THE CIRCLE OF COMMERCE OR THE BALANCE OF Trade, in defence of free Trade: Opposed To Malynes Little Fish and his Great Whale, and poized against them in the Scale. Wherein also, Exchanges in general are considered: and therein the whole Trade of this Kingdom with foreign Countries, is digested into a Balance of Trade, for the benefit of the Public. Necessary for the present and future times.  
By E. M. Merchant.  Prov. Cap. 26. Vers. 4. and 5. 
Answer not a fool according to his folly, lest perhaps thou make thyself also like to him. Answer a fool according to his folly, lest peradventure he be wise in his own eyes.  
LONDON, Printed by john Dawson, for Nicholas Bourne: and are to be sold at the Royal Exchange. 1623.   

TO THE RIGHT HONOURABLE, THE EARL OF MIDLESEX, LORD HIGH TREASURER OF ENGLAND, etc.  
A Great Grandee of Italy, Right Honourable, delighted much in the delightful skill of Picture; sent a Courtier in post haste to all the principal Cities thereof, to take a touch, of the rarest and best Masters in that Science, for his choice of some rare and exquisite Piece. The Messenger posting from place to place, and getting of every one something, at last found out Giotto, a very famous man, and second to none of his time in that skill; as Angelus Politianus thus says in his praise,  
— Per quem pictura revixit, 
In Epitaphium jotti. Peachams Compl. Gent. Cap. 12.   
Cui quàm recta manus tàm fuit & facilis:  
Of him I say, this Messenger desired, as he had done of the rest, some Master Piece, to present unto his Lord and Master. Giotto, willing to show the dexterity of his Art and wit, and the facility of his hand, called for a sheet of paper, and in the turning of an hand, drew a Circle so perfect and exact; that it was impossible for any man living, to circinat, or circulat, with the help of a Compass, a more absolute Orb. The Courtier not being an Artist, asked if that were all: yes said Giotto, and it may be, more than all. And so indeed it proved. For when the Messenger had presented to his Lord and Master all the Pieces, Giotto's Circle was preferred to all the rest, and he honoured above the rest: and thence it went into a Proverb in Italy, Piu tondo ch'il Circolo di Giotto: more round than Giotto's Circle. Others, My Lord, may present unto Your Lordship, Little Fishes, Great Whales, Par's of Exchange, Pieces of greater price; I have nothing but a Circle: not 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉, the Circle of learning; but the Circle of Commerce: yet such a Circle, as comprehends within the Periphery, or circumference thereof, the Balance of Trade. There's my draught: or rather My Lord, it's Yours.  
For although the Balance of Trade, is an ancient Piece, which in elder times, hath been in great use in this Kingdom, as I shall show in this Circle, in its own Angle: yet it was almost worn out and defaçed, but renewed and refreshed by none, but by Your Lordship only. When the Eye of Heaven, in the Eye of the King, had looked upon You, and picked You out, and plaçed You in an higher Orb; You were first seen in this Circle, of the Balance of Trade: Other fair Pieces You had, but this was Your Master Piece, because all the rest had reference unto this. For all your services done to The King, and in The King, The Kingdom: of what Longitude, or Latitude soever those Pieces were, you tried them all by this Scale: You discerned the Right from the Obliqne, by this Circle, by this Parallel.  
The Oracles of Apollo, being asked when the wars of Greece should have a Period, Replied, when they could Double the Cubique Altar in Delphos: which Plato expounded to them, to be an answer in reproof of their ignorance in Geometry. For the Doubling of the Cube in Solids, 
P. Ramus Geom. lib. 4.  and the Quadrature of the Circle in Plain, is a Mathematical problem, not to be known without the knowledge of that Art. And surely if any man ask, when we shall have an end, of this decay of Trade: it may be answered, when Your Lordship will Double this Cube, and Quadrat this Circle of Commerce in the Balance of Trade. Which prooue's a Hercules labour unto Others, but will be easy unto You: because You see with Your Own; They with others eyes.  
And hence it is that we here below, have had so much stir, about Malyne's Par: the Parity and Disparity whereof, amongst ignorant men, is made a Mystery in Exchange, and to have in it a great deal of Causality of the Decay of Trade. But we are happy in Your Lordship, which can easily discern this Flemish, from our Sterling Standard. No gloss, no false face, can deceive Your Lordship's sight. For as You were Of us, and now You are fare Above us: so can You judge, as fare Beyond us, as You are Distant from us. I shall therefore be a Suitor to Your Lordship, that if there be any place or use, in the whole Circle of Commerce, for Malyne's Par of Exchange, that Your Lordship will let him be the Master of that office when it is Created: if not, that Malynes may know the price of these pains, to teach us a new doctrine, which we never learned of Your Lordship: and with such counterfeit stuff to abuse The State, which happily doth enjoy Your Lordship, and in You the knowledge of Commerce.  
Your Balance of Trade, my Lord, will soon discover the lightness of this vanity. That, not This, was Your 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉, let it be Your 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 also. That was the Foundation, let it be the Consummation of Your Noble building. Let none build upon Your Lordship's foundation, finish it, perfect it Yourself, Yourself shall have all the honour.  
Go on therefore Noble Lord,  Spartam quam nactus es constanter tueri. 
You are the Mirror of Merchants, the Luster of London, the Renown of your name, the Beauty of Your Family, the Glory of Your Country, an Honour to Nobility, and the Choice of the Choicest King. Honour His choice, in the choicest service, You can do, to So Good, to So Great a King. Adorn the Nobility, do good to Your Country, Embellize Your Family, make Your Name more and more Noble, love London, and make much of Merchants.  
And I pray God, with increase of Honour, give you increase also of the gifts and graces of God's Spirit: without which You can do none of these: and with which, You may do So and So, and More also.  
The Lord of Lords, give You favour with God and Man, and conserve Your Lordship long, Regi, Gregi, mihi; to The King, The Kingdom: And last of all, to him that's least of all,  
But Affected most of all, to do your Lordship service, EDW. MISSELDEN.   

TO THE GENTLE AND judicious Readers.  
GEntlemen, I had hoped, in a cause of such consequence, as is the Restauration of Trade, wherein all of us by Sympathy have our part, and feel the weight; the very Vinculum amicitiae, would have knit us all together, in that same Idem velle & nolle, to have been all of one mind for the Common good. Or if I had therein seemed to any of you, more forward than wise, you would have hid that fault under your good interpretation of my zeal for the public, wherein all of you have your interest: And that every one of you would have been more ready, to have lent me a supply in your confirmation, than a reply by way of refutation: that so junctis operis, we might all of us have essayed to repair the decay of Trade, none to ruinated. Nor indeed can I so say of any of you: for Malynes is with us, but he is not of us: if he had been of us, he had not been against us, in the Common-good. You know, it is the Counsel of The King of Counsel, to beware of those that come to us in Sheep's clothing: Malynes would teach our Gentlemen a way how to improve their wols: but under that colour, would cousin us of the Cloth. This is one mark, whereby you may know, he is not of us: and if yet you would have another, compare him with his Par: and by these two you shall know him Ex ungue. Two such Parson to Pair away the Wealth, of our Commonwealth, as I have not observed to be projected by any in all my time. Him and them I leave to your judgement, when you have perused this ensuing short Discourse. The charge and trouble whereof, but worth neither, you may thank yourselves, to have drawn upon you, by your too ready entertainment of such things as these. Hereafter I doubt not, but your experience will direct your acceptance, unto things of better worth. If not, or if you respect me; I shall expect that you Pair me with some better Par. In the mean time, I shall presume, that in your interpretation and sentence, you will be like yourselves: and if any thing herein, chance to be less pleasing to any of you; that you will be pleased to believe, that I may have some reason also for that, more than was fit to write. Here and there, if you meet with a little Latin, or the like, which you do not like; let it alone for their sakes that understand it: and if you will take my word, there's sense besides, and not a word of it but of some use, in the whole discourse: and no more reason to be thirst out of the Circle of Commerce, than out of the Circle of all other sciences, which have ever enjoyed that liberty, without exception. God grant that your perusal and my pains, may bring some glory to God, honour to the King, benefit to the Public: to all which I am truly devoted, and therein,  
Am all, and every one of yours, E. M. You may if you please, receive this from London, if any of you like it not from Hackney, the 14. of june. Anno. 1623.   

THE CIRCLE OF COMMERCE.  

The Prooeme.  
HERODOTUS in his CLIO, reports that CROESUS King of LYDIA had a son borne dumb: and his Country being invaded, and the King himself in imminent danger of death by a certain Persian ready to lay violent hands on him; the King's son affected with the present danger, than spoke that never spoke before, and cried aloud, O homo ne perimas Patrem! O man kill not the King! 
〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉. Herodot. in Clio lib. 1.   
And surely myself being conscious of mine own wants, yet as sensible as any, of the terrors without, and errors within, wherewith the Commerce of this Kingdom is encountered; laid mine hand on my mouth and kept long silence: because it was a subject fit for a more able man, and a more exquisite pen: but when I beheld this former flourishing Trade of ours, to be threatened by many as eminent as imminent dangers, and the very life thereof to lie a bleeding; whilst I was musing the fire kindled, and at the last I spoke with my pen, as I never spoke before, O homines ne perimatis Patriam! O men kill not the Kingdom!  
Or had I still been silent, and were all men mute, surely the cause itself would have called for redress: or the stones would have cried to the timber, the ships to the seas, the seas to the shores, one deep to another deep, because it is the complaint not of a common man, but of a Commonwealth; not of a Company of men, but of a Kingdom.  
Things once out of order, repetitis passibus, double their pace, and run hastily unto ruin. The fire that even now was spied in a sparkle, hath inflamed the whole City, all the Kingdom. The Cloud that ere while rose up like a man's hand, is spread abroad, and hath overspread all our Horizon.  
These were the motives that led me along to that labour, which I lately offered to the honour of the King, and service of the public. Therein I laid a Basis or foundation only, for a more skilful workman to erect a more stately building. Mine, was but a model or frame, rough hewn, slightly set up and pinned together; to try how the parts and joints thereof would trent and fit the square: that so in due time I might have wrought over, and fitted each part and piece for their place and use. But now his Majesty, whose eye is not dim, and whose hand is steady to the going down of the Sun; who waketh when his subject's sleep, and whose candle goeth not out by night; who standeth in the Watchtower all day, and keepeth the Sentinel by night; out of his Princely prudence and providence and unwearied watchfulness over the welfare of his subjects, hath been graciously pleased, first, to grant a special Committee, as a preparative or enquiry; and now a special Commission as a wholesome medicine or remedy, for the dangerous disease of the decay of Trade. Which last, it hath pleased his Majesty to direct to many Noble Personages of dignity, and other worthy Persons of rank and quality, selected and collected like a Court Parliament, from all the parts and places of the Kingdom.  
And that no due information might be wanting, which might conduce to the reformation of so many growing grievances in Trade, it hath pleased the State to honour some men of my profession to be joined in this Commission, who according to their choice and worth, will no doubt infinitely supply whatsoever might have occurred unto me, for this service. So that now I shall only draw the Circle of Commerce, and contract trade to its own Centre, the Balance of trade: & leave those other pieces, unto these Master-workemen, to be polished for their use, in this Royal Edifice, commanded and commended by his Highness to their structure. The rather for that heretofore some Noble & learned in this Kingdom, observing some concurrence in the causes and remedies by me lately published, 
In Free Trade.  with those of more worthy Persons reported to his Majesty; conceived that their labours had been published by my pen: wherein, as I must acknowledge the unworthiness of my person, to receive such guests under my roof, and the unfitness of my pen, to represent such pieces; so also had I not the happiness to attend Those then, or These since, in any of their assemblies as did other Merchants; whereby my discourse might have received some life and force from their worth and influence.  
Their good acceptation of my poor endeavours, together with the approbation of many other Noble and learned, grave and judicious, is more than I could have hoped to merit: which will abundantly support me and it against the Malignity of one Malynes only, amongst thousands of better instructed and affected persons. Whose palate being fallen, is become so fare out of taste, that he can relish no meats not cooked by himself; and his own cookery hath in it so much of his Coliquintida, his stir about his Par, that it hath spoiled all his pot of porridge. Himself, his subject, much more his rude style, and unmannerly manner of writing, deserve contempt rather than the honour of an answer. But for some gentlemen's sakes of quality, to whom I own myself, who do profess they know not in many things what the man meaneth, for when he that writeth unstandeth not what he says, how shall he that readeth? For their sa●es I say, not for his, I am I know not how, enclosed within this Circle, through the Centre whereof I will draw a Diameter, and divide the whole Circle into two Semicircles.  
In the first, I will consider, whether Malynes objections scattered here and there in his little Fish, and great Whale, against my Tract of Free Trade, may have any place within the Peripheria or circumference of this Circle. which if you please, may also be the first part or draught of this Balance of Trade.  
In the other Semicircle, I will demonstrate the nature and use of Exchanges in general, and therein the Balance of the Trade of this Kingdom with foreign Countries: which also may be the second part or draught, of this Balance of Trade.  
But before I begin with either, I am discomforted in both: Because I am led within the lists, to deal with a dastardly Combatant: of whom Marshal could tell me long ago, that I might expect conquest, but no contentment:  
Seu victus seu victor eris, maculere necesse est, 
Marshal.   
Si sit cum vili stercore pugnatibi:  
Nor flight, nor fight, will bring thee but disgrace,  
If that thou fight with one that's vile and base.  
Nor can there be any delight to those that are lookers on: for Malynes received my Model in some form, but returned it to me pulled in pieces, all out of frame. You know I considered Trade, as it is Deformed, as it might be Reform. Trade Deformed, I considered in the Causes, in the Effects. In the Causes, the Matter and Form of Trade. The Matter I shown to be either Natural or Artificial. The Form occurred in Governed or Vngoverned trade. The Effects reflected on the King, the Kingdom. Trade Reform, I presented in the Remedies: to every malady, a medicable remedy: and these I pursued every one in their order.  
But now these Ranks are broken: this order disordered: nor Right nor Left hand file is left, nor Front, nor Rear. Now I must follow my Leader: whether you find Posture or Imposture in his order; 'tis his not mine. I shall therefore in this my Semicirculary Angle, or first Draught of my Balance, first display Malynes Colours; and then pursue his Postures in his own Disorder. His Colours are set up in his Title, thus:  
The maintenance of free Trade according to the three Essential parts of Traffic: namely, Commodities, moneys, and Exchange of moneys by bills of Exchange for other Countries.   

THE FIRST PART. Malynes objections refuted.  
WHat hope can we have of this man's Treatise, 
Section 1.  when he fails in his Title? The Causes of things are wont to be considered, in the Efficient, & Matter; the Form, and the End. Some say these causes are either External or Internal. Externall, as the Efficient and End. Internal, as the Matter and Form. All agree in this, that these two, to wit, the Matter and Form of things, do constitute their Essence. There is no place in the Essence of things, for any third thing. Commodities and money, are the Matter of trade: the manner of buying and selling, is the Form of trade: He that tradeth the Efficient: gain the End of trade. So that the Matter and Form of trade, are the Essential parts of trade. But if Malynes would make Exchanging of moneys to be a kind of buy-and selling, and consequently to fall within the Form of trade; or as it is a merchandise to be the Matter of trade, yet here's no third thing to approve his Title.  
Yea, but Malynes will have you take the Head of this his little fish, and the fin or tail of his great Whale, and put them both together: and then he will give you an answer past peradventure. Will you hear what he says?  

