Cambium Regis: OR, THE OFFICE OF HIS MAJESTY'S EXCHANGE ROYAL. Declaring and justifying his Majesty's Right; and the Conveniency thereof. Published by Authority. printer's device of Bernard Alsop, featuring a griffon seated on a stone or book, resting on a ball or globe with wings (McKerrow 339) LONDON. Printed for B.F. 1628. To the Reader. INtending to set down in a summary way, the grounds of the Office of Exchange, and the causes of the late reviving the execution thereof. I found it would be necessary by way of preface to level and prepare the minds of such who perhaps have been attempted to be prepossessed with many untrue and scandalous rumours touching the same, since in a thing although not new, yet by reason of disusage to some seeming as new, it may prevail much in prejudice of a cause, that men have false apprehensions or conceits of that which is propounded or done; to the end therefore that the mind freed of these, may be placed in that even and clear aspect as may be fit, for the right understanding and judging of what shall be represented unto it, I must from such as may peruse this short Treatise, desire by way of postulation or request. First, §. 1. that notwithstanding what they may have heard, they do not conceive, that the Office, or grant thereof in the Letters Patents intends or actually restrains the liberty of the subject in general, but that he is free, (as before the Patent.) 1. To sell his plate vessel, or other manufactures, or other gold or silver whatsoever, to any Goldsmith, or other person whomsoever to his best advantage. 2 That he is free to carry his gold and silver immediately to the mint there to have the same coined, whether he be a Merchant that imports the same from beyond the feas: Or other subject, having the same from his Mines, of his Plate, receipts or monies coming of his wares, or other commodities. Nor doth it restrain the Goldsmith, or other Tradesman in particular. 1. They may use their trade of Goldsmithrey, and other Trades as fully and amply as heretofore they lawfully might or could do. 2. They may use and enjoy, all such franchises and other liberties and grants which they lawfully have or hold from the Charters of his Majesty or any his Predecessors. 3. They may buy and Plate vessel, silver, broken silver or other in fashion or out of fashion, or any other manufacture to be employed in their Trades or resold, as they might do before the Patent. 4. They may buy any gold or silver whatsoever or of whomsoever to make plate of, or to be used in the seveall manufactures of their trades. Secondly, §. 2. I should desire, no man should conceive of this as grounded upon the absolute power and prerogative royal of the King, But as the premption of Bullion, or Materials of mintage, is a right inherent and entrusted trusted to the Crown; so always have the Kings of this Realm exercised this office by their Farmers and Patentees as belonging to them by right and prerogative legal, A Right of such nature, as that by which Royal mines, Treasure troue, and such like do belong unto the Crown, And as it is not raised, so is it not intended to be enlarged, or extended beyond the bounds and limits set to it by the Law: or upheld by any other means, than the ordinary courses of justice, free to all in his Majesty's Courts of judicature, to which every man justly grieved by the Patent, or the execution thereof, is left to obtain his lawful rights and amends. Thirdly, §. 3. that the office may no way be taken as to savour of Monopoly; this including a restraint of what was lawful; and a setting of a price upon a free merchandise, at the pleasure of private persons to their own gain, in prejudice of the public: But the office is and aught to be acquitted of both these Challenges, and most justly: For although the metals of gold and silver (as things many ways useful) have been and are the martyr of Trade, yet when they are considered as Bullion, and as the materials of Coin with reference to the Mint: In this relation, they become the sole preragative and right of Princes who have power to enstampe them with their Image and superscription, thereby giving them currancie amongst their people, and appointing them public measures for the valuing and governing the estates and contracts of their subjects, whereupon it hath never been lawful here, nor (in any well governed foreign slate) was there ever permitted a promiscuous buying of Bullion, to buy, sell or traffic gold or silver merchantwise, or to drive any Trade upon the profit thereof, and so to come betwixt the Merchant, or other iubject, and the Mint, but to such as were authorised and appointed by the State hereunto: This being the full proper and adaquate subject of the Office of Exchange, The sovereignty of the Prince and State, having been ever esteemed faint and vain in the form and valuation of monies; if the materials, and the supply thereof should be at the pleasure of others; As here it hath lately been at the pleasure of some few Goldsmiths, and accidentally brought to the Mint, when no offer of gain did withdraw their supply. And for the price; that is always certain, though dependent upon the Prince his standard Bullion not like other merchandise, according to more or few buyers, plenty or scarcity, or the use or disuse thereof, or other accidents rising or falling in price; but always having one certain and unchoengeable value and rate: according to the weight and fineness thereof, viz. That for gold and silver Bullion in foreign species or other, there be given a like, and the same quantity of gold or silver Corned equivalent weight for weight. The seller only abating the Coinage and price of Exchange, Both which are to be taxed by the authority of the Prince, or laws of the State, as in this particular they are by his Majesty's Indentures of the Mint: And of the Exchange, And the last being likewise according to Act of Parliament thereof made with much temper thereunto. ix. H. v. c. Fourthly, §. 4. Nor will any I hope be much prejudiced with the murmurs and complaints of some few exchanging Goldsmiths, whose usurped and abused Trade is hereby cut off, since (the premises considered) this will appear to all to be but the power and practise of those few (not many more than ten persons) and their prevailement with the rest of the company, upon false suggestions of prejudices, neither granted nor claimed; Because it willbe impossible to assign, or show, how or wherein the true Goldsmith receives prejudice, when he is not barred from buying, selling, or doing any thing that ever did or doth belong to their trades, or ever was used or practised but by those few, who leaving off their proper trade of Goldsmithrie, and contrary to their Charter, are unduely become Exchangers, Interlopers betwixt the Merchant and the Mint, And Intruders hereby upon his Majesty's Regalities, to the loss of his Majesty in the profit of his Coinage, and Exchange; And general prejudice of the Realm, by the opportunity they have had and practised from hence, of being the sole instruments of exportation of gold and silver to the strangers, The sorters and colours out of all the weightiest of his Majesty's coin, which