GREAT BRITAIN'S Remembrancer, Looking In and Out. Tending to the Increase of the moneys OF THE COMMONWEALTH.  
Presented to his Highness the LORD PROTECTOR, And to the High Court of PARLIAMENT Now Assembled.  
By the Author RALPHE MADDISON, Kt.  
LONDON, Printed by Tho. Newcomb, and are to be sold by Humphrey Moseley, at the Prince's Arms in St. Paul's Churchyard. 1655.   

TO His Highness the Lord Protector of England, Scotland and Ireland, And to the High Court of Parliament now assembled.  
MAy it please your Highness and this Honourable Parliament: Two potent passions do extremely assault me at once, Grief and Desire. Grief to see the walls of our City so much wasted, and the sinews of our Commonwealth so much enfeebled, by the exporting our moneys of late years coined, the quantity whereof will truly appear, if you please to be certified from the Records of the Mint; it is given out many Millions almost all exported but our worn and clipped silver, and most of our Gold: The Mint at a late stand; which one thing were sufficient to overthrow our Commonwealth, and to bring us under the command of strangers. And the stand of the Mint had continued, if the Prizes taken from the Dutch by our Sea-sword had not set it awork; and will stand again, if remedy be not had, both in providing work for the Mint, and keeping our moneys from unlawful exportation when we have it. I humbly conceive the Remedy is feasable, for the like hath been done heretofore when it was evil with us: It was cured by the hand and rule of a Woman, whose fame and name will never die. To speak briefly, she banished base moneys out of England, she set the Low-Countries at liberty, by sending an Army of men, and moneys to relieve them, and lent more than a Million to the United Low-Country men. The like she did to the Assistants of Henry of Bourbon, after surnamed Henry le grand, for whom I myself did lift up my right hand: who after the stroke of seventeen Battles in his own person, obtained the Crown of France. Besides, she had long wars in Ireland, and fourteen years' Sea-Wars with Spain, to some whereof I was an eye-witness. She died rich in good debts owing her, rich in love of her Subjects, her purse was not empty, and her Land at her death full of Coin and Silver-Plate, which was coined lately, the Mint-Records can tell when. This I recount with grief to have seen our Mint standing, and likely to stand again. The want of obtaining and retention of this good Food of arts and labour, the sinews of war, and fomenter of peace, will make a public heart to sorrow and grieve.  
Nevertheless my Desire, mixed with hope, doth abate the grief. What is passed cannot be recalled, but errors past may be amended For the which I humbly present to your Highness and this Honourable Assembly some crude or indigested Proposals, by your wisdoms to be altered, fortified and amended, as your Highness and this Honourable Assembly shall think fit and commodious for these times. And whereas heretofore two things were propounded under the Kingly government, viz. The Merchant's Exchange, and the Balance of Trade; and now three things more under a Commonwealth, viz. A Bank, a Council of Mint-affairs, Free Ports: A short reason may be given, which I humbly refer to your Highness' judgement. When Governments do change, Reasons do change likewise. The differences between a Monarchy and a Commonwealth are many and great, which I refer to Hugo Grotius to expatiate. So praying to God to prosper your labours in all happiness, I remain.  
Your humble and devoted Suppliant, Ralphe Maddison, Kt.   

BEfore I enter into the particular Discourse of Mynt-affairs, I do humbly conceive in the first place, it behoveth to show the composing of Weights of Silver and Gold; without the knowledge of which, no Discourse of Mynt-causes can be understood.  

CAP. I. Composing of Weights.  
SIlver weight is thus composed: A pound Troy containeth 12 Ounces, an Ounce containeth twenty Penny weight, a Penny weight containeth 24 grains of Wheat, taken out of the midst of the Wheat-ear; and è converse, 24 Grains taken out of the midst of the Wheat-ear, do make a Pennyweight; Twenty-penny weight do make an Ounce, and 12 Ounces do make a Pound Troy. Where note, that a Pound Tale is but 4 Ounces, which before King Henry the 6. his time was all one with a pound Troy; He than raised it by Prerogative to 30 Pence the Ounce, which caused the price of an Ounce of Silver to pass at that price in currant payment between man and man; and a pound weight Troy to pass at 30 Pence, which before was but 20 Pence. Thus by dividing the Ounce Troy into so many more prices, he lost so much in his Revenues, Customs and other Duties belonging to him, as he had multiplied his Pence in number; and this is called raising of the Coin in Denomination.  
And in success of time between Henry the 6. and Edward the 6. his time, the Ounce was raised to 60 pence, and so it remaineth ever since constant, notwithstanding the raising of it in Foreign parts. For it was found by experience of our former raisings, 
A temporary remedy is but a fallacy.  that raising of the Ounce Troy was but a Temporary remedy to keep the Money at home, and stood in stead, or continued no longer than they raised again beyond-Seas. This may suffice for the weight of Silver consisting of 60 pence the Ounce Troy, 12 Ounces to the pound Troy.  
The Gold pound being the same in weight with the Silver is otherwise composed in other terms, as thus. The Gold casteth away the name of Pennyweight thus. A pound weight of Troy of pure Gold is said to contain or consist of 24 Carrats, and every Carrat containeth 4 Grains, 2 Carrats and an Ounce are one weight; A Grain, and half a quarter of an Ounce, are one weight.  
Next followeth in order to know the composition of the mixture or fineness of Gold and Silver; and first of Silver, because it is the common Market-man both at home and abroad.  
Here is to be noted, That no moneys be made of pure Silver in no Mynts; the reason is, because in its purity the Silver is as flexible as Led almost; and therefore not so useful in its purity, as when it is something hardened with Copper; even so it is with Gold: There is no pure Gold minted in any place I know of, but hath some allay or Copper.  
And if it hath been so heretofore, it is so ancient, that no memory thereof remaineth to us. And if it were at any time done so, the alteration began with some Prince that meant and did deceive others by so doing: For it is a powerful means to fetch his neighbour's Coin from them to be mynted in his Mint; which being perceived, his Neighbours did mix their Coins also, thinking thereby to fetch theirs home again by the same means it went away.  
But as it is before said of Denomination, so then and now it falleth out to be the same in debasing the Coin as it was in Denomination, but a temporary remedy, and to no purpose, but extreme hurt, as I shall tell you hereafter, when I come to speak of the inconveniences of raising the Coin by Denomination or debasing of it by Alloy or Copper, which will be all one, and worketh alike in effect.  