Great Whale, Page 500  Concerning the being, essence or Existence of things, he will make no difference between natural things, and things artificial: and so there is but two essential parts of Materia & Forma: albeit that some Philosophers have established three beginnings of Natural things, Matter, Form, and Deprivation. The Matter hath no other office or function, but the changing from one form into another; Deprivation giving an inclination thereunto: for deprivation is an Imperfection so conjoined to the matter, that without her, if she were separated, nothing would be engendered: and therefore in Heaven there is no Deprivation, and consequently no generation, ne corruption. The Form therefore giveth perfection to the thing and being also, and without her, the Matter is more imperfect than the eye is without the faculty of seeing, or the ears without hearing. But in Artificials, the being hath her parts, as Traffic hath three, namely, Commodities, Money, and Exchange: so other things may consist of more beings or simples, wherein the terms of Art are not excluded.  
COntra principia negantem, minimè disputandum: 
§. 2.  It is against Art to dispute with a man that denyeth the Principles of Art. This sentence showeth Malynes gross ignorance, not to have learned to distinguish the Principles of natural things from their Essence. Wherein first he would make a difference between the Essence or being of things Natural, and things Artificial. And next he confoundeth the Principles of Physical or Natural things, with their Essence, as if they were all one.  
For although some Philosophers say, that Matter, Form, and Privation, are the Principles of Natural things, yet what is that to their Essence? Therefore to take off this Pterygium or thick skin from Malynes eyes; we will first consider the Essence of things, and then their Principles.  
For the Former of these, there was never any Philosopher, Heathen or Christian, nor any man of Divine or Humane learning, that ever assigned any other parts then the Matter and Form, to the Essence of things, whether Natural or Artificial. In the Former, we may take for an instance, Man, that Masterpiece of Natural things: Homo conslat anima & copore: A man consists of soul and body. Now the Matter of a Man is a corporeal substance, common to other creatures: but the Form of Man is his rational soul: whereby he differeth from them all. To whose existence no third thing can be added. It is true, that Body, Soul, and Spirit, are sometimes put together in the Scripture: but by Spirit is there meant the faculty of the soul. Which surely that learned holy Apostle did not so conjoin without a mystery. For the word Soul in the holy languages, sometimes signifieth the Mortal life, 
〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉. Anima.  and sometimes and more commonly, the Immortal soul. Now as it signifieth the Mortal life, it is common to all other creatures as well as Man. But as it signifieth the Immortal soul, it is  and peculiar to Man alone. So that by the Body, Soul, and Spirit, the Apostle distributes the whole Man into the Body, and the Spiritual soul; to answer that which he knew the Philosophers called the Rational soul.  
There is also alike Entity or Essence of Matter and Form, in Artificial things: wherein Malynes no less grossly erreth. The Matter of an House, is stone and timber: the Form of it, is the fashion or proportion after which it is built. To which no third thing can be added to give unto it being. And thence it is that the Logicians say, that Forma dat esse rei, the form giveth to the thing, the perfection of being: because it giveth the denomination of the thing. For a Man is not said to be a Man in respect of his matter or corporeal substance: for then a beast should be a man: but in respect of his Rational soul, whereby he excelleth all other creatures. An House is not an house in respect of the Matter whereof it is made; for then all other stone & timber should be an house: but in respect of the Form of it, whereby it is known to be a house. And so likewise in the traffic of Merchants, which is also an Artificial thing, there are no other Essential parts, than the Matter and Form of Trade. The Matter as I shown before, is merchandise and money, whether exchanged or not exchanged: the Form is buying and selling, and as we say, chopping and changing of one thing for another: which in one word is called Commerce. Without which there would be no traffic amongst men, notwithstanding the materials of trade. And thus much briefly for the Essence of Natural and Artificial things. 
Colleg. Conimb. in Phys. Arist. lib. 1. cap. 7. partic. 2. Finitum, infinite. Quiesc. mobile. Par, Impar. Rectum, ebliquum. Vnum multit. Lumen, tenebra. Dextrun, sinistr. Bonum, malum. Mass, soemina. Qu●drat. long. Eeoden Comment. lib. 1. cap. 7. partic. 3.   
Now for the Principles of Natural things, which Malynes cannot discern from their Essence: Some Philosophers say there is but One, as the Earth, as doth Hesiodus in his Theogonia & others. Some the Water, as Thales Milesius & others. Some the Air, as Anaximenes and others. Some the Fire, as Hippasius Metapontinus, and others. Other Philosophers say there are Ten, as the Pythagoreans, who reduced the whole frame of Nature into Decada or Denaria, into Ten conjugations of Principles. All which Aristotle reduceth into Matter, Form, and Privation: yet so as he excludeth Privation from the Being of natural things: for thus he saith, 
* 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉. Arist. in Phys. lib. 1. cap. Secundun Pacium. 9 Pacii Comment. in Phys. Arist. c. 8. partic. 20. Idempartic. 17.  Privation is not Ens or Being, because it is not in the subject which is made by it. And therefore Pacius upon Aristotle thus concludeth: Materia & forma sunt Principia per se, Privatio vero per accidens: There are simply but two principles of natural things, to wit, Matter and Form; but after a sort a third, Privation. Because saith he, dupliciter consideratur forma, quà abest & quà adest: The Form is considered two ways, as it is Absent, and there's the Terminus à quo: and as it is Present, and there's the Terminus ad quem: which Absence is nothing else but Privation.  
This cannot so well be understood of those that that are not acquainted with these things, as by example: which we will instance first, in some Natural, and then in some Artificial thing. The Eye is a Natural thing, the Matter whereof is an Oculary substance: the Form is Seeing. Blindness taketh away the sight of the Eye, and is therefore called Privation of the sight: whereby the first form of seeing is changed into blindness. A Ship is an Artificial thing: the Matter whereof is timber and iron: the Form is the mould and proportion of the Ship. Now if you will break up this Ship, and take her in pieces, and thereof build an House, there will be a Privation of the first form, and a mutation thereof into a second, to wit, of a Ship into an House. So then a blind man will not say, that blindness is any part of seeing: and he is an ill Carpenter that cannot know a House from a Ship: and as ill a Sophister is Malynes, not to discern Privation from the Essence of Natural or Artificial things. Which he might have better understood, if he had been able to consult with Aristotle, or any of his Interpreters. But alas, how should he understand him or them, when he cannot so much as translate a sentence of him out of Latin, much less out of the Original, into proper or significant words? Witness these three in his one sentence above recited, Established, Beginnings, and Deprivation, for Assigned or Constituted, Principles, and Privation. Wherein a smatterer in Art, could not have shown himself so ignorant. These are this Captain's Colours. His Postures follow, I fear Impostures. This for one,  
That the Author of Free trade, 
Epist. p. 2.  either ignorantly or wilfully hath omitted to handle the predominant part of Trade, namely the mystery of Exchange.  
MEndacem oportet esse memorem. 
§. 3.  If Malynes had not forgot himself, he might have perceived his Par of Exchange put out of the Remedies of trade, in Cap. 7. Fol. 104. of my discourse, 
Free Trade. cap. 7.  with the reasons thereof: and therefore not omitted. Neither was it the scope of my discourse to handle every thing that might occur a man's imagination after Malynes manner; but such things only as tended to the hindrance of the Trade of the Kingdom, and to present their remedies. Now there being no such Causality nor Remedy, in that his Par of Exchange, as I shall prove anon, there was no more Ignorance nor Wilfulness in me to pass by that, than all other impertinent things. But it is not strange, that he traduceth me, when he dares be so bold with the Nobility of the Kingdom: thus,  
I have these forty years spent much time and charges at the pleasure of great Personages: 
Epist. p. 6.  and nothing did encounter me but ingratitude.  
A Very scandalous aspersion laid upon the Nobility of the Kingdom! 
§. 4.  And it is much more unlikely for him to deserve, than not to receive more than his desert of any great Personage. His time and charges if he hath spent any, are more likely to have been spent in proling Projects: and I wish all were so served that follow that trade. Nay will you hear him what he says of the whole Kingdom?  
The Kingdom of England would have been more sensible of the like loss, 
Little fish. P. 18.  if the hostile depredations heretofore made, had not supplied the same.  
VOx profectò pecudis non hominis! 
§. 5.  What, is the man mad? hath he no less a crime to accuse the Kingdom with, then with Depredation, with robbing, and pilling, and poling? It's pity such stuff as this should pass the Press. I leave him and it, to the judgement and censure of the State. But by this time I hope this Captain's passion's past, and he come to himself: for now he professeth to speak ingeniously, although before he spoke without fear or wit: Now he will discourse of Merchants, of whose profession himself would seem to be, though by usurpation only.  
To speak ingeniously, 
P. 4.  Merchants cannot enter into consideration of the quantity of foreign Commodities imported at dear rates, and the home Commodities exported at lesser rates respectively in former times: by the disproportion whereof cometh an evident overbalancing of Commodities.  
Merchants do not regard whether the moneys of a Kingdom are undervalved in exchange, by the enhancing of moneys in foreign parts, whereby our moneys are exported, when the exchange doth not answer the true value by bills, and the moneys of other Countries cannot be imported, but with an exceeding loss, which every man shuneth. True it is, that they observe within the Realm to keep the price of money at a stand, according to the King's valuation: but in foreign parts they run with the stream headlong down with other Nations, without consideration of their own hindrance.  
Merchants do not know the weight and fineness of moneys of each Country, and the proportions observed between gold and silver: nor the difference of several standards of coin: a matter so necessary for them to know, to make thereby profitable returns of the provenue of our home Commodities, either in Money, Bullion, or Wares.  
Finally, Merchants seeking their Privatum Commodum, take notice only of what is prohibited and commanded: whereas it may fall out also, that to require their opinion for the reformation of some abuses, they may be thought many times as unfit, as to call the Vintners to the consultation of laws to be made against Drunkards.  
A Las poor man, 
§. 6.  how shall he speak Ingeniously or wittily, that hath no Genius at all? His speech bewrayeth his want of wit and honesty. No marvel that in page 64. he confesseth that to the judicious Merchants, 
Little fish. P. 64. 48.  be knoweth he hath given cause of offence, to have written so much in the defence of Exchange: and in page 48. that he hath made himself odious to his own Nation. It is an ill bird, that fowls his own nest. And surely if Malynes had learned any good manners, or but common humanity, or had himself ever been Merchant, Modern or Ancient; he would never have abused so many worthy Persons of that profession; of ours, of others, yea of his own Nation: amongst which as well as ours, that I may give them their due, there are many learned and expert Merchants, that are ashamed of his ignorance and folly. For who can enter into consideration of the quantity or quality of Commodities, whether native or foreign, exported or imported, dear or cheap, comparable to Merchants? And if the Balancing or over Balancing of trade by the disproportion thereof, can be said to be evident to any, surely it can be evident to none more than to expert Merchants. Or who are more quick-sighted into the values of moneys, both domestic and foreign, gold and silver, weight and fineness, than Merchants; whose continual practice it is, to pry into the price and value of all things? For there is no Merchant of any experience, but as he hath one eye upon the value of his Commodity, so hath he the other eye upon the money, both Intrinsique, in the inward value or fineness, and Extrinsique, in the outward denomination or account as it is currant in every Country, together with the course of Exchange, whither he doth direct his trade. Otherwise, if the money rise in denomination, above it true worth in valuation, and the Exchange also rise accordingly: if this Merchant do not raise the price of his Commodity in due proportion answerable thereunto; he shall be sure to come home by weeping cross, how ever he make his return, whether by Exchange; or in Money, Bullion, or Wares. And is it not lawful for Merchants to seek their Privatum Commodum in the exercise of their calling? Is not gain the end of trade? Is not the public involved in the private, and the private in the public? What else makes a Commonwealth, but the private-wealth, if I may so say, of the members thereof in the exercise of Commerce amongst themselves, and with foreign Nations? And by your leave Malynes, who are more fit than Vintners, if not to execute, yet to consult of laws against Drunkards; or Merchants to unmask the mysteries of Mountebanks, jugglers, and Impostors of trade? I marvel who made Malynes a Lawmaker for Merchants, if he be so ignorant of their profession! He should have been called, before he came to this Council. The profession of a Merchant is more noble, then to be so disabled and disgraced by such a fellow as Malynes is. Merchants are of high account in all parts of the world, in times of peace, and in times of war.  
Merchants are wont to be supported of Kings and Princes, cherished of Nobles, favoured of Statesmen, honoured of all men, disgraced of none: because the strength of Kingdoms, the revenue of Princes, the wealth of every Commonwealth, hath a Correlation with this Noble Profession.  
Merchants are wont to make it their glory, to advance their fortunes, renown their names, embellize their houses, beautify their families with the honour of this faculty: and to perpetuate the same unto posterity, as an hereditary title of honour unto their name and blood. And this is it, that hath made many houses and families of Merchants famous in foreign parts: and maketh those Commonwealth's flourish, where there is such a Spring, such an Offspring. For where the father doth thus ingenerate his son, and the son doth not degenerate from his father, there the Estate is kept entire, in its own stock: there the Spring doth not spread itself into straggling streams: in which their fame is lost, their name put out, the Estate consumed in riot: and this is a Common loss unto our Commonwealth.  
Merchants I say, besides their knowledge of Commodities, and the course of Exchanges, and the values, weight, and fineness of moneys, and the standards of several Countries, and their general judgement in all manner of trade; all which are but the elements of merchandizing, and a kind of inbred knowledge in a well-bred Merchant; are acquainted with the Manners, Customs, Languages, Laws of foreign Nations, yea with the Religion, Revenue, Strength, and Policy of foreign Princes and States: whence it is, that the States and Statesmen, Governors, Counsellors, and Magistrates of Venice, Luca, Genoa, Florence, the United Provinces of the Low Countries, and many other well governed Commonwealths, are by education Merchants: In so much as I may truly say, and I hope without any suspicion or offence, there's none more fit to make a minister for a King, than an expert and judicious Merchant.  
But if Malynes hath no more skill of Merchants, how will you take his word for Merchandise? yes, he will show you that, under three simples, simply enough I warrant you: thus,  
Commodities, monies, 
P. 2.  and exchange of moneys may be aptly compared to the Body, Soul, and Spirit of traffic.  
The first, as the Body, upheld the world by Commutation and bartering, until money was devised to be coined.  
The second, as the Soul in the Body, did infuse life to traffic by the means of equality and equity, preventing advantage between Buyers and Sellers.  
The third, as the Spirit and faculty of the Soul, being seated every where, corroberateth the vital Spirit of traffic, directing and controlling by just proportions, the prizes and values of Commodities and moneys.  
Upheld the world by Commutation: 
§. 7.  admirable Oratory, and as incomparable a comparison! for the Body without the Soul or life is dead: but so was not Commerce in former times without money: else he had much mistaken his voyage, that when Sir Thomas Mores Utopia was first discovered, would needs in all haste go dwell there, because there was such a flourishing Commonwealth without money.  
And to speak of the soul, without the spirit, or faculties of the soul, is absurd: for the soul and the faculties of the soul, are inseparable. But before there was any Exchange in moneys, trade and traffic did consist in money and merchandise, and subsist without it: and so do the trades of many Countries at this day, which have no exchange for moneys at all. See another Simile,  
Even as money is the square and rule to set a price unto all Commodities, 
P. 3.  and therefore called Publia mensura: even so is the exchange of money by bills, the public measure between us and foreign Countries, according to which all Commodities are bought and sold in the course of traffic.  
THe Proposition is true, 
§. 8.  that money is Publica mensura: but the Reddition is false, that the Exchange is the public measure between us and foreign Nations, whereby Commodities are bought and sold in the course of traffic. For Merchants, as I have showed, do use to value the Commodities of every Country, by the fineness or baseness of the money of each Country, and by their observation, whether the same Commodities are in more or less request, and not by the Exchange. For it is not the rate of Exchange, whether it be higher or lower, that maketh the price of Comoditieses dear or cheap, as Malynes would here infer; but it is the plenty or scarcity of of Commodities, their use or Non-use, that maketh them rise and fall in price. Otherwise if Malynes rule were true, that the prices of Commodities should perpetually follow the rates of Exchange; then Commodities should all rise and fall together, as the Exchange riseth or falleth. But Merchants of experience know, that commonly one Commodity riseth, when another falleth: and that they fall and rise, as they are mor or less in request and use. See yet another dissimilitude,  
As the Elements are joined by Symbolisation, 
P. 5.  the air to the fire by warmness, the water to the air by moisture, the earth to the water by coldness: so is Exchange joined to Monies, and moneys to Commodities by their proper qualities and effects.  
I Would there were a Symbolum or affection in his Elements, 
§. 9  and not an Asymbolum or disaffection or confusion in them, as Du Bartas observed sometimes to be in the other: whereof he thus speaketh,  
La terre, l'air, le feu, se tenoyent dans la mer: 
De la Sepmaine 1. jour.   
La mer, le feu, la terre, estoyent logez dans l'air:  
L'air, lamer, et le feu dans la terre: et la terre  
Chez l'air, le feu, la mer.—  
Earth, air, and fire, were with the waters mixed:  
Water, fire, earth, within the air were fixed:  
Aire, water, fire, about the earth did glide:  
Earth, fire, water, did in the air reside.  
But Malynes hath more skill in Philomythy then Philosophy: 
§. 10.  he will tell you a tale of a voyage into Barbary, 
P. 7.  where he learned so much experience in Navigation, that now he can tell you, that the Rudder of a Ship is the Efficient cause of sailing. 
P. 8.  Is this man fit to give his judgement in matters of weight, and affairs of State, that showeth such gross ignorance, in so easy and familiar things? If he had consulted with a Younker or Novice that had made but one voyage to Sea, he would have told him, that the Rudder is the cause of steering or guiding of the Ship, but the wind of sailing. For a Ship may sail without a Rudder, as sometimes the East India Companies Ship the Dragon did, a great part of the way from the East Indies: but for a Ship to sail without wind, it is impossible. For that's Causa sine qua non, as the Logicians speak. Or if he had well understood the name of the thing, he might have given a better guess at the nature and use thereof: according to that of the Poet, Conveniunt rebus nomina saepè suis: For the Rudder of a Ship is therefore called Gubernaculum à Gubernando, because it governeth and guideth the Ship. But Velum, and in French La voile the sail, is derived à volando, of flying and running swiftly. For a Ship sailing with a great gale of wind, is said to fly before the wind. And thence it is that we are wont to say, Avis volat, and Navis volat: the Bird flies, and the Ship sails: the one being a proper, 
Calep.  the other a Metaphorical speech. Or Malynes mother tongue might have taught him so much mother wit, as to have known, that Haet Roer vaned schip is so called, à Roeren or Rúeren, to touch or stir a thing, because a Ship feels the very touch of the Rudder. Which phrase hath in it a fine insinuation of the wondrous volubility and facility of turning about that huge and massy body of the Ship, by the touch or stirring of so small an instrument as is the Rudder thereof. And Stieren in Dutch, signifieth to guide or direct a Ship, and Stierman the Pilot of a Ship: none of them to sail a Ship. But God keep our Ship of traffic from all such Pilots as Malynes is, lest it come on ground.  
ANd thus Malynes having abused the terms of Art, which indeed it is not possible for him, 
§. 11.  or a wiser than he to understand, without knowledge of the Art itself; and improperly compared his Par of Exchange like a Parrot, to Clocks, and Ships, and dials, and Active, and Passive, and what he list himself; the rest of the pages of his preamble, and of other passages in his Pamphlet, he hath stuffed with immodest terms of his own Art against me. But knowing that I could not touch pitch and not be defiled, nor reprove a scandalous person without receiving ill language, I shall leave him and it to the judgement of the wise, having taken it for my direction, Not to answer Malynes in his foolishness.  
In the next place, 
P. 11.  he promiseth to bring to the Anvil, whether the under valuation of his Majesty's Coin, be the immediate cause of our want of money in England: will you see how he hammers it?  
He concurreth with me in the price of the Real, 
P. 12.  to go in Holland at 51. Stuyters: in the Rate of Exchange, to come from thence at 33. sh. 4. d. Flemish: in the value of the Flemish money, that 5. Reals of 8. make 42. sh. 6. d. in the value of the Sterling money, that so many Reals make 25. sh. 6. d. that the gain between Spain & Holland at those rates is 25. per Cento: that the gain between England and Holland at those rates is 15. per Cento. Yet because he will be adverse in something, he saith,  
The 15. in the hundred to be gotten in Holland more than in England, 
P. 12.  is altogether Imaginary and not Real. For example, let 5. of these Reals of 8. be bought here for 22. sh. sterling, and be transported into Holland, and there buy Commodities with the same, according as the price of them is enhanced there; no man maketh any doubt, but that the said Commodities are also raised in price, according to the money enhanced. So that the gain becometh uncertain, for the Commodities may be sold to loss.  
IF this were true, that the Commodities in Holland were raised in price according to the value of the money; 
§. 12.  yet this is no answer to the carrying out of his Majesty's Coin. For his Majesty's Coin may be carried out, to be recoined abroad in foreign Coin: and not remitted, neither in commodities, nor by Exchange. Others that carry it out to remit it back, do not respect the prices of Commodities whether they be dear or cheap, so long as the Exchange affordeth them means to return their money with advantage. But at that time when I wrote, both the Exchange, and Commodities also, did afford encouragement for returns into England. For the Exchange came then at 33. sh. 4. d. from thence, which is a very low Exchange; and the Commodities of Holland were also low in price. The former no Merchant will deny: The latter you may examine if you please, either in Spices, Silks, or Linen cloth, which are the principal Commodities of the Low Countries. But better in the former, then either of the latter: because Spices, are known by their sorts: Silks, and Linens, by their goodness. In Spices, if you will, take Cloves for an instance: which have gone constantly these three or four year's last passed at 11. sh. the pound weight in the Low Countries, and at 6. sh. 6. d. and 6. sh. 8 here at London. Take the Medium of this price, which which is 6. sh. 7. d. and that brings out the just rate of the Exchange at 33. sh. 4. d. The difference of time and weight, is usually set against the Custom and charges. So than whether you make return of those 5. Reals of 8. whereof Malynes speaketh, in Cloves at 11. sh. the pound, or at 33. sh. 4. d. by Exchange, is all one. And the like you may find in the rest: And Malynes also as false in the rest: for thus he goes on,  
That the Merchants trading in Spain, which cause their Reals to be sent from Spain thither, 
P. 12.  or do transport them from the Downs, rely wholly upon the low Exchange, whereby they are enabled to deliver their money there by Exchange at an under value, in giving there but 33. sh. 4. d. and under, to have 20. sh. sterling paid by bill of Exchange in England, whereby the kingdom maketh good unto them the said 15. upon the hundred.  
THen by Malynes own confession, here's a double encouragement for the carrying away of the King's Coin: 
§. 13.  One in the high price of the money in Holland; the other in the low rate of the Exchange from thence back again for England. But that the Kingdom maketh good unto them 15. upon the hundred, that make home money from Holland or any other foreign part, at a low Exchange; whereby he would infer, that the Kingdom thereby loseth 15. per Cento, is most false. For the lower the rate of the Exchange is abroad, whereby you would remit home your money for England, the less of that foreign money you shall pay for the English money you would receive at home. And the less you pay of the foreign money, the more you shall receive of your own money: and the more you pay abroad, the less you shall receive at home. And in this case the gain of the Subjects is the gain of the Kingdom and contrariwise. So that indeed, the loss to the Kingdom, is of the money itself that is carried out, as I have at large declared in my tract of Trade: 
Free Trade. cap. 1.  the 15. per Cento is gained by them that carry it: the money being abroad, is better remitted for the Kingdom, at a low then a high rate: the prizes of Commodities being answerable to the rate of the Exchange, altar not the case. So than it followeth, that the gain in exportation of Reals is real, but Malynes surmises are imaginary. Will you hear another of his slurres?  
This Real of 8. was valued but at 42. stuyvers, 
P. 13.  when the Par of Exchange was made to be 33. sh. 4. d in the year 1586. when Robert Dudley Earl of Leicester, went to take the government of those Countries.  
I Think Malynes hath told this tale over 1586. 
§. 14.  times, to one or other, and not a word of it true. For in that year, when the Earl of Leicester was sent over by Queen Elizabeth, into the Low Countries, there was a treaty or agreement made of the rates of their and our moneys, indifferently between either Country. Then was it agreed upon, that the English shilling should go current in the Low Countries at 10. Stuyvers, which making 20. d. Flemish, produceth 33. sh. 4. d. for 20. sh. Sterling. But that this 33. sh. 4. d. was then or at any time since, set for a Par of Exchange amongst Merchants, I might produce more than 1586. witnesses against him. For all the Merchant's Books of his own and our Nation kept there and here, which are the Records of Merchant's affairs will testify, that neither the Exchange in the year 1586. nor at any time since, went constantly at 33. sh. 4. d. but sometimes was higher, sometimes lower than that rate. For this is a custom amongst Merchants, to keep exactly the rates of Exchanges, for all places every week throughout the year, from time to time: not only as one or other of them is a taker or deliverer of money continually, but as it is a commendable property of a good Merchant, to advise and be advised of the rates of all Exchanges in all places, from time to time. So that this is Testimonium omni excepsione maius: A cloud of witnesses against Malynes, not to be denied. But for want of better proof, he will give you a precept,  
That the rule is infallible, 
P. 14.  when the Exchange doth answer the true value of our moneys according to their intrinsique weight and fineness, and their extrinsique valuation, they are never exported, because the gain, is answered by exchange, which is the cause of transportation.  
A Lius peccat, 
§. 15.  alius plectitur: The Stranger commits the fault, and Malynes would have the English punished. A Rule most fallible, most unequal! For it is the Stranger that raiseth the money in foreign parts, and not the English: It is the Stranger that carrieth away our money, and not the English. But it is the English that is here the common taker of money by Exchange, & not the Stranger. Now if the gain of the carrying out of our money be 10. or 15. per Cento to the stranger, than the Exchange by his own rule must be set so much higher to answer the said gain & to prevent the exportation, and consequently must fall upon the English who is the common taker thereof. What Malynes comes short in English, you shall have in good Dutch I warrant you. Nay he will fit you with other feats of Exchange, and Exchangers: as  

