A TREATISE OF THE CANKER OF ENGLAND'S COMmon wealth.  
Divided into three parts: Wherein the Author imitating the rule of good Physicians, 

First, declareth the disease.  
Secondarily, showeth the efficient cause thereof.  
Lastly, a remedy for the same.    
By GERRARD DE MALYNES Merchant.  
Sublata causa, tollitur effectus.  
Imprinted at London by Richard Field for William johnes printer, dwelling in Red-crosse-streete in ship Ally. 1601.   

THE FIRST PART, CONCERNING THE DISEASE OF THE English Common- wealth.  
PLato the Philosopher perceiving that equality would be the cause that every man should have enough, was of opinion and willed all things in a common wealth to be common, whom sir Thomas Moor in his Utopian common weal seemeth to imitate, to the end that an infinite number of laws already made, and the making of so many new laws as daily are made, might be abolished: whereas all of them are not sufficient, for every man to enjoy, defend and know from another man's that which he calleth his own proper and private goods. But this equality cannot be established, neither was there any such ever used in any age, or commanded by the word of God, but that possessing these worldly goods, we should so use them with charity towards others, as though we did not possess them at all: Nevertheless (as a commonwealth is nothing else but a great household or family:) yet the Prince (being as it were the father of the family) ought to keep a certain equality in the trade or traffic betwixt his realm and other countries, not suffering an overbalancing of foreign commodities with his home commodities, or in buying more than he selleth. For thereby his treasure and the wealth of the realm doth decrease, and as it were his expenses become greater, or do surmount his incomes or revenues.  
This is the unknown disease of the politic body of our weal public before mentioned: the efficient cause whereof must be found out, before any remedy can be applied or devised.  
Sublata causa, Tollitur effectus: saith the Philosopher: which is graffed in every man's judgement, that the cause of any thing being taken away, the effect is taken away withal. hereupon let us note, that properly the wealth of the realm cannot decrease but three manner of ways, which is by the transportation of ready money, or bullion out of the same: by selling our home commodities too good cheap: or by buying the foreign commodities too dear, wherein chiefly consisteth the aforesaid overbalancing, which is the cause of inequality, we giving in effect both money and commodities, to have foreign commodities for them.  
To prove our assertion, we can hardly make this inequality appear in the application thereof to every member of our commonweal: albeit we do find the want of treasure and moneys exported for the same. For it be falleth unto us concerning moneys and wealth, as it doth unto a General of a camp of ten thousand supposed armed men, whereof muster being taken at several times, and upon several days, yet all of them generally are found to be armed, because one dareth his armour unto another, whereas if they were all mustered in a day, and at one instant, a great part of them would be found to want armour, the like want of moneys and wealth should we find: if the matter were duly examined. Yet for an instance, let us consider how much the price of lands is risen with us of late years, even within the memory of man, and that this their estimation or value is in regard of money, or other things mony-worth; and compare the same thereunto, and we shall very well perceive, that we ought to balance the value of things upon this beam, laying the lands on the one side, and the money or things mony-worth in value on the other side, to find out this inequality.  
Aristotle saith, that riches is either natural or artificial.  
The natural riches as lands, vines, forests, meadows, and such like.  
The artificial, as money, gold, silver, wools, cloth, and all other movables and household stuff. Now as this artificial riches is proceeding of the natural riches, and that both these do receive their price and estimation by money (which is the measure and rule to set a price to every thing:) so reason requireth a certain equality between the natural riches of lands, and the artificial riches of commodities proceeding of the same.  
Hereupon let us note further, that all the trade and traffic of the realm is performed under three simples; namely commodities, money and exchange, and examine the original beginnings of them, and their present course, seeing that God caused nature to distribute her benefits, or his blessings to several climates, supplying the barrenness of some things in our country, with the fruitfulness and store of other countries, to the end that interchangeably one commonweal should live with another.  
First we find that when commodities began much to abound in the world, all manner of metal, as gold, silver, copper, tin, lead and iron, grew into greater estimation, as being fit and more durable to preservation, and so the purest and finest metal most esteemed: at which time the riches of men was notwithstanding described to consist of cattle, commodities and other movables: and there was a permutation of things which was very cumbersome, and did require much carriage of wares up and down, and from one country into another. By reason whereof money was devised to be coined of the finest and purest metals, to be the rule or square, whereby all other things should receive estimation and price, and as a measure whereby the price of all things might be set. And to maintain a certain evenhood or equality in buying & selling, and the same to have his standing valuation only by public authority: to the end that all things might equally pass by trade from one man to another.  
The Standard of the starling money of England, was first coined at a place so called, by Osbright a Saxon king of England, above seven hundredth years past, at which time an ounce of that silver was divided into twenty pieces, and so esteemed twenty pence, which so continued until King Edward the first his time, and until King Henry the sixth, and then by the king's public authority was valued at thirty pence, and continued until king Edward the fourth, and then at forty pence, until King Henry the eight, and then at forty five pence, until King Edward the sixth, and so until her majesties most happy reign, at five shillings the said ounce of twelve ounces to the pound Troy weight, and twenty penny weight to every ounce, and twenty four grains to every penny weight.  
Now as the fineness of silver is twelve ounces, and every ounce also twenty penny weight in fineness: And the fineness of gold is twenty four carats, and every carat four grains likewise in fineness: so all moneys of gold and silver do participate of this fineness according to their substance: and the standard starling money of this realm is eleven ounces, two penny weight fine silver, and eighteen penny weight of copper or allay. And our Angel gold is twenty three carats, three grains, and one half, and half a grain of allay. And the Crown gold is twenty two carats of fine gold, and two carats of allay: and the proportion between the gold and silver, is eleven of fine silver to one of fine gold, or eleven of starling silver, to one of crown gold.  
Omitting now to speak of the fineness, weight and proportion of the money of other countries, let us consider the property of the money, or the effects thereof; which is, that plenty of money maketh generally things dear, and scarcity of money maketh likewise generally things good cheap. Whereas things particularly are also dear or good cheap, according to plenty or scarcity of the things themselves, or the use of them.  
According to the plenty or scarcity of the money then, generally things became dearer or good cheap, whereunto the great store or abundance of money and bullion, which of late years is come from the west Indies into Christendom, hath made every thing dearer according to the increase of money, which like unto an Ocean dividing her course into several branches in diverse countries, hath caused a great alteration and enhancing of the price of every thing, and most especially because the money itself was altered in valuation in some countries: so that the measure being altered and made lesser, there went more number to make up the tale, and of necessity other things went accordingly. For money must always remain to be the rule, and therefore is called Publica mensura.  
Some perceiving the foreign commodities of late years to be more risen in price then our home commodities, did attribute the same to the under valuation of our money in regard of the moneys of other countries, and would have had our moneys enhanced, wherein they were so far from the mark, that if our coins were enhanced: all the foreign commodities and our home commodities would be enhanced in price accordingly: and the foreign commodities most of all by the course of things as they are now used. The like would happen if the money were embased by allay, as we have seen by the sequel of things yet fresh in memory, during the most victorious reign of king Henry the 8. Yet hereby we may perceive that in substance of the matter, they seemed to aim at the main point of this overbalancing of inequality. And that the Proverb is true: That the unknown disease putteth out the physicians eye. This overbalancing consisteth properly in the price of commodities, and not in the quantity or quality: and to countervail the same, our treasure must of necessity be exhausted and spent, to the great impoverishing of the Realm, and the transportation of our moneys. Whereby it cometh to pass, that we find the contrary of our former observation: for as in countries where scarcity of money is, things are good cheap: so on the contrary, in countries where things are dear (as the foreign commodities are with us) money should be ●●●●tifull; which plenty we must consider, not in comparison of a lesser quantity which was in times past: but according to the present abundance now found in all countries, which do duly participate by the ●●urse of traffic a competent share ●● the whole, far otherwise then we ●●e.  
Neither was money more plenty heretofore, when an ounce of silver was worth but 20. pence, judging of money 〈◊〉 we do of commodities, either dear 〈◊〉 good cheap according to the ●●ice. Whereas money must be still ●●e measure, and is valued by public authority at a certainty: whereby it doth not only give or set a price unto all other metals: but received (as it were) by repercussion a price in it ●●●fe, and ruled at all times the course 〈◊〉 commodities. For albeit that plenteousness or scarcity of commodities in particular doth alter the price 〈◊〉 commodities, yet with money it is otherwise, notwithstanding the course 〈◊〉 usury or exchange devised thereupon: whose operation falleth in effect upon the commodities. And the valuation or alteration of money, concerneth only the sovereignty and dignity of the Prince or governor of every country, as a thing peculiar unto them.  
To avoid the carriage of money, a certain exchange was devised, grounded upon the weight, fineness and valuation of the money of each country, according to value for value. And so is our exchange of England grounded upon the weight and fineness of our money aforesaid, & the weight & fineness of the money of each other country. And thereupon the valuation of money maketh the price of exchange for every place, according to the denomination of the money, whereby we ought to examine and compare our weight aforesaid, with the weight of other countries, and the fineness of our standard aforesaid, with the fineness of the standards of the moneys 〈◊〉 other countries. And if we differ not with them in the proportion between the gold and silver, then may our exchange run at one price both for the gold and silver, taking the denomination according to the valuation of the moneys of each country. And hereby shall we find how much fine silver or gold our pound starling containeth, and what quantity of other moneys of Germany, France, the low countries, the East countries, or elsewhere, we are to have to counterualue the same in the like weight and fineness answerable unto ours, whether it be by the pound, crown, ducat or dol●r, giving always value for value, which therefore was called Par. This course of exchange being abused, and of late years become as it were a trade 〈◊〉 rising and falling in price, according to plenty or scarcity of money, and in regard of discrepance and distance of time and place, is become predominant or doth overrule the course of commodities and money, and is the very efficient cause of this overbalancing of commodities before spoken of, and consequently of the decrease of our wealth, & exportation of our moneys, as by demonstrative reasons shall be proved hereafter: which efficient cause being taken away by the remedy hereafter declared, will make the effects to cease, and these general benefits will ensue.  
Losses of at the least five hundredth thousand pounds, which the Realm sustaineth yearly, shall be avoided.  
Transportation of ready money shall be prevented.  
The commodities of the Realm shall be advanced in sale and price.  
The foreign commodities shall be brought into the Realm better cheap.  
The Queen's Customs shall much increase yearly.  
Money will be imported again unto us in ample manner.  
The Queen shall have a great gain by the Mint, and not only poor monyers, but also all other artificers and workmen shall be set on work, to avoid idleness which is the root of all mischief: when through plenty of money and gains, merchants shall be encouraged to seek out new trades, whereby the Realm will more flourish through God's blessings.  
Wherefore concluding with this first part of our treatise, let us note, that the right course of exchange being abused, doth overrule the course of commodities and money. And causeth an overbalancing offorrain commodities with our home commodities, which consisteth in the price of commodities, and not in the quantity or quality of them; to the discourse whereof we are now to proceed.   