So then, you having the weights of Gold and Silver, and composition thereof in your understanding and memory, it remaineth to let you know, That almost all Prince's Coins do differ in fineness or mixture. Few do agree just together, in as much as Spain (when it had the Kingdom of Portugal) had four Mynts and more under his Dominions or Command. Two in the West-Indies, Mexico and Peru, and two in the Continent of Spain, Lisbon and Sivile; 
Difference of fineness.  yet all four differ in fineness one from the other something, for which there is some reason to be given in its proper time. So likewise there is some difference in fineness in other Prince's Coins; as between us and France, and the Low-countrieses, Archdukes and United Provinces, Lubeck, Hamborough, Stoad, and the Imperial Cities of Germany.  
And for this cause of differences, ours consisting of eleven Ounces, 
Most Mynts differ in fineness.  2 penny weight fine. France of eleven Ounces fine, Low-countrieses of ten Ounces and some of nine Ounces fine in the pound Troy.  
It behoveth us who have the finest standard or mixture of Silver in our Moneys, to beware that our fine Moneys be not drawn out from us to maintain the base Mynts. For if Denomination have a power to work that effect, much more hath Embasing of Coin, being not so easily perceived as the other, and to watch over them in all places, lest we be deceived by any of them: Or else how should we know when they alter, or what Mint it is that draweth our Moneys from us: Therefore it is needful to watch.  
But some will say, what need we be put to trouble to watch others, cannot we more easily do what others do.  
To this I answer, If there were no harm in so doing at home, yet to alter with them that altar, or may alter, requireth a continual watch over all others with whom we have Commerce: And if we should alter our Mint, as often as others may alter, we should ever be altering, and have no rest at home. This by consequence must needs bring a confusion in short time, when once moving our Mint hath made great alterations amongst us at home, and will ever do so when we shall alter. It is the greatest harm to Superior and Subjects as shall be showed God willing hereafter.  
In the mean time give me leave to let you know that in or about the year of our Lord, 1555. We being in amity with all Princes and Neighbor-Mynts, there was a general consent amongst Princes and States to make a Treaty for the concord in Mynt-affairs, to keep a parity in Coins; which Treaties were frequent in Elder times, but now by reason of Wars near hand in France, Low-countries and Germany, is omitted.  
And in K. Henry the eighth's time, there is mention made of A Treatise between the King and the Archdutchess of Austria; wherein it was found that the difference of an Halfpenny in an Angel of Gold, would be sufficient to exhaust his Treasure out of his Kingdom, and by no means would suffer it.  
Then per consequence what do they which at this time do raise their Money twenty in the hundred above others.  
The answer to this is, They do break the Law of Nations, which is a just cause of war among Princes to go about to draw away their Neighbours Coin by enhancing by Denomination, or debasing the fineness by Alloy; for all make one effect as aforesaid.  
But what care they to break the Law of Nations, that purpose to have War; and this is advantageous for that purpose of War, to draw Money to themselves, and from whom they do War with. Then is answered for that point, and must we then of consequence have our Moneys exhausted (as they are) or make War, and by the next consequence be und one: Is there no other remedy? There is, but that is referred to another time and place.  
Now I have laid open the composing of the weight and fineness of Gold and silver, I am to show the cause of Exporting of our Gold and Silver, before a Remedy can be applied.  
And this is a secret to most men to know the cause, and will be controverted by them that have profit by it; and if we believe them that controvert it, the cause is lost: Therefore I pray remember what Ecclesiastes saith, as concerning Merchant-Exchange, or touching Exchange: Trust not a Merchant in the business of Exchange, or touching Exchange; A labourer in the point of Hire; nor a Soldier in the ending of Wars.  
Bear in mind, I pray you, and have it habituated in you, the weight of Gold and Silver, and the fineness of our own Coin especially, without the which knowing and remembering, no man can understand the Merchandizing Exchange, the true cause of exhausting of our Moneys, nor yet the remedy thereof: Therefore I pray you pause upon that awhile, which hath been delivered, unless you have been versed in, or do understand the Mynt-business; and composing both weight and fineness of Gold and Silver, which hath been in some measure declared.   

CHAP. II.  
NOw by your favour, because these words (viz. Balance of Trade or Commerce and Merchandizing Exchange) must of force be mentioned, being the words of Art or Science well known to many in this Honourable Assembly, who have been versed by Trade or Travel in Foreign parts: Yet because I suppose there be more here assembled that have not been versed in, or given their minds to Merchandizing business, I humbly crave pardon if I be bold (for the help of all men's understanding herein) to explain these words in as few words as I can.  
And first of Balance. 
Balance of Trade.  All men do know what it meaneth at home in buying and selling, but the word Trade put thereto, is obscure till it be opened. Balance of Trade than is the computation or taking the account or valuation of all the Merchandise exported or imported into this Commonwealth every year; which being cast up, may tell us whether we get or lose, or what loss or gain cometh to the Commonwealth that year the Balance is cast up. And if it be found, that we import more than we export, then that which doth want of making the Balance equal, must be fulfilled with our Commonwealths stock or store of Money, which in process of time will eat up or consume to a very small portion our Moneys, that should beat or maintain our home-Commerce or Markets, and per consequence lessen the prizes of our Wools, Corn, Lands, and what not: For this is infallibly true in common sense, That where much money is, there the prizes are greater; and where little money is, there the prizes of all things are less, and grow low. Hence it was & will be said this Proverb, Regina pecunia donat, for money will bear rule in price in despite of all men that say no. But I do conjecture (as some have said to myself) some in this Assembly will say, How is it possible that all Goods or Merchandizes going out of this Commonwealth, and coming in, should be accounted? This is a thing that to some Wise men doth seem impossible.  
To this I answer, it is no new thing the Valuation or rate or price of all Goods going out and into this Realm, hath been put in Books duly kept in every port of this Realm, and once a year brought into the King's Remembrancers office in the Exchequer, and there to be collected and made up into one gross Sum of all out-bound, and another Sum of all in-bound Goods: Whereby the King might (as in a Mirror) see the face of his Commonwealth, whether it grew fat or lean; and this (under favourable correction be it spoken) was one amongst other causes, wherefore Custom of old was due to the King by common Reason or law for the maintenance of the Officers that attend this care in every Port, and is so ancient, That in Henry the third his time it was called the Old Custom, before all memory of Record. This may suffice in brevity for the words Balance of Trade.  
Secondly, 
Merchant-Exchange.  the word Exchange, all know what it is to make a change. Merchandizing Exchange is known only to Merchants, and to those who in Foreign Travail have used it: And few of either sort do know the par or equal Exchange of Coins between Forainers and us.  
