the ninth; who after the massacre of Paris finding the treasure of his realm exhausted, and his subjects wealth to consist more of plate then of ready money, was advised by some, that under colour of the suppressing of pride, it were good to take a course to prescribe every man, what store of plate he should keep according to his degree and quality, and the rest to be converted into money. Others were of opinion, that it would not only breed a discontentment unto his subjects, but a derogation and dishonour of the king's reputation; seeing that the estate of a Prince doth as much consist by reputation as by strength: wherefore like good Politicians did advise the king to embase his money, which would cause the same not to be transported, and the plate to be of course converted into money. Which was done accordingly, and had also that effect: saving that where they thought money would not be transported, they found themselves deceived. For the course of exchange was not looked into by them, which did cause a gain to be had upon the money, and so long as the gain remained, it was still transported: whereby at last he lost the plate of the realm being converted into money, as well as he had lost his money before that time.  
M. Bodine doth show by divers examples, that there was not so much silver & gold in times past 300 years ago, as there is now, he might well have said in 100 years and less: howbeit this general examination is to small purpose. For every Commonwealth is to make a particular examination, whether they do proportionably participate of the general abundance or plenty of gold and silver found now adays, and not by comparing the same unto the quantity of times past: for so should they be deceived. And we need not to prove, that there is now more gold and silver then in times past; for it is clear in every man's judgement. And even of very late years, we find recorded in our Chronicles of England, that during the government of the most victorious king Henry the eight in the 14 year of his reign in a Parliament then holden, the whole substance of London was not taken to be worth 20 hundred thousand pounds: this city being the head of the realm where the wealth is heaped up, as the corn of a field into a barn. And in the year following, upon the demand of a subsidy of four shillings of the pound, it was proved that the same demand (amounting to 800 thousand pounds) was more than all the ready money and plate of the realm came unto, which was out of the king's hands: and yet did amount but to about one hundred mark a parish, not reckoning so many parishes as Machiavelli hath done; but only about 12 thousand in the whole realm: the spacious country of France containing but 27400 parishes. Which ready money and plate of the realm would be now adays found far differing, and much more, and yet not proportionable to the abundance of gold and silver found in other countries: and as we may see, that Master Bodine hath noted of the city of Paris, and of the many millions which have come from the West Indies; whereby the realm should be stored with sufficient treasure and wealth. For as he called their salt to be a Manna: so may we call our cloth, lead & tin, which be our staple Commodities most necessary for the behoof of man. And therefore ought this with us to be the first cause of the increase of the wealth of the realm, the rather for that in the second cause, which Master Bodine noteth to be The increase of people: we are not proportionably inferior unto them, as we may judge by diverse causes: namely, First, for the marriage of the Clergy. Secondly, by the people driven into the realm for Religion by the wars of other countries. Thirdly, the seldom plague or mortality. Fourthly, the seldom famine. Fiftly, the small wars of countries adjacent or foreign wars, having had no civil wars at home. And sixtly, the untimely marriages of both men and women now adays. Whereby Colonies might be spared for the inhabiting of other dominions, as heretofore was once taken in hand. The third cause concerning the trade for Turkey and Barbary, is not only common with us for those countries: but also with divers other countries, where the French men have no trade at all. And as for their Banks of money, they would rather be prejudicial and impoverish the realm, (as they are used) then do any good, as is sufficiently declared in our Treatise of Exchanges: which other nations will find in time, and most especially Princes that have occasion to use them, and might well avoid them; if a due care were had for the accumulating of a standing and yet a running treasure within such bounds, as would still ebb and flow for the good of Princes and their Commonwealth.  
Concerning Monopolies, it is strange that Master Bodine doth with such brevity pass over them, showing only what he meaneth thereby according to the Etymology, true sense and definition of the word: when merchants, artificers, or labourers do assemble themselves to set a price upon Commodities, which one man alone may also count when he buyeth up all, that is to be had of one kind of merchandise, to the end he alone may sell the same at his pleasure. The engrossing, forestall, or incorporating of any Commodities or victuals, is intolerable in any Commonwealth, unless that the trade of those Commodities would decay, if a kind of incorporation were not used. For when the common-people do buy generally things dear; they can generally also sell their Commodities dear accordingly: but when some particular things are dear, they cannot do so. Now as the effects of all Monopolies is to make the price of Commodities dear: so must the price of things in this regard be considered between our home Commodities, & the price of foreign: which if we will but examine within the compass of 50 years, that our moneys have been without alteration, as is before expressed: we shall easily procure the great error or malice of those that do accuse the company of Merchant's adventurers to be a Monopoly; which false imputation may be reproved by by this only, that all foreign Commodities are dearer than our home Commodities: which are not risen in price accordingly, & yet of late years are for the most part amended in the making & the other impaired: and one sort of cloth is sold at one time beyond the seas by 2, 3, 4, or more pounds differing in a pack one from another: neither have the merchant's adventurers the trade of cloth only in their own hands. For divers other companies of merchants are privileged, and do transport great quantity of clothes into foreign parts, as well as they; and it is free for all strangers that are in league with her Majesty to buy cloth & to transport the same at their pleasure. Which reasons do concern the effects of Monopoly. Whereas for the manner of their traffic, whereby every man tradeth particularly and apart with his own stock, selleth by his own factor or servant, with divers other reasons: we will refer ourselves to that which their Secretary hath written of late, in defence of their good orders and constitutions. Concluding, that as their trade is the most important, and as in all traffickes the universal doth govern the particular: so the dissolution of that society would be the undoing of all the trade, and bring a great confusion to the Realm. For albeit, that some would have other nations to come and buy the commodities of us within the realm: for, say they, there is (according to the Proverb) twenty in the hundred difference between Will you buy? and will you sell? these men have no consideration for the maintenance of navigation, which is the greatest strength of the realm: whose defence (next under God) consisteth most in ships and well experienced mariners, that most carefully are to be provided for. Whereas also the transporting of our cloth to certain places, doth cause other nations to resort thither to buy them: which may be more properly called to be, Will you sell? seeing that those nations do bring their own Commodities unto our merchants to the places by them appointed, which is in effect as much as, Will you buy? And would not this be, Will you buy? if in a dispersed and straggling manner our cloth were carried to all markets be yond the seas in several places? which would take away the desire of buying: for he that buyeth, doth it in hope of sale with a gain to the places where he intendeth to carry the Commodity. Which Commodity, if he knoweth to be extant in most places to be vented; will quench his desire of buying: and he that cometh to barter other Commodities for ours, hath also the like consideration. But let us admit, that our cloth would be advanced in price, when men should (by multitudes) run to the markets, or into the country in all places to buy it: what would be the event of it? It would not only be sold beyond the seas with a smaller gain, and many times to loss: (we being naturally inclined to make speedy returns) but we should also pay dearer for the foreign Commodities, which we should obtain by way of permutation, or for the bills obligatory of the Merchants to whom we should sell our cloth. And if our merchants were cut off, and that other nations should buy the cloth within the realm, and so advance the price thereof (as it happeneth most commonly in France and Spain at the vintage time with their wines and raisins) then foreign Commodities would be sold dearer unto us by them again. For the small gain had upon our home Commodities causeth us, and would cause them to seek a better gain upon the foreign Commodities, to the general hurt of the realm, and to the exhausting of our moneys which (to balance the matter) must supply the same. So that the enhancing of the price of cloth in this manner would be but an imaginary gain, and bring in the end an exceeding loss to the general Commonwealth: whose welfare is to be preferred before any particular Commodity of any member thereof. And it were to be wished, that labourers and workmen's wages were augmented, although our cloth should cost so much the dearer, as we have noted elsewhere: and that with great regard the poor people were set on work, and (by way of corporation) their handiwork were vented; which (without incurring the compass of Monopoly) is very commendable in all Commonwealths, and used in many countries. Lastly, that the Statutes concerning the maintenance of navigation were duly executed.  
The third cause (saith Master Bodine) is the want of things, proceeding of the excessive trade of things, or by the waist thereof. Touching the trade of any particular Commodities of the realm we may well pass over, as he doth, and make only our stay with the trade for corn. Which if it were guided with that due consideration, both for preservation and transportation, as is requisite; would make plain the Proverb (France cannot be famished) to be more incident and proper to the realm of England, then to the realm of France: because that proportionably we have more fertile ground for corn, and that in all places of the kingdom, than France hath but in some places. For those countries where the vines do grow, are unapt for corn, and must have their provision from the country's adjacent, and many times out of England: when our corn is thither transported, being with us too good cheap in regard of their wines and other Commodities. The comparison whereof being made, and the goodness of our corn regarded, will make manifest, that to sell our wheat for thirty shillings the quarter, and other grains after the rate, is good cheap: and that the Prince notwithstanding may impose a great custom or licence for the transportation thereof, which transportation might be done moderately, and according to the quantity extant, and for so much thereof as might conveniently be spared, if the Magistrate and those that are in authority had the rule of the market, in such sort as the Venetians have; who by the means of the justices of every province, do know little more or less the quantity of corn in all places: whereupon certain substantial men are appointed from time to time to have a consideration of the quantity or scarcity thereof; which quantity being known and in what places, may be a direction to those that are in authority, to consider what the realm may spare, having a regard to the season of the year, and making the price accordingly. And when the price of corn is limited and made known in writing in certain public places on every Monday of the week: all engrossers, forestallers or others, that buy corn to sell again, are prevented, because that the price thereof is not in their own power, but by the direction of those honest men rated at all times according to the quantity, and as the harvest is distant, or at hand, which is so notified unto all men, as aforesaid. Whereby the execution of the law for the making of the loves of bread is duly observed, without any trouble unto the magistrate. For the baker knoweth how to make his loves and of what weight, delivering the same according to the true weight by those men appointed, unto any man that doth call for it: which the poor doth so well observe (for that his indigence giveth him cause) that without troubling any officer, he is sure to have his pennyworth: and if he should find it wanting of his weight, presently with the assistance of an Officer, (as it were) the Constable, he doth seize upon all the bakers bread then extant, and taketh the one moiety for him, and the other for the poor of the Hospitals. And who would buy corn to sell again, being debarred not to sell at his pleasure or with gain, and uncertain what the price will be made by others? And what baker is he that would make his loaves of a lesser weight, when he must sell them by weight as aforesaid? By these means is corn brought to the market, and none may be sold but in the market, and the Clerk of the market taketh notice thereof: and what is by licence transported, is done upon due knowledge, and without defrauding the Prince of his custom. To have many storehouses in several places of the realm in the principal towns, is most convenient for the preservation of corn; which when need requireth, may be provided from foreign countries, when the unseasonable times cause us to have scarcity or want thereof notwithstanding all the industry and care of man. Concerning the immoderate use of foreign Commodities in wearing and wasting, by cutting and putting into several strange new fangled fashions, we do refer the examination thereof unto those that have authority to reprehend men of their actions: wishing reformation where things are amiss. And albeit, that gay and sumptuous apparel is a demonstration of pride, yet a country clown may be as proud in a freeze coat, as a gentleman in a velvet gown. For pride harboureth in the mind, and the difference is only in the giving of example unto others: wherein the costly and gorgeous apparel giveth offence, which may be handled hereafter. Concluding therefore this point with Master Bodine touching alum (whereof abundance is spent with us) we say that there is stuff sufficient within the realm, whereof to make it exceeding good: but so long as we be able to afford the Romish alum for 24 shillings the hundred, and other sorts accordingly, being brought into English ships, it is better for the Commonwealth to bring it from foreign parts, then to make it within the realm.  
