The center of The circle of commerce. Or, A refutation of a treatise, intituled The circle of commerce, or The ballance of trade, lately published by E.M. By Gerard Malynes merchant

THE CENTER OF THE CIRCLE OF COM∣MERCE.

OR, A Refutation of a Treatise, intituled The Circle of Commerce, lately published by E. M.

The Proeme.

STrong imagination, nourished by opinion, may cause most men to suppose, that Edward Misselden,* 1.1 in whom the Babilon of learning seemeth to bee: would not publish any thing which were not serious & sub∣stantiall, which moued me to enter into considera∣tion of the Reasons, which caused him to intitle his Treatise, The Circle of Commerce: and imagining that Giotto the Painter (hauing in the turning of an hand made a perfect Circle without a Compasse:)

was the cause thereof. I did instantly perceiue, that the comparison was most proper and apt, to make the matter perspicuous: for euen as the Circle of Gi∣otto, was made without a Center, even so is his Circle of Commerce, without substance or Center, like vnto a stone cast into a standing water, which maketh a Circle, and that circle begetteth many Circles vpon circles: but at last they all vanish away, and leaue neither Center nor any thing beside to build vpon.

For when I doe compare his circle to the Celesti∣all Sphere,* 1.2 comprehending the figures or constella∣tions within the twelue Signes: I am first encoun∣tred with Comets or Blazing starrs of Adulation; and with diuers Meteors of watry vapours of high pre∣sumption; & then approaching neere to the Starres, I doe find him to endevour, that all his inferrences, might be as powerfull, as their influences to revenge his quarrell against me, which concerneth the whole kingdome.

In the great and litle Beare,* 1.3 he findeth an accusation of Scandalum Magnatum. In the Dragons Taile, vox Pecudis concerning the whole kingdome. In Hercules a Club to defend the errors of Marchants. In Ser∣pentario, calumniation & detractiō. In Agitator, Lo∣gicke turned into Rimes & rayling. In Pegasus, vaine imaginations, swimming in his braine: In the Whales belly,* 1.4 he is like the Sexton in the Belfrey. In the little fish, euerstriuing contradictions. In the great and lit∣tle Dog, barking and biting. In the Ship, he is sayling without a Rudder or Compasse. In Centaure, fren∣zies and biting scurrility. In Putius, A puddle of vn∣truthes. In vultur volans: a devouring of fame. In

the Harpe, noyses and vnpleasant tunes. In the Tri∣angle, dreames of Iewes and Grecians. In Andromuda, accusation of ignorance. In Perseo, scandelous Asper∣tions. In the crowne, presumptuous exhortations to Superiours. In Sepheo, obstinacy & vayne disputati∣ons. In Orion, matter and forme by former & later. In vultur Cadens, deprivation of modestie. In the cup A defence of Vinteners. In the Swanne, a preiudica∣ting humor. In the Crowe, vexation of innocence. In the Dolphine, An intention of fishing. In via lactea, a coniuration of circles. In the flying Horse, flattery of particular persons and Societies. And finally in the other figures or constellations, a running with the streame of ignorance, to maintayne errours & falla∣cies, cutting downe with Arcturus Syth, all whole∣some Lawes and Ordinances, made for Reformati∣on of abuses.

To contract all these into the imaginary Circle of the 12 Signes, would be more offensiue, thē trou∣blesome, because of the application of the Cornuted beasts of Aries, Taurus, & Capricorne: But I haue re∣solued to make Libra the ballance of our discourse, and to vse modest termes in opposition of vnciuill speeches. So that finding no Center in the Celestiall Sphere:* 1.5 Abbaddon comming by told me, that the Ter¦restiall Globe was the Center of it, vnlesse (saith he) you will make this man to be the Center, and place him in the middle thereof (as he speaketh of Sapor King of Persia,* 1.6 sitting in his great Globe made of glasse:) And so draw all the lines of his circle, frō the circumference of his aforesaid Passions to the vnde∣uided poynt of the Center of his heart, frō whence

they haue their Originall.

Herevpon calling to mind his owne confession,* 1.7 that he knoweth not how he is inclosed within this his Circle, & that he will through the Center there∣of draw a Diamiter, and deuide the whole circle into two Semi-circles to get out of it, (much like to the maget in a haselnut, which after she hath devoured the kernell, maketh a hole to creep out, and then it is but newly borne:) I haue resolued to gird him within his owne circle, by the fi••e Zones or Girdles of this Terrestiall Globe, beginning from the Artike circle vnto the Tropicke of Cancer, equidistant and correspondent to the Antartike circle and the Tro∣picke of Capricorne, placing the Equinoctiall in the middle of the fiue chapters following. And when I doe exclude all the Stuffe contayned in the former absurdities, together with the Logicke & Geomitry of Ramus: There remaineth little or nothing, but may be compared to the conceited and wittie enterprise of Aesop, who would vndertake the drincking vp of the mayne Ocean: So as the Riuers were separated from it. Heere you must now imagine him to be a∣ble to determine with the Philosophers of the prin∣ciples of naturall things,* 1.8 whether they be one, two, three & ten, & how they may be discerned frō their essence, & thē to conclude with Aristotle his opiniō, besides all this, he can discourse of colours, Sounds, Smells, Tasts & qualities of touching, which doe of∣fer thēselues to his cōmon sense, & are carried into the inner closet of his Phancy, in whose mirror they are represented to his simple vnderstanding by sim∣ple termes, he will tell you in what respect a Man is

sayd to be a Man, that when a house is made of the pieces of a Ship: the Ship is depriued of her fashiō, & other the like singularities, of all which I might make a pleasant application. For these (forsooth) are very materiall matters of Commerce, but the remembrance of the picture of two fooles, deriding one another, made by our moderne Paynters, with an inscription: Wee are three, meaning the looker on for one, (deseruing no lesse commendation, then Apelles his apprehension; Ne sutor vltra crepidam;) caused me to set hereunto a Period.