THE SECOND PART, OF THE EFFICIENT cause of the disease of the body Politic of England's commonweal.  
WE have already said, the abuse of the exchange for money to be the very efficient cause of this disease: wherewith as with a Canker the politic body of our weal public is overtaken; the cause thereof being predominant & overruling the course both of commodities & money. Now we must proceed to the application thereof: first for the money, & then for commodities with their coherence in the course of traffic.  
This exchange is made properly by Bills, when money is delivered simply here in England, and bills delivered or received again for the payment thereof in some other country beyond the seas: or when the like is done beyond the seas, and the money received here in England: and that upon a certain price agreed upon between party & party, which is termed the price of exchange, whereof the merchants have the only and whole disposing, and buy and sell their commodities beyond the seas accordingly, without that few or none of them do look into the nature of the exchange, but only to the present object, which is, to know how the price thereof goeth at the time when they have occasion to deal therewith, either in taking up or in delivering out money by exchange. Whereas if they will be exchangers indeed, they must know perfectly the weight, fineness & value of our English coin, and compare the same with other foreign coin. And as they bargain with others abroad, so they must be assured to have somewhat more (besides their gains. & charges) than the value of our currant money for things which they sell upon a price: or else the Realm & they both shall lose in the end a matter incredible in process of time, as hereafter we will make manifest. But first it behoveth us to speak somewhat of the commanders or rulers of this exchange through all Christendom, which in effect are the Bankers: & therefore shall we declare, what the nature of a Bank is, from whence the name Banker is derived.  
A Bank is properly a collection of all the ready moneys of some Province, City, or commonwealth, into the hands of some persons licensed and established thereunto by public authority of some Prince, erected with great solemnity in the view of all the people and inhabitants; and with an ostentation in the open market place upon a scaffold, of great store of money, of gold and silver (as belonging unto the persons so established) which is unto them an attractive matter to persuade & allure the common people to bring their moneys into these Bankers hands, where at all times they may command it and have it again at their own pleasure, with allowing them only a small matter of five upon every thousand ducats or crowns, when any man will retire or draw his money into his own hands again: which although it be once but in twenty years, yet during all that time they are to have no more: so that these persons or Bankers do become (as it were) the general servants or Cassyers' of that Province, City, or commonwealth.  
These Bankers, as they have their companies, factors, or correspondency in the chief places of trade in Christendom: so must they also keep account with every man, of whom they have received any money into their Bank, out of which number no man of that jurisdiction is almost exempted. But generally all men are desirous to please them, and to bring their ready money into their Bank, as also such money as they have in foreign parts: in regard whereof these Bankers do give them great credit: for if any man have occasion to bestow in merchandise or to pay in money three or four thousand ducats, and have but one thousand ducats in the Bank, the Bankers will pay it for him more or less, as the party is well known or credited, without taking any gain for it, although it be for three, four, six, or more months.  
This seemeth to be a great commodity (as no doubt it is to men in particular:) but being well considered of, it will be found a small friendship, and no more in effect then if a man did participate the light of his candle unto an other man's candle: for what is this credit? or what are the payments of the Banks: but almost or rather altogether imaginative or figurative? As for example: Peter hath two thousand ducats in the Bank, john hath three thousand, and William four thousand, and so consequently others more or less. Peter hath occasion to pay unto john one thousand ducats, he goeth to the Bankers at the hours appointed (which are certain both in the forenoon and afternoon) and requireth them to pay one thousand ducats unto john, whereupon they presently make Peter debtor for one thousand ducats, and john creditor for the same sum. So that Peter having assigned unto john one thousand ducats, hath now no more but one thousand ducats in Bank, where he had two thousand before. And john hath four thousand ducats in the same Bank, where he had but three thousand before. And so in the same manner of assignation. john doth pay unto William and William unto others, without that any money is touched, but remaineth still in the Bankers hands, which within a short time after the erection of the Bank, cometh to amount unto many millions. And by their industry they do incorporate the same, which may easily be understood, if we do but consider what the ready money and wealth of London would come unto, if it were gathered in some one man's hands, much more if a great deal of riches of other countries were added thereunto, as these Bankers can cunningly compass by the course of the exchange for moneys: the ebbing and flowing whereof, is caused by their motion from time to time, as shall be declared.  
But some will say or demand, Can not a man have any ready money out of the Bankers hands, if he have occasion to use it?  
Yes that he can: But before he have the same, they will be so bold, as to know for what purpose he demandeth the same, or what he will do with it.  
If it be to pay any man withal, they will always do that for him, as having account almost with all men, for he is accounted to be of no credit, that hath not any money in bank.  
If he do demand it for to make over by exchange in some other country, they will also serve his turn in giving him bills of exchange, for any place wheresoever, because they have their companies or correspondency in every place.  
If he do demand it for his charges and expenses, it will be paid him forthwith, because it is but a small sum, and in the end the money cometh into their hands again.  
If they pay out money to any man, that having money in bank, will bestow the same in purchase of lands, they will still have an eye to have it again in bank one way or another, at the second and third hand. So that they once being possessed of moneys, will hardly be dispossessed. And their payments are in effect all by assignation and imaginative.  
And if they have any money in bank, belonging unto orphans or widows, or any other person, that hath no occasion to use the same, they will allow them interest after four or five upon the hundredth in the year at the most, and upon especial favour; for every man seeketh to please them, as in matters where Commodum privatum beareth the rule: for they can easily please men in particular, in giving them some credit, of that great credit which they have obtained in general.  
The money then remaining in the bankers hands, is employed by them to other uses and purposes.  
First, they do deal with great Princes and Potentates, that have need of money, for the maintenance of the wars, as the Geneuoises and Germans did with the Emperor Charles the fifth during the wars in Germany, taking an exceeding gain for it. And as of late years the Florentines and others have done with Philip the second king of Spain, during his wars with France and the Low-countries, causing him to engage the revenues of his dominions, and territories, and of the customs, and notwithstanding to pay them exchange, rechange, and interest of 25. 30. yea, 50. upon the hundredth, devouring a great part of his Indian treasure, as might at large be declared.  
Secondarily, they do engross the commodities and merchandises of their own country, and of other countries many times also: so that none can be had but at the second hand, and at such prizes as they think fit to sell them: and that to England's great prejudice, as shall be declared.  
Thirdly, whereas it is a maxim in matters of exchange, that plenty of money beyond the seas, maketh the price of the exchange to rise, and scarcity of money likewise beyond the seas, maketh the price to fall: And so on the contrary with us here in England, plenty of money maketh the price to fall, and scarcity of money maketh the price to rise. And that for places for the which the head of the exchange resteth with us, and on the contrary, for places where the head resteth with other nations; hereupon I say it is an easy matter for these bankers with the money to rule the same at their pleasure, from place to place, causing (as it were) ebbings and flow, as shall be declared.  
For the better understanding hereof we must note, that the head of the exchange is taken to be at such a place or places where the price doth not alter, as for example: We have the head of the exchanges for Hamborow, Middleborough, Embden, Amsterdam, and other places, for the which we do exchange for our pound or twenty shillings sterling, as well beyond the seas, as here in England, the mutability of the price being with them of beyond the seas, in giving or taking still more or less of their money from time to time for our pound sterling.  
And on the contrary, for as much that the price of exchange for Rouen, Paris, and other places in France, and for Venice, and other places in Italy or elsewhere, doth from time to time alter with us according to their Crown or Ducat, therefore doth the head of those exchanges rest with them: And so by a common use according to the alteration of the price, we say the exchange is high or low.  
High, when there is more money given of the monies of other countries for our money, than the right exchange is of value for value, which is called Par, as before is mentioned. And that according to the discrepance of time, for places whereof we have the head of the exchange.  
Low, when there is less money given for our money, than the right exchange of value for value, according to the discrepance of time (which is reckoned according unto interest after ten upon the hundredth.) And that also for the places whereof the head of the exchange resteth with us.  
And for places whereof we have not the head of the exchange, it is directly the contrary: as when we do give more or less for their crown or ducat, than the same is worth in substance, as before, according also to the discrepance of time. But as in all traffickes the general doth always govern the particular: So the trade of cloth and kerseys doth with us command the course of all the other trades or France and other places. And the places where this trade is used, are in the course of the exchange to be ruled by us, who have the head thereof, which may command and direct all the other parts and members of the body, as hereafter shall be declared.  
The bankers having the general course of exchanges, do therefore also command our particular exchanges of England. They deliver at Middleborough 165. pound Flemish, for to have at London 100 pounds sterling, which 〈◊〉 at 33. shillings of their money, for our pound sterling of 20. shillings payable at usance which is one month. The hundredth pounds being here received, is made over again at 35. shillings 6. pence, or 36. shillings Flemish the pound, payable also at usance, and then there is received at Middleborough again 177. pounds 10. shillings, or 180. pounds Flemish, here is now differing 3. shillings Flemish in 33. shillings, which is above 9 upon the hundredth for 2. months, and above 50. upon the hundredth by the year: and in the like manner for Hamborough, Embden and other places; and many times more, if upon some occasion moneys are made over, or taken up, either for the payments of soldiers or other employments, especially if the exchange return not to the place from whence it came, as from London to Hamborough, when it came first from Middleborough: and so for Rouen, Venice, Lions and other places, according as it is delivered out payable at sight, usance or double usance. And taking occasion upon discrepances and distances of time and place, they make through plenty or scarcity of money, the same dearer or cheaper as it pleased them. For whereas the standing banks are kept at Madril, Lions, Civil, Bizanson, Florence, and other places, there the heads of every bank do set a price and agree upon it by common consent, at the time of the general payments of exchanges, which are either three or four times a year, and are called by the name of ferias, or fairs only for moneys. So that according as the price of exchange is there by them concluded for any place at the ending of the old fair, presently the price of the new exchange will be accordingly; and so with other places: in which main sea of exchanges, our exchange of England running as a river or branch, must needs be governed by the former currant, which is not perceived of our merchants, that commonly follow this rule, if the exchange do come high from beyond the seas, presently they will make it higher here, in regard of discrepance and distance of time and place before mentioned: I say and entreat still of the general exchange for those places whereof we have the head, and thereby might command, if the course thereof were not abused by the bankers, and those that have made it become as a trade to England's great prejudice. As by the application thereof (either here or beyond the seas) to the course of traffic, may be manifested, both concerning moneys and commodities.  
If the exchange with us here be low, so that more will be given for our money being carried in specie, then by bill of exchange can be had, than our money is transported, whereas otherwise no man would adventure the money, and stand in danger of the law to lose treble the value, if by a simple bill of exchange he might have as much paid him beyond the seas: for in truth gain is the cause of exportation of our moneys, which gain doth not consist in the substance of the money; for as the right exchange is grounded upon the weight and fineness of our money, and the weight and fineness of the money of each other country, and thereupon the valuation of the money maketh the price of exchange: it followeth that neither difference of weight, fineness of standard, or valuation of moneys, can be any true cause of transportation of our money: so long as a due course is holden in the exchange. But this due course being abused, causeth (as before) our moneys to be transported, and maketh scarcity thereof, which abated the price of our home commodities: and on the contrary advanceth the price of the foreign commodities beyond the seas, where our money concurring with the moneys of other countries causeth plenty, whereby the price of foreign commodities is advanced & so might it fare with the price of our home commodities, being transported to those places, were we not hindered by the toleration of their moneys to go currant far above their value with them, and to the greater transportation of ours, and hindrance of importation of any unto us.  