To lay their money with gain in any place of the world where Exchange lieth. 
P. 16.   
To gain and wax rich, and never meddle with any Prince's Commodity: or,  
To buy any Prince's Commodity with the Subject's money, and not one penny of their own, etc.   
IF every bird had her own feather, 
§. 16.  this goose would graze with short wings. All Malynes Pamphlet from one end to the other, is pieced together with stolen stuff. So he began, so he goes on. 
In Milles his Customers Reply: in his Epist. ded. p. 5. In Milles his Customers Alphabet and Primer. p. 15.  Traffic by nature admirable, by art amiable, stolen out of Milles his Reply. His great comparison of Body, Soul, and Spirit, inspired out of Milles his Alphabet and Primer. And in this place, here's no less than 20. pieces together, taken out of an old Manuscript, 
In a Manuscript of Monies and Exchanges. p. 12.13.14.  which I have seen in many men's hands in London, the copy whereof I also have myself: whose Original is therein said to be a Record in the Exchequer of the 28. year of Edward the 3. From whence, as also from the former, Malynes hath stored himself of all this stuff, which he would now fain vent to the world, both in his Little fish, and his Great whale, for Mysteries in Exchange. I might be infinite, if I would trace Malynes in all his byways. But to save that labour, if you will take the pains to compare this his Little fish, with his Great whale, you shall find it a mere Spawn thereof: This swimming out of That: That swallowing up This again: and both, nothing else but a Gallamalfrey, or Dutch  of other men's Cookeries. It's pity the Press was oppressed with such base stuff: or the same suffered to be cast in the face of the world: much more to be presented to the King, to such a King!  
The Second cause saith Malynes, 
P. 19  of the want of money in England, is the superfluity of Plate, generally in private men's hands. Here he hath omitted to note the great quantity of silver consumed in the making of silver thread, spangles, purls, oaes, and the like.  
THe causes which I conceived of the want of money, 
§. 17.  Malynes received them from me by order, not by number. But for the matter he objecteth to me of omitting the great quantity of silver thread, he hath my answer already, that it was improper for me to meddle with any impertinent thing, unless with him I should have handled all Heterogeneal things, out of kind and out of order, as he doth every where. For this Manufacture of the silver thread, his Majesty had settled, before I wrote, and opened the Importation thereof to the Subject, as in former times. And if there be any cause to resume that action, that Noble Gentleman, who hath bestowed much time and charge therein, will not stand in need of my defence, nor be afraid of his defiance.  
The third cause saith Malynes, 
P. 22.  of the want of money in England, is the consumption of foreign Commodities.  
YOu see we are now all in numbers, 
§. 18.  and the causes here pulled in pieces by Malynes, which I hope he found in some better form. He professeth in his title, that his discourse and mine, are Contraria iuxta se: and yet in this, and all the other causes, he concurreth with me: but goeth over and over the same things again, to spend time, abuse the Reader, and fill up the pages of his Pamphlet with unnecessary repetitions. And for want of matter, he here maligneth the Merchants-Adventurers; and accuseth them to be guilty of the Vnder-ballancing of Trade, by selling the Cloth and other the native Commodities cheap, and bringing in Silks, Linen cloth, Cambrics, Lawns, and other Commodities dear, whereby the stranger's Scale is made the heavier, in the Balance of Trade. Which is a most unjust and scandalous aspersion laid on so worthy a Company, by so unworthy a Person. For there are no Merchants of the Kingdom, no dispraise to any, that do so much improve the price of the Cloth, and the native Commodities abroad; or dis-improve the foreign, and sell the same so cheap at home, as these Merchants do. And for bringing in of money and treasure into the Kingdom, wherein is the benefit of bringing the Trade of this Kingdom to an evener Balance with other Countries, this Company therein exceedeth and excelleth all other Merchants. Which trade alone hath brought in above 200. thousand pounds in Gold since September last. And it were happy for the Kingdom, that if all the other Trades thereof were brought into a Balance, they could produce such a foot of Account, toward the advancement of the Exportation beyond the Importation, as may be found alone in the Merchants-Adventurers Trade, But this worthy and famous Society, needeth not my testimony, nor can his obloquy detract from it, that hath always obtained such honourable approbation of the State from time to time.  
Malynes' must also have a fling at the French Company, 
P. 15. §. 19  that the Merchants thereof do also hinder the Balance of Trade, by bringing in wines too dear. But if the rate of the Crown be risen from 64. to 75. souls in exchange between England and France, than our Merchants that deliver their money here, do receive so much the more there, whereby they may afford their wines the better cheap. And if the wines be bought dear, and our Native Commodities sold dear, what doth this hinder the Balance of trade? And if there were no other cause of dearnes of those or other wines, or other foreign Commodities, than the price they cost abroad, or the under valuation of our Exchange at home, which he so much talks of here and elsewhere, and is nothing else but a mere Petitio principij, A begging of the question, without any truth or proof; neither Merchants nor Tradesmen could justly complain of the dearness of foreign Commodities.  
THe Levant Company also he will not let pass without some censure: 
P. 26. §. 20.  The restraint forsooth of Corints maketh no Free trade. You may see by this, what freedom of trade it is that Malynes means. He would fain have Corints come in again in Flemish bottoms, that Strangers might be employed, and our own Ships and Men lie by the walls. That all sorts of men might come into that, and all other Companies, how unfit soever: 〈◊〉 such men let in, as would let in the Stranger's trade with them. The trade of the Levant Company is managed by many grave, expert, & discreet Merchants, into whose Society those that are of quality, may be admitted for a reasonable consideration.  
The fourth cause of our want of money, 
P. 26.  in Malynes account, is the great want of our East India stock: whereas most men would have expected, that the ready moneys sent in Reals of Plate to make the employment of the said trade, should rather have been mentioned.  
THis Company also, 
§. 21.  that deserveth so much pity, cannot escape Malynes envy. For here he endevoureth closely and cunningly to insinuate, that the cause of our want of money is the ready moneys sent to the East Indies in Reals of Plate. Wherein the East India Company hath again and again, satisfied the State; that first, they carry away none of the moneys of this Kingdom: next, that they furnish themselves from foreign parts, of all that they send out: and lastly, that they keep themselves within the compass of his Majesty's gracious grant, having sent out much less, even of foreign money than they might, and had need to have done from time to time. And if it should be granted, that some of that money which is brought in for their use, might also be brought in for the Kingdom's use, if their trade were not: yet can it not be denied, that the increase of the stock of the Kingdom by that trade, is incomparably a fare better and greater means to bring in treasure into the Kingdom from other parts of Christendom, than the other can be imagined to hinder the same. And whatsoever is now carried out by the English, would be carried out by the Hollanders, if this trade of ours were not.  
Wherein, the action itself, and the disaffection of Malynes and others of his mind, do seem to exact from me a word or two of the benefits, that may arise to this Kingdom, by this trade. Those I shall reduce in a word, either to such as concern the Trade, or such as concern the Treasure of the Kingdom. In both which consists the happiness of every Commonwealth. Now the Trade of this Kingdom, may thereby be increased, in Stock, in Strength. In Stock: for one hundred thousand pounds employed in that trade, and returned from the East Indies, in Spices, Calicoes, & Indigo, besides the hopes of the Persian trade of Raw Silks, will yield Five hundred thousand pounds to this Kingdom, in increase of Stock. In Strength: for this trade will yearly employ not so little as Ten thousand tons of shipping, and Three thousand Mariners, Carpenters, and other Artificers, in the First Employment out and home: and almost as many more in a Second Employment after they are come home; by way of transportation of these Indian Commodities, from hence into all parts of the world. Which is an excellent means to advance our Navigation, and to employ our Multitudes of poor.  
The Treasure also of the Kingdom may thereby be abundantly increased, both in respect of the Revenue of The King, and of The Kingdom. Of The King: in the increase of Customs, which always increase with trade. Of The Kingdom: in the increase of treasure, which is not as some think carried out, but rather conveyed in through the channels of this trade. For first, the Treasure exported from hence into the East Indies, is not digged out of any Ours of our own, but is purchased from foreign parts, for return of such East India Commodities, as the Kingdom cannot spend, and are therefore exported from hence into other parts of the world. And next, it must be considered, that if One hundred thousand pounds' stock sent out from hence, purchaseth Five hundred thousand pounds returns from the East Indies; and this Kingdom at the most spendeth but one fourth part thereof: all the residue being issued out, must needs procure the Kingdom so much ready money, for return thereof as the value of the goods amounteth to; or at least, such other necessary commodities for the Kingdom's use, in stead of that money: For which, either so much money must have gone out to procure the same, or so much less money must have come in, as those Commodities would amount unto.  
But every one of these particulars would require a more large and serious discourse, than the limitation of my pursuit of Malynes will permit. I shall therefore leave this subject to him, that hath already so worthily laboured therein: of whom, 
Mr. Tho Mun in his discourse of the East India trade.  I hope it will be thought no flattery, if I say, that his observation of this trade, his judgement in all trade, his diligence at home, his experience abroad, have adorned him with such endowments, as are rather to be wished in all, then easy to be found in many Merchants of these times.  
I shall also leave the action to the Royal protection of his Majesty, to tender it, as a Elower of his Regal Crown and dignity. The rather because this also is a Flower, which Openeth with the Rising of the Sun, and Shutteth when the Sunne-setteth. It is subject, as all great Actions are, to Fraction abroad, to Faction at home. Both and either are evil Engines, to subvert Companies, yea, Kingdoms also. But when the Sun ariseth in his glory, all these fogs and mists will vanish away. His Majesty vouchsafed to descend, from his throne of Majesty, into that late Colloquy with the Dutch: And with the indefessive pains of his own Royal Person, and the continual labour of the Lords, hath at last reconciled all the differences with the Dutch: much more will He not suffer any discord amongst His own. All which Wars and jars being hushed and overblown, and the trade pursued with the Grace and Favour of his Majesty, Good order and government in the Company, and Unfeigned amity and unity one with another; there cannot but be great hope, by God's blessing, of a Glorious harvest, from so Gracious a Seedtime: and I hope, that those that have Sown in tears, shall in due time Reap in joy..  