The fourth cause of the dearth of things, being The pleasure of Princes or great men, which doth give a price unto things; is grounded upon estimation, the very ground of the value of all temporal things: which things in regard of the behoof of man, are serving for food, houses, and apparel, and (as they say) for the back and belly. This estimation is authorized by common consent almost of all men and nations: and therefore of such efficacy, that some Politicians have observed, that things that be in d 〈…〉 things that be not in deed, b 〈…〉med to be in deed, make n 〈…〉 rinse in the course of traffic. 〈…〉 rule the Bankers, have study 〈…〉 〈…〉 might be made apparent, if I we 〈…〉 solved that it would tend to the g 〈…〉 of the Commonwealth. But leaving this, let us consider of the second rule observed by Plato, That as the Prince is, so are the subjects, who by imitation follow his example, which sooner entereth into their eyes than their ears: and the greater their authority is, the more affectionate is their imitation. Alexander cast his head aside, and all the Court held their necks awry: Denis was purblind, and his Courtiers stumbled at every step, and justled each other as if they had been evill-fighted: and so of other Princes, whose examples have been contagious to their subjects. Master Bodine maketh mention of three great Prin 〈…〉 〈…〉 ne time, which did advance 〈…〉 g and precious stones. Tou 〈…〉 〈…〉 arning, unless it be accom 〈…〉 with the knowledge how to 〈…〉 r to havewealth, it is little accoun 〈…〉 whereas a lumpish blockhead 〈…〉 le without wit or wisdom, shall be much made of, only because he hath money or wealth; whereof by adverse fortune or casualty being deprived, he is then seen in his own colour, and laid open to the world. And concerning pearls and precious stones, it is not strange, that some men do despise and account them as glistering toys & trifles, considering the diversity of men's opinions, which made the ancient Philosophers to say: That the world was governed by opinions. But if these men should well consider the pure creation and virtue of the stones, they would judge otherwise; and their own opinion (opposite to most men) would condemn their error: seeing that a general estimation doth approve the value of things, especially of things that are durable. Which was the cause that when Commodities began to abound in the world, all metals (as being fit for preservation) were esteemed, and the purest metal most. The holy Scripture doth manifest unto us, in what estimation precious stones, gold, and silver, have been always from the beginning: and to what holy uses they have been employed and appropriated, especially gold and silver. Was not jericho destroyed with the inhabitants and their goods by God's commandment, as things execrable: and would not God have the gold and other metals preserved, and to be consecrated and kept in his treasury? Was it not gold and silver wherewith his temple at jerusalem was adorned and beautified? But why should I enter into the enumeration of examples, to illustrate and prove the antiquity of the estimation of gold, silver, and precious things: seeing that in all Commonweals and countries, that only is decent and of estimation, which the custom doth allow or approve? Hence the Proverb took beginning, Country's fashion, country's honour: which maketh the Indian and Blacke-moore to domineer with his glistering beads, brass rings for their ears and arms, and to give us gold and silver for them. Strange was therefore the imagination of Sir Thomas Moor in his conceited Commonwealth of Utopia: where he feigned gold to be in such contumely, that they made their chamberpots and other vessels that serve for most vile uses, of pure gold; and have the same in every man's private house. And their chains, fetters and gives wherein they tie their bondmen, were all of gold, as being the reproachful badge of infamous persons. Their gems and precious stones were holden for toys for young children to play withal. And to prove the estimation of things to be according to the fashion of every country, and to give gold his due commendation, we will use his own pleasant tale, in manner as he hath set down the same. The Ambassadors of the next countries unto Utopia, which knew the manners and fashions of the Vtopians (which give no honour to sumptuous apparel, and hold gold to be infamed and reproachful) came to Amaurote (the principal city of that Isle) in very homely and simple array. But the Anemolians because they dwell far thence, and had very little acquaintance with them, hearing that they were all appareled alike, and that very rudely and homely; thinking them not to have the things which they did not wear: being therefore more proud than wise, determined in the gorgeousness of their apparel to represent very gods; and with the bright shining and glistering of their gay clothing, to dazzle the eyes of the silly poor Vtopians. So there came in four Ambassadors, with a hundred servants, all appareled in changeable colours, the most of them in silks: the Ambassadors themselves (for at home in their own country they were Noblemen) in cloth of gold, with great chains of gold, with gold hanging at their ears, with gold rings upon their fingers, with brouches and aglets of gold upon their caps, which glisteren full of pearls and precious stones: to be short, trimmed and adorned with all those things, which among the Vtopians were either the punishment of bondmen, or the reproach of infamed persons, or else trifles for young children to play withal. Therefore it would have done a man good at his heart, to have seen how proudly they displayed their peacocks feathers, how much they made of their painted sheaths, and how lustily they set forth and advanced themselves; when they compared their gallant apparel with the poor raiment of the Vtopians: for all the people were swarmed forth into the streets. And on the other side, it was no less pleasure to consider how much they were deceived, and how far they miss of their purpose, being contrary ways taken, than they thought they should have been. For to the eyes of all the Vtopians (except very few, which had been in other countries for some reasonable cause) all that gorgeousness of apparel seemed shameful and reproachful. Insomuch that they most reverently saluted the most vile and most abject of them for Lords, judging them by their wearing of golden chains to be bondmen: yea, you should have seen children also (that had cast away their pearls and precious stones, when they saw the like sticking upon the Ambassadors caps) dig and push their mothers under the sides, saying thus to them: Look mother, how great a lubber doth yet wear pearls and precious stones, as though he were a little child still. But the mother, yea and that also in good earnest: Peace son (saith she) I think he be some of the ambassadors fools. Some found fault at their golden chains, as to no use or purpose, being so small and weak, that a bondman might easily break them: and again so wide and large, that when it pleased him, he might cast them off, and run away at liberty whither he would. But when the Ambassadors had been there a day or two, and saw so great abundance of gold so lightly esteemed; yea in no less reproach, than it was with them in honour: and besides that, more gold in the chains and gives of one fugitive bondman, than all the costly ornaments of them three was worth; they began to abate their courage, & for very shame laid away all that gorgeous array, whereof they were so proud. Which in effect is as much as to accommodate and fashion himself to the manner and fashion of the country, being also grounded upon estimation although of base things: which is to prefer earthen and glass vessels, wherein they eat and drink (as he saith) before gold, silver, & other precious things. But if all the wit and wisdom of man were as yet to devise, what thing would be fittest to set a price unto all other things, and to be as a just measure and proportion between man and man in the trade and traffic of things, they could not find any thing more proper than pure gold, and other metals accordingly. The four elements have such an equal proportion in gold, that none is predominant over the other; whereby all corruption is excluded, whether you take the same according to the qualities of hot and dry, cold and dry, hot and moist, and cold and moist with Galen: or according to the substance of the elements drawn into salt, sulphur, and mercury with Paracelsus. For it never wasteth or consumeth by fire, and the more it is burned, the purer it is; which cannot be said of any other metal: there is no rust or scurf that diminisheth the goodness or substance thereof: it abides the fretting and liquors of salt and vinegar without damage, which weareth any other thing: it needs no fire ere it be made gold, for it is gold assoon as it is found: it draweth without wool, as it were wool: and it is easily spread in leaves of marvelous thinness: you may adorn or gild any other metal with it. Neither is it inferior unto any other metal to make vessel and curious works: it defileth not the thing it toucheth as silver doth, wherewith you may draw lines: it resembleth in colour the celestial bodies, and it is medicinable and bringeth gladness to the heart of man: it is fit also to be cut or divided into many pieces to make money, and goeth into a little room, being easy and 〈…〉 table to avoid the cumbersome 〈…〉 age of Commodities from one country into another. And what thing can be invented or devised, that for this purpose hath all these qualities and properties? With great reason therefore hath gold his due estimation above other things. Also such things wherein the art of man is illustrated; as in pictures & other curious works, are worthy of great commendation, and to be preferred before many other things that man doth use, for to live in the most civil manner above other nations which live barbarously. In all which, the general care of the Prince must be, and the particular regard of the subject, that the same be done for the good of the Commonwealth: so that the expenses thereof do not surmount the incomes or revenues, having a due consideration of the moderate use of foreign Commodities, and at reasonable rates, according as the price and utteranc 〈…〉 of our home Commodities, both 〈…〉 victuals and other wares: without studying how to live without the traffic and commerce with other nations; seeing that God caused Nature to bestow and distribute her benefits, or his blessings to several Climates, supplying the barrenness of some things in one country with the fruitfulness and store of other countries, to the end that interchangeably one common weal should live with another.  