they have transported or molten down, occasioning hereby the great scarcity of silver monies, and the standing still of the Mint for silver monies ever since xjmo of the late King, and by both a decrease of the trade and employment of the subject, And by all an impoverishment and destruction of the Realm. And now presuming the indifferent and unpartial will (at least) withhold his censures, until every allegation against the office shall be upon particular examination, cleared and resolved; I desiring, their like patience of perufall, proceed to make manifest. First, His Majesty's legal right thereunto. Secondly, the causes of his Majesties, now resuming the same and therein the convenience thereof, and then to touch the form of proceeding and debatements had in bringing the same to resolution, from all which, satisfaction is humbly presented, upon what just, weighty, and considerable reasons his Majesty hath restored to his Crown, and resumed CAMBIUM REGIS, or his Office of Exchange Royal. Cambium Regis. THe right and Prerogative of Exchange of Bullion, hath always been a flower of the Crown, and part of his Majesty's ancient Revenue, A main part of Regalty, and mark of Sovereignty, For the power of Mintage or Coinage, being as it were but nomen mane, an empty and vain title when the Materials as Bullion was ministered and brought thither only at the courtesy of others. The Kings of this Realm have therefore always enjoyed, and continued this prerogative of Exchange, as from the utmost Extancie of Record, may appear. Henry the first therefore made a Law, Quod nullus sit ausus cambire denarios nisi Monetarius Regis, conjoining in one person both the offices of Exchanger: and Master worker of his Moneys, which the excellent Kings succeeding preserved, as a flower of the Crown, though in distinct and divided Offices, until that about the beginning of Henry the 6. they came again to be conjoined. In the reign of Richard the first, Guido de Who. had and exercised the office of Exchange. King john in Anno primo, for the consideration of 1700l. committed to Hugo Cycell, Cambium totius Angliae: And in Anno 6. per Communem Consilium, Ordinances being made an express Article was prohibiting all other to make any exchange of money or silver, but at the King's Exchange. Henry the third in the sixth year of his Reign wrote to the Seabins and men of Ipree, That he Assensu Consilij had made proclamation, That no English man or other should make Exchange but only at his Exchange at London and Canterbury. According whereunto for the sum of 5000. Marks, he farmed out his Exchange; Anno 6. to Andrew Buckerill, Anno 9 to Euerard, Anno 35. to Bartholomew Castilion. The place where the King's Exchange was kept at this time, was by Paul's, and gave name to the street called the Old change, but in evidence the Old Exchange. Edward the first had his Exchanger with Prohibition that none else should use it, Gregory Rock had it anno 8. And for ease of Merchants that imported Bullion, he caused tables of Exchanges to be set up at several places. The Goldsmith's Charter; Anno 1. Edw: the first, makes mention that the Goldsmiths then by their petition declared; That whereas heretofore no Merchant English or Stranger hath used to bring into this Land no manner of money forged, but only Plate of Silver to make Esxchange with our Coin. By which of the Goldsmiths owing showing appears. 1. That all imported Silver (which then of right was only Plate of Silver) was to be carried to the King's Exchange; And neither the Goldsmiths nor the Goldsmithrie here is mentioned for Silver imported. Secondly, it is to be obserned; That the Exchange was to be made with his Majesty's Coin, viz. by giving currant Coin presently for it. When diverse Goldsmiths about 7. Edw: the second, intruded upon the King's Officers, and would buy Gold and Silver for the Mint, A Proclamation was made to the Contrary, Commanding all sellers to go ad Cambium Regis. In his time, anno 5. William Hansteed was Echanger, and anno 18. Roger de Frowick. The like Prohibition was assensu Consilij by Proclamation upon pain of imprisonment and forfeiture of all Anno xxv. Ed. the third, upon like prejudice offered to the King's profit then, having farmed out his Exchanges, as Anno xxviij. to wickingham: Anno 35. to Guidon: Anno 40. to St. Iue. And Tables of Exchanges were erected at Dover, Canterbury and other Ports of the Kingdom. Rex per Assensum Consilij sui Ordinanvit Quod Excambiam Monetae suae tam auri quam argenti penes ipsum remaneant unde proclamari fecit quod nullus Ex cambium aut venditionem monetaefaciat clam vel palam nisi per ipsum regem ad illum Deputatum sub paena imprisonamenti & Amissionis Monetae predictae. Claus de Anno xxv. Quod nullus Commune Cambium teneat, nec aliquod proficuum de eodem percipiat sub paena faris facturae, monetae sic Cambiata Excepto Cambiataere Regis iuxta formam Statuti Anno xxv. Ed: 3. Claus de An xxix. indorso. vid. similiter. Statutes of money made at York. ix. Ed. 3. Cap. 2. Item, that no false money be brought into our Realm or elsewhere within our power upon pain of forfeiture of such money, Provided always, That all manner of people of what Realm or Dominion they be of, may safely bring to the Exchange and to no place else, Bullion, Silver in plate, vessel of Silver, and all manner money of silver, of what value soever it be, so that it be no false money and sterling counterfeit, and there they shall receive good and convenient Exchange. Cap. 7. Item That the Tables of Exchange, shallbe at Dover, and in other places, where and when it shall please us, and your Counsel to make Exchanges; And that the Wardens of such Tables, shall make such Exchanges, by the Testimony of Controller, which we shall put to them. Money, Plate, or vessel, intended or purposed to be exported, or Sergeant sterling imported, being to be by that State, forfeited, The forfeitures were to be delivered to the Exchanges by Indenture whereby the Wardens may be charged. Cap 9 Exchanges shallbe ordained in good Towns, according as shall seem best to our sovereign Lord the King, for the profit of him and his people. And that it shallbe ordained in certainty, what shallbe given in Exchange for every piece of gold. xviij. Edw. 3. It shall be lawful for every man to Exchange gold for silver, or silver for gold, or for gold and silver gold, so that no man hold no Exchange, nor take no profit, for making such Exchange upon pain of forfeiture of the money so exchanged; Except the King's Exchanger, who takes profit, according to the Ordinance before made. Anno 25. Cap. 12. All Merchants privy and Strangers, may safely bring within your said Realm and lands. Plate of silver, and Billets of gold, And all other manner of gold, or all money of Gold or silver to our Bullion or to our Exchanges which we shall do ordain at our Staples and elsewhere. Taking there money of our Coin of gold or silver Covenable to the value, xxvij. Ed. 3. Cap. 14. Richard the III. continued the farm of Bullion as appeareth by his grant to a Roc. Fin. an 11. Ric. 2. Salisbury and others; with Proclamation upon pain of forfeiture, that none else should use it. Henry the FOUR granted out