But some will say, Why doe you so much incul∣cate about a Center, when it is apparant, that he maketh his Ballance of Trade ot be the Center? I an∣swer, this imaginary Ballance is without a Parallell, as his Circle is without a Center; and may rather be termed the periphery or circumference of his Circle, then a Center, as shall be demonstrated here∣after. To prosecute therefore our Simile; it is re∣corded that when G••otto had made his Circle for his master-peece, another Painter (perceiuing the same to be without a Center) did instantly with a pinsell make a point within the same, which made a per∣fect center; whereupon his Art was much extolled and preferred before Giotto's conceit; which caused me to intitle this Treatise the Center of the Circle of commerce.* 1.9 For therein is shewed, that gaine is the center of Traffique and commerce, which being the scope of Merchants, draweth more forcibly then the Adamant stone; and all the direct lines of the circumference of the body thereof, must be drawne to that center which is the end of Trade, and ruleth

the course thereof. This gaine is procured by Mer∣chants, by or vnder the three essential parts of Traf∣fique, either by Commodities, or by Moneys, or by exchange of moneys, according to euery mans pro∣fession and occasion in the course of Trade; some by Commodities only, others by money, & others by exchanges for moneys, or by all three meanes,* 1.10 or some of them, which yeeldeth most benefit, as we shall declare in the sequel of this Discourse in plaine and significant words, fit for euery mans vnderstan∣ding, without affectation of superficiary termes of Art, by demonstratiue reasons and infallible ar∣guments, illustrated by similies, notwithstanding the Refuters obiections, which I intend to answer as they shall occurre vnto me, hauing by this Index Purgatorius dissolued some franticke diseases of his braine, which might haue obscured the things ma∣teriall of this important businesse.

Thus hauing resolued to containe my selfe with∣in the circle of modestie, remembring the saying of Socrates, If an Asse kicke thee, wilt thou kicke him againe? I am only to addresse some few speeches vn∣to him by way of imitation.

Alas poore man, you do so often deplore my ig∣norance by these words, to extoll your learning, who was neuer graduated in Schools, do you think to coniure me within the circuite of your Circle, wherein you are inclosed? I am not to follow your method of circulation, especially when you striue to commend and make good that within booke which was neuer in question, and maliciously vrge some things without booke, that were neuer meant

by words nor writings to be defended; neither can I be drawne from the matter by your Meanders or excursions and vaine disputations De lana Caprina, you do embrace with Ixion, a cloud for Iuno, and with Narcissus (louing your owne shadow) for a water Nymph. Leaue your prophanation of Gods word, in your passionate writings; for the highest point of knowledge is to know that we know no∣thing. And so I end, with an obseruation onely of such other absurdities as are fit to be noted for the better vnderstanding of the matters to be intreated of.

The Contents of the fiue Chapters or Zones.

Chap. 1.

• That exchange for moneys, by bils of exchan∣ges is the publike measure between the Realme of England and other countreys, placed vnder the Articke circle.

Chap. 2.

• That the Moneys of the Realme are vnderva∣lued in exchange betweene vs and other coun∣treys, in the Tropicke of Cancer.

Chap. 3.

• That Gaine is the center of the circle of com∣merce: and that the vndervaluation of our moneys in exchange, is the efficient cause of the ouerballancing of Trade, placed in the E∣quinoctiall.

Chap. 4.

• An examination of the Center of commerce, in the Trades from England into other coun∣treys, placed in the Tropicke of Capricorne.

Chap. 5.

• The meanes to ballance the Trade of England by the said Center: or the Remedies against the causes of the decay thereof, placed in the Antartike circle.

CHAP. I.

That exchange for moneys by bills of exchanges is the publike measure between the Realme of England and other Countreys.

ENtring into the first Zone or Artike Cir∣cle of the North, let vs direct our com∣passe according to this North Starre of the publike measure betweene vs and o∣ther Nations, and so proceed methodically.

There is no Rule so generall in any thing, which admitteth not some exception: but to ground any thing vpon an exception, and to leaue the generall rule, is neuer done by any man of iudgement. All Misseldens contradictions are grounded vpon ex∣ceptions, and the generall rule is neglected. As for example:

The Ship named the Dragon, comming from the East Indies,* 1.11 was driuen by necessitie to saile a great part of her way without a Rudder:* 1.12 shall wee make a rule hereof, and saile without a Rudder or com∣passe?

States-men haue obserued for a generall rule, that the inhauncing of the coyne doth generally raise the prices of commodities: shall wee terme this a fallacie,* 1.13 because that the linnens in Germanie haue these two or three yeares last, come thence so cheap, notwithstanding they were bought with moneys

giuen out at high rates, especially when intestine warres make things good cheape, as Monsieur Bodine hath obserued in France and other places?

Againe, when the price of commodities is raised generally with the price of moneys inhaunced;* 1.14 shall we contradict the same, because one commoditie, as Cloues, is not risen, but sold as a staple ware?

Likewise when moneys are not imported, when there is a losse by the bringing of them:* 1.15 shall we de∣nie this principle when moneys are brought in, be∣ing decried or made bullion beyond the seas, as the Iacobus and other coines haue bin of late in Holland and those parts, which caused some quantitie (for a time) to be imported againe?

