THE MAINTENANCE OF FREE TRADE, ACCORDING TO THE THREE ESSENTIAL Parts of Traffic; Namely, COMMODITIES, MONEYS and Exchange of Moneys, by Bills of Exchanges for other Countries.  
OR, An answer to a Treatise of Free Trade, or the means to make Trade flourish, lately Published.  Contraria iuxta se Posita magis Elucescunt. 
By GERARD MALYNES Merchant.  
LONDON, Printed by I. L. for William Sheffard, and are to be sold at his shop, at the entering in of Pope's head Ally out of Lombard street, 1622.   

TO THE MOST HIGH and mighty Monarch, JAMES, by the grace of God, King of great Britain, France and Ireland, Defender of the Faith, etc.  
Traffic, (Most Dread and gracious Sovereign) by Nature Admirable; and by Art Amiable; being the Sole peaceable Instrument, to enrich Kingdoms and Commonweals: may properly be called, The Praeheminent study of Princes; the rather, because the Sacred wisdom hath approved this Axiom: That a King is miserable (how rich soever he be:) if he Reigns over a poor people; and that, that Kingdom is not able to subsist (how Rich and Potent soever the people be:) if the King be not able to maintain his Estate. Both which, (being Relatives) are depending upon Traffic and Trade, which is performed under Three Simples or Essential parts, namely, Commodities, Moneys, and Exchange for Moneys by Bills. Whereupon having lately perused a Treatise entitled Free Trade, or, The means to make Trade flourish; wherein the Author, either ignorantly or wilfully, hath omitted to handle The Predominant Part of Trade, namely, the Mystery of Exchange: which is the Public measure between us and other Nations, according to which, all our Commodities are bought and sold in foreign parts: his only Scope being, to have the Moneys of the Kingdom enhanced in price, and the foreign Coins made Currant within the Realm at high Rates, (whereby great inconveniences will follow:) I could not but be moved, both by my faithful allegiance due unto your Majesty, and the observant duty owing by me, to the Public good:) To make an answer to the material points of the said Treatise, by comparing things by contraries for the better illustration; the rather for that it was published in Articulo temporis, when your Majesty's vigilant Princely Care, had been pleased to refer the Consideration of this important business of State, to the learned, Lord Vizcount mandevile, Lord Precedent of your Majesty's most Honourable Privy Council, and other persons of knowledge and experience: amongst whom (although unworthy) myself was called, and our opinions were certified unto your Highness.  
For the Consideration of this weighty matter of great Consequence, is absolutely to be submitted unto your High Wisdom and Transcendent judgement, by means whereof (according to the saying of Epictetus the Philosopher, Hoc est Maximè iudicis, Aptare Vniversalia singularibus,) All Causes both Ecclesiastical and Civil, are observed, discerned and applied to their proper and determinate ends.  
Your Majesty therefore, may be pleased to vouchsafe (with a gracious aspect) the reading of this small Treatise, which (like unto the little fish, mentioned by Plutarch, swimming before the great Whale, giving notice of dangerous shallow places;) shall be amply explained in a Volume (almost imprinted:) entitled Lex Mercatoria, or the Ancient Law Merchant, which (in all humility:) is to be presented unto your most Sacred Majesty; wherein the dangerous Rocks, (to be avoided in the Course of Traffic, and the means thereunto conducing:) are manifested for the preservation and augmentation of the wealth of your Highness' Realms and Dominions, to be effected by the Rule of justice grounded upon Equality and Equity according to Ius gentium, which is chiefly maintained by the Law Merchant. The knowledge whereof, is of such moment, that all other Temporal Laws (without it) are not complete, but imperfect.  
Worthy of commendation, are those offices, who can by Providence preserve the Treasure of Kings and Commonweals; worthier are those that both (by honest and lawful means) can preserve and augment them: but worthiest of all immortal praise, are these, who can and do (by easy, just, and Politic means) enrich Kingdoms and Commonweals, and thereby fill the Prince's Coffers with standing Treasure, to serve all occasions in the two seasons, which Princes are to care for; (observed by the Emperor justinian,) namely the Time of War, when Arms are necessary, and the time of Peace, more fitting wholesome Laws. In the Theoric Part of which Study, I have these forty years spent much time and charges at the pleasure of great personages: and albeit nothing did encounter me but ingratitude, yet my constancy to spend the Remainder of my days therein, (in hope of Practice,) is as immoveable as the continuance of my daily prayers, to the Great jehovah, to multiply your Majesty's days as the days of heaven. London the 25. of October, 1622.  
Your Majesty's most Loyal Subject Gerard Malynes.   

THE Maintenance of Free Trade, According to the Three Essential parts of Traffic, namely, Commodities, Monies, and Exchange of Monies by bills of Exchanges, for other Countries.  
NATURAL Mother wit, did teach man, before Arts or Sciences were invented; that of all things and in all humane actions: the Beginning, Progress, Continuance and Termination 
Finis corcnat opus.  or End is to be observed; whereupon Politicians or Statesmen have noted, that the often comparing of a thing unto his Principle or Original produceth the longer continuance, showing (by digresion) how the same is decayed and may be reduced to the first integrity and goodness. For there was never any thing by the wit of man so well devised, or so sure established; which in continuance of time hath not been corrupted.  
The consideration whereof is most requisite, in the reformation of the course of Traffic, as a matter eminent for the good and welfare of Commonweals, and especially for England. Quia vita civilis in societate posita est, Societ as autem in imperio & commercio.  
According to this rule, let us observe, that all the Traffic and Trade between us and foreign nations, is performed under three Simples, which are the essential Parts thereof, namely, 
Three essential parts of Traffic.  Commodities, Monies, and Exchange of money by Bills for foreign Parts; which may be aptly compared to the Body, Soul, and Spirit of Traffic.  
The First as the Body, upheld the world by Commutation and Bartering of commodities, until 
Commodities.  money was devised to be coined.  
The Second, as the Soul in the Body, did infuse life to Traffic by the means of Equality and 
Monies.  Equity, preventing advantage between Buyers and Sellers.  
The Third, as the Spirit and faculty of the soul (being seated every where) corroborateth the 
Exchange.  Vital spirit of Traffic, directing and controlling (by just proportions) the prices and values of commodities and monies.  
Now even as monies were invented to be coined of the purest metals of silver and gold to be the Square and Rule to set a price unto all commodities and other things whatsoever within the Realm, and therefore called Publica Mensura: even so is exchange of monies by Bills, 
Money and Exchange two public Measures.  The Public Measure between us and foreign countries, according to which, all commodities are bought and sold in the course of Traffic; for this exchange is grounded upon the weight, fineness, and v●…luation of the money of each country: albeit the price thereof in exchange doth rise and fall according to scarcity and plenty of money, and the few or many deliverers and takers thereof.  
These three essential parts of Traffic are to be considered jointly and dividedly for the good of Commonweals in the benefit to be procured for the general welfare, or for the particular profit of some few persons; for albeit that the general is composed of the particular: yet it may fall out, that the general shall receive an intolerable prejudice and loss, by the particular 
The general to be preferred etc.  and private benefit of some: These (in this respect) are not to be regarded, especially if they may make the like benefit (in some measure) without hurt or detriment to the general.  
Some Merchants do deal all for Commodities, others for Monies, and other some altogether for Exchanges or all three, or that which yieldeth them most gain: and commonly without consideration had of the good of the Commonwealth, which is the cause that Princes and Governors are to sit at the stern of the course of Trade and Commerce.  
For to speak ingeniously, Merchants cannot enter into consideration of the quantity of foreign 
Observations surpassing the study of Merchants.  commodities imported at dear rates, and the home commodities exported at lesser rates Respectively in former times; by the disproportion whereof cometh an evident overbalancing of commodities. Merchants do not regard, whether the monies of a Kingdom are undervalved in exchange, by the enhancing of monies in foreign parts, whereby our monies are exported; when the exchange doth not answer the true value by Bills, and the monies of other countries cannot be imported, but with an exceeding loss, which every man shuneth. True it is, that they observe within the Realm to keep the price of money at a Stand, according to the King's valuation: but in foreign parts, they run with the stream, headlong down with other nations, without consideration of their own hindrance. Merchants do not know the weight and fineness of monies of each Country, and the proportions observed between Gold and Silver, nor the difference of several Standards of coin; a matter so necessary for them to know, to make thereby profitable returns of the provenue of our home commodities, either in Money, Bullion or Wares. Finally Merchants (seeking their Privatum Commodum) take notice only of what is prohibited and commanded, whereas it may fall out also, that to require their opinion for the reformation of some abuses: they may be thought many times as unfit, as to call the Vintner to the consultation of laws to be made against drunkards.  
Kings and Princes therefore, which are the fathers of the great families of Commonweals 
Parens Patr●….  are to be careful for the general good, so that the expenses do not exceed or surmount the incombes and revenues thereof, according to the saying of Marcus Cato, Oportet Patrem familias, vendacem esse, non emacem, He must be a Seller, and not a Buyer.  
For the effecting whereof, there is a serious study to be had in the true understanding of the Three essential Parts of Traffic, whereof the course of exchange (which is the most neglected) will be found to be the efficient Cause, which with us is Predominant, and overruleth the course of Monies and Commodities, as shall be declared in this discourse. For these Three parts of Traffic concur jointly together in their proper function and nature, by an orderly carriage, according to their first invention and institution.  
For as the Elements are joined by Symbolisation, the Air to the Fire by warmness; the Water to the Air, by moisture; the Earth to the Water, by coldness: So is exchange joined to mohyes, and monies to commodities, by their proper qualities and effects. And ever as in a Clock, where there be many wheels, the first wheel being stirred, driveth the next, and that the third, and so forth, till the last that moveth the instrument that strikes the clock: even so is it in the course of Traffic: for since money was invented and became the first wheel which stirreth the wheel of Commodities and enforceth the Action. But the third wheel of exchange of monies between Country and country; being established and grounded upon monies, is (in effect) like to the instrument that striketh the Clock, being therein the thing Active, and Commodities & Monies are become 
Exchange Active, Monies and Commodities Passive.  things Passive: in so much that the Sequel thereof may be compared unto Archers shooting at the Bu●…tes, directing their Arrows according as the Blank doth stand, high, or low; for so do Merchants by exchange in the sale of commodities and negotiation of monies, without which, commodities lie dead in all markets. Since the Ancient Commutation of commodities in kind did cease, and the body of Commodities doth not work without the Spirit which is exchange, so that this observation being neglected: the whole instrument of Trade must needs be out of order, and discompounded, like a distempered Lock, which will neither open nor shut.  
When the Art of navigation and shipping had continued many years, and mariners did ●…mitate each others observation, before the Science of the Mathematiks was invented: It ●…apned that two great Whales with a great ●…olubility swimming in furious manner, did approach 
The ship of Traffic taken for the whole Trade.  an English ship of Traffic which was ●…ound for the Coast of Barbary, saden with di●…ers good Commodities and Staple wares. The mariners (as the manner was:) did with all diligence cast overboard diverse empty barrels for the whales to play with all, and to keep them from the ship. The whales not pleased therewith, and a sudden storm arising, did endanger their ship, which made them unawares to cast over board many good wares and rich Commodities, wherewith one of the whales was playing. But the other whale more fierce, struck the Ship many times with his Tail, and at last broke the Rudder of the Ship, whereby they were much hindered in their Sailing, and all the ships of their fleet took the Start of them and arrived to their destined ports, the rather because they lost also their sailing Compass by the violence of the said Stormy wind and tempest. And the mariners had leisure (with a Calm) to discourse of the Accident to question which was the most necessary and Active thing of True sailing.  
Some did attribute the same to the winds and Currant of the Seas; Others to the sails and agitations of the winds in them. And others to the compass made by the admirable virtue of the loadstone. But all of them were Novices in 
Magnes stone.  their profession; whereupon a merchant standing by (being a passenger in that voyage) used these or the like speeches, My friends and good fellows, I do not a little admire to hear you thus ignorant in matter of your Profession: Can not the loss of the Rudder of our ship make you sensible to understand, That the Active Part of sailing is to be ascribed thereunto, seeing it driveth the ship according to all the points of the winds and variation of the Compass being fastened upon the Parallel of the Keel of Equality? Shipwrights will tell you, That if it be not Rightly placed, it doth interrupt sailing: and if it be not of Competent length, but that the upper building of the ship do sway the same, it maketh a ship unserviceable: That neither the direction of the Compass, nor the Receptacle of the Sails forewind, can make her perform her voyage as other ships do. I perceive you are like unto him that did attribute to the letters of a clock dial, the showing of the hour, and not to the hand or Index, which is the Active thing to show you the same, albeit it can 
The Index of a Dial Active.  not do the same without the other, which is the Thing Passive: you must therefore truly distinguish and attribute the efficient Cause of Sailing to the Rudder of a Ship, and the other are called Secondary or mean Causes. And they all agreed that this observation was true.  
Is not the Modern Merchant of Hackney or the Author of the Treatise of Free Trade like unto these Novices? who perceiving two great whales to have assaulted the English ship of Traffic, 
Wars and the Policy of Princes like two Whales de●…ouring Trade.  The cruelest being the wars in Christendom and the Pirates, The other more gentle, being the Policy of Princes and States in the Course of Trade: hath published in the year of Grace; 1622. The Causes of the decay of Trade in England, and the means to make the same flourish, without observation of the operative power of exchange, which is the Rudder of the Ship of Traffic fastened upon the Rule of the equality of Monies according to their weight and fineness, to be denominated by the valuation of Princes as a matter peculiarly appertaining to their Praerogatives.  
And because that therein, he hath like unto Esop's jay clad himself with the feathers of other Birds: I hope it will not be impertinent, To unmask his discourse, and nevertheless to supply 
Canker of England's Commonwealth, and England's view.  (according to my former Treatises) The maintenance of free Trade, wherein I endeavour to be Compendious and Substantial, and to follow his Method and some distribution for the better understanding, as a most important business of State, which is the cause that so many Statutes and laws have been made concerning monies and exchanges. 2. So many Proclamations for the due execution thereof have been published. 3. Lastly, so many Treatises and Conferences have been had from Time to Time, Both with other Princes and within ourselves, which in the judgement of the said Author are neglected as unnecessary, or by ignorance not mentioned; concluding with him, That as there are many causes discussed and discoursed of, at this time of the decay of Trade: So are there many Remedies propounded, wherein if either the Principal Causes be mistaken (as he hath done) or defective Remedies propounded: The present disease of this Trade may increase and cast the Body into a more dangerous Sickness. For the effici●… Cause being unknown, putteth out the Physician's eye, as the Proverb is.  