the Office of Exchange, anno 1. And anno ix. prohibited all other but his own Exchanger. Henry the Vth granted out this Office, anno 11. to a Ret. Pat. de anno 2. pars a mem. 34. Lodowick john; with Prohibition of all b Patent. de anno 2. pars 2. m. 23. Et om. 5. m. 1. others: And by Indenture, anno ix. Constituted c Claus. de anno ix. Dors. m. 1. john Patesley Citizen and Goldsmith his Exchanger with several Covenants; And for the Out-Ports, and other parts of the Realm from London; There was Commissu directa iusticiarijs de Assisa per Totam Angliam ad Communìcandum & tractandum cum quibus Cur que legijs qui officium Cambij Mometae Regis habere & occupare voluerit. Patent. de anno 19 part. 2. mem. 8. Statut. ix. H. v. c. 2. The King shall do to be ordained his Exchanges of Gold and Silver in the City of London and elsewhere, in the Realms for the ease of his people, Which shall be holden in open places in high Streets; And that all they which will come to the Tower of London, there to have money new Coined, they shall have money of new Coin, and thereof shall be delivered within Eight days according to the true value paying the Coinage. And that they which will not goc to the Tower but thereof be delivered at the Exchanges, shall pay for the Exchange after the rate of Penny for the Noble, with the Seignorage and Coinage. Cap. 4. Item, That they which shall be wardens, Surveyors, and ministers of Exchanges out of the Tower, shall be holden and bounden to bring all their Gold and Silver, which they shall receive by way of Exchange, or Buy, by colour of their Office unto the Tower, there to be molten and made into Coin, in augmentation & increase of the money for the profit of the Realm and ease of the people, without being sold, aliened, or put to any other use. Bartholomew Goldbeater was Exchanger by Indenture at the time of the Demise of Hen. 5th, who a Rot. Parl. an. H. uj nostr. 35. was commanded notwithstanding the voidance of his Indenture, by the King's death to continue the Exercise of that office (as the Record saith) to the Profit of the King and people; and upon supplication of allowance for waste, was allowed for Exchange Penie halfpenny per Noble. After whose death the said Office by Letters Patents and Indenture, was grannted unto b Patent. ann. x. pars 1. mem. 29. William Russee Citizen and jeweller, to have juxta formam & effectum Indenturarun. Anno xxiv. c Dors. Claus. de. cod. anno memb. 30. Robert Mansfield was made Exchanger by Letters Patents and Indenture. Anno xxvij. d Claus. de codem 23. in. dors. Vid.: stat. 1. H. uj cap. 1. & 2. H. vj. cap. 10. Richard Tunstall. In all which Indentures, the Covenants are gronnded upon, and pursue the Provisions of the Acts above mentioned of anno ix. Hen. v. Capit. 2. & 4. Edward the FOUR in the viii. th' of his Reign, did ordain a Patent. de eod. an. pars. 3. m. 2. William Lord Hastings, Master and worker of his money, etc. And Keeper of all manner of Changes and Outchanges in the Tower of London, Realm of England, town of Calais and marches of the same, to have to himself and Deputies according to his letters Patents and Indentures. In anno xxij. b Pat. de eod. an. pars. 3. m. 8. Bartholomew Read Citizen and Goldsmith of London, had the same office by letters Patents and Indenture. Richard the III. granted this Office to john Kendal his Secretary, with Proclamation, anno 1. And thus all the reign of Hen. the seven. * Man. Cotten. it was continued, and so along until the lose times of Henry the viii. upon occasion of his base moneys (whereupon no constant Exchanges could be made) made way to the Enchrochment of the Goldsmiths who (as the right worthy Sir Robert Cotton hath observed) having of late in our times cast off their proper Trade of Gouldsmithery, are become unduly to the King's prejudice the Masters and Commanders hereby of the King's Mint. And so by setting themselves in the sovereigns' dignity, bring the King to be waged and set on work by his own subjects, Contrary to the use of the former best times in this state. And to the practice of the wisest and great test Princes in foreign parts. The Exchange of Coin or emption of Bullion being almost in all neighbouring states Officium publicum, And in the power and donation of Princes none being at liberty to exercise lestat. de Changeiur, but by faculty from the Prince, And with Relation to his Mynts. Statut. 4. Hen. seven. cap. 5. No fine silver to be allayed or sold to any but to officers of Mints, Changes, or Goldsmiths, for augmentation and amending of Coin or Plate: etc. But not to sell to any person Silver allayed. And that no Goldsmith sell no fine silver nor any silver allayed to any person whatsoever, nor one Goldsmith to another. By Proclamation 5. Ed. vj. this statute of 3. Hen. seven. (which expressly ratifies and confirms the Act. of 25. Ed. 3. orderned for Exchanges supra) is commanded to be put in Execution. And in the Act of 18. Eliz. 15. for reformation of abuses in Goldsmiths, her Majesty's Mints and Changes are nominated disiunctively and by Proclamation of 43. Eliz. this Act of 25. Ed. 3. Concerning Exchanges is enjoined to be duyly observed. Note that this Act. of 25. Ed. 3. made for Exchanges, is mentioned in the Indentures of the Kings, with their Exchangers: as an. 28. Ed. 3. Wickingham, ix. H. v. to Patesly, x. Hen. 6. to Wilitam Rus. xxiv. to Mansfield, xxxuj. to Tonstall viii. Ed. 4. to M. L. Hastirgs, xxij. to Reed. In all which and in all other Judentures of this Office the King expressly covenants to Proclaim: That none other hold any common Exchange or take profit. This Stat. being also Proclaimed ix. H. v. mem. 6. By all which Acts of Parliament, Charters Proclamations cleared and interpreted by the Letters Patents, and Indentures, and the vninterrupted practice and exercise of that Office for many hundred of years, Is made most evident. 1. That the Exchange or buying of Bullion belongs to his Majesty jure successionis, by right derived from his Ancestors Kings of England: as part of his ancient Right and Revenue: And likewise jure concessionis, by Grants and Establishments of several Acts of Parliament. 2. That it is no part of the Goldsmith's trade to buy or exchange Bullion; or lawful to any other to trade Gold or silver Merchantwise, to make profit thereof, save only to his Majesty's Exchanger. 3. That the Exchange was divided and severed from the Mint, or Bullion: And that diverse places of Exchange were both in London and elsewhere out of the Tower. And to conclude the point of his Majesty's legal interest in the Exchange of Bullion, the Charter of the Goldsmiths expressly both warrants his Majesty's Right, and shows that they had no liberty to buy any Gold or Silver, but with reference to be made and converted into Plate. As more particularly will be explained in Answer to some legal points of their petition made to the Lords of his Majesty's most Honourable Privy Council. By all which, though it doth evidently appear, That the Exchange of Bullon neither ever was, nor now is, any part or branch of the goldsmith's trade; to which by his service and freedom he is entitled. Nevertheless it may not seem altogether unuseful to Collect the same likewise from the points ensuing. That this is intimated in the very name of Goldsmithrie, §. 