THE CUSTOMERS REPLY.  
OR SECOND APOLOGY.  
That is to say, An Answer to a confused Treatise of Public Commerce, printed and dispersed at Midlebourghe and London, in favour of the private Society of MERCHANTS-ADVENTURERS.  
By a more serious Discourse of EXCHANGE in Merchandise, and Merchandising EXCHANGE.  
Written for understanding Readers only, in favour of all loyal Merchants, and for the advancing of TRAFFIC in ENGLAND.  
AT LONDON, ¶ Printed by james Roberts, dwelling in Barbican. 1604.   

TO THE RIGHT HONOURABLE THE LORD BVCKHVRST, L. High Treasurer of England. The Lord Henry Howard, L. Warden of the Cinq-Ports: and the Lord Cecil of Esenden, Principal Secretary of Estate to the King's Majesty, and of his highness most honourable Privie-counsell.  
THE NUMBER IS BUT small, (at least not very great) of men so senseless or weak of judgement, but general inconveniences they readily see, and can easily discern. Notwithstanding, to find out the grounds of public harms, and the means how to cure them, is a study so intricate, & a practice so dangerous; that wary men hold it safer to provide for private ease (in regard of the times) then to busy their wits for any common-good.  
But how advised soever, and respectively wise in this kind, the most sort seem to be, as wishing only that all might go well, though not long of themselves: few or none are found of so still a temper, as not to complain, when public griefs work their own sensible smart.  
Such then as by long and extraordinary patience supping up their private wrongs, have endeavoured to give way to the stream of public contumelies, in hope of better days: must needs be excused if compelled at the last by lawless necessity, to refer events to GOD'S providence, in discharge of their Duties to Him, their Prince, and Country, they undertake the defence of their own reputations in a Cause public and general. The rather, when as without purpose of offence towards any, their Intentions appear, to give only a reason of such Disorders in their present Functions, as for want of serious Inspection, or true Information, have hitherto by jealousy and misconceit, yielded matter and occasions from time to time of their special Disgraces and obloquy.  
Such and none other, was the drift and scope of a late Discourse of the present Estate of Customs, not so publicly printed, as privately directed To the Grave and godly wise in highest Authority, by the Title and Inscription of THE CUSTOMERS APOLOGY.  
But. Pro captu Lectoris habent sua fata Libelli. For the book being written for understanding Readers, and so digested, that by reading alone, without passion or partiality, such might be their own and only judges; hath notwithstanding, by the Ignorant been lately censured, and strangely mistaken. Vainly striving to commend & make good that within Book, which never was in question: and maliciously urging some things without Book, that never were meant by words nor writing to be defended. But with such success as still befalls Folly, who delighting to see her own shadow dance, hath not the grace to conceal her own shame.  
¶ About such time as by the goodness of GOD, the light of the Gospel began to lay open the Errors of Superstition in these parts of the world, and by the hands of our Sovereigns to disperse them in this Kingdom: many Questions were moved to uphold sundry points of the Popish religion; but none so hotly disputed for the time, as that which they term the Sacrament of the Altar, and Praying to Saints. Whereof amongst others, a certain young Scholar more confident than wise, having undertaken a serious Defence: as one sick of love with the thing he had begotten, and ambitiously affecting the publishing of it; entreated a learned friend of his, & well-minded to the Cause, to read it over. The request was performed. But looking for Arguments sitting the Question, When nothing was found but a needless labour, to approve and maintain by the Catholic CREED, That JESUS CHRIST, was the true SON of GOD, very GOD, and very MAN that redeemed the World: And that there was also a COMMUNION OF SAINTS. The Book was returned without applaud, or show of satisfaction.  
RIGHT HONOURABLE. Such hath been of late years, the success of a like learned Writer, who printing, A Treatise of public Commerce, in favour of the private Society of the Merchants-Aduenturers, hath with much ado, and a heap of silly words, (far unfitting the gravity of his Theme) endeavoured to persuade his Readers, That Traffic rightly ordered, is the honour of Kings, and prosperity of Kingdoms: And that Merchants in that respect, were to be cherished, favoured, and encouraged in all Commonwealths. Quia VITA CIVILIS IN SOCIETATE POSITA EST, SOCIETAS AUTEM IN IMPERIO ET COMMERCIO.  
It is strange to observe, what strong apprehensions are able to work in weak men's brains. For as a plain simple man was sometimes persuaded, that if Pontius Pilate had not been a Saint, the Apostles would never have suffered his Name to stand in the Creed: so this Treatise-Writer, by a strong imagination of the Merchant-Adventurers extraordinary deserts: seeing the admirable effects of the golden blessings of England, by turning Creeks into Ports, 
Read the Treatise printed at Midleburgh, anno. 1601.  joining Ports unto Towns, raising Towns into Cities, and enriching whole Countries with Artificers and Trades, Mariners & Shipping. Applauding withal, their singular happiness, and great good fortunes, to have the managing thereof within themselves. Commending their 
* The Merchant's Adventurers, boast themselves to be able to make and divert a Trade, at their pleasures. Page, 23.  dexterities, in disposing, diverting, dividing, mincing, abridging, restraining, and lastly confining the Store and Staple thereof within the Walls of some one two Towns for best advantage in 
* Mark this well by the way, for herein lies hid, The Pot of Roses.  Foreign Countries, culloured with the Title of their special Mart-Townes. And above all things extolling their excellent wits, and absolute cunnings, in moulding Laws by mere Discretion, to hold all men under, and themselves above. Only for sending or sailing cross the Seas from Coast to Coast, without hazard of their Persons, or loss of their Goods more than usual & ordinary. And for wearing 
* Page, 154. 155. 156.  Chains of gold about their Necks, Caps and green Feathers, Hats and white Feathers, Buskins of purple Velvet, guilt Rapiers, Daggers, Bridles, Stirrups, Spurs, and such like, at Triumphs, and public meetings. But specially for feeding, maintaining, and setting 
* At Antwerp. 20000. About Antwerp, 30000. In Flaunders, 60000. Page, 24.  thousands on work beyond-Seas, when God knows the wants, & hears the cries at home: would feign persuade others, (being bound to admire them himself,) That their Governor is for Skill the 
* Pontius.  PILOT, for Gravity the judge, and for Wisdom the Oracle of all orderly Commerce. Their private 
* Talmud.  DECREES, above COMMON laws, and FORRAINE-TREATISE. Their particular 
* Synhedry.  SYNODS, above GENERAL COUNSELS, and their 
* Synagogue.  SOCIETY a COMMUNION OF SAINTS. Pronouncing all that dislike, distaste, or distrust their Doctrine, for EN TERLO PERS. That is to say, 
* All English, Christian, & loyal Merchants, Crucifige.  schismatics, Heretics, and Infidels, unworthy to breath Common-ayre, or live in any Commonwealth. Concluding strongly withal, That these Men thus put in trust with the credit and Cream of the Kingdom, (our Cloth,) must needs be holden more loyal to their Prince, more serviceable to the State, more welcome to their Neighbours, and therefore more to be honoured, than any other Men, with a Name above all Names, of MERCHANTS-ADVENTURERS.  
With this and such like stuff the Book being confusedly fraught, (cuius contrarium verissimum est,) might well have been suffered to have died in the birth, if withal it had not been mingled with aspersions of obloquy & untruths against CUSTOMERS of the Out-Ports of the Realm.  
CUSTOMERS. A kind of Creatures capable of Religion aswell as Reason: free Men by birth, and of best education. Men every way happy, save in their Names and Callings: and in nothing more wretched then in the Places of their Functions. The Out-Ports of the Realm. 
London the only Port of England. all other Ports are counted but Out-Ports, to London.  O holy LONDON! Men I say, that being by the curious eye of the Law, Chosen of the best, and placed in the rank of the most sufficient that Wisdom can find, or choice afford; would feign retain the reputations, 
The Law is as careful in the choice of a Customer, as of a Sheriff of the Shire.  if not of Saints, yet at the least of Christians, and plain honest Men.  
To let it therefore in some sort appear, that it is not enough for Men affecting their own good & credits by Traffic, to value their worths by disgracing of others; and that by such kind of Imputations & Shifts, 
Customers are no Prophets; to guess by the Goods, of what Nation the Owner is, it being a mystery among Merchants, to lend hands, and colour one another's dealing.  as none but Merchants (perhaps themselves that thus bite and whine,) only or most usually commit, and is not in the Customers power to prevent or amend: that which ensueth, hath been wrung from them by way of further Defence. For though it might be said, That to answer all private oppositions were fruitless, and to no end: yet lest he that runs alone, should still think himself foremost: to satisfy Wisdom and Authority itself, 
The Treatise hath been twice printed at Midleburge and London, and dedicated to the Lord Cecil.  I have been provoked (by words & writings) out of other men's labours and former experience, (as by way of witness) to make good that for Traffic, which the Apology before did but tenderly touch, and briefly set down.  
Besides. Not to show the decay of those Effects which both maintain Customers Credits, and give Essence to their Functions, by the occasions of the Ecclyps' in their Cause Efficient: were wittingly to betray the general good of all Men, & worthily to set down in perpetual obloquy. And public slanders are not washed off but by public Defence.  
For TRAFFIC therefore: Customers being bound, and bold to contend, the advancement whereof, like Honey in Hives, increaseth Customs. 
* The childish commendation of Traffic, by the Treatise-writer. Page. 3.  Not that Commerce, which children assoon as their tongues are at liberty do season their sports by: Nor that which Women among themselves do chop and change by: But that TRAFFIC whose Laws at the standard of Equity, weigh out Order, (not by private Discretion, nor partial Affection) but by the weight of general justice. Whose Merchants are Persons all every where Loyal and friendly. Whose Ports & Staples at home, Markets & Marts at home & abroad, are places for access conveniently easy, and for safety generally free. And whose Merchandise, for Matter honest, for Use profitable, by Nature admirable, and by Art made amiable, is at all hands vendible only for the Goodness.  
That TRAFFIC, I say, whose divine Elixir Goodness, the quintessence of Nature and Art applied to Materials, breeds Mysteries in Trades, turns Trades into Metals, and all Metals into pure Silver, and fine Gold. The restauring power whereof, easing all griefs in Sores, suppling all Sores in diseases, and curing all Diseases in particular Members, holds the whole Bodies of Kingdoms in health. lastly: That TRAFFIC which concerns Kings and Kingdoms, whose seat is every where the Sovereign's bosom. Whose voice well tuned, is the harmony of the World, To whom Courts and Countries own fealty and homage, the meanest Subjects feeling her care, & the greatest Princes subject to her providence. Whom both Noble and unnoble admire, as the Nurse of all their earthly honours, prosperities, peace and joy. To the end, I say, that by other men's complaints, as well as Customers, the world may see how hunted, restrained, monopolised, and ill beholden, that TRAFFIC is & hath been to all private Societies. In the Fore-Ranck whereof I set the 
* This is here added, only that the Treatise-writer might examine the grounds of his own folly or frenzy in taxing Customers as friends to the Haunces, by speaking against his Merchants-Aduenturers. To whom, as to Subjects, only for their Sovereign's sake, they wish all kindness and love, but reverence neither as absolute Princes.  HAUNCES, (that being but Subjects a part and a sunder under several Sovereigns; yet combined together, dare contest with Princes:) and these our MERCHANTS-ADVENTURERS, as her two most wayward and wrangling children. Who preferring particular Decrees before general Treatise and Laws, & with public weapons maintaining contentions for private wrongs; in steed of Order pretended, breed nothing but complaints at home, confusions within themselves, endless troubles to grave Counsels at Counsaile-Tables, and unkind jars between Kingdoms, States, Allies, and foreign Neighbour-friendes.  
Leaving therefore the TREATISE-WRITER to believe still in the CREED, whose Articles are certainly most holy and true, though Pontius pilate's Name stand for no Saint: And the MERCHANTS-ADVENTURERS to the Story of ISIS. Whose Image of gold it was that men so admired, in all places where it came, and not the beauty of the Beast that bore it. I refer your Wisdoms and Honourable patience, to the Counter-Treatise following: being a plain Demonstration of that Canker of Commerce, MERCHANDISING-EXCHANGE. I say a clear detection of that Contempt of Laws, Disdain of Equity, Scorn of public Magistrates, Dishonour of Princes, and Mystery of Iniquity. And a lively Description of that 
* usury.  Monster of CRETE, devouring as it were by yearly tribute, the bodies of Men, & souls of Christians. His hatching and brood, his Muces & haunts, his Practice and Shifts, his Shape and Name, under the Title of MERCHANDIZING-EXCHANGE. The Labyrinth of whose inextricable Errors, none may safely enter, & whose Person none can encounter and quell, but fatal THESEUS, assisted by the thread of address and Counsel of ARIADNE. A work sometimes projected to give light unto others, but happily reserved to honour your Lordships and these our days withal.  
And since the case of Customers stands so far prejudged, that even their Cries seem but Echoes in the 
* Out-Torts.  Deserts, round about the Plains, near the FOREST OF SHIFTS, the sound whereof most men pass by but hear not, many hear but understand not, some few understand but regard not, and no man pities. And that their painful Apologies are left to the Ignorant, to prostitute publicly, and turn into Sin: whilst they sit still in silence, like Barnes so dinged that they dare not great: Let Experience tell JEALOUSY, how she torments TRAFFIC, by clogging her 
* Custom service.  Service with swarms of such Instruments as love her Customs, but as Rats do love Cheese. And let Nature tell SUSPICION how TRAFFIC appeals. That whilst her 
* Custom houses.  HOUSES as Places infected, or haunted with Spirits, are either abandoned, or by Extremities made subject to Shifts: The Free-will Offerings. The Effects of Loyalty. The True-love-knots, knit between Subjects & Prince. And Tokens of 
* Customs.  Affection (religiously moved in Minds, admiring the glorious OBJECT of their own welfare & Good) from the hearts of her Merchants, humbly presented to Sovereign Dignity, and to None other due. Become now set to sale. As if franckharted Love, & true-loving Loyalty (the Homage of Subjects, and Honour of KINGS.) Were Things transferrent from that Prerogative which gives them life and Being. Or subject to Exchange. Or vendible for Money. Or fit for 
* The Farming out of Customs, offensive to Nature: and unto Traffic merely Heterocliton.  FARMERS. driving TRAFFIC thus from the Lyme-kill to the Coalpit: every way decaying her PORTS, 
Et Licentijs sumus omnes deteriores.  & disgracing her Servants.  
But as inveterate Errors, hold still their advantage, and are never overthrown, till from Signs unto Causes, by Effects it appear how the World in Matter of TRAFFIC hath been abused, overruled, and overseen: So when TRUTH, the Daughter of TIME, by practice and proof shall be brought to light, then shall Ignorance and Impudency stand both confounded, & JEALOUSY herself see that in Customers virtue is not vice.  
For if it be true that Truth hath sworn, Customers have written, & Experience confirms. To wit: That look what the Soul is to the outward actions of the Body, in ordering each Member, so as to Nature seems fittest for the good of the whole Man: the same is TRAFFIC in disposing Mysteries and Trades to the behoof of the Commonwealth. The 
* The King.  day-star is risen, and the 
* The Prince.  DAWNING appears, which giving life to our Hopes, makes us breath out thus much, and say: The time may come, when this hearty zeal of ours to our sovereigns honour, and his People's happiness, may be better regarded, and deserve not only thanks and good words, but make all men confess themselves (Merchants at least) to owe as much to these weak endeavours of CUSTOMERS, even those of the despised Out-Ports of this Realm, I say not as one Port, one Town, or one City of London, but many Ports, many Towns, and many Cities like London, and all their wealth beside are worth, some few private, particular, and preventing Persons excepted. The Censure whereof I most humbly submit to judgement and Wisdom, with this Caution & final Conclusion. That TRUTH lies deep, and few there are that undertake the toil to delve till they find her. And though Public harms & private Disgaces to men of my Calling, have singled me forth, and pressed me forward to work thus alone, for the Common-good; the burden whereof makes me cry aloud: I must confess, that in these Apologies, and forced Defences, (accusing no man, for that was the devils part from the beginning, nor at war with any but Sin and Dishonesty) Nil magis in Votis nec habui, nec habeo, quam ut inter plures, aliquos inveniam, qui de istis judicare queant. judicare autem non possunt nisi utcunque Literati, aut Rerum usu periti. Ex hijs satis mihj pauci Lectores, sat erit si vel unus: In Appealing therefore to the GRAVEST and WISEST in HIGHEST AUTHORITY. I have thought it meetest & safest for triple respects, to present myself, and my poor service, to your honourable Lordships, by whose special favours next GOD and my SOVEREIGN, I am that I am, and so desire to be known.  
Your LL: by several Duties. devotedly bound. Tho: Milles.   