Now let us come to the handling of the particulars in order, and afterward to the True Remedies, which must arise from the matter of exchange, as shall be plainly demonstrated to the judicious Reader, void of partiality; for the exchange is the faculty or Spirit of the soul of monies in the Course of Traffic.  

CHAP. I.  
The Causes of the Want of Moneys in England.  
THis Assertion we shall now bring to the hammer, the Anuel and the Touchstone, namely to firm Reason, by his own first Argument of the immediate Cause of the want of money in England, alleged by him to be the undervaluation of his Majesty's Coin, where he saith by way of interrogation:  
Who will procure licence in Spain to bring Reals 
Pag. 8. Vnderualution of the King's Coin, The 1. Cause.  into England, to sell them here at Ten in the hundred Gain, which is less than the exchange from thence will yield, when he may have for the same, five and twenty in the hundred in Holland?  
Here in an obscure manner, he observeth the exchange from Spain to be Six pence the Real, as value for value, or the Par in exchange, whereby it is less (as he saith:) and he doth account the price of 8. Reals at 51. Stivers in Holland, and the Rate of exchange at 33. shillings 4. pence Flemish to answer our 20. shillings Starlin as at Par pro Pari for those parts, howbeit that 42. shillings 6. pence Flemish paid there for the 5. Reals of 8. make 25. shillings 6. pence Starlin according to that Computation; howsoever we see that this is grounded upon the exchange, which is the efficient Cause thereof, otherwise the 15. in the hundreth to be gotten in Holland more than in England: is altogether imaginary and not Real. For example let five of these Reals of 8. be bought here for 
An imaginary gain made Real of our own means.  22. shillings Starlin, and be transported into Holland, and there buy commodities with the same, according as the price of them, is enhanced there; no man maketh any doubt, but that the said Commodities are also raised in price, according to the money enhanced. So that the gain becometh uncertain, for the Commodities may be sold to loss. But the merchants trading in Spain, which cause their Reals to be sent from Spain thither, or do transport them from the Downs: Rely wholly upon the 
Undervaluation of Moneys in exchange.  low exchange, whereby they are enabled to deliver their money there, by exchange at an undervalue, in giving there but 33. shillings 4. pence and under, to have 20. shillings Starlin ●…ayed by Bill of exchange in England, whereby ●…he kingdom maketh good unto them the said ●…5. upon the hundreth. For this Real of 8. was valued but at 42. Stivers, when the Par of exchange was made to be 33. shillings 4. pence, in the year 1586, when Robert Dudley, Earl of Leycester, went to take the government of those Countries: And shall we now receive in exchange the said price of 8. Reals for 51. Stivers, which is above five shillings and one penny Starlin, because they have enhanced the same to their advantage, and continue the Par of exchange at 33. shillings 4. pence. by which Computation the said 42. Stivers make but four shillings two pence half penny or thereabouts in true value? Absit ignorantia. Whereas, if our merchants of Spain should give the said price there in exchange for 42. Stivers, as they did formerly, (and may be done by order of exchange:) They shall not find thereby Ten in the hundreth gain, which they can make here more certain and commodiously, whereby this money will be imported, without enhancing of our Coin. This is so plain in the understanding of Merchants, that there needeth no other explanation, for it demonstrateth manifestly, that if the low exchange were not, This gain would prove to be Imaginary, as we have noted. And this causeth these Reals of Spain to be diverted from us, and might else be imported to the said Merchants or others, which do practise upon the Benefit of moneys to be made between the exchange and moneys.  
For the Rule is infallible, That when the exchange doth answer the true value of our moneys according to their intrinsicke weight and fineness, and their extrinsicke valuation: They are never exported, because the gain is answered 
The Rule of exchange excludeth the gain to be had by Moneys  by exchange, which is the Cause of Transportation. This cause being prevented, maketh the effect to cease; and this is engrafted in every man's judgement, according to the Maxim often noted heretofore, Sublata Causa, Tollitur effectus.  
So that exchange still hath the command and striketh the Stroke, insomuch that albeit the price thereof riseth and falleth, according to Plenty or Scarcity of money: yet moneys are overruled thereby. For if you enhance the Coin, the exchange doth control it and rise accordingly. And if you undervalue the same, The exchange in like manner doth fall in price. Wherein note the operation of exchange both here and beyond the Seas, in places where exchanges run upon the pound of 20. shillings Starlin. If the enhancing of Coin be beyond the Seas, and the exchange be not made accordingly: Then our moneys are carried out. If the enhancing of Coin were made here: E contra, moneys would be imported. But the merchant Stranger, who observeth the rule of exchange, and (will not be overtaken as we ●…e;) will overrule the same ipso facto, and ●…e you so much less in exchange, as we shall ●…haunce our Coin by valuation, or embase the ●…e by Alloy. In like manner if you Cry ●…wne moneys beyond the Seas, Th'exchange ●…ll alter in price accordingly: and if you Cry ●…wne moneys here, or undervalue them by ●…me, Th'exchange ought to Rule and to make ●…e denomination accordingly in price, and still ●…maineth Predominant over moneys and com●…odities. 
Exchange is still Predominant.  For even as Commodities being the ●…dy of Traffic, draw unto them moneys, and therein may seem to be Active; yet mo●…y (being the right judge or Rule which gi●…th or imposed a price unto Commodities:) 〈◊〉 the Thing Active, and Commodities become 〈◊〉 thing Passive: Even so, although money is ●…e Subject whereupon exchanges are made 〈◊〉 ●…et still th'exchange is made to Rule moneys; To the end, that the value thereof should be ●…nswered by the Public Measure of exchange; To prevent all abuses and inconveniences ari●…ng by the price of Commodities, and the va●…uation of moneys in exchange: which moneys are either Real or imaginary, according to the Custom of the place of exchange by the device of Bankers.  
This was Seriously observed in the year 1576. by diverse most honourable and Grave Counselors of State, Namely, Sir Nichol●… Bacon, Lord Keeper of the great Seal; Sir Willam Burghley Lord Treasurour of England, T●… mass Earl of Sussex, Francis Earl of Bedfo●… Sir Francis Knowles, Sir james Croft, and M●… stir Secretary Walsingham, with the assistan●… of other worthy persons of experience, namely Sir Thomas Chamberlain, Sir Thomas Gr●… ham Knight, Master Peter Osborne, Mast●… james Altham, Master Thomas Riuet, and M●… stir Richard Martin, Master of the Mint: 〈◊〉 they found that the following inconvenience were practised, by Bankers or exchangers for th●… Private gain and benefit, for the advancing some Commonweals, and ●…e the destruction other Commonweals.  
To lay their money with Gain in any place of the world, where exchange lieth. 
Admirable feats to be done by exchange.   
To Gain and wax Rich, and never medd●… with any Prince's Commodity; or,  
To buy any Prince's Commodity with th●… Subjects money, and not one penny of their own.  
To understand whether money employed on exchange or Commodities is more profit.  
To live and increase upon every Prince's Subject, which take up moneys.  
To wind out every Prince's Treasure out of his Realm, whose Subjects bring in more Wares, than they carry out.  
To make the Staple of money Run, where the Rich Prince will have it.  
To unfurnish the poor Prince of his provision of money in Wars.  
To furnish their need of money, that tarry the selling of their Wares or Commodities.  
To take up money to engross any Commodity, or to incorporate any Trade.  
To hide their carrying away of any Prince's money.  
To fetch away any Princes fine money, with the base money of other Princes.  
To take up Princes base money, and turn it into fine, and pay the party with his own.  
To get all Merchant's money into their hands and gain thereby, and paying them, with their own.  
To make that Realm gain of all other Realms: whose Subjects live most, by their own Commodities, and sell yearly the overplus into the world, and both occupy that increase yearly, and also their old store of Treasure upon exchange.  
To undo Realms and Princes, that look not to their Commonwealth, when the Merchant's wealth in such and the great houses of one Country, conspire together; so to rule th'exchange, that when they will be Deliverers, they will receive in an other place above the Standard of the Mint of the Prince's money delivered: and when they will be Takers; they will pay the same in an other place, under the Standard of the Prince's money taken up.  
To get ready money to buy any thing that is offered cheap, and to raise the price of Wares.  
To get a part, and sometimes all his Gains, that employeth money taken up by exchanges, in Wares, and so make others travel for their Gain.  
To keep Princes from having any Customs, Subsidies, or Taxes upon their money, as they employ it not.  
To value justly any Wares they carry into any country, by setting them at a value, as the money that bought them, was then at by exchange in the Country, whither they be carried.  
By the premises we may see, of what importance the operation of exchange is, wherein the endeavours of Sir Thomas Gresham, thinking to rule th'exchange of England by plenty of 
Queen Elizabeth lending money out of th'Exchequer.  money proveth fruitless, and might have been done with more facility by direction, as shall be made manifest.  
This was the cause that the French King Lewis the ninth, and Philip the fair, did Confiscate the Bankers Goods, and so did Philip d●… Ualois, who indicted them as Coozeners of the Commonwealth; for it was found, that in a short time (with 24. thousand pounds) they had gotten ●…e and twenty hundred thousand 
Bodin de Rep.  pounds. The kingdom of England would have been more sensible of the like▪ loss, if the hostile depredations heretofore made, had not supplied the same, notwithstanding that the offers of Queen Elizabeth of blessed memory, ●…ere stored with seven hundred thousand ●…unds Starlin, before the Wars with the ●…rle of Tyrone in Ireland, wherein more than ●…uble that Sum hath been spent, as I found 〈◊〉 the accounts. For this disordered course of ●…change (as I have said) is like to the cruelty of ●…e Planet Saturn, which maketh his Spheri●…ll course in 30. years with great operation, ●…d it is not many years less, since I have ob●…ued this inconvenience for the good of the ●…ealme, albeit Envy hath crossed the same, by 
The Canker of England's Commonwealth.  ●…gnorant men denying Principles, and by other ●…eanes here not to be mentioned.  
The second cause of the want of Moneys in ●…gland, is (saith the said Author) the superfluity 〈◊〉 Plate generally in private men's hands. Here he ●…th omitted, to Note the great quantity of Silver consumed in the making of Silver Thread, Spangles, Purls, Oaes, and the like, which upon late examination of the Right Ho●…urable Henry Vizcount Mandeville Lord ●…esident, are found to amount 80. thousand ●…unds and upwards yearly; whereas the Plate ●…ade in London, is only but 50. or 60. thou●…d 
The second cause the superfluity of Plate, etc.  pounds worth, which remaineth as a stan●…ng Treasure, when th'other is worn and con●…med, leaving but some part to be molten a●…ine: and if the Plate were converted into ●…oneys, without all doubt, it would more easily be Transported, having his weight and ●…inenesse, and affording 12. in the 100 Gain abo●… the exchange in two months and less time.  
An exchange hereof, we have yet fresh 〈◊〉 memory, during the Reign of the Fren●… King Charles the ninth, who after the Massa●… of Paris, finding the Treasure of the Real●… exhausted, and his Subject's wealth to con●… more of Plate then of ready Money, was advised by some, that under colour of the Sup●… pressing of Pride, it were good to prescribe 〈◊〉 very man, what store of Plate he should keep●… according to his degree & quality, & the rest 〈◊〉 be turned into moneys: others were of opinio●… that it would not only breed a discontent vn●… his Subjects, but also a derogation and dishonour to the King's Reputation with forra●… Nations: Seeing, That the State of a Pri●… 
The state of a Prince consisteth as much by reputation as by strength.  doth as much consist by reputation, as by streng●… Therefore like good Politicians, advised t●… King somewhat to embase his money under t●… Standard of the Plate, which would cause t●… less exportation, and the Plate (of course) 〈◊〉 be turned into money: and this was do●… accordingly, and had also the same effect, s●… ve that where they thought money wo●… not be Transported; they found themselves deceiued, for the course of exchange was not looked into, which, not being answered accordi●… to the true values of the moneys, made a Gai●… by the undervaluation of them in exchang●… and so long as the Gain remained, it was con●…inually Transported, whereby at last the Plate of the Realm (turned into money) was lost; ●…swell as he lost his money before that time: and ●…o it came to pass in England, during the Reign of King Henry this eight, who Granted several Letters Patents, or Authorities to di●…ers of his Nobles to make base moneys of ●…heir own Plate, which did fall out to be the greater prejudice to the Commonwealth, and ●…o himself but a present shift for the time.  
Concerning the Gold and Silver thread, I have ●…eretofore endeavoured to have the Manufacture 
England's View.  thereof in England, upon plenty of money and Silver to be procured from foreign parts by means of th'exchange. But finding of late such unreasonable Consumption of Silver therein spent after the refining thereof, and the uncertainty in goodnnesse by the Wierdrawers: it pleased his Majesty with the advice of his most Honourable privy Council, to forbid the same lately by Proclamation, and to admit the foreign silver Thread to come in; whereby our Silver is not only preserved, but the quantity also is increased, because after the wearing a good part, remaineth in burnt Silver, whereas the Silk lace is consumed to nothing. And such is the Gain of Silver beyond the Seas (in regard of the low exchange by Bills, undervaluing 
Exchange the scope of gai●….  our moneys,) that Purls & Oaeses (in some sort prepared here) have been (by way of Merchandise) Transported of purpos●… to melt the same down there, for the making of moneys, as I have seen by diverse Certificates from Dart in Holland.  
The third Cause of the Want of Money's 〈◊〉 
The third cause the consumption of foreign wares  England, is the Consumption of foreign Commodities, which I have always called, The 〈◊〉 verballancing of those Commodities, with the native Commodities of the Kingdom, in Price▪ and not so much in the quantity. And the comparison hereof is, principally to be made in the Trade of cloth, and the Return of it, made by Foreign Commodities, As Silks, Linner cloth, Cambrics, Lawns, and other the like Commodities brought in by the Merchant's Aduenturours which have the Main Trade, and buy these Commoditis (proportionably) dearer then they sell our home Commodities; 
The Canker, etc.  which I have proved, by many reasons to proceed, by the abuse of exchange, according to which, they are both ways sold and bought. Is there any man of judgement, who seeth not, That this overbalancing doth expel our moneys out of the Realm, and which are (in effect) as it were given to boot to other Nations to Countervail this inequality? Let them consider of the Reasons following.  
First, moneys being undervalved in exchange, 
Causes of the overbalancing of Commodities.  causeth the price of our home Commodities to be abated, and to be sold better cheap in foreign parts, & is also the cause that our moneys are continually Transported.  
Secondly, the moneys being Transported, taketh away the lively course of Traffic of our said Commodities, and causeth young merchants to Run by exchanges upon Bills to maintain their Trade, paying great Interest for money, which they cannot take up at Use upon their single Bond, as they can do by a Bill of exchange, without Sureties.  