1. importing a manufacture or handy craft: they being Auri-fabri, not Auri-emptores, or Auri-venditores. That by the old Orders of the Company of Goldsmiths. §. 2. It was required as a proof of his skill and sufficiency, That every one before he was made free was to make a piece of Plate or other work called his Masterpiece, without which he was refusable: but it was never heard they were examined upon their skill in foreign Coins or several goodnesses of Gold or Silver. That within these 60. §. 3. years last passed; The Goldsmith-row in Cheap or Goldsmithrie, was all inhabited by the working-Goldsmiths, every Shop having his worke-houses necessary for the several use of their Trades. That the commonalty or generality of the Company, §. 4. doth neither pretend unto, nor know what belongs to the skill or cunning of the Exchanges, nor are acquainted or practised in the values or finenesses of foreign Species: And as within these 30. years last passed there were few or none: So at this time there are not many more than ten persons who to any purpose are skilful or traders in foreign Coins. That it is lawful, for any Book-binder, §. 5. Merchant's man or other person whatsoever, being free of any other Company: To set up as an Exchanging Goldsmith; which shows that to be no part of the Trade: And upon some remonstrances under the hands of the Commonalty, it will be made appear, that they have disclaimed this Exchanging mystery either to be part of the it trade; or the Exchangers of right to have any thing to do in their Company. And lastly, §. 6. if this Exchanging had been part of the Goldsmith's true and ancient Trade, it would have been used by them time out of mind as appertaining to their Trade; Whereas contrariwise it most evidently appears, That many Goldsmiths in the Reigns of several Kings did exercise this business of Exchange, and buying and selling of Bullion, Not by reason of their trades, but by virtue of Letters Patents from the Kings of this Realm, and that without opposition or pretention of any other of their Company thereunto. Thus William Salisbury Goldsmith was Exchanger, 1. Ric. 1. john Patesley ix. Hen. v. William Russee 2. Hen. vi. Bartholomew Read, xxij. Edw. the 4. and others. By all which is apparently showed. The exchanging of gold and silver to be no part of the Goldsmith's trade or to belong unto them. And by consequence that by the Office they are not restrained or debarred from any lawful benefit or use of their Trades. CHAP. 2. The Causes of his Majesties now resuming the Exchange of Bullion. Besides the more general Cause moving his Majesty to resume the Exchange of Bullion, which was, a Ad jura regni ne depereant seu per aliquorum usurpationes indebitas aliquatinus substrahantur quatenus iuste poterimus manu tenendum substractaque & occupata si quae suerint ad Statum debitum revocanda nec, non ad impugnatores eorundam iurium nostrorum refraenandos, Et prout convenit juxta eorundam demerita puniendos co studiosius nos decet operam adhiberi & solicitius extendere manum nostram quod ad hoc vinculo iuramenti teneri dignoscimur & astringi pluresque conspicimus iurà illa pro viribus impugnare. Regist brevium. Ad iura Regia. fol. 61.6. to preserve the rights of his Crown and revenue, Some special Motives seem to have been raised, from those Abuses and errors, which such of the Goldsmiths as became Exchangers haeve practised, whereby they have greatly exhausted the Money of the Realm, and depraved and enfeebled the residue. And as the Proclamation not colourably but truly speaks, These Exchangers have from hence grown unto that licentiousness, That they have for diverse years presumed for their private Lucar and gain, and daily do presume to sort and weigh all sorts of money's currant within our Realm, to the end to Call out all the Old and new monies which either by not wearing or any other accident are weightier than the rest, which weightiest and best monies have not only him melted down, for the making of Plate vessel and other manufactures, but even Traded and sold to Merchant strangers and others who have transported the same, whereby the Consumption of our Coins hath been greatly occasioned. Not only to the scarcity of Currant monies, especially of Silver Coin, but also to the great depravation and enfeebling of the Remainder of our Silver monies not exported or consumed by the abuses and practices aforesaid. And to the Raising of the Silver even of our own Monies to a Rate and price above our Mint, and above what they are truly Currant for. By reason whereof no Silver can be brought thither but to the loss of such as bring the same, Contrary to the Laws and Policy of our Realm, and of diverse acts of Parliament, and of late Proclamation in that case provided and published. The longer permission of all which would not only redound to the impeachment of our Prerogative Royal: but doth directly tend to the impoverishment and destruction of our Realms. Now that the Exchanging Goldsmiths have had by the Advantage of their Exchanging, the Opportunity of being the main Sorters and Colours of the weightiest monies, and have sold and molten down the same, is convinced; 1. From the Conviction of the Merchant-Strangers and others in the Scar-chamber; The Examination of the Gold smiths, and their Books being the main proof against them: Since all or the greatest part they exported, was bought of the Exchanging Goldsmith. 2 That his Majesty found this upon Examination, as is Expressed and declared in the Proclamation of ix. King JAMES made against Melting or Conveying out of the King's Dominions of Gold or Silver coined or currant in the same. 3 That it is notorionsly known that it hath for this 30. years and opwards been the usual course of Exchanging Goldsmiths, to make their prentices and servants, every morning to run from shop to shop, to inquire after and buy up all weighty and heavy Gold at any over price, all which they have sold to Dutchmen & others to be transported to their Mints: And ever since the Proclamation of the xj. of the said King (which enhansed the gold, whereby the profit was turned upon the silver.) They have practised and still do practise to cull and sort out all weighty and heavy moneys which they have sold for furnishing the Mynts of Holland, and of the East-countries: witness the pieces of Thirteen-pences halfepenies, Old shillings of Elizabeth, Ninepences and fourepences halfpenny pieces being weighty moneys, whereof none are now to be met withal. 4. That hereby they have raised the price of silver by degrees, to 2.ᵈ per ounce above the value of the Mint, the immediate consequence whereof hath been the standing still of the Mint for silver Monies ever since the xj. of King james, to the great scarcity of silver Monies; the decrease of trade and employment of the subject both which are moved by plenty of money. 