This tolleratión of the price of money beyond the seas, must be distinguished from the valuation which is done by public authority of the Prince or governor of every country, whereas the toleration is brought in by particular men, as the merchants are, that contrary to the commandment of Princes or states, do receive and pay the money at a higher rate, advancing the price of their commodities. But if we will look unto the proportionable course of this toleration, we shall easily perceive, that men of understanding have the handling thereof, and that superiors will wink at private men's faults for their own benefit.  
First, those that hold with us in proportion between the gold & silver 11. to 1. by valuation, suffer all the gold to go currant after 12. to 1. whereby our angel is worth above 18. sh. flemish with them, not being otherwise worth 17. shillings. So the 2. angels making our pound sterling, will make by exchange at the most but 34. shil. and being carried in specie, do make above 36. shillings, our exchange still holding his course according to the silver, which by the par is esteemed at 33. shillings 4. pence, albeit therein is also an error, and so for Hamborough at 24. shillings eight pence, or twenty five shillings either, or for France at six shillings the crown: all which calculations are uncertain, and prejudicial to the realm. And yet my meaning is not to enter into these particulars, as not being the efficeint cause, but only accidentally may be mean causes, the due course of the exchange not being observed.  
Secondly, for the silver moneys we shall also find a great difference, if we compare our money of 11. ounces two penny weight fine, to their Ricx dolour, esteemed at 10. ounces 12. penny weight, or the Philip dolour of 10. ounces fine, or rather 9 ounces 18. penny weight as we find the same. Much more if we do consider that our silver money yielded the greatest profit, being carried to the mints beyond the seas, where of late since the East Indies trade, it hath been made equal with the valuation of gold, and rather more, whereby in effect they held the proportion of 11. to 1. with us. But then the par of exchange ought to be above 36. shillings with the Low-countries, or above 25. shillings with the East countries, or else the realm & every subject thereof looseth a great matter, & our moneys both of gold and silver, are continually exported by the means of a low exchange.  
If the exchange with us here be high, so that more money will be received beyond the seas by bill of exchange for our moneys, than the same would yield if it were carried in specie: then every man is desirous to make over money by exchange, and that money which should be employed upon the commodities of the realm, is delivered by exchange to the great hindrance of the vent and advancement of our home commodities: and yet the foreign commodities not any way therefore sold the better cheap.  
And herein we must consider two especial points, first that both here and beyond the seas, all commodities generally are sold payable at some short time, unless it be some small part for ready money. Secondly, that generally our merchants are here the takers up of money, and the merchant's strangers are the deliverers of money: and the contrary is in some sort beyond the seas. So that the course of exchange hath an easy command, still to England's great prejudice. For the scope of our merchants to make return homewards, implieth at all times a necessity, and so it doth not with the other: for they do take their advantage either by exportation of our moneys, or by making of it over at a high exchange. And albeit that the transportation of money is prohibited very straightly, yet there is always 3. ways of exportation: namely, by commodities, money, & exchange. But there is but two ways of importation: namely, commodities and exchange, whereby cometh a notable overbalancing of foreign commodities with our home commodities. And whereas it might be thought that those moneys taken up by exchange at a high price, should be employed by English merchants upon our home commodities, or that the foreign commodities are sold accordingly, it is altogether contrary; for he that taketh up money at a high exchange, doth it upon necessity, & must pay the same again of the provenue of his cloth or commodities already sold, or to be sold, or must maintain that money running upon exchange, wherein he shall be a notable loser, & pay treble interest. If it be paid by the provenue of commodities sold before and which is owing in debts, then is he a loser, because his commodities were not sold accordingly: and if it be paid by the provenue of goods which are sold for the purpose, then is not he only a small gainer or a great loser, but by his rash sale he overthroweth another man's market, to the general loss. And in conclusion, the gain sought upon money doth impeach the gains to be sought upon our home commodities.  
And albeit that in regard thereof one might infer, that the greater gain would also be sought by our merchants upon the foreign commodities, which should turn to the prejudice of the Realm: yet that is not so, for the foreign commodities are generally sold payable at some short time without any regard hereof: and if they be sold for ready money upon such an occasion the better cheap by merchants strangers, for to enjoy the benefit of exchange, it falleth still upon our merchant's necks that are the takers up of money generally with us.  
If the price of exchange be high beyond the seas, where generally our merchants are the deliverers of money: then must they give much to have their moneys made over, whereby the gain of their commodities being sold formerly, is clipped. And yet they give no more most commonly than the value of our money is, for the money which they deliver there, is according to the toleration by them received at a higher rate far above the value, and in the same manner paid out. But when the exchange goeth high, our merchants are inclined to buy foreign commodities, or to barter their commodities for the same, which opportunity is not only observed by the Bankers, but also procured. To which end they follow by the means of their factors, our merchants at all places, even as the Eagle followeth her pray, be it at Stoade, Hamborough, Embden, Middelborough, or elsewhere: where they will have an especial care to be furnished with the commodities wherein they deal: as Velvets, Satin, Silks, Fustians, Venice gold, or such like, and that against the arrival of any quantity of cloth and kerseiss out of England. For albeit that they do not buy the greatest quantity of our English commodities, yet they know, that when our merchants have made sale of their commodities payable at some short time, and received bills for the same, & that the buyers of clothes do pay the old debts & make new debts again: then the exchange riseth, whereby our merchants rather than to make over moneys by exchange at a high rate (the rising whereof they will also increase by plenty of money delivered by them,) will make their return both for the money and bills of debts in foreign commodities, the price whereof is rated by them at their own pleasure. So that our merchants buying dear, must sell dear, which bringeth a wonderful overbalancing, and causeth us to feed upon our native soil, giving the benefit thereof unto other Nations. Whereas we should live by the gains of our home commodities being sold unto other nations, and now we are driven to seek a gain upon foreign commodities, to the great prejudice of our own country: and that is also a cause that many of our merchants perceiving a small gain, and sometimes none at all to be had upon our home commodities, do buy & seek their gains upon foreign commodities, making over money from hence at a high exchange for that purpose, or causing at a high exchange beyond the seas, money to be taken up, wherein although they may be gainers, yet the Realm generally beareth the loss, and they feed still upon their mother's belly: wherein they are the more instigated through the immoderate use of foreign commodities. Albeit that we do not find so great an inconvenience in the wearing of the foreign commodities, as we do in the price of them, being within this fifty years risen far otherwise then our home commodities are, the money still being with us the self same: & herein consisteth the overbalancing aforesaid: for if the foreign commodities, which are consumed and brought as it were unto dung, shall amount in value or cost more, than the commodities or fruit of the land, certes that land is unprofitable in every man's judgement, much more if we do consider that the people of other countries do very much enrich themselves by their industry and handiwork upon the stuff of other countries. And it were to be wished, that our cloth were sold at so dear a rate, & according to the price of foreign commodities, that thereby other nations would take upon them to make our clothes themselves: which might easily be remedied, by selling our wools the dearer whereof they must make them.  
Now returning to our Bankers, let us note again, that upon the sale and expedition of the greatest part of our commodities beyond the seas, & most moneys being made over, and commodities returned, than the exchange beginneth with them to fall; which falling, they can also help by withdrawing their money for a time. And heretofore they would make over money as a low exchange for England, to be entertained here at interest after ten pro cento, until they could have it made over again at a high exchange. And likewise such commodities as they could not conveniently sell, they send into England where they can afford the same better cheap than our merchants, which turneth still to the loss of the Realm. And most especially if the exchange come low from beyond the seas, then is it made presently here accordingly, and then upon the low exchange our money is transported in specie, as before is declared.  
If any man will object, that if a low exchange is the cause of transportation of our moneys in nature of trade: then on the contrary a high exchange beyond the seas must have the like operation, whereby money might be imported: for if (for example) in four Philip collars, or two hundred stivers, I shall have as much fine silver as in 20. shil. starling, & whereas the exchange (though erroneously) is taken thereupon at 33. shillings 4. pence to be Par or value for value, should be but at 32. shillings six pence, which is low, and therefore the money carried in specie will yield more: so when the exchange is beyond the seas at 34. shillings six pence, or 35. shillings, as being high, should cause money to be brought over. Hereunto we answer, that it would be so, were it not for the toleration of the moneys to go currant far above their value beyond the seas: for if this Philip dolor (which in valuation according to this rate, is at 50. stivers) be received by you in payment for 52. stivers, who seeth not that herein you are abused? And so consequently in other kinds of coins.  
What shall we say to these Bankers which commonly are in league with the financiers of the low countries, and others that are as it were belonging to their exchequer & mints, and have all the dealings for the coins, with whose advice they can hoard up moneys, when by public authority the coins are advanced by proclamation: and on the contrary, to pay out moneys when money is proclaimed down: and then also the price of exchange is made accordingly, whereby the realm still looseth, and every man in particular, not knowing the weight and fineness of the money, but following the course of exchange, as being carried away with the stream?  
Another will say, that when the exchange is low beyond the seas, where our merchants are generally the deliverers of money, that then the less of that money they give, the greater is their gain, enjoying the benefit of the exchange. But he doth not consider that at a low exchange there be few or no takers at all, unless it be English merchants, that have money to pay by exchange which was here taken up, & so still some of them & the Realm looseth. Whereas other Nations will rather transport our moneys, then to cause their friends to take up money at a low exchange, or to make over money at a low exchange: which otherwise might turn to our good, our merchants being here the takers up of money, as they are generally the deliverers beyond the seas, as is aforesaid. And on the contrary (as I said before) here is always a necessity which enforceth our merchants to buy foreign commodities to make return into the Realm, either when the exchange is high, when they see a loss evidently, which is not so to be seen in the commodities, whereof they may expect some gain: or else when the exchange is low, & when there is no takers up of the money, & when they cannot bring it over, neither at a high exchange or low exchange, which of course enforceth a wonderful overbalancing of commodities in nature before alleged; & is a cause of many superfluous commodities which are brought into the Realm. Some that are continual takers up of money with us, do seem to point at the course of the exchange, as though the same were most commonly indifferent, neither too high or too low; and herein are they mightily deceived, seeing the very ground of the exchange called Par, is false both according to the valuation and toleration of moneys in all countries. And if they think that money at interest is hard to come by, and that the due course of exchange would be an interruption to the traffiique, they are therein also in an error; for money would not only be kept within the Realm for the general good, but also more plentifully delivered at interest: & albeit this were not, it were better one should sit still without trade, then to become a loser. Some others having observed that plenty or scarcity of money doth alter the price of commodities, do think that our merchants should enjoy the benefit of plenty of money which generally maketh things dear. But first they do not consider, that our merchants most commonly do sell their commodities payable at some short time: next that the bankers keep their commodities upon a certain price at their pleasure, & that although money by their means doth abound one way for one place, it will be scarce again for another place: and he that taketh up the same shall pay dearly for it: whereby the commodities he buyeth become charged ipso facto into his hands, and must sell them accordingly: & for the commodities which our merchants upon such an occasion of plenty of money do sell, their benefit cannot countervail the loss which they receive in making their return, either by a high exchange which is caused by plenty of money beyond the seas, or by foreign commodities which are risen accordingly and much more. So that in conclusion, our home commodities are abated by the abuse of the exchange four manner of ways.  