THE CHAPTERS CONTAINING the matter handled in this TREATISE.  

¶ A Preface or Introduction to the Matter handled in the Treatise of Exchange.  
¶ 1 The Antiquity, necessity, & use of Lawful Exchange, and a Description thereof.  
¶ 2 How Merchants have devised and introduced another kind of Exchange, called Merchandising Exchange.  
¶ 3 The Compacts and Conditions commonly agreed upon in Merchandising Exchange.  
¶ 4 The terms of Art proper to Merchandising Exchange, by diversities of Times, and Distances of Place.  
¶ 5 The Diversity of prices of Money currant in Merchandising Exchange, according to the Distances of Place, & difference of times.  
¶ 6 The manner of raising the valuation of Money in Merchandising Exchange.  
¶ 7 The Difference between the Lawful Exchange, and Merchandising Exchange.  
¶ 8 The first standing Banks and Pillars of Merchandising Exchange. And a Description thereof.  
¶ 9 Three Practices, and five Abuses hurtful and pernicious to all Commonwealths by Merchandising Exchange.  
¶ 10 How and by whom the practising of Merchandising Exchange, is the Cause of all excessive prices in Commodities & things vendible: to the preventing & perverting of all lawful Traffic & orderly Dealing within the Realm & Commonwealth of England.  
¶ An Abridgement of the special Inconveniences to this Realm of England, handled in the foresaid tenth Chapter.  
¶ A general Conclusion.    

A TREATISE Of EXCHANGE in Merchandise, and Merchandising EXCHANGE.  
¶ A Preface or Introduction to the Matter handled in the Treatise of EXCHANGE.  
ALl things whatsoever tend naturally to some End. Which End being the Perfection of that for which it worketh, is only attained unto by apt & fit Means. That which appoints & moderates fitness & Form in working, is termed a Law: by which, as by Rules, the World and all things therein are distinguished and stinted. Which Limitation is both the Perfection and Preservation of the Things themselves. Measure therefore working by Proportions, is the way, to Perfection. And since nothing doth perish, but through the too much or too little of that, the due proportioned Measure whereof doth give Perfection; Measure is also the Preservation of all Things. For to Proportion, Excess and Defects are opposites. justice then being the foreconceived End of all Actions, is prescribed and perfitted by Laws, and preserved by Measures. Which being the Heavenly charge of Earthly Princes; sets forth & limits their Sovereignties & Prerogatives sacred & royal, otherwise (in regard of their human Substances and qualities) transcendent. For it is said, They are Gods in regard of justice, but their Persons shall die like Men. justice is Distributive or Commutative. Commutative justice includeth Traffic. The end of Traffic is Equality in supplying Necessities, ut quod uspiam nascitur Boni id apud omnes affluat: either by bartering wares for wares, or by some mids or Means certain and indifferent to prevent Advantage.  
The End therefore in Traffic being Equity, and the use Exchange; the Measure is by public Consent of all Nations called Money. And as the standard of all kind of Measures for general justice like urim and Thummim is the Princes charge only: giving thereby Weight and Content, Length and Breadth to all Proportions: So the coining of Money and the valuation thereof, being a Measure of principal Excellency and peculiar to Traffic, is immediately, uni soli et semper, an essential part of Sovereign Authority. Out of which Premises, this must be concluded. That either to coin Money, or being coined to alter the true Valuation thereof, in what kind soever; is in Subjects whosoever, when and wheresoever, to presume upon the Majesty of Sovereign Princes, to profane the Sacred Seat of justice, to contemn public Authority, and in Traffic to prevent and pervert all order and Equity. A Capital sin against God and Nature.  
¶ Thus much only being added by way of Preface, by the Customers of the Out-Ports, who for the Effects sake are every way bound to advance the Cause: That which follows of the Matter and use of Traffic, is proper to Merchants. Hear therefore a loyal merchants experience, writing in his own Style and Phrase of Exchange in Merchandise, and Marchandising Exchange, in Order as followeth.  
Tractent Fabrilia Fabri.  