5. That it is notoriously known, that silver weighty moneys are by certain persons that run up, & down to shopkeepers and others, under pretence of Exchanging gold gathered and sorted together; And sold by the Ounce to be molten down to make plate off. All which praemises considered, It is a thing of no great marvel though Melchior wink late Myntmaster of Amsterdam, amongst many other of his services to that state gave in a memorial of his gaining them, LX. M.l. per annum, by melting down English Coin which gain Argues an immense sum to have been molten down. For restitution of which Right to the Crown, and to reform and stop the further continuance of these and such like abuses, tending to the dimunition and depraving of English Coin, and procuring the scarcity of money especially of Silver hath his Majesty been pleased to Resume and Re-establish, the Office of his Exchange Royal. CHAP. 3. Of the Conveniences of the Office of Exchange. The Policy and Laws of this Realm, have always aimed at and intended The increase and augmentation of Money; most especially that of Silver: And this diverse ways. 1. First, by procuring the Importation of Bullion, and to this end have enforced the Exporter of Staple Commodities, to return some proportional part of Bullion; as 14. Edw. 3. cap. 21. Two marks silver for every Sack of Wool: or that Wool, woolfels and Tin should be sold for ready money. Every Sarpler of Wool of the value of 12. Marks, to make good to the Mint six pound of Bullion. 2. Secondly, by preserving it aswell in its kind by providing against Exportation a 20. Ed. 1.9. Ed. 3.2. H. 6. Proct. 9 jac. others. and the melting it down to make Plate or other Manufactures of b 9 Ed. 3. ca 3.17. R. 2. ca 2.17. Ed. 4. ca 1. : And if any moneys through time or or other practice, became uncurrant, than the same to be converted into Money again, and not be diverted from Coin. c Ed. 1. Statut. de moneta portuum Rastall titul. money 2. . 3. Lastly, by providing, d 2. H. 6. ca 13. 18. Eliz. cap. 15.5. Ed. 6. Tit. Exchange Rastall 25. Ed. 3. Procl. 43. Eliz. 10. jac. 61. & 16. That none should give a price for Bullion above the Rate of the Mint: For it is not to be expected that any Bullion either of Gold or silver shall ever be brought to the Mint, when the Owner may have a greater price, then at the Mint, either to be transported, or to be Converted to make Plate or other things of. This agreeing likewise with the Policy of Spain, which though it be the Spring and fountain from whence the greatest streams of silver have been derived into other parts, yet an ounce of silver there will always yield the seller six pence or one Real more at the Mint, then to be sold to any other for any purpose whatsoever, concurring likewise with the practice of other States. Plenty of Money being then the Mark or Aim by approachment whereunto, or declination from whence the conveniency or inconveniency of the office of Exchange must be judged. And these the subordinate means to obtain the same, directed and leveled to that end by diverse acts of Parliament. The next Enquirie is, whether these ends may not more probably beattained by the due exercise of the Office, Then by still permitting the promiscuous buying and felling of Bullion, and a common Trade and Trassiquing in it, And this by way of comparison. 1. The Goldsmiths have been found to be the sole instruments of Exportation, and a most necessary and effectual means thereunto, without whose ministry the weightiest or best moneys, or Bullion of gold and silver could not be got together b Procla. r. feb. 16. jac. to fit the opportunity of transportation, But these Exchanging Goldsmiths being taken away, the transporters cannot be fitted, or their turns served, and so the transportation will decrease: But the Office of his Majesty's Exchange, is to assemble and gather together the materials of Myntage, & the same to deliver to the Mint, there to be coined for increase of money, and this by the testimony c 9 Ed. 3. c. 7. & 9 H. 5. c. 2. of a Controller of the Exchange appointed thereunto by his Marestie. 2. The Goldsmiths culls and sorts likewise out, the weighty moneys from time to time, and melts them down, or sells them to be molten down to be converted to Plate, and for diverse other uses. The Exchanger neither Culls nor sorts, nor will permit any such culling or sorting, but will have an eye hereunto, as well because it occasions the overprises of Silver: as also because they hereby continue an unlawful trading of Coin to his prejudice. 3. The Goldsmith hath hereby occasioned the price of silver to rise by degrees to 2d per ounce above the value of the Mint: The effect whereof hath been the standing still of the Mint: And the raising of the price of Plate from time to time; And the culling and melting down of his Majesty's Coin, But the Exchanger neither can nor will do any of these, And all these abuses, proceeding only from the Exchanging Goldsmiths will cease, when their usurped Trade shall be taken from them, and they no longer permitted their Exchanging without which they will not be accommodated for these practices. Now though the avoidance of these pernicious courses, tending to the impoverishment and destruction of the Realm, be a good and conveniency sufficient to persuade and maintain the resumption of this startup trade, and the usefulnes of the Office: Yet the due execution of the office, and the parts incident thereunto will be further beneficial to the Realm. 1. 1. Importation advanced. By public Tables to be set up by the Exchanger will be made known, the right valuation of Foreign Coins to ours. And this will direct the merchant to sell our commodities to the just price, which will advance the stock of the Kingdom, and cause importation of Coin and Bullion. 2. By the true and certain value and tate set upon all foreign Coins and Bullion, the Merchant will drive a more certain trade then heretofore; For being sure to receive his ready money for his Bullion at his return, and being before informed of the true rates, this cannot. likewise but encourage and advance the Importation. 3. The traveller inwards, or whosoever is owner of any foreign Coins in any the out part or place of landing, having occasion of currant moneys, must take the pleasure of the buyer to his exceeding great loss, for particular men will not deal with unknown Coins but upon certainty of exceeding gain; But the deputies here must give the full value, which will likewise further the Importation. 1. 3. Exportation hindered. The Exchanging Goldsmith being put by, by the Execution of this Office, the instruments and means of Exportation being cut off, The Export itself will cease, or be much diminished. 2. Monies promiscuously currant are not Exportable, but the weighty and culled monies: But the Exchanging Goldsmith, the Culler and Sorter of these being cut off. The Export will likewise thus be diminished. 3. The Exchanger and his Deputies in all the Ports will have an eye to the execution of the Laws and Ordinances against Exportation, whose better execution will much prevent carrying out of Bullion. 4. Foreign Coins in the out Ports and here, are kept and preserved to serve the occasion of the Traveller, or Merchant outwards, but bought by the Exchanger, are forthwith cut in pieces. And cannot be exported but are Converted into his Majesty's Coins. 