When generally all Diuines doe interprete and vnderstand the Hebrew word Neshech to be the bi∣ting of a dog, or a gnawing as a dog doth vpon a bone, concerning vsury, which the learned Doctor Felton now Bishop of Ely, and Doctor Wilson the Ciuilian haue so plainly expounded in their two Treatises of Vsury:* 1.16 shall we disallow hereof, be∣cause one Rabbi Bechai doth take it to be the biting or sucking of a Serpent?

The generall Trade, all the world ouer, is made by the rule and square of moneys, which is there∣fore called publica mensura in all countreys where moneys are vsed to set a price vnto all cōmodities. Now albeit that there are some countries where they haue no moneys, but commodities are bar∣tred by way of commutation in kind: shall we a∣bandon therefore the generall rule or institution of moneys, and iudge by the particular or excep∣tion?

Absit ignoranti••.

Misselden doth confesse:* 1.17 That Money is the Pub∣licke measure betweene man and man, but exchange for moneys he vtterly denieth to be so, betweene vs and forraine Nations. This assumed opinion of his by a certaine Chymera swimming in his braine, might find some kind of entertainment in a weake mans iudgement, if the Lawes of the kingdome did not prohibite the Transportation of moneys. But where moneys are forbidden to be carried out, there must of necessity some other meanes be found to answer the same, vnles we should returne againe to the Commutation of Commodities in kind, and then moneys will not be vsefull. And this was the begin∣ning of exchange for moneys.

This exchange for moneys cannot be otherwise, but with a consideration of the very value of the materialls whereof the money is made, for we doe not exchange for cockle shels, so that the inward value of Siluer and Gold by weight, is the foundati∣on of this exchange, as shalbe declared, and conse∣quently, this exchange is the publike measure, which all men will confesse.

And to apply the common saying,* 1.18 Mendacem oportet esse memorem, by way of retortion, his owne argument (like vnto Goliaths sword) will conuince him, and take away the breath of his wilfull opinion, for he did speake plainely a little before, but it see∣meth that some Tobacco smoake did offend his me∣mory; which made him forgetfull.

There is no Merchant (saith he) of any experience,* 1.19 but as he hath one eye vpon the value of his commo∣dities, so hath he the other eye vpon the money, both Intrinsique in the inward value or finenes, and Extrinsique, in the outward denomination or ac∣count, as it is currant in euery Countrey, together with the course of Exchange, whither he doth direct his trade. Otherwise, if the money rise in denomina∣tion, aboue the true worth in valuation, and the Exchange also rise accordingly: if this Merchant do not raise the price of his Commodity in due propor∣tion answerable thereunto; he shalbe sure to come home by weeping crosse, how euer he make his re∣turne, whether by Exchange; or in Money, Bullion, or wares. &c.

IF I should take vpon me to discourse vpon this Text, & make no other answer vnto all his Asser∣tions, surely here is matter enough to conuince him of all his folly, which by the Prouerbiall Text in the Title of his Pampflet is quoted, but I intend to be briefe and substantiall.

All men of iudgement may easily perceiue, that the maine point in question concerning our diffe∣rences, doth consist in the abuse of Exchanges, tou∣ching the value of moneys of other Coūtries inhaū∣ced of late yeares, when the moneys of the Realme did remaine at a stād, & that there is an vnderualua∣tiō of our moneys in Exchange, whereby the deno∣mination of forraigne coine doth in some part an∣swer vs, as if by exchange we did really receiue the value thereof, there is no man blinder then he that

will not see, if he were in the Indies, where the inha∣bitants call the Europians,* 1.20 one Eudman, as he hath obserued out of Mafscius History, they would call him blind by his owne reasons. He saith that Mer∣chants of experence doe diuide (as it were) their eyes, by casting the one vpon commodities, and the other vpon moneys, with a consideration of the in∣ward value, and outward valuation thereof, if they did so, there is no difference betweene him and me in this principall point. So as the words Together with the course of Exchange, were also considered of, and that the price of Exchange did rise proportion∣ally with the rising of the moneys, whereof we doe complaine: Shall this Merchant come home by weeping crosse that doth not the same? and shall not Exchange for moneys be the publike measure? you will buy cloth of a Draper by the yard at a certaine price, and yet the yard whereby it is measured must not be called the measure.

But some will say, why doe you take Missolden so short, doth not he say that Merchants of experience doe so, and herein he doth vse a little equiuocation, or rather prouidence in pondering of his words▪ well, I must craue pardon, and proue that Merchants doe not so, and then it must follow that experience is wanting: but howsoeuer the Maxime is true: That Exchange is the Publike Measure betweene vs and for∣raine Nations, where we deale by Exchange, accor∣ding to which all our domestike Cōmodities and forraine wares are bought and sold,* 1.21 for the same is grounded vpon the moneys of the Realme, and the moneys of other Countries respectiuely, according to

their inward value, truely to be expressed by out∣ward valuation imposed vpon them, by the Autho∣rity of Soueraigne Princes and States, which are to sit at the Sterne of Trade, for Merchants may com∣mit great errors in Trade, seeking their priuat gaine, and the Common wealth doth receiue an incredible preiudice thereby, as shalbe made plaine hereafter.