1. By scarcity of money (which maketh things good cheap) caused by the exchange.  
2. By the gain sought upon money, which otherwise would be sought upon the commodities.  
3. By a high exchange with us, which causeth men to deliver that money by exchange in nature of trade, which otherwise by some might be employed upon the commodities: likewise by a low exchange, which causeth exportation of our money.  
4. By the rash sale of our commodities by young merchants and others that are driven to pay money taken up by exchange here in England, thereby spoiling the market of others.   
Foreign commodities on the contrary are advanced 4. manner of ways.  

1. Through plenty of money in other countries, which maketh generally things dear; which plenty is increased by our own moneys transported to our own hurt every way.  
2. By a high exchange beyond the seas, whereby men are inclined to buy foreign commodities, & by a low exchange, when there are no takers up of money; & herein our excessive use of the said commodities doth encourage them.  
3. By the toleration of moneys beyond the seas, to go currant far above their value: for by the alteration of the valuation of money, the price of commodities doth alter also; & this toleration being a hindrance for the importation of money, causeth the greater quantity of foreign commodities to be bought and brought over at a dearer rate.  
4. For that the principal commodities of silks, velvets, fustians, & such like, are engrossed by the Bankers that sell them at their pleasure, our immoderate use giving them the greater cause.   
Hereby cometh an overbalancing of foreign commodities with our home commodities, which to supply or countervail, draweth away our treasure & ready money, to the great loss of the commonweal: for let us suppose with the least of 10. in the 100 loss upon all our commodities going out, & the foreign commodities coming into the Realm, & we shall find it to be above 500000. pounds every year. So that in sum, we do give daily both treasure & our home commodities to have foreign commodities at a dear rate. Thus we may consider how these Bankers & every one of us do use, or rather abuse the exchange, & make of it a trade for moneys, & therefore may aptly be called a merchandizing exchange: whereas otherwise the right use of exchange is very needful and convenient for the maintenance & traffic of intercourse betwixt merchant and merchant, or country & countries. But the merchandizing exchange which thus overruleth the course of commodities & money, is intolerable: for we shall find in effect, that one sum of money, of one sort and kind of coin, hath two prices, & two valuations, at one time, exchanged for one distance of time; differing only by the diversity of place & country: whereby private men alter as it were the valuation of coins, which is rated & valued in all countries by the Prince or governor of the same, as a matter concerning their dignity and sovereignty: & so consequently of too high presumption for subjects to step into '. And it is also against reason, to change the course of nature in the coin, as though a pound weight should be more weighty than a pound, or a pound tale, more than a pound tale: wherefore our merchants ought to have a singular regard thereof, and always look rather to have somewhat more than the value of our currant money: as for example;  
One buyeth a pack of clothes, which cost him 50. pound, or one hundredth angels the pack, to be paid in angels, which hold 24. carats fine, save half a grain of allay, or 11. ounces 2. penny weight in silver money. The same pack of clothes is to be sold beyond the seas, and to be rated at so many pieces of plate of 8. rials or collars, pistolets, ducats, or french crowns, as hold the same carrats and ounces in gold or silver aforesaid. And in making sale of these clothes, moreover to take so much over and above these carrats and ounces, as both may bear the charges and a reasonable gain.  
And whereas the fineness of gold is 24. carrats, and the fineness of silver 12. ounces, if our merchants after the rate of 4. ounces fine silver, and 8. carrats fine gold, for twenty shillings sterling, did compare the value of the foreign coin, and thus take somewhat more over and above, keeping this proportion, the realm should more flourish, and both it and they be stored with money abundantly.  
This may be understood the better, if we do suppose that some merchant's strangers do come over into the realm, to buy such a pack of clothes, for the which we have paid one hundredth Angels, holding 23. carrats 3. grains and one half: and these merchants do bring some strange coin of gold or silver, not known in the realm, and do tell us that the same is worth so much in their country, or holdeth so many carrats or ounces in fineness, and will give the same in payment unto us: we neither believing them, nor knowing the value of their coin, are not contented therewith, but we will go unto the mint to have an assay made thereof, and accounting what our moneys do hold, together with a reasonable gain, will be contented to accept of the merchant's strangers money, as it shall be found worth in substance. And then if we do compare the same to the price of the exchange, for the place whence these merchants came, we shall find whether it goeth currant, and according to the valuation thereof, or whether the valuation be more or less than the exchange is, especially then the merchandising exchange, which is the cause of the unnatural alteration of the coin.  
In the like manner will other nations deal with us, if we do buy any commodities of them beyond the seas; and which is more, have already done even within the realm, as experience hath taught us: for albeit that with us it was never convenient or expedient that our moneys should be exported, and therefore one would think it made no matter of what metal our money were made of, so long as for the same all commodities might be had within the realm: yet men will have such stuff as is worth so much in substance in other places elsewhere, or else they will sell their commodities accordingly: howbeit that if having sold their commodities, and not being desirous to export any commodities of the realm for their return homewards, they will not greatly weigh what the moneys are made of, if they may be sure to have the value thereof paid them by bills of exchange into their own country. And then in a manner there might be dealing and negotiation without money: and the exchange will qualify the same, for the operation thereof is wonderful. But what is a kingdom without money, being (since the invention thereof) rightly called Nerui bellorum? And if any Prince would call in all the good money, and deliver base money for it, which by his authority should be valued and proclaimed at such rates as the good money was, the matter would be of small importance, for so much as concerneth the course of things amongst his subjects: so as by way of exchange, as aforesaid, the merchant stranger had his turn served, and that the Prince were sure that other nations should not draw that good money from him, or deceive him with the like base money, and that those that had the managing thereof did execute their charge for his benefit. But every thing considered, we shall find that the richer the coin of a kingdom is, the better is the estate and government thereof, so long as it is not bereaved of the money.  
Thus much Obiter: Now to answer unto those that say, what needeth a man to make so near a calculation, I can give a guess at the matter, reckoning the exchange, charges, and a reasonable gain in a Summa totalis, and make sale of my commodities accordingly: what loss is there in this, or wherereunto serveth this distinction?  
First, we have already showed you, that generally this merchandizing exchange, either being high or low, here or beyond the seas, is prejudicial to the realm in the transportation of our money. And next in the abating of the price of our home commodities, and advancing of the price of the foreign commodities. And now to answer this particularly; we say that in process of time, there is a great and incredible loss, both to the realm and yourself: for whereas you say, to have a regard to the exchange, it is not such a regard as you ought to have; but you do mark the exchange only, according as the price thereof is at the time when you sell your commodities or do deal therewith, or sometimes according as you imagine the price thereof will be, whereas you have a secret loss, or might gain more if you go near to the reckoning, as aforesaid: whereby though at that instant you lose but little, which you might have gotten, the realm will feel the smart of it in the end. You might as well say, the matter of exchange is but by bills, which are but paper and ink, there can be no hurt done by them, whereas if you consider how the selling and buying of commodities is ruled according to the price of exchanges contained in the bills, you shall find the matter before spoken of; nay therealm generally doth feel it: for this canker of merchandising exchange, is like to the cruelty of the Planet Saturn, which maketh his spherical course in thirty years with great operation, although we do not so sensibly perceive his motion.  
This may be illustrated by a similitude, for concerning the sale of our commodities, we do as much in effect as if some draper did sell his cloth at a certain price the yard, and suffered the buyer to measure out the same by the buyers own false yard. Or like a grocer that selleth out his pepper by the pound, at a price agreed upon, and is contented that the buyer shall weigh it out by a weight, which (unknown unto him) is false, and so looseth unawares, or getteth less than he made account of, because the fraud used in the weight and measure is unknown unto him. Even so is the cunning course of the exchange unknown unto us.  
Having thus briefly and substantially set down the course of money generally, and the operation of the merchandising exchange, and omitting to speak of the diversity of exchanges of the like nature used in other countries, because in handling them we should exceed the bounds of a treatise, and but rehearse that which by other men's writings may be seen: we must now a little consider the course of commodities in regard of bartering or permutation before money was devised, the rather for that our merchants beyond the seas, are much inclined thereunto, howbeit in an other manner, for it is according to the rule of money, considering that thereby every man doth rate or value his commodities in bartering of the same, and that money being differing in weight, fineness and valuation according to the denomination, is again ruled by the exchange founded thereupon, and cometh in effect all to the former matter, which (to avoid prolixity) we do not reiterate, but do leave to the consideration of the wise, as every man is taken to be in his profession. And as we find other nations to be, which by the way, for the better understanding of our subject, shall be declared.  
We have already described riches to be either natural or artificial, and that both these are valued by money; and that for as much as the artificial riches doth proceed of the natural, therefore reason requireth a certain equality in the estimation thereof. Hereupon this consideration is incident, that as there are three temporal things for the behoof of man: namely, food, houses, and apparel; so must we account all the things serving thereunto according to the use of them, and the scarcity or plenty of those things, according to the same use, having always a regard and care, not to pay too much for the things serving for the belly; especially, such as in some sort may be spared or forborn: and not to sell too good cheap, the things serving for the back, or in effect to barter them for superfluous things, always admitting civility, which (albeit that men account that civil which is accorto the manner of every country, as the Proverb is: (Countries fashion, country's honour,) yet reason must rule herein, with a due consideration of God's good creatures and gifts, which cannot be done without an unfatigable industry, both in discerning the variety of them, and in observing their infinite number and pure creation, in which regard precious things have their estimation. So that the same civility must be reduced to the good of the commonweal, and for the upholding thereof, living together in Christian society, giving so far place unto reason, that every man may endeavour himself to the preservation of the weal public, and conceive generally that other nations not endued with so much reason, are always inferior unto us in that regard, even considering all men alike in an estate of politic government. Who seeth not then, that without any cause of admiration, some men do wonder as it were at the simplicity of the West Indians, Brasilians and other nations, in giving the good commodities of their countries, yea, gold, silver, and precious things, for beads, bells, knives, looking-glasses, and such toys and trifles? Nay, that we ourselves are guilty of the like simplicity, if herein (the premises considered) yet an error were committed? For giving our good commodities, or the treasure which chiefly from the West Indies is received for our said commodities, unto them of the East Indies, and paying ten or twelve for that which heretofore did not cost in the said Indies above one, as it did in the beginning of the reign of Philip the second king of Spain, when pepper was sold for 120. fanans, or ten French crowns the bahar, which is four hundredth London weight, and is not much more than three half pence the pound; cloves accordingly at six pence the pound, cinnamon three pence, and so forth: we shall not need to speak of other dainties and delicacies of superfluous things, so long as a moderation is used; neither is our meaning that the money or treasure in every country should be buried: but if we will not prevent the general transportation thereof, that at the least we should seek to enjoy by the course of traffic the benefit thereof as other nations do, and to have the same also imputed unto us.  
In Poland, Lituania, Prussia, & other country's adjacent, when they abound with corn, money is very scarce, and the price of corn thereby much abated, at which time they will either tolerate or proclaim the moneys to be enhanced in price, and moreover the same to be delivered at interest after 15. 20. and sometimes 25. upon the hundredth for a time, presently great store of ready money cometh from all places thither, which maketh the price of corn to rise, the money also being risen to a great value: and yet our English commodities do rather fall with them in price, or remain unsold, the moneys being transported thither only for the employment of corn. And although we have not an ordinary exchange with any of those countries, which sometimes is made according to the Florin of thirty grosses: and therefore some ready money (one would think) might be brought over in return of our commodities: yet the same is not done, for that the toleration of moneys to go currant with them far above their value, hindereth the same; in regard whereof our commodities might be sold accordingly, and then shall we not only with adventure make return in very needful and necessary commodities of pitch, tar, deals, clapboords, cables, ropes, and such like: but also in ready money, if occasion shall so serve, more profitably for the general good then to make over moneys by exchange, by the way of Amsterdam, Hamborough, or other places, as upon the reformation of the exchange might effectually be found. And I dare undertake, that in times of scarcity, when we shall or might have need of corn, the same may be provided unto us far better cheap, and more commodiously than heretofore in the like occasions hath been used.  
In Russia, because their moneys are not only enhanced, but also embased by allay, therefore are our moneys by way of trade in nature of bullion carried thither sometimes, and our commodities sold accordingly, and their necessary commodities brought unto us in return thereof, as are the above named. There is no ordinary exchange between us and them, but sometimes according to the Roble exchanges are made to our loss, when we pay above 13. sh. 4. pence for the roble, with consideration of the time after 10. upon the hundredth, their principal money being both small & base, as their Novogroatcoes or Copecoes, whereof 20. make some 8. pence sterling. The trade being otherwise very necessary, and profitable for the utterance of our home commodities, & maintenance of navigation; divers of their commodities, as tallow & hides, being by us vented again into France and other countries.  
In Turkey, where great store of foreign coin is currant at a high rate, commodities are sold accordingly, in so much that their base money of Asper's and Shahes' cannot go currant in any quantity, but that the commodities will rise to double the price in value, in regard of their price, being sold by the ducat of 40. Medines, & paid in Checknis or Sultaneus, as also dolours of all sorts, or royals of 8. for of late years they know perfectly the fineness of moneys, & can discern the good from the counterfeit, and make their advantage accordingly, in the sale of their commodities: so that the transporting of any thither, is not so much used as heretofore; much less doth any come from thence back again, because of their toleration also. And we have no ordinary exchange with them, especially our ships requiring still their lading homewards, whereby their commodities do stand us in more than otherwise they should: and so much are the gains the greater, which are procured upon the said commodities, by how much our home commodities are sold too good cheap, which partly are abated in price by such kerseys, cloth, and other commodities, as some of our merchant's adventurers sell with a small gain into other places, from whence they are carried into Turkey by the way of Venice, which is prejudicial to the realm.  