5. Lightened and uncurrant Coins of Gold bought by the Goldsmith, are either sold to be transported or molten down, being the best monies for these purposes: (As those wherein the Coinage is saved) But sold to the Exchanger, are in the presence of the seller cut in pieces, And re-conuerted into Coin, whereby the stock of money doth not decrease. The Advancement of his Majesty's profit in the Mint is a consequent to all: 2. Advance his Majesty's profit in the Mint. For all Bullion coming to the Exchanges, is by Covenant and Compulsarily carried to the Exchanges; and this by the testimony of a Controller appointed to oversee the same, and to Charge the Exchanger with the Bullion bought by him, and must not be sold or aliened to any other use; Unless his Majesty or the State shall think fit to licence some determinate quantity to be sold upon promise to provide the like quantity again from the parts beyond the Seas, upon the immediate contract of the Exchanger for the same. In which case the Money of the Realm is not diminished. But the Goldsmith's carrying Bullion to the Mint is but accidental and at their pleasures, and only then when the price of the Mint exceeds the rate of any other for the same. This was the reason why before Gold was enhansed 9 jacob. they seldom or never carried any to the Mint, the Merchant giving them a greater price for the same. And ever since that time, the profit falling upon Silver, They have not carried into the Mint any considerable quantity of Silver, by which the Mint hath not only stood still for silver monies, but by this and the exportation and melting down the Silver monies, there is scarce silver enough seft to drive the Trade of the Country, to the great hindrance and decay of Trade, to the lessening the employment and setting on work of the Subject. To omit that the remnant of the money of Silver are so by lightning depraved. That these which Run in promiscuous payments wants near ix. l. tail per centum of their just weight. Besides these, we may herein further consider, That it is a point of Honour and justice in the State: That there should be a certain and invariable price set upon Bullion, foreign or other uncurrant Coins, whereby they may neither be overprised to the detriment of the Commonwealth, and all such as have occasion to use any manisacture made of them: As likewise, that the Subject be severed, that neither his Ignorance nor necessity, should betray him to Deceit; But that there should be ordained ser and fired to the Ignorant, as well as the skilful, to him that is urged by his occasions, as well as to him that may forbear; a loyal and legal price of Coin or Bullion, which can be ascertained no other way but by Reerecting Cambium Regis. But these Considerations will perhaps with some be more prevalent, when they shall receive full satisfaction in the clear solution of those Difficulties, which by the Goldsmiths and others, both before his Majesty and the Lords of the Privy Counsel, and elsewhere have been objected, and opposed to the said Office, in charging the same with public preiudices, Which were these: Artic. 1. Petition Goldsmiths. Object. That the Office sought to be renewed, hath been so long out of use. That the sudden alteration will be a great hindering to the Trade and vent of Cloth, which if it prove so, will not easily be restored though the Patent be laid down. And therefore without good assurance of the Event inconvenient to be put in Execution. Artic. 2. It will be a great means o hinder Importation of Bullion. And by consequence will cause Exportation of Gold and Silver, whereby both his Majesty will be much prejudiced in the profits of his Mint, and trade and conmerce much hindered. Artic. 5. By the Indenture betwixt the King's Majesty and the Earl, it is mentioned, that the Exchanger shall take only for the Exchange so much as shall be agreed betwixt him and the bringer in of Bullion. So that it be not above the rate of jd d for the Noble of Gold or silver which is a great burrhen to the Importers, and will be loss to the people in every ounce of gold xd. which is in money in the pound weight of gold x s. And the like prejudice will ensue in silver, whereas the Goldsmith doth ordinarily make his Exchange for 2. s. and less in the pound weight. Artic. 6. It will be dangerous to the lives and States of Merchants that import Bullion, to be enforced to bring it to one hand onelyl by which means their importation of Bullion of foreign Countries may be revealed. It being in most kingdoms Capital or confiscation of goods to Export Bullion. These are the Object on's which have bcene made against the Office as publicly inconvenient aswell by the Goldsmiths in their Petition to the Lords as others. To which though every one from the Precedent declations many make clear answer: And that it ought to suffice that having been solemnly debated before his Majesty, upon a long and full hearing they have been resolved: yet for the general satisfaction, some part of what was answered to them may be repeated. To the first; That it was not imaginable how the Office could stop the vent of Cloth: Nor could be assigned how or wherein this trade should hereby be endangered. And his Majesty proposing to this objection, it should be declared in Individuo how or wherein this hindrance should be occafioned. Upon Nihil dicit the objection vanished, and was discharged. And since experience hath taught that the same was but as a fancy presented to a muse, such as could be disturbed by generalites and conclusions. To the second. That being only general, it fell off likewise upon the same reason, for want of their showing how or which way the execution of the Office should either hinder the Import, or advance the export of Bullion, or decrease his Majesty's profit in the Mint, otherwise or in other manner then as this followed from the ensuing Articles. Wherefore to the 5. Art. Containing the burden of the jd d in the Noble to the Importer whence (say they) he will be discouraged, is answered diverse ways. 1. The Importer being neither by the Letters Patents nor the Proclamation restrained but at liberty to go either to the Mint or to the Exchanges at his election, doth not pretend himself grieved or at all discouraged And for the jd d in the Noble, so long as he receives benefit and accommodation by the Exchange, the price of the Exchange, is due of justice Qui sentit commodum sentire debet & onus: The benefits he receives thereby are 1. The Importers occasion in the use and employment of ready money for paying of customs wages and other necessaries is served: 2. He obtains a more certain course of trade, when by the Rates set and taxed he knows certainly what his foreign Species will yield him instantly upon his arrival without delay or difficulty. And since for these intents the Exchanger maintains stocke-seruants and other incident charges, Dignus est over arius mercede sua. Et qui sentit onus sentire debet & commodum. Secondly, The taking of the jd d per noble is not granted (though warranted by jx. H. 5. cap. 2. (as jd d ob. per noble by 1. H. 6. cap 4.) but the exceeding thereof only restrained: And in the Extent or Latitude allowed (of 3d per pound exchanged) The Exchanger (since the Importer