This causeth the said young Merchants and others to make rash Sales of their Commodities beyond the Seas, to pay their Bills of exchanges, whereby they overthrow the Markets of others, and make them to Sell good cheap.  
So on the contrary, the Coins being overvalued in exchange, and also enhanced beyond the Seas, causeth the price of foreign Commodities to be increased more than our home commodities, and our Merchants are compelled of course, to make Return thereby. For they cannot import those overvalued moneys, but to their exceeding great loss; and by exchange, they find few Takers, unless it be our young Merchants, which do consume their Estates by exchanges & Rechanges: For of the 
English Merchants bereaved of the 2. essential parts of Trade.  Three Essential Parts of Traffic, we have but the use of one, which is the buying of foreign Commodities to make Returns homewards, and doth increase the consumption of the said Wares.  
Moneys remaining hereby plentiful beyond the Seas, the rather for that they make Bills obligatory, serve as ready Money, which they Transfer and set over between man and man for the payment of Moneys or Wares▪ causeth there a lively course of Trade, whereby their Commodities are advanced in price & sale, neither are they compelled to sell them, but at their price, because they find money at interest at 5. and 6. in the hundred. This money is made daily more plentiful, by our Spanish Merchants, which do divert the Reals of Spain, as before hath been declared: hence it proceedeth, that our home Commodities, are many times sold better cheap beyond the Seas then here; for although Merchants do lose thereby, they make account to gain more, by the low exchange, delivering their moneys there, or taking of them up here by exchange, to pay their Bills of exchange at an undervalue: insomuch, that many Merchants having no Commodities there, may take up money here, and sending over the same in specie, will pay therewith 
An ingenious pra●…ise of ex●…hange.  their Bill of exchange, and Gain (by dexterity of wit) 15. in the hundreth in less than two months time. Thus when Gain is practised by exchange, the Commodities of the Realm are less vented, and the moneys are exported, which causeth the less employment here to be made upon our Commodities: Even as the importation of moneys being hindered (by the enhancing of the Coins beyond the Seas:) compelleth our Merchants to make ●…he greater employment upon foreign Commodities at dear Rates.  
For the Commodities beyond the Seas, are ●…n the hands of them that make sale of them, upon a certain price (as it were) at their pleasure, having Plenty of money, and at cheap Rate at interest, whereas also they have no man ●…o undersell them, here and there, as our Merchants 
Our Commodities fallen overmuch in price.  do our Commodities, which (without all comparison:) are far much fallen in price, ●…hen the foreign Commodities now somewhat ●…bated in price.  
Concerning other Commodities imported, As Wines, Raisins, Corints, Tobacco, and Spices of the East Indies: Let us briefly observe, that the Wines of France might be bought better cheap, if the money of the Realm were not 
French Wines dearer by exchange.  ●…ndervalued in exchange; for whereas heretofore they gave us in paym●…t their French Crown of Gold for 64. Soulx, now they give us the same at 75. Soulx, which Crown was then worth 6. shillings, 6. pence Starlin, and their quart d'escu now paid for 16. Soulx and above, was then but 15. Soulx, for which we gave here (accounting 4. to the Crown of Silver) 69. pence and thereabouts, and now 72. pence and above.  
And besides that, more of our native Commodities were vented with better profit, according to th'exchange; for the Rule is, that the less of Starlin money we do reckon in exchange with them, the more is the gain of our Commodities. The like may be applied for the Trade of Corints, which is now provided by other means. But the limitation to restrain all men from importing them, then only those of the Levant company, maketh no free Trade of this Commodity, nor other the like.  
The immoderate Use of that weed Tobacco 
The immoderate use of Tobacco.  hath been so effectual in debarring us from Spanish Reals to be (as formerly) imported to a great value yearly: but the wisdom of the State hath so qualified the same, that our Merchants trading in Spain do now sell Perpetuanoes, Bayes, Says, and other our home Commodities to benefit, which before were sold to loss, to have moneys to buy this Tobacco, that the Spaniard did say, Todo te pagara in humo, All shall be paid with smoke.  
The fourth cause of the want of Money in England, is (as the said Author saith) The great 
The fourth cause the want of the East-Indie stock.  want of our East India stock here at home, which he termeth the especial Remote Cause; whereas most men would have expected that the ready moneys sent in Reals of Plate to make the employment of the said Trade, would rather have been mentioned. My meaning is not to become a Trapezuntian Flatterer. For Aesop's Moral, That the Lion could not be healed without the Ap●… 
〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉. A Table. Herodot, in Cl●…o.  Liver: that is, Princes can not be safe without the destruction of flatterers: remaineth still fresh in memory; but in favour of truth and Policy, I am resolved to deliver my plain and sincere opinion, concerning the said Trade, which began with us in England immediately after the great jubilee year, 1600.  
If the Discourse made of the Trade from England into the East Indies be truly collected, no 
A discourse of the East-India Trade by T. M.  doubt the said Trade may be found very profitable hereafter, albeit it hath been very difficult in the beginning, according to the Proverb, Omne principium grave; especially when the Controversies between us and the Hollanders shall be determined, and their agreements established.  
For if Pepper do but cost two pence halfpenny the pound in the Indies, and that ten shillings employed therein will require but 35. shillings for all charges whatsoever to deliver it in London; where it is usually sold for above 20. pence: It followeth by consequence, that there must be a very great gain, which will increase, when the said parties shall be united in true Love, and buy the said Commodities better cheap; and so proportionably for all other Spices, drugs, silks, Indicoes and Calicoes.  
Again, if one hundreth thousand pounds in money exported, may import the value of 500 thousand pounds Starlin in wares or Commodities: albeit England do not spend above 120. thousand pounds, and 380. thousand pounds is exported unto diverse foreign parts, and there sold for ready money with great advantage.  
And lastly, if the very Commmodities of the Realm exported into the East Indies, will buy so much as England useth of their Commodities, and the employment is made for foreign Coin or Reals of 8. procured from other places, what man of understanding can justly find fault with that Trade? If treasure were imported thereby unto us, as their final end, as the Discourse saith, but that other Trades do divert the same? For when the said Indian Commodities are sent from England into Turkey, Leghorn, Genua, the Low Countries, Marselleis and other places, and are sold for ready money: The same is employed again upon Corints, Wines, cotton-wool and Yearn, Galls and diverse other Commodities, wherewith the Ships being reladen: yet a great proportion remaineth to be brought over in moneys, which are diverted from us, by the course of exchange in undervaluing our moneys, as hath been declared. The loss whereof is greater to this kingdom, 
The loss had by exchange yearly, is greater than the East Indie stock yearly employed.  than all the moneys employed yearly for the East Indies, cometh unto, which without due consideration, seemeth to be impossible. So that we may very well affirm, that by this Trade the Treasure of the Realm can greatly be increased and augmented, reserving nevertheless unto us the use of foreign Commodities at reasonable rates. And therefore is the same by all means to be continued, the rather for that the Hollanders have declared 5. especial Reasons for the continance of their East Indie Trade, which are not to be neglected, but are to be pondered by all Politicians and Statesmen.  
1. Because the Right, Power, and freedom 
A discourse of their Eastindie Trade.  of the Traffic and Trade belongeth unto them (iure gentium) aswell as to any nation of the world; which the Spaniards did call in question.  
2. For that the revenge of any injuries done to the Hollander, may be recompensed in those Countries; which was heretofore without breach of Truce.  
3. For the maintenance of their Mariners and Shipping, of which two, they abound above all nations.  
4. For the increase of Customs and means raised by the Buying of these commodities, their Country being a Storehouse for all wates and merchandizes.  
5. Because that by the continuance of the said Trade (although it should prove unprofitable:) They maintain a certain peace and assurance in the course of their government which consisteth thereby.  
This Trade of the Hollanders for the East-Indies began upon the Embargoes made in Spain of their goods and interruption of their Trade, wherein they did associate themselves with the Germans to disperse and vent their said India commodities better and speedier.  
To this Argument appertaineth, the consideration of the Trades out of Christendom, maintained for the most part with ready moneys. As for Turkey and Persia, wherein the abundance of Silver and Gold come into Europe, since the West Indies were discovered, is to be noted, which hath made every thing dearer according to the increase of money, which like unto an Ocean, dividing the Course into several branches in diverse Countries, hath caused a 
The Ocean of Monies from the West-Indies.  great alteration. But England doth not participate by the Course of Traffic a proportionable Competent share of the said abundance of moneys, as other nations do: albeit not many years since, we had more moneys then in times past, before the said discovery of the West Indies: But we must now measure things according to the said abundance, which is much diminished by the continual exportation of moneys for the East Indies from all places of Traffic.  
The fifth Cause of the Want of Money in England, he saith, are the Wars of Christendom, 
The fifth ●…ause, the ●…arres of ●…irates.  causing exportation of moneys, and the Pirates hindering importation of money. The latter is merely a Prevention or Robbing of our monies, which are supposed, might be brought in. But if Pirates did not take some of our monies, it followeth not, that the same should come unto us in specie. For experience, by the example of the Spanish Merchants, diverting ●…e Reals of 8. from us (for Gain to be made 〈◊〉 foreign parts:) proveth unto us the con●…ary. gain being always the Scope of Mer●…ants: and to prove that this gain, is made ●…ally only by the abuse of exchange (which ●…herwise would be but Imaginary,) we have ●…ready declared.  
Now touching the exportation of monies ●…y the Wars of Christians, where he declareth 〈◊〉 urgent instance: That the Riecks Doller, is ●…ised (two marks Lubish making the said Dol●…:) to twenty marks Lubish in many pla●…s of Germany, whereby abundance of money 〈◊〉 drawn unto the Mints of those Countries, ●…om all the Mines and Parts of Christendom: ●…erein he is much mistaken; for when moneys ●…e enhanced, they never are carried to the 
Money enhanced never carried to the Mint.  Mints for to be converted into other Coin. ●…ut they remain currant, between man and ●…an, running like a Post-horse, every man ●…aring to receive a loss by the fall. Neither ma●…eth this any rule for merchants in places of ●…rade, otherwise then that they may take ●…nowledge of the public valuation thereof, to ●…ell their Commodities accordingly, by rating ●…he price of exchange, upon their former obser●…ation; which being neglected or done in part, ●…auseth the undervaluation of our moneys in ●…xchange. And this is the immediate Cause by ●…im first alleged and treated of, wherein the Commodities are no more Active, then Tenderdon Steeple in Kent, was the Cause of the decay of Dover haven.  
To make this to appear, let us note, that this Rieckx Doller being the main and most usual Coin in Germany, Eastland, the United 〈◊〉 Reconciled Countries under both Gouernme●… and many other places, was valued at 2. ma●… Lubish, every mark being 16. shillings Lub●… or 16. Stivers; for in the year 1575. the 〈◊〉 Doller was still coined in the Empire for 〈◊〉 Stivers. And was so currant by Valuation in 〈◊〉 Low Countries, whereby the said shilling L●… 
A shilling Lubish and Stiver Flemish all one in the year 1575.  and the Stiver Flemish were all one, but the 〈◊〉 in the Low Countries hath been the cause of 〈◊〉 enhancing of this Doller, which was brou●… to 35. Stivers, and in the year 1586, to 〈◊〉 Stivers by intermissive Times and Valuati●… howbeit at Stoade, Hamborough and other places in Germany, the said Doller did remain st●… at 32. Stivers or two marks. And as the sai●… Doller did enhance in price: so did they coy●… new Stivers accordingly, sometimes lighte●… weight, and at other times embased by Alloy 〈◊〉 Copper. And yet in account, the Stiver did a●… doth remain the ground of all their mony●… 
A great fallacy.  But the said Doller holdeth his Standard agreeable to the first Doller, which is called the Burgondian Doller with the cross of Saint Andr●… coined in the year 1575. which is in finene●… ten ounces, and twelve penny weight of fi●… silver, and four and one half of these Dollars, were there made equivalent to our 20. shillings Starlin, as a Public measure in exchange be●…weene us, and the Low Countries, Germany, and all other places where this Doller was cur●…ant, which made the Par or price of exchange ●…o be 24. of their shillings, for 20. shillings of ●…ours, according to which computation, exchanges were made, always above that price, both here and beyond the seas; and the Stiver of the Low Countries was not in value answerable thereunto, for being but two ounces 17. pence with fine, their 32. Stivers for the said Doller, (which is four pieces and one half 144. Stivers:) did not contain so much fine silver in them, as the said Doller proportionably. But there wanted above 3. shillings Flemish in the pound of 20. shillings Starlin.  
These Dollars have since been imitated and made by the States of the united Low Provinces in their several Mints, as also by the Archduke Albertus in the reconciled Provinces. And the price of them at Hamborough, Stoade, and other places was enhanced but one Stiver: that is to say, at thirty three Stivers, where the said Dollars, went in the Low Countries by valuation for 45. Stivers in the year, 1586, at which time the Par of exchange was found to be twenty four shillings nine pence for those parts, and for the Low Countries at thirty three shillings 4. pence; which was so agreed upon to our disadvantage, for according to the said 4●… Dollars, at forty five Stiu●…rs, it maketh thirty three shilling nine pence; but our twenty shillings valued at ten Stivers for the shilling, was the caus●… that it was put to thirty three shillings four●… pence. Myself being there, a Commissione●… appointed by the Council Table, with Sir Richard Martin Knight, and Monsieur Ortell, Mo●…sieur Coase, and Monsieur Valcke, Commissioners for the States of the united Provinces.  
This Doller is since that time enhanced t●… 
In the united Provinces.  fifty two Stivers in the Low Provinces, whic●… maketh the price of exchange above thirty eight shillings, or rather thirty nine shillings: and shall we suffer this, and not alter our price of exchange accordingly, but be contented to take thirty four shillings or thirty five shillings, and after that rate undersell all the Commoditis of the kingdom, and suffer also, (because of this gain) our monies to be exported, the Reals of 8. to be debarred from us to be brought in and carried to other Countries, for bringing a loss to the importer, which by enhancing of the price of our exchange (and no●… by enhancing of our monies:) can be easily prevented? as hereafter shall be declared.  
This Doller is likewise since that time, more enhanced in Germany from time to time, and 
In Germany.  leaving the excessive alteration in Remote places, let us note the valuation of Hamborough, where it hath been at fifty four Stivers the Doller, which maketh the exchange above forty shillings of their money for our twenty shillings. And although we have raised the price of exchange from twenty four shillings nine to thirty five shillings or thereabours: shall we rest here and go no further? have we reason to do it in part, and not in the whole, according to justice, equity, and true Policy? And shall we be like a man, that by halting in jest, became same in earnest? I say again, Absitignorantia. Thus much Obiter.   