In Barbary, the money being also much enhanced, and we having no ordinary exchange with them, albeit our merchants did sell their commodities somewhat accordingly, yet they have made a nearer calculation, when they wanted sugars to make their return, and have been constrained to their loss to bring over gold; in regard of which loss, they had more than reason to sell their commodities the dearer, to the good of the realm: whereas otherwise if they had found sugars to make their return by, they would have brought them, were it at never so dear a rate, to the prejudice of the same. And surely not only these Barbarians have a due regard of the goodness and course of moneys, but even that barbarous people of Guinea and thereabouts, have of late years learned to esteem their gold at a far higher rate than they were wont to do, observing the course of traffic. And to conclude with such places where we have no ordinary exchange, let us remember Spain and Portugal, seeing that since these troubles and interruption of trade, we are not only barred from the greatest importation of money, of rials of plate, and pistolets, which in a manner did supply our exportation, and were daily brought over from thence; but also that by the means of other nations all Spanish wares are bought so dear, and accordingly sold unto us, that the small gains of our clothes cannot countervail the same: whereas heretofore all our gains were procured upon our home commodities, being thither transported, and we were very well contented, if of their commodities we could make our principal as they costed us, with some small gain towards the adventure and charges.  
The sum of all is concerning all the aforesaid countries where we have no ordinary exchanges, that neither the exportation of our moneys is prejudicial to the realm, if we bring for it again needful and necessary commodities into the same: neither is the importion of money beneficial to the realm to any great purpose, if we do give our good and necessary commodities for the same, being both ways but a kind of permutation or barter: and those countries that by enhancing the coin, do draw money unto them, gather but an imaginative wealth, consisting in the denomination and not in substance, whereas the abuse of the exchange causeth us, for such places where it is usual & ordinary to lose and give our treasure with our home commodities, to obtain only foreign commodities for it, as we have already showed, and will yet make more apparent.  
But first, lest any man should find fault that we do not declare what the fineness of the standard of the moneys is, which are used in the aforesaid countries, neither their weight or proportion which they do hold between the gold and silver, we must desire him to note that we endeavour to be in all this treatise compendious & substantial, & that having no ordinary exchange for these places, the matter is of no great moment, especially also for that the most part of the coins currant with them, are incidently to be handled in their proper places following. The rather when the proportion between the gold & silver (albeit the sane do differ in some countries) bringeth not any inconvenience at all, if there be no quantity of commodities in those countries to establish any traffic between them, as betwixt Spain & Portugal, Spain holding 12. to 1. and Portugal but 10. to. 1.  
In Scotland, where they hold 12. to 1. in proportion between the gold & silver, there is small store of commodities to be had to make any return by, which is the cause that although we hold but eleven to one, yet it breedeth no inconvenience unto us, that therefore our moneys should be transported thither in any quantity, for all the advancing of the price of their coin, and their standard of silver being but 11. ounces fine, which is inferior unto ours, and likewise their weight lesser than ours by four penny weight fully upon the pound troy, which otherwise would be of importance, considering that we have not with them any ordinary exchange, which should qualify the same, the rather for their copper moneys used in abundant manner, as their Hardheads, Bodwels, Plackx, Atchisons, Nonsunts, and Turnovers, the course of such moneys and the like being by diverse taken preposterously, as though the silver moneys should take their beginning in valuation from these copper moneys; which maketh them to incline to the embasing of moneys, whereas by the authority of Princes, these kind of coins do receive their valuation, answerable unto the good silver money: as experience maketh manifest in Turkey, with their Asper's and Shahes'. Neither is there any proportion observed between the copper moneys and the silver, as there is between the silver and gold, as Numa Pompilius the king of the Romans did, by observing ten of copper for one of silver, and ten of silver for one of gold: but we shall find, that since that time it hath been diversly taken in diverse countries, according to the use and quantity of the one or other metal, upon all ocasions. For places where we have ordinary and continual exchanges, it is of great importance, for either we must make 2. prizes of exchanges, the one for the gold, and the other for the silver, or else our gold is continually transported, our exchanges commonly having their course according to the silver. Now if any manshal receive beyond the seas for our gold after 12. of silver for one of gold, we holding but 11. to one in proportion, who seeth not an evident gain of one in eleven, if the silver moneys do not countervail the same by way of toleration, being received for above their value beyond the seas: but those that will take this benefit of our gold, need not to bring silver for that purpose, having foreign commodities ready at hand, in return whereof the gold is very commodious and profitable, which is the cause of buying up of the same, when the price of the exchange is low, as before is declared. We have already declared the general course of exchanges, now let us yet enter into some particulars concerning exchanges & moneys, and of foreign commodities coming from the places with whom we have ordinary exchanges. For Roan, Paris, Lions, Bourdeaux, and other places in France, we have an ordinary exchange made according to their crown of 60. soulz. The standard of their silver moneys being 11. ounces fine: albeit their base money, as their soulz, and other is but three ounces and a half or somewhat better. Their crown gold 22. carrats, and the proportion between the gold and silver is by valuation 11. to one, but by toleration 12. to one, and many times more: the crown of exchange being at 60. soulz, & in specie 63. 64. and 65. soulz. And here let us note the wonderful operation of the course of exchange; and that whereas the toleration of moneys in other countries is a hindrance of the importation of money unto us, yet it is not so with France, because money is brought over sometimes from thence. Albeit the same be received above the value, as the French crowns and pistolets, because the course of exchange is contrary. For plenty of money with them maketh a low exchange, and scarcity of money maketh a high exchange with them, and on the contrary, a low exchange with us: whereas for other places plenty of money maketh a low exchange with us. So that the one being a cause of importation of money: the other is a cause of exportation, yet the Realm by the course of moneys receiveth not any benefit at all in the vent of our commodities as other countries do. For this French crown being valued at 10. shillings 10. pence flemish, maketh the right exchange to be above 36. shillings for the low countries, where in specie the same is carried, and in the like manner for other places. The observation whereof may be applied to the good of the Realm, & the merchandizing exchange being taken away will advance the price of our home commodities. The rather for that we find that by our French merchants there is as great a quantity of our home commodities, and such as are brought unto us from Russia and elsewhere, sold into France, as doth countervail the employment of wines and other commodities from thence, the freight and impost of wines (redounding to her majesties benefit and of her subjects) not being reckoned.  
The like may be said concerning our exchange for Venice & other places in Italy, which particular exchanges are (as in all traffics) governed by the universal, even in places where little or no trade of commodities is used, as at Madrill, Lions, and Bizanson, where money is made a merchandise and bereaved of the natural course whereunto it was first devised. This universal or general exchange made according unto our 20. shillings sterling as is supposed, hath his course in manner aforesaid, for all such places where most of our home commodities are sold by the merchant's adventurers, be it at Embden, Middleborough, Amstelredam, Stoade, or Hamborough, where our commodities of Clothes, Kerseiss, Bays, Tin, Led, or such like, are sold and bartered for such foreign commodities as are Velvets, Satin, Silks, Venice gold, Fustians, and such like, purposely engrossed and brought to the aforesaid places, & sold by the factors of the Bankers to our merchants, at so dear a rate, that even other nations must buy the like commodities the dearer for our sake, which is the cause that our merchants selling the said commodities dear accordingly unto us, are notwithstanding small gainers, although generally the realm loseth greatly. All which cometh to pass by the means of the exchange being abused as before is showed, both for the transportation of our moneys, which for a long time we have given to contervalue the price of the foreign commodities with the price of our home commodities according to the overbalancing before spoken of, which during the trade with Spain from whence money was continually brought over, could not so sensibly be felt as it is now, notwithstanding the great purchasses of reprisal goods. So that the effect of it is like unto the barter of two merchants, the one delivering commodity and money, and the other commodities only: he that delivereth commodities only, doth overset the same in price, and the other that delivereth commodities and money doth overset his commodities also somewhat accordingly: but doth not consider that he cannot overset his money: whereby it cometh to pass, that he hath foreign commodities at a dear rate for his home commodities and money: yet because he findeth through the excessive use of those foreign commodities present sale with a reasonable gain, he thinketh to have made a very good match: whereas by his means the Realm is not only deprived of the ready money, but sustained a great loss beside, in paying too dear for those commodities, as we may easily perceive, if we do consider both the prices of the above named foreign commodities, and our home commodities altered within these fifty years.  
We are like unto him that did not overset his money as aforesaid, because we do esteem our moneys by way of exchange less in value than they be, and do receive the money of other countries far above their value, according to their toleration, especially they holding the proportion between the gold and silver thereby continually twelve to one.  
At Hamborough and Stoade the ordinary reckoning is taken to be 9 marks 4. shillings, for our 20. shillings sterling, every of their marks being sixteen shillings Lups, making 148. shillings, which is 24. shillings 8. pence of their money for our pound. The Rickx dolor is 33. shillings: so that 4. Rickx collars and one half make 148. shillings ½ or 24. shillings 9 pence, without reckoning the discrepance of the time of 2. months for their usance, the consideration is at the least taken after ten upon the hundredth for the year.  
At Embden this Rickx dolor being currant in payment after Flemish money at 47. or 48. stivers: and the Angel at 11. gilderens and one half, what merchant is he that cannot calculate this exchange to be abused, and that 36. shillings flemish cannot answer our money?  
If any man would think, that upon admonition given to the States of the low countries this might be reform, and the like reformation would follow in other countries, especially those of Hamborough and other places adjoining, holding their moneys always as it were at a stand: yet all would be to small purpose if it were by a general consent reform and established, so long as the exchange shall be suffered to rise and fall from time to time upon all occasions.  
The States of the united low Provinces having made it felony by the law, and devised all the courses and means to effect the same, could never do it. Albeit that in Anno 1594. they kept their mints without work for the space of a veare and more. For they are not only interrupted by the several mints of other Princes adjoining unto their country, but also for not having so absolute a government, the body thereof being compounded of equal parts, every one claiming as absolute power as the other. Howbeit we shall find, that generally by them all there is a kind of proportion kept both between the gold and silver, and in the valuation of them. Neither were it convenient for the States to cry down their moneys, whilst the 17. low Provinces are separated, albeit they have suffered of late, and still do without any alteration of their moneys, that the Archduke Albertus of Austria doth value certain ducats (which he caused to be coined) at a higher rate than they be worth: as having occasion to use silver for the East Indies, which they obtained for the gold which they had from us and elsewhere. But omitting many other particular matters, let us conclude with the second part of our treatise, wherein we have showed how the course of exchange being abused, doth overrule the course of commodities and money. Also that the transportation of money for places from whence we have necessary commodities by way of permutation for our money, can not be prejudicial to the Realm, as the abuse of the exchange is, for those places where our merchants have the utterance of our chief and principal commodities, which exchange both of course and by practice is ruled by other nations, the Realm receiving thereby an incredible loss, through the overbalancing of the foreign commodities with our home commodities in nature before alleged: which to supply, draweth away our money and treasure; and bringeth such inequality between the natural riches and the artificial riches, that husbandmen are many times, when the harvest faileth, unable to pay their rents, and poor artificers to live by their handy work, as having nothing but from hand to mouth. For the course of foreign commodities upon the alteration of money, bringeth withal an alteration in the government of a commonweal.  
Every man knoweth, that by reason of the base money coined in the end of the most victorious reign of king Henry the eight, all the foreign commodities were sold dearer, which made afterwards the commodities of the Realm to rise at the farmers and tenants hands: and thereupon gentlemen did raise the rents of their lands, and take 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 daily from the West Indies: by reason whereof, and especially for that the ounce of silver was advanced by the said king Henry the 8. from 40. pence unto 45. pence, and afterwards in process of time came to be advanced to 60. pence the price thereof could no manner of ways abate, albeit the money was afterwards restored to her former purity and fineness: and so would it be to small purpose, if (according to some men's opinions that would have things good cheap as heretofore) the valuation of announce of silver were reduced again at 20. pence. For let us consider how all these things have driven one another, as in a press going in at a straight, & examine them by a retrogradation: if we require gentlemen to abate their rents, give over farms, & break up enclosures, it may be they would do so, if they might have all their provisions at the price heretofore: whereunto the farmers & tenants (as I suppose) would easily condescend if they might have all things else at the merchant strangers hands or others, at the same rate as they were wont to have heretofore. And the merchant might say again, that he will sell his wares as he was wont to do, if he may have the like money answerable in value and fineness, as he was wont to have heretofore: and that with great reason, seeing that permutation of commodities did cease with us, and that money was now to measure or value things, and that the same must have his value according to weight and fineness as may go currant in most places.  
Now the money being reduced to her former purity and fineness, had not that effect, because the valuation was altered and advanced to sixty pence; which if it had been abated to twenty pence, would only have altered the price of things by denomination, and not in effect, so long as we give still the quantity in weight and goodness in fineness of our moneys. But I pray you to what purpose would this be, and that your exchange grounded thereupon should be made accordingly, if you would suffer the price thereof to rise and fall, to the great prejudice of the realm, as before is alleged: which being reform, will be the only way of preservation and augmentation of the wealth of the realm, and a great qualification of the things above mentioned, by bringing plenty of money within the realm, and staying that which will further pass, whereby our home commodities will be advanced in price, which will increase the quantity of them, and set not only more people on work to make our home commodities, but also other commodities now imported, having within the realm fit matter or stuff thereunto. The due consideration of all which, will make us to imitate the custom of good citizens, which seeing their city on fire, lose no time to inquire how and when the fire began, but endeavour themselves with engines, buckets of water, and other necessaries to quench the flame thereof: wherefore let us without losing any more time, run to the remedy following.   