Concerning the last cause of the dearth of things by the alteration of money, wherein Master Malestroit had a certain good purpose if he could have proved the same to have been in France: Master Bodine concludeth that the price of things is not altered by the valuation of moneys in sort by him alleged, and yet that things are grown dear: which only then cometh to pass by one cause, which he called almost the only cause, which is the aundance of gold & silver of late years running with us into these parts of the world. For the other causes (as we have noted before) make particularly some things dear, but not generally all things. And for as much as we have spoken hereof in answer of the Paradoxes of Master Malestroit, therefore we pass over it: and come to the examination of the remedies which Master Bodine allegeth which do only tend to remedy things in particular, being well considered of.  
He saith, that the abundance of gold and silver now a days more than in times past, must partly excuse the dearth of things: which being so, it followeth, that this is not to be taken as a remedy, nor yet as a true cause of the dearth of things; for what coherence is there to allege a matter as a remedy against the dearth of things, when this remedy (as I have showed before) is the only cause of the dearth itself (as he saith) which must excuse the same? which excuse being admitted in defence thereof: doth consequently prove, that things are not grown dear to our hurt in particular, or to the prejudice of the Common wealth in general, because that having more gold and silver than we had heretofore, we are made able to give more than before. And if we will say: Take away the cause, and then the effect will cease, that is to say; Take away or diminish the abundance of gold and silver, and then things will become better cheap: this would be a very great absurdity. For as he is a foolish Physician, that cannot cure his patient's disease, unless he cast him in another sickness: so the Prince that cannot govern his subjects but by taking from them the wealth and commodity of life, must needs grant that he knoweth not how to govern men. A provident and wise Prince therefore will rather conclude thus: Are things grown dear, through the abundance of gold and silver of late years? then is it most requisite for me to procure to participate of that abundance, as much as lieth in my power, and to accumulate treasure for me and my subjects by importation of gold and silver, and prevention of the transportation of any: the rather that the course of commodities in particular hath this property, that as by the excessive exportation of some things, the like things do grow dear: so by the overabundant importation of other commodities things do become better cheap.  
Another remedy against the dearth of things, especially victuals is to restore the use of fish to the ancient credit and estimation: and hereupon he taketh occasion to commend our custom of England for observing fish-days in the week. And for effecting of the like in France: he propoundeth the example of the Prince and magistrate whom the people will imitate. We may wish that both the one and the other were duly executed or observed, whereby fishing would be better maintained, and most especially the navigation: and flesh would in some seasons of the year be used more commodiously, and better for the health of man. The great number of all sorts and kinds of fish according to the observation of the romans (noted by master Bodine) ought to move us thereunto; fish being so pure a creature, that were it not, that we see the same subject unto diseases, it would be very doubtful, whether the same amongst other creatures was cursed for man's transgression, the Scripture speaking only that the earth was cursed therefore: considering also the Proverb, As sound as a fish: and if any be subject to diseases it is fish of rivers or of standing waters and fishponds, which may be cured by strawing much parsley into the water. And because that flesh and fish are two principal things for the food of man, and that our purpose is not to omit any thing, that incidently may be handled for the good of the commonwealth, therefore will it not be exorbitant the rule of our method to discourse somewhat thereof. The best season of the year to eat fish is from September until March, if we will regard the goodness of the fish: howbeit that for the increase of beasts, we are commanded with great reason and consideration, to eat most fish in March and April, when he loseth his taste. The fresh fish of rivers is of more digestion, and better for sick persons; but the sea-fish is of more nourishment. All fish being moist and cold of nature, is qualified by the addition of salt: and being eaten with much bread cannot do any hurt, especially unto choleric persons, with whose complexion it agreeth best. And whereas all other creatures do first decay and putrefy in the belly, the fish doth first putrefy in the head: for no other reason, but that having only one gut, the meat doth easily pass the same, without digestion or corruption; which by staying long with other ereatures causeth putrefaction: an argument that fish is more healthful than flesh, howbeit that (through the continual use) flesh is more agreeable with our nature. And whereas master Bodine saith that it is unknown unto man, from whence at one season the infinite millions of herrings do come: we are of another opinion. For the Herring (against the nature of all fish, which goeth against the water and tide, fearing the lifting up of his scales) cometh from the Northern seas, and goeth to the West Ocean to enjoy the temperature of the air. For whereas all the summer he hath taken his ease and pleasure in the Northern seas, desirous to enjoy the water thereof, as being sweeter than that of other seas: he returneth in winter to those places, that have been most beaten of the Sun, being hotter and deeper, as also less troubled with the winds and tempests; unto the which the Northern seas are more subject, & where the sands are thereby elevated, and concurring with the water. For the Herring above all other fishes cannot endure the cold, and therefore are they also dead as soon as they be out of the water. air is the cause of putrification, which those that have studied to preserve flesh long without salt, have found by experience. Salt doth bite out the blood of the flesh, which we see will not keep unless it be covered with brine made of salt: yet those that do travel under the line called equinoctial, do keep fresh mutton, veal, or any other flesh for a long time without salt; for they press out the blood, and having well dried the same with linen clouts, they put it into their barrels of meal, especially meal of Rye, as it cometh from the East countries, and so they do closeup the same, that no air can enter: which is an easy matter, and their meal not the worse for to be used. Some do also a little parboil their flesh, and keep it close stopped in vinegar: but that is not so savoury to be eaten. The knowledge hereof is fit for Navigators. But for the good of all the inhabitants of a Commonwealth, let us commend the singular care of those Magistrates which (to prevent all corruption and diseases of evil air and corrupted blood) do command, that oxen and all other beasts should be fasting a day or two before they should be slain: and then hanged up for the like time, or more, as the season of the year will permit, to let the blood run out before the Butchers may sell the flesh thereof; who knowing the loss of weight by the bleeding, and that it doth not show so well, are hasty to sell the same to the great hurt and danger of the health of man. This care of the Magistrate therefore tendeth to the preservation of the health of the subject. And to this purpose we do not hold impertinent to commend a good order observed in other countries, for keeping of their cities and towns clean without having so many scavenger's in every parish, as we do, to the great charge of the inhabitants. For whereas the cleansing of all vaults is brought to certain places and used for dung, there are certain three or four scavenger's which for two or three hundred pounds a year take the same, and the dirt of the streets to farm and do every one of them keep twelve or more horses and carts to carry the dirt away: which by scattering straw along the streets from time to time is gathered up, and so carried to the places where the cleansing of the vaults is mingled with it, which maketh good dung, and is carried all the country over; preventing hereby corruption of air, & bettering their grounds for increase.  
His last point concerning certainty and equality of money, which may hold the price of commodities and all other things in a certain equality by a due course of exchange, is a matter of great moment, as we have showed heretofore: which master Bodine holdeth so difficult to be understood, that when any man is said to be of experience, and to understand matters wherein he is surpassing others; that hence the proverb is derived, that One doth understand his Par, or Equality: be it in matter of exchange or moneys, whereby the course of commodities is ruled. But this cannot properly be taken as a remedy against the dearth of things, for it doth keep a due equality in the price of all things, and maketh not any alteration. So that we may conclude as before, that master Bodine having mistaken the true ground of the matter he entreated of: the remedies by him propounded are also incertain. For as we have said before, we are not in this regard to compare things within themselves in the Commonwealth where we do live: but between us and other nations with whom we deal or traffic, either by way of permutation of commodities for commodities, or commodities for money in specie, or by exchange. Therefore let us examine the course of commodities, money and exchange: whereby the wealth of a Realm may increase or decrease.  
Riches (as Aristotle hath defined) are either Natural or Artificial. And Plato (before he did revoke his opinion concerning equality, when he willed all things in a Commonwealth to be common, whereby every man might have enough: and in regard of these words Mine and Thine, whereby the property of things is distinguished) did use to say: That there was no man that did gain, but another was a loser: supposing both the Natural and Artificial riches to be appertaining and proper to some▪ that were owners thereof. Wherein he did note a kind of absurdity at that time, in regard of his purpose. But afterwards having had a due consideration of far greater absurdities that would happen, if (to avoid strife and contention) goods were common, and consequently women and children; whereby families (whereof Commonweals are compounded) would be dissolved and overthrown: he did wisely revoke his former opinion, holding the matter to be impossible and incompatible. For there can be no Commonwealth without a private wealth; whereby these two words, Mine and Thine, were restored to their former and ancient credit: which all good householders or fathers of families are to consider in particular, & the Prince as the father of the great family of a Commonwealth in general, as well touching the Natural riches of lands, as of the Artificial riches proceeding of the same, and to make and moderate his charges and expenses accordingly. To which end, first in regard of Natural riches, the knowledge of his dominions and territories is requisite to be considered of, being compared with other Prince's dominions, which oftentimes are accounted to be more spacious than they be. By reason whereof, we have made this Geometrical description following, whereby the spaciousness of one kingdom or country, may be compared with another, observing only the difference of the number.   

A Geometrical Description of the world.  
The circumference of the Globe, which according to the imaginary account of Ptolemy, containeth 360 Geometrical degrees of 15 leagues every degree, maketh in the whole 5400 leagues, which we do reckon after one thousand measures of land for every league of four English miles, or 60 miles for a degree. The Diameter being 1718 2/11 leagues, making the superficies both of water and land 9278 thousand, 181 leagues, every league being 4666⅔ measures square: which maketh the whole globe of the world to contain 43 millions of millions, 298 millions, 170 thousand measures of land and water: whereof the water being deducted, accounting above two third parts of the whole, and the other third for the earth; there remaineth (not accounting fractions and unnecessary numbers) nine millions of millions, 381 millions, 627 thousand measures of land, known to be inhabited: whereof followeth a particular distribution upon every kingdom and country, with a note of their situation.  