CHAP. II.  
The Causes of the Decay of Trade in the Merchandise of England.  
THE Monies of Christendom, which have their ebbing and flowing, do show their operation upon Commodities, making by Plenty, the price thereof dear, or by Scarcity better cheap. And on the contrary, by exchange we find that plenty of money maketh a Low exchange; and the price of monies to fall in exchange: and that Scarcity of money maketh a high exchange, and the price to rise, overruling both the price of moneys and Commodities, which being observed by the great exchangers or Bankerers; caused them to invent all the means to compass the same, and to rule the course thereof at their pleasure, having the main sea of exchanges, wherein the exchange of England runneth like a River or Branch, and is overruled by the general Currant; which may be prevented: for we have the head of exchange of 20. shillings Starlin for the places where most of our Commodities are sold, which will command all the parts & members of the body of Traffic, and procure plenty of money, whereby the other causes of the want of monies in England (as the waste of the treasure and the like:) will not be so sensible as ●…ow they are, especially when needful Commodities of Trade, shall be imported from some pla●…es, which shall supply (as in times past) the exportation of much money, when the Commodities of Russia, being Tallow, Wax, Hides, retransported 
Commodities of other countries, used to provide Wines, Raisins, etc. The first cause of the decay of Trade.  into France and Spain, did by exchange furnish the Realm with Wines, Corints, Raisins and the like Commodities.  
The Want of Money there, is the first cause of the Decay of Trade, for without money, Commodities are out of request. And when they fall again into Permutation or Barter, Traffic is subject to the necessity of Merchants, which ●…endeth to the destruction of one Commonweal, and to the enriching of an other. And this is effected by the exchange, as the grave and wise Counsellors of State before mentioned, have very well observed, whereof Aristotle and Seneca could take no notice in the infancy of Traffic, which maketh me to forbear to allege their opinions and definitions; howbeit Commercium is quasi Commutatio Mercium, which the said Author would turn again by a change of 
Pag. 20. 21.  wares for wares, and not money for wares. No marvel therefore that he doth invert things, and runneth into a Labyrinth without distinction, between the thing Active, and the Passive, by approving Money to be the rule and square, whereby things receive estimation and price. And yet commending the Commutation before Money was devised to be coined.  
Aristotle saith, That Action and Passion are merely Relatives, and that they differ no more, 
Phys. 3. lib. cap. 3.  than the way from Thebes to Athens, and from Athens to Thebes. We will therefore leave this Merchant to walk between both until he can discern the one from the other. And then he shall find, that as the Liver (Money) doth minister Spirits to the heart (Commodities,) and the heart to the Brain (Exchange:) so doth the Brain exchange minister to the whole Microcosm or the whole Body of Traffic. Let the heart therefore by the liver receive his Tinctured Chilus by his own mouth and stomach, and the blood full of Spirits, shall fill all the veins, and supply the want of monies. The easy course and recourse of whose exchange, shall bring all things in time, and serve all men's turns. For even as there are two Courses observed of the Sun: the one Annual, and the other by daily declination, rising and going under: even so must we observe in exchange two Courses, the one according to Par pro Pari, or value for value: the other rising and falling from time to time, as we have already declared.  
The second Cause of the decay of Trade, saith he, is Usury, meaning Usury Politic, wherein he 
The second Cause of the decay of Trade.  is prevented to speak, because of a Treatise made against Usury by an unknown Author, and presented to the last Parliament, for whom he taketh great care, that he be not abused as Virgil was by proclaiming too late, Hos ego versiculos feci, tulit alter honores. True it is that the said Author doth not attribute unto himself the making of verses: but taketh the whole substance of his discourse out of other men's 
England's View.  works, published above twenty years since. Turpe est Doctori, dum culpa redarguit ipsum. Cato.  
Usury in a Commonwealth is so inherent, and doth properly grow with the decay of Trade, as Pasturage doth increase, with the decrease of Tilling. Albeit in some respects, Trade is increased by monies delivered at use or interest upon occasions, when the Usurer is glad to find a taker up of his monies, and doth 
Plenty of money abateth th●… Ra●…e of Usury of Course.  pray him to do the same, by reason of the abundance of money; which maketh the price of Usury to fall, more than any Law or Proclamation can ever do. So that to abate the Rate of Ten upon the hundred to eight (as the said Tract against usury would have had the Parliament to do:) will be effected of course, which always hath the greatest command.  
This doth also much prevent, that the Rule of Concord and Equality is not so soon broken and overthrown in Commonweals, some growing very rich, and others extreme poor, not able to live in their vocation: The most pregnant cause of discord, causing many times Civil wars, as Cornelius Tacitus hath noted, and appeareth in another Treatise where the operations 
S. George for Eng●…and.  of Usury are described.  
The biting Usury & intolerable extortion committed by certain uncharitable men, commonly called Brokers for pawns, is not to be touched in a word, for this is the only the remarkable sin, (I mean extortion & oppression:) for which the first world was drowned, which feedeth upon the sweat & blood of the mere mechanical poor, taking 40 50. 60. & 100 upon the 100 by the year: besides Bili money and for feature of the pawns, when charitable persons have offered above 20 years since, to give largely, and to lend moneys Gratis, as also after 10. in the 100 to supply by way of pawn-houses (by some called Lombard's:) the need and occasions of the 
England's ●…iew, Pag. ●…2.  poor & mechanic people; the neglect whereof showeth that our hearts are overfrozen with the Ice of uncharitableness, which otherwise could not have so long continued; for it provoketh God's anger against us in the highest degree. If these men had been jews, I might have bestowed some Hebrew upon them in detestation of the word Neshech, which is nothing else but a kind of biting, as a dog useth to bite & gnaw upon a bone; otherwise to use many languages in a little Treatise of free trade may seem impertinent.  
The third cause of the decay of Trade he saith, is, 
The third cause of the decay of Trade.  the litigious Law suits, which as one way they increase by scarcity of money, which compelleth men to stand out in Law for a time, when they cannot pay until they receive: So another way, when moneys are plentiful, men care the less for money, & pride causeth them to spend, & to go to law for every trifle, disputing Delana Caprina: true it is, that this Law warfare interrupteth trade, but to make the same to be one of the efficient Causes of the decay of trade, I cannot altogether agree thereunto: but rather to the Remedies which shall be hereafter declared; albeit many men, are vexed, imprisoned & overthrown, having spent their time & means in Law: which might have been employed in trade for the good of the Commonwealth & their own quietness.  
I do likewise omit to entreat of transportation of ordnance & munition heretofore permitted, mentioned by the said author, & now prevented in some sort; neither was England in the year, 1588. in such great distress to be termed in articulo 
Pag. 75.  temporis, when the merchant's Adventurers did provide from Hambrough a ships lading with Powder and shot, as parcel of their duty to assist the Kingdom, by God only preserved.  
The fourth Cause of the Decay of Trade, or 
The fourth cause of the decay of Trade.  to speak properly, neglect of Trade, is, The admitting of foreign Nations, to fish in his Majesty's Streams and dominions, without paying any thing for the same, whereby their Navigation is wonderfully increased, their Mariners multiplied, and their Country enriched, with the continual labour of the people of all sorts, both impotent and lame, which are set on work, and get their living.  
Concerning this fishing Trade: there hath been a continual Agitation above 30. years to make Busses and Fisher-boats, but the Action is still interrupted, because other Nations do find too great favour and friends here to divert all the good intentions and endeavours of such as (with the Author of this Discourse) have employed their Time and good means therein; for the Merchant's Aduenturours, the Company of Merchants Trading in Russia, and the East-land Merchants, did also oppose themselves against it at the Council Table, and did allege the reasons following.  

1. The infringing of their Privileges here and beyond the Seas. 
Inconveniences against the ●…shing in England.   
2. The Interloopers' advantage to interrupt their Trade under colour hereof.  
3. The want of means to make Return, both for Fish and Cloth also.  
4. The enhancing of the price of foreign Commodities.  
5. The preoccupying of money to the hindrance of Cloth.  
6. The dissolution of the joint stock of the Russia Company.  
7. The encouragement of Strangers hereupon to make a Contract with the Russian Emperor.  
8. The discouragement to undertake new discoveries.  
9 The defraying of the Charge of Ambassadors and other extraordinary Charges for honour of the State.  
10. The plenty of Fish, which those Countries have from time to time, and some other Reasons.   
So that in conclusion, England (by their saying) cannot maintain the Sea Trade and the Land Trade together; neither do they make account to make Return in money, knowing that they should lose more thereby, then by the exchange of those Countries, or by Commodities. And albeit that all the premises may be moderated without hindrance to the said Companies: nevertheless such is the condition of some Merchants, not understanding the Mysteries of exchange, and overruling others by their order of Antiquity in their Society: that neither Reason or experience can prevail; insomuch, that whereas other Princes take their Duties of other Nations for fishing, and fish themselves also by their Subjects: yet England cannot resolve to do the like, or at least take order for the said Duties.  
In Russia many leagues from the Main, Fishermen 
Exemplary Actions of other Princes about duties of fishing.  do pay great Taxes to the Emperor of Russia, and in most places, other Nations are prohibited to fish.  
The King of Denmark doth the like, and taketh great Tribute, both at Ward-house and the Sound.  
The King of Sweden in like manner, and the said King of Denmark now for the Kingdom of Norway.  
All the Bordering Princes of Italy do take Taxes upon fish within the Mediterranean Seas.  
The like Tax is taken by the Duke of Medina Sidonia for Tunny in the Spanish Seas.  
The States of the United Provinces do take an imposition upon fish, which is taken within the Streams, and Dominions of other Princes.  
The Hollanders do allow the Tenth fish, both in Russia, Lappia and other places, or pay a Composition for the same; as also moreover a Tribute in the Sound for passage, to fetch the said fish. And of mine own knowledge, I am assured, they would willingly have paid the same unto England, or a good composition for it, had not the greedy lucre of some persons hindered the same.  
These exemplary Actions have long determined 
Com●…nitie of the Seas, as also a distinct Dominion.  the question of Mare liberum, touching the Community or freedom of the Seas, which is acknowledged to be so, for Navigation, without that the same doth any manner of way prejudice the Distinct Dominions of the Seas of all Princes concerning fishing; that is to say, the fishing Trade. So that it is superfluous to allege the opinions of Orators and Poets about the fishing heretofore in the Mediterranean Seas, neither doth it belong to this place to cite the Determinations of the learned Civilians which are mentioned in the Treatise De Dominio Maris. For the matter hath been learnedly handled at the Council Board, before the Grave Senators, many years since, by our Civilians and others, which (to avoid prolixity) I do omit.  
Now from the Fishing we are come to Clothing or Drapery of the Kingdom, and the 
The fifth cause of the decay of Trade.  abuses thereof, as the fist cause of the decay of Trade: wherein to use many distinctions of the new and old Drapery (unless it were to Reduce matters in statu quo prius:) shall be needless. And although the dressing and dying of Cloth, was insisted upon to be done in England in the year 1616. To establish the Manufacture within the Realm, (at which time 64. thousand Clothes were exported:) which was afterwards revoked:) I cannot omit to observe the Practices which were used by Combination with other Nations abroad, and domestic intelligence a●… home, whereby many good Actions are o●…rowne, to the general hurt, and with little advancement to the particular.  
It cannot be denied, but that the Drapery of foreign Nations (not only the making of Cloth in the Low Countries, but o●… late yeere●… in Italy and Spain also:) the Trade of Cloth 〈◊〉 much diminished, both in the number made, and in the price thereof, which is a Canker to the Commonwealth. But this is not to be cured by abating the price of our Cloth continually (as it were) striving to our undoing, to undersell other Nations; for Satan cannot cast o●… 
Page 105.  Satan, as the said Author allegeth: which might hereunto be better applied, if the Simile were grounded; for in Physic one deletorious poison, is hardly tempered, but by one of equal strength. For the underselling of our Clothes will not make them more vendible, when the Accidents of great Wars doth hinder the same: wherein we are to note two principal points.  
First, that other Nations (buying heretofore 
The advantage of our Merchants in the sale of Clothes.  our Clothes when they were sold dearer, by the one half in price than they be now) did never complain that the Clothes were sold too dear, but they did always complain of the false making of our Cloth.  
Secondly, that other Nations are as willing to sell unto us their foreign Commodities, as we can be to sell our Clothes to them; for those that make Clothes in their Countries, have no occasion to buy foreign Wares, or the Commodities of others, but seek to sell them for ready money, or to be paid at some times: whereby England hath a great advantage, and may enjoy the benefit of it, in selling their Cloth with Reputation, which is ever accompanied with Request, and causeth Commodities to be sold at good rates; whereas vilifying the price of Wares, can never establish a Trade, and make Commodities more vendible; for this course is violent, and Nullum violentum perpetuum.  
And in this place it may be thought convenient 
The Author's Apology.  to make an answer, to the imputation and false interpretation which the said Author maketh, in the last chapter of his Treatise upon the words mentioned in the Canker of England's Commonwealth, wishing the amendment of the above said fault, That our Cloth might be sold at 
Pag. 46.  so dear a Rate, and according to the price of foreign Commodities, that thereby other Nations, should take upon them, to make our clothes. And the Remedy is added, by selling our Woolles dearer, whereof they must make them; for in those days of the latter Time of Queen Elizabeth of blessed memory, and until the second year of our most Gracious Lord King james, Wools were permitted to be Transported by the Staplers and others. And the makers of Cloth beyond the Seas, must needs have them to cover their Woolles in the Indraping, which is now prohibited, and the Case is altered: hereupon this Modern Merchant out of his deep Speculation; saith, which seems to have in it, much more Dutch then English, to deprive this Kingdom of so Royal a Manufacture, whereby so many thousands of poor Families are maintained: imitating herein the Butchers fly, biting upon one place, which seemeth to be ga●…ld, as he saith, and leaving all the found body untouched. For my Writings which are extant 
England's View. Pag. 88 A Manuscript of the Royal Merchant of great Britain.  in Print, and Manuscripts, do show, that my continual study hath been to seek the welfare of this Kingdom, which caused foreign Nations to say, that I did savour of too much English, and had made myself odious thereby, so that I may justly Challenge the misapplied example of the great Commander of the Romans Belizarius, alleged by the said Author; for Envy (looking asquint, as if she were borne under Saturn:) having deprived me of the sight of one eye with foreign Nations; doth now endeavour to make me blind, to bring me to say, Date obulum Belizario, quem invidia, non culpa caecavit. The like part she played with me, for the invention of Farthing tokens, by accusation, that there was an intention to bring the use of Copper moneys within the Realm; which Tokens are found to be very commodious and necessary, whereby the waste of much Silver is prevented, the mere poor relieved, and many of their lives saved, and the Commonwealth cannot be without them, unless Leaden Tokens were made again in derogation of his Majesty's Prerogative Royal. Wise men have noted, that the due observation of virtue, maketh a Stranger grow natural in a strange Country, and the vitions a mere Stranger in his own native Soil: and to their judgements I shall always appeal with the divine assistance, and also pray for Unity and Concord where none is, especially where the Spirits of neighbour friends should be united by true Religion to make justice flourish; to which end, Wisdom doth construe things in the best Sense For if they had with Patroclus put on Achilles' Armour, and rid on his Horse, and durst 
Pag. 15.  never touch Achilles his Spear: Surely our Achilles Spear doth both wound and heal, as his did, and like unto the water of Dodona, both extinguish and lighten Torches, whose continual 
Of 〈◊〉 & 〈◊〉 〈◊〉 to work forcibly. iXres, A Step, 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉. To distribute.  vigilant care by many Nocturnal Lucubrations, hath no need to be remembered by the sight of his Subject's blood in sheets, written within and without, proceeding of 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 a Revenging eye.  