CHAP. I. ¶ The Antiquity, necessity, and use of Lawful Exchange, and a Description thereof.  
IT IS APPARENT TO SUCH AS are conversant in Records of time and old Writers, that the exercise of Exchange is a thing of greatest antiquity: borne with Traffic itself, and as it seemeth, begat the first Names and Titles of those which are called in Latin, Numularii, Argentarii, and Colybistae, that is to say, public and common Exchangers, and Commutors of Bullion, strange and foreign coins to all manner of Strangers, for the lawful and current money of those Countries and Commonwealths, where the said Exchange was proportioned and authorized by the Princes & Governors of the same.  
And because the Office of Exchanging, and courtesy of lending money in a Commonwealth, after an easy & tolerable reckoning, is very necessary and expedient. The old Civil Laws did grant and permit to this honest kind of Exchange, a certain rate in the hundred by the year, for th'interest of such money as was lent to such as had need.  
And a certain exercise and use of the same was sometime allowed and admitted in England, as when the Tables of Exchange were set up, & erected in divers Towns thereof, in the time of King Edward the third, and other Kings reigns succeeding him.  
The Exchangers & Keepers of which Tables, did change to all manner of Foreign Merchants and Strangers, which resorted thither: aswell Bullion, as all foreign coins and Monies which they brought thither for the currant Money of the Realm, according to the Princes just valuation thereof.  
And this manner of Exchange, seemeth also to be the first occasion of the erecting of those shops of Exchange, which at this day be called in Spain and Italy Cambios and Bancos, which at the first institution of them were appointed for great safeguard, and commodity of such as had Money, for that they might without danger lay into the said Cambios and banks (as it were in Deposito) what sums of Money they would, for the which the Cambiadors and Bankars would be answerable, as for a thing deposited, and committed to their custody, and would also make payments thereof, according to the order of the said Depositor. Which farther did use to change Silver for Gold, and all manner of foreign coin and Money, for the lawful and current Money of those Countries, and that according to the lawful valuation of the same. And moreover, by these Cambiadors or Bankars, sometime there was ways and means taken, to make Exchange of Money, from one Country to another: for such as had occasion for to travel and pass Countries. Likewise according to the just and public valuation of such coin and moneys, the reward and salary of Cambiadors for their labours and pains in keeping Money, Exchanging white Money for Gold, or foreign coins for the lawful and current Money of Spain, within this thirty years, was not above two and a half in the thousand, for the space of on Fair, which commonly endureth there six weeks, and this interest and gains amounteth not above three in the hundred for the whole year.  
This manner of Exchange is not only to be suffered & permitted in a Commonwealth: but as it appeareth, very necessary, expedient, and commodious to the same: not only for the exchanging of Bullion and coins within the self same Realm and Commonwealth: but also for the passing of Money from one Country to another, for such as have affairs to travel Countries as the Ambassadors of Princes do: whereby be divers perils avoided that they should run in, carrying of ready Money about them. So that the said Exchange be not practised of such as traffic Merchandise, and will employ their money so exchanged again in wares and commodities to be returned into their own Country. For to all such the said Exchange was always prohibited in England, as a thing discommodious and pernicious, both to the Prince and Commonwealth, as may appear by divers Acts of Parliament, provided to that end.  

EXCHANGE described.  ¶ Exchange therefore is a certain lawful kind of commutation and changing of Money, appointed by the public authority of a Commonwealth, either for the changing of Bullion strange and foreign coins brought thither, according to such valuation as the said Bullion and coins have, or be esteemed at, by the common authority of the same Commonwealth and Country.  
Or else it is a certain means, for the commutation and exchanging of Money from one Realm or Country to another, according to the just and lawful valuation of Money priced & set forth by the public authority of such Countries and Realms.   

CHAP. II. How Merchants have devised and introduced another kind of Exchange.  
BUT under the colour and pretence of this lawful Exchange and commutation of Money, Merchants of late years have devised and brought up another manner of Exchange of coin: to the which they do also commonly give this plain and simple name, Exchanging: when indeed it is not so, but a mere faeneration, and a making a ware and merchandise of Money: for that in the same, and by the same they buy and sell, raise and abate the price of Money, as well as they do raise and abate the price of any other ware & Merchandizes they traffic in. Wherefore it is not to be called simply Exchange, but properly and aptly to be called the Merchandizing of Money.  
Yet because that through the practice and policy of Merchants, specially trading & frequenting the Marts of Antwerp, and the Fairs of Lions, for the passing of Money from place to place by the same, which also is done after a certain sort and kind of exchanging and commuting of Money, it may conveniently be called & have the name of Merchandizing Exchange. Forasmuch as Money passed and exchanged after this way and manner, must be paid again according to the conditions and compacts taken and agreed upon with the Merchants, for the price & valuation thereof: and not according to the just & lawful valuation it hath by any public Authority of that Commonwealth, which is author of the said Money: the which temerarius alteration of public coins & moneys, is the principal foundation of the said Exchange; and of the gains and lucre proceeding of the same: for the love & greediness whereof, the other lawful Exchange is exiled and expelled both out of Spain and Italy; and through the frequenting thereof, the trade of Merchandise is corrupted in all Countries, and specially in England, by the busy practising thereof of Merchants between Antwerp and England, which have brought many inconveniences unto this Commonwealth, & be thereby the only Authors, why all manner of wares and Merchandizes bear such excessive prices as they do at this day within the Realm, as hereafter shall be declared, by the opening of certain circumstances essentially appertaining to the same Exchange, without the which it can neither be understood nor practised; and so shall it evidently appear, that all th'enormities disordering the prices of all manner of things vendible in the Commonwealth, have their original from thence.   

CHAP. III. The Compacts and Conditions commonly agreed upon in Merchandising Exchange.  
FIrst, the taker and Receiver of Money by this Exchange, must compound & agree with the Deliverer of the same, at what distance of time the said Money shall be paid again in a foreign Country or City appointed for the payment thereof, for there be three kinds of diversities, and Distances of time most commonly in use at this day amongst Merchants, for the repayment of such Money as is taken and delivered by this Exchange.  
Secondly, the taker and receiver of Money by this Exchange, must compound and agree with the Deliverer thereof, to make payment again in the foreign Country, according as the same Money received is valued by the Merchants, to be worth in the currant Money of the same foreign Country, and according to the price and valuation the said currant Money hath in this their Merchandising Exchange, and not after the Prince's just valuation of the same Money.   

CHAP. FOUR The Terms of Art proper to Marchandising Exchange, by diversities of Times, and Distances of Place.  
THe first kind of diversity, Merchants call the taking and delivering of Money at sight, 
At sigh.  the custom whereof in this Exchange & commutation, compelleth the receiver of the Money upon a little Schedule or Bill, containing the sum & value of the foreign coin and Money, which must be paid again to the use of the Deliverer, immediately as the said Schedule & Bill shall be showed and presented by the Deliverer or his Factor, to the Factor or Servant of the said taker and receiver of Money, or else to his own self.  
The second, is to take and deliver Money by or at Usance, and the custom of this diversity compelleth the taker of Money by this Exchange, upon his Bill or Schedule to pay the value thereof again in foreign coin or Money, at the end of one month next immediately ended, after the first day of the making of the Exchange, in the Town or City appointed thereunto in the say Schedule: either by himself, his Factor or Servant.  
This space of time of one month, is limited for this second Distance of time in this Marchandising Exchange, 
Usance.  called Usance, between London and Antwerp, and other Marting Towns thereabouts, by the Bankers and Exchangers of the same Exchange.  
The third is called Double Usance, 
Double Usance.  by the use and custom whereof, the Taker and Receiver of Money by the same Exchange, is compelled by his Bill or Schedule, to pay the value thereof again in foreign Money at the end of two months' next, immediately ending after the day that the Money was first taken up by Exchange, either by himself, Factor, or Servant, in the place appointed and assigned thereunto by the said Schedule.  
And here is to be noted, that these two latter Distances of time, be made longer and shorter for the payment of Money taken up by the same, after the diversity of any of the said two kinds, according to the Distance of the Places, for the which the say Exchange is or shall be made at any time.   