Beginning our voyage from England the most renowned Island in the world, and traveling all the world over (which by water may be compassed in one year and a half) as may be seen by the globe set forth at the charges of Master Sanderson, by the voyages of Sir Francis Drake, and Sir Thomas Candish knights: we find England with the islands adjacent under her majesties dominion, to contain 34 millions 438 thousand measures of land, after the computation aforesaid.  
Ireland the Island which lieth most West of those that be of any fame, containeth 21 millions 785 thousand measures.  
Scotland being adjoined to England containeth 12 millions 250 thousand measures.  
The most Western country of Europe is Spain: which is bounded the South with the Mediterranean sea: on the West with the Atlantic: on the North with the Oceanus Cantabricus, or the Spanish seas: & on the East with France, from which it is severed with the Pireney hills. Under Spain we reckon the eight kingdoms following:  
Castille containing 31, 886. m. Andaluzia 3, 700. m. Granado 3, 150. m. Navarre 1, 868. m. Portugal 12, 600. m. Leon gallicia 9, 520. m. Arragon 16, 760. m. Biscay 4, 666. m.  All, 84, 150. m. measures of land.  
France, which is bounded on the West with the Pirency hills: on the North with the English seas: on the East with Germany: on the Southeast with the Alpe hills: and on the south-west with the Mediterranean sea: containing 32 Provinces.  
Normandy 2, 022. m. Campagney 1, 785. m. Xantogne 1, 791. m. Poitou 2, 644. m. Berry 1, 437. m. Limogis 140. m. Picardy 1, 307. m. Anjou 840. m. Calis 46. m. Bulleyn 135. m. Languedoc 2, 240. m. Dauphiney 900. m. Burgundy 757. m. Provence 1, 178. m. Vermandois 116. m. And Vienois, Lionois, Gascoine, France, Lorreyne, Britain, Guien, Nivernois, Bourbon, Auverne, Velay, Pierigueux, Viemois, and the rest: Containing all 91, 350. m. measures.  
The next country unto France on the East side is Germany, which is bounded on the West with France, and the Low countries: on the North with Denmark and the Danish seas: on the East with Prussia, Poland, and Hungary: on the Southeast with Istria and Illiricum: and the South with the Alpe hills and with Italy.  

Under Saxony.  Saxonia 3, 750. m. Misnia 3, 360. m. Turingia 1, 120. m. 
Under Austria.  Lusatia 2, 614. m. Slesia 5, 558. m. Bohemia 7, 000. m. Austria 6, 300. m. Moravia 4, 200. m. Beyeren 3, 360. m. Assia 3, 947. m. Helvetia 12, 585. m. Basle and Swetia 2, 992. m. Wirtenbergh 1, 270. m. Embden 244. m. Collen 214. m. Salisbury 1, 089. m. Cleves 257. m. Gulich 357. m. Westphalia 2, 450. m. Ofnab 357. m. Pomerania 3, 360. m. Marquis brandeburgh 6, 293. m. Machalburgh 2, 100 m. Franconia 6, 440. m. Tiroll 3, 360. m. Carinthea 1, 634. m. Stiria 1, 866. m. Count Palatin 4, 450. m. Oldeburg & Dulmar 462. m. Liege 571. m. Trier, Ments, Strasbourgh, Spiers, Worms: together 4, 324. m.  All, 97, 884. m. measures.  
The 17 Provinces of the Low-countries accounting 550 towns, and 12 thousand villages, bounded on the West with Germany and France consisting of 4 Dukedoms, 7 Earldoms, and 6 signiories.  
Brabant 1, 502. m. Guildres 420. m. Luxenborgh 1, 400. m. Limborgh and Walkenborgh 233. m. Flaunders, Lyle, and Douai 1, 559. m. Henault 1, 050. m. Artois 722. m. Holland 572. m. Zealand 101. m. Ouerysle 840. m. Freezeland 464. m. Malnies 15. m. Namure 196. m. Vtricht 227. m. Grocninghen 250. m. Zutphen 357. m. Meiers 35 m. and other places of the Empire. 141. m.  All, 10. 049. m. measures.  
Italy, which lieth on the Southside of the Alps and Germany, and stretcheth itself out in length towards the South & East, may thus be described:  

Under Spain.  Naples 14, 700. m. Lombardie 2, 100 m. 
Under Venice.  Trevisana 3, 290. m. Verona 740. m. Frioul 1, 400. m. Mantua 570. m. 
Under Rome.  Liguria 1, 865. m. Romagna 1520. m. Latium 570. m. Hetruria 642. m. Savoy 2, 520. m. Piamont 2, 100 m. Tuscan Florence 6, 160. m. Sienna 570. m. Marca ancona 1, 790. m. Parma plaisance 2, 015. m. Sicily 4, 200. m. Cyprus 2, 100 m. Candia 2, 800. m. Corsica 1, 680. m. Sardegnia 5, 600. m.  All, 55, 580. m. measures. Prusia lying on the East & North corner of Germany. 11, 200. m. Poland lying on the East side of Germany, containeth 21, 000. m. Russenia 10, 500 m. Volhimia 6, 300. m. Massovia 2, 098. m. Livonia 30, 152. m.  All, 70, 050. m. measures.  
Denmark lying on the North side of Germany, having on the North and East side, the kingdom of Sweden: & on the North side & West of Sweden, lieth the kingdom of Norway, containing all with their dominions, as followeth:  
Denmark 13, 643. m. Norway 37, 296. m. Sweden 64, 000. m. Finland 8, 392. m. Holsten 1, 398. m. Ditmars 442. m. Gothia 23, 334. m.  All, 148, 505. m. measures.  
The great Monarchy of Russia or Moscovia, beginning on the East side of Sweden extending itself from Lapland and Finmarke unto the Caspian sea, containeth in it a great part of Europe, and part of Asia; whereof we are to make a division, having only purposed to make a particular description of Europe. That part which is under Europe containeth 302, 957. m. measures. So all Europe containeth 940, 198. thousand measures of land.  
Hungary containing 21, 000. m. Dalmatia 4, 900. m. Transiluania, 7000. m. with whole Turkey containing 527,100. m. and Moscovia 187,143. m. Tartary containing 420,000. m. Persia 560,000. m. and the lands of Calicout 840,000. m. maketh all Asia to contain 2567▪ 143. m. measures.  
Africa & all Egypt 2240,000. m. America containeth 1674,286. m. Nova Spania containeth 1960,000. m.  
Summa tot. 9, 381, 627. m. measures, the whole earth of 1000 measures for a league of 4 English miles.  
The territory of Rome after the foundation of Romulus did contain but 18 thousand journeys of land, which he did divide into three equal parts: allotting the one third, as it were Ecclesiastical lands, for the defraying of the sacrifices: the other third to the common wealth, as it were Crown land: and the last third part was divided between three thousand citizens of all sorts, after the rate of two journeys for every one.  
William the conqueror, caused (after the conquest) a description to be made of the Realm of England, and the land to be measured, reserving for the Crown so much as he thought convenient: and bestowing the rest upon his Barons and Knights, he caused an imposition or tax to be made of six shillings upon every hide of land, being twenty acres, making 160 acres to be a Knights fee. And so having left the Dukedom of Normandy unto Robert his eldest son, did thereby maintain his royal estate & dignity. The Grecians had diverse means to maintain their estate: but the romans having a very large and spacious jurisdiction, had most means by conquest and tribute of other nations. The ordinary means that Princes have now a days for the maintenance of their royal estates or dignities, may be comprehended under these three: The first upon the estimation of the body of their lands and dominions of all immovable goods, according to their value by a computation upon the hundredth, or a proportion of the fruits thereof: which is comprehended under Natural riches.  
The second upon the things which are consumed proceeding thereof: namely of victuals, as of flesh, fish, wine, bear, fruit, and such like: of rents, as of houses and farms, liberties and franchises, manors and towns: of fire, as of wood and coals: of apparel, as of woollen clothes, silks, furs, flax, and such like.  
The third upon the trade and traffic of merchandise, and upon the persons of men according to their degree and quality. Which means are increased by the inhabiting of countries and multitude of people: which causeth Princes to study to make their country's populous, and to increase the commerce & traffic, by the gains whereof, the wealth is increased. For albeit, that the multitude of people maketh the price of lands to rise, and victuals to become dearer: yet the Prince and the subjects means of maintenance do also increase, and one doth live by another, always so as there be had a singular care to set poor men on work, and that the idle drone do not consume the sweet honey.  
Hereupon two special points are incidently to be handled, namely, that as I have made a commparison of country and countries under the dominion of the Princes in Europe: so is it not very difficult for me to make a comparison of the wealth thereof, and likewise of the ordinary means which these Princes do use for the maintenance of their estates, and what ordinary charges and expenses they do sustain: whereby would appear manifestly, that England is able to hold out with any kingdom in Europe. But fearing the reprehension of some Apelles (this being a matter of State) I will contain myself within the compass of my profession. The second part is to declare many and diverse extraordinary means, which Princes have used heretofore, and might use in their necessities and occurrences. But this would prove unnecessary, considering we do live under so gracious a Princess (whom God long preserve to reign over us) whose most royal disposition and clemency, doth rather moderate impositions and taxes, then invent any that never were: her subjects also being most dutifully obedient, and thankfully inclined to make her Majesty voluntary offers of subsidies and other means for the general defence of the Realm, not expecting that the same should be of them required.  
Yet to give some glance of comparison between England & France the greatest kingdom of Europe: let us take notice of the observation of Politicians, which affirm England properly to be divided into 52 thousand villages or hamlets, as there are weeks in the year: much after the division which the Athenians made of their land in 365 parts, as there are days in the year; and to contain (as they say) 2800 thousand families, every family 6 persons, is 16800 thousand persons: England containing by our computation but 34 millions 438 thousand measures of land square: whereas France containing 91 millions 350 thousand measures of land, is but esteemed to have 4400 thousand families, and five persons to every family: which is but 22000 thousand persons. The commodities of France are not so rich and of estimation, as the commodities of England: much less the commodities of Denmark, Russia, Poland, and other great countries. Wherefore let us now examine, for the second point concerning Artificial riches, the goodness of our commodities.  