Sr D. Diggs in his Defence of the East India Trade.  there's a Noble Gentleman of this Kingdom, did once put the Dutch in mind of their own Emblem, Si Collidimur frangimur, If the Potts knock, they will quickly crack: It was then taken for another Meridian; but it may serve for London and Amsterdam, and the East Indies also.  
But Malynes taketh notice of Master Mun's Discourse of the East India Trade, 
P. 27.  whereby he is forced to confess, that the employment of the East India Company is very profitable and necessary: That the gain of the Trade is very good: That thereby the increase of the stock of the Kingdom is very great: That the same is a means to bring in much Treasure: and yet like himself, kick's down all this at once with his foot, concluding with this abominable untruth, That the undervaluation of our monies in Exchange, 
P. 28.  diverteth the same, and that the loss thereof is greater to this Kingdom, than all the moneys employed to the East Indies cometh unto. So that this man you see, can Simul sorbere & flare, he can be with them, and against them, and all with a breath.  
The fifth cause of the want of money, 
P. 30.  in Malynes Arithmetic, is the Wars of Christendom. Touching the exportation of monies by the Wars of Christians, 
P. 31.  where he declareth an urgent instance, that the Riecks Daller is raised from two marks Lubish to twenty marks Lubish in many places of Germany, whereby abundance of money is drawn unto the Mints of other Countries, from all the Ours and parts of Christendom; herein he is much mistaken; for when monies are enhanced, they are never carried to the Mints to be converted into other Coin.  
OR rather Malynes hath need of an Interpreter, 
§. 22.  to help him understand what I have said in plain words. For I have not so much as inferred that which he here concludeth, that the Riecks Daller being enhanced to twenty marks Lubish, is carried to the Mint to be converted into other Coin. But rather that the Riecks Daller, and other monies of Germany running there so high, hath drawn over abundance of our money, which hath there been converted into their Coin. And this, nor he, nor any man can deny. And that the Riecks Daller then went at twenty marks Lubish in Silesia, Austria, and Moravia, and the parts adjacent, both the Soldiers that have received them so in pay, and the Merchants both English and Dutch, that trade in the Linens of those parts, will abundantly satisfy any man that doubteth in this matter. In so much as it hath there been observed for a great indiscretion in the Boors, or Country people of those parts, to take the Riecks Daller at so excessive an high rate in payment for their Linens, and not to raise the price thereof answerable thereunto. Which hath been the cause that the Linens of Germany have these two or three year's last, come thence so cheap, notwithstanding the Wars, which naturally are wont to make things dear: because they have been bought with money given out of so high a rate, and the Commodity not raised. Which quite overthroweth another of Malynes fallacies, that wheresoever the monies are enhanced, There the Commodities are also raised according to the money enhanced. 
P. 12.  And as well is he overseen in Aristotle's terms of Action and Passion, thus;  
No marvel therefore that he doth invert things, 
P. 38.  and runneth into a Labyrinth, without distinction between the thing Active and Passive, by approving money to be the rule and square, whereby things receive estimation and price: And yet commending the commutation before money was devised to be coined. Aristotle saith, that Action and Passion are merely Relatives, and that they differ no more, than the way from Thebes to Athens, and from Athens to Thebes. We will therefore leave this Merchant to walk between both, until he can discern the one from the other.  
BY Malynes sentence when I speak of money and merchandise, 
§. 23.  and do not misapply thereunto his improper and ignorant terms of Action and Passion, I run into a Labyrinth. Which terms he hath every where worn so threadbare, that they look like himself. Neither is it possible for any man living, to understand what he means by them: or to imagine, that himself knows what he would say of them. And I pray you what indiscretion is it, to approve of money to be the rule and square, whereby things receive their estimation and price; and yet commend the Commutation of wares for wares, before money was devised.  
As for his Quotation of Aristotle, he useth him, as others whom he abuseth: and understandeth Action and Passion, as well as he did Matter, Form, and Privation. Alas poor man, how should he understand Aristotle, that hath neither wit nor art? For if it should be granted that Action and Passion are Relatives, 
Yet money is the thing Active, & commodities become the thing Passive. Little fish. p. 15. The exchange of moneys is in effect like the instrument that striketh the clock, being therein the thing Active: & commodities and moneys are therein become things passive. ibid. page 6.  does that prove money to be Active, and commodities Passive, as he here inferreth, and elsewhere affirmeth, page 15? And why then doth he in another place say, that the Exchange is Active, and Commodities & Money are Passive, page 6. But that in truth the man knows not what he says? Or if either, or neither of them were Active and Passive, what is that to the thing here by him brought in question, whether Commercium be Commutatio mercium or not: A change of wares for wares, or money for wares? As if forsooth he would have no difference made between Money and Commodities, in that his distinction: ignorantly supposing in the one, that Aristotle takes Action and Passion, and the way between Thebes and Athens to be one and the same thing: and being as fare wide in the other, that Money and Commodities have in them the affection of Relation, because Action and Passion are Relatives. I will therefore show him out of his own Author his gross ignorance in both.  
Aristotle disputing in his Physics de Agente & patient, saith thus: 
* 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉. Arist Phys. lib. 3. cap. 2. In Pacij Comment. in Phys. Arist. l 1. c. 2. part. 10.  And although to do and to suffer were the same, yet are they not so to be understood, as if the reason of their Essence were one and the the same, as is of the garment and raiment; but as of the way which leadeth from Thebes to Athens, and from Athens to Thebes. Which Pacius would have taught Malynes to have understood, thus; Atqui facere & pati, vel docere & discere, non dicuntur omninò esse idem, seu habere eandem essentiam & definitionem: sed dicuntur aliquo modo esse idem, sicut adscensus & descensus, vel profectio Athenis Thebas, & Thebis Athenas, dicuntur esse idem, quia idem est spacium, sed essentiae ratio non est eadem. But to do and to suffer, or to teach and to learn, are not said to be altogether the same, or to have the same essence and definition: but are said after a sort to be the same, as ascending and descending, or going from Athens to Thebes, and from Thebes to Athens, are said to be the same, because it is the same distance, but in respect of the Essence it is not the same thing.  
Or if Malynes will not believe Pacius, let him hear Aristotle thus expounding himself; 
* 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉. In Phys. lib. 3. c. 2. partic. 12.  And that I may speak all in a word, neither is the act of teaching and learning, nor is Action and Passion properly the same: But the motion wherein these things are, is the same: for to be the act of the Agent in the Patient, and of the Patient from the Agent, is in reason different. And therefore if Action and Passion, and the way from Athens to Thebes, and from Thebes to Athens be in reason different, than it must needs follow, that Money and Commodities by Malynes own comparison, and in common sense and reason, are different also. Aristotle will also tell Malynes, 
It is manifest that Relatives are reciprocal. It appeareth that they are together in nature. Arist. Categor. cap 7. partic. 16.17.  that Money and Commodities are not Relatives. For the Philosopher teacheth, that 
* 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉.  Relatives must be Reciprocal or of mutual affection, the one not subsisting without the other: and they must be both at once, or both together in nature; as a Servant and a Master, or a Father and a Son: for a man cannot be said to be a Master, but in respect of his Servant: or to be a Servant, but in regard of his Master: or a Father, but in reference to his Son: or a Son, but in relation to his Father. Now Money and Commodities are not Reciprocal, or of mutual affection, foot Money may be without Commodities, and Commodities without Money. Nor were they together in nature: for Commodities were in nature long before Money was invented: and it is not the Matter, but the Form giveth the Denomination of the thing, as the Logicians speak.  
And thus I have taken this pains, to walk a little betwixt Thebes and Athens, to show Malynes the way to either: lest when he should go to Thebes, he go with his Owls to Athens.  
BY this time Malynes is come to Usury: which he numbers for the second cause of the decay of trade. 
§. 24.  And although he concur with me in this cause also, yet wanting other matter, he must Aut accusari, aut mori: He must Malign, 
P. 39  or not be Malynes. He accuseth me to have taken the whole substance of my discourse, out of other men's works: and bringeth for his Voucher, his England's view, worth no man's view, I'll warrant you. Some poor stuff of his belike he means, so called or miscalled, as his manner is: as if I had supplied myself with matter thence: which, I protest in the word of an honest man, never came to my view, nor ever shall. Neither durst any but Malynes have found this fault, himself so grossly faulty: to whom all's fish that comes to Net. Whose Whale devours all, both great and small, whole shoals of fish: So that he hath caught himself by the nose, and his Turpe Doctori resulteth in his own face: thus,  
Turpe est Doctori, cùm culpa redarguit ipsum:  
Quae culpare soles, ea tu ne feceris ipse.  
To such a Cripple Doctor 'tis a shame,  
To censure halting, and himself goes lame.  
Yet for all that, he will persuade you, he hath some oversight in Hebrew. For thus he saith,  
If the Brokers had been jews, 
P. 41.  I might have bestowed some Hebrew upon them, in detestation of the word Neshech, which is nothing else but a kind of biting, as a dog useth to bite and gnaw upon a bone: otherwise to use many languages in a little Treatise of Free trade, may seem impertinent.  
A Las poor man, 
§. 25.  I would he had learned good English first! But in the best he hath shown in this Little Fish and his Great Whale, the Reader may perceive great defect, and many of his sentences Nonsense. He is beholding to the Divines for translating Neshech into common Characters; otherwise he might have said of it, as some said of Greek in Erasmus time, Graecum est, non legitur. But if he had been but a smatterer in Hebrew, he might better have understood the Notation of Neshech, which is commonly taken for the biting or sucking of a Serpent, not of a Dog, as Rabbi Bechai observeth: Because saith he, 
* 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 Rab. Bechai in Comment. in legem fol. 113.  It biteth or sucketh like a Serpent, and is not felt. Whereof the Gloss saith thus: Creditor mordet cùm exigit quod non dedit: Debtor mordetur, cùm reddit quod non accepit: The Creditor is said to bite, when he exacteth that which he delivered not: And the Debtor is said to be bitten, when he restoreth that which he received not. Whence it is, I think, that our word Snake, by a Metathesis of the letters answereth to Neshech. But as for Malynes he doth neither bite, not is bitten of this Seprent. He is as little troubled with that, as he is overburdened with the Hebrew, Greek, and Latin tongues, and the knowledge of the Arts. That cost he'll spare, because to use many languages in a little Treatise of Free trade may seem impertinent. Wherein he seems to check the use of tongues in discourse of Trade: Indeed to use them as Malynes doth, is to abuse them: for sometimes he translates them wrong, and sometimes denies the Author of them the honour of his own. Otherwise the use of languages is both lawful and laudable. And thence it is that Bodin, 
Bodin de Reg.  that great Politician of France, in his books De Republica, and therein also of Merchants and Merchandise, doth so oft cite Hebrew, Greek, and Latin testimonies. The like doth Grotius that learned Netherlander, in his Mare Liberum, his Free Sea trade, 
Grotius in Mare lib.  and other of his Works. And this did that famous Orator M. T. Cicero, the Master of Eloquence, 
De Off. lib. 1.  both practice himself, and command to his son: Semper cùm Graecis, saith he, Latina coniunxi: neque id in Philosophia solùm, sed etiam in dicendi exercitatione feci, idem tibi censeo faciendum. I have always, saith the Orator, joined Latin with Greek: neither have I done that in Philosophy only, but also in the exercise of declaiming: and the same I think fit for thee to do. Besides it is against the rule of justice, that the use of Testimony should be denied to any man, in speech or writing. For there is nothing so clear, but may require Testimony, either for confirmation, or Ilustration of the matter, to which it is applied: And the want of Testimony, is the want of Authority also. 
P. Ram. de Dialect. cap. 32.33.  Now all Testimony may be said to be either Divine or Humane. Divine, as the Holy Scriptures. Humane, as the Law itself, or Illustrious Sentences. The Testimony of Law, is of the Written, or Not written Law. The Testimony of Illustrious Sentences, consists in Maxim's, Principles, Proverbs, and the Say of Wise men of all Nations, and in all Languages. Now you cannot do an Author a greater honour, then to use his own words: lest in translating of him into another tongue, you translate him also into another sense, as Malynes doth Aristotle. I know it is grown in use in this Kingdom, to cite in speech and writing, the Translation for the Original. But surely it is more common, then commendable. Because it tends to the loss of time, and brings no benefit to the Auditor to hear a double translation. For if the Text be Hebrew, and it be rendered in Greek; or Greek, and rendered in Latin; or as the manner is, to cite Latin for both; neither the Author hath any honour, nor the Auditor benefit, more of the Latin, then of the English, because they are both Translations. And if there be many Auditors that understand not the Original, so are there not a few, that understand not the Latin Translation also. Which use of the Latin Translation, hath brought out of use, the most necessary and learned Languages. Wherein there's not an jota in the Greek, nor a Title in the Hebrew without a mystery: In which last and best, our English tongue hath as great a part, as any other Language of the Christian world: which I speak for the honour of our Language, and the encouragement of those that delight in Tongues.  
And thus much briefly for Languages, and for defence of those which I have used for divine and humane testimony, which in Malynes sentence do seem Impertinent.  
THe third cause of the decay of Trade, 
P. 41. §. 26.  in Malynes account, are Litigious Lawsuits. To the Efficiency whereof, Malynes cannot altogether agree, but rather to the Remedy. But I shall willingly pardon him that: for he that is so ignorant in the Essential causes, must needs be nescious in the Efficients also. I would there were no cause, for their sakes whose case it is, to dispute this causality. Whereby many of his Majesty's loving Subjects are deprived, some of their liberties, I had almost said, of their lives, many of their live. Wherein I doubt not, but the grave, sage, and learned judges, the Reverend Fathers of the Law, will at the last consider, and consult of some effectual means, for shortening of the time of Suits, and lessening of the charge of Law. Amongst whom, double honour belongs to him, that governs so well, and labours so much in the Word and Doctrine. Good luck have thou with thine honour. Ride on, according to the Word of Truth, and moderation of justice. The Spirit of Elijah resteth on Elishah: Walk in his Steps, who living honoured thee; and dead, liveth, and is honoured in thee: Sic tibi conting at vivere, sicquemori.  
Malynes in the next place, though in a wrong place, taketh occasion to speak of Annᵒ 1588. And denieth that the Kingdom was then in such great distress, to be termed, in Articule temporis, when the Merchants-Adventurers supplied a Ships lading of Powder and Shot from Hamburgh: I pray God grant we never know the like distress, nor ever be wanting to acknowledge so great a deliverance.  
Malynes fourth cause, 
P. 42.  is the Fishing. Wherein he is better than his word, for he concurreth with me therein also. And is not the neglect of Trade, the decay of Trade? And is not the Strangers pulling the bread out of the Natives mouths, the decay of Trade? Therefore proper enough Malynes. But because here he wants fuel for his fury against me, like a mad man he strikes the next man he meets. And no less than the State first, and divers worthy Merchants next. 
P. ibid.  Against the State he dares say, That this Action of the Fishing hath been in continual agitation above thirty years, to make Busses and Fisher Boats, but the Action is still interrupted, because other Nations do find too great favour and friends here, to divert all the good intentions of such as have employed their time and good means therein. And for the Merchants, he accuseth the Merchants-Adventurers, East-land Merchants, and the Muscony Company, to have opposed this cause at the Council board. And as if he were a Clerk of the Council, takes upon him to set down ten several articles, which were there had in consultation with the Lords.  
For his Scandalum Magnatum, I remit that, to his former reckoning; where he hath more than enough to answer. And for his accusation of those worthy Merchants, I am persuaded that, there are none of all his Majesty's Subjects, can be more ready and willing than they, to further so noble a design.  
From the Fishing, he comes to the Clothing, 
P. 45.  which he desciphers for the fift cause of the decay of Trade. Wherein also he concurres with me, notwithstanding his challenge. Nevertheless, for want of other matter to fill up the pages of his waste paper, he mole's himself to the Dying and dressing Project: and says thus,  
I cannot omit to observe the Practices which were used by combination with other Nations abroad, 
P. 46.  and domestic Intelligences at home, whereby many good actions are overthrown, to the general hurt, and with little advancement to the particular.  
HEre Malynes endevoureth to lay a Tacite and secret aspersion on the Merchant's Adventurers: 
§. 28.  but not being able to produce any ground for so malicious a scandal, is obnoxious to punishment, and aught to be taken for the Intelligencer himself, until he produce his proofs for so unjust an accusation.  
Another Digression he makes for the defence of his gross error committed in his Canker of of England's Commonwealth: 
In his Canker. p. 46.  where he wished, That other Nations might take upon them to make our Clothes, which might saith he, be easily remedied, by selling our wols the dearer, whereof they must make them. Can there be any defence for such a defeisance? You shall hear the best he hath,  
In the latter time of Queen Elizabeth of blessed memory, 
P. 47.  and until the second year of our most gracious Lord King james, wols were permitted to be transported by the Staplers and others. And the makers of cloth beyond the Seas, must needs have them to cover their wols in the Indraping, which is now prohibited, and the case altered.  
HEre you see the defence is as lame as the Defendant: 
§. 29.  Because there was then permitted a toleration for the transportation of wols; was it therefore necessary, or reasonable, or to be wished of any good Subject, that there should have been a transportation of our Clothing also? Or would he have had the Staplers carry away all our wols, that his Countrymen might have made all the cloth? God forbidden Malynes! Sic tu be as amicos? Wilt thou play the Ape in the Apologue, & kill us with kindness? But the tree cannot be better known then by the fruit; nor Malynes, then by this mark. This is he that would seem so good a Subject to our King and Kingdom, to diet us with the Fleece, and to feed his own Country and Nation with the Flesh and Fat: to confine us to the wols, and convey our Clothing to them, than which there is not a more Royal manufacture in all the world. There could not have been devised, no not by an enemy, so mischievous a project, as to bereave so many thousand families of this Kingdom, that depend on the making of cloth, of such an excellent living and livelihood. The other part of his defence, is as false, as the former is feigned. For to affirm, That the Makers of cloth beyond the Seas, cannot make their cloth without our English will, is as true as that, wherewith the State hath been so much abused, That the Dutch could not subsist without our English cloth. That the latter is false, our own ill experience can tell us: That the former is foolish; all Malynes Countrymen, and those that know the State of Dutch-land, will witness against him. But because he cannot Excuse, he will Accuse: First Envy, 
P. 48.  For looking asquint upon him: whereby he saith, he hath lost one Eye, in his reputation with his own Countrymen, and now must lose the other Eye with our Nation, like Belisarius mentioned in my discourse. Indeed in blindness he may resemble Belisarius, but in nothing else: more like he is to blind Bartelmeus, who the more he was forbid, the less he held his peace. And next he accuseth his ill luck, 
P. ibid.  For his invention of farthing tokens: for which he saith, He is accused to bring the use of copper moneys into the Kingdom. But he mistakes the accusation, which was rather, that if not himself, some fowl of his feather, might be vehemently suspected, to have brought in counterfeit copper tokens into the Kingdom. Which whether it be right or wrong, I cannot tell, but it is probable, that the tenth part of the copper tokens at this day in the Kingdom, were never coined in the Kingdom.  
At last he is returned from these long digressions, to the thing proposed, which is the Cloth trade: but with a change of his note and his coat too. For now he begins to personate others. Now you may hear a song of four parts: but set by a very ill Musician, one that knows not his Gammuth, nor can prove a note, not keep tune or time. You may hear the very voice of the Strangers, of the Staplers, of the Interlopers, and of the Ports; all in one Noise, & the poor Merchant's Adventurers are made the burden of the song. I am sorry for them all! For These, that they are so unjustly accused: For Those, that their complaint is so much abused. For thus Malynes canteth and chaunteth,  
That the Merchant's Adventurers having engrossed into their hands, 
P. 50.  by colour of their last Letters Patents, the sole power of exporting all white Clothes, coloured Clothes, Kerseys, Bays, Says, Serges, perpetuana's, and all other new Draperies, into Holland, Zealand, Brabant, and other parts of the low and higher Germany, hath abated the trade. For all Merchants-Strangers, might, and did heretofore export white Clothes out of the Kingdom, paying double Custom, which now they may not.  
THe Divines say, Consuetudo peccandi, tollit sensum peccati: The custom of sinning, 
§. 30.  taketh away the sense of sin. This man hath used himself to such liberty of speech, that now he dares say any thing.  
For the Merchant's Adventurers, upon whom it hath pleased his Majesty out of His singular Grace and Favour, to confer many excellent Privileges and Immunities, in their last Letters Patents: yet in point of exportation of White and coloured Clothes, Kerseys, Bays, Says, and other new Draperies of the Kingdom, there is no more power given them in these latter, than his Majesty and his Royal Predecessors have honoured them with, in other former Letters Patents, from time to time.  
In the eight year of Hen. 4. the trade of White and coloured Clothes, Kerseys, Bays, Says, and other the Native Commodities of the Kingdom, into Holland, Zealand, Brabant, and Flanders, was entrusted unto them, by the King's Letters patents, to be managed under government. In the first year of Hen. 5. the said Letters Patents were approved and confirmed. In the eight year of Hen. 6. the former Charters, with the consent of the Lords Spiritual and Temporal in Parliament assembled, were accepted and allowed. In the second year of Edw. 4. the said Letters Patents and every part of them, were ratified and confirmed. In the first year of Ric. 3. the said Letters Patents were approved and confirmed. In the twentith year of Hen. 7. the said Merchants were honoured with the title of Merchant's Adventurers, & had power to keep their Courts, and hold their Marts in the Town of Calais. In the fourth year of Hen. 8. the said Letters Patents in all points were ratified and confirmed. In the first year of Edw. 6. all the former Patents were recited and approved. In the first year of Philip and Mary, the said Letters Patents were examined, allowed and confirmed. In the second year of Q. Elizabeth, of everliving memory, the former Patents were recited, approved, and enlarged. In the sixth year of her reign, their former Charters were reviewed, and they were inscribed by the name of Merchant's Adventurers of England, and authorized To exercise their government in any part of the Kingdom, to have a Common Seal, to be a perpetual Succession, to purchase lands in the name of the Company. In the 28. year of her reign, their Charters were again reviewed and confirmed, with power To keep their Courts, and To exercise their trade as amply in Germany, as before they had done in the Low Countries: And straightly forbade, upon pain of forfeitures and imprisonment, all others of her Subjects not free of the said fellowship, to trade into any of their said Privileged places. In the second year of the happy reign of our most gracious Sovereign Lord The King's Majesty, the former Letters Patents, Privileges, and Princely grants, were recented, revised and ratified. And last of all in the 15. year of His Majesty, the said Letters Patents were again perused and approved, Whereby it is manifest that the Cloth, and other The manufactures of this Kingdom, traded into Germany, and the Low Countries; have with the favour of the State, been conferred on the Merchant's Adventurers, not only by their last Letters Patens, but by many other former grants before recited. Which certainly had never been so long continued, so often renewed, nor they so much cherished, had not the trade of Clothing been quickened & enlivened, by the prudent ordering of the Merchant's Adventurers trade from time to time. And these things I have not by hearsay or relation, but by mine own collection, and observation; having had occasion to take some special pains in the perusal of these particular grants, for the service of the State.  
And whereas Malynes suggesteth, 
P. 50.  That all Merchant's Strangers might, & did heretofore export white Clothes, That is as fare from truth as the former. For whereas by the Statutes of the 3. Hen. 7. the 3. of Hen. 8. and the 20. and 23. of the same King, it is enacted, that no white Clothes might be transported rough, above 40. sh. a Cloth in the time of Hen. 7. and 4. marks, and 4. li. a Cloth, in the time of Hen. 8. it came to pass, by the discreet carriage of the Cloth-trade in the Merchant's Adventurers hands, that the trade of Cloth thrived so fast, and the prizes of Clothes risse so much, that few or no Clothes could be shipped out by any, whether English or Stranger, but by a Non obstante to the said Statutes: whereupon special Licences were granted from the State, as Q. Eliz. free licence of Thirty Thousand white Clothes a year, to the Merchant's Adventurers; and other licences to the Earl of Cumberland, and others. But when any question arisse upon any of them, they were restrained to the Merchant's Adventurers only.  
If Malynes had said, that the Merchant's Strangers might heretofore export White and coloured Clothes dressed, Kerseys, Bays, Says, Perpetuanoes, and other the New Draperies of the Kingdom, into the Merchant's Adventurers privileges, paying Strangers Custom, he had said true: And so they either do, or may do now; and perhaps for less than Strangers Custom also. And therefore the Merchant's Adventurers have not the sole power of exporting those things, as is misinformed and mis-affirmed also. You have heard Malynes plain song, will you hear his descant?  
The Merchants of the Staple, from all the Staple Ports, 
P. 50.  as London, Westminster, Bristol, Southhamton, Hull, Boiston, and New Castle, have heretofore exported either Cloth, or wol, or both, which now they may not.  
THe Merchants of the Staple never shipped any Clothes at any time as Staplers, 
