Sir Thomas Roe HIS SPEECH IN PARLIAMENT. WHEREIN He showeth the cause of the decay of coin and Trade in this Land, especially of merchant's Trade. And also propoundeth a way to the House, how they may be increased.  
Printed in the year, 1641.   

SIR THOMAS ROE HIS SPEECH IN PARLIAMENT, 1640.  
IT is a general opinion that the Trade of England was never greater, and it may be true, that if it be so, yet it will not absolutely conclude that the kingdom doth increase in riches, for the Trade may be very abundant, and yet by consumption and importance of more than is expected, the stock may waste.  
The Balance would be a true solution of the Question, if it could be rightly had: but by reason it must be made up by a Medium of the Books of Rates, it will be very uncertain.  
Therefore we must seek another rule that is more sensible, upon which we may all judge, and that may be by the plenty orscarcity of money; for it is a true rule, if money increase, the kingdom doth gain by Trade; if it be scarce, it loseth.  
Let us therefore consider; first, whether our Gold and Silver be not decreased, and then by what means it is drained; and lastly, how it may be prevented, and what remedies are appliable to effect it.  
It is out of doubt our Gold is gone to travail without Licence, that is visible beyond Seas, and every receiver of sums of money must find it privately; and I fear the same of Silver, for observing the species of late coining many half crowns were stamped, which are no more to be seen, and by this measure I conclude the kingdom grows poor.  
The causes of this decay of Money may be many, it may be stolen out for profit, going much higher beyond Seas, especially in France and Holland.  
Much hath been drawn away by the Stanger upon fears of our Troubles, of which I have experience by exchanges; and Exchanges are the great mystery, especially such as are used as a Trade, and governed by Bankers who make many returns in a year, and gain by every one, more than the interest of a year, and the greatest danger to a State is, when money is made merchandise, which should be but the measure thereof.  
And here I will propose a problem, whether it were profitable to a kingdom or not, that the Stranger for many years had a great stock here at interest, and still hath some; I confess it hath supplied the necessities of Merchants, and helped to drive Trade. But my Quaere is this, suppose the first principal were truly brought in by the Stanger, yet doubling every ten years, what becomes of the increase; have they not lived by our Trade and the Merchant adventurers, and soaked the kingdom of as many times principal, as they have practised this usury many times ten years, and in the end drawn or carried all away? This is a point to a State very considerable.  
Much coin hath been drawn away without doubt by the French, who have brought in Wares of little bulk, perhaps without custom, but of dear price, and having turned it into Gold, have returned without investing any part thereof: and such petty Merchants cannot be reached by the Statute of employments.  
Another cause of scarcity of coin, may be the over-strict rule of the uncurrentnes of any good coin, and that it must be sold here as Bullion; in that case, what stranger will bring in money? Whereas, if every good species current, according to this allay, and weight in proportion to our coin, or rather a little higher, it will draw, namely money by degrees into England; as lower grounds do water from higher, though they see not the Channels: and we see France, Holland and Germany admit all good coins, though foreign, for and above their intrinsic value.  
But I will end this search by proposing some general Remedies; for if I do now but make essays, and give occasion to more subtle and particular disquisition,  
1 To the first leak of stealing away coin, I would make it felony by an Act: for if a man may justly suffer death for robbing of a private man, I see no injustice nor cruelty to inflict the same punishment upon him that robs a kingdom.  
2 That the neighbour Princes and States do cry up our money, and so entice it from us. This in my judgement ought to be provided for by our Treaties, which was the old way, especially of Commerce, by agreeing and publishing of Placarts according to a true Par: For that Prince that will make a treaty of Commerce, doth it for the use of the commodity, which certainly I would deny any Prince that would not consent to keep moneys even, by their true values, at least, that would set a higher price upon our money, than the King hath done; and if our coin did either keep beyond the Seas the English value, or were Bullion and uncurrent, the stranger should have as little of our money, as we have of theirs.  
How to recover the stranger's money drawn away since our troubles, is a hard endeavour, and can no ways be brought to pass but by Peace and Trade, and the resolution of this will fall into the general remedy which I shall propose.  
The peddling French Trade must be met with by diligent search at the landing of these Creamers, what they bring in, and by suffering none of them to pass any goods by private Warrants; but that according as they shall be valued, they give bond to invest it in English commodity, natural or naturalised, and that with surety: Nay, in this case, not to allow them exchange by bills; for it will not hurt the commonwealth, if by any rigor they were beaten out of their private toyish traffic.  
I shall not doubt to offend any but the Mint, which may be recompensed to his Majesty in his customs, if money be plentiful; for all goods will follow money. If I did propose the currentness of all goods, and great species of foreign coins, for their true intrinsive value, according to the pay with ours, and if I say a little higher, according to occasions, keeping our own coin pure and constant to be cried down as much under according to occasions, I think it will be a policy both reasonable and profitable, by experience tried in other States.  