Exchange of Merchants was first invented for the saving of Portage, and keeping of Moneys at home in every Government or Commonwealth; besides the hazard that might befall in carrying of Treasure as luggage from place to place, which otherwise upon every several Contract made to be paid forraignly, would be exported, and every Traveller beyond the Sea should carry his expending Money with him. But now if by equal or disadvantageous Exchange, a man deliver an hundred pounds here, to be paid so much like quantity of Gold or Silver there again beyond Seas, this both keepeth the Money at home as aforesaid, and saveth the hazard in carriage. But if by unequal exchange a gain may be had by over-valuing of our moneys beyond Sea, as now they be overvalued, especially in France, not only a Merchant making contract as aforesaid, or a Traveller not knowing the mystery shall lose Ten or more in the hundred; and the Merchant-observer of the mystery (for the gain had thereby) export the Money in specie, but more specially Gold, when visibly without change of the species, he may retain ten of those Pieces, or more in the Hundred; and there with 90 Pieces pay the Hundred pieces received here; and this is the overt or open fallacy, now too frequent in France, practised upon, or by the Denomination of that Coin.  
But there is another more secret which is practised by Exchangers, to be considered from the fineness of the Coin: Wherein is to be noted, that all Prince's Coins are not alike, for some have more Alloy or Copper mixed with the Gold or Silver, which were a long Discourse to enter into, and upon agitation of this business of Exchange will be opened sufficiently. There being only two chief ways of deceit, Denomination or open deceit, the second intrinsic or inward value, consisting in the mixture of Copper more or less put into the Gold or Silver.  
Also take this with you for a Principle, That Moneys can neither be advanced in Denomination, nor a pound Troy, or an Ounce be made into more pieces of silver, nor debased by putting more Copper or Alloy, without general detriment to the Republic; a perilous thing to deal withal without doubt, and most specially in Land Commonweals.  
And wherefore more in Land Commonweals, then in Maritime and Merchandizing Commonweals; You must be told, or you will not believe. Merchant's can immediately change with the changer without detriment. The Merchant can immediately set price of his Merchandise according to the worth of the Money, and the Artificer and Labourer set a price according to his labour or hire, which cannot be done in a Land-state, more especially in our Commonwealth, which I forbear for the present, till I show the inconveniences or mischiefs that would follow the alteration of our Mint, and will be most pernicious to undertake any such thing.  
Moreover, because our Gold might not be seen too visibly, and make too great a show in France, or elsewhere, there is order to bring in the Foreign Gold so fast as may be to be re-Mynted again in their Mynts. In France they do Mint double and triple, and quatreble Pieces, calling them Lowyzens, and mint them after the proportion of Fifteen to One of silver. We holding in our proportion Thirteen to One, or a little more; which very Mint is able by that means to draw all our Gold away, even that which is left, so fast as can be gleaned, if Remedy be not provided therein.  
Now this Observation following offereth itself to give us to understand, That if this proportion between Gold and Silver be not observed aright, Gold may buy out Silver, and Silver may buy out Gold out of the Realm, and so the Commonwealth be deprived of both: The raising of Gold here did cause more Gold than Silver to come to the Mint, and by the same means it is called from us into France, which plainly showeth that the raising of Gold or Silver, or disproportioning one by another, is but temporary, and proveth no better in the end then a fallacy, as enhancing and debasing, and so they all be. And the truth is, no State stands sure that stands not on the grounds and rules of right.  
Here is to be noted, that Silver prizes Gold, and Gold prizes not Silver; the reason is, because Silver is of more common use (though Gold be more esteemed of Rich men) according to the common Adage, Bonum quo communius eo melius. It is also better for the Commonwealth that more Silver than Gold be mynted; for Silver is not so hastily nor easily exported as Gold will be. And there will be always some Canker-worms or Money-Brokers to export Silver or Gold, so long as Trade is: For remedy of which, there must be some allowance made in the Balance of Trade, notwithstanding all diligent watch that may be, and great Reward to be given to the discoverers.   

CHAP III.  
BUt somtehing else cometh to mind which is, the inconveniences that befall our state, when our moneys are raised or made little, the moving of our Mintmust either be in embasing the Gold or Sylver, or advancing it in denomination or diminishing it by the shears. But back it cannot be brought when once it is raised and hath obtained currency. It is a dangerous thing to meddle with the Mint, either in embasing the moneys, or cutting it smaller with the shears, or making it lighter: for if it be embased; first it causeth counterfeiting secondly, that part (as so much as is embased) will carry so much fine silver out of the land; and when it is perceived, the amends is as evil as the disease.  
All those in whose hands the base moneys shall be, will be the losers of so much as is minted within the land, before it be decried and what grievance would this be, able to cause the commonalty to hate the Government, and fall into uproars and unnatural rebelions, as it hath been in times past, when the Commons rebelled in Henry the 6 his time, and wrote these words in their banner or standard, Rex est qui bene regit. This and some other mistakes and misgovernments, was the means that set the Crown on Edward the fourth's head.  
The like inconvenience to embasing, cometh by coining of Farthing-tokens, and giving them currency and decrying them.  
If the money be made less, it giveth so much to the lessee, Farmer, or borrower. All revenues that stand upon constant fees of this Commonwealth; as Customs, Imposts, Taxes, & such like ancient leases, or rend charges; all such as be leased shall lose so much; the Nobleman, Gentleman, and Usurer shall part with so much; in proportion as the money is advanced; in so much force is raising of money, by often raifing from 20 d to 5 s the ounce as it hath altered the places of Common justice: and this is not all the inconvenience; price of victuals will be advanced accordingly, and all wages raised, and good reason for it. So whether moneys be raised or embased, it maketh great disturbances and discontents of many, in effect miserable.  
Therefore there is no stirring of our Mint up nor down, for the reasons aforesaid, no gain to the Commonwealth, but infallible loss to some parts, heart burning & discontent, fit to bring in a foreign Enemy will ensue the tampering with the Mint.  
Therefore I conclude this point, that there is no safe way but to stand constant at home, change with the changer abroad in matter of Commerce, and stand constant at home, which can no ways be done, or known & effected, but by the tables of Exchange mentioned in the Law of Edward the 3, known and put in Execution ever since in good times of Government; So it was in the time of Elizabeth.  
And first to prove the Merchant-Exchange unequally carried, is the Efficient cause of Exporting our Money; give me leave to know, whether plenty of Money make our prizes of every thing to rise, and scarcity of Money makes small prices, which no man I think will deny, and that Commodities are prized according to the goodness of the coin, or to what end serveth fine Gold and Sylver, If it be not to prise all things.  
And if in our commerce with other Nations, we do give more fine Gold or Sylver than we receive or undervalue our coins in commerce with others, it is a sufficient outlet, or way to carry out our Money or Bullion, when thereby those that perceive the advantage to be had, shall leave the true use of trading in Merchandise, and turn Money Merchants or Exporters of Bullion or Monies; for no Laws are prevalent against gain.  