Returning to the Cloth Trade and the Clothier, with a consideration of the merchant's Aduenturours, Eastland merchants, Russia Merchants and others, and the Wool Grower, or the Gentleman; let us carefully observe them in particular and in general, supposing their complaints were all heard at one instant together, as also dividedly, whereby Truth doth better appear by observing their Policies, partly declared in the neglect of the fishing Trade. The merchant's Aduenturours having engrossed into their hands by colour of their last Letters Patents, The sole Power of exporting all 
The sixth Cause of the decay of Trade, The Policies of Merchants.  white Clothes, coloured Clothes, Kerseys, Bayss, Says, Serges, Perpetuanoes, and all other new Draperies, into Holland, Zealand, Brabant, and other parts of the low and higher Germany, hath abated the Trade.  
For all Merchant's Strangers, might and did heretofore export white Clothes out of the Kingdom, paying double Custom, which they now may not.  
The Merchants of the Staple, from all the Staple Ports, As London, Westminster, Brist●…l, South-hampton, Hull, Boystone, and Newcastle, have heretofore exported, either Cloth or Wool, or both, which now they may not.  
All other Merchants at large, as well at London, as of all other parts of the Kingdom have usually heretofore exported, coloured Clothes, Kerseys, Bays, Says, Serges, Perpetuanoes, etc. which now they may not. So that all the Trade of the Merchants of the Staple, of the merchant Strangers, and of all other English Merchants, concerning th' exportation of all the Commodities made of Wool into those Countries, where the same are especially to be vented, is in the Power of the Merchant's Aduenturours only; and it is come to be managed by 40. or 50. persons of of that Company, consisting of three or four thousand. Nay one man alone, hath compassed into his hands, the whole Trade of coloured Clothes and Kerseys for these parts, by the means of exchanges, and moneys taken up at Interest. It is impossible that the same number with the same ability, can manage the same Trade, to the best profit in Times of wars, as in Times of Peace: Then much less can a lesser number, with lesser ability manage a greater Trade, in most Troublesome times, especially if they have borrowed 50. or 60. thousand pounds at use, for the service of the Company, and thereby engaged the Trade, and set themselves in debt; which causeth many of the best merchant Aduenturours to give over Trade, and are become purchasers, or lender's of money at Interest. Many others of them have engaged themselves in the East Indian Company, which did carry away their money, and left the Cloth.  
This small number to manage so great a Trade 
The seventh cause of the decay, is the false making of our Cloth.  encourageth the Clothier to adventure to make false Cloth, because it is impossible, that so few Merchants can search and visit every Cloth, as it ought to be done, and the Clothier's conscience is satisfied. For he saith that the falsest Cloth is answerable to the best price, because none may export but they, and therefore they will give what price they please: for this deceitful Cloth hath caused great jars and differences between the English Merchants and the foreign Nations for Tare or Rebatements, and the general Report of the falseness of English Manufactures, hath caused a wonderful decay of the sale thereof.  
The Trade thus limited to a small number of a Company, residing for the most part at London, is a general prejudice to the whole Kingdom, which though it have made London rich, it hath made all the Ports and other parts of the Kingdom poor; for it enforceth needless and chargeable carriage and Recarriage of diverse Commodities, whereby they are endeared unto us, and it hinders all the Ports (being the Walls of the Kingdom) from having either foreign or domestic Commodities brought unto them at the best hand, which causeth them to be almost desolate and forsaken: and it hindereth the Clothiers and new Drapers (which dwell in remote parts:) from selling their Cloth and Stuffs at their next adjoining Ports, for how can they sell, when there are no Merchants?  
It causeth all Chapmen to give poor and faint prices for Wool, because when it is indraped, it may not more freely be exported to the best advantage. So that the Grower is hindered in the price of his Wool, for every loss and prejudice that comes upon cloth and the Clothier, 
One extremity enforceth another.  doth fall upon the Wool and the Wool Grower. And the Clothier saith, he is prevented of his best Chapmen for his Cloth, for that merchant's Strangers, or other English merchants cannot work upon the advantage of Markets and the Clothier's necessity, which beats down the price of Cloth; the price of Cloth beateth down the price of Wool; the price of Wool beateth down the price of Lands, which cannot be improved; and foreign Commodities are freely taken in Barter for the Return of our home Commodities, when moneys nor Bullion can be imported, as hath been declared: so that the Hammers at the Mint, where the pulses of the commonwealth should be felt, are the life and moving. And it is come to such extremity with the Eastland merchants, that they cannot vent their Cloth in Barter of other Wares to make Return, and by money their loss would be incredible.  
Shall this be Proclaimed a Free Trade, when within ourselves, we are in Bondage, and have lost the benefit of the Two essential Parts of Traffic, namely the Rule of money and exchanges? Let every man judge.  
To say nothing of the dependences of Trade, as the increase of Navigation and Navigators, when Merchants heretofore had more freedom, and the Ports were furnished and frequented, with great store of shipping; which although they were but small of burden: yet every one had their several Pilot and Mariners, which did daily supply the Land, with plenty of Seamen.  
The Merchants Staplers have observed, that the Merchant's Adventurers, have an inevitable opportunity of Combination, to set what price they please upon cloth to the Clothier, of Wool to the Grower, and of all Commodities exported and imported; and likewise to lay what private impositions they please, upon any of the said Commodities, so that whether they do well or ill for the Commonweal, there can be no apparent trial: for having power to bar all others from Trade, but themselves, they are like a Commodity weighed in a Balance, that hath but one end, where there can be no Counterpoise, and then it seems to be great weight, although it be never so light. So that this engrossing of Trade into few men's 
Engrossing of Trade.  hands, hath caused our home Trades to decay, our Manufactures to decrease, and our homebred Commodities to lie upon our hands unsold, or to be sold at a low price, to the utter undoing of all sorts of poor people in England, and the great damage of all his Majesty's loving Subjects: and whilst our merchants hinder one another from Trade, other Nations increase their own Manufactures, and enlarge their Trade; not only for the said Countries of high and low Germany, but also for Russia, Eastland, Poland, and other places.  
For the making of good and true Cloth, many excellent Laws have been made and enacted, especially in the fourth year of his Majesty's happy Reign; whereupon I have heretofore made a Demonstration which was exhibited to the Right Honourable the Lords of the Privy Council, showing the weight, length and breadth of all sorts of Clothes, and that Weight and Measure doth control each other, whereby the Merchant that buyeth the Cloth, may be enabled to find out the fraud and deceit of the Clothier: but this should be done before the selling of them, and that by honest Officers or Magistrates, according to the said Act, whereof our great Book (now under 
Lex Mercatoria or Law Merchant.  the Press,) entitled Lex Mercatoria or the Law Merchant, doth entreat of more particularly.  
The eight cause of the decay of Trade, is, Th'exportation 
The eight cause of the decay of Trade, exportation of Materials and impositions.  of the materials of Wools, and Wooll-fells, from the Seacoasts of England, and the Kingdom of Scotland, and the Customs and Impositions laid upon Clothes at home and abroad in other Countries, especially the great Imposition in the Low united Provinces called Consumption Money, paid by the Retail of Cloth or Drapery, only upon our English Clothes, and not upon Cloth in those parts, whereby their Cloth is more vented, and English Cloth in less Request.  
Touching the exportation of Materials, there is a provident order taken. to prevent the same in England, by a late direction and Proclamation, prohibiting the exportation of Wools, Wooll-fells, Wool-yearne, Fuller's earth, and Woodashes. And the like will be done in Scotland; and for the better execution, there is a Committie appointed of certain selected discreet persons under the great Seal of England.  
The ninth Cause of the decay of Trade, are 
The ninth cause of the decay of Trade, the wars, the Pirate, and Bankrupts.  the Wars in Christendom, as also in other Countries out of the same, where our Cloth and Manufactures have been transported, increased by the daily losses sustained by Pirates, and continual breaking of Merchants and Tradesmen; all which is merely Heterocliton or opposite to Traffic, and they concur all in nature, to the interruption and overthrowing of Trade; and this can never be diverted, prevented, nor remedied, by selling our Clothes or Manufactures cheap, to undersell other Nations, who meet with the said hindrances and interruptions as well as we do, in the Trade of the Clothes made by them: But Time and quietness must be expected in some measure. The price of Wool being fallen from 33. shillings the Todde, to 18. shillings and under, disimproning the Revenue of lands, can never increase Trade, but impoverish the Kingdom and all landed men.  
Aristotle saith, that Riches is either Natural or Artificial. The natural Riches, as lands, vines, forests, meadows, etc. The Artificial, as Money, Gold, Silver, Cloth, and all things metalline or mineral, and manufactures, proceeding of the Natural Riches. And as both these do receive their price and estimation by money (as the Rule and square:) so reason requireth a certain Equality between them in the estimation of the value thereof, which daily decreaseth by abating the price of our Commodities, and for the want of moneys; wherein some unskilful merchants are much to be blamed in making inconsiderate Barters for our Clothes 
Inconsiderate Barters.  beyond the Seas, wanting vent, and being (by the abuse of exchange) deprived to import moneys and Bullione. To conclude this point, let us remember, that the Protection of Princes in wars and against the Pirates, is to be maintained to prevent the decay of Trade.  
The tenth and last Cause of the decay of Trade, 
The tenth cause of the decay of Trade. The Use of foreign Wares.  is the immoderate use of foreign Commodities, and the less use of our home Commodities: for albeit that by the Superfluity of our native Commodities, Trade is procured: yet if that Superfluity do abound so, that thereby the price of it becometh abated: Then foreign Commodities being more used and worn, come in the lieu thereof and are advanced, which bringeth an evident overbalancing of Commodities.  
This caused some State's men in France, to invent means how the Trade might be cut off, and that no Commodities should be transported out of the Realm, making account, that they could live peaceably within themselves and very good cheap, without giving or receiving any thing of other nations. This was much contradicted by Monsieur Bodine the great Politician of France, as is noted in England's View, who showed that they had need of the Stranger, and most especially of the Traffic with them: Insomuch, that although they could have lived without them in regard of Commodities: yet charity, humanity, and Policy willeth us to maintain friendship with our neighbours, and rather to give them part of our blessings, than not to deal or Communicate with them. True it is, that it cannot be denied, that if any kingdom under the Sun, can subsist of itself, none hath more cause of thanksgiving unto God, than the Kingdoms of Great Britain and Ireland, so richly replenished with all things serving ad Victum & Vestitum, for the Back and Belly, as we term it, not only for our own maintenance, but also for the supply of others. But God caused nature to 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 Commonweal should live with an other. And therefore is Traffic and Trade so much to be maintained and defended, wherein all manner of rashness in the sale of wares is to be avoided, but by Policy to be prevented and upholden, according to the 
Plutarch in vita Sertorij  Policy of that valiant Captain Sertorius, who did prefer the same before strength by setting the feeble Soldier to pull out the horses tail, which the mightiestman of his camp could not effect, using violence: when the feeble man did perform the same by pulling out the hairs by little and little. Merchant's can use the like Policy, when they want not monies, and do expect a convenient time to sell their Clothes with reputation.   

CHAP. III.  
Of Governed Trade, and therein of Monopoly.  
HITHERTO (saith the said Author:) the matter of Trade hath been considered in Money and Merchandise, and the exchange of monies is passed over by him, as a matter not worthy the consideration: 
Commodities and Moneys.  indeed it was good for him to sail between the two Rocks of Scylla and Charybdis, without further adventure, and not to suffer Shipwreck upon the dangerous Rock of exchanges. But diverse merchants have much distasted, that a man of their profession should neglect one of the Essential Parts of Traffic, and the most operative in Trade, being the only measure between us and foreign nations, without which, all his discourse is without Rhyme or Reason. So that he cannot find any Parity nor Purity in exchanges; like unto a sick body who by reason of the bitterness of his tongue, can not relish.  
Monsieur Bodine saith, that when a man is noted to be of experience, and to understand matters, wherein he is surpassing others: The Proverb is, Il entendle Par, he doth understand his Par or Equality; which cannot be applied unto him that doth not understand the matter of exchange: for all his arguments are framed between Commodities and moneys, from whence this Syllogism may be drawn against him, to maintain the undervaluation of our money in specie.  
Nothing causeth Merchants to export more money out of the Realm, than they bring in: but only the bringing in of more Commodities into the Realm than they carried out. The undervaluation of our moneys, causeth no more Commodities to be brought into the Realm, then is carried out: Ergo, the undervaluation of our moneys, causeth not more money to be carried out of the Realm, then is brought in. But left this should breed a Dilemma, let us examine his words concerning exchanges.  
It is not the Rate of exchanges, but the value of 
Pag. 104.  Monies, here low, elsewhere high, which causeth their exportation; nor do the exchanges, but the 
Hysteron Proteron.  Plenty and Scarcity of moneys cause their values.  
There are three ways to dissolve an argument, 
〈◊〉 〈◊〉 t●…●…ssolue an argument.  Denial, Retorting and Distinction. Denial is too hostile, savouring more of obstinacy, then of Art; Retorsion is more witty, then profitable. But Distinction is like to mature Remedies compared to Purges, which cleanse and feed. Now the said Author taketh the course of Denial, and proveth nothing.  
If monies be here low, and elsewhere high, how is this known but by the Valuation of exchange? 