To make this more euident,* 1.22 consider we of these generall rules, euen as plenty of money maketh things deare, and Scarsity of money maketh things good cheape: euen so plenty or scarsity of commo∣dities maketh the price thereof to rise and fall accor∣ding to their vse more or lesse, which rule is not without exception, howbeit, Money must not be be∣reaued of her function, as the right iudge thereof. And so it is in matters of Exchanges, whereby com∣modities are dearer or better cheape, according to the Positiue Exchange,* 1.23 wherein the prices of commo∣dities do perpetually follow the rates of Exchange: but the Exchange hauing also another course of ri∣sing and falling in price, according to plenty or scarsity of moneys, and the few or many Takers or deliuerers of money,* 1.24 which may be termed The cur∣rant Exchange: hath not the like operation, to make dayly (as it were) the prices of commodities to rise and fall according to the said Exchange, for as the few or many takers or deliuerers of money doth proportionate this price of Exchange in all Coun∣tries, according to the true value or aboue the same, grounded vpon the said Positiue Exchange, so doth plenty or scarsity of money doe the like, and the commodities so bought by moneys taken vp by

Exchange, are calculated by Merchants of expe∣rience in price to cost accordingly. So that euen as money doth still remaine the rule for commodities; so doth Exchange for money, remaine the rule of moneys, and consequently of commodities,* 1.25 with∣out any such contradiction, as he vntruly allea∣geth.

This caused me to obserue, that Exchange had two courses like vnto the Sunne, the one Annuall, which may properly be called Positiue: the other by dayly rising & declinatiō currant exchange as afore∣said. But Misselden will no more vnderstand this,* 1.26 then he doth the Simbolization of the elements, which (as it were) by striuing doe subsist and are agreeing by Concordi Discordia, and are not there∣fore to be termed in this A Dissimilitude, should I carpe at euery word, and be rauished with a foolish admiration at the word (vpheld) and make the same an Oratory, I might be as good a Rhetorition, as the Clarke was in calling a flocke of sheepe to be an Au∣ditory, which I thinke was the man, that would needes goe in all hast to dwell in the immaginary flourishing common-wealth of Vtopia without mo∣ney, so much by him extolled.

Misselden (changing his immodest stile in a more t••mperate maner) saith,* 1.27 That Exchanges in generall may be said to be Personall and Prouinciall: the Per∣sonall Exchange is a plaine buying and selling of commodities and of moneys, and why not for ex∣changes of moneys by bills of Exchanges or letters of credit? And here commeth in his former and lat∣ter, the one is matter of Trade, the other is matter

of State: and so all kingdomes and common-weales are made Prouinciall, and the money changers are brought in by ray••ing termes, because they were whipt out of the Temple for abusing the place, if it were onely for the place, surely himselfe for abusing the places of Scripture deserueth a worse punish∣ment.

Leauing the name of Exchange,* 1.28 he bringeth in an other distinction of Naturall and Politike, and the Naturall Exchange, he will not call Par pro pari, but value for value, according to the inward finesse, which is knowne by the assay and melting, separa∣ting the pure from the impure, the fine siluer and gold, from the allay or copper; and herein is no o∣ther obseruation, but looke how much fine siluer or gold you receiue in one place, iust so much and no more you must pay and deliuer in another place. But you may not call this Parity nor Purity. This saith he, is a better direction then limitation of ex∣changes; whereby you may vnderstand how he is mistaken, supposing that the price of the Currant exchange should be limited, and not rise and fall ac∣cording to the nature of exchange, vpon plenty or scarsity of money, and the many or few takers or de∣liuerers of the money, as hath beene declared. So that he maketh no difference betweene the Positiue exchange, and the Currant exchange, the Positiue ex∣change is properly the matter of state, that concer∣neth

The King and kingdome,* 1.29 (as himselfe confesseth, howbeit without any mistery therein) It con∣cerneth the King, when by the benefit of exchange his Maiesties affaires of state and high concequence may be furnished with moneys in forraine parts vpon all occasions, without exportation of any of his owne treasures: It concernes the Kingdome, both in respect of Noblemen, and Trades-men, in∣cluding therein the Clotheir and all Subiects in generall.

HEre now he is fully perswaded to haue spoken both ingenously and effectually, for presently after (like a silly Hare) he insulteth ouer a dead Lyon, as the Prouerbe is: But we may say with the Fox that found a dead mans scull, O quale Caput & Cerebrum non habet, will any man of iudgement commend this Politique exchange, to secure the King and Kingdome, when there is a greater losse to both, by the abuse thereof in the deliuering of moneys by exchange, then by the transportation of the moneys inspecie, because when our moneys are vnderualued in exchange, the money is not onely exported, but all the commodities of the Realme are vndersold by so much also, and forraine commodities are (in the nature of moneys inhaunced) put vpon vs. If this man did heare me, he would cry out,* 1.30 what is the man mad? hath he no lesse a crime to accuse our Mer∣chants of then ignorance, as he doth the kingdome of Depudations: I leaue him and it to the iudgement of the State. It is pitty such stuffe as this should passe the Presse.

Good Sir haue patience, let not any strong im∣magination preuent your iudgement. Tell me (I pray you) if the King or the Nobility and all other

men should deliuer money by exchange at so low a price, vnder the true value of the moneys, that there were ten or twelue in the hundreth to be gotten in a moneths time, betweene the money inspecie and by exchange, whereby he that taketh the money, hath an ability giuen him to export that money by all secret conueyances: to pay his bill of exchange therewith beyond the Seas, and to put the ouerplus (of this incomparable gaine) into his purse, do not you thinke that the money will be exported by them that are the takers thereof? whereby the kingdome loseth the money, and you that are the deliuerers of the money: the benefit which they reape thereby, which you ought to haue giuen you by iust and true exchange? Are not the King and the Nobility great loosers hereby in deliuering of their moneys? hereunto he replieth, you are wide, there is no such matter, you mistake the busines, this cannot be proued, it is the maine pillar to sup∣port that strange and perillous Proiect of the Par, the foundation whereof I haue rooted out,* 1.31 for by taking that away, all Malines allegations are fallen to the ground, there is not any such vnderualuation of our moneys in exchange,* 1.32 it is but foppery and delusion proceeding of a weake braine.