THE THIRD PART: A REMEDY AGAINST the Canker of England's Common wealth.  
BY that which hath been declared, we see how one thing driveth or enforceth another, like 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 the clock. Or like as in a press going in at a strait (as we have said) where the foremost is driven by him that is next him, and the next by him that follows him, and the third by some violent and strong thing, that drives him forward, which is the first and principal cause of putting forward all the rest afore him: if we were kept back and stayed, all they that go afore would stay withal: this is therefore called Causa efficiens, which not being rightly discerned from the mean causes, made that many men were never the near to remedy the thing they went about.  
The Chronicles do record, that to prevent the transportation of money, king Henry the eight like a politic Prince, in the eighteenth year of his reign, perceiving the price of money continually to rise beyond the seas, caused the angel noble, being the sixth part of an ounce, and taken for two ounces of silver, to be valued from six shillings eight pence unto seven shillings four pence, and presently after unto seven shillings six pence; whereby every ounce of silver was worth forty five pence: and yet there was nothing effected thereby, the money still altering beyond the seas: whereupon Cardinal Wolsey had a patent 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 two & twentieth year of his reign, perceiving that divers nations brought abundance of foreign commodities into his realm, and received therefore ready money, 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 it is there alleged: his Majesty caused a proclamation to be made, according to an old Statute made in the time of king Richard the second: That no person should make any exchange contrary to the true meaning of the same Act and Statute, upon pain to be taken the kings mortal enemy, and to forfeit all that he might forfeit: which took effect but for a short time, and no other was to be expected, it not being of that moment nor the principal cause, as hereafter shall be declared.  
After all this followed the embasing of money: and what happened then, we have already declared so much as is thought convenient.  
All which notwithstanding, and as it were in derogation of the credit of experience: yet some men will attribute the cause of transportation to the fineness or under valuation of our moneys, and would have our moneys enhanced in price, or embaced by allay, without that they have any consideration, that in some sort our exchange shall be made accordingly, and that the matter would remain still in substance, although it were altered in name, whereof the base moneys daily exported out of France, and the enhancing of moneys in Turkey, and Barbary, do give us an instance. And it followeth that neither difference of weight, fineness of standard, proportion between the moneys or valuation thereof, can be any true causes of exportation of our moneys, so long as a due course is holden in the exchange, which is founded thereupon, as before hath been showed.  
Having found out the efficient cause, the remedy is easy, and most commonly great matters are cured by easy remedies: And by that which hath been said, every man of judgement may easily gather, that the exchange for all places ought to be kept at a certainty in price, according to value for value; and that according to the value of our money, and the toleration of the price of the money in each country, where we find that a certain proportion is observed from time to time, to which end there must be a vigilant eye for the observation thereof upon all alterations, and to make our price of exchange accordingly, both for the gold and silver, either in advancing our gold and making the porportion to be between the gold and silver 12. to 1. or else making the price of exchange according to the gold.  
If we do make our gold to be worth twelve of silver, as is used in most places, then must our angels and other gold be called in, if so be that we will not think convenient that the weight and price should be altered, and new angels may be coined of crown gold, holding still their price and weight: or else if we will alter the valuation, than our angels should be at ten shillings ten pence, and the French crown six shillings six pence: for there is as much difference between the proportion of eleven to one, and twelve to one, as there is difference in the price of angel gold and crown gold. But altering neither of these, the exchange might qualify the same, the rather because that for places where we have no ordinary exchange, our gold and silver moneys are transported in nature of bullion, especially the silver, being more worth in some mints beyond the seas, then by valuation, as we have noted before.  
For the keeping of the price of exchange at a certainty, according to value for value, some are of opinion, whereas these exchanges are most commonly made by certain persons sworn to deal honestly between party and party, commonly called brokers, that every merchant exchanging should be bound upon a penalty, not to make any exchanges without them, and according to their direction: to which end they should have a certain prescription specified in a pair of tables, how to make these exchanges, and should become bound with sureties to make them accordingly: in the course whereof there should be no other difference between the deliverer and taker up of moneys, but after ten upon the hundredth for the year, and to make them payable at some short time, to cut off the merchandizing of the same, both here and beyond the seas.  
Others that do not like to enter into bonds, do allow of the opinion of those that do affirm the same would be more exactly done by certain skilful and substantial men, thereunto authorized by her most excellent Majesty, to be the general exchangers with whom all men should be commanded to make their exchanges here in England; and in the like manner our merchants only in the chief places of traffic beyond the seas, with these Exchangers deputies also in manner aforesaid, wherein would be little restraint: for he that would not deliver his money here by exchange, might (if he would) employ the same upon our commodities, and rather than to transport any in specie, he would deliver it by exchange, when upon a simple bill he might have as much given him by the means of the exchange, as the same would yield him beyond the seas, being carried in specie with great adventure, and in danger of the loss with treble the value, according to the statute. On the contrary, he that would not deliver his money beyond the seas by exchange, he might bring over foreign commodities being at a reasonable rate, or else the money in specie: provided always that in bringing moneys there be no permission any other to be currant, but such as are already proclaimed; and all other to be brought into the mint, or to these exchangers deputies, which should give presently other ready money for it, according to the statute 20. E. 3. whereby of course also that might be effected, which heretofore was commanded by the statute of 8. H. 5. 2. whereby the Staplers were to bring a good part of the return of their wools in bullion.  
The most noble kings of this realm Edward the third, Richard the second, Henry the fourth, Henry the fifth, Henry the sixth, and especially Henry the seventh, made most noble statutes against the abuses of exchange, and for the increase of their customs; and then the right exchange (as doctor Wilson saith) was only used by the king or his exchanger, albeit there was not any such urgent cause: so that the merchant stranger bringing his wares into the realm, did first pay his custom, and having made sale of his commodities, and employing the money that he received here, upon the commodities of the Realm, according to the Statute 14. R. 2. and so paying custom again, departed home to his country, without carrying any money at all by exchange: for if there were not sufficient commodity here in wares, he made his exchange then with the King's exchanger, and none other: so that it was known unto the exchanger what exchange he made, and upon what cause. But if this matter be now a days duly considered of, it will not be found of such importance as it is taken to be, neither for the increase of the customs of the Prince, or advancement of the sale and price of our home commodities, the trade whereof would best become our English merchants, as the trade of the foreign commodities is fittest for the merchant strangers, leaving the due course of exchange in manner aforesaid free for both parties to make their return by, upon all occasions, which would prove very profitable to the realm and her majesties customs, considering the said statute doth only command the mere merchant stranger, and not the denizens which are the principal dealers. Our home commodities being also so needful, and of continual request, that at all times they are most vendible, notwithstanding some small interruptions, which now and then by reason of the wars and other controversies do happen.  
If the foreign commodities were for the most part imported by merchant's strangers, which pay more custom than the native subject doth, her majesties customs would very much increase. Again if they were bought better cheap, more would be vented with us, and likewise greater quantity of our home commodities transported, especially when money doth abound. Lastly, the trade of our commodities would increase, if the trade of the merchandising exchange did cease. And were it not that the foreign commodities are consumed within the realm, it were great reason that as the price thereof is risen, so likewise the custom should be paid somewhat accordingly.  
The Portugals which do engross the spices of the East Indies, cause a great custom to be taken of twenty upon the hundredth, upon the arrival of the carracks at Lisbon, for the coming in of the spices and other commodities, and cause other nations to pay the same, making the price accordingly, pleasing them again in the custom outwards, in taking but one upon the hundredth for the same, making in this manner their country as it were a storehouse for spices, as the Hollanders do theirs for corn coming from the East countries. And the like plenty is used by other nations, which would require a larger description, as also how they enrich themselves by their industry and handiwork of the stuff of other countries; and again what commodities might be made within the realm, we having fit matter or stuff thereunto; and how artificers and other workman's wages should be considered: and yet to this purpose we cannot omit to commend the singular good Statutes, made by King Henry the third, and could wish that the wages given in those days with so great advisement, were now trebled according to the alteration of the valuation of money, than an ounce of silver being valued at twenty pence, which is now rated at 5. shillings. This is duly observed in the city of London, for the allowance of the baking of a quarter of corn, the baker having now six shillings for the same, whereas he had in those days two shillings.  
But returning to the matter in hand, we say that the course of traffic before mentioned, would be effected by the reformation of the exchange: for when our merchants should have ability given them to import money, then would they bring the lesser quantity of foreign commodities, and the merchant stranger would bring the more. And again on the contrary, the more ready money either in specie or by exchange, that our merchants should make their return by, the more employment would they make upon our home commodities, advancing the price thereof, which price would augment the quantity by setting more people on work: and would also increase her majesties customs outward. All which is tending to the general good of her Majesty, the whole realm, and every inhabitant thereof: and this reformation is in effect no more, but as it were the keeping of our own weight and measure, namely our money and exchange, to sell our commodities by: seeing that trusting other nations therewith, we have been hitherto deceived. Neither can any nation take hereby any offence at all, we receiving value for value, as they with reason do also one of another.  
The remedy is easy, and yet of such moment, that as the course of things doth carry always a great command: so should we find that of course diverse statutes should be observed or executed, viz. the statutes of 9 E. 3. 25. E. 3. 5. R. 2. 2. H. 4. 2. H. 6. 4. H. 7. 5. E. 6. prohibiting the transportation of money and bullion, etc. The statutes of 9 E. 3. 15. E. 3. 14. R. 2. 3. H. 7. and other concerning exchanges, to have their due course, both within the realm, and for foreign parts, having according to the tenor thereof, exchangers for the moneys of silver and gold, and for the moneys or bullion brought over, in buying the same and delivering it into her majesties mint, as may be seen by the statutes of 8. H. 5. and 20. E. 3. before mentioned, whereby her Majesty should have the due gains of her mint, and poor moniers should continually work. For the execution whereof, moneys were coined in those days in several places of the realm: howbeit all by the direction of the master of the king's mint at London: Namely at Canterbury, at Kingston upon Hull, Newcastle upon Tine, at Bristol and Excester: And the exchanger for the king at London, did also depute exchangers in the most places, saving that certain merchants of Florence called Friscobaldi, were the king's exchangers at Kingston, Newcastle, and Excester, whereby appeareth the great care had thereof. It will not be amiss to remember such benefits as will redound to the merchant's adventurers by the reformation hereof, when at all times they may make a sure calculation of their gains and accounts according to the known price of the exchange, or in setting over the bills obligatory which they receive of their commodities for foreign commodities, or in making over their moneys by exchange at all times, whereby they shall not be driven to buy foreign commodities, or stand in danger to become losers by the exchange, upon the alteration of the price thereof, after the sale made of their commodities, and before they do receive their money to be made over by exchange; and they may then altogether seek the gain upon their home commodities, selling them with more reputation. When young merchants having small stocks and running for moneys upon the exchange, shall not through their rash sale abate the price of commodities, especially when more money shall be had at interest, the merchandizing exchange ceasing: whereby young merchants may be supplied in their need or occasions, and with smaller stocks and less adventure have greater gains: for the Canker of this exchange shall not consume them, as it hath done many of them and others, and that unawares: for the same is like unto the Serpent Aspis, which stingeth men in such sort, that they fall into a pleasant sleep until they die.  
If any man shall make doubt of the execution hereof, let him but have a due consideration of the course of the right exchange, both here and beyond the seas, and he will wonder that so great matters can be brought to pass by so easy means, especially whereas it might be thought difficult, in regard of other nations.  
First, the gain had upon the money delivered by exchange here in England (either really or imaginatively) being taken away, will cause the merchandizing thereof to cease. We call that really, when in specie the money is paid, and imaginatively, when in regard of the general want of moneys, it is in effect but paid as it were by assignation. And then all such merchants, either strangers or native subjects, which deliver their money by exchange for gain, shall deliver the same at interest, causing plenty of money within the realm for the general good.  
Secondly, for the course of the exchange beyond the seas, every man can easily understand, that as the gain of the exchange appeareth only by the return thereof: that no merchant stranger will deliver any money unto our merchants, when he shall know the certainty of the price of exchange which doth exclude the gain, considering that all men within the Realm shall make their exchanges at a certainty, either by the means of Brokers or the general exchangers, especially our merchants beyond the seas being generally the deliverers of money and few of them takers up. So that this course of exchange shall command other nations, we having moreover the head of this principal exchange of our 20. shillings sterling: whereupon exchanges are made, and so the head will command and direct the other members of the body. Neither will merchant's strangers take up money by exchange at a lower price to their loss of any of our merchants, than our exchangers deputy will give, but will rather cause their money to be made over from hence: for gain beareth still the sway in the course oftrade.  
Thirdly, the general course of this exchange in the chief places of trade will govern the particular, as it is in all traffics. So that any exchanges made in any places of small traffic, where the exchangers shall have no deputies, will be of small moment. For if our merchants that do deliver the money, must give much to have their money paid here in England, it will be for the good of the Realm, for they will sell their commodities accordingly upon this occasion. And if they do deliver it at a low rate under our exchangers price, the matter cannot be great: for those also which are the takers thereof, will rather take it of our exchangers deputies at a better rate, by the means of their friends or factors dwelling in the chief places of traffic, where our merchants shall deliver their moneys to the exchangers deputies, even as merchant's strangers shall do here in England. And the merchandizing exchange (which causeth one sum of money to be exchanged (for the most places) 6. times in a year) being taken away, the ordinary exchange is not of any such moment, that we should doubt of the sufficiency of such substantial men as might execute the same; considering also that they shall serve every man's turn that will take up money by exchange here of them: and that there shall be no constraint for any man to deliver his money here or beyond the seas, but may employ the same upon commodities at his pleasure.  
Lastly, let us answer to some objections, notwithstanding that the due consideration of the premises and the weightiness of the matter might satisfy us.  
To the general objection, that selling our commodities dearer, would be an interruption to the traffic, we have already showed how necessary our commodities are, & what request thereof is in all places: so that such controversies as sometimes arise, are always qualified or ended by the procurement of the adverse parties themselves; as it happened in the ninth year of king Henry the 7. upon a contention betwixt the said king and the king of Romans, and a displeasure taken against the Flemings, and especially against the Lady Margaret Duchess of Burgundy and sister to king Edward the fourth, in causing to be banished out of his dominions all Flemish wares and merchandizes, and restraining all English merchants from repairing & trafficking into any of the territories of the king of Romans or the Archduke his son, & the Mart to be kept at Calis for wools and cloth: whereupon the king of the Romans and the Archduke banished all English commodities out of their dominions, which continued almost three years, until the Archduke sent ambassadors unto the king to conclude a peace, and therewithal was the contract of intercourse also concluded betwixt the said king and the house of Austria and Burgundy: the like examples we have more.  
Again, that young merchants or others shall not have so much credit at the hands of the exchangers, as they have now at diverse men's hands, and that therefore it were better to enter into bond as aforesaid, which would be duly observed, because the bills of exchanges should bear witness a-against them. Let us consider that they should not have such great occasions to take up money, when money should be plentifully here delivered at interest, which is now delivered by exchange, whereas also they may bring over moneys for their return when they see cause, and the exchangers receiving here much money at the merchants strangers hand by exchange, would be glad to give a greater credit to have the better means to repay the money beyond the seas to the merchant stranger.  
The difference betwixt those that deliver their money at interest or by exchange, in regard of usury, consisteth only in the name, for they have both an intention of gain upon money, and do bear an adventure for the loss of their moneys, whereas the one is certain to have no more but ten upon the hundred at the most, and the other doth expect at the least 15. or 20. upon the hundredth, in regard whereof he is contented to stand in adventure to lose sometimes (and that seldom) by exchange, but still the intention remaineth, which should be the surest guide of conscience to take away false or counterfeit pretences.  
Exchanges will be made underhand or secretly, notwithstanding their bonds or prescriptions: as how I pray you? Surely he that is the deliverer of money will take no less for our 20. shillings sterling than the rate of the exchange shall be: and if the taker will give him more, & he will take it without regarding his bond, the Realm looseth nothing thereby, albeit the party doth lose, if he do not sell his commodities beyond the seas accordingly. Again, beyond the seas will any merchant stranger take up money at a lesser rate than the exchange, our merchants being there the deliverers, what loss have our merchants thereby or the Realm either? Whereas also to the general exchanger every merchant shall be a surveyor: so that the matter is so easily to be remedied, that unless we do enter into due consideration, that (as we have said in the first part of our treatise) all the trade is performed by commodities, money and exchange, we will think it to be impossible until we find out, that the abuse of exchange hath made the course thereof to be predominant over the commodities & moneys, which being found out as an efficient cause, maketh us to find an easy remedy: & according to the rules of all Politicians, comparing & reducing things to their original beginnings, we shall find how far they are digressed or decayed, which also oppositly maketh me to write in commendation of the good order of the Venetians in ruling the market for their corn & victuals, imposing a certain price, upon due knowledge had of the quantity of corn monthly in any of their dominions: whereupon they appoint some grave and honest men in every principal city, who on every Monday of the week, are authorized (according to the quantity of corn) to set a price thereof: according to the which also, the Baker is to make the bread of such weight as they shall & do declare that day under their hand writing in several public places: whereby even the poorest man (who hath greater reason of care) may know what he is to have for his penny, for the which calling at the Baker's house, & finding any fault, he may take with the assistance (as it were) of the Constable, all the bread then exstant at the Baker's house as forfeited, the one half unto him, & the other half to the poor. By which means all engrossers & forestallers are cut off, because they are uncertain what the price of the market will be from time to time, which maketh them not desirous to buy. And again, the magistrate is not troubled to see this good order executed: for every man hath an especial care to have his own. How many statutes would be executed hereby also if the like order were established in England, let the learned in the law judge, not only for engrossers and forstallers, but also of enclosures of grounds, incorporating of farms, decay of husbandry, converting arable grounds into pasture, and all good orders concerning corn, which being duly provided for within the Realm, or from elsewhere, upon occasion of scarcity thereof, and withal having plenty of money, who seeth not that these are two pillars and props for the maintenance of a commonwealth, even as sincerity of religion, and the love of the people are the two especial props or pillars of the state of a Prince?  
No man would be angry with him that were in a house, and espied some fault in the beams or rafters of the same, and would insearch the default, and then certify the goodman of the house thereof, or some other dwelling therein, aswell for his own safeguard, as for others, for it is hard to heal a sore that a man would not have opened to his Physician, though he be never so skilful, and of great experience. How weighty and important the study hereof is, let all statesmen and Politicians be judges: for like as experience doth beget wisdom as a father: so memory nourisheth it as a mother, which both are holpen and furthered by learning: and as he cannot attain to learning who is without the knowledge of the seven liberal sciences: no more can he be a right statesman, in seeking the increase of the Prince's customs and revenues, to have the Prince's coffers well furnished: unless he do first study the way of preservation & augmentation of the wealth of the Realm: for the welfare whereof, jointly with the preservation of her majesties royal person, the Author daily prayeth unto the Almighty, by whom all Princes do rule and states do subsist. 
Qui plus expendit  
quam rerum copia tendit,  
Non admiretur  
Si paupertate gravetur.   
FINIS.   