Exchange compared to the Assay of money.  considering the diversity of moneys of several Standards, wherein the exchange is like to the Assay, whereby the fineness of Silver and Gold is known, grounded upon the quantity, which the exchange requireth according to the weight of fine Silver and Gold, contained in the monies of each Country, which is the intrinsicke value, and not according to the extrinsicke valuation, which is altered by Denomination; for the name of a thing doth not alter the value Really, but the substance doth it, if it be altered; much less doth Plenty or Scarcity of money's cause their values, it being contrary to the nature and properties of money. The public Measure, the yard doth measure the Cloth, but the Cloth doth not measure the yard. To illustrate the premises by examples, I have heretofore showed the consideration incident. 
The Canker of England. Pag. 58.   
Suppose that some Merchant's Strangers do come over into the Realm, to buy a Pack of Ten Clothes valued at 80. pound Starlin, which they are to pay in Gold and Silver, and yet they do not know, what the Weight and fineness of our Starlin money is, neither doth the English Merchants know the weight and fineness of the foreign Coin, which they have brought over: hereupon to content both parties, the monies on either side must be tried by the Subtle Assay according to their fineness, calculated upon the pound weight of 12. ounces Troy, and then by Weight they answer each other accordingly; and so this negotiation is (in effect) but a Permutation of monies for Commodities, before exchange was invented.  
This being not well observed, might cause men to be deceived, as the Pewterer (sometime an Alderman of London.) was, who being used to change old Pewter for new, taking a consideration for the fashion, would take the like course in the buying of Silver Plate of a Goldsmith, delivering his money by weight, whereby he sustained a loss, because he did deliver him a quantity of old groats, which were lighter than their value; as also other Starlin moneys, which were worn out in continuance of time, and much under their true weight. And boasting of his good bargain, he was made to calculate what an ounce of silver did stand him, and he found that by thesemeanes, he had paid 6. shillings the ounce for that, which was offered unto him for 5. shillings, 6. pence. Faller●… fallentem non est fraus.  
The lightness of this Pewterer's money may be compared to the low exchange in the undervaluation of our moneys, by exchange; for if a Merchant Stranger did bring over money in specie at this time, to buy Commodities within the Realm, and deliver the same here according to the very value in payment by the Assay; and thereupon do look back how his money is overvalued in regard of the exchange, whereby he might have made over the same by a bill of exchange: he shall find a far greater loss than the Pewterer did, not of 6. pence in an ounce, but above nine pence in every ounce of Silver. Great are the gains to be made by exchanges, without ever to deal or meddle with any Commodities at all.  
I know that to the judicious Merchants; I have given cause of offence, to have written so much in the defence of exchange; But knowing that many grave and discreet persons have given over this Princely Study, imagining therein 
A Princely Study.  more mystery than there is, rather than they would take pains to understand it: I have been prolix, wishing that the said Author had the Purity of understanding to know the Parity of so many exchanges, as have been devised in Italy, Germany, France, Spain, The Low Countries, Eastland, Poland, and other places, at large declared in my book, Lex Mercatoria; serving all Societies and Companies of Merchants to be mindful of the Common Welfare, wherein Master Hussey Governor of the Merchant's Adventurers company in the beginning of Queen Elizabeth's Reign took great pains with others, To find and establish the True Par of exchange, which was examined and altered 
Par of ex change.  in the years, 1564. and 1576. as also in the years 1586. and 1600, myself being a Commissioner in the later: But the true Remedy to rule the course of exchange, was but lately found out.  
Concerning the government of Trade, we have noted heretofore, that in all Traffics, the general doth govern the particular. Some would have other nations to come to buy the Commodities of us, within the Realm, for, say they, 
Foreign nations fetch our Wares.  there is according to the Proverb, twenty in the hundreth difference between. Will you buy? and will you sell? These men have no consideration of the maintenance of navigation, which is the greatest strength of the Realm, whose defence (next under God) consisteth most of Ships and well experienced Mariners. Whereas also the transporting of our Cloth to certain places, causeth 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, as Delf and Hamborough; 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 beyond the seas in several places; which would take away the desire of buying: for he that buyeth, doth it in hope of gain to be had in places where he intendeth to carry the Commodities, which Commodities 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 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 to make speedy return:) 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 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 & Raisins:) Then foreign Commodities would be sold dearer unto us by them again: for the small gain had upon our Commodities causeth us, and would cause them to seek a better gain upon the foreign Commodities to the general hurt.  
Others would have all things at large in the 
Dissolution of Societies, etc.  course of Traffic, and that there should be no societies or corporations of Merchants for any places of Trade, (terming them to be Monopolies,) but that by way of partnership Merchants might associate themselves, according to the manner of some other Countries: These men have no regard, that innovations are as dangerous, as to remove the corner stones of a building; neither do they observe a momentary difference betwixt the Government of a Monarchy, and that especially in an Island: and the government of a Democracy which is popular, or of an Aristocracy, which is governed by the better sort of the people; these seeking by all means to make their Country's populous by the inhabiting of all nations for the increase of their means collected by impositions and Aczises, and that upon all things consumed and most upon victuals; the other, namely the Monarchy, avoiding as much as they can, the multitude of foreign nations to inhabit within their government, and holding impositions and Taxes to be done with great advisement. And that the overbalancing of foreign Commodities with the native Commodities may be prevented; which by the other is not regarded, neither can it be by them observed.  
The Providence of the State hath also a great consideration in the course of Trade, under government in appointed places, especially in that of the Merchant Adventurers company, (who have the managing of the cream of the land, the main Trade of the kingdom, and do expose to adventure the greatest part of the wealth thereof with foreign nations in trouble. some times of wars:) because they may by this order be soon removed or called home upon occasion, which cannot be done conveniently otherwise: where there is no vigilant eye to take care for the general wealth of the Realm, for no nation of Christendom Traffics so much in Bulk of Staple Commodities, as the Realm of England; which Boters (though altogether Spanish in times past, and no friend to England) confesseth, that two years before the taking of Andwarpe, all the wares of Christendom being 
Ann. 1584.  valued, and summed by the offices of that City, (which were vented there in one year.) The whole being divided into six parts: the English amounted to four parts thereof.  
But we must not seem to flatter Companies or Societies, when it is found that they deal unadvisedly, or that by their means, things are out of order in the course of Trade; for then the King's authority or the Royal Merchant of great Britain, must be the true Palynurus, and sit at the Rudder of the Ship of Traffic, to reform abuses. For a Society may become to be A Monopoly in effect, when some few Merchants 
A Society may become a Monopoly.  have the whole managing of a Trade, to the hurt of a Commonwealth, when many others might also Traffic and negotiate for the Common good, having their Stocks employed therein to sell the Commodities of the Realm with reputation at convenient times, and not upon a sudden to pay Bills of exchanges or moneys taken up at interest,  
To make a Definition of a Monopoly, we need 
The property of Monopoly.  not use many words, for the abuse of Monopolium hath made the same aswell to be understood as the word of Vsura, I mean biting Usury. The parts of it are to be considered.  
The Restraint of the freedom of commerce to some one or few, and the setting of the price, at the pleasure of one or few; to their private benefits, and the prejudice of the Commonwealth. And as this may be done by authority, so may the abovesaid course also be committed under the colour of authority by the Princes grant or letters Patents.  
Commendable is the custom of the City of Norenborough in Germany, where to maintain the people on work, they receive all their manufactures and pay them weekly, & afterward sell them for a reasonable profit, which thereby become dispersed in all country's; whereby they have made a great Trade for the West Indies, & they maintain thereby their Commonwealth as an Aristocratick government: and this is neither A Monopoly, nor properly An engrossing, being done by public authority. Such therefore as sell the Commodities of the Realm unto foreign nations with advantage of private benefit, (albeit within the Compass of a Monopoly:) are more to be tolerated then those that undersell the Commodities of the kingdom, and procure their Gains by the Commodities of other nations to be sold dear within the Realm.  
Here I call to mind our former observation of that Royal Commodity Tin, which above 
England's View. Pag. 142.  one hundred years past, was sold for 40. shillings the hundreth, when the best velvets were sold for 10. shillings the yard: how the Merchants trading Turkey found fault of his, Malesties Praeemption, and caused the same to be abolished, to keep the price at 55. shillings the hundred; and bringing in Corints, Levant Wines, Spices, and Indicoe (at dear rates:) used all means to suppress the rising thereof: which caused foreign nations to fall into consideration thereof, and using means to incorporate the same, it brought that Commodity in estimation again. And the said Praeemption was reestablished again, which hath advanced the price to double the rate; whereby the stock or wealth of the kingdom, hath been since increased 600. thousand pounds Starlin, and his Majesty hath received for his benefit. 150. 
Praeemption of Tin.  thousand pounds, which was gotten by foreign nations, who justly paid the same according to the value; the price of foreign Commodities considered. On the contrary, another Commodity mineral, namely Copperas, which was sold for 10. and 12. pound the Tun, and whereof a great Trade might have been made for other Countries: hath been so ill governed by workmen's underselling one another, and for want of good order, that the same is sold for 3. pounds the Tun, and is become out of request in all country's. For the best things may be marred in handling, which by the wisdom of the State, is to be foreseen by means of Merchants of experience, who might have maintained the same.  
In like manner the sole importation of Spanish Tobacco, doth gain and save the kingdom many thousand pounds yearly. For Bays, Says, Perpetuanoes, and the like Commoditiet, 
Licence of Tobacco.  which these two years have been sold in Spain with 15. upon the hundred loss to procure money to buy the same, are now sold to so much profit, besides the benefit of his Majesty's imposition and advancement of the Virginia and bermoda's Plantation: the like may be practised upon other Commodities, without incurring the inconuenciences of Monopoly.  
Concerning Companies or Societies to deal in a joint Stock or apart: it may be thought 
joint Stockes or apart.  convenient to have joint Stocks for Remote places, as the East Indies and Persia. And albeit that some would have the same to be only outward in the employment, but in Return to be divided in kind or Species of the Commodities which they Receive: yet the manner of the Portugals, is (by experience) found better to sell also jointly, considering we sell unto other Nations, who pay for it, although some part thereof is sold dearer thereby within the Realm to the Subjects and inhabitants. But for other places nearer, the Merchants to deal apart under some Government, may seem convenient.  
The general intention of all Grants by 
The intention of Letters Patents for new inventions.  Letters Patents, for the making of any kind of Manufactures hath Relation to set the people on work, to recompense the Inventor for some years with a privilege: but most especially, that thereby the said Manufactures or Commodities may be sold better cheap to the Subjects. What shall we say then of those Grants, which make the Commodity dearer to the Subject, and sell the same better cheap to 
Allomes.  the Transporter or Stranger? Surely they may be thought to be, for to set the people on work upon the common Purse, but otherwise there is but little policy in it; much like unto the Silver Mines of the Duke of Brownswicke, which he maintained to his charges, called the Wild man: which causeth him to coin Dollars, having on the one side his Arms, and on the other side a Savage man, holding a burning Candle in his hand with an inscription, aliis inseruiendo, Consumor.  
To end this point, wherein the said Author hath made good distinctions, I shall only add moreover, that when new inventions are found out, for the good of the Commonwealth: That the next is, to augment them by Trade in foreign parts. And to prevent that the same be not overthrown by the knowledge of their servants or others, but that by some good privileges and means, they may be maintained to the increase of Trade, for the General welfare of the Kingdom.   

CHAP. FOUR  
Of want of Government in Trade.  
WIse Men have noted, that A Distinction only, doth dispel the foggy mysteries of deceitful fallacies: as the Sun drives away the Wind and Clouds. Therefore too many distinctions in a little Treatise may seem superfluous, especially when they are grounded upon many Repetitions: So that having in the former Chapters, observed the Defective Parts of Trade, and tacit answered some objections, I will omit, the commendation of all the Societies of Merchants, handled by the said Author in his fourth chapter, as also the effects of the former Causes, as they may concern the King's Majesty and the Commonwealth mentioned in the fifth and sixth Chapters, to avoid the cramming of a man with learning, as promises do with hope; and so come to his propounded Remedies.  
But lest this Title of the want of Government 
Errors in Trade committed by Merchants  in Trade, should seem to be misapplyed: I have thought good to declare, wherein Merchants may easily commit errors, to the prejudice of the Commonwealth, albeit, it maketh for their private benefit, namely;  
In the selling of their Cloth good cheap beyond the Seas in greater quantity, when they have beaten down the price with the Clothier, whereby the Clothier is forced to do the like with the Wooll-grower, which disimproveth the Revenue of lands; but the Merchant employeth the lesser Stock, and hath not therefore the less benefit; the Wooll-grower and the Clothier bearing the loss.  
To make over their moneys from beyond the Seas, at a low price of exchange, in giving less money there, to have the same paid here by Bill of exchange in Starlin money, receiving the moneys there at such prices, as they cannot import them, but to their exceeding loss: whereby it cometh to pass, that the exportation of our moneys, giveth an exceeding gain on the contrary, and our Cloth is thereby more undersold as afore said.  
To connive or wink at the false making of Cloth, and afterwards to abate the greater Tare, for the faults, upon the Clothier.  
To make continual Returns of our Cloth in foreign Commodities, and thereby procure the more gain, because of the small gain or loss either, had upon their Clothes, whereby the Commonwealth is impoverished.  
To sell our Cloth so good cheap beyond the Seas, that other Nations may make a Trade thereby for Russia, Eastland, Barbary, and other Countries, to the great hindrance of the Merchants of those Societies.  
To abate the Customs and Impositions here laid upon Clothes, to the end, they may sell them better cheap, by underselling others.  
To undersell our Clothes so much in price, that in comparison of the Cloth made beyond the Seas, the Drapery there be given over, without regard had, how to Return some money and Bullion, but by transferring of their Bills of debt for foreign Commodities, to over-lade the Kingdom with them at dear Rates, according to the enhancing of their Coins; all which may prove beneficial to them in particular, but wonderful prejudicial to the whole Kingdom.  
Now, before we come to entreat of the Remedies for all the aforesaid inconueniencies, it is most necessary to examine the Defective Means and Remedies, which have been tried, these 350. years. And these may be distinguished in their proper and several natures, three manner of ways: for the wealth of a Kingdom 
Three means 〈◊〉 decrease the wealth of the Realm.  cannot properly decrease, but by selling our native Commodities too good cheap, by buying the foreign Wares too dear, and by the exportation of our moneys in specie, or by way of exchange for moneys by Bills.  
1. First, the Statute of Employment made for Merchant's Strangers, for 3. especial causes. 
14. R. 2.  1. The advancing of the price and sale of our native Commodities. 2. To prevent the overbalancing of foreign Commodi tie sAnd 3. To preserve the moneys within the Realm.  
2. The lodging of Merchant Strangers with free hosts, who had an inspection of their negotiations for Commodities and moneys.  
3. The keeping of Staples for Wools, wool-fells, and other Commodities beyond the Seas, with the Correctors and Brokers to Register the buy and sellings of Strangers.  