And if we do not carry an equal hand with foreigners, in preserving and increasing our moneys (as foreigners do) we shall in small time undervalue our commodities for want of Money, and consequently overbalance our trade in price or quality; and continuing the same course, send out our moneys in change for commodities, and have no more commodities than we had before, which course will infallibly impoverish the Nation exceedingly; and when there is want of Money, or wasting of Bullion, the Commodities of the Nation, Wool, and all other home commodities will fall in price; the commodities falling, rents will fall accordingly; when rents do fall by such a necessity, the necessity spreads itself over the Land, and Tenants having taken leases at enhanced prizes of Country-Commodities, not knowing the Efficient cause of this change of prices, will lay the cause on the Landlords, and grow in hatred towards them, not knowing how to hold their Farms, nor what to do when they give them over.  
This is a fearful effect that followeth the want of a convenient stock of Money to maintain the prices, and to beat or maintain our home-commerce proceeding from foreign causes, and not from Land-owners, or Tenants at home.  
So it followeth, that those that look to the home cause, as evil-making or Dying of our manufactutures, or such like, do not amend the matter, or raise the prizes; so long as there is no more Money, to make the prices any greater. For it is infallibly true much Money, much price; little Money, little price: and it is as true, that inhancing of Goldor Silver in France, will draw our moneys into France, as is before said.  
But there is a more secret way which hath been practised by Merchants and Bankers, and long continued; a biting or Canker-eating Usury upon us: namely, the Merchandizing-Exchange which at the first was devised for good use, and moderate gain to the lender, and ready disparch to their affairs, and for the avoiding of hazard importage of Money, as aforesaid which being abused, is turned into inestimable loss and damage to this Commonwealth, with whom it is not understood in general, by the Merchants that use it, as here they do not, but take it upon trust from the Bankers.  
Whereas amongst the Dutch, it is so commonly known, that some women do know it, and I myself do know one (now an English Lady) that is skilful in the business of Merchant-Exchange; and the Dutch are so wise that they will have banks amongst themselves, and no foreign banks do fit down their; because they see, that the gain of foreign banks returns not profit to the Dutch, but to themselves. I could wish that this were resented by us.  
Likewise the gain that was gotten by foreign Bankers, was certified by 25 Selected Commissioners in King james his time to be an immense loss to this Nation: mistake me not I pray, I do not speak against Exchange, but against the carrying of our moneys out of our Land, by the Exchange unequally carried by strangers, who are the rulers of it.  
My desire is, that every Prince or Commonwealth might have the sole use of their own moneys, within their Dominions; and for that cause, with other forerecited causes, was the Merchant Exchange devised in old time, returning value for value with usance according to reason for forbearance; and so might our Exchange of England (grounded upon the same reason) be continued and the Law of the land commands the same. The true valuation of Money, makes the price of exchange for every place wheresoever we have to do, and the want of knowing and putting into use this Mystery of comparing of our coins with the coins of others, value for value, bringeth in the abuse and an inestimable damage to this Commonwealth, for we ought to Examine and compare our weight and fineness aforesaid, with the weight and fineness of other Countries, and the fineness of our Standard as aforesaid, with the fineness of the Standard of the moneys of other Countries. And if we differ not with them in the proportion between the Gold and Silver, then may our Exchange go at one price both for Silver and Gold: the valuation of each Country's moneys, being taken according to weight and fineness, as aforesaid.  
And if the proportion of gold and silver of other strange moneys (as now in France) do differ from ours, then must we have two distinct valuations, one for Gold, and another for the Silver; and hereby shall we find how much fine Silver or Gold our pound Sterling containeth, and how much of other moneys France, Germany, Low Countries, or elsewhere, we are to have to countervail the same in the weight and fineness answerable to ours. Whether it be by Pound, Crown, Ducket, or Doller, giving always Value for Value, which amongst Merchants is called Par.  
The due and equitable course in Exchange being abused, and through the ignorance of Merchants, and neglect of the State (not examining the truth) but taking the price of Exchange upon trust from the Bankers, who rule the price of Exchange, this trade of Exchange is become very deceivable, and damageable to our Nation; the Merchant making his account from the price of Exchange as it goeth when he useth it, and not from the true par or equality required. And from hence groweth the loss of our moneys, and the Exchange is become predominant over our moneys, as moneys do rule commodities, and is the efficient cause of this overbalancing of commodities in price aforespoken of, and consequently of the decrease of wealth, and exportation of our moneys, when we were driven thereby to give as much of our native commodities for foreign commodities, as we did before the abuse, and moneys to boot, to fulfil the same quantity.  
This Exchange is made properly by Bills, when moneys delivered simply here in England, and Bills delivered or received again for the payment thereof in some other Country beyond sea; Or, when the like is done beyond the seas, and money received here in England, and that upon a certain price agreed upon between party and party, which is termed the Price of Exchange: whereof the Merchant, or rather the Bankers have the only and whole disposing, and buy and sell their commodities beyond seas accordingly; without that, few or none of them do look into the nature or inward value of the Exchange, but only to the present object, which is to know how the price goeth at the time when they have occasion to deal therewith, either in taking up, or delivering out moneys by exchange: Whereas, if they will be true Exchangers indeed, they must know perfectly the weight and fineness of every Country's coin, thereby to render every one his just and due proportion as beforesaid; that is, par pari refer, with consideration to the Lender according to the time agreed upon.   

CHAP. IU.  
ANd because I have heretofore attributed the ruling of the Exchange to the Bankers, rather than to the general common Merchants; it behoveth me, for the enlightening of all men's understanding, and further illustration of the business of Exchange, to show what a Banker is.  
A Bank is properly a Collection of a great quantity of ready moneys of a Province, 
Banker, what.  Commonwealth, or City, into the hands of some persons licenced and established thereunto by public Authority, erected with great solemnity in the view of all the people and inhabitants, showing great store of gold and silver as belonging to the persons so established; which is to them an attractive, to persuade and allure the common people to bring their money into these Bankers hands; so that these persons or Bankers do become (as it were) the general servants or Cashiers of that City, Province, or Commonwealth.  