Master Bodine doth call (Salt) to be their manna, and we may call our wools to be the Golden fleece, which we shall not need to seek in Colchos, but here in England, in regard both of their goodness and quantity. Great was the loss and hindrance which the Realm received by the licence, which king Edward the third gave unto king john of Arragon, for to transport into Spain certain number of Cotsall sheep, both in respect of wools and wool fells. For we see what great quantity of wools (bettered under their climate) doth continually come from diverse places of the king of Spain's dominions, into France and the Low-countries: especially in Flaunders, where diverse fine stuffs are made, and brought unto us and other nations, causing a decrease of the custom of the Prince, as may be known by this: that the custom of wool in this king Edward his time came to above threescore and five thousand pounds yearly, the ounce of silver being valued but at 20 pence: which would make now 200 thousand pound. For there went out of the realm at the least a hundred thousand sacks of wool, whereof were made 300 thousand clothes at the least: whereas there is now computation made of 100000 clothes yearly, or somewhat more, the custom being 35 thousand pounds. Whereby we may see manifestly, that there is a great over balancing of foreign commodities with our home commodities, as shall be made more apparent.  
It is well known, that since the Statute made in the sixth year of her majesties most happy reign, all sorts of white clothes, have been amended for length & goodness; likewise kerseys, bays, cottons, Northern dozen, & divers other kinds of clothes have been bettered since that time: whereas the commodities of other countries have been made worse. Howbeit it were to be wished, that with us good order were taken for the continuance thereof: as also that clothiers would devise to make their clothes after the manner of Venice, as it were in hothouses; saving thereby a great part of their oil for the making of other clothes, which is now wasted and spent: which practice is of late put in ure by the Flemings in some places; and yet can they not sell their clothes so good cheap, but that our cloth is with them in great request. For all that merchants (besides other great charges) pay unto them above 20 shillings custom and licence for every cloth to bring them thither, over and above the charges and custom of the dominions of other Princes and States, when cloth is not carried directly unto them.  
Coming to our other Commodities of lead, tin, copper, iron, bel-mettall, and other minerals, we shall not need to make mention of gold, silver and copper, because our mines do not yield such quantity thereof as in other countries, which have a better temperature of climate to that effect. Howbeit, greater store would be found, if men did endeavour to find the same: as for any thing we can as yet learn, one man only hath bestowed extraordinary charges therein, as some have done for the copper, which by their means is found somewhat plentiful: whereby with the addition of the Calamine stone, many manual things are now made within the realm by mills and otherwise, which heretofore were brought unto us. And now let us speak of the particulars, as of lead, tin, and iron.  
Our lead (whereof we have abundance) doth exceed in goodness that of Germany and other countries, and containeth more silver than theirs, which is black, harder and unclean: and therefore serveth them to make pieces of Ordinance, whereof the Duke of Brunswick hath good store. But iron is far better for that purpose: and that which is found in other places is not comparable unto ours, neither hath any Prince the like.  
Tin, a most royal Commodity, is exceeding in goodness all other Tin found elsewhere, which is but little, as it is not very abundant with us. For all our mines do not yield above 10 or 12 hundred thousand pound weight yearly at the most; which in regard of the use thereof, is and hath been sold by us very good cheap, especially in such places from whence we bring very corruptible Commodities of wines, raisins, prunes, currants & such like: giving them this & the like staple Commodity for them. We have noted how of late years, gold, silver, copper, iron, and lead, have been found more plentifully then in times past: but we cannot say so of Tin, the use thereof in Turkey and other places being considered. By reason whereof, if heretofore the proportion of metals observed by the Germans and other nations, was 150 pound weight of copper to one pound of silver, or 700 pound of iron, 600 p. of lead, or 25 pounds of quicksilver, and but one hundred p. of tin: much more ought we to diminish this proportioned, considering (as aforesaid) the great quantity of all other metals found in diverse places, and but this small parcel of Tin of that rare goodness found only in England: where above 80 years past, the price thereof was about forty shillings the hundred, when anounce of silver was esteemed forty pence, and when the best velvet was sold for ten shillings the yard. And omitting to speak of saltpetre, coppresse, alum, and such like minerals (whereof we have great store) let us conclude with the consideration of the great abundance of seacoles, that are found in England: the price whereof might (with more reason) be far advanced above the price of salt The Manna of France: seeing that (as Master Bodine hath noted of all mines) the mines hereof can be exhausted, and so cannot salt be, which with less labour doth in a manner rain from heaven under their climate: the rather for that woods are not only decreasing with us, but also with other nations that shall in time have as much need of our coals, as we of their salt: whereof the impost in France amounteth to 450 thousand pound starling yearly, as the matter is handled.  
Safforne and coney skins are two commodities exceeding also in goodness: likewise corn, bear, fells, tallow, hops, wood, hose, and many other things are all better than the like had in other countries; and so might leather be, if the laws did suffer it to be dressed accordingly. For albeit that the difference of water in goodness for that purpose maketh an alteration: yet they might be qualified and made serviceable to that effect. Our wax is also better than that of Moscovia and the East countries: and this being a commodity had with little labour, and without the use of much ground, and of late years advanced in price; we would exhort many to practise the having thereof, in regard both of the honey and wax, the rather for that the making of Bees of a Heighfer is natural. Whereupon Pliny hath noted, that the flesh of oxen is converted into Bees, as the flesh of horses into wasps, that of man into louse, and so of other flesh according to the nature thereof: but I will not affirm, that the flesh of a Cuckoo is converted into toads, as some do report.  
Touching the price of our commodities, which certainly may be known as of tin, lead, and certain known sorts of clothes: we shall find, that when an ounce of silver was valued at 40 pence, tin was worth (as we have said) about 40 shillings the hundredth, which now maketh 3 pound, and the price thereof in regard of velvet, silks and other commodities, ought now to be 5 pound a hundredth all circumstances considered. Wool was worth 10 shillings the tod, equivalent with the best yard of velvet: colour kentish clothes, not of so good making as now, were ordinarily sold for 8 and 9 pound the cloth of that money which is now 12 pound and 13 pound 10 shillings: calf skins 5 shillings the dozen: Devonshire kerseys, and all other cloth accordingly. At which time the bale of Venice fustians was sold for 18 pound: of horn fustians 15 pound: the best black Satin 6 shillings the yard: colour Damask and Satin 5 shillings: Bolonia Sarsenet 20 pence the yard: all by retail; millian fustians 18 and 19 shillings the piece: Messina silk 8 shillings the pound: unwatred Chamblet 13 shillings the piece, and all other Italian wares accordingly; which (although they are now more used then in those days) cannot countervail the difference in price being compared together, because that the making thereof in Italy and France is also much more increased, and on the contrary the making of cloth much diminished since that time. And in this place we must not forget to mention of the making of Venice gold thread, which might be more practised and made in England then it is, to set poor people on work, and so be had far better cheap. For we shall find that whereas the pound of 12 ounces is now ordinarily sold for 3 pound 5 shillings, or thereabouts: the same (being untwisted) doth not contain above 4½ ounces, or 5 ounces at the most of guilded silver, which may be worth some 25 shillings: and all the rest goeth towards some very course silk and the workmanship, which is a very easy spinning. To say nothing of the Easterlings wares of pitch, tar, wainscot, cables, flax, hemp and such like, because these are very necessary commodities, and cannot be much over-bought; we are only to note, that if the Statute for the sowing of hemp were well observed, all manner of cordage might be made within the Realm, and thereby be had better cheap of others. Howbeit the intercourse and commerce with other nations, requireth that every country should have their peculiar Commodities; whereof we are to consider the price, and to have a care not to over-buy them, and to sell our home Commodities too good cheap: which generally may be said for all commodities, and particularly for Lawns, Cambrics and such like, and most especially when claret wine was sold for 3 and 4 pound the tun: prunes 5 shillings the hundredth: civil oil 12 pound the tun: soap of Civil 20 shillings the hundredth: malmsey 5 pound the But: and so the like of divers other Commodities, if we do consider the great abundance thereof found now a days, and more commodiously and directly brought unto us, than heretofore; as Spices, Sugar, Currans, Raisins, Figs, and such like are. By all which cometh a notable overbalancing of foreign Commodities with our home Commodities in nature before alleged, which doth consistin the price, & not in the quantity. This overbalancing is known by the increase of the custom of the goods inwards, & the decrease of the custom of the goods outwards: for which purpose let us observe, what the custom of wool did amount in king Edward the third his time, as aforesaid. Thus finding things to be dear, and the price thereof hurtful to the Commonwealth, because we do not sell our home Commodities so dear proportionably, as we do buy the foreign commodities: we may see that we are become buyers & not sellers, as the good father of the family ought to be, as is aforesaid. Wherefore let us now consider of the causes of this dearth of foreign commodities over and above the price of our home commodities, which maketh us to give the treasure of the realm to boot, by advancing the price of the one, and abating the price of the other: which might be attributed to the ignorance of permutation of commodities for commodities, if money did not rule the price of commodities; and the course of exchange for money, did not overrule the property of money: wherefore let us note the causes, which are declared in the treatise of the Canker of England's Common wealth: where we may see that our home Commodities are abated in price four manner of ways.  

1 By scarcity of money with us, which maketh things good cheap.  
2 By the gain sought upon money, which otherwise would be sought upon the commodities.  
3 By a high course of exchange, which draweth the money to be delivered in nature of exchange only, or by a low price of exchange, which is the efficient cause of the exportation of our money.  
4 By the rash sale of our Commodities by such as have small stocks.   
Foreign Commodities on the contrary are advanced in price four manner of ways.  

1 Through plenty of money in other countries, which maketh things dear.  
2 By a high exchange beyond the seas, which yieldeth a loss; and by a low exchange which causeth few takers up of money, and driveth men to make return in foreign Commodities.  