§ 31.  but as Merchants-Adventurers. And so they may do still, such of them as are free of the Merchants-Adventurers Company, whereof there are many.  
But this point having of late upon occasion, been resumed into the consideration of the State, it was boldness for Malynes to meddle therewith, and to make question of that, which is out of question, in the judgement of all indifferent men. Or will you hear his voluntary?  
All other Merchants at large, as well at London, 
P. 50. 51.  as all other parts of the Kingdom, have usually heretofore exported coloured Clothes, Kerseys, Bays, Says, Serges, Perpetuanoes, etc. which now they may not. So that all the trade of the Merchants of the Staple, of the Merchant's Strangers, and of all other English Merchants, concerning the exportation of all the Commodities made of will, into those Countries, where the same are especially to be vented, is in the power of the Merchant's Adventurers only: and it is come to be managed by 40. or 50. persons of that Company, consisting of three or four Thousand.  
IF there be three or four Thousand of the Merchants-Adventurers, 
§ 32.  then certainly there is the less need of more help. And if there be so many of them that forbear, and so few that trade, than there will be but cold comfort for new men to begin, where the old have left. It is true, the number of the Merchants-Adventurers, is very ample and great, consisting of diverse worthy members, of London, and of all the Ports, and of the Staplers Company also; who both do, and may trade with them at their pleasure. But it is as true, that the trade, through the late disturbance of it, the great quantities of Cloth made in foreign parts, and the too heavy charge fallen upon the cloth, is become so poor and lean, that there is now no comfort in the world in it, for new nor old. But it is most false, That 40. or 50. persons manage that trade, when there is at this day more traders, then can well live one by another. And that the trade of Coloured Clothes, Kerseys, Bays, Says, Serges, Perpetuanoes, etc. is not in the power of the Merchants-Adventurers only, I have already declared, in the Section going before. But he that can talk at large thus in gross, can do it also by retail. Thus,  
Nay one man alone, 
P. 51.  hath compassed into his hands the whole trade of coloured Clothes and Kerseys for these parts, by the means of Exchanges and moneys taken up at Interest.  
THat one man which Malynes out of malice picks and points at, 
§ 33.  is indeed an ample trader in Coloured Cloth, but not in Kerseys: yet so, as there are very many others of the Company, that are also traders in Coloured Cloth, as well as he. Malynes may bark, but he cannot bite. It is not Malynes Malignity, that can detract any thing from the worth of so worthy a Merchant. Who, because he comes within my Circle, I can do no less, then deleat and blot out Malynes Obliqne line, and give him his Right and direct line: that is, that he contains himself within his own Circle, his Compass, his Course, his Calling, with great judgement and discretion, fair and Merchantlike action. But because, for some reasons, I may not say of him what I might; I shall wish what I ought, that we had more such Merchants, no more such Malynes. From him Malynes turns himself again toward the Merchant's Adventurers, and upbraideth them,  
To have borrowed 50. or 60. Thousand pounds at use, for the service of the Company, 
P. 51.  and thereby engaged the trade, and set themselves in debt.  
TTantúmne est ab re tua otij; tibi, aliena ut cures, eaque nihil quae ad te attinent. 
§ 34. Teran heaut.  This man certainly hath nothing to do of his own, that is so busy in other men's affairs. It is true that the Merchants-Adventurers trade is engaged in a great sum of money: yet not for the service of the Company, but of the State: and therefore it is a very audacious part for a man of his quality, to cast such a calumny, in the face of so worthy a Company. It were a great happiness unto that trade, and other trades also that depend on it, that some good means were thought upon, either that which hath been proposed, or some such other as might be thought more fit in the wisdom of the State, for case therein: whereby the Trade of Cloth, and the Traders therein, both Clothier and Merchant, might be more encouraged. The Merchants-Adventurers have struggled much to lessen this charge, even with the withdrawing of pensions and deserved stipends from many: which alas, is like a drop of water to the Ocean: And as it can conduce little to the case of so great a charge, so may it much hazard the honour and reputation of the government of so famous a fellowship in foreign parts, which heretofore hath shined in the eyes of Strangers above all other Nations. Wherein also there's a relation to the honour of the King, and Kingdom: both which are represented unto Strangers in foreign parts in their government: and therefore it's pity that those that therein have excelled others, should now be inferior unto all. Neither doth this man so much as spare his aspersions from the Clothier: for thus he saith,  
This small number to manage so great a trade, 
P. 51.  encourageth the Clothier to adventure to make false Cloth, because it is impossible, that so few Merchants can search and vifit every Cloth, as it ought to be done, and the Clothier's conscience is satisfied, for he saith, that the falsest Cloth is answerable to the best price.  
VTquisque est vir optimus, ita difficilime esse alios Improbos suspicatur. 
§ 34. Cic. ad Quint.  If Malynes were good himself, he would think better of other men. I cannot think there is any Clothier so bad, that would speak so ill. Ill will speaks well of none: nor Malynes of Merchant nor Clotheir. For it is not the small or great number of Merchants that encourageth the Clothiers to make false cloth, but merely the want of execution of the Statute, 
Free trade. cop. 2. and 7.  of 4. of the King, enacted for clothing, as I have else where showed at large. Now the Statute provideth, that cloth be searched wet and not dry, as it cometh out of the Mill, and not as it cometh to the Market. And therefore the wisdom of Parliaments hath appointed the search to be made, where the clothes are made. So that if the search be neglected there, it is not the multitude of Merchants, that can help the search, or indeed try the search as it ought to be. For in the winter time, the season of the year will not afford drying for the tenth Cloth, to be wet and dried again for timely exportation. And should the Clothier be detained from his money, and the cloth from the market, till such a kind of unkindly search or review were made, both Merchants and Clothiers would soon be a weary of such a trial. Neither is there any necessity for the Merchants to make this review, for then the great numbers of the Clothworkers in London, that are set a work by the Merchants-Adventurers to visit their Clothes, would lose their employment. So that if Malynes had said true, that there wants Merchants, yet there's no want of Clothworkers to perform this work.  
Many other things he speaketh at Random of the Clothiers, of the Ports, of Chapmen, and others, as generally he doth throughout the whole scope of his book, which deserve not repetition, much less the honour of an answer; and concludeth these digressions thus,  
Shall this be proclaimed a free trade, 
P. 53.  when within ourselves we are in bondage, and have lost the benefit of the two essential parts of traffic, namely, the rule of money and Exchange?  
And a little after, 
P. 54.  The Merchant Staplers have observed that the Merchant's Adventurers have an inevitable opportunity of combination, to set what price they please upon Cloth to the Clothier, of Wool to the grower, and of all Commodities exported and imported.  
ASpis à vipera venenum mutuatur: 
§ 36.  Malynes calls the Staplers to witness against the Merchant's Adventurers: when he and they are both their professed Adversaries. But for the accusation, no Subjects, I dare say, of this Kingdom, are more free of these crimes, than the Merchants-Adventurers: neither have they any opportunity of such combination, as is most untruely suggested. For there are no Merchants of the Kingdom, that do more bid, and outbid one another at the market, than they. If they did trade as some Merchants do, in a joint stock, there might be some suspicion of it: but where there are so many buyers, as are continually of the Merchants-Adventurers, every man in that case is nearest to himself. And if all the Orders which ever they made, since they had the honour of their name, were searched out, and sisted over; there would not be found a syllable in them of that sound, whereof Malynes maketh such a noise. For the Free trade whereof he speaketh, and whereby he pointeth at my Tract of trade: I would to God that those grievances therein mentioned, were remooved: and then maugre Malynes or any other, if any be of his mind, I durst proclaim, that this Kingdom's trade, would both be free & flourish. Wherein nevertheless, I have dealt freely and fairly, in wishing, That the Kings high way of trade, 
Free Trade. cap. 3.  upon such reasonable terms as might concur with the wisdom of the State, might be opened unto all men.  
But I perceive there's no discourse of Free trade will please Malynes, and others of his mind, without a Par of Exchange, or complaint against Companies, the Merchants-Adventurers especially. But you the Merchants-Adventurers, who worthily have obtained, honour of his Majesty, favour of the Nobility, fame in the world, love of Strangers, good report of all; that you I say, should come under Malynes pen, and be made the subject of his style, the object of his envy, is such a disgrace, as the State was never wont to let you suffer, or the honour of your name to undergo. What should be the cause of this man's envy? Is his eye evil, because the gracious eye of his Majesty is so good, to have beheld your famous fellowship with His own aspect? For his Majesty looking back upon some former and later experiments made upon this trade, and looking forward upon the danger and inconvenience of Innovations; hath as his Royal Predecessors ever did, vouchsafed his Royal grace and favour to These Merchants, This trade. Because the Cloth-trade is the Dowry of the Kingdom, the great Revenue of the King. It is the Axis of the Commonwealth, whereon all the other trades of the Kingdom do seem to turn, and have their revolution. And therefore it hath ever been the policy of State, to entrust this trade, to such men as are Probatae fidei, of approved credit and trust, wisely to manage the same: and not to Novices and new-made Merchants, by whose inexperience the trade might be subject to be betrayed into the hands of foreign Nations. And certainly the Commonwealth would lose more, by the loss of one expert Merchant discouraged and driven out, than it could hope to gain by twenty Novices let in, into a trade which they do not understand. So that this restraint is the cause of this envy: which is in nature an innate and inbred thing, 
Eleg. 3.4.  according to that of the Poet, Nittimur invetitum semper, cupimusque negata: Men are commonly most fond of that, which they are most forbid. Otherwise I am as confident, as I am conscious of it, that there is no trade of this Kingdom, giveth so little allurement to those that are without, or so small encouragement to those that are within, as doth the Merchants-Adventurers trade at this day. Which notwithstanding, I hope his Royal Majesty shall ever find in them, that loyal resolution, which heretofore they have shown, to cast down themselves and their trades in all humility, at his Majesty's feet, to be disposed of, according to the good pleasure of his Majesty's high wisdom and grace.  
And yet I would have no man think, that I would seem hereby to take upon me to personate them, or meddle in their matters, further than you see Malynes hath led me into the same. Wherein I must use this just defence for them and me: that I have neither had commission from them, nor consulted with them, or any of theirs, about this thing, or any thing contained herein: But with an even hand and heart, have without partiality, Crassâ Mineruâ, according to the plainness and simplicity of mine own poor Genius, pursued Malynes from point to point. Neither do the Merchants-Adventurers of all others stand in need of my help. For they are happy in enjoying him, who for his learning and integrity, deserveth praise: of whom, if I say, that he is not second to any, of his quality, in this Kingdom, I shall neither flatter him, nor injure any, as all that know him do know, and will acknowledge. To him therefore I shall commend this theme, as most proper to his person and office: who for his parts is more able, and for his place is more fit than myself, to take upon him this defence, if there be cause. It is true, I am a brother, though unworthy of that worthy Society: and so I am of other Companies also: and so also am I a member, though one of the least, of the great Commonwealth of this Kingdom: wherein I have learned to prefer, that public, to all these particular obligations. Amicus Plato, Amicus Socrates, sed magis Amica veritas. Those Companies, and that course of trade, shall be my discourse of Free trade, which shall be best approved of the State, and wherein the honour of The King, and the welfare of the The Kingdom, are most involved.  
BY this time Malynes is come to Monopolies: the discourse whereof, 
§. 37.  if you will take his word, 
P. 60.  Is without Rhyme or Reason, because his pure Par of Exchange is not appendixed to it. And indeed there is some reason that such a Par as he parret's of, should have had some place assigned it amongst Monopolies. For I'll undertake, that there is not any worse Monopoly in the Kingdom, than he would make of this, If he might have his will. For other Monopolists would be sole sellers and buyers in merchandise, he in the Exchange. But if you doubt of his judgement in this project, he will produce his Monsieur Bodin, to approve it by this French proverb, I'll intend le par: 
P. 61.  which was never yet known for any good phrase in the French, much less for a proverb and is as ill a proof as a proverb, to approve his experience. For,  
Celuy qui est d'experience, intend le par:  
Malynes n'entend pas le par: Ergo,  
Malynes n'est point d'experience.  
The proposition is proved by his own Proverb: the Assumption, by his Project, as the event will manifest. But now you talk of a Sill●gisme, will you hear Malynes make a Paralogism? Thus,  
Nothing causeth. Merchants to export more money out of the Realm than they bring in, 
P. 61.  but only the bringing in of more Commodities into the Realm than they carried out.  
The undervaluation of our moneys, causeth no more Commodities to be brought into the Realm, then is carried out.  
Ergo, the undervaluation of our moneys, causeth not more money to be carried out of the Realm, then is brought in.  
Neuè negativis rectè concludere scibis: 
§. 38. Seton.  There is no good conclusion can be drawn from Negatives. And therefore the Philosophers say, Ex nihilo, nihilfit: You cannot make something of nothing. Neither hath it the shape of a Syllogism, for all the Propositions in it, are Negative: which cannot come under any Mood or Figure of Aristotle. Or if it had the form of a Syllogism, yet it makes nothing against any thing I have said. For I do not say any where, that the undervaluation of our money causeth more money to be carried out of the Realm than is brought in; but that it causeth money to be carried out of the Realm, when it is brought in: against which, this Paralogism, if it had been a Syllogism, could have concluded nothing. For money must be first brought into the Realm, before it be carried out. Again, although it should be granted, that the undervaluation of our money, doth not cause more money to be carried out of the Realm than is brought in, yet for all that, it may cause a great part of that which is brought in to be carried out.  
Thus you see this Sophister how he chaps Logic! And great care forsooth he takes, that it breed not a Dilemma, which he understands as well as he doth a Syllogism. For a Dilemma is that, which convinceth both ways: which his Paralogism doth no way: or rather convinceth him of folly. For his argument may easily be retorted upon hinselfe: thus,  
If nothing causeth Merchants to export more money out of the Realm than they bring in, but only the bringing in of more Commodities into the Realm than they carried out, than it is not for want of a Par of Exchange.  
But the the first is true, by his own argument: and therefore the second.  
Or will you hear of a hound, that hath a better sent of a Syllogism than Malynes? The hound having lost the sent, coasts the Country: and runs toward the East, and back to the West, and then to the North: and thus recenteth and concludeth,  
Either the Dear is gone East, or West, or North, or South. But he is not gone East, nor West, nor North: Ergo the Dear is gone South.  
But we are not so well as to be a hunting, 
§. 39  for Malynes hath led us a wild-goose race He proposed Monopoly, but keeps a loof from in as the Parson did, that took his Text of fasting and preached of feasting. For now he is fallen into a labyrinth between the Extrinsique and Intrinsique values of moneys: and therein takes upon him to refute a sentence of mine, before he understands it. For I speak of the value of money in Denomination; he of the Fineness. And I pray you, when we say, 
P. 61.  that plenty or scarcity of commodities maketh their Price: will any man think that to be the cause of their Goodness? And when I say, that the plenty or scarcity of moneys, causeth their Values: would any man but Malynes have thought I spoke of their Fineness? By Price in the one, is meant Valuation: by Value in the other, is meant Denomination or account. This man will take upon him to teach distinctions, before he can distinguish. So than though Malynes say, I deny, and prove nothing; yet to the judicious it will appear, that my deny all of his Par of Exchange, 
P. 62.  is confirmed, with an undeniable argument, of The plenty or scarcity of moneys, which perpetually doth cause the Exchanges to rise and fall: and which doth as certainly, in foreign parts where moneys go uncertain, rule their Values or denomination, as the plenty or scarcity of Commodities doth their Price. It is true, the name of a thing doth not alter it really, but nominally: and denomination of money, doth alter it in name, though not in substance. The cloth doth not measure the yard, but the yard the cloth: but the greater the measure is, the fewer yards the cloth containeth, and the less the measure, the more yards: and so is the denomination of money, the measure thereof to him that receiveth it, whereby it is more or less in account. And thus Malynes having run himself out of breath, 
P. 63.  and outrun Monopolium, with telling us a tale, of a Cock and a Bull, of a Pewterer and a Parater: at last he gins to define it, and understands Monopolion in Greek, as well as he doth Neshech in Hebrew. 
P. 69.  As you may perceive by this his distinction,  
And as this may be done by authority, so may the abovesaid coursed also be committed under the colour of authority, by the Princes grant, or Letters Patents.  
I Marvel what's the difference between Authority, and the Prince's Letters Patents? 
§. 40.  And why Malynes should term the Princes grant, or Letters Patents, The colour of authority? But something he will say, though nothing to the purpose: and rather than nothing, worse than nothing. For first he accuseth The Turkey Merchants, of finding fault with his Majesty's preemption of Time: 
P. 80. should be 70.  and then he falleth into the Allome Mynes: and there finds fault himself with his Majesty's grant, That it maketh that Commodity dearer to the Subject, 
P. 82. should be 72.  and better cheap to the transporter or Stranger. And so he is posted from Monopoly, and is now come to Want of government in trade. And there he findeth fault, with Too many distinctions, which in a little Treatise, 
P. 84.  he saith, may seem superfluous.  
A Little Treatise of Free trade, of a few week's meditation, may be as methodically distributed, 
§. 42.  as a Lex Mercatoria, or Great Whale of 
* Great Whale, P. 8.  fifty years breeding and observation. And although the Treatise be little, yet the Subject matter thereof is great, and trencheth deep: and I dare say, the Method is according to Art, though Malynes know it not. For in all Logical Distributions, and Definitions also, there ought to be Affectio reciprocationis, a certain Reciprocal affection in both: Illic Partium omnium cum Toto: 
P. Ram. Dialect lib. 1. c. 25.  hîc Definitionis cum Definito. Of all the Parts with the Whole, in the one: of the Definition with the thing Defined, in the other, as the Logicians speak. Definition teacheth what a thing is: Distribution, how manifold it is. This is like the Diameter, which divideth the Circle in the midst: That the Perimeter, which comprehends the compass or circumference thereof. Without true Definition, and exact Distribution, that work is weak and imperfect, which otherwise seemeth never so learned. Definition is said to be Perfect, or Imperfect. A Perfect Definition consists of Essential Causes: An Imperfect, of Other Arguments: 
Distributio sumitur exargumentis toti quidem consentaneis, inter se autem diffentaneis. Itaque tantò accuraetior erit, quantò partium cum toto corsensio, & inter se dissentio maior fuerit. Eodem. cap. 25.  and then it is called Description. Distribution is that, which divideth the Whole, into the Parts. The Whole is that, which containeth the Parts. The Part is that, which is contained of the Whole. That Distribution is most exquisite and accurate, which is taken of Arguments, Most Consentany with the Whole, and Most Dissentany in the Parts. Those Arguments, are Most Consentany with the Whole, when the Parts are Essential to the whole. Those which are Most Dissentany in the Parts, are when the Parts are most opposed One to another. The Parts are most opposed One to another, in Contraries only: because those are opposed, not Many to many, or One to many, but only One to one. So then those Distributions are most Excellent, which are Dichotomies or of two parts: and those Dichotomies best, which are of Contraries. A Dichotomy may be perfect, in Arguments that are either Divers, or Opposite, or Disparat, because they are all Dissentanies: but it is most Exquisite, when 'tis most Opposite. But a Distribution into Many parts, can neither be Perfect nor Excellent. It cannot be Perfect, because Many parts cannot be truly Consentany with the Whole, nor Dissentany in the Parts. It cannot be Excellent, because Many parts cannot be said to be Contrary. And as we must labour for this knowledge, so on the other side we must not be so curious in our Distributions, that in striving for the Method we lose the Matter, for want of a Dichotomy. For Ramus himself, that famous Logician of France, was sometimes forced to distribute, 
De Dialect. lib. 1. cap. 3. Idem cap. 23.  into Twice two parts: as the Causes, into the Efficient and Matter, the Form and End. And his Ort Arguments, into Coniugat and Notation, Distribution and Definition. Which is not without some mystery: for therein I am persuaded, it pleaseth The only wise God, to hide something from wise and learned men, that They may know, that They do not know, but in part: and that all Perfection of knowledge is in God alone. As a good Logician of our time saith, That the cause, why men cannot dichotomize some things, is, O●● defectum Intellectus: for want of understanding. 
Syntagma Logicum. cap. 48 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉, etc. Plato in Timaeu  And hence it is that Plato that Divine Philosopher affirmeth, that To reduce things infinite in multitude, into two parts, is very difficult, but Divine. And Aristotle, Platoe's Scholar, was honoured for Dichotomizing, with this known Distichon,  
Summus Aristoteles trutinando Cacumina rerum, In duo divisit, quicquid in Orbefuit.  
Aristotle Prince of learning in his time,  
Poizing the heads of things with skill Divine,  
Did part them all in twain, distinct in sense:  
And those he called, Substance and Accidence.  
And as these were renowned among the Heathen, so is Ramus no less honoured, of those that understand him, amongst Christians. Who was so admirable in all the Arts, and above all the rest, in this Logical skill of Dichotomizing; that he saith of himself, If he should desire, a Memoriae Sacrum, 
Si me de vigiliis studijsque meis interroges, sepulchri mei columnam è Logica artis institutione desiderem. In dialect Epist.  A monument upon his grave, he would wish it of the Institution of the Art of Logic. And thus much briefly in defence of those Definitions and Distributions, which I have used in my little Treatise of Free trade, which in Malynes sentence do seem superfluous.  
All the rest that Malynes saith in his 4. Chapter, trencheth no way upon any thing that I have said, notwithstanding his challenge. He thinks it enough to set my Title, Of want of Government in trade, over this Chapter, and the title. Of Remedies over the next, as he useth to do the names of his books, which like janus' faces look two ways, or like Watermen, that look one way and row another: and that's his best refutation of either. Only here's a tale or two of his own telling, worth observing: the one of himself, in these words,  
Insomuch, 
P. 80.  that if I receive here one hundreth Pieces of 20. shillings, I can send 90. Pieces to pay my bill of Exchange, and put ten Pecies in my pocket, for an overplus and gain.  
SO that hereby it seemeth, 
§. 42.  Malynes is well versed in this mystery of transportation of the Kings Coin, eitherby practice in himself, or observation of others. Which deserve examination in both. 
P. 92.  The other of a Flemish reckoning, of his own making up, between a Londoner, and an Amsterdamer: wherein for want of his Par of Exchange, this Kingdom forsooth, was deprived of a thousand pounds at a clap, in a bargain of a thousand pounds' employment only. This is Mirabile dictu! more strange than true. For his report, as the Poet speaketh of Fame, is Tàm ficti pravique tenax, 
Aen. 4.  quàm nuncia veri. For in this story Malynes would suppose, that the Londoner and Amster damer made a contract together. The Londoner sent Clothes to Amsterdam, to the value of 1000 li. The Amsterdamer sent Silks to London, for 1500. li. Flemish. The Amsterdamer saith he, desired to have his money sent him over in Specie, and so got 15. in the hundred, which is 150. li. and the Kingdom saith he, lost the whole 1000 li. The Londoner says Malynes, could not do the like, because the moneys were enhanced at Amsterdam, 15. in the hundred, higher than at London. So that the Londoner is forced to receive his 1000 li. home by Exchange at a low rate, or at 33. sh. 4d. whereby saith Malynes he doth receive the said 1000 li. with no gain at all. This tale deserves the title of Cuius contrarium: for 'tis nei-neither true, in Manner, nor Matter. Not in the Manner, for first he propounds such a rate of Exchange, as was never known between Amsterdam and London, and yet reckons the Londoners 1500. li Flemish, at 33.4 d. which is no less than 100 li. difference in 1000 li. Nor in the Matter, for when Malynes told this tale, it was October, 1622. And then By the Royal Intercession of his Majesty, the States had decried their moneys in the United Provinces, 
Great Whale. p. 313. 314.  whereof Malynes himself takes notice in his Great Whale. So that Vice versâ, the case is quite altered. For the Londoner brought over from Amsterdam his 1500. li. in good jacobus pieces to profit: But Malynes friend the Amsterdamer as is reported, happened upon an ill Exchange from London: For he would needs change his 1000 li. into Spanish Reals, and ship them at Saint Katherins, and the Searcher took them up at Gravesend. And if Malynes for his part, would have been as nimble, in fetching an hundred twenty shillings pieces from Amsterdam, he might now, as well have put ten Pieces in his pocket, in bringing them thence, as he sometimes seemed to do, in carrying of them hence: and more safely too: for money is there a Merchandise, here a treasure: there tolerated to be exported, here prohibited.  
And thus Malynes being put to his shifts, and wanting powder and shot to charge, or discharge any longer; is at last encountered of the Remedies: Against which he is forced to mount his great Ordinance: wots you what it is, a Piece of wood, after Malynes block, painted like a Brass Piece: and yet braue's it like himself, and promiseth A Remedy of great facility, 
P. 83. P. 85.  a Remedy that comprehends all Remedies: No less I can tell you, than his Engine of Exchange. His Par forsooth, pro Pari, must stand him in stead Ad Omnia quare; as the chief Oar in his boat, the Key of his work, his only Antidote. But this his Quare, must not pass without a Quaere: For,  Homine Imperito nunquàm quicquam Iniustius: 
Ter. in Adelph.  Quinisi quod ipse facit, nihil rectum putat.  