The Bankers have their Factors or Correspondency in the chief places of Christendom, and do keep account with every man of whom they have received any money into their bank; and generally all men of wealth, that be Merchants, are desirous to please them, and to bring their moneys into the bank, in regard of double and triple credit they give to their Compartners, which they do by assignation, without laying out of the bank any money. Such, and greater devices have they, and many others too long to recite, the money still remaining in the Bankers hand, is employed by them to other uses; as, to engrossing of foreign Commodities to England's prejudice, and such like feats, making money to ebb and flow when and where they please; and to that purpose the heads of every Bank do set price, and agree upon it by common consent at their Ferias or general Fares for moneys only; and still their eye or devices tend to the beating down of our English, and raising of their native commodities: which cunning our Merchants do not countermand, as in old time, when the Staplers that were entrusted with our staple-commodities, were sworn to advance the English commodities to their power, and also to bring in to this Nation a fifth part of their Exitus in money. But as concerning the point of Exchange, it is most certain, that neither difference of weight, fineness of standard, or valuations of moneys, can be a true cause of exporting our moneys, so long as a due course is holden in Exchange, which is par pari refer. But this due course being abused, causes (as aforesaid) our moneys to be exported, and makes scarcity thereof, which abateth the price of our common commodities, and on the contrary side advanceth the price of the foreign commodities, by reason of plenty of money there increased by ours sent thither.  
But to this may be objected, If this be true (as it is very likely) than it would follow, that our commodities would be also dear, where the plenty of money is. True it is, it would be so, but that they have two crafty devices to prevent the rising of our commodities. One is, our Merchants being takers of money here to pay there, they know our Merchants must sell, and do proffer their price according to the price of the goods in-bought, which they know as well as they that bought them; and also they have toleration of moneys to pass far above their value with them, and to the greater transportation of ours, and hindrance of importation of any to us.  
Therefore to conclude, there is no remedy but in the watch of the Exchange, to preserve our own at home, and an ample trade of woollen commodities, together with the setting of our poor on work, which live idly without employment. These will advance the balance.  
An high Exchange hindereth moneys to come from the East, diverts the Royals of eight and Bullion that comes from the West, and hindereth employment at home.  
A low Exchange exporteth our moneys in specie, for gain whereof neither high nor low is advantageous, but prejudicial to us; only a mediocrity is the best, which cannot be known but by the Par made known in Tables, expressing the Par according to the law of Edward the 3. and a Watch for the observing of that law (which hath been a long time neglected) giving leave to plenty or scarcity, as necessity or plenty inviteth▪ and is most agreeable to right and equity to all men: Which otherwise carried, the Stranger hath three ways of exportation, namely, by commodities, moneys, or Exchange; and there are but two ways of importation, namely, Commodities and Exchange, whereby cometh a notable overbalancing of foreign commodities: And be assured, the gains to be sought upon moneys, doth impeach the gains to be had upon our commodities abroad, and beateth down our prices at home; and our commodities being beat down, is a great cause of carrying out our moneys, to fulfil or equal the balance.  
The moneys exported (as now they be) causeth increase of money and prices beyond sea; so that our Merchants buying dear there, must sell dear here, which bringeth a very great overballancing, and causeth us to feed upon our native soil, giving the benefit thereof to strangers: whereas Merchants should live upon the gains of our home-commodities, being sold to other Nations; and now our Merchants are driven to seek their gain upon foreign commodities, witness the Prices of Wines and other foreign commodities, to the great prejudice of our own Country; wherein, though the Merchants be gainers, yet the Commonwealth beareth the loss, and they feed upon their mother's belly.  
More specially in prices of foreign Commodities growing daily upon us, through neglect of our State not regarding it; what, and how much foreign prices have exceeded ours in growth, the old Merchants can best tell, and is easy to be known: I do believe the Foreigners have exceeded us a fourth part, or more, within my memory, our moneys still remaining the selfsame, Five shillings to the ounce; and here consisteth the overballancing aforementioned. If the foreign Commodities which are consumed so soon to dung, shall mount in value, and the solid Staple-commodities of our Land stand, and not increase in price according to theirs, 
This is worthy the State to know.  certes this Land is very negligent and unprofitable to itself. This is one point (I humbly conceive) doth call for a consideration of State, amongst many others, in the balance of trade, to be considered.  
So then, give me leave to intimate this that followeth by the abuse of Exchange, four manner of ways.  
1. By the scarcity of moneys, caused by the unequal Exchange, which causeth home-commodities to sell cheap.  
2. By the gain sought upon moneys, which otherwise would be sought upon commodities.  
3. By an high Exchange with us, which causeth men to deliver that money by exchange in nature of trade, which otherwise by them might be employed upon our commodities; or by a low exchange, which causeth exportation of our moneys.  
4. By rash sale of our commodities by young Merchants and others, that are driven to pay money taken up upon Exchange here in England to keep them doing, hereby spoiling the market of others.  
Foreign commodities on the contrary are advanced four manner of ways.  
1. Through plenty of moneys in other countries, which maketh generally things dear; which plenty is increased by our moneys, to our hurt every way.  
2. By a high Exchange beyond seas, whereby men are inclined to buy foreign commodities; and by a low Exchange with them, when there are not acres up of money, and therein our excessive use of them doth encourage them.  
3. By toleration of moneys, beyond seas, to go current far above their value; for by the alteration of moneys, the price of commodities doth alter also; and this toleration being a hindrance for the importation of moneys, causeth the greater quantity of foreign commodities to be brought over at a dear rate.  
4. For that the principal commodities of Silks, Velvets, Fustians, and such like, are engrossed by the Bankers (as aforesaid) that sell them at their pleasures. These ways considered, must needs bring an overbalance in our trade (in value) to the loss of Five hundred thousand pounds a year.   

CHAP. V.  
THus we may consider how the Banker, and every one of ourselves do use, or rather abuse the Exchange, making it a trade for moneys, and making that a biting Usury, which was invented for speedy Commutation, ease, safety, and moderate gain to the Lender and Merchant-borrower indifferently.  
Likewise, you may see merchandizing-exchange ruleth moneys, as moneys ruleth commodities; and that is fully proved, when we shall find visibly that one piece of money of one sort and kind of Coin hath two prices and two valuations at one time, exchanging the place only, or Country; as for example, you have a Piece of 20 s. and beyond the seas you may see the same piece pass between man and man (in some place) for 22 s. in some other place at 24 s. and in France at 26 s. at one and the selfsame time, and money willingly goeth where it is most made on: And whether they work upon coined money, or valuing the ounce or pound at a higher price than their neighbour-Princes, if it be not carefully looked unto, it worketh the same effect, and one remedy preventeth both.  
Wherefore our Merchants having no care nor regard of this, I humbly conceive it behoveth our State (which you represent at this time) to have a special care unto it, lest the want of money, when you stand in most need of it (now flying away from you) continue the fall of all home-commodities, and your rents and livelihood to fall with it, which will be the undoing of your Tenants, the impoverishing of all men, turning up of your Farms and Grounds throughout the whole Nation in general, which in truth is the Mother of commotion and rebellion, procured through a general decay of all estates. Every man being ready to strike the next above him; and these be the fearful effects that follow an unequal Exchange: and for truth, the the common course of the Merchant-Exchange is unknown to most Merchants, and almost all men else, exceping some few, that use it for their private and unconscionable gain, to the loss of the Commonwealth, like unto the Cancer or to the disease called the wolf, eating and consuming the bosom that bred it.  