CHAP. V The Diversity of Prices of Money currant in Merchandising Exchange, according to the Distances of Place, and difference of Times.  
LIke as the time and spaces limited to every diversity and Distance of time & place, of this Merchandising Exchange, differ and vary one from another, between England and Antwerp, and other Marting Towns thereabouts: so hath th'english pound passed by this Exchange, between the one Country and the other, at divers and sundry prices, differing one from another, according to the time it is Exchanged for, from the one place to the other.  
First, the price of the English pound Exchanged at sight, differeth from the same pound valued by any Prince or public authority, ordinarily four or five pence in the pound.  
Secondly, the price of th'english pound Exchanged for Usance, differeth from the same pound delivered, and taken for sight, ordinarily five or six pence in the pound.  
Thirdly, the price of the same pound taken and Exchanged for Double Usance, differeth from the pound by Usance, vi. or seven. pence: so that an English pound Exchanged by this last distance of time, differeth in price from a pound taken up by the first difference of time, xii. or xiii pence in the said pound.  
Many other diversities, as well of Times as of Money, be and may be practised & exercised in this Merchandising Exchange: Whereof to discourse particularly, were too long and tedious: forsomuch as this brief declaration of these diversities before recited, may suffice not only for the perceiving and understanding of the same: but also for all other that be, or may be practised in the said Merchandising Exchange, for as these three prices differ proportionally one from another, according to the rate and distance of time: so do all other prices thereof, according to the proportion of time they be passed for.   

CHAP. VI The manner of raising the valuation of Money in Merchandising Exchange.  
FOrasmuch as the just and lawful valuation of Money cannot maintain this subtle Merchandising Exchange, every piece of Gold, and great piece of Silver, set forth & currant in any Commonwealth, is always of more valuation after that it is currant Money in this foresaid Exchange, by two pence, four pence, or six pence in a piece, more or less, according to the quantity and substance it is of, than it is by the Princes, and public authority of the Country where it was first coined.  
Which policy in raising of Money, is chiefly practised of the Bankers of Antwerp, to allure Merchants of all other parts to bring thither ready Money, and therefore make they the coins of all other Countries, more worth with them, then in any other Country else, although they be not so allowed and excepted by the authority of their Country. Yet being thus valued by them, they be made the common currant Money to buy and sell all manner of wares & Merchandizes there trafficked, and the way to pass and practise their Exchange with.  
And because they will not have the Prince's Lawful Money to be the mean to buy & sell all things with, they compound in all their Contracts, Bargains and Exchanges, to have the payments made in this their Invented Money, which they call, Currant Money in Merchandise: And furthermore, by this licentious liberty that they usurp in prising, and valueing all Prince's Money, they make many sorts of Money currant amongst them, which common Authority doth not permit nor allow to be payable nor currant in the Country. Whereby they have greatly increased and advanced the trade and concourse of Merchants in those parts and Countries: notwithstanding, therewithal hath proceeded the greatest occasion, of the excessive prices which reigneth upon wares, Merchandizes, and commodities, in all Countries at this day.   

CHAP. VII. The difference between the Lawful Exchange, and Merchandising Exchange.  
IN the Exchange which before is called tolerable and lawful Exchange, the price and valuation set forth by public authority, is chiefly to be considered and regarded in the Money Exchanged thereby, to the end that a just & equal payment, may be made again thereof to the Party that delivereth his Money by the said Exchange.  
As for example, if the Ambassador of a Prince had need of 100 li. English to be paid him at Antwerp, and would deliver his 100 li. in London, to have the just value thereof paid him again in Flemish Money, at his or the coming of his letter to Antwerp.  
Hear is to be considered only, what and how much the English pound is worth Flemish, by the Prince's valuation of those parties, the valuation whereof is at the least xxii. shillings and vi. pence Flemish, after which valuation the hundred pound English shall make Flemish 112. li. 10. sh. Likewise, if he would have a 100 Crowns of the sun, paid him in Paris in France, for the value thereof delivered in London by the Exchange, forsomuch as it is known, that the French crown is valued in England at vi. sh, English; & in France it is valued by the Prince at 50. sous; now vi. sh. in Enlish after 2. sous and a half for the English grot, amounteth to 45. sous in the crown, so that a hundred crowns amounteth to 4500. sous in French, and after the French valuation of the crown, they amount to 5000. sous, so that for a hundred crowns at the value thereof delivered in England by this lawful Exchange, he ought to receive in France, 111. crowns, 5. sous, as he doth at Antwerp for his 100 li. a 112. li. 10. st. Flemish: and this Exchange may be made without the Merchants three diversities and distances of time, very well, truly, and justly, because neither party seeketh to buy and sell Money thereby, but to commute and Exchange it, according to the just value given to the same, by the Princes and common authorities of both Countries. So that neither the Taker nor Deliverer shall have any more or less, then that is due to them, although the Deliverer of the Money do tarry, or be contented to tarry 15. or 20. days for the receipt of his Money, the receiver receiveth no damage nor hindrance thereby, but rather commodity and profit, nor yet the Deliverer, if he have his Money to serve his purpose at the time appointed, so that here is no necessity of interest to be paid to any party for the forbearing of Money.  
And surely this was only the use and custom of the Exchange at the first beginning thereof, to the which if it were restored again, the Prince's Ambassadors of England, lying in France and in other places should not lose, 7. or 8. in the hundred, for two or three months' space, in taking up of Money for Paris, to be paid again at Antwerp, and from thence at London by Merchandising Exchange, to do their Prince and Country service, but should rather be gainers by the lawful and honest Exchange, as reason and conscience declareth they should be. And yet notwithstanding might the Banker and Cambiador be allowed for his pains and labour, for the receiving and paying of the Money, somewhat after the old manner of Spain and Italy, which is after the rate, of three in the hundred for the year, and so should he not be evil paid therefore, nor yet the Payer and Deliverer of the Money by Exchange over burdened and charged, as they be now a days eaten out of house and home by Merchandising Exchange, if only this lawful Exchange were restored again, for the passing of Money from Country to Country.  
Contrariwise, in this corrupt and crafty Exchange, and commutation of Money, the said public valuation of Money is altogether neglected, secluded, and put out of mind, and only the price and valuation, that Money hath given to it by mere chance in the same Exchange, considered and passed upon: and so neither can equality nor indifferency be observed in the payment again of the Money, taken and delivered by the same Exchange, but that one of the parties must be burdened thereby, nipped and oppressed, for that it is bought & sold at lower and higher prices than it ought to have by public authority, according to the pleasure of Merchants seeking lucre and gains thereby. As for example, if one in London would have a hundred crowns paid him in Paris by that Exchange, first, at his delivering in London of his 100 crowns, he must compound & agree with him he maketh his Exchange withal, how much English Money he shall deliver in London, for every French-crown to be paid in Paris again: for the Prince's valuation will not serve, but he must agree upon a new price of English Money for the said crowns: so where it is worth in England by the Prince's valuation but uj. shillings, the Exchanger will have six shillings four pence, or six pence, or peradventure a noble, according as the occasion of Time serveth for every crown to be paid in Paris, and sometimes more.  
So that, where by equity and conscience, which is known by the Princes and public valuation of the crown, the Deliverer of the Money in England, should receive for his hundred crowns delivered in England, a hundred and eleven crowns and five sous at Paris, he now by this Merchant's Exchange, shall receive at the most not above 105. crowns, or 102 crowns, and sometime less than the hundred crowns. So that by this one example, appeareth sufficiently what a difference it is to pass Money by the Lawful Exchange, which is ruled and ordered by the stable & constant price given to Money by public Authority, and by this other fallible Exchange, depending only upon the alterable price of Money, given after the instable affection of covetous Merchants.   

CHAP. VIII. The first standing Banks and Pillars of Merchandising Exchange. And a Description thereof.  
THE first & principal pillar of all, may Rome most worthily be taken and reputed, where such great rapine, 
Usury first hatched in Rome.  avarice, and other filthiness if so in common use, that it is figured in the Scriptures by the Beast and Harlot, with whom all the Princes, Merchants, & rich men of the Earth have committed abomination, and of whom they have learned the love of Money, that is, Idolatry: Whose Antichristian Princes and Governors, by reason of the Anates, and other great tributes exacted, specially of the Ecclesiastical persons of all other Realms, invented this Commutation and Exchange, as the most expedient and commodious mean for the conveying of their revenues unto them; so that the holy Fathers began first in the babylonical Rome, the erection of a standing Bank for the Traffic and Merchandising Exchange, by which means it hath ever since been in exercise, for the transporting of Money as a ware and Merchandise, by the ministry of Merchants, from all places of Christendom to the City of Rome. 
Rome,  Unto the which in continuance, the said Merchants being so delighted with that trade, have devised to adjoin three other Cities for Standing Banks, and Pillars of the same Exchange, as Venice, Lions, and Antwerp: Which four places, be therefore called Standing-Bancks, 
Venice, Lions, Antwerp.  because the Exchangers and Bankers thereof, do exercise the same Exchange publicly, and have their open shops for the same purpose at this day in all the said Towns; and moreover, they have as it were some kind of Warrant, Liberties, and Previledges, from the Superior Powers of the same Towns, for the more sure and safe Traffic therein.  
By which Previledges, (at the least in these other three Cities) under the pretence and colour to be lawful Exchangers, and honest Merchants, all honest trade of Merchandise is corrupted throughout all the Towns & Regions of Europe: but specially in England, all manner of wares and Merchandises, & other commodities of the Realm, be grown thereby to excessive prices; from whence also spring daily more and more abuses and absurdities, in the Trades and manner of all sorts of Occupiers throughout all Christendom.  

The Description of Merchandising Exchange.  Therefore Merchandising Exchange, is an unlawful commutation of Money made between parties, upon certain subtle compacts & conditions for the passing of Money from one Country to another, according to the private valuation given by Merchants and Banckars, to the coins and moneys of all Princes and common Wealths; devised and invented of them, only for their private benefit, and gain, to the confusion of all good order in Merchandising, and the corruption of all honest occupying and Traffic in any common Wealth.   