is free to go to the Mint,) must guide himself and drive his Exchanges upon such reasonable rates and prices as may invite the Merchant unto him. It being certain that he will not come to the Exchanger but go to the Mint: unless his benefit and accommodation by the Exchange be made answerable to the price he gives for the same. Thirdly, His late Majesty having abated his Coynenage of gold by proclamation 4. May xmo published a valuation of foreign Coin and Bullion. And this was made by the advice and with the godd consent of Merchants called thereunto. And according as the same Species were by the said Merchants accepted of abroad, Intending as is likewise expressed in the same Proclamation, that these prices would invite the Merchants to bring in great store of foreign Coin and Bullion to the Mint. With express prohibition, that none should exceed these rates. The office notwithstanding gives greater rates for every ounce of Crown gold or of 22. Carotts fine, which is there set at 3l. 6. the Ounce, There is given for it in Ingot at the Office 3l. 6s. 8d. the Ounce. And in species 3l. 6s. 6d. For Angels, and Spurrials in species 3l. 12. the ounce though these are one quarter of a grain worse than Standard: And so the office gets not ijd. per xxˢ. exchanged. And stay often a month for the return. And since that Proclamation, seconded by that of the 5th February 16. jacobi, There hath been no cause by alteration of the monies, why the prices well liked of then should not please now. And it is most untrue that the Goldsmiths do constantly exchange for 2. per pound weight of gold. For that could not return him the use of the stock: And he must needs then be a lose by his trade: When he doth so, he makes use of the Merchant's stock, and pays him only with his own at the delivery our of the Tower: But the Goldsmith's rates are, according to the skilfulness or necessity of the seller, upon which he will be sure to make his advantage, to sarr greater profit. And as to the loss supposed to the people in general of x. s. per pound of Gold. It will easily be maintained, that the subject in general, recemes more at the Office, then from the Goldsmiths; besices that, neither his ignorance nor wants can there be wrought upon: but shall certainly and at first there receive the full value of his Coin or Bullion. Which thing how advantageous it is to the simple or necessitous, may easily be apprehended. And to the 6. Article; Implying matter of danger to be raised to the Importer by discovery from the Office. Though it be grounded upon a false suppofall, that he is constrained to carry his Bullicn into one man's hand, whereas he is free to carry the same to the Mint at his Election: Yet for further answer, It is plain: 1. The Merchant is more secured by a sworn Office then by any Goldsmith's Servant who manageth the business for his Master. And the discovery thence is more easy as the Discoverers more, of less trust and ability and not so readily found out; Nor can this be presumed since no Experience shows, that ever from his Majesty's ministers when they executed this Office any danger arrived, though at those times Penalties from foreign parts for Exportation were as severe and strict as at this present. 2. No man can say, that a Merchant or his Factor bringing Species to the Exchanger was the Importer; since here they may use one another's name & servants: No more than it cna be concluded, That pieces of viii. Reals, or French Crowns, or Fistolets imported, came from Spain or France, since these may and do come from diverse other parts where these Species are Currant, and traded as Merchandise, as in Holland, diverse parts of Italy and elsewhere. 3. No Register is to be kept of the name of the person to the danger of the Merchant: but of the thing only for the security of his Majesty, to charge the Exchanger to carry the same to his Majesty's mint for increase of Coin. The issue of all which precedent Discover is: That since the Exchange of Bullion is now clearly his Majesty's Right, and no part of the Goldsmith's trade: And that the due Exercise thereof cannot be but with good likelihood of advantages to the King and Commonwealth; aswell by preventing the Abuses and Errors abovementioned, as by obtaining those benefits above likewise in part intimated; That the true State of the question betwixt his Majesty and the Goldsmiths is, Not that there should be shown of his Majesty's behalf, either reasons to move his Resumption, or declarations to persuade the Conveniencies therefo; for his Ma.tie having in Law always been in possession thereof And now being so the facto, It rests upon the part of such as Petition for his Majesty's laying down, this ancient Right and Flower of the Crown; To propound, some most just evident and necessary reasons and motives, upon which his Majesty should be moved to remit and quiteclaime either to the Goldsmiths in particular, or other subjects in general this so Royal and legal prerogative. Upon consideration whereof (being humbly presented to his Majesty) such resolution no question will be taken as shall best stand with his Majesty's Honour and the good of his Realms. CHAP. 4. The proceed and debatements had in bringing the same to Resolution. THe Proposition for Reviving the Office of Exchange, was presented to the Earl of Holland about the beginning of Summer, 1626. And a Reference was made to Mr. Attorney and others, who reported the legality, and that it was his Majesty's Right, leaving the point of Conveniency. About Christmas after, the first Letters Patents and Indenture were passed, and a Proclamation according to the usual form of such like grants was to follow. The Lord Treasurer was acquainted with the Proclamation, Letters Patents and Indenture; who thereupon ordered the Officers of the Mint should attend him therein. And they then delivered in some exceptions to the same, partly claiming the place to be in grant to the Warden of the Mint, partly urging inconveniencies, which because they were the same with the first, 4.5. and sixth Article of the Goldsmiths Petition above recited, are here omitted. During the stay of the business here, the Goldsmiths obtained the City to join with them in Petitioning the Counsel Table against the Office. The Earl of Holland answered this general Petition, praying that the Goldsmiths might in particular set down their grievances, and the inconveniences, whereunto a certain Answer might be made; And whereupon a certain issue might be taken to preserve the business from confusion in the hearing, which being Ordered, the Goldsmiths hereupon exhibited to their Lordships, another Petition declaring at large all their Reasons against the Patent, as well in respect of their pretence and claim to the same; as also, what prejudice did thereby accrue to their Company in particular; And likewise, how inconvenient the same was to the Realm. To which his Lordship answered again; and so the Cause came to a hearing before his Majesty and some six and twenty Lords and others of his Privy Counsel, upon Wednesday 25. April, 1627. and received Determination according to the Order hereafter following conceived upon the same. Wednesday the 