4. To cause Denizens to pay Strangers Customs.  
5. The Sunday Treaties and Conferences, with the Commissioners of other Princes, about merchandise moneys and exchanges.  
6. The severe Proclamations for the observation of the Statures made, concerning the same, and the Articles of intercourse.  
7. The prohibition to export Commodities, but at great Ports.  
8. The prohibition for Strangers to sell Wares by Retail.  
9 The prohibition for English Merchants to ship in strange bottoms.  
10. The Transportation of money, made felony by Act of Parliament.  
11. The attendance of Searchers, Waiters and other Officers.  
12. The informations in th'Exchequer and other Courts.  
13. The Swearing of the Masters of ships, about moneys.  
14. The Reformation of the overheavinesse of our pound Troy of 12 ounces, in the Tower of London.  
15. The Reformation of the overrichnesse of our Starlin Standard. 
Moneys.   
16. The Alteration of the proportion betwixt Gold and Silver.  
17. The making of more prices out of the pound Troy.  
18. The enhancing of Silver and Gold Coins in price.  
19 The embasing of money by Alloy of Copper.  
20. The use of several Standards, and the Reducing of them again to two Standards of Gold and silver.  
21. The increase of Coynadge money to hinder exportation.  
22. The prohibition to cull out heavy pieces to export.  
23. The banishing of light Spanish money out of the Realm, and light Gold to be molten down.  
24. The giving more for Bullion in the Mint.  
25. The prohibition of Goldsmiths to buy Bullion.  
26. The making of the principal foreign Coin, currant in England.  
27. The binding of Merchants to bring in Bullion.  
28. The prohibition to pay Gold to Merchant Strangers.  
29. The prohibition to take Gain upon Coin.  
30. The Bullion delivered in the Mint by weight, to be restored in Coin by Tale.  
31. The enhancing of Gold, and undervaluing 
Exchange.  of Silver.  
32. The punishment of the Transporters of money, by great Fines in the Star-chamber.  
33. The prohibition by Acts of Parliament, to make exchange for money by Bills for foreign parts without the King's Licence.  
34. Moneys delivered to Sir Thomas Gresham Knight out of th'Exchequer to Rule the course of exchanges.  
35. The Office of the King's Royal exchanger, never put in practice, since the merchandising exchange began, whereof there was two 
The King's Royal Exchange.  Offices, namely, Custos Cambij Regis, erected by King Edward the first in the 11. year of his Reign; and Custos Cambij infra Turrim: which were both put into one man's hands, by a Law made in the Time of K. Henry the sixth: so that all the precedent means, have been found defective & fruitless, as more particularly may be proved, by diverse Records and observations: The Copies whereof are in my custody, to do his Majesty all dutiful and acceptable service.  
Here we are to observe, that the Statute of employment to be Defective, appeareth more manifestly at this time, when Merchants as well English as strangers, have an ability given 
The defects of the Statute of employment.  them by exchange, to take up money here, and to deliver a Bill of exchange for it, payable beyond the Seas, and can send over that money in specie, and become a great gainer thereby; insomuch, that if I receive here one hundreth Pieces of 20 shillings, I can send 90 Pieces to pay my Bill of exchange, and put 10 Pieces in my Pocket for an overplus and gain. The like may be done, by making over money from beyond the Seas, to be paid here by exchange; which being received, I can Transport with 15. upon the hundreth, gains in two months and less, advancing thereby an hundreth upon the hundred in a year: which exceedeth all the benefit to be made by Commodities, wherewith I need not to intermeddle, neither can the said Statute b e any help herein, to anoide the same.  
Concerning moneys, which do consist of 
Money consists of weight, fineness and Valuation.  weight, fineness & Valuation; it is evident, that Gold and silver are but materials, and in the nature of Bullion; but valuation is the Spirit which giveth life. This valuation, is twofold; the one by the Public Authority of Kings and Princes, the other by the Merchants in the course of exchange; and this is Predominant and over-ruleth the King's valuation: for when the King hath valued the shilling piece of Starlin money at 12 pence, they do undervalue the same at 11 pence half penny, or 11 pence; which undervaluation causeth the continual exportation of our moneys, and is the hindrance of importation of moneys and Bullion, as we have so often inculcated, to make the motive stronger to produce a sufficient Remedy, as followeth.   

CHAP. V.  
Of the Remedy, for all the former causes of the Decay of Trade.  
Having hitherto observed the Method of the said Author, in part of his Distribution in the matter and form of Trade, and therein showed very great deformities: I am now to apply the True Remedies likewise in order, according to the causes alleged, which are noted by me to be ten in number.  
The Efficient cause of the Transportation of our 
1. 'Cause of the undervaluation of our moneys.  Moneys is (Gain,) and this Gain ariseth by the undervaluation of our moneys, in regard of the enhancing and overvaluation of foreign Coin; so that the cause is Extrinsike & comprised under the said exchange of moneys, and not intinsicke, in the weight and fineness of the Coin, which are considered in the course of True exchange between us, and foreign Nations; and thereupon it followeth, that neither difference of weight, fineness of Standard, proportion between Gold and Silver, or the proper valuation of moneys, can be any true causes of the exportation of our moneys: so long as a due course is held in exchange, which is founded thereupon.  
Hence ariseth the facility of the Remedy, by the Reformation of exchange, in causing the value of our money to be given in exchange, which cutteth off the said Gain, had by the said exportation, and causeth (in effect) that the foreign Coin beyond the Seas, shall not be received above the value, although the enhancing thereof, or the embasing by allay were altering continually. For take away the cause (gain) and the effect will cease.  
All men of common understanding, when they do hear of the raising of moneys beyond the Seas, are ready to say, we must do the like; for they conceive the saying of Cato, Tu quoque fac simile, sic Ars deluditur Arte, to be a proper application hereunto: but they do not enter into consideration, what Alterations it would bring to the State, and that the matter might run, Ad infinitum, as shall be declared.  
But let us suppose, that this will be a sufficient Remedy, to enhance our moneys, as they do theirs, to embase our Coin, as they do theirs, and to imitate overvaluation and undervaluation of Gold and Silver, as they do, requiring a continual labour, charge, and innovation; is it not an excellent thing that all this can be done by the course of exchange, with great facility? And that without enhancing of our moneys at home, or meddling with the weight and fineness of the Starlin Standard?  
This is to be done only by his Majesty's Proclamation 
The way to restore. England's wealth.  according to the Statutes of exchanges, prohibiting that after three months next ensuing the same, no man shall make any exchanges by Bills or otherwise, for moneys to be paid in foreign parts, or to be rechanged towards this Realm under the true Par, or value for value of our moneys, and the moneys of other Countries in weight and fineness, but at the said Rate, or above the same, as Merchants can agree, but never under the said Rate: which shall be declared in a pair of Tables publicly to be seen upon the Royal Exchange in London, according to the said Proclamation, and the said Table shall be altered in price, as occasions shall be ministered beyond the Seas, in the general Respective places of exchanges, either by their enhancing of moneys by valuation, or by embasing of the same by Alloy; which by a vigilant eye may be observed, and will be a cause to make other Nations more constant in the course of their moneys. And this will be executed more of course, then by Authority; because Gain doth bear sway and command with most men.  
The facility hereof putteth me in mind of the Geometrical Axiom or Maxim, observed in commendation of the invention of round Wheels, Cir●…ulus tangit Planum, unico puncto, 
A Geometrical Axiom.  as a reason to draw and carry Loads with a small strength; whereas if they had been made square, or in any other Poly-angle and proportion: Forty horses would not so easily draw them, being laden, as two doth now, both with speed and ease. Unto which this Remedy may be aptly compared, which (in a manner) comprehendeth all the other Remedies.  
For the Merchant Stranger, being here the Deliverer of money generally: will easily be induced to make the most of his own, receiving by exchange more for the same beyond the Seas; and the English Merchant being the Taker of the said moneys, will not be so injurious to the State, as to give less beyond the Seas, than the value of the money of the Realm in exchange, contrary to the said Proclamation: and if he would, the Deliverer will not let him have it. Besides that the Takers occasions are enforced by necessity, and he can be no loser; for by this direction, he will sell his Commodities beyond the Seas accordingly.  
English Merchants being the Deliverers of money beyond the Seas, and the price of exchange altering there accordingly, will have the like consideration, and the Merchant Stranger will provoke him thereunto. And if there be no Takers, the English Merchant may bring over the money in specie, wherein he shall become a Gainer.  
This course is agreeable to justice and the 
Ius gentium.  Law of Nations, and will not hinder th'exchange to rise and fall as formerly; but keep all in due order, with those considerations, Cautions and preventions as shall be set down to prevent all inconveniences, proceeding by the enhancing of money; which fall generally upon 
Inconveniences of the enhancing of Moneys.  all men, in the indearing of things, and particularly upon Landlords and Creditors in their Rents and Contracts; and especially upon the King's Majesty's Lands.  
Now before we come to answer some objections made against this Remedy, let us examine what Time the old observer, and experience the best Schoolmaster of man's life, have manifested touching the Raising of moneys in foreign parts, and within the Realm; it being one of the 34. defective remedies before declared.  
It is recorded in an ancient book, that the enhancing of the Coins beyond the Seas, was the cause that King Henry the sixth of England, did raise the ounce of Starlin Silver from 20 pence to 30 pence: and King Edward the fourth from 30 pence to 40 pence. And after him King Henry the eight, after many sendings to foreign Princes about Mint affairs and exchanges, (perceiving the price of money continually to rise beyond the Seas:) caused in the 18. year of his Reign, The Angel Noble to be valued from 6 shillings 8 pence, unto seven shillings and four pence, and presently after to 7 shillings 6 pence; whereby every ounce of Starlin Silver was worth 45 pence: and yet there was nothing effected thereby, the money still altering beyond the Seas; whereupon Cardinal Wolsey had Letters Patents granted him by the King, to alter the Valuation of money from time to time, as he should see cause.  
Afterwards the said King in the 22. year of 
Grastons Chronicle.  his Reign, perceiving that diverse Nations brought abundance of foreign Commodities into his Realm, and received money for it; which money they ever delivered to other Merchants by exchange, and never employed the same on the Commodities of the Realm, whereby his Majesty was hindered in his Customs, and the Commodities of the Realm were not uttered, to the great hindrance of his Subjects: as is there alleged: His Majesty caused a Proclamation to be made, according to the aforesaid Statute, made in the time of King Richard the second, That no person should make any exchange contrary to the true meaning of the said Act and Statute, upon pain to be taken the King's mortal enemy, and to forfeit all that he might for feite: which took effect but for a short time, and no other was to be expected, it not being of that moment, nor the principal mean to do it.  
After this followed the embasing of Moneys, and then all the price of foreign Commodities did rise immoderately, which made the native Commodities to rise at the Farmers and 
One extremity enforceth another.  Tenants hands, and thereupon Gentlemen did raise the rents of their lands, and took farms to themselves, and made enclosures of grounds; and the price of every thing being dear, was made dearer through plenty of money and Bullion coming from the West Indies, as is already noted; and by these means, was the Office of the King's Royal exchanges neglected, because upon the Base money no exchange was made, and other nations counterfeited the same, and filled the kingdom with it, and so carrien out the good Staple wares of the Realm for it.  
This raising of money was augmented afterwards by Queen Elizabeth of blessed memory, in the highest degree, by one full third part, from 45. pence the ounce, unto 60. pence or 5. shillings Starlin Standard: But the exportation did never cease, because the course of exchange for money did run always under the value of the money, still affording a gain between the said exchange and money, which caused the said exportation. And so will it be still, if this be not prevented by Direction in a pair of Tables, much like unto the Tables kept 
Table of exchange at Dover.  at Dover in the time of King Edward the third, to receive the passengers money, and by exchange in specie for it beyond the Seas; which made them to leave their moneys within the Realm; and this course of exchange so directed, is the only mean and way to restore England's wealth by importation of money and Bullion, advancing the price of our native Commodities, and to prevent the Transportation of our moneys: and all other Remedies. are Defective, as experience will prove and demonstrate, if good things can be favoured.  
The Statute of employment must also be observed, to make the Remedy more complete with a Register also, to record the Moneys which foreign Mariners do receive for freight coming from Norway and other places, which are above one hundred voyages in one year; as also many other Ships, bringing corn into the Northern and Western parts of the Realm, and exporting money for it.  
The Turk, Persian, and Russian have herein been more Politic than we, keeping the price 
Policy of the Turk, Persian, & Russian.  of their exchanges high much above the valuation of their moneys. So that they have no Trade by exchange, nor moneys, but only for Commodities; whereby they prevent the over; balancing of foreign Commodities with theirs, as also the exportation of their moneys: albeit the use of our Commodities in those country's, is very great.  
The Objections made by some against this Sole Remedy may easily be answered, for they are grounded upon Suppositions against assured experience.  
1. Some make doubt, that the price of exchange 
Objections.  being risen, there will be no takers of money, and then the deliverer is more thrust upon the exportation of moneys.  
2. Others say, that those merchants, which have sold their Cloth beyond the Seas, shall receive a loss in the making over of their money from thence.  
3. Others say, that they shall not be able to vent their Cloth, according to the high exchange, especially now that the same is out of request; and would have the matter of reformation deferred until an other time.  
The first objection is answered before, That the taker is ruled by the deliverer, who will not 
Answers.  give his money by exchange under the true value according to the Proclamation to be made; and the deliverer being the Merchant stranger here, will sooner be thrust upon the Statute of employment; for by the exportation of money, he shall have no gain, whereas some of the discreeter sort would not have that Statute too 
Mediocria firma.  strictly pressed upon the Stranger, because the Trade should not be driven into their hands.  
To the second, the Proclamation limiting a time for execution, giveth Merchant's ability to recover their moneys, or to sell their bills of debt for money, or to buy Commodities for them, as the manner is.  
To the third, experience maketh a full answer to both, that there did not want takers, when the late enhancing of money at Hamborough, caused the exchange to rise from under 28. shillings to above 35. shillings; which is more than the present alteration will be, and Wool was at 33. shillings the Todde, which is now sullen under 20. shillings. So that the vent of our Cloth was not hindered when it was sold dearer by one full third part: But there was above 80. thousand Clothes sold yearly, where there is not sold now 40. thousand Clothes. The time is also to be thought more convenient to advance a Commodity being undervalved, then to do it when the price is high. For this Pleurisy of the Commonwealth is dangerous, and admitteth no time to be cured; like the fire in a City, which permitteth not inquiries to examine how the fire began, but requireth every man's help to quench the same.  