CHAP. IX. Three Practices, and five Abuses hurtful and pernicious to all Commonwealths by Merchandising Exchange.  
FIrst, Merchants do make thereby all Prince's coins and Moneys, to be as wares and Merchandises, buying and selling the same for more and less price, as well as any other kind of ware and Merchandise they traffic in, contrary to the nature of Money, and also the Laws and Ordinances of all Princes and Commonwealths, by whose authority only, coins of Money ought to have their price and valuation, and that unalterable, for the preserving of an Equity in all things vendible in the Countries and Commonwealths.  
Secondly, Merchants do use by that means to serve their turns of Money from one Country to another, therewith to buy wares and Merchandises: by which policy, they hinder Princes and commonwealths, of such tolls and customs as they should pay to them, upon their wares and commodities that they would bring and convey into their Dominions and Countries to do their feat with, if this Merchandising of Money were not: whereby also many Merchants do colour the conveying of ready Money out of the Realm of England. And specially it is a great let, impediment & hindrance to the bringing in of Bullion into this Realm, which all foreign Merchants were wont to do, when the commodities of the Realm were vented & uttered at Calais, or at the Staple towns within England, before the two Societies of English Merchants began to usurp such Liberties for the Traffic, as they pretend at this day to enjoy by lawful Authority.  
Thirdly, Merchants at this day do practise to buy and sell only according to the price and valuation that Money hath, by the disorder of this Merchandising-Exchange: and do omit and pass over the just and lawful valuation of Money given; and set forth in every Country by the Prince and common authority thereof; Money being the only mean to preserve a mediocrity and an equality in the prices of all things vendible, in any Country or Commonwealth, and so have they been the occasion why the prices and estimation of all manner of wares and commodities be so excessively enhanced & risen in the Realm of England at this day.  
¶ 1. First, by the occasion of this Exchange, 
Usury.  many persons in divers places, before entangled and wrapped in & with heavy burdens, biting, and inextricable Usuries.  
2. Secondly, it causeth the Traffic, with the use & custom of borrowing and lending of Money in a Commonwealth, to be hard, dear, and scant, which is a very necessary and expedient thing to be liberally, frankly, and freely used.  
3. Thirdly, it giveth occasion to all manner of Occupiers, although they follow no just and lawful trade of Merchandise, to set their prices of their Wares after such sort and rate, that their gains thereby may pass and exceed, not only six and eight in the hundred, but also twelve, for a small time.  
4. Fourthly, under the colour thereof, not only the Bankars of Antwerp, and Lions, with such like Usurers, openly, and by profession practising Usury, do exceed the Limits of all honest and lawful interest, in letting or lending out their Money, but also all other covetous Persons, having Money by them, by the example of these exchangers, either publicly, or privily, either openly or secretly, seek the means and ways, to put out their Money for the like gains, pretending and alleging for their excuse, that they put and let out their Money, in company with these Exchanging Merchants and open Usurers, upon common gain.  
5. Fiftly, many Merchants, especially such as have grown to great wealth and riches, be and have been by this means alured and enticed, to give over and neglect all manner of honest trade of Merchandise, and buying and selling, whereby they have been and might be profitable and commodious to there common Wealth: and to follow this filthy, unlawful, and too far exceeding gain and lucre of practising wicked Vsurary, chopping and changing of Money, and all for the hope they conceive thereby, to obtain and get both a more abundant and certain gains, and that also with less labour, charges, peril and adventure.   