3 By the advancing of the price of their money above the value.  
4 For that the principal Commodities are engrossed into rich men's hands.   
The course of this inequality may be illustrated by the comparison. Suppose that you were a Lord of some Island, that did yield great store of corn or grain, and also great quantity of wools: and another were Lord of another Island, that did yield great abundance of spices, and sugar, and great quantity of silk and silk wares, being things serving either for the belly or back. Both of you do desire to live in the civilest manner that you can devise or imagine, and which is pleasing most your mind: and (wanting the use of money) you are desirous to have some of his spices, sugar and silks; and willing to give him by way of permutation or barter, corn, grain, or wool for them: whereupon by mutual conference according to reason, both of you do agree what quantity of each Commodity, one will deliver for the Commodities of the other; and that chiefly in regard of the use of every man's Commodity. But because many questions do arise, and to avoid much carriage of wares up and down for the transporting from Island to Island; you agree by mutual consent, that a thing of metal (because it goeth in least room, and continueth longest without perishing, and is carried too and fro with the least charge, and is also fittest to be cut and divided in most pieces without loss) shall be devised to be coined, as the mean in wares to exchange all wares by. And to the end there should be always neither more nor less wares brought into your Island, than were equivalent with the wares of your Island (and this thing you call Money, which is now a measure to set a price, or to measure every thing by) it cometh to pass, that you have more than sufficient for the inhabitants of your Island of corn, wools, and other Commodities, which in this regard may be called Superfluities: and because some of them are perishable and cannot keep long, you seek to utter and convert into money: whereby you draw great store of money into your Island. Whereupon some of your inhabitants (perceiving the same to be the measure and mean to command and obtain all other things) through a covetous desire do practise to be masters of that measure: so that no man can come by it, but with their consent, and paying well for it: and in so doing, they make the money to become a merchandise, and heap up much wealth to themselves, & bring thereby a dearth also of all things within your Island. For when one taketh a hundred pounds, to pay 10 pounds over and more than he borroweth, that man in uttering of his ware must sell accordingly: whereby the measure between you is become falsified. The lord of the other Island perceiving this breach doth dissemble the matter, & knowing that by these means he is bereaved of a great part of his ready money, and therewithal, that the Commodities which he was wont to have of you, are become dearer; and that on the contrary the price of his Commodities is abated through scarcity of money: he deviseth a course to draw the money out of your Island, and to advance the price of his Commodities: you thereupon make a law, that no ready money shall be transported: but you are contented to admit an exchange for money on both sides, grounded upon the weight and fineness of his money and yours, and according to the valuation to nominate the same; and thereby to make return of each others Commodities, which exchange in nature of trade you suffer to rise and fall in price according to plenty and scarcity of money. By means whereof, he hath an ability given him to compass the rule of this exchange, and so doth abuse the same both ways, that he draweth all the ready money out of your Island, and doth advance the price of his Commodities, which he thereby selleth the dearer unto you. You do also sell your Commodities dearer, but you do not make a proportionable price unto his, neither a due return of the provenue of your Commodities. For if you make your return by exchange of money by bills, he taketh an advantage thereby in the price of exchange, by overvaluing his money, and under-valuing yours; or else you are driven to make return in his Commodities at a dear rate: whereby of necessity he doth overbalance your islands commodities with his, and doth of course expel your ready money to be given to boot with your Commodities. Where is now become that equivalent proportion of wares for wares? or to what purpose serveth the measure of money, between you and him? do not the inhabitants of your Island pay for all? And whence cometh all this? was not usury the beginning, and the merchandizing exchange the efficient cause of all? which being taken away, will make the effects to cease: and what might be done ex converso, we leave to the consideration of the wise to determine what may stand with the course of politic government. And to their judgement we will now propound three means for the advancing of the price of our home Commodities by increase of trade, besides the operation of plenty of money which maketh things dear: whereof we shall entreat more hereafter.  
The first is, to give an ability unto Merchants to set over or transport their bills obligatory or bonds, which they receive upon sale made of their Commodities for other Commodities. For whereas they sell most commonly all the foreign Commodities payable at some short time, if (having received bills or bonds for their wares) they might lawfully set them over for other Commodities, there would be greater quantities of our Commodities bought from time to time. To which end the statutes of Champerty and maintenance might be qualified, and the bills might be made payable to the party or the lawful bearer or bringer thereof, as is used in other countries. But because the strictness of the Common law of the realm, doth require a greater perfection of formal deeds, than the Civil law of other countries, where plain and sincere dealings have hitherto excluded Non est factum: therefore were it requisite to have one general office for all notaries and scriveners, as there is in other countries: where every act, bill, or bond should be registered, not only by the notary or scriven or that made the same, but also by a protonotary, who should keep register of all, and where every thing should be enroled upon a penalty. A matter in reason as well belonging to the Chancery, as the recording of the deeds of lands, Statutes, and recognisances. This would greatly ease the most honourable Court of star-chamber of many suits, which daily happen for forgeries and otherwise, and disburden also the Court of Common laws of the like. And finally, many protractions in law would be abrogated, that now are used to the hurt both of the party plaintiff and defendant.  
The second is, that the city of London, and every principal town of a shire, or the most part of them, would take upon them, to take money casually at the hands of such, as will deliver the same upon the adventure of their lives: as at Venice, where a man for the sum of four or five hundred pounds once given, shall be sure to have a hundred pound a year during his life: whereby a great stock might be raised for the general good of all parties, and especially to set poor people on work, and (by incorporating their manufacture and handiwork) to sell the same afterwards with a reasonable gain towards their adventure. Besides that, experience hath taught in all places where the like is used, that the city becometh always a gainer by the decease of the parties, that do deliver money in this nature.  
The third mean to advance the price of our home Commodities, is (as before hath been noted) the example of great personages in the wearing of our Commodities, whom the people will imitate: and so the more used, the more advanced by the request thereof: wherein the example of the Prince is predominant. But leaving the matter of Commodities, let us come to entreat of moneys.  
Money (as we have said before) being the rule and square to set a price unto every thing, as being the public measure to maintain a certain equality in buying and selling; must therefore have his standing valuation only by public authority of Princes, as a matter annexed to their Crowns and dignities. For they be the warrant of the moneys unto their subjects. And to the end that this measure of things, namely money, should not be falsified, by making the same generally more or less (whereby the price of things would become incertain, if private men be suffered to have the handling thereof) therefore are Princes so careful to observe a certainty and equality of the price of money from time to time. Howbeit, that the due regard which is to be had between their moneys, and the moneys of other Princes, is by some less regarded, than the course thereof within their own dominions being of less importance, having some base money currant with the good. The price of money becometh incertain in particular, when private men will give or receive any money in specie above the price of their valuation imposed by the authority of the Prince: whereby every man undertaketh to advance still the price according as he seeth occasion to advance his gain by the necessity or use of another man, that hath cause to employ the money. The use hereof is in many countries severely prohibited, and yet another way in a manner suffered for the good of their Commonweals, as those that are skilful in mint matters, do very well know.  
The price of money in general becometh incertain, when usury is tolerated, whereby one hundredth pounds are esteemed and valued (in regard of time) to be worth one hundredth and ten pounds, and in some other countries more: which was the cause that commodities were sold accordingly, when days were first given for the payment thereof, every man supposing that he could make so much of his money which did proceed of his commodities.  
This course being tolerated by the laws of the land, maketh us to forbear, to speak hereof sparingly, because Policy doth think that thereby greater evils are avoided, which (being compared to the operations and effects of usury written allegorically by me in another treatise) may be balanced in the judgement of the wise. Only to the end that (through ignorance) merchants and others might not fall within the compass of the Statute of usury, we have thought good to give them this Caveat, and to make them to understand the true sense and definition of the branch of toleration of that Statute: the rather for that some men do seem to charge the makers thereof with a great absurdity. For say they, the Statute giveth ability for a man to take one way ten pounds ten shillings or more for the use of one hundredth pounds for one year, being delivered out for two years: and another way he cannot take ten pounds five shillings and less for one year, but he shall be within the compass of the Statute. But if they had a due consideration, that Time is properly the judge hereof, and that they could not make the Statute without the limitation of a time certain: they would not find any absurdity therein. For it was impossible to make it otherwise more certain. The words of the Statute be in effect: None may have, receive, accept or take for the lending or forbearing of his or their money for one whole year, or for a longer or a shorter time, or for a more or less sum above the rate of 10 pound pro 100 yearly. 37. H. 8. And this Statute to be most strongly & strictly construed for the suppression of all usury, both directly and indirectly, as by the Statute of the 13. of her most excellent Majesty.  
To make it evidently appear, that of necessity (Time) is herein Efficient and Active, and the rate of 10 pro 100 Positive and Passive. Let us suppose that you do deliver at interest one hundredth pounds for three months after ten upon the hundredth, you may lawfully receive at the three months end two pounds ten shillings for your interest, and continue the hundredth pounds again for other three months, by a new contract or agreement: and then receive again two pounds ten shillings, continuing in this manner for the whole year by four several agreements: whereby you do receive three parts of your interest at several times within the year: which interest you may put out also to usury, and so take above 10 pro 100 without incurring the danger of the Statute, because your agreements have from time to time altered the property of the interest money which you did receive, and that which before was another's, is thereby become yours, and thereof you may lawfully dispose again. But if you do deliver out 100 pounds from the beginning for one whole year, than you can have but 10 pounds' interest for the same at the years end with your principal: for the property of the 10 pounds is not till then altered by your agreement. Thus is it with money delivered for a shorter time.  