But leaving these empirical practices, I come now to the great and infallible Rule and Remedy, which is in plain English, to settle & assure the ground of Trade upon Staple-commodities; then like the Lady of Whitsonide to her Pipe-money, will dance after that: for as merchandise doth follow money, so doth money Commodity.  
I said at first, it was a general opinion, that Trade never flourished more than now, and it may be so, but we must consider this be not accidental and changeable, and depending more upon the iniquity or misery of the times, then upon our own foundation and industry, and if that be so, than it is no sure ground for a state to rely upon; for if the causes change, the effects will follow.  
Now it is true, that our great Trade depends upon the troubles of our neighbours, and we enjoy almost the Trade of Christendom; but if a peace happen betwixt France, Spain, and the united Provinces, all these will share what we now possess alone, and therefore we must provide for that day, for nothing stands secure but upon his own foundation.  
To make then our own Trade secure, we must consider our own Staple-commodities, whereof wool is the chiefest, and seek the way to both, to keep up the price at home, and the estimation of all commodity made of that, and to be vented abroad.  
Some other helps we have, as tin, Lead, and such like, but I dare confidently affirm, That nothing exported of our own growth hath balanced our riotous consumption at home, but those foreign commodi ies, which I call naturalised, that is that surplus of our East-India Trade, which being brought home in greater quantity than are spent, within the kingdom, are exported again, and become in value and use as natural commodities, and therefore by the way, I hold it absolutely necessary to maintain that Trade by a regulation with the Dutch, of which more reason shall be given, when that particular shall be take into consideration.  
We have yet another great help which is our own, and wants only our industry to gather the harvest, which is our fishing and erecting of Busses, both for the enriching of our kingdom, and the breeding of Mariners, and this by private industry (though to private loss) is beaten out already, and shall be offered to the commonwealth, if they please to accept of it, and to give you one only encouragement. I do avow, that before the Dutch were lately interrupted by the Dunkerks, by their industry, and our fish, they made at great returns between Dansicke and Naples as the value of all our Cloth, which is one million yearly, and this in a due place I desire should have his due weight and consideration.  
We have one help more, if we knew how to use it, that is, by the new drained Lands in the Fens, most fit for Flax and hemp, to make all sorts of Linen for the body, for the house, and sails for ships; that is a Dutch and French Trade: but in Holland one Acre of ground is rent at three pounds, which if the Hollanders may have in the Fens for 10. s. or 12. s. it will be easy to draw the manufacture into England, which will set infinite people a work, and we may be able to serve other Nations with that which we buy dear from them, and then the State and kingdom will be happy and rich, when the King's customs shall depend upon commodities exported, and those able to return all things which we want, and then our money must stay within our kingdom, and all the trade return in money: to encourage you to this, I give you one example.  
That if the several sorts of calicoes made of Cotton wools in the mogul's and dan's Dominions, doth clothe from head to foot all Asia, a part of Europe, Egypt, much of Africa, and the Eastern Islands as far as Sumatra, which makes that Prince without Mines the richest Prince in the world: and by his majesty's Grace and privileges granted to the Dutch, I am confident we may make and undersell in all Linen cloth in all the Nations in Europe.  
But I have now wandered far from my theme, which was the decay of Trade and of Woollen commodity.  
I must first therefore present to your consideration the causes thereof in my observations, whereof some are internal, and some external.  
The internal have proceeded from her own false making, a stretchning, and such like practices, whereby indeed our Cloth is discredited; I speak by experience from Danzig and Holland, northward to Constantinople, as I will instance in due time.  
This false Lucre of our own, and the interruption in the dying and dressing projected and not overcome, gave the first wound, though could it have been compassed, had doubled the value of our Commodity.  
This hath caused the Dutch Silesians and Venetians to attempt the making of cloth, and now byy experience (as I am informed) the half is not vented, that was in the latter Age.  
Another internal cause hath risen from such Impositions, as hath made our cloth too dear abroad, and consequently taught others to provide for themselves.  
Another internal cause hath sprung from pressaries upon tender consciences, that many of our Clothiers and others have forsaken the kingdom, and carried their Arts with them to the unexpressable detriment of the commonwealth.  
The external causes have been the want of perfection, and countenance to our Merchants, established abroad in Factories by the State and by the Treaties, whereby the Capitulations have not been kept nor assured unto them, neither in Prussia, nor in the sound, nor Humburgh, nor Holland, nor in the East: and this I dare say, that Laban never changed Jacobs' wages so often, as the Hollanders have forced our Merchants to change their residences, and the very course of this Trade, by laws and Tricks for their own advantage, of which the Merchant adventurers will more fully inform you.  
Another external cause is lamentable, Report, the increase of the Pirates, and the insecurity of the Meditirranean Seas; whereby Bristol and the Western Ports, that cannot have so great shipping as London, are beaten out of Trade and fishing; and if once those thieves shall find the way to bank and Newfoundland, they will undo the West parts of England.  