And whereas it is alleged in defence of the enhancing of our Coin, That which is equal to all, when he that buys dear, shall sell dear, cannot be said to be injurious to any. This opinion seems to be eiusdem farinae, as the former, and hath no consideration what the alteration of Weights or Measures between us and foreign nations, may produce to the loss of the Commonwealth, albeit that between man and man, it may prove alike in some respects.  
To make this evident, suppose two Merchants, the one dwelling in London, and the other dwelling at Amsterdam, do contract together; that the Londoner sending Clothes to sell at Amsterdam, the merchant of Amsterdam sendeth him Veluers and Silks to be sold at London; and in the account to be kept between them they agree to reckon the moneys in exchange but at 30. shillings flemish for 20. shillings Starlin, and so make return each to other from time to time as money shall be received, both here and beyond the Seas. Whereupon put the case that there is received at Amsterdan 1500 lib. flemish for Cloth, and at London there is received 1000 lib. Starlin for Velvets and Silks, which by the said rate & calculation is all one (in effect) between them, and might by way of Rescounter answer each other in account. But the 
Rescounter in Account.  Merchant of Amsterdam, (knowing that by reason of the moneys enhanced there) he can make a great gain to have the said 1000 lib. sent unto him in specie:) desireth the Londoner to send him this 1000 lib. Starlin in silver & gold coins, Reals of eight or Rieckx Dollars, whereby he shall profit 15. upon the 100, by the means aforesaid, which amounteth to 150. lib. gains. The Londoner having his 1500. lib. flemish, or 1000 lib. Starlin at Amsterdam, cannot do the like, because the moneys are enhanced and received above the value, so that his money must be delivered by exchange there at a low rate, or at 33 shillings 4. pence, whereby he doth receive here the said 1000 lib. with no gain at all. Thus the account between them is made even; but by these means, the Kingdom is deprived of the 1000, lib. of the Merchant's money sent to Amsterdam, which doth not only procure the want of money in England, whereof every man hath a feeling to his loss: but also it causeth the native Commodities to be undersold, and the foreign Commodities to be advanced in price beyond the Seas, by plenty of money; and hindereth the importation of money and Bullion, as aforesaid.  
To prevent this, the Question is now, whether it be better and more expedient, to raise the price of exchange, or the price or valuation of our moneys; Surely all men of judgement will say, that the raising of exchange breedeth not that alteration, which the enhancing of moneys doth, namely to make every thing dear, and to cause Landlords and Creditors to lose in their Rents and Contracts. And Merchants of experience do know, that we cannot do as they do. For the enhancing of moneys here, will be countermined by other Nations, who still will undervalue them in exchange between us, unless it be prevented by our own true valuation to be made known as aforesaid, which by the Law of Nations, cannot be contradicted; whereby we shall also be enabled to meet with them upon all Alterations and practices, to direct our course accordingly, sooner than a Milner can turn his Windmill, to grind Corn with the variation of all winds.  
It followeth (saith the said Author) that the Raising also of the Coin, would raise the price of 
The want of money causeth the price of Plate to fall  Plate, To lessen the superfluity, or to be turned into Coin. It is worthy the observation, that (by reason of the want of money:) the price of Plate is fallen from 6 shillings 6 peace guilt, to 5 shillings 6 pence; and white Plate from 5 shillings 8 pence to 5 shillings 2 pence. And if the moneys were enhanced ten in the hundreth, that is to say, an ounce of Starlin Silver to 5 shillings 6 pence: the Plate and all other things would rise accordingly. Whereby if a man that spendeth two or three hundreth pounds by the year, should spare one hundreth pounds worth of his Plate, and bring the same to be Coined, might thereby get once ten pound, and pay ever after (for all other things) twenty and thirty lib. dearer yearly. And the moneys made thereof, would nevertheless be transported, unless the exchange did prevent the same.  
In this place, we are to remember, that the Silver used for diverse manufactures and Plate, doth much differ in fineness, whereby many of his Majesty's Subjects are deceived: It may therefore be thought convenient, that no silver made into manufactures be sold, unless it be tried by an Assay master, and marked accordingly, especially the silver Thread coming from beyond the Seas: some being but eight ounces fine, which is offered to be sold accordingly: or else to make it finer, as shall be thought convenient to serve the kingdom, and to become bound to make Return in the manufacture of our Wool for their manufacture of Silver and Silk; which may be thought a very reasonable Permutation.  
The want of money coming by the consumption of foreign Commodities, may properly be termed overballancing of Commodities, which are more worn and used, because of the quantity of them, imported proceeding also of the abuse of exchange, as the efficient Cause thereof, as aforesaid.  
The excessive Use of Tobacco for so much as concerneth the importation thereof in lieu of Treasure, will be much diminished by the late limitation of a quantity of Spanish Tobacco lately established; to the end that the Plantation of Virginia and the Bermodaes may be advanced thereby; and it is to be wished that the moneys to be employed in Spanish Tobacco were likewise made over by exchange, and delivered to the Merchant's adventurers and others, to be bestowed upon the Commodities of the Realm to make benefit of our own; for if such foreign Commodities, shall vanish away in smoke or be consumed and brought (as it were) unto 
Unprofitable lands.  dung, and surmount the price of the Commodities, or fruits of the land: Certes, that land●… unprofitable in every man's judgement. For lands (being the Natural riches so much desired of all men) are much disimprooved by the want of money and the selling of our native Commodities too good cheap in regard of the price of foreign Commodities; This being an evident token of the poverty of a Commonwealth, which (like an unwieldy Elephantike Body) hath a slow motion, and therefore more dangerous and subject to destruction, which by the want of money, is made visible and sensible.  
The returns lately had from the East-Indies, will in part assuage the same, if Merchants in the dispersing of those Commodities, will procure importation of money and Bullion, as (no doubt) they will do. And this will further be increased, when the Hollanders and our Merchants shall be at an end of their present controversies, which by his Majesty's high wisdom, will soon be determined.  
Touching the wars of Christendom, for so much as concerneth the want of moneys: I have already showed how the same is also comprised in the reformation of the abuse of exchange, procuring thereby moneys, which are Nerui Bellorum. But to take upon me to discourse of wars, might make me subject to Apelles his reprehension, Ne suitor ultra Crepidam. Only I hope that the famous example of Augustus Caesar the Emperor may be remembered, who perceiving the forces of the great Pirate Crocataes to increase daily by the concourse of many nations, whilst he was in Spain, caused a Proclamation to be made, that whosoever should bring him the head of the said Pirate, he would reward him with 20. thousand 
The Policy of rewards.  crowns; whereupon the said Pirate was brought in danger of the humours of the said nations, whose suspected inconstancy and lucre bred a resolution in him, to offer his own head to the obedience of justice, and demanding the said 20. thousand crowns, had the same paid unto him, whereby all his associates were overcome and dispersed. In like manner did Sixtus Quintus deal with the Banditi in Italy, and made them to cut one another's throats. This Policy of reward draweth as forcibly as the Adamant or Loadstone, which caused the Spaniard to say, Dadivas quebrantan Pennas, Gifts do break stony Rocks.  
From the Precedent causes of the want of 
The 1. Cause.  money in England, come we to the causes of the decay of Trade in order, whereof this is the efficient Cause, whereunto the only Remedy hath been declared already.  
Usury Politic, is made the next cause of the decay of Trade, which must be remedied by the 
The 2. Cause.  Plenty of money to be procured as aforesaid, wherein that laudable Custom of the transforming or setting over of bills of debt from man to man is to be remembered, which by his Majesty's Prerogative Royal or by Act of Parliament might be established; for thereby great matters are effected as it were with ready money. But our law requireth a more preciseness in the execution thereof, then in Germany and the Low Countries, it not being Chooses in Action, as the Lawyers speak. But the necessarines hereof, 
England's View, Pag. 157.  so urgent, that no man is like to contradict the same; for we do find by experience, that things which are indeed, and things which are not indeed, but taken to be indeed (as this is for payment of moneys) may produce all one effect. And for the biting Usury before mentioned, there will be stock found to erect pawn houses, 
Pag. 159.  by means as shall be more amply hereafter declared; and here is to be wished, 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 hand of such as will deliver the same upon the adventure of their or other men's lives. As at Venice, where a man for the sum of three or four hundreth pounds once given (and in like manner at Amsterdam) shall be sure to have one hundreth pounds a year, during his life; whereby a great Stock might be raised for the general good of all parties, and especially to set the poor people on work, and to take their manufactures of them to be sold with a reasonable gain: for 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. But it is convenient to prescribe certain rules hereupon in the making of all manufactures, which commonly is best effected by Corporations.  
The litigious Suits in Law being noted as the 
The third Cause.  third cause of the decay of Trade, can hardly be remedied for the reasons before declared, but must have their course; and herein there can be no shorter course devised by the wit of man, than the Commonwealth doth use upon proof and specialties, if the plead and issues (although Peremptory:) be joined according to the first institution, whereby the Matter of fact may nakedly appear before the jury of twelve men, who are to judge thereof according to the evidence of witnesses produced before them; for touching the matter of Law, the same being separated from the matter of Fact, maketh a Dem●…rer to be determined by the judge. I have great cause to enter into Campum spatiosum about this Law warfare, having by experience and study spent much time therein. But I think fit only to commend the orders used in Germany to take down the litigious humours of some persons: To make them pay a Fine of twelve pence upon the pound or more to the Emperors or Magistrates, for so much as they claim more of the defendant, than they can justly prove to be due unto them; besides 〈◊〉 further charge, if he be found in his proceedings to do things for a Revenge, which they call an unlawful imprisonment, although by the law he have commenced his Suit lawfully: and this is termed Poena Plus Petentium.  
For all other means, whereby the differences happening between Merchants are determined, I must refer the same unto my book of Lexmercatoria, as a matter requiring a large explanation.  
The like I must do concerning the fishing Trade, which is the fourth Cause noted before, 
The fourth Cause.  which hath a reference to the want of money, or to speak ingeniously, is a chief cause of the want of money, which might be procured thereby; whereby both the Trade of Cloth and fishing might flourish together, contrary to the opinion of the several societies of Merchants before alleged: for although they be of several companies, yet such orders may be devised by the corporation to be made of fishing Merchants, as shall not infringe their several privileges any way: and all objections may be answered by true and just prevention, observing other nations, Facilius est addere, quam constituere.  
The fifth cause of the decay of Trade, by making Cloth in foreign Countries hath been 
The fifth Cause.  considered of, whereupon the late Proclamation was made, prohibiting Th'exportation of Wool, Wooll-fells, Wooll-yearne, Fuller's earth, and Wood ashes, and all materials, serving for the making of Cloth. The Rules also to be described for the true making of Cloth (wherein the said Author hath been a good observer) may be (with a vigilant-eye of the Officers to be employed therein by the Corporation, and the increase of Merchants to manage Trade:) a Remedy to the seventh cause: as also to the eight Cause of the decay of Trade: but the sixth cause concerning the Policy 
The 6. 7. & 8. Causes.  of Merchants, is not to be omitted, whose orders already made, and hereafter to be made, may be thought convenient to be Surveyed by a Commttie, who (upon complaints of the parties grieved in all Societies:) may take order by way of approbation or denial, to execute things for the general good, and not for the particular: as I have noted in all this Discourse. So that other Merchants upon reasonable considerations, may be admitted (upon this especial occasion) to be of the said Societies or Companies; for otherwise it may seem somewhat dissonant from reason, to prohibit all Merchants, aswell English as Strangers, to bring in any of the Commodities of Turkey or of the Levant, and now lately from Eastland and those Countries; unless they were free of the said Companies: but to prohibit the importation of Commodities in Strangers Bottomes concurreth with the Law.  
The ninth cause of the decay of Trade, consisting 
The ninth Cause.  of the interruption thereof by Wars, Pirates, and Bankerupts, I have partly handled in the fifth Cause. And although decayed men are found at all times, yet the want of money hath caused diverse Merchants and Tradesmen to Break, who might have maintained then credits, but that being out of their moneys, and the moneys out of the Kingdom, maketh them to go out of their credits; for Necessitas Parit Turpia. The Remedy hereof doth most depend upon plenty of money, or means in the lieu of money, as the setting over of Bills of debt before spoken of. For the Statute against Bankerupts, cannot produce any great effect, but be a mean to undo the party for ever, if it do depend long upon him contrary to the intention thereof; for whereas all such as are Creditors, aught to come in within four months to take their part, of what may appear of the state of the Bankrupt, to be examined by all lawful means: the same is protracted for ten, twenty, and more months; and all those that come in the said I●…erim are admitted with the former, and a great part of the estate is spent in charges. This may be remedied by the Authority of the Chancery to the Commissioners appointed for th' execution of the said Statute.  
The Remedy to the last and tenth Cause of 
The tenth Cause.  the decay of Trade, (being the immoderate use of foreign Commodities:) doth (as I have showed before) consist, partly by the abundance of those Commodities imported by the abuse of exchange, and partly by the wearing of those Commodities, affected by the vulgar sort or Common people. Monsieur Bodine doth observe with Plato, that as the Prince is, so are the Subjects, who (by imitation) follow his example, which sooner entereth into their eyes, then into 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 evil sighted: and so of other Princes in their apparel, precious stones and other things, which is made to be the fashion. Hence the Proverb took beginning, Country's fashion, Country's honour. And the effect hereof, is many times greater than the Laws can bring to pass, unless it be upon some Remarkable occasion, as the late Command may prove for the wearing of Blacks at Funerals, in Cloth and Stuffs made of English Wool within the Realm.  
Here I have omitted, to speak of Customs, Impositions public and secret, laid upon Commodities, especially upon Cloth, both here and beyond the Seas; because the same requireth great consideration, and the abolishing thereof (being once laid on) will hardly be brought about, unless it be, with the consent of both parties, where the one hath provoked the other to impose them.  
For a Conclusion therefore let us note, That all the said causes of the decay of Trade in England, are almost all of them comprised in one, which is the want of money; whereof we find the abuse of exchange, to be the efficient Cause, which maketh us to find out so easy Remedy, whereby the Kingdom shall enjoy all the three essential parts of Traffic under good and Politic Government, which will be Free Trade effectually or in deed. And this will also be admirable in the eyes of other Princes, finding his Majesty's wisdom to be Transcendent in Governing of his own, which (by so many sendings and remissions of Ambassadors unto foreign Princes and States by his Noble Predecessors:) could never be effected, as by diverse Records appeareth; albeit there was nothing required of them, but what did stand with the Rule of Equality and Equity, which cannot err: But velut Ariadnae caeca regens filo vestigia, non modo nos errare non sinit, sed etiam efficit, ut aberrantes in Rectam viam deducamur.   
Soli Deo Gloria.  
FINIS.