De homine imperito nunquam, quic quam iniustius: Qui nisi quod ipse facit, nihil rectum Putat.

To this peremptory opinion, me must ioyne a peremptory issue, and come to the proofe, putting him neuertheles in minde, that he doth maintaine: that the low exchange for moneys is profitable for our Merchants, that are commonly the takers of

moneys here in Engla••d, and so beyond the Seas where they are deliuerers, now how a low exchange can be imagined without the vnderualuation of our moneys in exchange, I referre to his deepe appre∣hensions, come we therefore in the next place to proue this vnderualuation of our moneys in Ex∣change, and then such as deserue the name of Moun∣tebankes, Iugglers, or impostures of Trade, will be found out as easely by the Center of Commerce,* 1.33 as the Cu'man Asse, was (wearing the Lyons skin) by the stranger that had seene a Lyon, who knew him by his eares and braying: maruell not therefore that I haue written of Merchants Lawes, which are extolled, and not disgraced thereby, or by such a fellow who willeth you to remember Maximilians Foole, telling the Emperour that if he would deriue his pettigree from Noahs Arke, whereas now he re∣uerenced him like a God, if he came once to the Arke, he should be his fellow, for he was sure that he also descended from thence.

This vndervaluation being proued, will verifie the Prouerbe, who is the foole now: and Horace his Crow will be found to haue lost his Cheese by too* 1.34 much Chattering: or Aesops Dog his Bone, by too much gaping, which similies himselfe hath vsed.

CHAP. II.

That the Moneys of the Realme are vnderuauled in Exchange betweene vs and other Countries.

FRom the North Starre of the Artike Circle or Pole, we are come to the Tropicke of Cancer, to intreate of the vnderualuation of our moneys in Exchange, which may well be compared vnto Cancer the Crab in going backe, for so doth the wealth of the Realme (by these meanes) decay, for wee looke one way, and goe another way, like men that row on the water, or like Crabs on the Land.

Wee haue obserued heretofore, that Polititions or Statesmen haue noted, that the often comparing of a thing vnto his Principle or Original, produceth the longer continuance, shewing (by Digression) how the same is decaied, and may be reduced to the first integrity and goodnes.

To reduce therefore the course of Exchange for moneys to the first institution, may seeme very ne∣cessary to explaime this important matter.

It is about 80. yeares since that there was an equal Exchange between England and the Netherlands,* 1.35 which in true value may be called Positiue, and ac∣cording to alteration in price Currant, at which time, twenty shillings of their coine, and twenty shillings Starlin, were alike in denomination, that is to say, were named all one in price, & of intrinsique or inward value, for their Imperial Royall of gold was valued and went currant for Ten shillings Flemish, and our Angell was valued at Ten shillings Starlin,

being all of a goodnes of Gold in value, which we call Waight and finesse by the termes of the Mint, so the French Crowne which was valued here at Six shillings Starlin,* 1.36 and beyond the Seas at six shillings Flemish, was correspondent: the Phillip Doller of siluer was valued at fiue shillings Flemish, and so was the Edward Crowne of silucr fiue shillings Star∣lin: our ten Groats being three shillings and foure pence, was correspondent to the Emperours Florin of twenty Stiuers: and the Flemish shillings of six Stiuers or twelue pence Flemish, was all one with our shilling or twelue pence Starlin: for an ounce of Starlin siluer was valued as fiue shillings, for there was fiue peeces or shillings made out of an ounce: and although the Standards of moneys did differ in the finesse or goodnes of the siluer and gold, yet the quantity in waight did answere and made good the same: as for example, the Starlin Standard be∣ing 11. ounces 2. d. waight in fine siluer, in the 12 ounces Troy to the pound waight made into 60 s. caused the ounce to be fiue shillings; and the Philip. Doller being but ten ounces of fine siluer in the like pound weight of 12 ounces Troy: was correspon∣dent and currant for fiue shillings, or the said pound was valued at 60 s. This Philip Doller weigheth 22 pennie weight, which is two pennie weight more then an ounce, to answer our siluer by the more weight of such siluer as is not so good as ours, be∣cause it containeth more allay or copper: so that their inward value of siluer is made by weight an∣swerable and correspondent to ours. And so the names for the price and value of the coine, were na∣med

alike; and the prices of commodities (both here and beyond the seas) were likewise named accor∣dingly; whereby all fallacies concerning the value of moneys and the prices of commodities were ex∣cluded; and then Merchants (to accommodate one another by exchange) would giue or deduct either 3 d. 4 d. or 6 d. or thereabouts vpon the pound of our 20 s. or a pennie or two pence vpon the Noble (wherupon exchanges were then commonly made) to pay or receiue their moneys by exchange here or beyond the seas, according as they could agree: in so much, that 20 s. Starlin hath beene giuen here to receiue beyond the seas 19 s. 6 d. Flemish by ex∣change. And the like hath been giuen beyond seas, to receiue here 20 s Starlin, according to the occa∣sions of Merchants.

From this equalitie or paritie of exchange, we are fallen to very great inequalitie, by the inhauncing of moneys beyond the Seas, whereby the price was there altered in name or denomination, our moneys remaining here at a stand; and the standards of mo∣neys both here and beyond the Seas also remaining vnaltered, and so continued beyond the Seas vntill this day, albeit they haue caused diuers new coines of other standards to be made since that time, which is to be obserued hereafter, the rather for that it is a maxime, That the siluer coines doe rule the markets in all places, because of the abundance thereof,* 1.37 being 500 to one of gold, which causeth the exchanges to be made according to the siluer coines, which ouerruleth the coines of gold.