Faults escaped.  
Page 69. line 15. read imported for imputed, pag. 70. lin. 5. great read greater, pag. 73. lin. 1. Checlmis read Checkins, pag. 108. lin. 4. plenty read policy, pag. 110. lin. 12. receiving read requiring.   

BEcause of the intended trade for the East Indies, we have added hereunto for the better observation of the contents of our treatise, the prices of precious stones, spices, and other commodities as they were bought in the said Indies, upon the lading of the last carracks, laden by the Portugals, before the Hollanders came to trade thither, to which end we do use many words of the Portugal tongue, for the better understanding of the commodities, and places from whence they are brought, together with their weight and goodness, and first for precious stones.  
Diamonds the most perfect called nayfe, are found in the kingdom of Decan, & other sorts in the kingdom of Narsinga, & the Island of Zeilan which are sold by the Mangelin at so many Pardaos of gold, as it were ducats of 360. rries or Maruedis every Pardoa, whereas at Lisbon a ducat is 400. rreiss or Maruedis, accounting 10. Fanans for their ducat, so that one Fanan is a rial, or 6. pence starling with us.  
Diamonds of one Mangelin.  26 Of 1 ½  30 Of 2  40 Of ¾ of one Mangelin.  22 Of 2 pieces or stones the Mangelin 20 Of 3 16 Of 4 13 Of 5 11 Of 6 8 ½. Of 7 7 Of 8 5 ½ Of 9 5 Of 10 4  
All other diamonds not being nayfe or pointed on both sides, as flat diamonds, triangles, or other fashions, & not of perfect colour, are to be bought accordingly.  
Rubies are found for the most part in a river called Pegu, being of the best kind and finest, and are called Nuncuplo, of a high colour, without any spots and clean, also the hardest and coldest upon the tongue, as the Indians do say.  
They are sold by the Coreya of twenty pieces, and by a weight called Fanan.  
The Ruby of one Fanan for ten Pardaos.  
Of 2 the Fanan every Coreya 50 Of 3 30 Of 4 18 Of 5 12 Of 6 9 Of 7 6 Of 8 5 Of 9 4 Of 10 3  
If they be not perfect, the price must be considered, as in the Island of Zeilan, where great quantities are found of a fleshly colour, esteemed but for ⅓ in value, called by the Indians Manecas, which being mundified by the fire, are made Carbuncles.  
There is also found in Pegu another kind called Spinelle with us, & Caropus in the Indian tongue, which they were wont to esteem for half the price of the good Ruby: and in the like estimation were another kind found in Balassia and so called, much like unto the colour of a rose.  