In like manner is it for money delivered out for a longer time, as for example. One delivereth out an 100 pound for four years, for the which at the four years end, he can receive but 140 pound: but if he do deliver out 100 pounds for one year, he may at the years end receive 10 pounds for interest, and continue the 100 pounds again for the second year by a new agreement: and then receive another 10 pound: and so for the third and fourth year. Now whereas by reason of his several agreements according to the time he hath altered the property of the interest money and received 10 pounds the first year, he may put out again this 10 pound as his own for another year, and so have interest thereof twenty shillings: whereby he receiveth 11 pound the second year, which being put out for the third and fourth year, will yield him accordingly: in like manner for the 10 pound received the second and third year which will yield him after the same manner accordingly. So that he shall have above 146 pound being thus delivered out, the body of his sum still remaining whole, and being only distinguished by time which maketh the difference. Again let us suppose, that the 100 pound were delivered out from the beginning for four years, to be repaid by 25 pound a year and the interest: it followeth proportionably that the first year he is to receive 27 pound 10 shillings, the second year 30 pound, the third year 32 pound 10 shillings, and the fourth year 35 pound, which maketh all but 125 pound: add unto this the interest of 25 pound received, in deduction of his principal three years before the time, which is 7 pound 10 shillings, and of 25 pound more in like manner for 2 years which is 5 pound, and of 25 pound more for one year, which is 2 pound 10 shillings; all 15 pound: which together maketh the 140 pound, as aforesaid. But when moneys are repaid in this manner, as it were by way of anticipation, than the body of your sum of 100 pound is divided: and still time and use or interest must concur. For you may not deliver out 300 pound for 3 years to be repaid by 100 pound yearly, and receive the first year 130 pound, the second year 120 pound, and the third year 110 pound: but you must receive the first year but 110 pound, the second year 120 pound, and the third year 130 pound, because you have not forborn your money for any longer time proportionably, according to your contract and agreement. And the property of the interest money is not altered effectually according to the law: for 10 pro 100 for one year is the Cubic root which doth increase & decrease both ways proportionably. Yet some will say: Suppose that I have 3000 pound in money to deliver at interest, are not my 3000 pounds' worth 300 pounds at the years end? and may not I lawfully receive that 300 pounds, & any part of my principal, & continue the rest for one other year, and so do the like for more years? Who doubteth thereof? So that you do make new contracts or agreements from year to year, whereby the property of the interest money becometh effectually altered according to the law (as aforesaid) your money from the beginning being delivered out but for 1 year. But if you do deliver your 3000 pound from the beginning by one sole contract or agreement for six years, to be repaid yearly, and receive 550 pounds the first year, that is to say, 300 pound for your interest and 250 pound for part of your principal: then do you incur the danger of the Statute. For in this which is for a more sum and a longer time: there is the like reason, as there is with a less sum and and a shorter time, as by the former example of 100 pound is declared. And as there is more gain, when money is delivered out for three months or less time, and so continued from time to time within the year, then when money is delivered out for one year: so is there more gain when money is delivered out for one year, and continued by new agreements from year to year; then when it is originally delivered out for 6 or more years, agreeing with the rule of Geometriall delineation, and Arithmetical proportion. Wherefore he that should say, what reason have I, to put out my money for one year, and to have but 10 pro 100: when I may put out the same for three months, or a shorter time, and take above 10 pro 100? speaketh unadvisedly: for he must do it according to occasion. Reason also requireth, that there should be difference between money delivered out for one year, and money delivered out for more years according to the Statute For he that receiveth his interest in this manner, as aforesaid, hath an ability given him to put out that interest money to use also unto another: whereby he hath interest upon interest, though not of the same party, and therefore in equity is not to take it of two parties. So that every man must take heed not to put out money for a longer time, and for several years, and to reckon interest thereof as if he had (from the beginning) delivered out his money but for one year: and so continued from year to year, reckoning interest upon interest, as many do through a covetous desire in danger of the branch of this Statute, which must and may be most strongly and strictly construed against them, both directly and indirectly, as aforesaid. But to speak properly and effectually concerning usury: let us not only dispute de lana Caprina, but seek to qualify the extreme dealings of those that do feed upon the sweat and labour of the poor, by taking (and that upon pawn, whereby many times their means of living are hindered) twelve pence for the lending of 20 shillings for one month, which is above 60 pro 100: nay when the mere poor are glad to pay one penny for the use of twelve pence for a week, which is above 400 pro 100 by the year: a most pernicious and damnable dealing, not to be suffered amongst Christians. For the reformation whereof, if there were in some places the use of a Lombard, where they might find relief after 10 pro 100, especially in the city of London: it would prove a matter very necessary and commendable, whereas now the poor artificer doth ordinarily pay (besides this horrible interest) under the colour of brokerige or bill money above 20 upon the hundredth: which in small sums, and that often borrowed, is not perceived to amount to this biting usury. And to this effect, would such money very commodiously be employed, as casually would be delivered by Gentlemen and others that would purchase an annuity during their life, as before hath been touched. Thus much concerning usury, which altereth the certainty of the price of money in effect. Now let us entreat of the very substance of the moneys consisting of matter and form. Of matter as in regard of substance, we know that Princes have their several Standards both for gold and silver, which by some are allayed with more copper (commonly called Alloy) then with others: whereas the only cause that moneys are counterfeited and falsified cometh by the commixture of the three metals, gold, silver, and copper. And omitting to speak of many particular Standards of Princes, having handled that matter heretofore: let us note the opinion of Master Bodine, who to cut off all counterfeiters, clippers, washers, colours and falsifiers of moneys; would have the money so made, that every simple man should be able to know it. Concerning the proportion between the gold and silver, it ought to be, as it is (by his saying) in all country's 12 to 1, whereunto he would have made the weight, fineness and valuation answerable. As for example touching fineness, if we made the moneys of gold to be 23 carrats, than the Standard for the silver (after two carrats of gold for an ounce of silver) should be 11 ounces ½ fine; and the piece of silver (weighing an equal weight with the gold) should be valued to be worth the twelft part, or the gold 12 times the value of silver, as if a French crown (weighing as much as the Ryall of Spain) were valued at six shillings the Rial being six pence. And the third sort of moneys, namely, small moneys he would have made of mere copper, although (saith he) it were better (if it were possible and commodious) to have no other money, then of gold and silver which never rusteth as copper doth: the price of copper being also incertain and differing in many countries. During the Punic wars, one pound of silver was worth 840 pound of copper: afterwards through the abundance of silver it came to 224 pound of copper for 1 pound of silver: & so is it taken diversly in divers countries, according to the plenty of the one or other metal upon all occasions. The like shall we find touching the proportion between the gold and silver, which with us in England hath continued for many years, 11 of fine silver to one of fine gold, or 11 of Standard silver to 1 of crown gold, which of late years was taken according to our Angel and Crown gold, supposing that other nations did hold these proportions following.  
The Low-countries where they reckon two Philip Dollars for their golden Royal or our Angel made 11 to 1; if the toleration had not altered the valuation of their moneys in effect; the Royal being valued at 16 shillings 8 pence Flemish, and the dolor 50 stivers.  
The Pistolet of Spain of 22 Cariats' to 11 Rials of plate made 11 to 1, now but 10 ¾: but the overvaluation maketh greater difference.  
The French crown to three Frankes is 11 to 1, when the crown was at 60 sols, which is now currant for 64 and 65 sols: besides that at that time gold was by valuation at 74 crowns the Mark of 8 ounces, and silver 6 crowns ⅓, which is 11 13/19 for one.  
In Germany one Mark of silver at 8 ½ Florins D'or is 11 ⅔ for one.  
At Rome 108 Carlins' for 1 pound of silver and 99 ¼ ducats, the gold is 12 to 1. But by valuation or toleration being altered in all places, they hold all either 12 to 1 or more: besides that in most places their weight is inferior or less than ours. King Darius did tax 13 of silver for one of gold: and Plato maketh mention of 12 to 1. But if we will have a due consideration of the great quantity of silver which cometh from the West Indies yearly, & proportionably the small quantity of gold, & that for guilding gold is more used than silver: we should by all means advance the price thereof, rather than to abate it. And whereas some men naturally inclined to correct Magnificat, seem to find fault with our former writing for saying by way of interrogation, that if a man should receive beyond the seas for our gold after 12 for 1, we holding but 11 for 1 in proportion, who seeth not an evident gain of 1 in 11, if the silver moneys do not countervail the same by way of toleration, being received far above their value beyond the seas: we cannot omit to answer them, to the end they may understand the truth. Imagine (say they) I have an ounce of gold here, which cost me 11 ounces of silver. Now if I do transport this ounce beyond the seas: there they will give me 12 ounces of silver in money for it. But if I do bring over again that money, here I shall have but 11 ounces for it, because there is no more silver in substance in it: for the valuation thereof is made far above the value or é converso, if I bring over 12 ounces of their silver moneys, I shall have but 1 ounce of gold for it, or 11 ounces of our silver, ergo, there is no gain. These arguments are grounded by surmise, and drawn of necessity, as if we must needs make an exchange of gold for silver, or silver for gold, whereas it falleth out thus.  
One bringeth certain Commodities from beyond the seas into the realm for to be vented; and after sale made, he doth consider how to make return with his most advantage: which he must either do by making employment upon the Commodities of the land, which do yield him so little gain beyond the seas (being sold generally too good cheap) as he will buy none: and then either he must carry away the money in specie, or deliver the same here by exchange unto others, to be repaid beyond the seas. Now if the price of exchange be low, and will yield him not so much gain as the money will do, being carried in specie, their money must be transported; for the scope of merchants is Gain. Whereupon he doth consider, that gold is more portable and better to be conveyed, especially being beyond the seas taken by valuation to hold in proportion to the silver 12 to 1: which he enjoyeth in the payment of the gold, and not in receiving again silver for it: but in buying more Commodities to be brought unto us, exchanging in effect from time to time their Commodities for our gold, as also for our silver. A matter, that the officers of the mint ought to look into: for they know how to prevent it, as we have set down in the Treatise of Exchanges.  
Touching those that would have the transportation of money to be made felony by the law, as it was heretofore, thereby to hinder the exportation; they are not well advised, considering that such Statute laws are neglected, and that Informers do not regard to sue for the life of men, but well for their goods upon such penal Statutes, if the money itself (having so great a command) cannot make way when it will depart, (a gain being offered) which draweth more forcibly than the Adamant stone.  