Give me leave (before I explain the remedy conceived) to inform you, that if any to delude time, will oppose or contradict, that unequal Exchange is prejudicial to the Commonwealth, it is yielded unto by common consent of all hands, Merchants and others, that unequal Exchange is prejudicial to the state, when it was controverted and determined in King james his time, at what time he appointed 50 Commissioners for trade to sit weekly in Haberdashers-hall, whereof one besides myself is still living, called Sir George Stroud, than a Spanish Merchant. Whereupon it followed, that for the prevention of public loss to the Commonwealth, a parity or equaility of Exchange should be made known to all men, that had occasion to use it, having regard to the forbearance, according to the time and place, which is most just and equal for all men, both Denizens and strangers.  
To this Exception will be taken, unless I do explain myself, allowing and granting for truth, that plenty or scarcity of moneys to be given or taken up, doth bear a sway, as it is upon the statute of usury,  
If there be plenty of Monies, they will be lent under the statute; and if there be scarcity, there will be more given for the loan than the statute alloweth, by some covert means or other; for in truth, the good use of the Merchandizing Exchange, is none other but a ready way of borrowing for Merchants, without sureties or delay to be executed; which moderately used, without excessive biting usury, is both profitable and commendable for all Merchants to use, as their occasion requireth; but if it be unequally or abusively carried, may be justly called the Canker of England's Common wealth. And let no Merchant think, but that I am their friend in wishing them ease and remedy therein, that it be not carried at the will of the banker, as it is but that it may be used according to the Ancient Law of the Nation Extant and the practice of Q. Elizabeth for the same, which Law and Proclamation will appear upon the debate of the business; If you please to take order.  
As also the demonstration of the tables mentioned in the said Law of Edward the 3 d, one for Gold, and another for Silver, as I have seen the like in my time, respectively expressing the value of every piece of Gold or Silver Coin with whom we have commerce, severally compared with our pound Sterling; whereby the Equality is demonstrated to every Merchant, that will follow the tables of Exchange, to avoid the danger of the Law.  
And, because foreign Coins are daily subject to alteration in fineness or valuation, after the computation is once made, it behoveth that there be (and it is no hard matter) an observant watch, or diligent eye over those places of commerce and Mynts, to send intelligence hither to the Guardian of the tables, to alter the tables immediately in that point, and to keep constant at home, which will be a sufficient guide to defend us from foreign wrong by any. This table of demonstration once made, will be far more easy to understand, than any Pen or Tongue can express. This being done and observed, that the foreign Banker or Exchanger do us no harm, in a small process of time, our Balance of trade will recover itself again, and we shall have God willing a constant thrift to attend the labours of our Commonwealth, and not to be wrought upon by any biting usury, by shifts or interval of time, to waste or Exhaust our treasure or consume the stock of ourcommonwealth that should maintain the prices of our native commodities; our rents and artizens; as sundry times in my memory it hath done. But what a Nation or Commonwealth have we, that is able to bear the loss of so much Coin as we have lost, and departed from us within few years, that might have been saved and had it been saved, would have enabled us to send out a Portion of ready Money yearly for the advancing of trade, or other worthy undertake, as Herringbusses, or such like.  
The sums of Gold and Silver Mynted within these 10 years and now stolen out again, and wanting, may give the State satisfaction thereof by the Records of the Mint, to be had at your command, to the unspeakable loss of the Commonwealth.   

CHAP VI.  
THe tables of Exchange being put in use for our safety or safeguard it followeth then (as good husbands use to do) that we take account of the thrift of our commonwealth to see yearly how we do thrive or go backwards, Also to know by what ways our wasting cometh & thence to distinguish what several trades is beneficial to our Commonwealth or not, and to set redress accordingly if occasion require it, which is no new thing but an Ancient practice as might be manifested; the general balance of trade being cast up and found defective a light in the balance, It behoveth us then to look what particular trade or commodities be damageable or hurtful to our Commonwealth and to set redress. First, than that trade or Merchant that carrieth out superfluities or those commodities we abound in, and bring in the commodities that we want for them; that is a good trade or Merchant and deserveth to be nourished countenanced and maintained therein, and those that do contrary better ordered.  
Now who knoweth not that we abound in Wool and Woollen commodities, Tinn, Led, and someother things, which I name not, who knoweth not what we want of our own but must have it from without us, namely Gold, Silver, Iron and Steel, per consequence it followeth that those Merchants that bring in those said commodities we want, are most to be nourished and favoured before others that do the contrary.  
But how or by what means is this trade of Merchant discovered, but by the Ancient way of examining the balance of trade of late years, almost grown out of use, but it was discovered in the latter time of King james, there was one employed to discover the unlawful export of Wool, out of the port of Boston, which was discovered by the custom books of Boston, though the wool were uncustomed: Where finding two ships, one a stranger, and the other a Bostoner, to come and go often with little fraught, were more narrowly looked into and found to be faulty, and the offenders censured in the Star-Chamber, the other Ship of Camphire came no more to Boston; so by deligent search might forbidden goods and unlawful trading be discovered: If the state would encourage and recompense the Watchman and discoverers of abuses. This watch of the balance of trade was always observed by the prudent Lord Burley Lord Treasurer of England.  
And to what other end, was all the port books of this Nation, brought into the Custom house of London, and from thence once, A year transmitted with the custom-bookes of London into the King's remembrancers Office in the Exchequer; where one gross sum of all the Kingdoms Exitus and Introitus of Trade might be known, and of all the Goods both inward and outward bound and the value of both accounted, thereby to know whether we were buyers or sellers, winners or losers; for it behoveth the Father of a Family to be a seller, and not a buyer; and if it be found that we sell more than we buy, we do well; if otherwise, it behoveth us to look about us.  
As in general, a view may be had of our public thrift; so in every particular Trade their walk being observed, it may be known what Trade bringeth in, or forceth in Money, or such things as we want, for therein lieth the thrift of our Commonwealth; and so on the contrary, what Trade forceth out our Moneys, and per consequence imbaseth our commodities.  
This public Thrift or reformation, as I humbly conceive would not be held in mystery, but made more common and easy to every intelligent Gentleman, because he is in some fort interessed in the same for the advancement of the Public good, and therein his own particular is intermixed. Therefore I am bold, and humbly commend the general or theorical studies of the Merchandizing exchange, and the balance of Trade unto your Wisdoms to be regarded: and for these purposes, the keeping and the observance of the balance of Trade will be found very useful.  