CHAP. X. How & by whom the practising of the Merchandising Exchange, is the Cause of all excessive prices in Commodities & things vendible: to the preventing and perverting of all lawful Traffic and orderly Dealing within the Realm and Commonwealth of England.  
THe necessity of conserving an equality in contracts of buying and selling, and a fit means for the exportations, and importations, of things necessary and commodious for a Common Wealth, hath caused all wise & politic Rulers of Regions and Countries, to judge the use of coined Money; signed with some public figures, notes, and carrects, to be the most convenient thing that could be devised. In like manner hath it been judged, and thought no less expedient and necessary, by all such wise and experienced Men, that the same coins and Money should have their indication, valuation, price, and estimation, only by public Rulers & common authority of every Common Wealth: from the which no private Person, Order, or Society in the same, may or aught to serve or vary, nor alter, under capital pain. Forsomuch as the said public valuation, is as it were the essential part, whereby any kind of matter, substance, or metal, is received and accepted for Money, and for a lawful mean to buy & sell withal, in every well ordered Common Wealth. And whereas the valuation of this common, and lawful mean of price, is not well known, or not worthily accepted, straightly & duly observed, of all manner of Persons, Societies, and Orders, there doth experience teach, that thereof followeth confusion and disorder, with excessive and immoderate prices in the commutations of all things Vendible in the Common Wealth.  
As for example, when a Prince or Ruler of any Country, doth decry and disallow any kind of coin and Money, which he hath suffered before time to be currant, at a certain price and valuation throughout his Realm, the same coin immediately as it is so decried, loseth the estimation it had before, and is of no value to buy any kind of ware with, amongst all the common people of the same Realm; so that few or none will receive the said Money for any manner of ware, though one would offer it at much lower price than it was before currant for: and if it chance any do bargain to take it, they will raise and enhance the price of the wares they utter, much above the ordinary price thereof, & all because it lacketh their Princes and common valuation of their Country. In like manner do the common people of all Countries, esteem foreign, strange, and unknown coins brought unto them, not valued by the common authority of their Country, how fine and pure soever the matter or metal of them be, only (as is said before) for lacking the public valuation of the Country. Whereby it is apparent, that the Princes and public valuation of Money, is of so great efficacy and authority, in every civil Common Wealth, that not only it maketh it a mean to buy things withal, but also it preserveth a moderation, equality, and indifferency in the prices of all things, so bought and sold between party and party. Therefore is the said valuation solemnly, and (as a man may say) religiously to be kept and observed of all manner of sorts of persons in a Common Wealth. And the Alterars & Changers of the same by their private authority, are worthily to be reprehended and reproved, how craftily and subtly soever they do it, for the manifold inconveniences they thereby bring into their Country: With a number of which, the Common Wealth of England, is sore troubled at this day, through the frequent practising of Merchandising Exchange, by the two Societies of Merchant's Staplerers and Adventurers of England, between their own Country, and the Marting Towns of Flanders, with slights, crafts, and subtleties: continually thereby altering the price and valuation of their Prince's coin; by the occasion whereof, all manner of wares and commodities only sold in the Realm of England, be brought and grow to such inordinate and excessive prices, as they bear at this Day: for the proof of the premises, this reason may be first made.  
Afore this Merchandizing Exchange was practised by the English Merchants Staplers and Adventurers, between the Marting-Townes of Flaunders, Brabant, & their own Country, in the traffic of Merchandise to and fro, no person complained upon any manner of Merchandise, or commodity of the Realm, nor of foreign Realms brought into England, did at any time grow or arise to inordinate or excessive prices: yet were the commodities of the Realm abundantly & plentifully, yea, more liberally exported and transported into all foreign Countries, then at this day. But there were not in those days so many foreign wares brought in again into the Realm, as be at this day. For from the reign of the famous King Edward the third, in whose days the trade of Merchandise began chiefly to be exercised in England, unto the end of Edward the fourth, which is the space of above 150. years, Acts of Parliament were provided, thereby forcing all manner of men that occupied and fold the wares and commodities of the Realm to foreign Merchants, to raise and keep up the prices of them, and penalties laid upon those which went about to diminish and bring down the prices of them.  
And in all this space of time, not only Wool and fells, 
Staples wont to be always in England, and not beyond Seas.  were Staple wares at Calais, and other Staple-townes, in England, and at length, Broad-cloths transported into Flaunders, and Brabant; but all other manner of commodities of the Realm, as Leather, Led, Tin, Butter, and Cheese, 
Free transportation of home Commodities, natural for Traffic, & beneficial for the commonwealth.  were Staple-wares, and freely (only paying the King's custom for them) carried & exported out of the Realm into all foreign Realms. But sithence these two Societies of English Marting-Merchants, practising the Merchandising Exchange, have made the exporting and transporting of the commodities and Merchandizes of the Realm, to the Staple of Calais, & Marting-townes ☞ of Brabant, a private trade to themselves, the Princes of this Realm have been constrained to restrain and prohibit, not only the going out of certain of the aforesaid commodities of the Realm; but also have been compelled to study and devise means by Acts of Parliament, to bring & keep down the prices, as well of the commodities of the Realm: as of all foreign Realms. Therefore it must needs be concluded, that Merchandizing Exchange, and the practising thereof, is the occasion of this great inconveniency and Mischief reigning in the Commonwealth of England. By the reason whereof, all things be grown to excessive prices.  
Also, since these two aforesaid Companies of English Merchants usurped these Liberties and Privileges to themselves, that the one of them should transport only Staple wares to the Staple of Calais, and the other Broad-cloths, 
Note, Staple-Townes being called Mart-Townes, began the decay of Trades & Towns in England.  with such other Commodities, unto the Marting-Townes of Brabant, the most part of all the good Towns of the Realm of England have decayed and come to ruin, which partly hath come to pass, by the reason that many kind of Artificers, which were wont to inhabit the said Towns, maintain and make them prosperous by such artificials as they made there: by the means of these two fraternities of Marting-Merchants be utterly destroyed & consumed, for that they were notable at length to live by their arts and labours, these foresaid Merchants devising and causing the like Artificials as the said Artificers made in England, to be made in foreign Countries, and were by them brought and transported into England, and sold better cheap somewhat, & lower priced then those of English making might be aforded. Through which occasion, the English Artificers in continuance were worn out, because none were brought up under other, to follow their said Art & workmanship, that they exercised, forsomuch as they perceived, that they should not be able to live by such kind of labour in time to come; because the foreign workmanship was more regarded, and sooner bought than theirs. Partly also they have been the destruction, decay, and ruin of the said Towns, by taking away the trade of the Staple from the said Towns, for the utterance of the commodities of the Realm, which for the most part of all the time, 
Staple Towns always within England, made the Realm full of Traffic.  from Edward the third, to the end of Edward the fourth, were kept in good Towns of England, or at least shipped from them when the Staple was kept at Calais, by the occasion whereof, there was so great resort of people unto the said Towns, that thereby they were enriched, and daily prospered and flourished. Wheresince, for lack of like resort and traffic, and the destruction of the foresaid Artificers, they be altogether ruinous and decayed, and never like to be restored, so long as these Merchants enjoy their usurped liberties.  
Moreover, since these two Societies of English Merchants, usurped unto them the private exportations of the commodities of the Realm, 
The hindrance of bringing in of Bullion.  the liberal, usual, and daily bringing in of Bullion into the Realm by foreign Merchants out of all foreign Realms, to buy the commodities of England, hath decayed and ceased; and severe and great punishments and penalties be provided by the Princes of such foreign Realms, against all them which shall attempt the conveying of any such things out of their Realms into England: Where in times passed, they most gladly suffered and concented unto it, for that it was openly known, to all Princes and Rulers of Commonwealths in Christendom, that what kind of Merchant soever, 
Staples ever kept within England.  resorted into England to the Staple-Townes, for the and carrying away of the commodities & Merchandises thereof, were bound by the Acts and orders of the Realm, to pay for them at the said Staples, in ready gold and silver afore their departure from thence; as may appear by divers Acts made in divers Kings days, from Edward the third, unto the end of Edward the fourth: and therefore at that time were all Princes well contented, to suffer their Merchants to carry their coins and Bullion into England.  
Which manner of Traffic, continued between England and all other Realms, till that these Merchants became to be a private Society, and so within a while after, compounded & agreed with the Merchants of Holland, Zealand, Brabant, Flanders, and other Country's thereabouts, which were the buyers of the Staple-wares, to receive their Money for such Staple-wares, as the said Staplers sold them at Calais, in Flemish Money, at the Marting Towns of their own Countries, rating, setting, and valuing the English pound, at a certain stinted price of Flemish Money, for ever thereafter to be paid unto them, after the said price; which was a drift driven of the said Staplers of England, to bring to pass this Exchanging Traffic, to the intent they might make the return of their Money, from thence into England by Merchandising Exchange: whereby they made a reckoning, much more to their private gains and lucre, then to be paid in ready Money at the Staples of Calais, or any place of England, according to the old custom, although that manner of payment was much more beneficial, and commodious for the common Wealth of the whole Realm, which they passed not upon, neither yet do, so they may gain and get Money.  
And thus the fair Lady Merchandising Exchange, enticed and alured the Merchant's Adventurers of England, 
Staples called Mart Towns, a deceptio Visus, to turn all Traffic beyond Seas, to the ruin of England.  to procure themselves in fraternity, and to seek means to plant their Marting Towns in a foreign Realm and Country, for the utterance of the commodities of the Realm, because they might make their return and employments, from thence into Englang, by the reckoning of Money currant in the said Merchandising Exchange. And by this means, ceased and ended the frank and free bringing in of Money, & Bullion into England by foreign and strange Merchants, after the English Merchants had nuzzled themselves in the Marting Towns beyond the Sea, so that now a days, no Money or Bullion is brought into England by Merchants, but secretly, and as it were, by stealth, and for the respect of private gains and profit, which they find thereby, after the reckoning they make thereof, by currantnes of Money in their Merchandising Exchange.  
Item, when it pleased that famous Prince, 
Henry the eight.  King Henry the eight, upon good considerations and purposes, and for the great benefit of his people, and common Wealth, to augment and increase the valuation and price of his coin and Money, throughout all his Realm, within a little process and continuance of time after, it chanced by the malice and wickedness of men, such a quantity of corrupt, and drossy coin of Money, to be brought into the Realm out of foreign Countries, by the Ministry of Merchants: (as it hath been supposed, thought, and gathered by certain cercumstances) which Money being currant, as well as the true and lawful Money, amongst all manner of persons within the Realm, by the reason of the likeness of the fashion, and form that it had with the true and lawful Money, caused many inconveniences to rise thereby at length, to the whole Common Wealth: for such a marvelous desire and hastiness, entered into all kind of Occupiers, by the loathsomeness and hatred they conceived of the said Dross coin, to bestow it upon one thing or other, that thereupon began to grow some disorder of prices in all wares and commodities, sold in this Kingdom: which being first perceived by the Grave, and Fatherly Governors of the Realm, in the reign of blessed King Edward the sixth, they consulted together for the devising of some ways to be taken, to avoid the said disorder so begun and sprung. And the best means for that purpose was thought by their wisdoms, to be the diminishing, of all the white currant coin and Money of the Realm: intending by that means at the length, to have utterly banished from thence all such counterfeited coin, taking leisure withal study & care, to do it with as much ease, and as little loss to every State & condition as could be devised. But before this their godly and most laudable purpose, could be brought to effect, when it was yet but in talk and consultation, and only a rumour bruited and spread abroad that such a decry of Money should be; The Merchant's Adventurers prepared withal speed possible, 
The Merchant's Adventurers, private shift to prevent the Prince's purpose for the common good.  Armour and defence against the loss, which they feared their State should fall into thereby, when indeed every person of the Realm, aught to have borne with a very good will the said loss, for the redressing of the said disorder so sprung up in the Realm, in the prices of all things, bought and sold between party and party: according as the prudent and wise Counsellors of the King's Majesty, had devised and purposed to have brought to pass, and as the rest of all States of the ☞ Realm would have yielded unto: if the Merchant's Adventurers, had been destitute of their Exchange. But greedy lucre and private gain, could not suffer their covetous hearts to bear any little loss at that present, though it should in the end have turned to the common benefit of all the Realm. And so forsooth without further help, they used the policy of Merchandising Exchange, their practice wherein was as it were, to disvalue and decry the price, of the English pound in currant Money by the same Exchange: for the passing of Money thereby between England, and their Marting-Townes. Which pound had been currant amongst them, two and fro in the said Exchange, until that time, between 26. sh. and 30. sh. Flemish, but then suddenly they decried and disvalued it to 16. and 17. sh. Flemish; and at length, to 13. sh. Flemish, before the alteration of the coin was proclaimed: by the which occasion, the prices of all foreign wares and Merchandizes, rose excessively in England, as of necessity they must, for the less Flemish Money is allowed for the English pound at the Marting-Townes, at the other side the Sea in their foresaid Exchange, the dearer and the higher prices must all that Country wares bear, bought there to be transported into England, which for the respect of the base price of th'english Money, must needs be sold after the like rate in England. For whereas before until that time, the English pound had been worth at the said Marting-Townes, at least, 26. ss. Flemish, then by this abasing of the Exchange, 26. ss. Flemish was brought to be worth at the end, 40. ss. English, because the said English pound was no more in value, but 13. ss. Flemish, in their Merchandising Exchange, by which means the thing that cost but 13. sh. Flemish, was sold between 20, and 26. ss. English, in England: which manners of Sales, must needs cause all manner of Flemish wares to bear excessive and inordinate prices there, which immoderate prices of strange and foreign wares, were sufficient cause to be alleged, why all the commodities of England, did first arise to such prices as they do still bear, even at this day: because so great a quantity, of the said Flanders wares were brought thither, and be in so great use, so much bought and spent, of all manner of sorts of persons in England.  
Yet notwithstanding, the said Flemish wares were not the next and principal cause, that the English commodities did so rise and exceed in price: but rather the two Companies of English Merchants, the Staplers & Adventurers, for they made so gainful reckoning at their Marting-Townes, by returning home their Money by Merchandising Exchange, that they passed not what price they gave and paid for the commodities of the Realm in England; for the Staplers made above 28. ss. Flemish of every pound English they sold their wares and Merchandizes ☞ for, by an old composition taken between them and the Merchants of those parts, by the which manner of reckoning, they got above 60. in the hundred in England.  
The like reckonings made the Merchant's Adventurers, by the sales of their commodities, although their gains were not so certain, because they had no such composition with the Merchants of those parts, as the Staplers had. Yet sold they after such rate, that they made of every English pound, between 26. and 28. shillings Flemish, all the while the Exchange came from thence, 
Admirable Usury, after the rate of 400. pound, or 500 pound, made of 100 pound in one year.  between 16. and 18. sh. for the English pound. And so amounteth their gains to above 50. and 60. in the 100 for a months space, or at the most, for the space of one Mart, making and returning home their Money by their Exchange. During the time of which Exchange, there was such a speedy and quick traffic between England and the Marting-Townes, and all for the love of this lucre & great gains, that no commodity in England transportable for those parts, could lie by them unbought. And this means and practice of the two Companies of Merchants, in following the Traffic & Merchandising Exchange, was the principal cause, why both foreign wares, and English, grew to such excessive prices in England. For when all other sorts and conditions of persons of the Realm, perceived, that the bettering and amending of the ☞ coin of Money of the Realm, was nothing esteemed amongst the Merchants, but rather less regarded, as though it had been less in value than it was before, forsomuch as they daily increased the price of the wares they brought from the Marting-Townes to be sold in England: All other States likewise, began to pass and set nothing by it, and so rather covited to bestow it rashly and unadvisedly in one thing or other, what price so ever things did bear, then discreetly and warily to foresee and look aforehand, how they might bestow it, for the bringing down of the immoderate prices that everything was grown unto, because they were persuaded, that the said English coin, was no more worth than the Exchanging Merchants valued it at. In so much, that the Clothiers which came to Blackwellhall, set their pices on their Clothes, according ☞ as they learned of the Merchants the price of Money came from the Marting-Townes in their Merchandising Exchange into England, and not according to the valuation thereof given & proclaimed by their Prince. 
Merchants govern the Commonwealth.  So that Merchants brought all men to follow their bow, as concerning the estimation of English Money, where they in the mean season, passed not what they gave in England for the Commodities thereof, though they sold them to no profit at the Marts, because the returning of the Money from the Marting-townes by their Merchandising Exchange, was so profitable and gainful unto them, during this base and low price of Exchange.  
Likewise, whereas the Queen's Majesty, 
Elizabeth.  by the advice of her prudent and grave Counsellors, moved with great love, zeal and pity towards all states of persons, but specially towards the poorer sort, oppressed and burdened with the excessive prices of all things vendible within her Grace's realm, which sprung and rose (as the common fame went) by the occasion of the Drossy and monstrous Base-Money, currant and set forth, or at the least way, permitted to be currant and set forth, by her Grace's predecessors throughout the Realm: like a most godly and loving Princess, hath taken away and abolished, all the said course and Drossy Money & coin, and for it restored as fine silver coin, as ever was currant in the Realm before, or rather finer; hoping, meaning, and intending thereby, to have taken away therewith, the corrupnesse and drossines of prices, which likewise all things sold in her majesties Realm at the time was corrupted with: As without doubt (if no subtle policy had come between, to have letted and stopped her Grace's wholesome purpose therein) it would have effected. For some likelihood thereof began a little while to appear, by the falling of the prices of victual at the Markets, when it was first noised and bruited abroad, that by a certain day appointed and limited, no Money but such as was of fine Silver, or Gold, set forth by her Majesty, or by her Grace's Predecessors, should be payable or currant thereafter, within the Realm: and that all the drossy coin, should be brought to her Mint of London, where every man should receive for the same pure and fine Silver Money of her Grace's coin: whereat all persons much rejoiced, although for the present every state of the Realm knew they should receive a loss thereby. Yet the consideration of the benefit that was to a good will. But here blind covetousness, with greedy gain and lucre reigning in the Marting-Merchants, stirred up their wits to practise their old subtle policy for the saving of their state from loss, which was to bring down and abase the English pound in their Merchandising Exchange, for the returning home of their Money into England from their Marting-townes at the other side the Sea; and as they did before, in the blessed time of King Edward, so now at the first bruit and rumour of this Queen's most noble and ever praisable enterprise, they caused the price of her pound of Money to be valued in their Exchange but at 16. and 17. ss. Flemish: by which occasion, as it came to pass before at other reformations of moneys, the prices of all those Country commodities, and also of all other foreign Nations and Countries, did not only keep their old excessive and dear prices in England, but did rather increase and wax higher, and so did likewise the commodities of the Realm follow after, not only because foreign wares did so, but specially for the hastiness men made to bestow their Money upon them, by the examples of the Merchant's Adventurers, who spared not to buy all manner of wares transportable beyond the Sea, at what price soever was demanded for them, for that this returning home of Money by Exchange, made them great gainers, and would be a way & mean, if the worst fell, to keep and save them from all loss and danger in the fall of the Money, which all other states and conditions having their traffic within the Realm, looked to have sustained and borne by the reformation of the said Money, which these Merchant's Adventurers did provide to avoid, through this their peculiar traffic and practise, by tossing and turning their Money, between England and their Marting-Townes, by the said Merchandising Exchange.  
For although the commodities of the Realm, which they transported to the Marts, rose from 4. li. to 6. li. and 7. li. English, yet might they sell them at the Marts, as good cheap as ever they did, and be greater gainers then in times past. For so much, as though customably they did make afore times 30. & 34. ss. Flemish of a pound English in their sales, after which rate, they made 6. and 7. pound, 8. ss. Flemish, of 4. li. English, and so 150. pound, and 160. li. Flemish, of a 100 li. English, yet because they returned their Money by Exchange at that time after 28. ss. and 30. ss. or 32. ss. Flemish for the English pound, their gains passed not above 13. in the hundred. Where now selling their commodities at the said prices of 6. & 7. li. Flemish, though they paid also for them so much in England of English Money, (after which reckoning they did or do make of 100 li. English, but 100 Flemish) yet returning home their Money, after this reckoning and low Exchange of 16. and 17. ss. Flemish for the English pound, they got between 17. & 25. in the hundred, notwithstanding they sold not under 24. & 26. ss. Flemish for the pound English during the said low Exchange: after which rate, although they made but 120. & 130. li. Flemish of their 100 li. English, yet made they in England at the return of their Money, by the foresaid low Exchange, above 150. and 160. li. English of their 100 li. transported first from thence to the Marts. By which manner of reckoning, ☜ their gains rose to above 50. and 60. in the 100 for the space of one Mart. And so by this policy of Merchandising Exchange, Merchant's Adventurers have not only saved themselves at all falls of Money passed in England, & have hindered the Queen's majesties purpose, 
Note.  for the bringing down of the excessive prices of things, in the utter abolishing of all the drossy & corrupt Money in the Realm: but therewithal, they have been evermore the occasion and Authors of the disorder, and of the raising of all manner of wares and commodities in the Realm more and more, to such excessive and inordinate price, as either they have borne or do bear at this day; neither is there any other kind of State or Persons in the Realm, that either could have devised, or else that went about to frustrate her majesties purposes, in reducing all the base coins to so pure or fine substance or matter, but only these Merchant's Adventurers, by the practice of their fraudulent Exchange: for all other manner of persons of the Realm, would gladly have borne the loss of the Money, according to the Queen's majesties meaning, because they perceived, that they should thereby thereafter save more for the buying of things at moderate and reasonable prices, than they should lose by the reformation of the coin; for the cause being taken away of those excessive prices (which was as all men said, the drossy and base coin and Money of the Realm) the effect which proceedeth thereof, must needs also have ceased and vanished away. But seeing it hath not so come to pass, men must needs say and confess, that some other subtlety and policy, besides the foresaid drossy coin, 
Merchandising Exchange.  hath caused this inordinate prices, which is Merchandising Exchange; practised by Merchant's Adventurers, as is heretofore proved.  
ITEM, the same practising of Merchandising Exchange, is the means whereby all things doth continue dear, and at high prices still in England: for like as is before declared, the Merchant's Adventurers, for their own private lucre & gain, by the policy thereof, caused all things in the Realm to rise to immoderate and excessive prices: altering the valuation of the English pound, without reason or equity, by disualuing, and bringing down the prices thereof, far under the value it ought to have had in the said Exchange: which policy they invented, at the fall of the Money, to prevent the loss their State and Company should have received thereby.  
So after the fall was proclaimed in England, for the love of the like private gains and lucre which they had tasted of so sweetly at the same time, ever since they have kept the price under the sum of Money it ought to be worth in the same Exchange, and thus passing and returning their Money into England unjustly and without equity, they stay all manner of wares and commodities, at the unreasonable and excessive prices they first brought them to, or rather do raise them higher.  
For never since the Queen's Majesty, reduced all the corrupt coin of the Realm to pure and fine Silver, the price of the English pound hath come from the Marting-Townes into England, above 22. ss. 2. pence Flemish, at Usance by the said Exchange, where before till the first fall was noised in England, the coin being most drossy and corrupt, the price of the said pound came from thence between, 26. and 28. ss. Flemish. To the which price the said Merchants, should do their endeavour to bring it again, rather than as they do, keep it at so vile a price, and far under the price that it is esteemed, and valued to be worth, in valued Money of that Country, set forth by the Prince thereof, forasmuch as all the Money of the Realm, 
Mark well the use and advantage which the merchants Adventurers, make of their special Mart Towns, beyond the Seas, to the good of their Country.  is now so fine and pure. But greedy lucre hath no reason, which causeth that both the Merchant's Adventurers of England, and also the Merchants of the Marting-Townes, do (as it were) by a conspiracy between them, keep the value of the English pound, at so unjust and vile price in their Merchandising Exchange; for by reason thereof, do the Merchants of those parts sell there wares to English Merchants, for marvelous much more gains, than ever they did before, and buy the commodities of England again of them as good cheap, as ever they did at any time before: likewise the said Merchants of England, gain and get much more than every they did, whether they make employments of their Money home in wares, or in Money by Exchange from the Marting-Townes.  
Therefore it appeareth, that as this base, vile, and low price of the English pound, in their Merchandising Exchange, did raise at the first, all manner of wares and commodities, to immoderate & excessive prices in England: so by the same Merchants, having gathered so sweet and pleasant gains, do they stay and keep them at those said immoderate, and excessive prices, from the which there will no way be found to remove them, so long as the Merchants may liberally at their pleasure, under-price the Queen's majesties coin of England, in their Exchange: and so trade and Traffic therewith, between England, and the said Marting-Townes, because of the great commodity, gain, and profit the Merchants of both Countries receive by the same.  
Moreover, the Queen's Majesty of England, receiveth great loss and damage at the Merchant's hands, by taking or providing Money of them by this their Merchandising Exchange, according as they practise it now a days: for where the Merchant's Adventurers, and Staplers of England, esteem the English pound in their Merchandising Exchange, not above 22. ss. 6. pence Flemish, from London to Antwerp, at Usance, yet is not that the true and just valuation it ought to have in currant Money of the said Exchange, forsomuch as by the public valuation of that Country Money, proclaimed by the commandment of the Prince, anno. 1559. the English pound of Money is esteemed to be worth, of the same valued Money, 22. ss. 6. pence Flemish at least, which valued Money is better by 6. pence, and 12. pence in a pound, than the currant Money by Exchange.  
So then, when one delivereth Money in London by Merchandising Exchange, to be paid again at Antwerp, at sight, he ought to receive there for his English pound of Money, at the least, 23. ss. Flemish, of this Exchanging Money, and after the Order of Merchants, in the said Exchange, if it be delivered for Usance, he ought to receive 23.. sh 6. pence Flemish.  
Neither can the Merchants give any good reason, why the price of the English pound in their Exchange, should be esteemed at this day but at 22. sh. 6. pence, seeing it is no less worth in the valued Money of the said Country.  
For after their old Order of their Exchange, when the English pound was valued in those parties to be worth 26. sh. 8. pence Flemish of the Prince's Money, the said pound in currunt Money of that Exchange, was worth 28. sh. so that than their was 4. Groats of Exchanging Money allowed more to the English pound at the least, then of valued Money, yea most commonly it came from thence into England, by their Exchange at 30. sh. Flemish and sometime at 34. sh. of the said Money, & from hence it went at a more and higher price in their said Exchange.  
Therefore according to the proportion of the prices of Money then, and now at this day: the price of the English pound from hence ought not to be under 23. sh. 10. pence, & from hence at 24. sh. 4. pence, for from hence by the Order of Exchange, unto the Marting-Townes, the price of the said pound is higher and more worth, then from thence hither commonly, by 6. pence Flemish.  
Wherefore if truth and equity were used in this Merchandising Exchange, or if the foresaid English Merchants frequented the Marting-Townes beyond the Sea, for the preferment of the Common Wealth of their Country, and not rather altogether ☞ for their own private gains and lucre, they would never maintain this piratical Exchange, that they practise now a days, esteeming the English pound to be less worth of their Exchanging Money, than the Prince alloweth it to be worth of his valued Money, which was never seen before these days.  
For seeing their Exchanging Money is worse by 6. pence & 12. pence in a pound, than the Princes valued Money, why should not more thereof be given and allowed for the English pound, then of valued Money according as it hath been accustomed, to be ever here before when the Prince of that Country allowed 26. sh. 8. pence of his valued Money for the English pound.  
Therefore that the Queen's Majesty, might be exonerated of so great loss, when her affairs do require the foresaid mean to provide Money, and to the end some way of reformation, might also be provided for the redressing of the excessive prices, that specially all foreign wares be sold for in England: the foresaid Merchants Staplers and Adventurers, would be by some order compelled to bring the English pound, to this aforesaid just price & valuation, it ought to have in their unjust and polling Exchange, & then shall they bring the Sales of their commodities, at the Marting Towns to be sold at 26. and 27. ss. Flemish, and upwards for the English pound: for the Sales of their wares must be 2. sh. in a pound above the price it hath in their Merchandising Exchange, or else shall they make no reckoning to live by.  
And so after this reckoning, raising the price of their Exchange, shall they be able to sell in England, and afford all foreign commodities, 25. in the hundred better cheap, and under the price they sell them now a days: which reckoning shall induce some manner of reformation, in the disordinate prices which all wares bear at this day, to the great ease of all the Common Wealth.  
After the same sort, when the said Marting-Merchants venture into Spain, although they can devise no such way and means to practise their Exchange thither, as they do to there Marting-Townes, yet by the example thereof, they occupy in that Country as subtle practice, and as injurious, and hurtful to the Common Wealth of their Country, as their Exchange.  
For when they bestow xx. Nobles in the commodities of England, to be transported into Spain, at the coming thither withal, they make not their reckoning to sell their wares, to make their English Money good again in Spanish Money, that is, to make of every English Noble 15. Rials of plate, and of every 5. sh. English. 11. Rials, or a single Ducat of Spain, which were to make of every pounds worth of English wares, 4. Ducats in Spanish Money: but they make their reckoning to sell their wares there, as the Ducats were valued in England, when the coin and Money of England was most base and drossy, after the reckoning they make of an English Noble, but. 11. Rials or a single Ducat in Spain.  
So where they should sell the 20. Nobles English, for 26. or 27. Ducats Spanish, if they were profitable Merchants for their Country, with some gains towards their charges, they content themselves now a days, rather than fail, to make of the 20. Nobles English, but 20. Ducats Spanish, and so turn the matter clean contrary, devising aforehand at their returning home into England, to make by the Sales of such Spanish wares as they bring into England, not only 20. Nobles English, of 20. Ducats Spanish, but within these few years they have priced Spanish wares after such sort, that they have ☞ made of every Spanish single Ducat, between 8. and 10. sh. English.  
Which unreasonable reckoning they were most diligent to make, when the English pound was most vilely priced in their Merchandising Exchange: and that was always at such time as when either the Queen's Majesty that now is, or any of her ☞ prodecessors: were most studious by the abolishing of the said drossy and base coin then currant, to have brought down the excessive prices by their subtlety, raised upon all things in England.  
For at such times, the said Marting Merchants have always thought best and most fittest to take occasion to raise, and enhance the prices of all manner of things in their own Country, to the intent thereby to decline and avoid the loss that should be borne by the reformation of the coin & Money, and therewithal did they venture most busily, their own Country commodities into Spain, in greater number than ever they were wont to do before, and all because of this new manner of reckoning, to make of every Spanish Ducat 8. or 10. sh. English, in the Sales of those Country wares.  
Through which occasion, they have also raised the commodities of that Country, to double and triple the price that ever they were wont to be sold for in Spain: insomuch, that the wise and discreet men of that Country, wish that the Marting Merchants might be kept from the trade of that Country, two or three years together, 
Note.  for than they say that the Wines of those Parts, would not be much more worth than the cask they be put in: And so likewise of Oils, and other commodities thereof which now be unreasonable dear: and yet do they sell their own Country commodities in that Country, not only as basely and low priced as ever they did: 
Note.  but also have brought them to be in no regard or estimation throughout all the country, where they have brought all those Country wares to be sold in England, for thrice as much as aforetimes they were wont to be sold in England, which be unreasonable and excessive prices.  
Yet can they not well sell them under those prices to be any gainers, they lose so much in the Sales of their own commodities which they sell in those parts, although they needed not to do so, if they kept any Merchantlike Order in the transporting of their commodities into those parts: and in the Sales thereof at their coming thither, as other Merchants of the Realm have done in times past, when they made ever reckoning to make in the Sales of their commodities in that Country, 15. Rials of plate of every English Nobles worth of ware they brought thither, which gains is sufficient towards the charges.  
So might wise and discreet Merchants do now at this day, as well as they which were wise in times past did; for the commodities of England, be as necessary and commodious for the Country at this day as ever they were before, and therefore would they give for them 
* This Treatise was written about the time of the Colloquy of Bruges, which was holden in aunis, 1564. et 1565.  as much Money as ever they did, whereof I poor and plain WRITER of this Treatise, have had good experience, even in these days.   