THE CIRCLE OF COMMERCE.  
The Second PART. Of Exchanges in general: and therein of the Balance of the Trade of this Kingdom, with foreign Countries.  
THere are certain Empirics or Quacksalvers in the world, 
Section. 1.  that use a Pill they call Panchreston, that is, a medicine for every malady, a salve for every sore. And if Malynes had been but a Smatterer in any Science, I should have thought him of their College: for he will needs have his Par of Exchange to be the sole and sovereign remedy for all the grievances of Trade. If he had used the Flemish phrase, that Butter is good for all things, he had spoke more like himself, and you might better have believed his word.  
This Par of Exchange is an old foiled project of his, 
§. 2.  of 22. years growth. For in An. 1601. he pased the Press with a Pamphlet called after his manner, The Canker of England's Commonwealth. That, he then dedicated to that worthy and noble Statesman Sir Robert Cecil, than Secretary of State to Qu. Eliz. wherein if there had been any thing of worth, he could neither have presented it to a more worthy Statesman, nor could there any thing have fallen to the ground, that might either have concerned the Revenue of the Crown, or the Common-good of this Kingdom. But this project being then found of no worth; both he and it were worthily rejected. Which might have made a sober man to have suspected his own judgement, or at least for borne to trouble the world any more with such a toy. But he, as if he were still in travel with a monster, hath fallen a fresh again on this stolen stuff, in his Pamphlet, misnamed, The Maintenance of Trade, and again in his Great Whale: and hath dared with his waxed wings to sore as high as the Sun, to present the same trimmed up in a turned coat, to no less than the Sacred Person of the King. Which, he that will take the pains to compare together, may say of them as sometimes the Comisk said of Menander's Andria and Perinthia; 
Ter. In Prologue. Andriae  Qui utramuis rectè nôrit, ambas noverit▪ He that knows one of them, knows all of them. Only, as the man is grown more crazy, so are these latter writings stuffed with more vanity, and much less modesty than the former.  
Therefore we will leave the man for a while, 
§. 3. Exchanges in general, may be said to be Personal or Provincial.  and consider the matter. Exchanges may be understood 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 and 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉, in many and manifold notions. For the knowledge of Commerce, and the wealth of a Commonwealth, consist in the use of Exchange. Exchange and Permutation, and Commutation are all one. Exchange is a kind of Commerce exercised in money, in merchandise, in both, in either; of one man with another, of one Country with another. All Exchanges then, may be said either to be Personal, or Provincial. Personal, which respect the Exchange of money or Merchandise, between man and man. Provincial, which respect the Exchange of money and Merchandise of one Kingdom with another. The former hath relation to matter of Trade: The latter to matter of of State. In the one consists the gain or loss of a Merchant: In the other the gain or loss of a Kingdom in the Balance of Trade.  
All Personal Exchanges may be considered Largely, or Strictly. Largely, 
§. 4. Personal Exchanges Largely taken.  when there is an Exchange, or Permutation of any one thing for an other: whether it be, With money or Without Money. With money, when either Merchandise is exchanged For money; or Money for money. The former of these is called Buying and Selling: because money is now become the price of all things; which from the beginning was not so. For as the world increased in people, so did it also in Commerce and trade. So that where before money was invented, there was an Exchange, or Permutation in movable and mutable things only, as Corn, Wine, Oil, and the like: and afterwards in immoveable and immutable things, as Houses, Lands and the like; there was a necessity of money, to value such things with money as could not be exchanged. And so by degrees all things came to be valued with money, and money the value of all things.  
The latter, 
§. 5. Exchange with money.  when money is exchanged for money is called Mony-changing, when money is bought with money. And such Money-changers, the Grecians called 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉, and the Romans Nnmularii; which were Bankers or Exchangers of money for money with gain. Such were those in Christ's time, as appeareth by the Phrase in the Original, 
〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉. Matth. 21.12.  whom Christ whipped out of the Temple, for the abuse not of the thing, but the place. But, God knows, were never in any age nor language, understood for Officers of a: Merchants Exchange, as Malynes fond feigneth, amongst other his fictitia, or feigned fables in his Great Whale; 
Page. 37.8.  whose fond conceits deserve to be whipped out of the Commonwealth, for abuse of the thing, and the place also.  
The Exchange without money, is properly called Commerce; 
§. 6. Excchange without money Free trade. Cap. 1. p. 20.  which as I have showed elsewhere, is Commutatio mercium, an Exchange of wares for wares: and in Merchant's terms is called Trucking or Bartering. And if there be any mystery in merchandising, there is more in this kind of Exchanging, then in that of moneys: for the Commodities of all Countries are more various, than the moneys: and the weight and bulk of trade consisteth more in Commodities then in moneys. And a skilful Merchant will oft prefer a barter for Commodity, before a sale for money: because he much more advanceth the price of his Commodity: in which skill, he that hath most skill, hath most advantage. A Commonwealth also may subsist with the trade of Commodities without money: but it cannot subsist with the trade of money without Commodities. Wherein consisted the policy of Platoe's Commonwealth, and the fine conceit of Sr. Tho. Mores Utopia, so much honoured in the world.  
And thus much for Personal Exchanges at large. Personal Exchanges strictly understood, 
§. 5. Exchanges strictly taken.  are such as are restrained only to bills of Exchange, in use amongst Merchants: Which is done, when one dareth or letteth a sum of money, and another borroweth or taketh it, to pay the like value by a bill of Exchange to a third person in some remote place. Or it is a voluntary contract, made by the mutual consent of two parties, at such price and time as they can agree, for the conveying of money to, or the drawing of money from, any remote or foreign part. Or in a word, it's nothing else but a transmutation of money from place to place without transportation.  
So that this kind of Exchange or Permutation, 
§. 8. The Name of the Exchange.  will appear to be of singular note and observation, if we consider the Name, or the Thing itself. The Name is taken, either from the Subject, or from the Adjunct thereof. The Subject is the place, and therefore it's called in Latin Cambium: and Cambire is quasi cum-ire, or convenire: taken from the place, where Merchants and others come together. And so it is in Spanish and Italian called Cambio. The Adjunct respecteth, either the Action there done, as the Exchanging of money; or the Actors, the Exchangers thereof. And thence it is called the Exchange or Burse. The latter is common in most languages, derived of the Greek word 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉, signifying the Purse or Treasury where money is to be sought upon all occasions. The Name and form of the place, some think was taken from the Castle in Carthage. Whereof Virgil maketh this mention;  
Mercatíque solum, facti de nomine Byrsam,  
Taurino quantùm possent circundare tergo.  
A piece of ground both long and wide  
Was bought, gired round with 
* Dido by subtlety obtained of K. jarbus as much ground as she could compass with a Bulls hide: which being thought to be little, was easily granted. But she caused the skin to be cut in small pieces, and stretched out in such length, as it compa'st 22. stadia or furlongs of that measure, whereon she built Carthage, & in the midst thereof a Castle, which she called Byrsa, from the name of the Bulls hide: and by a Metonimy, a Purse. Strabe lib. 17.  a Bulls hide:  
Whereon a Tower rare to be seen  
Was builed, called Burse by Dido Queen.  
And indeed the Burses for Merchant's assemblies in most places, are of stately Structure; as is our Burse of London: the model whereof was taken from the Burse of Antwerp, which twain are much alike, and excel all others that I know. That of Amsterdam resembleth ours: but ours fare exceedeth that in extent and costly architecture: and was worthily named of Qu. Elizabeth The Royal Exchange.  
And thus much of the Name: The Thing itself followeth. 
§. 9 The Thing or matter, considered in the Exchange Naturallor Politic.  Which may be said either to be Natural or Politic. A Natural Exchange is when money is exchanged Value for Value, according to the Intrinsique or inward fineness, or true value thereof. The Intrinsique value or fineness of moneys, cannot be known, but by a dissolution & melting down of the same into their proper bodies: & by a separation of the pure from the impure, the fine silver or gold, from the allay or copper by assay. In which Natural Exchange, there is no rate nor price to be admitted for the delivering or taking of money: but look how much fine silver or gold you receive in one place, just so much, and no more you must pay or deliver in another. And this is a better direction, than limitation of Exchanges. For the fineness of moneys, is that Cynosure or Centre, whereunto all Exchanges have their natural propension. But if you should so limit or restrain Exchanges, that no man should take or deliver any money, but according to the just fineness: then the use of Exchanges in all places would be taken away. For then there would be no advantage left neither to him that delivereth, nor him that taketh, when money must be answered with money in the same Intrinsique value. For as it is the goodness of a Commodity that directeth the price; yet that price is greater or less, according to the use of the thing, or the judgement of the buyer and seller: even so, it is the fineness of money, that directeth the price or value of the Exchange, yet that price is greater or less according to the occasions of both parties contracting for the same: which cannot be done in the Natural Exchange, because it admitteth no advantage to either.  
The Politic Exchange, is when money is exchanged value for value, 
§. 10. The Politic Exchange.  according to the extrinsique or outward valuation. Such as is the intrinsique fineness to the Natural Exchange, such is the extrinsique value to the Politic Exchange. Wherein Merchants are wont to reckon the certain value of money in fineness, at an uncertain valuation, in denomination and account: sometimes at a higher, sometimes at a lower rate. Which is therefore in Merchant's terms, called the price, or course, or rate of the Exchange. And this valuation is thus uncertain, because it is greater or less, according to the circumstances of time, and place, and persons. Of time, when money is taken by Exchange for longer or shorter time. Of place, where money is more plentiful or scarce. Of persons, when the party taking money, is of greater or less credit, or hath more or less need thereof. In all these respects, the rates of moneys delivered and taken by Exchange, are always more or less. For as it is a common thing amongst men to sell one & the same commodity, to diverse men at diverse prizes: so is it also in Exchange, when one and the same fineness of money, is answered by a different value in denomination or account. Neither is there any certainty of gain to the deliverer of money in the first Exchange, although he seem to have some advantage in the price thereof above the value of fine silver; nor of loss to the taker, though he seem to have some disadvantage in the price thereof under the value of fine silver: because the deliverer may perhaps be subject to remit his money back, in the second or foreign Exchange, as much under the value of fine silver, as he had before above the value in the first Exchange: And it may fall out also, that the taker may gain by the rising of the Exchange abroad; that, which he seemed to lose by the falling thereof at home. And if it happen that the money delivered in the first Exchange, be not remitted in the second Exchange, but otherwise employed in trade; that alter's not the case, by Malynes own rule; which is, 
Pag. 3.  That commodities are bought and sold according to the public measure of the Exchange. So that in these Exchanges, there is no certainty of gain or loss to the parties taking or delivering of money, until the time be run out, and the return come back, from those parts and places, whether the money was first delivered by Exchange: during which time, the manifold occurrents which are contigent to trade, may vary the gain or loss to either party.  
But because Malynes would make the world believe, 
§. 11. The use of Exchange.  that there is some great mystery in this kind of Exchange, let us come a little nearer home, in considering the Use, or Abuse thereof. This kind of Politic Exchange, is an excellent policy of trade, I might say of State: and concerneth both The King and Kingdom. It concerneth The King: when by the benefit of the Exchange, his Majesty's affairs of State and high consequence, may be furnished with moneys in foreign parts, upon all occasions, without the exportation of any of his own treasure. It concerns The Kingdom: both in respect of Noblemen, and Tradesmen. Of Noblemen: when by the benefit of Exchange, young Noblemen and Gentlemen may be supplied with moneys in their travels, without the danger & inconvenience of carrying over money, which without the Exchange could not be avoided. Of Tradesmen: and that principally in respect of Merchants and Clothiers. Of Merchants, Old and Yong. Of Old Merchants: whose means although good, yet through the deadness of times & trades, a good man's estate may be out of his hands in debts and wares: which may be supplied by the benefit of Exchange. Of Young Merchants: who having little means, and less credit with the usurer without a surety, whom every Young man, nor Old neither, hath at command, may supply themselves upon their own credits with great sums of money by Exchange: the least part whereof, they could not have had without a surety at interest. Which is a singular benefit to Young Merchants, and tendeth to a very great enlargement of trade. Of Clothiers: for when the Cloth-markets are dead, and when the Clothier cannot sell his Cloth, and the Merchant hath not money to buy his Cloth; the Exchange becometh a succour, and supply to both. When thereby, upon a sudden, the Merchant can finish himself with money, and take off the Cloth from the Clothier's hand, to the comfort of the Clothier, & the poor people that depend on him, and to the great quickening of the Cloth-trade: which is highly to be tendered in this Commonwealth.  
And thus much briefly for the Use of this Politic Exchange: 
§. 12. The abuse of Exchange.  the Abuse followeth. Which Malynes hath Monopolised to himself, in his Par of Exchange, which is the only Abuse thereof. Malynes in diverse parts of his Little Fish, and in his Great Whale, where the same is sucked in again; would persuade the world, that there is a great undervaluation of our moneys in Exchange, to those of Germany and the Low Countries. Which is the foundation and main pillar to support his Par, & perilous project: so if you take that away, all falle's to the ground. In An. 1586. he saith, the Real of 8. was set in the Low Countries at 
a Pag. 12.  42. Stuyvers, and the Exchange at 
a Pag. 12.  33. s. 4. d. Flemish for our 20. s. Sterling: and the Riecks Daller went then in Germany at 
b Pag. 32.  32. shillings Lups, and the Exchange at 
c Pag. 33.  24. s. 9 d, Hamburgh money for our 20. shillings Sterling. The Real saith he, is now raised in the Low Countries to 
d Pag. 13.  51. Stuyvers: and the Riecks Daller in Germany to 
e Pag. 34.  54. Shillings Lups. Whereby Malynes would infer, that by how much these moneys are enhanced above those ancient values, which is not so little as 20. in the hundred, by so much our moneys are undervalued in Exchange unto those parts: and by so much our native Commodities are sold in foreign parts too cheap, and the foreign brought in as much too dear: and to be the cause also of the exportation of our money; and the hindrance of the importation of foreign Coin into this Kingdom. These are fearful effects; if we may give credit to Malynes Report. And this I take to be the substance of Malynes supposition.  
Whereunto I answer, that first denomination of moneys, do alter their names only, not their true values. 
§. 13.  For there is no more fine silver in a Real of 8. when it goeth at 51 Stuyvers, then when it goeth at 42 Stuyvers: nor in a Riecks Daller when it goeth at 54 shillings Lups, then when it goeth at 32 shillings Lups. And next, that as the money hath been raised in Germany and the Low Countries, from that it was in An. 1586. so likewise hath the Exchange there risen since that time accordingly: which being opposed to the rising of the money, maketh the one equivalent to the other. Wherein Malynes error is so gross, that I wonder, how any man of understanding could be deceived therewith: for he reduceth the enhanced dutch money into English money, at the low rate of Exchange: whereas he should have taken aswell, the enhanced rate of Exchange, as the enhanced money; and then the difference had been none at all.  
This may be made more perspicuous by a familiar example. 
§. 14. An Example of Exchange.  A Gentleman goeth over into the Low Countries, and maketh over 100 l. Sterling to bear his charges there. The money he delivers by Exchange in London for Amsterdam, after the rate of 33 sh. 4 d. uzance. At which rate he is to receive at Amsterdam L 1●6. 13.4. Flemish for his 100 l. delivered at London. This L 1●6. 13.4. Flemish is paid him in Amsterdam in Holland's Dallers, at 2 Guilders or 40 Stuyvers the Daller, which amounteth to just 500 Dallers. So then these 500 Dallers, and that L 166.13.4. Flemish, are both equal in value to this 100 l. Sterling. It falleth out that this Gentleman is otherwise supplied of money in the Low Countries for his 'spence; so that being again to return for England, he is to remit his money back again by Exchange for London. And by this time the Hollands Daller is risen from 2 Guilders to 42 Stuyvers the Daller: so that now his L 166.13.4. Flemish is in denomination come to be 175 l. Flemish: but withal the Exchange is also risen to 35. shillings Flemish. Now the question is, what this Gentleman shall gain by the rising of the money thus upon his hand in Holland? Surely that which the Dutchmen say, is Goet in de ooge, quaet in the buydel; and we say, that you may put it in your eye, and not see the worse, which is just nothing at all. For his 125 pounds Flemish, being to be delivered by Exchange for London at 35. shillings, that is, to receive 20. shillings Sterling at London for 35. shillings Flemish delivered at Amsterdam; is all one, as to have delivered his L 166.13.4. at 33. shillings 4 pence: and both of them produce only his 100 l. Sterling again, and not a penny more.  
But if this Gentlemen would learn of Malynes to reckon without his host; that is, to reckon his Flemish money risen high, at his low Exchange, he might have deceived himself, as Malynes deceiveth others, with his Flemish reckoning. Or if it had been lawful for this Gentleman, to have sent over his 100 l. in Spanish Reals, when the Real of 8. went at 51. Stuyvers at Amsterdam, and to have had the luck of a low Exchange from thence, to have delivered his money back, which is very rare, when the Species run high; he might have got 25. in the hundred as they did that carried Reals thither last year: as I have elsewhere showed upon the like occasion. Otherwise, when the Species run high, 
Free trade Cap. 1. p. 8.  and the Exchange runne's high: hoc aliquid, nihil: all this something produceth nothing.  
And this is all the Mystery that is in this deep speculation of Exchange, 
§. 15.  wherewith Malynes would amaze the world: Sometimes there is some gain: sometimes there is some loss: sometimes there is neither gain nor loss: but as the rate of the foreign Exchange falleth out, whereby that money is to be remitted, which was before delivered by Exchange; so is the gain or loss, whatsoever the denomination be. Which Malynes himself proclaimeth in his Great Whale, 
Great Whale p. 371.  in these words, Know ye therefore, that the benefit or profit of Exchange is never known directly, but by the rechange thereof.  
But because this Rechange is uncertain, 
§. 16.  the gain or loss thereof must needs also be uncertain. Whereof there is no other reason to be given, then of the uncertainty of all other things, which are bought and sold in the market. For when there is plenty of things, they are commonly cheap, and dear as they are more scarce, or more or less in use. And so it is in Exchanges, as there is plenty or scarcity of money, so is the price or rate of the Exchange in all places. And thence it is that the King of Spain's money is so soon recented and felt of all the Exchanges in all places round about. For his moneys that are yearly disposed, for payment of his Soldiers in the Low Countries, whether Exchanged with the Genoaises, or transported in Specie, are first felt in the Exchange of Antwerp, and afterwards in all the other Exchanges, as of London, Paris, Lions, Rouen, Amsterdam, Delft, Middelburgh, Hamburgh, Venice, and elsewhere where Exchanges are in use: which for that cause, commonly follow the Exchange of Antwerp. And therefore as all other Natural things must have their course, so also must Exchanges, and will no more endure a forced Par to be put upon them, than the market will endure to have the prizes of all things prefixed or set.  
But yet to come a little closer to Malynes: 
§. 17.  let us leave 1586. and the uncertain rates of moneys and Exchanges that have been ever since, and take the present state of the time, and the Intrinsique and Extrinsique value of our moneys and of the Low Countries, and the rate of the Exchange as it goeth at this day, and bring Malynes Tenet to this touchstone. And amongst other Species, because we have had so much dispute about the Spanish Reals, and that these are all one in Intrinsique value or fineness, with our money: that is, a leaven ounces two penny weight fine. 
In Great Whale. Pag. 314.  These Malynes taketh notice to be now set in the Low Countries by a Placcaet or Proclamation, published the 21. july. 1622. at 2 Guilders 8 Stuyvers, or 8 shillings Flemish the piece. Now 4 ⅜ Reals of 8 are equal to our 20 shillings Sterling in the United Provinces, in Extrinsique and Intrinsique value: and both are equal to 35 shillings Flemish, which is the present rate of the Exchange. 
The Real of 8. weigheth in the Low Countries, 17. English or penny weight & 25. asses or grains: And the English shilling weigheth 3. English or penny weight and 28. asses or grains.  For 4 ⅜ Reals of 8, weigh 77 English or Peny weight, and 25 ⅜ Asses or Grains: and 20 shillings Sterling weigheth 77. English, and 16 Asses: which is but 9 ⅜ Asses difference in 35 shillings Flemish, which is not a penny Sterling in the whole. Again, 4 ⅜ Reals of 8 at 2 Guilders 8 Stuyvers the Real of 8, produce just 35 shillings Flemish: And 20 shillings Sterling at 10 ⅜ Stuyvers for every Shilling, as they are also set by the said Proclamation, produce the very same value. So then our English silver money, and the Spanish Reals, and the value of both in the Low Countries, and the rate of the Exchange, do all agree. where's the undervaluation then that Malynes maketh all this stir about? 
The jacobus piece, and the golden Rider, contain 24. 8/ 1● Pieces in the Flemish Mark.  And our gold money is rather overvalued: for Malynes knoweth, that the jacobus piece, and the Great golden Rider are of one fineness. Now this Golden Rider by the Proclamation aforesaid is set at 11 Guilders 6 Stuyvers, which is 37 sh. & 8. d. Flemish: And the jacobus pieces proclaimed for Bullion. 
The cause of plenty of jacobus pieces brought into England.  But if you will reckon them but at the price of the Rider, and at the rate of the Exchange aforesaid, the gain is 10 d. Flemish in a piece, to bring them from Holland into England. For indeed the jacobus piece and the Double Rider being of one fineness, and the jacobus piece proclaimed Bullion, ought there to be valued under the Rider, so much as is the coinage of the Rider: But the jacobus pieces being now so much sought after there, to be brought over hither; the price of them is raised 4 d. Flemish above the Rider, viz. to 38 sh. Flemish, and yet abundance of them are still brought over by Dutch and English: or else our complaint of want of money had been fare greater in this Kingdom.  
What use is there then of Malynes Par? 
§. 18.  Or rather what Abuse would there be by such a Dispar, which he presseth so hard, and wherewith he would oppress us much more? For under the colour of the undervaluation of our money in Exchange, which I have showed to be but Imaginary, and a dream of his own weak brain, he would bring a Real loss of 20. in the hundred by raising of the Exchange, upon all the English Merchants estates in Germany and the Low Countries, and by a secret conveyance would confer the same upon the Stranger; which would all fall upon the Cloth Trade of this Kingdom. For all men know, that in England the Stranger is commonly the Deliverer of money, and the English the Taker. Because the English commonly taketh money at home, either to draw home his means from foreign parts, or else to enlarge his trade. And the Stranger is the Deliverer of money here, because when he hath sold his foreign Commodities here, he is to remit his money home by Exchange. But in foreign parts, the English is commonly the Deliverer, and the Stranger the Taker: because the proceed of the Cloth and other the native Commodities of the Kingdom sold in foreign parts, administereth continual occasion to the English, of Delivering of money for return thereof. By means whereof, this great loss would fall upon the English, both in England and Beyond the Seas, and become so much gain to the Dutch. For the higher the Exchange is in England, the more loss it is to the Taker, and the more gain to the Deliverer: because the Taker must give to the Deliverer, so much more Flemish money abroad, for the English money he taketh up by Exchange at home, as the rate or price of the Exchange is raised. And the higher the Exchange is in Dutch-land, the more loss to the Deliverer, and gain to the Taker by the same reason: because the Deliverer must there give to the Taker, so much more Flemish money, as the Exchange is risen, for the English money he is to receive at home. As for Example: suppose the Exchange go from London to Amsterdam at 35 sh. Flemish, for every 20 shillings Sterling: then if I take up 100 l. Sterling of a Dutch Merchant in London, I must pay him or his Assigns 175. l. Flemish at a Month's time in Amsterdam. Or if I am at Amsterdam, and will there deliver 100 l. Sterling for London, and the Exchange from thence for London, go at 34. shillings 9 pence Flemish, for every 20. shillings Sterling: then if I deliver there 173 pounds 15 shillings Flemish, I shall receive 100 pounds Sterling, at a month's time in London. But if the price or rate of the Exchange should be raised in London, from 35 shillings to 40 shillings Flemish, for every 20 shillings Sterling; which is much less than the suggested difference before mentioned, than I must pay in Amsterdam 200 pounds Flemish for 100 pounds Sterling received in London. Or if I be a deliverer of money at Amsterdam; where I shallbe sure to find the Exchange to rise in proportion to the Exchange at London, as Malynes himself confesseth, 
Little Fish p. 86.  That the price of the Exchange will alter there accordingly, than I must deliver 198 pounds 15 shillings Flemish, at 39 shillings 9 pence, to receive 100 pounds Sterling at a month's time in London. Whereby my loss will be in proportion to the other, with the difference of time.  
If this be the Inconvenience, what will be the event? 
§. 19 The Decay of the Cloth-trade threatened by Malynes Par of Exchange.  Surely no less than the Decay of the Cloth-trade. For the Exchange is that, which representeth to the English Merchant, his whole estate beyond the Seas, for his ready use and employment thereof in England upon all occasions. Which is the cause, that the English Merchants which trade into Germany and the Low Countries, do buy their cloth with Ready Money, when other Merchants that have not this benefit of the Exchange, are fain to Take time of the Clothiers, to pay them at the return of their Estate in Wares. So that if there should be a stop in the Course of the Exchange, then either the English Merchant will forbear to take up money by Exchange; or else he will look to recover the loss of the Exchange, upon his Cloth. If he forbear to take up money by Exchange, than he can neither buy so much cloth, nor give ready money for the same as he was wont. Whereby will follow a stand in Blackwellhall, which is wont much to be refreshed by the ready use of the Exchange. And if the English will not take, the Stranger cannot deliver: and if he cannot deliver, of necessity he must be thrust upon the Transportation of Money, more than ever he was before: and then the remedy will be far worse than the disease. And if the English Merchant must needs recover the loss of the Exchange upon the Cloth; it must either be done in the buying of it at home, or selling of it abroad. But it cannot be done in the sale of the Cloth abroad: for the Cloth-trade groans already under the present burden that lies upon it, which presseth it down so sore, that it cannot recover itself: whereof there are 2. principal witnesses, the Quantity, and the Price of Cloth, both diminished. Therefore of necessity, this loss must be expected of the Clothier: which would be a matter of grievous consequence, as the terms of trade now stand.  
But will you hear Malynes Prolepsis or anticipation of these objections? 
§. 20.  Thus,  