There be also other things to be met with in the public thrift, which for the present I forbear, which before I have done or finished my intended discourse, I purpose to enter upon, if it please God, notwithstanding the dispute that may arise by them, that would endeavour to frustrate this business; for private gain never wanted colours, and pretexts to stupefie or inveigle the understandings of such as have not been versed therein.  
Give me leave, I pray, you to repeat one thing twice, though the same have been in effect said before for the better illustrating what hath been said to those that were never seen nor studied any thing herein.  
It is a sure tenant or maxim that it is necessary for our Commonwealth to keep constancy in our Mint at home, so is it as necessary to change with the changer in all foreign Coins either Gold or Silver, reducing all foreign Coins to a par or equality with our constant Coins; and to that end in ancient times, there was a pair of Tables set forth, expressing the same demonstratively the one for Gold, the other for Silver Coins, with whom we had to deal beyond seas. The French Crown did answer to six of our shillings: our unite to contain 3 French Crowns and a Third, so the Dutch Rider, although it go here but for 21 shillings, it is of equal value to our Unite, so as all foreign Coins, severally reduced to our Coins, did show and express what was to be given and allowed between strangers and us in accounts, which is called the Merchant Exchange, this equality once known and expressed, as aforesaid we may be deceived 3 manner of ways,  
First if we watch not foreign Mynts, by the shears in coining, whereby it may come to want in weight, although it were of equal fineness.  
Secondly by putting in more Alloy or Copper into their moneys, which is not perceived or discovered, how much, but by trial in the fire, in melting some part and refining it and comparing the remainder of pure Silver, to the like quantity of our moneys refined as theirs was.  
Thirdly without lessening or embasing to call any of their species higher up, a way commonly used in foreign parts called denomination, which must be watched and prevented by new expressions as aforesaid, so often as there shall be cause, by such as the Lord Protector and his Council shall depute, for that purpose most proper for the Council of the Mint affairs, I humbly conceive, this is a sure way of preserving our Coins at home with good reward giving to the discoverers of exporters of Gold and Silver, for there will always be some of those offenders, even if it were made Felony, for once it was so, yet availed not: good recompense is far better than life. This is a sure way, or the best can be of preserving our Gold and Silver at home, without which the Bankers both foreigners and domestic have power to deceive our Commonwealth and lessen our common stock of Gold and Silver, which will turn to a fearful effect in time, and in few words, not to be expressed and double loss when the balance of trade is against us to our loss together with an unequal Exchange; and that Country or particular Trade that gains the Balance gets our money, be it friend or enemy: And if we lose both ways, how should we long subsist without home poverty and Canker-eating consumption?   

CHAP. VII.  
WHereas I proposed five things to be useful to this Commonwealth: the two first, unequal Exchange and Balance of trade, being in some measure laid open, the third is (to wit) a Bank and a Banker. What they be, is declared; but the feats and activities of the Bankers are not touched tending to their private gain, which is an enemy to the public: For the most part all Corporations be hurtful to the Public, if not overseen by the States supreme government that preserveth and intendeth the public good. But for and by this that hath been said of the Bank, this reason may be given, Contrariorum contraria sunt sequentia.  
1. A Bank of Foreigners was and is most hurtful to us in receiving from us the increase or loanmony given to the Bankers by those that dealt by exchange with them.  
2. Engrossing of commodities, and endearing them to us, may be otherwise ordered, if we had a Bank of English goods and English subjects, that harm that was done by strangers to our Nation, vice versa, would be altered, and we defended; if no further but so, it would redound much to our profit.  
If Banks of native Subjects were not both useful and beneficial to the Commonwealths wherein they live, they would not nourish them as they do both in Italy and the United Provinces. And for the preventing of the Dutch from endearing the East-Indie commodities, that would sell them as they list unto us, our East-Indie Company is approved by us. So the like it is with the Bank or Bankers, and for the aforesaid reasons allowable and profitable to have an English bank to prevent the forementioned enormities, if but so. But this being a policy exceeding my mean skill or knowledge, I humbly submit it to the high Governors of the State to determine.  
And whereas, something hath been heretofore objected against the having of a Bank in England in times past, that might now be answered: but herein Cynthius aurem vellit, and willeth me to be silent at this time.   

CHAP. VIII.  
THe fourth thing I humbly conceive is A standing Council for Mint-affairs to be settled constantly, to sit at the days appointed to give audience concerning all affairs that concern the ordinance of the Mint, or that may obstruct or be obnoxious to the Mint, either by exportation, diversion, or consumption, the great defrauders of the Mint, and to bring them all both offenders and accessaries to condign punishment according to the Law of the Land: And when this Court hath any cause concerning life or forfeiture of moneys, to be assisted with one or more of the Judges learned in the Law; and in the mean time to be a Court of inquisition or presentment, fitting the offenders for speedy trial; for delay abateth the edge of the law, and experience telleth us that where the State doth not keep extraordinary watch in money matters, the State is and will be abused, which is over-well known to the French and Dutch that we have no such watch.  
And to make our Mint to flourish, the chief Officers of the Mint and Council would have a general knowledge of all the chief Mints and Mint-masters, and chief Bankers of Christendom, which is a great point of State wisdom, the greatest point whereof is to foresee that Bullion be had to keep the Mint going; and for that purpose to see that the Gold that cometh from afric, and the Silver that cometh from the West-Indies, be brought to the Mint, and to use their endeavours to bring more, and to keep it when we have it. For that end, no penalty that concerneth the Mint to be remitted, the forfeitures to be great, and reward great to those that discover the offenders, and the part given to the informers in no wise to be pardoned.  
Item, To keep the Goldsmiths to their trade to be Silversmiths, and not to be Bankers or Cashiers of money for other men, which puts them in a way to deceive by culling of moneys or other secret ways of diminution of Coins, which other men know not. Likewise those that give more for the Gold or Silver then the Mint, that is a forestall of the Mint, in no State suffered, and frequently used here of late in the eye of all men. A circumspect care would be had to the Examination of the Balance of Trade in particular, likewise to have an eye observing of the Tables of Exchange when they be set out; Also to have a special regard in the time of peace what the French do here, for they do come and go often, and bring trifles for which they carry away our gold: It is not a small sum in the Balance, that Pocket-commodities and things of small bulk, being stolen without paying of Custom, come to: Also to hunt out such, were a good service to the State. Lastly, all commodities bought in with ready moneys, as Currens, Tobacco, and Nuns works, or whatsoever carrieth moneys or Bullion for it, by all means to be narrowly looked after for what cause soever. There be also divers ways out of our proper selves to bring bullion to the Mint: but so long as we have not the retentive faculty, but do let our moneys and bullion to pass through as water through a sieve, we shall enrich others, and do ourselves no good but harm.   