I will trouble you with a Consideration very considerable in our Government, whether indeed London doth not monopolise all Trade: in my opinion it is no good state of a body to have a fat Head, thin Guts, and lean Members.  
But to bring something before you of Remedy, I say thus for my first ground, that if our Cloth be not vented as in former years, let us embrace some other way to spend and vent our Wools. Cloth is a heavy and hot wearing, and serves but one cold corner of the World: But if we embrace the new Draperies, and encourage the Walloons, and others by privileges, and Naturalizations, we shall employ all the wool we have, set more people a work then by Cloth, and a pound of wool in those stuffs true made, will out-sell two pounds in cloth; and this we may supply France, Italy, Spain, Barbary, and some parts of Asia, by such light and fine stuffs as will fit those warmer Regions, and yet have sufficient for the cold Climates to be spent and adventured in true made cloth, by the reputation both of our Nation and commodity.  
But in this course I must observe, that these strangers so fit to be nourished, and being Protestants, may have privileges to use their own rights in Religion, so as they be not scandalous, as the Dutch and French had granted unto them by Queen Elizabeth, and certainly the settling of religion secure in England, the fear whereof made many weak minds to waver and abandon this country, is, and will be a great means to resettle both the great and lesser manufactures of woollen commodities.  
For the external causes, we must fly to the Sanctuary of his majesty's gracious goodness and protection, who, I am confident, when the whole business shall be prepared for him, and that we have showed him our duty and love, and settled his customs in such a bountiful way, as he may reap his part of the fruit of Trade; I am confident, I say, that he will vouchsafe you all favour fit to be conferred upon good Subjects, and not only to protect you abroad, by his forces and authority, and by treaties with his neighbours, but by increasing the privileges of Merchants at home, and confirming all their Charters, the breach whereof hath been a great discouragement unto them; and without which duly observed, they cannot regulate their Trade.  
There are some particulars in the Spanish Trade, perhaps worthy of animadversion, as underselling good commodity to make money, or barter for Tobacco, to the imbasement of our own Staple for smoke, which in a due place ought to be taken into Regulation.  
Another consideration for a ground of Trade, aught to be the nature of it, with whom, and for what we trade, and which Trade is most principally to be nourished; which out of doubt, are the Northern Trades, which are the root of all other, because the materials brought from those parts, as from Wx, Muscove, Norway, Prussia, and Livonia, are fundamental and of absolute necessity; for from these Trades we get the materials of Shipping, as Pitch, Tar, Cordage, Masts, and such like, which enable us to all the Southern Trades themselves, of less use, being only Wine, Fruit, Oranges, and curiosities for Sauces, or effeminacy; but by these we sail to the East-Indies, and may erect a Company of the West-Indies; for the golden-fleece which shall be prepared for you, whensoever you are ready for so great a Consultation.  
The right way to nourish these Northern Trades, is by his majesty's favour, to press the King of Denmark to justice, not to come as his intolerable Taxes newly imposed upon Trade in the passage of the Sound; in Examples whereof, the Elector of Brandenburg joined with the King of Poland, hath likewise more than trebled the ancient and capitulated Duties; which if that they shall continue, I pronounce all the Commerce of the Baltique Sea so overburdened, that the East-land Company cannot subsist, nor without them and the Muskove Company the Navigation; but that the Materials for shipping will be doubled, which will eat out all Trades. I have given you but essays, and struck little sparks of fire before you; my intention is but to provoke the wit and ability of others; I have drawn you a Map, wherein you cannot see things clearly and distinctly; only I introduce matter before you, and now I have done, when I have showed you the way how to enlarge and bring every particular thing into debate.  
To which end, my motion and desire is this, that we may send to every several Company of Merchants trading in Companies, and under Government and privileges, and to ask of them, what is their Grievances in their general Trade (not to take in private complaints) what is the causes of decay or abuses in their Trades, and of the want of money, which is visible, and of the great losses, both to the kingdom, and to every particular, by the late high exchanges; and to desire every one of these Companies to set down their judgement in writing to the Committee by a day appointed: and having from them all the general state of the Complaints severally, we shall make some judgements of these relations one to another: this done, I desire to require all the same several Companies upon their own papers to propose to us in writing the Remedies appliable in their judgement; which materials having altogether, and comparing one with another, we shall discover that truth which we seek; that is, Whether Trade and Money decay or not? and how to remedy it.  
But I have one request more, and so I will ease you of my loss of your time. That when from all these Merchants we shall have before us so much matter, and without such variety, and perhaps not without private and particular ends, that then you will give me leave to represent to you the names of some general, and others disinteressed and well experienced in many particulars, who may assist our judgements in all the premises particularly in moneys and Exchanges, and give us great light to prepare our result and resolution, to be by the whole House of Commons represented to his Majesty, and for expedition that a sub-Committee may be named to direct this Information from the Merchants.  
FINIS.