25. April, 1627. THis day the King's Majesty being present in Counsel, Order of the Counsel. the reasons presented by the Petitioners of the City, and of the Goldswiths; as likewise, such other Exceptions as by diver, Merchants and others, then present in persen and by 〈◊〉 Counsel learned, were made against the Office of Exchange and the Patent Indenture and Proclamation, for the Regulating and the better Execution thereof were taken into Debate and Cor sideration. And upon full hearing of all the said parties and their Counsel at large, and particular Debate of all the Reasons in the said Petitions alleged, and others then made, it appeared plainly to his Majesty and the Board; That nothing was innovated but the right of an ancient Office, Revived; And regusated by the said Jndenture and Proclamation. Nevertheless his Majesty graciously inclining to give comfort to the Goldsmiths, in any thing properly belonging to their trade, and to free the Merchant from any inconvenience or loss that might arise by the Patent, was pleased, and by the advice of his Council did ordain these things following to be thus explained and declared. First, that they of the mystery of the Goldsmiths have free liberty to buy any plate, or gold and silver, which in the use of their trade or mystery they converted into made wares, or other works of, Goldmithry as fully and amply as heretofore they might or could do, but not to by any manner of gold or silver to fallen again, or to serve to the Mint, or which now are or have been, or which hereafter shall be his Majesty's Coins of Gold or Silner. Secondly, that all plate wrought, where the fashion is valuable should be left free to be bought sold or pawned, by or to any persons whatsoever. Thirdly, that every one of his Majesty's loving subjects should be at liberty to carry their Bullien to the Mint, without being enforced to go to his Majesty's Exchanges, But none are to buy Bullion Merchantwise, thereof to make profit by carrying the same to his Majesty's Mint, there to be coined in damage or defraud of his Majesty's Exchange. Fourthly, where it was alleged, that the Penny in the Noble to be paid to the Exchanger, might occasion the higher rates of Bullion and Species, and so hinder the Importatin thereof: It is declared that the Penny in the Noble is not set as a rate certain, which the Exchanger is to take, but such only which the Exchanger is not to exceed, but may take less as the Exchanger and seller shall agree, which if they cannot, the seller is at liberty to go to the Mint, where nothing is to be taken but for the coinage of the said Bullion. These explanations are to be made in the Proclamation to be published for he execution of the said Office, and new Letters Patents are to pass, omitting the grant of any part of forfeitures of penal Laws and Clauses of Assistaxce touching the same. According to this Order the Proclamation was published 25. May, next ensuing, And the Office was opened the 25. of june next after. And yet the Goldsmiths (notwithstanding all their reasons were particularly heard stated & debated before his Majesty and the Board: And after again, read oner point by point, And they and their Council were heard to whatsoever that they could say) did (the same Progress) again petition his Majesty herein, which by his Majesty being referred to the end of his Progress, They for that time pursued the same no further, but since the summons of Parliament did again petition his Majesty upon the former pretensions and allegations, to which his Majesty was most gracionsly pleased to give this favourable answer. To the Kings most Excellent Majesty. The humble Petition of the Company of Goldsmiths. MOst humbly showing, Petition of the Goldsmiths. That whereas your Majesty hath been lately pleased to grant a Patent for your Majesty's sole Exchanger of Gold and silue Bullion within your Highness' Dominions, which Office having been long out of use and aboshlied, and now put in practice, appears to be very inconvenient and prejudicial, not only to your Majesty and the Commonwealth, and in more particular to your subjects, for that it tends to the utter subversion and destruction of the Company of Goldsmiths, consisting of at least 900. families of thousand of your Highness' people, for although your Majesty was graciously pleased by your Proclamation to declare, that it was not your Highness' meaning to take from your Suppliants any thing that of right belongeth unto them in their lawful trades, yet they be restrained from buying and carrying any Bulloin at all to his Majesty's Mint, when all other your Subjects and strangers are left at liberty, it having been the practice of all ages, to invite all to come to the Mint, yet now the Goldsmiths are accepted and forbidden to buy any Bullion except it be old Plate, or such as is manufacture already to make plate of, which is the standing of the Kingdom: So that they be deprived of their maintenance and livelihood by the said Office; And yet the service of your Majesty and the commonwealth, under pretext whereof this Office was obtained, is no way advanced, but contrariwise much hindered and impaired thereby, And whereas it was pretended, that it should be a reformation of abuses by restraint of Transportation, it is plain it rather incourages and make more Transporters than have been, And therefore because it is a great detriment to your Majesty's profit in the Mint, and to the whole Land being a hindrance to the bringing of treasure into the Kingdom, both which may be very plainly made to appear by diverse reasons. Your Suppliants most humbly beseeches, you willbe pleased to take into consideration their grievances, and to compassionate them that they may have the freedom of their trades formerly they have used, that they may be enabled to do your Majesty service, as heretofore they have done, which they have expressed by their readiness in all obedience to your Majesty upon all occasions, And your supplyants' according to their bounden duty shall pray for your Majesty's most prosperous Reign in this world, and eternal happiness in the world to come. Whitehall. March, 1627. Forasmuch as this Petition of the Company of Goldsmiths containeth the same matter in effect which was heretofore taken into consideration and debated before his Majesty and the Lords (with Counsel on both sides) and finally Ordered and that their right is reserved unto them by the said Proclamation, And that contrary to their suggestion they have as great liberty (by his Majesty's mere grace and favour) to go to his Mint, as any other his Subjects have, but not to make a trade and gatne betwixt any other his Matesties' subjects and the Mint, contrary to the policy of all ages, And if they are hindered or restrained in any thing belonging of right to their Trades (without usurpation upon his Majesty's Regalties) they are free to use the benefit of his Majesty's Laws for relief therein, his Majesty willeth that the Petitioners trouble him no further herein without particular matter of wrong, or new grievance done unto them by the Execution of the said Patent, whereupon his Majesty will take such further consideration as be fitting.