To describe the course of the sea of moneys (which like an Ocean divideth her branches in all countries) were very difficult: but we may well observe, that the greatest part of the silver which cometh from the West Indies, is transported into the East Indies; where diverse nations now trafficking for spices, cause the price thereof to rise in those countries: who buying dear, must sell accordingly, or else prove to be small gainers, as the sequel of that trade will manifest. Gold is chiefly exhausted in all countries by the trade of silks, which caused the Frenchmen to prohibit the bringing in of any into France, where divers stuffs of silk, as velvets, satin, grograines, and such like are made by the inhabitants.  
Touching the form of moneys, whereunder we comprehend the stamp or figure: let me commend unto you the ancient making of moneys by mills or engines. When gold and silver began much to abound amongst the greeks, Latins, Persians, and Egyptians, the use whereof did cease, upon the declining of their governments: when gold and silver became so scarce, that moneys were made so thin, that with the hammer they were stamped or coined. Great are the Commodities that would arise thereby to the Commonwealth, besides the charges which Princes may save, and the facility and expedition in the making exactly of greater quantities of money, fairer and rounder, more certain in weight, and without crack or flaw, and the stamp or figure of longer continuance; then that which is made with the hammer with a greater noise. By the roundness and fairness is clipping prevented, which in pieces proportionate, and of a fair impression is easily discerned. By the certainty in weight, when pieces of one sort shall weigh one as much as the other, are Colours cut off, which are used to cull out the heavy ones for their use of melting or transportation, and to pay out the light ones especially in silver. Counterfeiters, washers and falsifiers of money, will be sooner detected, and the false money known, when pieces of one sort, shall be of one bigness and thickness, and of one sound and fairness of stamp, with their private mark for the time: the thickness will be seen, the weight will be found, and the sound will be heard by comparing one piece to another, especially when the redness or colour of the money doth give suspicion that the same is counterfeited. For there is great difference in the lump of metals of equal weight, as we may partly perceive, and is exactly found by the last trial made thereof. The mass or lump of gold to the lump of silver, doth differ as much as 9 to 5, that the body of silver is bigger than that of gold, which is 1 ⅘. Between copper and silver, is as much difference, as between 11 and 13. Led to silver, as from 15 to 14: but that will not join with any other metal than tin, which is lighter than silver, and doth differ from it as 9 to 13: and from the gold, as 7 to 18. Iron doth differ from silver, as 4 to 3: and from the gold as 6 to 9, that the body of gold is lesser. Quicksilver which is volatile, cometh nearer unto gold, and doth differ as 3 to 4, the fixing whereof is difficult.  
Touching the scisell which cometh by the making of moneys by mills or engines, it is soon made and converted into moneys, and may be lessened by good casting of the metal into plates proportionate, which by degrees may be reform, according to the increase of the quantity of gold and silver. To which end it will not be amiss to exhort and require all Goldsmiths and others, to be vigilant and diligent in bringing of bullion into her majesties mint, where they may have very speedy and assured payment thereof at all appointed times. And in this place we must not forget, that care may be had, that the Moniers (which work by the hammer) may be provided for their lining, or be set on work by the mills or engines.  
Lastly, it were very convenient & commodious, as also good for the poor to make small moneys of copper, as halfpences and farthings, which might be called Pledges of the poor, and would increase charity towards them. Whereby also all leaden tokens (used in Taverns, and by such as sell small wares) would be taken away; and would be very commodious in so populous a kingdom, being made exactly to prevent counterfeiting: which generally we do hold so difficult to be done, as is the counterfeiting of the hand of an excellent writer, amongst the ordinary writings of most men. And the making thereof can breed no inconvenience in the Commonwealth in the prices of Commodities, whereas some Princes do use to coin some moneys for to remain within their dominions, & some other kind of moneys for to be transported into other countries, reaping a great gain by the coinage thereof. And omitting to show the important causes and reasons which Princes have, to maintain a standing treasure: we do not hold it impertinent to reduce to memory, that which is recorded of the treasure of Princes in times past to awaken care in others.  
The greatest mean that the romans had to save their state, when Hannibal had almost brought them to ruin, was 450 thousand crowns that the treasure did amount unto, which was gathered by the redemption of slaves, and never touched until that time. Pope john the 22. left 23 millions of gold: Sardanapalus, 40 millions of crowns: Cirus, 50 millions: the Athenians, 60 millions: Tiberius the Emperor, 67 millions: Alexander the Great found in the treasury of Darius Occhus the Persian king, 80 millions. But the greatest treasure mentioned in the Scripture, which king David left, was 120 millions, which did exceed far the treasure recorded of the romans, when they flourished most under trajan the Emperor: which is 74 thousand talents, being 44 millions 400 thousand crowns. To say nothing of the silver and gold found upon the discovery of the West Indies, and the ransoms which were collected, when Atabalippa king of Peru gave only for his ransom ten millions 326 thousand ducats. Let us consider what great treasures Princes might have now adays, when money doth abound: whereas it is reported, that king Henry the 7 of England, left in bullion after his decease, 53 hundred thousand pounds' starling in those days, when an ounce of silver was valued but 40 pence. And so concluding for moneys, let us come to the matter of exchange, which is the third and last mean, whereunder the trade is performed. But because my Treatise of The Canker of England's Commonwealth doth handle that matter particularly, therefore shall it suffice to make mention only of the Contents thereof. As money doth rule the course of Commodities: so the exchange for moneys with us doth not only rule both the course of money and Commodities; but (being abused by the merchandizing thereof) is become predominant, and doth overrule the course of them both to England's great and incredible loss: whereas the right exchange is most commendable, necessary and convenient for the maintenance and traffic of intercourse betwixt merchant and merchant, or country and countries, being grounded upon the weight, fineness and valuation of the money of each country according to value for value, which accordingly should be kept at a certainty, as a measure betwixt us and other nations. For we have amply declared and proved, that when the exchange doth fall or rise in price, the same being either high or low; it turneth every way to the loss of the Realm, both for the price of our home Commodities, and the transportation of our moneys, and by advancing the price of foreign Commodities, causing an overbalancing in nature before alleged: which to supply, draweth or expelleth our treasure. For we do (in effect) give the same to boot unto other nations with our home Commodities, to have their Commodities for it.  
Some men of judgement have found my writing to be invective and pathetical against Bankers, wherein they are not mistaken. For the use of Banks is incompatible in any well ordered Commonwealth, as time will manifest more and more daily. The French kings, Lewis the 9, and Philip the Fair, did with great cause confiscate the Bankers goods: and for the discovery of their debts, ordered their subjects to pay only the principal money unto their Treasurers. Philip de Valois did the like, and indicted them as cozeners of the Commonwealth. For it was found, that in a short time with 24 thousand pounds starling, they had accumulated and gotten above 2 millions 400 thousand pounds.  
Others which (through envy, malice, or other passions, have the eyes of their judgement blinded) have censured my writing to be Apologetical for the erection of a Bank under the colour of the restoration of the office of the ancient King's Exchanger: which, how absurd it is, let the wise judge by the difference between a Banker, and a general Exchanger. The Banker doth draw unto himself all the moneys of other men, making his small stock to be infinite: and the Exchanger must with his own stock supply other men's occasions; for no man is commanded, or by Policy (of course) compelled to deliver money unto him. The Banker doth make the price of exchanges with the correspondency of others Banks elsewhere, at his pleasure or most advantage: the Exchanger can have no correspondency with other Banks; for he is limited how to deal at a certainty in price by exchange, and therefore must have his factors or servants at his own charges in the places of traffic. But because it is difficult to please men's humours in the reformation of abuses, which either for gain some would have to continue, or others through ignorance do not understand; therefore is there another mean propounded, to keep a due course in matter of exchange without an Exchanger: By a Proscription in a pair of tables to all sworn Brokers, how to make the price of exchanges for all places according to value for value. Which would be easy and in effect aequum & bonum (as we have declared) so as a due regard be had of the circumstances of things; noting always this coherence, that even as plenty of money maketh with us a low exchange, and the low price of exchange is the efficient cause of the transportation of our moneys: that so by procuring plenty of money, we do not procure therewithal the cause of exportation, and hunt (as it were) after our own shadow.  
Some others have thought this matter to be in a manner incurable, or impossible to be effected now adays, considering the great trade; when (to speak truly) the trade of our Commodities is much decayed and: without that they can yield or give any probable reason thereof, but that the difficulties and sickness of the Commonwealth cannot admit it, as who should say: It is better to let a sick body languish to death, then to make him drink an unsavoury potion to restore him to health. For mine own part, I have thought it my duty in regard of profession, to publish and prefer sincerely (according to my small talon) any thing which may make for the good of the Commonwealth▪ especially it being agreeable with the most noble and ancient laws of the Realm: wishing that other men endued with more learning, and adorned with excellent virtues, would be always careful to do the like in that which concerneth their profession. And hereunto I have been the more encouraged, for that since the publishing of my Treatise aforesaid, and by means of my private advice unto divers, (without boasting or arrogancy be it spoken) there hath been a better course taken, by observing the nature of exchanges; whereby great store of silver bullion and some gold, hath been brought into the Realm for the general benefit and good of the bringers thereof: which doth put me in hope, that the like vigilancy and regard will be had by divers, in the sale of our home Commodities, and the buying of foreign Commodities beyond the seas, with a due inspection to equity and justice in the course of traffic: which recommendeth unto us Providence, and doth not altogether exclude Policy, especially in respect of the government of a State or kingdom, in studying the way of preservation and augmentation of the wealth thereof; which cannot properly be done, but by these means. For the same cannot decrease, but by the transportation of our money and treasure, and by selling our home Commodities too good cheap, and paying too dear for the foreign Commodities, as we have noted before. To which end we are to compare the prices of things betwixt us and other nations with whom we deal: and not to show the causes of the dearth of things with Master Bodine, by examining the prices thereof within the Commonwealth where we do live, without making any application thereof for the general good of the realm: for the conservation whereof, prayers and means are requisite at all times.   Veritas unita valet.