The first inequalitie crept in by the inhauncing

of moneys, was vpon the Philip Doller, which was come from 30 Stiuers or 5 s, as aforesaid, to 33 and 35 Stiuers; whereby the price of exchange began to alter in the yeares of our Lord 1563 and 1564, which then was looked into by the Merchants Aduentu∣rers, according to the complaints of Mr. Hussey their Gouernour, and that made them to make exchan∣ges vpon our pound of 20 s Starlin at 22 s. 6 d. and 23 s. Afterwards in the yeare 1575, the said Philip Doller went currant for 36 Stiuers, or 6 s Flemish, which was inhaunced full twentie in the hundred, or foure shillings vpon twentie shillings; whereby the paritie of exchange was altered in name from 20 to 24, because that 24 s with them beyond the Seas and our 20 s here was all one in value: so that 500 l Starlin was correspondent or answerable to 600 l Flemish, by reason of the said valuation, without a∣ny alteration of Standards. Before that time, that is to say, in the yeare of our Lord 1567, the Burgun∣dian Rickx Doller was coined in the Empire for 32 Stiuers lups, or two Marks lubish, of 16 shillings the Marke. So that then one shilling lubish and one Sti∣uer,* 1.38 was betweene Germanie and the Netherlands all one in name; as we haue more amply declared in Lex Mercatoria and elsewhere.

From this position, let vs come now to the vnder∣valuation of our moneys in exchange by three se∣uerall and infallible meanes; and therein obserue the progresse of valuation and the course of exchange, for the maine places of Trade.

First, by the Assayes of moneys made in former times, and the calculations of exchanges made there∣upon,

upon, according to the prices or valuations of the moneys inhaunced beyond the Seas, and not in∣haunced with vs in England.

Secondly,* 1.39 by true calculations deriued from the said Assayes and inhauncing of forraine coines, as also of our moneys beyond the Seas, which rule cannot faile: so long as the Standards of the moneys are not altered.

Lastly, By the triall of Assayes both of our moneys and the coines of forraine Countries lately taken, concerning both the premises, by which three meanes, any man of iudgement may perceiue that the Exchange is the Publike meanes betweene vs and other Countries already proued. Concer∣ning the first, it appeareth of record, that in the said yeare 1575. there was (by order of the Right Ho∣nourable the Lords & others of her Maiesties then Priuy Councell of the late Queene Elizabeth of blessed memory) diuers Assayes made of the mo∣neys of sundry Countries, and the price of Ex∣change, that is to say of the Positiue Exchange, was set downe accordingly, whereof I haue made this Abstract, for so much as maketh for the purpose.

The Phillip Doller of 10. ounces fine at 36. Stiuers or 6. s. Flemish, made the price of the said Exchange 24. s. as aforesaid, accounting 4 Dollers for the l.

The Rickx Doller of 10. ounces 12. penny waight at 32. shillings lubish or Stiuers Flemish made the said Positiue Exchange to be 24. s. also,* 1.40 accompting foure, and a halfe Doller for 20. s. Starlin.

The Rickx Doller being inhaunced to 33. shillings lubish, made the price of the said Exchange at one

shilling more, vpon the 4. prices and a halfe to be at 24. s. 9. d. which contained for a long time at Ham∣borough and other places in Germany,* 1.41 and all their owne coines were correspondent thereunto in the inward value: but in the Low Countries the valu∣ation did alter, and moneys were inhaunced by in∣termissiue times, by the warres and deuision of the 17. Prouinces.

Come wee now to the yeare 1586. when Robert Lord Dudley Earle of Leycester went ouer to take the Gouernment of the Vnited Prouinces, at which time moneys were much inhaunced, and the States did coine the great siluer Royall of the goodnes of the Phillip Doller, as also Rickx Dollers, in euery prouince of the goodnes of the said Imperiall or Burgundian Dollers, and the Arch Duke Albertus of Austria did the like in the reconciled Countries vnder his Go∣uernment.

Hereupon there was Assayes made againe of the said coynes and other moneys, and the goodnes of them was by the said Assayes correspondent in weight and finesse, and so the Positiue Exchange was made accordingly vpon the valuation made in the said Countries, namely the said Phillip Doller being risen and valued at 50. Stiuers, or 8. s. 4. d. Flemish made the said Exchange (by the said 4. peeces) to be 33. s. 4. d. for 20. shillings Starlin: the said Rickx Doller was valued at 45. Stiuers, or 7. s. 6. d. Flemish made the Exchange to be after 4 peeces and a halfe to the pound Starlin 33. s. 9. d. but because our shil∣ling was valued at 20. d. Flemish, or 10 Stiuers, whereof 20. s. made 33. s. 4. d. Flemish, it was agreed

by the Commissioners,* 1.42 that the Positiue Exchange should be 33. s. 4. d. for our 20. s: and all other mo∣neys had correspondence with the said price or thereabouts: and the Spanish Royall of 8. was valu∣ed at 42. Stiuers, or 7. s. Flemish, as appeareth by the Placeart or Proclamation then made by the said Earle of Leycester.