CHAP. IX.  
SO leaving this point of a Council of Mint-affairs, I do proceed to the last of the five, namely Free-Ports.  
First, 
Free-Ports.  of the inconvenience of not having Free-Ports of our own, it is well known, and I have in mine own time observed, that whenever wet seasons of seedtime and harvest do come, we have but little increase, and that little evil gotten; which enforceth us of necessity to fetch and to buy our bread from the Hollander, or from East-Country, which we pay for in ready money for the most part, The general law of all Nations permitteth to give money for bread. This I have known divers times in England; not only our ready money, but the poor folk's treasure, Pewter and Brass, their utensils sold and sent into Holland for bread, who have no bread for themselves of their own growth, but buy it from cheap places in cheap years, and sell it again to those places that have scarcity of Corn or extraordinary cause for the use of Corn. So might we do if we had free Ports of our own subjects; the chief benefit would be to keep our moneys at home, which we send out for Corn so often as we have wet and unseasonable years as aforesaid, and feel the loss of it many years after by reason of the want of our moneys, which doth abase the prices of our home-commodities, to the unestimable loss of our Commonwealth; which if we had free Ports of our own people, would return unestimable profit in lieu of our losses sustained as aforesaid, both in being storers of many foreign Commodities we have not, and to send them forth again as the Hollanders do in manner aforesaid, giving and allowing small custom for such things as are not consumed or used within the Land. The increase of Shipping, and the wealth that is gotten by foreign trade, is more than I can recount; the example of the Hollander may suffice for satisfaction herein.  
But to give equal privilege to the Dutch to harbour in our Ports all winter, or when they will, and to be gone when they will, (otherwise then in distress of weather to give them harbour) is not only to give them that which they have not, nor can give the like to any other, open harbours all winter when theirs are frozen; and we have the benefit of many winds to go out and in, and they having fewer winds to go out and in, in Holland-Harbors, than we out of ours, and more danger in coming in and out then we in ours, witness the frequent losses in the Texel; but also make our Ports their store houses, and become thereby Huxters amongst us, which were too much unless they were incorporated one Nation with us, which thing is too great a business for me to treat or speak of: Yet at least those that had the benefits of our Ports as free natural subjects, should become our own subjects and plant their children amongst us, and not to come hither to glean or gather our thyme, and make their hives in another place or country than ours. This were friendship above the Roman friendship, that were wont to grant their freedom not freely, but for a good sum or price, as is verified of old.  
Therefore both the Seas and Ports being ours, these privileges be more than ever was given by any free State or Commonwealth to any neighbour State that I ever heard of. Yet so well we love the Dutch, and firm alliance with them, that I believe there be many amongst us of this mind, notwithstanding some do allege they will eat us out. If it be so that we be slothful and vicious, let Gods will be done, let the virtuous and laborious enjoy their labours, and posterity enjoy and possess that which vicious drones have dispossessed themselves of: which I humbly conceive is just in the eye of God, and law of nature, if done without force. But if we shall admit them by way of courtesy to have free Ports without conditions with us, in short time when they see opportunity they would be as unthankful for them, as they have been for the liberty of the Seas, as hath appeared by a Treatise divulged by them entitled Mare liberum, which was fully answered by learned SELDEN; and more particularly the Sovereignty of the British seas proved by ancient Records to belong to the Sovereign power of this Land, in a Treatise composed by the worthy Antiquary, Sir John Burroughs, called, The Sovereign of the Seas.  
To conclude this point of Free-Ports, common reason confuteth the Liberty of the Seas: without government, both Sea and Seaports would become Receptacles of Thiefs, Sea-robbers, and Pirates, which would destroy Sea-traffick, if they be not mastered and destroyed, which cannot be without government: Which being granted as a thing necessary to be at Seas as at Land, (not one over all Seas, for that is too vast a government to be under the rule of one, if it could be without injury or wrong to others) Who then should? Even those to whom the government most properly belongeth: And who are those? Even those Principalities or Commonwealths who have the best Sea-harbors by site of nature, and near those Seas, are fittest for the government of those Seas adjacent; and withal the eldest prescrition of the possession of the government of those Seas. Of which both Harbours, and possession of Government of the Seas, Great Britain hath had the tuition and government, unless it were in the times when the Inlands of Great Britain were in Civil wars, and so the government of the Seas became neglected.  
And to manifest this, begin we with  
1. Our several Conflicts with, and Victory over the Dutch.  
2. The times of Queen Elizabeth, whose actions are fresh in memory, and her famous Conflict with the Spanish Navy, (by God's special favour obtained, and never to be forgotten.)  
3. The famous Navies and Victories of Edward the Third, whereof the best and brief memory is his golden Coin (yet to be seen) called the Rose-Noble, or Spur Royal, by his Image pictured thereon as the Steersman of the ship, and Governor of the British seas: Whose title of the British seas descended to him from Richard the First, who in his way to the Holy wars (so called then) ordained new Laws, and confirmed the old, in the Isle of Oloron, ever since called the Laws of Oloron, well known to Seamen. He held the prescription of the sovereignty of the Seas from Henry the first. And had the Seas been guarded in the times of Harold the Usurper, which was neglected in the times of Edward the Confessor, William the first had not so easily entered England. So King Edgar had the sovereignty of the Seas, when he had eight Under-kings or Viceroys to row the Barge, and he himself the Steersman, and so entered Westchester. Whoever had the mastery of the Scas, Saxon or Dane, gained the Land. Even so it was in Julius Caesar's time at his entry, testifying the excellency of the British ships, which he after imitated in his future wars, leaving also a Memorial of the British government of the Seas and Seaports. The Britain's were masters of the Seas, and sole Merchants; the Gauls being ignorant of the Inland of Britain, and so kept by the Britain's from the knowledge of Britain, the Britain's being masters of the seas.  
What Nation can say so much as Great Britain? And therefore it behoveth us to regard our Seas and Sea Ports, and whom we plant in them, lest neglecting them we become a prey and booty unto Strangers.  
Your Suppliant, as a weak Remembrancer, having according to my poor skill and ability passed over the Cinque-ports of the Profits of our Land, I hope my boldness herein may be excused, proceeding from the ardent desire I bear to the welfare of our Country and Commonwealth.  Etiam in magnis & voluisse sat est. 
FINIS.    

ERRATA.  
Pag. 5. l. 21. for then read this. p. 15. l. 9 for manufactritures r. manufactures. p. 28. l. 13. for ten r. twenty years. p. 28. l. 28. for a light r. or light. p. 29. l. 33. for Watchman r. Watchmen.