The weight of precious stones.  
One Fanan is somewhat more than two of our carrats, and every carrat is 4. grains.  
11 ¼ Fanans is one mitigal, and 6 ½ of them make an ounce.  
Mangelin or Mangear, whereby diamons are sold, weigheth 2 tar and ⅔, which is ⅔ of a carrat, for 4 tarres weigh one Fanan, which is above 2 carrats.  
sapphires in the island of Zeilan, the hardest are best, and of colour azure.  
Topasies in the same island of colour like beaten gold; the hardest best, and were sold for their weight in gold in times past.  
Turqueses found in Malabar, being of Turqueys colour by the day time, and by night by the light green; they grow upon a black stone, where of retaining some little black veins, is the better.  
jacinths in the island of Zeilan, which are tender yellow stones, commonly having pimples or burbuls in them.  
Emeralds or Smaragds, being hard and green stones, found in the country of Babylon and other places of India, were of great estimation before the quantity discovered in the West Indies, many of them are counterfeit. But looking on them curiously towards the light, the counterfeitnes appeareth by certain burbuls, like as the glass doth, which is not in the true stones, although certain beams appear; which true stones being rubbed on the touchstone leave the colour of copper.  
All these stones being out of request with us, must be bought as the buyer seeth cause for other countries.  
The pearls of the East Indies are not of that colour, which preposterously are called Oriental, as the pearls of the West Indies, yet let us set down their price.  

Pearls sold by the carrat.  Of one carrat pardaos 1 ½ Of 1 ½ 3 Of 2 6 Of 2 ½ 8 Of 3 12 Of 3 ½ 16 Of 4 20 Of 4 ½ 25 Of 5 30 Of 5 ½ 35 Of 6 40 Of 6 ½ 45 Of 7 50 Of 7 ½ 60 Of 8 70   

Aliofar, which is small pearl, sold by the Iuera, or sorts which cometh from the fishing about Comorin.  
The first juera 330. rreiss The second 180 The third 80 The fourth 18 The fifth and sixth. 8   

Calico cloth coming fram diverse places in the Indies, is sold by the Coreia of 20 pieces, according to the sorts following.  

De Cambaya.  Canequins finos 60 Canequins arezoadoes 40 Teadas 20 Dotins 25 Bancais 10 Cotonias de frades 24 Cotonias common. 20  

Do Sinde.  jourins finos 70 jourins the caregacaon 45  

Da Costa, de Canera.  Beatilhas finas 26 Beatilhas de caregacaon 20 Pacherins' 25 Berames. 32  

De vengala de porto grand.  Cassas finas 100 Cassas de caregacaon 70 Socopases 25 Beatilhas. 100  

De porto pequeno.  Cassas finas 60 Cassas de caregacaon 50 Chantares finos 40 Beatilhas 40 Amber grise the ounce 13 Amber black 3 Musk in code. 2 Seed pearl to stamp 20, rreiss  

The price of spices sold by the quintal.  Cloves clean of stalks from the Moluccoes. 50 Cloves of Bastao unclean 29 Mace coming from the island of Bandan being clean and fair coloured 74 Nutmegs of the said island 14 Ginger of Beledin in Calicut 9 Ginger of Mechino 7 Ginger in conserve 13 Cinnamon of Zeilan 35 Cinnamon de mato 10 Long pepper 25 Benjamin de Boninas 55 Benjamin de caregacaon 48 Alum 9 Camphir of China. 40  
The pepper is sold by the Baher of 15 roves being 4. quintals of 112. pound Lisbon weight, and is found in diverse places, as in the kingdom of Malabar, Calicut, and the island of Sumatra: and because the same is always the kings of Portugal by contract, the price is not known, and is otherwise risen to a great price, being first esteemed about the third part of the price of cloves.  

By this weight are sold also these wares.  Sandalo branquo de 20 paos 160 Sandalo vermelho 50 Pao da China bon. 180  

Goods sold by the case or farthel, weighing ●●le more or less than a quintal.  Indigo carques 40 Indigo called Aldeas' 70 Indigo comun called Aldeas. 35 Sugar de China 35 Sugar of Vengala. 12  

Goods sold by the Man of 24 pound.  Silk of China corrent 76 Silk in pieces made up 86 Silk retros called de Lancaon 40 Aquila boam 35 Aquila common 26 Tartaruga de Malaca 38 Lacre or hard-waxe 16 Wax of Vengala. 4  
All kinds of drugs are to be bought with great advisement, according to their goodness.   

Of the weights of Portugal and India, and some other places.  
The pound of the old weight containeth 14. ounces.  
The pound of the new weight 16. ounces.  
Every Cantare or quintal 〈◊〉 new weight, is 128 pound of 16. 〈◊〉  
Every quintal of the old weight 〈◊〉 3. quarters and one half of the new weight, or 128. pound of 14. ounces, which maketh 112. pound of Portugal weight of 16. ounces: so that every 8. quintals of the old weight maketh 7. quintals of the new weight.  
One Bahar is 4. quintals of the old weight of Portugal, being 112. pound of 16. ounces, and is in all 448. pound, which make that London 452. pound, at Antwerp 438. pound, at Venice alla sotile 712. pound, and alla grossa 448. pound. One Bahar maketh 20. Farazuelos, every Farazuelo 22. pound, 6. ounces of 14. ounces to the pound.  
The other weight as before mentioned.   
FINIS.