An Abridgement of the special Inconveniences to this Realm of England, handled in the foresaid tenth Chapter.  
FIrst, that from transporting of the Store, and translating of the Staples (sometimes held at Calais and other good Towns in England) to private Mart-Townes in Foreign Countries, hath proceeded the principal occasion of the ruin and decay of most of the Ports, Havens, Towns, and Cities of this Realm, & the overthrow of sundry Artificers and Trades dwelling within them, most necessary to have been maintained for the general good of the Commonwealth, and special relief of the poor.  
Secondly, That Merchants by the Vnderpricing of the coin of this Realm in there Merchandising Exchange, at their private Mart-Townes, have been the impediment, that neither the Queen's Majesty, nor her Predecessors, could bring to effect the thing which they went about, by reforming and refining the drossy and loathsome coin, and Money currant in the Realm.  
Thirdly, the said Merchants, by the practising of their Merchandising Exchange, were the original cause why all manner of wares, Merchandizes, and commodities, as well of the Realm of England, as of all other foreign Realms, rise to huge, immoderate, and excessive prices.  
Fourthly, that all the excellent and necessary commodities of England, be unprofitably exported and transported into foreign Countries at this day, forsomuch as by the occasion of their Merchandising Exchange, they be better cheap sold abroad, than they cost in England; to the great disorder, and hindrance of the Commonwealth.  
Fiftly, the Queen's Majesty is greatly defrauded by the said Exchange, when her majesties affairs do constrain her to provide Money by that means at the foresaid Merchants hands, (contrary to the truth and valution of her own coin) and so likewise be her Ambassadors, sent in her majesties affairs and messages into any foreign Realm, when soever they have need to provide Money by the said Exchange.  
Sixtly, by the practising of the said Exchange, all manner of Gold and Silver is continually conveyed, carried, and transported out of the Realm, and is the let and impediment, why neither Bullion of Gold or Silver, is so liberally and freely brought into the same as in times past it hath been.  
seven & lastly, the said Exchange causeth, through the vile, base, and untrue valuation the foresaid Merchants keep the English pound at in their foresaid Exchange, being so far under the price it ought to have; that these immoderate and excessive prices, which they have brought all things to be sold at in England, cannot be diminished, brought down, or mitigated, to moderate, reasonable, and indifferent prices.   