If you will be sure whether the said Assayes and Valuations are truely calculated in exchange,* 1.43 the Accompt by the Golden Rule is easie for any man of meane iudgement to be cast vp, that is to say, if the Phillip Doller of 36, Stiuers made the price of ex∣change to be 24. s. what must the price now be, when the said Doller is valued at 50. Stiuers, facit 33. s. 4. d, againe if the Rickx Doller at 33. Stiuers gi∣ueth in exchange 24. s. 9. d. what will 45. Stiuers giue in exchange, facit 33. s. 9. d: so that you see the Assayes and Valuations doth agree in the price of exchange, and rather somewhat to our disaduan∣tage.

In the yeare 1600. (by a Commission granted to Sir Richard Martin Knight, and Master of the Mint, Sir Richard Saltonstall, Sir Henery Belling sley knights, Thomas afterwards Lord Knynet, Mr. Iohn Williams, my selfe and diuers others) there was an examina∣tion taken concerning the goodnes and valuation of moneys in exchange, and there ensued but an alteration in the valuation of gold concerning the proportion, with some small reformation concer∣ning the Standards: but in Exchanges nothing was effected, for some reasons here not declared: come wee now to this present time, and see how

much the said moneys haue beene inhaunced,* 1.44 not by the tolleration of Merchants to receiue them a∣boue their price, but according to the Placcart or Edict of Proclamation of the said Estates made the 21 of Iuly 1622.

There you shall finde that the Phillip Doller is made Bullion: that is to say, not currant, as they haue also done of other coynes: but the Rickx Dol∣ler of Germany and the Nether-lands are inhaunced and valued by Publike Authority (besides their tolleration to goe aboue the same) at 50. Stiuers, now cast hereupon what the Positiue Exchange must be, when 45. is made 50. or when 5. is gotten in 45, which is iust one ninth part: take the ninth part of one hundreth, and it is 11. and 1/9. that the said Dol∣lers and other moneys are in haunced thereby. But our Shillings or 12. pence Starlin (albeit they must be deliuered by waight) is but aduanced to tenne Stiuers and a halfe, which is but 5. d. 100. when it should be 11 1/9. part, or 11. l. 2. s. 2. d. ⅔. The Rule is.

If 45. giue 5, what shall 50. giue? Facit 11. & 1/9. parts.

Or if 45. giue in true Exchang 33. s. 9 d, what 50? Facit 37. s. 6. d.

Or if 42. for the Royall giue 33. s. 4. d, what giues 48? Facit 38. s. 1. d.

So that it plainely appeareth by grounded cal∣culation vpon Assayes, that from 33. s. 4. d. the mo∣neys of the Realme between vs and the Low Coun∣tries are vnderualued 11. l. 2. s. 2. ⅔. d. in euery hun∣dred

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pounds,* 1.45 whereby we vndersell our home com∣modities, and buy the forraine Commodities so much dearer, and loose for euery hundreth pounds so much in the Kingdome stocke, for we doe re∣ceiue but 88. l. 17. s. 9. ⅓. d. for one hundreth pounds: and he that exported our money may get ipso facto, or euery moneth aboue 11. per cent, which is 132. per cent by the yeare, and no money or Bullion can be imported from thence without the like losse to the bringer thereof, vnlesse by gold, which is here more esteemed then in other Countries, whereby he may saue some part of his losse, especially the same being made Bullion beyond the seas, as a∣foresaid.

And because Misselden will not allow of the sup∣position set downe vpon the rates of 30. s. for 20. ••.* 1.46 Starlin, to shew how Merchants may be correspon∣dence accomodate each other, to the Kingdomes great losse, by the meanes of a low Exchange, which must in the comparison needs be vnder the price supposed in Exchange, and not at 33. s. 4. d, which is called low in regard of the present, and hereupon he doth miscast 100. l. in 1000. l. betweene the Londoners and the Amsterdamers, with other cauil∣lations in the answering thereof: I though good to obserue the same betweene the price of equall ex∣change, altered by the inhauncing of moneys be∣yond the Seas at the beginning, when 20. s. Starlin was made 24. s. by exchange, whereby 500. l. made 600. l. beyond the Seas as aforesaid, for the said 600, l. Flemish was correspondent in accompt be∣tweene the said Londonner and Amsterdammer, after

the said rate of 24 s. by exchange, so long as the value was made good by exchange: but if the Ex∣change had not risen in price according to the mo∣neys inhaunced, and had remained at 20 s. for 20 s. and they had still so kept their accompt betweene them; All men of iudgement can very well see that the 500 l. Starlin (being transported) will make 600 l. Flemish: But the Londoner hath not the like meanes to import his money in specie from be∣yond the Seas, where the same is inhaunced: so that if he do not receiue their 600 l. in liew of his 500 l, he becommeth a looser of so much, and the King∣dome is bereaued of the others money, which the Amsterdammer caused to be sent ouer vnto him, as shalbe made plaine in the next Chapter.

To returne to our aforesaid declaration of the vndervaluation of our moneys.* 1.47 True it is, that since the said Proclamation of the States, whereby our shilling is valued at 10 ½. Stiuers, the price of ex∣change is risen to 35 s, which some vnderstand to be value for value, or Par pro Pari: and others will say, who knoweth whether the said Assayes were truely made and reported accordingly, and so speak against our benefit. I answer, admit that the losse be but 6 1/9. per centum for a moneth, is this tollerable, when by the exportation of our moneys there may be gotten aboue 73 per centum by the yeare, which is a gaine exceeding all other gaines, besides the losse of our Treasure?