1 Some make doubt, that the price of Exchange being risen, 
Pag. 90. Malynes objections.  there will be no takers of money, and then the deliverer is more thrust upon the exportation of money.  
2 Others say, that those Merchants which have sold their Clothes beyond the Seas, shall receive a loss in the making over their money from thence.  
3 Others say, that they shall not be able to vent their Cloth, according to the high Exchange, especially now the same is out of request: and would have the matter of reformation deferred until another time.   

1 The first Objection is answered before, that the Taker is ruled by the Deliverer, who will not give his money by Exchange, under the true value, according to the Proclamation to be made: and the Deliverer being the Merchant stranger here, will sooner be thrust upon the Statute of Employment; for by the exportation of money he shall have no gain: whereas some of the discreeter sort, would not have the Statute too strictly pressed upon the stranger, because the trade should not be driven into their hands.  
2 To the second, the Proclamation limiting a time for execution, giveth Merchant's ability to recover their moneys, or to sell their bills of debt for money, or to buy Commodities for them, as the manner is.  
3 To the third, experience maketh a full answer to both, that there did want no Takers, when the late inhancing of money at Hamburgh, caused the Exchange to rise from under 28. shillings to above 35. shillings; which is more than the present alteration will be: and Wool was at 33. shillings the todde, which is now fallen under 20. shillings. So that the vent of our Cloth was not hindered, when it was sold dearer by one full third: but there was above 80. thousand Clothes sold yearly, where there is not sold now 40. thousand Clothes.   
All which objections and answers, 
§. 21.  are a Colloquy or rather a soliloquy of his own. Malynes did well to think on such objections, as he could best answer. Because indeed the manifold objections which his project bringeth with it, are unanswerable. But Malynes is so easy a Combatant, that a man may give him any advantage of the weapon. Let us take it for granted, that these are all the objections that might occur this project, and apply ourselves unto a Reply thereunto.  
To his first answer therefore I say, 
§. 22. Malynes oblections refuted. Contractus est conventio, quâ ex duorum pluriúmue in idem negotium seu placitum consensu, obligatio ad dandum quid vel faciendum contrahitur. Alth. Dicaeolog. l. 1. cap. 64.  that it is no more true, that the Taker is ruled by the Deliverer; then that the Deliverer is ruled by the Taker. Which Taking and Delivering, as it is A voluntary Contract, made by the mutual consent of both parties; so are both alike free to Take and Deliver at their own pleasure, as in all other contracts and bargains of buying and selling. And trade hath in it such a kind of natural liberty in the course and use thereof, as it will not endure to be forsed by any. If you attempt it, it is a thousand to one, that you leave it not worse than you found it. And therefore Bodin saith excellently, Estenim libertas naturalis huiusmodi, ut voluntas benè à natura informata, imperium alterius post Deum Immortalem reiiciat. Natural liberty is such a thing, as the will being by nature rightly informed, will not endure the command of any, but of God alone. Which must be understood of natural liberty in the use of things indifferent; and not of Regal authority in the exercise of government. And hence it is gone into a Proverb, Quoà natura dedit, tollere nemo potest. That which nature giveth, no man can take away.  
justice is said to be Distributive or Commutative. 
§. 23.  Distributive justice is so called à Distribuendo, because it giveth every man his own, by a Geometrical proportion, as the Civilians speak: that is, with respect to the quality of the Person, not the Thing. Commutative justice à Commutando, because cause it giveth to every man his own, by an Arithmetical proportion: that is, with respect to the equality of the Thing, not the Person. This last is placed in Commerce and Contracts, because by the rule of justice there ought to be an equality in buying and selling: wherein Par est utriúsque conditio, as the Civilians also speak, the Buyer and the Seller, he that Letteth, and he that Taketh, aught to be upon equal terms. And therefore you break this law Malynes, when you w●●l have the Taker of money ruled by the Deliverer.  
Malynes addeth, That the Merchant Stranger will be sooner thrust upon the Statute of Employment, for by the exportation of money he shall have no gain: how quickly Malynes hath forgot his own practice, which he spoke of but ere while, in putting 10 jacobus pieces in his pocket, by sending over 90 Pieces to Amsterdam! And surely those discreet persons, that find fault with the stranger's employments here in this Kingdom, are none of Caesar's friends, nor friends to Caesar's subjects.  
To the second I reply, that Malynes taketh care only for the present, 
§. 25.  as those beast of Ephesus did, of whom Saint Paul speaketh, 
* 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 1. Cor. 15.32. Ede, bibe, dormi, post mortem nulla voluptas.  * Let us eat and drink, for to morrow we shall die. For by this limitation of the Proclamation, the English Merchants should once escape this loss of 20. in the hundred, and ever after pay it to the Dutch. The Ephramites were known by the pronouncing of Sibboleth, and so may Malynes by his Language, be known what Countryman he is.  
To the 3. 
§. 26.  I reply, that although there wanted not takers of money by Exchange for Hamburgh, when the Exchange risse from 28 shillings to 35 shillings, yet it doth not follow, that therefore there would be takers at his Par of Exchange: for it is a plain Dispar, a different case. For those that then took money for Hamburgh, the Takers gained and the Deliverers lost: because the Exchange risse faster at Hamburgh, by reason of the raising of the moneys there, than it did at ●●ndon. Which if Malynes be ignorant of, he was surely a sleep in his Great Whale's belly at that time. But in Malynes case, the Deliverers will get, and the Takers must lose: because his rate of the Exchange at home must be higher, than the foreign Exchange; 
Pag. 14.  else the strangers gain of transportation of money cannot be answered by Exchange, according to his own fallible rule.  
Headdeth, 
§. 27.  that our Wool was at 33 shillings a todde, which now is fallen under 20 shillings: and that there was above 80 thousand Clothes sold yearly, where now there is not sold 40. thousand. Animus meminisse horret, luctúque refugit. Malynes produceth such a miserable esfect, of the decay of the Cloth-trade of this Kingdom, as would make a man's ears tingle to hear it. What's the inference? marry that his Par of Exchange, may prove also another Bar to trade; and cause the Cloth-trade both in the Clothier and Merchants hands, to be so much dearer to them, and cheaper to the stranger, by how much he would alter the natural course of the Exchange, to the great advantage of his own, and the loss of our Nation.  
This is the profit of this and the like Projects! These are ill seeds sown in a fertile soil! These are like Cadmus' serpent's teeth sown in the Earth, 
Met. 4.  which brought up men in arms killing one another. Or like the Apples of Sodom, that are specious in show, but if you touch them, they will fall to powder. Qui praemonetur, praemunitur: A man forewarned is half armed. And I hope we shall ever be warned by those harms, not to disturb trade for any guilded probability, nor innovate the same, without evident utility.  
And thus it appeareth, that as Malynes objections are feigned, so are his answers also. Such is his Par, and such is his Person. I shall therefore leave him and it, to the wisdom of the State: to which I doubt not, it is as clear as the Sun, that there is no such Cause as Malynes pretendeth, and therefore no need of any such Remedy: That his Project is dangerous and damnable: and not so difficult to be discerned, as perilous to be put in practice.  
ANd thus much of the Personal Exchange between man and man, in money, in merchandise: 
§ 2● Of the 〈◊〉 vinciall 〈◊〉 change.  It remaines now to speak in a word of the Provincial Exchange between Country and Country in the Balance of trade. Such as is the Personal Exchange between party, and party: Such is the Provincial Exchange between Country and Country. That, respecteth the gain of one Man with another: This, the gain of one Kingdom with another: That, concerneth the Subject; This, the Sovereign.  
The Provincial Exchange, is that general permutation before noted, which one Country maketh with another, in money, in Merchandise, in all kind of Commerce. And therefore it may well be sad to be the Periphery or Circumference of the Circle of Commerce; and The Balance of trade, the very Centre of this Circle. For as in the Personal Exchange between man and man, the gain or loss of such Exchanging cannot be known, but by the return of the money exchanged: that is, till that money be come back in Exchange, which was at first delivered, as is before declared: So also in the Provincial Exchange between Country and Country, the gain or loss which one Kingdom maketh upon another, cannot be known until the Returns thereof be made: that is, till the foreign Commodities be brought in, for the Native Commodities issued and carried out; and both cast into the Balance of Trade, to be weighed and tried one against the other.  
For as a pair of Scales or Ballance, is an Invention to show us the weight of things, whereby we may discern the heavy from the light, and how one thing differeth from another in the Scale of weight: So is also this Balance of Trade, an excellent and politic Invention, to show us the difference of weight in the Commerce of one Kingdom with another: that is, whether the Native Commodities exported, and all the foreign Commodities Imported, do balance or overbalance one another in the Scale of Commerce.  
If the Native Commodities exported do weigh down and exceed in value the foreign Commodities imported; it is a rule that never failes, that then the Kingdom grows rich, and prosper's in estate and stock: because the overplus thereof must needs come in, in treasure. But if the Foreign Commodities imported, do exceed in value the Native Commodities exported; it is a manifest sign that then trade decayeth, and the stock of the Kingdom wasteth apace: because the overplus must needs go out in treasure. As for example: If this Kingdom send out Clothes and other the Native Commodities thereof into foreign parts, which are there sold for one thousand pounds of our money in value; and receive back again in return, the foreign Commodities of other Kingdoms to the value of eight hundred pounds, for the thousand pounds sent out, it is manifest that the other two hundred pounds, being also due to this Kingdom, must needs come in, in treasure, to balance and make even the thousand pounds at first sent out. Which of necessity, must either come in, in money or merchandise: if not in money, then in merchandise: if not in merchandise, then in money: and consequently the more comes in, in money, the less in merchandise: and the less in merchandise the more in money. But if this Kingdom shall receive in, twelve hundred pounds in value of the foreign Commodities of other Kingdoms, for the thousand pounds sent out, than it is manifest, that this Kingdom spendeth more of the foreign, than other Kingdoms do spend of our Native Commodities, by two hundred pounds in the value of one thousand pounds: whereby this Kingdom is become so much in debt to those foreign Kingdoms: which of necessity must go out from hence in treasure, to satisfy that which was brought in, more than that which was carried out. And this experiment is therefore called The Balance of Trade. Which you may yet more illustrate, if you consider the Form, and the End thereof. In the One, there's a Quo modo: In the Other, there's a Cui bono. How it may be done, in the One: Why it may be done, in the Other. There's a benefit in both, and both within the Circle of Commerce.  
We will therefore consider this Form, first Comparatiuè, 
§. 29. The Comparative form of the Balance.  and then Positiuè. In the former we will compare and confer together, some Forms of Former and Later times. In the other we will collect the state of the Present time, and digest the same into a Balance of Trade.  
The Comparison shall be of two precedent Forms which I have found out. Whereby it may appear, that this Balance of the Kingdom's trade is no conceit or Novelty, but hath been the wisdom and policy even of elder times; to make a privy search and strict enquiry, by this kind of scrutiny, into the state of times and trades. The former of these Precedents, shallbe an ancient Balance of Trade, which is said to be found upon Record in the Exchequer in the eight and twentieth year of Edward the third, 
In the Manuscript before mentioned, in P. 18. thereof.  in this form following. Viz.  
 li. sh. d. One and thirty thousand six hundred fifty one sacks and a half of Wool at six pounds value each sack, amount to L 189909.00.00 195982. 01. 08 Three thousand thirty six hundred sixty five Fels, at forty shillings value each hundred of six score, amount to L 006073.01.08 Whereof the Custom amounts to, 081624. 01. 01 Fourteen Last, seventeen dicker & five hides of leather, after six pounds value the last. 000089. 05. 00 Whereof the Custom amounts to, 000006. 17. 06 Four thousand seven hundred seventy four Clothes and a half, after forty shillings value the Cloth, is, L 9549.00.0 016266. 18. 04 Eight thousand sixty one pieces & a half of worsted, after sixteen shillings eight pence value the piece. L 6717.18.4 Whereof the Custom amounts to, 000215. 13. 07 Summa of the Out-carried Commodities in value & Custom amounteth to 294184. 17. 02  
 li. sh. d. One thousand eight hundred thirty two Clothes, after six pounds value the cloth 010992. 00. 00 Whereof the Custom amounts to 000091. 12. 00 Three hundred ninety seven quintals and three quarters of wax, after forty shillings value the hundred or quintal 000795. 10. 00 Whereof the Custom is 000019. 17. 05 One thousand eight hundred twenty nine Tons and a half of Wine, after forty shillings value the Tun, amoun'ts to 003659. 00. 00 Whereof the Custom is 000182. 19 00 Linen Cloth, Mercery, and Grocery wares, & all other manner of merchandise 022943. 06. 10 Whereof the Custom is, 000285. 18. 03 Somma of the Inbrought Commodities in value and Custom is 038970. 03. 06 Somma of the In-plusage of the Out-carried above the Inbrought Commodities amountch to 255214. 13. 08  
The other shall be of a Balance of trade of fresher memory, 
§. 30.  made in the eleventh year of the reign of our Sovereign Lord the King, by order of the right Honourable the Lords of his Majesty's most Honourable Privy Counsel, upon the motion of the now right Honble The Earl of Middlesex, Lord Treasurer of England. It was made in this form. viz.  

Merchandise Exported from Christmas An. 1612. to Christmas An. 1613.   li. sh. d. Custom of the Port of London 061322. 16. 07 Custom of the Out-Ports 025471. 19 07 Wrappers being the tenth Cloth, Bay, and Cotton 007000. 00. 00 Fish of our own fishing, and freed from Custom by statute 007000. 00. 00 Foreign Goods Imported and Exported again, free of Custom by Privy Seal 003737. 04. 05 The Totall of the Custom. 104532. 00. 07  
The which is the twentieth part of Goods Exported: and being multiplied by twenty, produceth the value of all the Exportations to be 2090640. 11. 08 The Custom of these Goods amounts to 0086794. 16. 02 The Impost paid Out-wards 0010000. 00. 00 The Merchants Gaines, freight, and other petty Charges here and abroad 0300000. 00. 00 The Totall of all the Exportations. 2487435. 07. 10  

Merchandise Imported from Christmas An. 1612. to Christmas An. 1613.   li. sh. d. Custom of the Port of London 048250. 01. 09 Custom of the Out-ports 013030. 09. 09 Custom of the Silks 015477. 00. 00 Custom of Venice Go●d and Silver 000700. 00. 00 Custom of French Wines 002000. 00. 00 Custom of Spanish Wines 001200. 00. 00 Allowance of 5. per Cento 004000. 00. 00 To be added for the underrating of Silks one third part of that they cost, valued at 12000. pounds. 004000. 00. 00 To be added for the underrating of Wines, two third parts of that they cost 006400. 00. 00 To be added for the underrating of Linen and other Merchandise, one third per Cento for 36000. pounds. 012000. 00. 00 The Totall of the Custom. 107057. 11. 06  
The which is the twentieth part of the Goods Imported, and being multiplied by twenty, produceth the value of all the Importations to be 2141151. 10. 00 The total of all the Exportations, is 2487435. 07. 10 The total of all the Importations, is 2141151. 10. 00 So there remains more carried out, then is brought in this year, the Sum of 0346283. 17. 10  
In the Comparison of Those ancient, 
§. 31.  with These modern times, there's as great a difference, as there's a distance between them. For in the Former, there's an Example beyond Example, a great Exportation, a small Importation. In the Latter, the Exportation, the Importation, are very great in both. In the Former, the foreign Commodities have little place or price: In the Latter, the fare fetched and dear bought, are brought in price and use. A great deal of Policy, frugality may be seen in the One: much prodigality, superfluity, may be found in the Other. Yet in this latter, because we had the cast of the Balance, and that the Exportation did exceed the Importation, though infinitely short of the proportion of the former time; the Subjects prospered, Trade flourished, Treasure was imported: And it was such Treasure as stayed with us, and went not again from us: nor were there such complaints known then, as now are heard in our streets. That Elder time, was like the Golden age: the Later, like the Silver age: but the Present time, is like the Iron age. And therefore we will pass from this Comparative, to the Positive form of our Balance, to bring to the Scale, the state of the present time and trade.  
Wherein, because the other Forms are different, 
§. 32.  and as long as there are, Tot sensus quot capita, as many minds as men; every man abounding in his own sense; so long there will be some dispute about any Form: it will not be impertinent, to speak a word of Caution, and then of the Constitution, of this Form of ours. In which Caution, although his Majesty's Records, and books of Customs, are the best▪ and readiest direction, to lead us to the value of the trade of the Kingdom, by the Customs of the Kingdom: yet because there are some things of special consideration, which cannot be discerned by the Customs: we will therefore consider such things as are therein obvious unto us, in point of Exportation, and Importation. And first of either A part: and then of both together.  
In our Exportations, we are to reckon our foreign Commodities imported, 
§. 33. Caution in point of Exportation for the forming of a Balance.  and not spent in the Kingdom, but Exported again into foreign trade, as the Native Commodities of the Kingdom. Because whatsoever the Kingdom spendeth not of the foreign, is all one, as that it spendeth not of its own.  
Also the Fishing trades, whether within his Majesty's Dominions or without, exercised by his Majesty's Subjects, are not to be discerned by the Customs, because the same is freed thereof by Statute: which must nevertheless be brought into the Scale of Exportation, by the discreet collection and observation of judicious Merchants, as part of the Kingdom's stock.  
Also the Custom and petty charges, the freight and Merchants gain, must be reasonably valued and cast into the Scale of Exportation: because those are a part of the stock of the Kingdom: for if that money were not laid out in charges, it would be employed in the Native Commodities, to the increase of the Kingdom's stock.  
In our Importations, we must consider, 
§. 34. Caution in point of Importation, for the forming of the Balance.  that much water is wont to go by the Mill; which, although at first sight a man might think, might be set, like the Hare's head against the Goose Giblets: yet certainly, there is a great weight hang's upon the Scale of Exportation in this regard. For our Native Commodities, as Cloth, Tin, Led, and the like, are of great Bulk and Massy, and not easy to be stolen out: but the foreign Commodities are of small bulk, little in quantity, great in value: as jewels, Cloth of Gold and Tissue, Venice Gold and Silver thread, Silks wrought and unwrought, Cambrics and Lawns, fine Holland Cloth, Cuchanel, Tobacco, and the like: which as they are easy to be pocketed and conveyed, so are they very rich to be valued: and this one consideration alone, may turn the Scale of Importation much against us, in the Balance of Trade.  
Also whereas in the Importation, the Customs do not lead a man so near to the value of the goods, as in the Exportation: so that thereby you can neither know, what the goods imported cost with charges abroad, nor what the same are worth at home: there must be due consideration had, of the one and the other in the Balance of Trade. For if a Commodity cost 100 pounds sterling at Amsterdam, and is there paid for, by the Cloth of this Kingdom, and will yield but 90. pounds in England, and perhaps is rated in the Custom but at 60. pounds; yet the Importation in the Balance of Trade, is to be charged with the value of the Goods as they cost with charges, and not as they are worth to be sold, much less as they are rated in the Customs: because that which they cost more than they are worth, and more than at which they are rated in the Customs, is also part of the Stock of the Kingdom.  
And lastly In both, in the Exportations I say, and Importations. 
§. 35. Caution in Exportation and Importation together, for the form of the Balance of Trade.  there must be Verity, there must not be Variety. The Collections must be truly made, and one form must be duly observed: lest if the one be not Exact, or the other Various: the uncertainty of either, may breed obscurity in both. For he that weigheth a draught, either with false weights, or such as are of different standards, can never tell whether he get or lose by his weight: even so in the Balance of Trade, if either the Collections be imperfect, or the form of the Balance different; you shall never know whether the Kingdom gaineth or loseth, by the cast of the Scale in the Balance of Trade.  
Therefore if it may seem good to his Majesty's high wisdom, to grant a Commission every year to some of his Majesty's principal Fermers of his Highness' Customs, and to some of the most expert & judicious Merchants of the City of London, and elsewhere, to confer & agree upon a constant Form to be kept every year; & as constantly every year to take a Balance of the Trade of the Kingdom, according to the practice of other Princes and Countries; it will prove both facile and familiar unto them, and an excellent Policy of State unto the King & Kingdom, in the course of trade.  
And now we will come to the Positive Constitution of our own Form, to bring to the Balance, 
§. 36. The positive constitution of the form of a Balance for the present time & trade.  the state of the present time and trade: wherein I will give you a taste of one years collections of the Kingdom's trade, in this form following. viz.  
The Balance of the Trade of the Kingdom is Debtor, for all the Exportations of the Merchandise thereof, for one whole year, from Christmas An. 1621. to Christmas An. 1622. as followeth.  
 li. sh. d. Custom of the Port of London 50406. 06. 04 Custom of the Out-ports 26756. 18. 00 The Custom of Wrappers of Clothes, Bays, and Cottons, free of custom, being the tenth part of 50000. pounds, which is the Custom of them all. 05000. 00. 00 The Custom of the Fish of our own fishing, and which is freed from Custom by Statute, by computation 07000. 00. 00 The Custom of Goods shipped out by Certificate: viz. of foreign goods brought in, and for want of vent in the Kingdom, shipped out again: which are freed of Custom by his Majesty's gracious grant of Privy Seal 08050. 00. 00 The Totall of all the Custom is 97213. 04. 04  
 li. sh. d. Which Totall being multiplied by twenty, because the Custom is valued by twelve pence in the pound, produceth the value of all the Goods Exported to amount unto 1944264. 07. 01 The Net Custom of which value, at twelve pence in the pound, the Wrappers, Fish, and Goods shipped out by certificate deducted, is the 2. sums first before mentioned, and is 0077163. 04. 04 The Impost of Bays, Tin, Led, and Pewter, which only are imposed outwards, amounteth to 0007370. 01. 05 The Merchants gain, freight, and petty charges upon 1944264. li. being the whole value of the Exportations as above appeareth, at 15. per Cento, is 0291639. 00. 00 The Totall Exportations with charges, Amount to 2320436. 12. 10  