A general Conclusion.  
THis Treatise thus ended, hath for warrant and Credit these four Circumstances: probability of Reason, plains of Style, special Experience, and Time of writing. From whence this Conclusion being drawn, is hereunto added. That KINGS and KINGDOMS are heavenly Relatives. And TRUTH hath said it, That the Desire of Money, is the root of all Evil, & that Covetousness is flat Idolatry. Which standing most true, 
1. Tim. 6.15. Coloss. 3.5.  it follows by Consequence, that MERCHANDISING EXCHANGE is that Labyrinth of Errors & private Practice, whereby (though KINGS wear Crowns, & seem absolutely to reign) particular BANKERS, private SOCIETIES of Merchants, & Covetous Persons, (whose End is Private gain) are able to suspend their Counsels, & control their Policies: offering even Bounty to KINGS, the Fountains of Goodness, & lending Money to Sovereign STATES and EMPERORS themselves, that only can make Coin, and should have to give largely, and lend unto others. Thus making KINGS to be Subjects, and VASSALS to be Kings. Such hath been the strength of that Stain and Stay of Piety, that contempt of justice, that seed of Dissension, that world of Wars, and Art of Witchcraft, usury. Such is and will be the power thereof at all occasions: till KINGS and COUNSELLORS take their own Charge in hand, and (next to RELIGION that sanctifies all) relieve & maintain the Nurse of JUSTICE, that rectifies all. To wit, freeborn TRAFFIC, I mean in ENGLAND, and English TRAFFIC.  
In Magnis voluisse sat est, sunt caetera DIWM.