The Balance of the Trade of the Kingdom is Creditor, for all the Importations of the merchandise thereof, for one whole year, from Christmas An. 1621. to Christmas An. 1622. as followeth.   li. sh. d. The Custom of the Port of London 68280. 09. 01 The Custom of the Out-Ports 19579. 02. 06 The Custom of Wines of all sorts, all other Merchandise being included in the former, is 03200. 00. 00 The Custom amounts to 91059. 11. 07 One third part thereof to be added, for the underrating of Goods in Custom, to that they are worth, or cost, is 30353. 03. 10 Also the allowance of 5. per Cento upon L 91059. 11. 7. is 04552. 19 07 The Totall Sum amounts to 125965. 15. 00  
Which total, being multiplied by 20 produceth the value of all the Goods Imported, to amount unto 2519315. 00. 00 Fine Goods secretly conveied inwards, more than outwards. 0100000. 00. 00 The Totall Importations amount to 2619315. 00. 00 The Totall Exportations 2320436. 12. 10 The Remainder showeth, that there is more imported this year than was Exported, by the sum of 0298878. 07. 02  
So then we see it to our grief, that we are fallen into a great under-balance of Trade with other Nations. We felt it before in sense; but now we know it by science: we found it before in operation; but now we see it in speculation: Trade alas, failes and faints, and we in it.  
And now we are come to the End of this Balance of Trade, 
§. 37. The End of the Balance of Trade.  which in Place is last, but in Purpose first & chiefsed, according to that in Philosophy, Finis est Principium in Intention: The End is the beginning, in purpose and intent.  
A Merchant when he will inform himself how his Estate standeth, is said to take a Balance of his Estate: wherein he collecteth and considereth all his Wares, and Monies, and Debts, as if he would cast every thing into the Scale to be tried by weight: Which is therefore in Merchants and Accomptants terms, so called a Balance of Account, or a Balance of Trade. And to what End doth he this? Surely to try in what Estate he is: whether he goeth forward or backward, whether he hath got or lost. And if it appear to him by his Balance, that his Gain doth not answer his Expense; the first and last is, he must either Gain more, or Spend less, or else look to come behind hand.  
A Father or Master of a Family, doth thus also consider his Estate, by comparing his Expense with his Revenue: and if he find, that his Expense exceedeth his Revenue; either he must Lessen his charge, or else Consume his Estate.  
The Royal Merchant, the Regal Father of that great family of a Kingdom, if He will know the Estate of his Kingdom, He will compare the Gain thereof with the Expense; that is, the Native Commodities issued and sent out, with the Foreign Commodities received in: and if it appear that the Foreign Commodities do exceed the Native: either he must increase the Native, or Lessen the Foreign, or else look for nothing else, but The decay of Trade: and therein The loss of his Revenue, and Impoverishing of his People.  
So then, the End of the Balance of Trade, may be said either to be Propior, or Remotior. There's One End nearer hand; There's Another End farther off. One End of it is, to find out The cause of the Malady: The other, to present a Medicable Remedy, for the decay of trade.  
Hic labor hoc opus erat: in both these I bestowed my former time and pains, 
Free Trade published, An. 1622.  in that Little tract of Trade, wherein I marshaled those Causes and Remedies, into their ranks, in the best order I could: and to which I refer those, that desire more distinctly to understand the same, lest I should seem to Tautologize, after Malynes manner, in unnecessary repetitions. For as all those Causes do forcibly conduce unto the Vnder-ballancing of Trade: so also the removing of them, must needs concur unto the Remedy thereof: and you may safely conclude, that until the Kingdom come to an overbalance of Trade, the causes of the decay of Trade cannot be taken away: for the Decay of Trade, and the overbalance of Trade, cannot stand together.  
But if all the Causes of our under-balance of Trade, 
§. 38. The causes of our underballance of trade, contracted to Poverty, and Prodigality.  might be contracted in two words, surely they might be represented, in two extremities of the Kingdom at this day: Poverty alas, and Prodigality. The Poor starve in the streets for want of labour: The Prodigal excel in excess, as if the world, as they do, ran upon wheels. The one drawe's on the overbalance of Foreign Trade: The other keep's back in under-balance our Trade. The one causeth an Excess in theirs: The other causeth a Defect in our own. In the one, there's Too much: in the other, there's Too little: would God there were a good Medium in both.  
What's the fruit of these things? The Sun blusheth to see, the ground groans to carry, the persons of savage cruel bloodshedders, unheard of monstruous murderers of these times: who seem to strive to outstrip Caiin and judas ' sins. I want words to give them titles! I know not to whom to liken them, vales to him whose they are! It makes me afraid of Idleness and Excess: that These and Those, are all of one breed▪ He that's Idle, is fit for any Evil: He that's Prodigal, is a prey to the Devil. There was never more, nor more excellent Planters and Waterers, then in this age, in this Island, in this City. Our Hemishphere is sprinkled and spangled, with glistering Stars like the Firmament in a clear night. If St. Hierome so long a gone said, 
Hieron. ad Paulinum.  De Hierosolymis & de Britannia eaqualiter, patet aula Coelestis: Heaven is as wide open in Britain, as in Jerusalem; what would he have said, if he had seen this our clear light of the Gospel at this day in this Kingdom? Is it possible then, that such matchless desperate deeds of darkness, should be done in so clear a light? Is it not a wonder, that the Seed being so good, the Soil so fertile, the Sowers so skilful, that the Weeds, Such weeds should come up so fast? No wonder at all! Because the Envious man comes by night, and sows these Tares. But be not you discouraged ye worthy Workmen: The Lord of the harvest, will have them grow together until the harvest. Go on therefore, sow the Lords seed, which is the Immortal seed of the Word of God. Fight the Lords battles: be instant in season, and out of season: cease not to teach, to refute, to correct, to instruct: and pray continually, that this great Dragon, that old Serpent, which is come down into the Earth, may not thus devour the people. You are The light of the world set upon a hill: Shine forth ye glorious Lights: keep on your course: break through these Clouds: let no Planet obscure you: let no Erring Star deceive you: you are now placed in this lower Orb, you shall one day be fixed in an higher Region, where your Sun shall be the King of glory: your King the Blessed Trinity: your Law, Charity: and your Time, Eternity: there you shall shine in a Paradise of glory, for ever and ever.  

The first End of our Balance of trade is to show us the state thereof.  If the people of this Kingdom were numbered from Dan to Bersheba, I am persuaded, there were never more people, never less employment: never more Idleness, never so much Excess! And this is the first End of our Balance of Trade. It shows us our Case in what Estate we stand: It shows the Causes of our Decay of trade: It represents those causes in Capital Characters, that he that runs may read Excess and Idleness.  

§. 39 The second End of the Balance of Trade is to direct us to the Remedy, which is to lessen our Importations.  What's the other End of it? Surely to direct us to the Remedy: which in a word, is nothing else, but to make our Importations less, and our Exportations more. Our Importations may be lessened, by a restraint of such superfluous and unnecessary things, as either we have of our own, or can make our own, as may best concur with the Policy of Trade, and the Wisdom of the State, to which as it becomes me, I humbly commend the same.  

§. 40. Or to increase our Exportations. By Precept.  Our Exportations may be Improved, either by Precept, or Practice. Longum Iter per praecepta, breve per Exemplum. Example is the best precept. We are sent to the Belgic Pismire to learn a Precept, 
Prou. 30.27.  and why not to the Belgic Grasshopper? For The 
* 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 Ex multitudine dicitur. Sic Belgae per Mare, atque in omni terra multi. Arbch Hebraicè quasi Herbae: quia ex gramine locust. Belgae veròberb● & radicib●● modicè vescuntur.  Grasshopper hath no King, yet they march out, all in Troops. We need go no further than the Low Countries, to learn this Lesson. Although, the Kingdom of Naples, the Signory of Venice, the commonwealths of Genoa, Florence, Milan, Marcelles, and many others, might teach us the same thing; yet the Low Countries do seem to be an Epitome of all the Rest. Which certainly for Policy and Industry, may read a Lecture to all the other people of the world. There you shall see, their Gates stand wide open: you may carry out as much money as you will: It is there held no Paradox, to let money go out, and yet not to want it within: because they have an Eye to the Balance of Trade; whereby they are assured, that although it may go out at one door, yet it will come in at another. But there you shall see no Excess in superfluous consumptions of foreign Commodities. No Projects, nor Projectors, but for the Common-good. All kind of Manufactures invented, that will fit the times, and please the minds of foreign Nations. Their own Commodities eased of charge, the foreign Imposed. Frugality, industry, policy, all working together for the public. All kind of Staples, of Corn, of Wine, of Cloth, of Fish, of Silk, of Spices, of Flax, of Hemp, of what not? And all these, not to breed or feed homebred Consumption, but to maintain Trade and Foreign Negotiation. For indeed their whole Country is nothing else, but a Magazine, a Staple, a Receptacle, of the Comoditieses of all other Countries. And this is a living Precept, a Pattern, a Form, a platform for our Imitation, for the increase of our Exportation: and this will restore our ancient Balance of Trade.  
Or if it be too far for us to go to them to learn this Precept, they will come to us. Look upon Norwich, Colchester, Bocking, Canterbury, and other Cities peopled with the Dutch. There you shall see at Home, what you might seek Abroad. There you shall not see that gross abuse committed, and so much complained of in our Old and New Draperies. The falsifying whereof hath diminished their quantities half in half. Which as it tendeth to a great lessening of our Exportations: so cannot the same possibly be recovered, without reformation of this abuse in the Clothing of the Kingdom, which is the principal trade thereof. The Remedy comes on so slow, that it is to be feared, we shall need a Precept also, from some of those of Norwich, Colchester, or Canterbury, to help us execute the Statute for Clothing, of 4. of the King. As for the difficulty in Perpetuanoes, the Reformation whereof is thought to want a new Law: I suppose under favour, those may come under the name and title of dozen mentioned in that old Law, as do Devonshire and Hampshire Kerseys, which are either double or single dozen, and so are Perpetuanes also. And it were better to have fewer Laws, with better Execution; then more Laws, with more trouble and less use.  
From this Precept, 
§. 41. By Practice.  we come to the Practice, in the use of those means, which Almighty God in great bounty offereth unto us, both Within, and Without the Land. Within the Land, we have Materials and Instruments. Materials of our own growth, Materials of foreign growth, none are wanting. Instruments we have of our own Nation, Instruments of foreign Nations, none are wanting. We want not Means, if our Minds be not wanting: we want not Action, if we wanted not Affection: but alas our children are brought to the birth, and there vows strength, to bring them forth. Or rather we have strength, and do not put forth our strength: we have means and use it not. If I should tell you, that there is ten thousand pounds a year, cast away in the streets of one City in this Kingdom, it would seem very strange! But he that will consider how many thousand persons there are in London, that give to idle poor in the streets, and what one man commonly give's in a year; may computate at least twice that Sum, given in the City and the Suburbs. This Sum of money thus great, thus given, is not only for the most part lost, but it makes the City swarm with poor, with idle poor: who as long as they can live by begging, will never fall to working, nor live by labour. I speak not against any man's charity, but wish from my heart, that he that is charitable, were more charitable, so the same were not abused, or at least were better used, for the public good. For there is not only the loss of so great a sum, but of the exceeding great benefit also, which the employment thereof, in our Native and Foreign Manufactures, would purchase to the public; if the same were orderly collected, and prudently ordered, for the Employment of the poor. Wherein I know not how to wish a greater glory to the City of London, then to have the honour, to be the Founder of so worthy a work, to raise a Stock, out of the free will offerings of the Citizens, and wisely to dispose thereof for the poor's employment: whereby all their own poor might be set on work; & an excellent pattern of piety and pity, given to all the other Cities of the kingdom, to pursue so noble an enterprise by their good example. And it need not be thought to be a new charge to the City, for we see the thing is done already, only it is not so well done: wherein myself, the unworthiest of all her Citizens, had rather, if I were worthy, be the first, than the last, to further so happy & hopeful a work. For it will bring to God, glory: to the King, honour: to the Kingdom, treasure: to the Subjects, trade: to the poor, employment: and prove by God's blessing, a most excellent means, to increase our Exportations, and to recover our Balance of Trade.  
Without the Land, 
§. 42. Or Without the Land.  the Persia trade will not let me pass, nor the Fishing neither without a word of either. Both these do promise much supply unto our Exportation. Both of them, are of very high and important consideration, for the honour and welfare of this Kingdom. The one is a work for The King: the other for all The Kingdom. The one, if we will, is our own: the other, unless we will not, may be made our own.  
For the Trade of Persia, 
In the Persia trade.  it needeth the glory of the Sun, to dispel some clouds that do obscure and hide from us, the excellency of this Trade. Which if it will please His Majesty to vouchsafe; I am persuaded it would prove a very happy Commerce unto this Kingdom, not inferior unto any foreign Trade. It promiseth to vent our Clothes and other our Native Commodities, in great abundance: to yield returns of these Clothes, that will employ multitudes of our poor: to spare us the treasure that now we export to the Indies, through the necessity of that trade: to employ many great Ships & good men, with much more safety, then in those other trads: to furnish the other parts of the Indies by the means of that trade, without other supply from hence: to purchase the rich trade of the Red Sea, & the benefit of trading there from Port to Port in the Indian commodities; which in itself, will be another East Indian Trade: to turn the Current of the Trade of Persia from Turkey; to the weakening of the Turks tyranny over the Christian world: Lastly to draw the employment of many Millions of money into this Kingdom for the Persian silck; which the Venetians, Marcellians, and other Cities and commonwealths of the Italians, French, and Dutch, do now employ into Turkey, in that one Commodity only: which by God's blessing, we may be able to deliver them as cheap from hence, as now they fetch it thence: with more contentment also to them, and more glory and gain to us, in the achievement of so high and noble an enterprise. And these are but two or three clusters, for a taste, of the fruit of the Land: This Canaan cannot be known, until you have passed o'er jordan: the perfection of it consits in the fruition thereof. And this is also another means no less excellent, to enlarge our exportation, and therein also to help the cast of our Scale, in the Balance of Trade.  
Last of all, 
§. 43. Or the Fishing Trade.  for the Fishing Trade, Res ipsa loquitur: I shall need to say no more of that, if what is said were done. It is a work that hath in it, utility to invite, and capacity to receive, all the Kingdom. Wherein the Ports, which are the walls and gates of the Kingdom, might be supported, and trade imported to those Parts and places, which now are destitute thereof. Yea all the Cities, or if you will the Counties, may find room enough to employ their means in this trade. And surely if profit will not move men, Auri sacra fames is false, and nothing will move them. There is no fiishing to the Sea, nor Seafare for the Kingdom's welfare, to the fishing trade! wherein for the encouragement of the Adventurers; it is fit, if so it may be thought fit in his Majesty's high wisdom and grace; that every County, yea every City if it will, may have the managing and disposing of their own adventures, without any General or promiscuous confusion with others, and with such Immunities, privileges, and encouragements conferred upon them from the fountain of his Majesty's grace, as may at last bring that to action and execution, which we have so long had in discourse and contemplation. A brave design it is, as Royal as Real: as honourable as profitable. It promiseth Renown to the King, Revenue to the Crown, treasure to the Kingdom, a purchase for the land, a prize for the sea, ships for Navigation, Navigation for ships, Maririners for both: entertainment of the rich, employment for the poor, advantage for the adventurers, and increase of Trade to all the Subjects. A Mine of Gold it is: the Mine is deep, the veins are great, the Ore is rare, the Gold is pure, the extent unlimited, the wealth unknown, the worth invaluable. And this is also another means, not inferior unto any, for the recovery of our Exportations, in the Balance of Trade.   

THE CONCLUSION.  
THese means well pursued, and the Remedies of our former Discourse applied, & such other means added, as in the wisdom of the State, may be more seriously thought upon, doubtless will restore our ancien Balance of Trade, and in it, the former flourishing Commerce, which heretofore this Kingdom happily did enjoy. This is that Provincial and indeed Potential Exchange, between us and foreign Countries, that must be the public measure of all our Merchandise. This is that true Par of Exchange, that will not change, that hath no imposture, froth, nor fallacy to abuse us with. This is the practice of foreign Princes, and their Policy in point of Commerce, to have a continual eye, to this Par pro Pari, the Balance of Trade: whereby they every their Countries, and win ground of others that neglect the same. An instance is set before our eyes, in that Spanish Proclamation, which closely and covertly aimeth at the same thing, for the benefit of that Kingdom. This is that prospective sight, that will draw Commerce from a fare of, 
Quell miracle en nature se peult trower plus grand, que ceste machine de vitre que fit construire Sapores Roy Persien? la quelle estoit si grande, qu'il estoit assis au Centre d'icelle, comme en la sphere & rondeur de la terre, voyant souz ses pieds les astres & estoiles qui se couchoient & levoient: en sorte que combien qu'il fut mortel, i'll sembloit estre, sur toute la hautesse d'immortalité. Theat. du monde. De l'excellence de l'homme.  to a Prince's eye. It is said of Sapor King of Persia, that he caused a great globe to be made of Glass, of such curiosity and excellency, that himself might sit in his throne, and he and it, in the Centre thereof, and behold the motions and revolutions of the Stars, rising and falling under his feet: as if he that was a mortal man, would seem Immortal. And surely if a King would desire to behold from his throne, the various revolutions of Commerce, within and without his Kingdom; he may behold them all at once in in this Globe of glass, The Balance of Trade.  
For indeed if there be any virtue in the Theoric part of Commerce, that might attract a Prince's Eye to be cast upon it; surely it is in this kind of Exchange, that one Country maketh with another in the Balance of Trade. All the mysteries of other Exchanges are hid in this mystery. All the knowledge of Commerce, is presented and represented to the life in this story, in this history. All the rivers of Trade spring out of this source, and empt themselves again into this Ocean. All the weight of Trade falle's to this Centre, & comes within the circuit of this Circle. This is that Par pro Pari, that waighe's down Malynes Parity, Imparity, Impurity in the Scale: & is only worthy of the Quaere, of th'inqury of a King. This is that 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉, the very Eye of the Eye: or it is 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 the pupil or apple of the Eye, or as the Rabbins call it, the daughter or image in the Eye: the beauty, the ornament, the compliment, the accomplishment of Commerce.  
And now at last I have done with Malynes and with his Par, his Dispar of Exchange: and with Ariadne's thread, I have got out of the Labyrinth of his Little Fish, and his his Great Whale. Which having poised and found as light as vanity in the Balance, and therefore deserve no place within the Circle of Commerce, I shall dismiss as sometimes St. Augustine did the Erroneous writings of the Manichees, with this farewell, that his Project pursued in both, 
In Manich. Lib. 13. cap. 6.  is Puerile ludibrium, Principium truncum, medium putridum, finis ruinosus. A childish toy, a blockish beginning, a rotten middle, and a ruinous end. Or with the same Father, that it is Paries doalbatus, 
In Psal. 103.  foris tectorium, intus lutum. It's like a Mud wall; daubed o'er without, all dirt within. And such also is his Little Fish, such his Great Whale: full fraught with stolen stuff, out of French Copies, Dutch Books, and English manuscripts: whole books swallowed up in them for his own: with which, those that are acquainted, will as easily point them out, as Ex ungue Leonem, to know The Lion by the paw. The plants were good and prospered well, when they grew in their own soil: but being pulled up by the roots, and as ill transplanted, by an unskilful workman, in a barren ground over grown with weeds: must needs be choked, whither, and hang their heads. I once thought to have put an Index purgatorius, or an Errata to his Lex Mercatoria; but that I should have seemed, to take upon me one of Hercules labours, and as it is in the Proverb, Augiae stabulum repurgare, To farm or cleanse Augias' stalls, which was a work for Hercules only. His Law Merchant, should have Merchant's Law, or rather Marshal Law, to have been better purged, before it had been approved. I would Malynes had consulted with the wise man, to have held his peace, that he might have seemed wise. 
Sed Tacitus pasci si posset coruus, haberet, Plus Dapis, & vixae multò minuns invidiaeque Hor.  Or that he had not been like to Horace his Crow, by too much chattering to lose his cheese: or like Aesop's dog, pardon the word, by too much gaping to let fall his bone. Qualis vir, talis Oratio: the man is confused, and so is his matter. There's a piece in Ovid resemble's it right,  
Quem dixêre CHAOS, rudis, indigestáque moles,  
Nec quicquam nisi pondus iners congestáque eodem,  
Non bene iunctarum discordia semina rerum.  
A CHAOS rude its called, confused heap,  
A dull and heavy weight and nothing else,  
Discording seeds ill mixed to sow or reap  
Conferred in one, where all disorder dwells.  
Or if you will have it nearer mach't, there's a masterpiece in Horace represents it to the life,  
Humano capiti ceruicem pictor equinam  
Inngere si velit, 
Horat.  & varias inducere plumas:  
Vndique coliatis membris, ut turpiter atrum  
Desinat in piscem mulier formosa supernè:  
Credit Pisones isti tabulae fore librum  
Per similem, cuius velut aegri somnia, Vanae  
Fingentur species, ut nec pes, nec caput uni  
Reddatur formae.—  
As if a Painter void of wit or Art,  
Should represent man's head that lofty part,  
And thereunto should join an Ass' crest,  
And deck with diverse feathers all the rest:  
Strange parts conferd, which Mermaidlike appear  
Black fish below, above a maiden clear.  
Trust me Malyn's, thine ill digested theme  
Is like such pictures, like a sick man's dream,  
That feigneth forms, and yet in no degree,  
Nor head, nor foot, will thereunto agree.  
But not willing to be Censorious, I shall leave him and it, to the sentence of the wise, with this my just defence also, against his Censure, of Wilfulness at least, though not of Ignorance: 
Little Fish Ep. dedic. P. 2.  of both which he hath accused me, to no less, than The Majesty of so great A King. But I have thought it my happiness o Caesar, to have answered before Thee, of all these things, 
Apostrophe ad Regem.  whereof I am accused and maligned of Malynes: For my Lord The King, is as an Angel of God. Before whom I shall ever acknowledge, my want of knowledge: or if I know any thing, it is only this, Scire, me Nescire: to know, that I do not know.  
Alme Deus pellas coelesti lumine pellas  
Ingenii Genii Nubila crassa mei:  
Discere me doceas, dediscere caetera prae Te,  
Scire nihil nisi Te, nam Tua scire sat est.  
FINIS.