This is conuenience being opened to the Grand Commission of 51. Persons, of diuers quallities and degrees appointed for matters of Trade, namely,

The Right Honourable the Lord Vizcount Man-deuile,* 1.48 Lord President of the Councell. The Lord Brooke. Sir Iohn Suckling Knight, Comptroller of his Maiesties Houshold, Sir Iulius Caesar Knight, Master of the Rolles, and diuers other Knights, Baronets, and others: It pleased them to send for his Maiesties Assay-master, Master Andrew Palmer a man of rare knowledge and experience, and willed him to make Assayes of the principall forraine coynes, and to compare the same vnto ours by way of Exchange, after the rate of 35 s. Flemish for 20 s. Starlin, whereupon he made the report here following, in the Moneth of March last past, 1623.

Twenty shillings English money,* 1.49 containeth in fine siluer 3 ounces, ten pennie waight, 23 graines, 4 mites, 12 droicts, 7 periods, 17 blancks. Fiue and thirty Hollands shillings containes in fine sil∣uer, 3 ounces, 6 pennie waight, 14 graines, 6 mites, 16 droicts. Whereby the difference of fine siluer is 4 pennie weight, 8 graines, 17 mites, 20 droicts.

Euery penny weight of fine siluer is worth in our currant siluer moneys, three pence farthing and halfe a farthing full: so the difference in value be∣tweene the moneys aboue said, is 14 pence halfe pennie and one farthing, which is vpon the hun∣dreth pounds, sixe ponnds three shillings.

Euery Holland shilling containes in fine siluer, one pennie waight, 21 graines, 13 mites, 8 droicts, which is in value to our siluer moneys, six pence 3/•• parts: euery Holland Stiuer of the best containes in fine siluer, 7 graines, 12 mites, 5 droicts, 6 periods 16 blancks: which is in value two ounces, one pen∣nie,

1½ mites, euery 5 shillings English siluer containes in fine siluer, 17 penny waight, 17 graines, 16 mites.

Euery Holland Doller containeth in fine siluer 16 pennie waight, 4 graines, 10 mites: the diffe∣rence in fine siluer is one pennie waight, 13 graines, 6 mites, which is in value Starlin, 5 pence full.

Euery peece of 8 Royalls of Spaine, containeth in fine siluer 16 penney waight, one graine: the dif∣ference is one penny waight, 16 graines, 16 mites. And in value Starlin, fiue pence, halfe penny full.

So to the difference of six pounds, three shillings in euery hundreth pounds, the 5 vpon the hundreth added betweene 33 s. 4 d, and 35 s. is in Totall 11 l. 3 s, by this calculation of Assay.

Thus it appeareth vnto men euen of the meanest vnderstanding, that our moneys are vndervalued in exchange for the Low Countries, and for Hambo∣rough & other places much more, where the Rickx Doller is risen to 52, and 54 shillings lubish, which by the precedent rules, maketh the price of this Po∣sitiue Exchange to be aboue 40 s. of theirs for our 20 s, which to auoide prolixity, I leaue to euery mans iudgement to calculate.

Now because we haue spoken of men of meane capacity,* 1.50 and that I doe labour to expresse my selfe in the plainest maner: I pray you, is there any man liuing that will not conceiue, that this exceeding great gaine had by exportation of our moneys, will still depriue vs of our Treasure? And on the con∣trary, that this great losse had by the importation of money, doth still debarre vs from any to be brought in? Againe, when greater gaine is giuen

vpon the Spanish Royalls beyond the Seas, will not the same be diuerted from vs and carried thi∣ther, or if some be imported vpon occasion or by accident, will not other men transport them againe, and so take away the life of Trade, and cause the Vitall Spirits thereof to languish? Surely all men are able to vnderstand this, yet it shalbe made more plainer.

Thus may we obserue the Disgression and inequal∣lity betweene the said moneys, which can neuer (conueniently) be reducted to their first price and equallity: I might likewise make instance of the coines of gold which are more inhaunced, for the Soueraigne of 20 s. is now currant at 37 s. 8 d. Fle∣mish But the premises declare sufficiently the vn∣dervaluation of our moneys in exchange, both by calculation and triall of the suttle Assay.

Misselden in his former Treatise misnamed Free-Trade, setteth downe,* 1.51 that the immediate cause of the want of money in England: is the vnderualu∣ation of his Maiesties coyne, which hindereth the importation, and causeth the exportation of ours, whereupon he would haue the Kings coine raised▪ and forraine coine to be made currant at equall va∣lue: And in his Circle of Commerce he saith:* 1.52 that I would perswade the world, that there is a great vn∣derualuations of our moneys in exchange to those of Germany and the Low Countries, which is the maine Pillar to support the Par, and so now there is no vndervaluation. And thus with the Saytre he▪ bloweth hot & cold at one instant with one breath▪ and withall he doth acknowledge, that if the pre∣mises

by vs declared were true (as true and manifest they are) That they be fearefull effects, and againe, that moneys are not so little inhaunced as 20 in the hundreth since the inhauncing begunne, which we haue proued to be double, or 100 vpon the hun∣dreth, well in good time, tis mistaken, to make it serue his turne.

He accuseth me of grosse errors, for that the ex∣change is risen in price according to the valuation of moneys, which euen now we haue proued to be false: and if exchange should rise and fall accor∣dingly, that is to say, if moneys rise beyond the Seas, that the price of exchange should rise accor∣dingly: and if moneys doe rise here, that then on the contrary the exchange should fall in price here, what remedy can there be then in the inhauncing of the moneys, when the price of exchange will still ouer rule the same,* 1.53 as it were an inhauncing vpon an inhauncing betweene vs and other Countries vpon the price of exchange, which (as hath beene shewed) is the Publike Measure?

But he will make this perspicuous by a familiar example, surely one of the familiars of his Circle hath del••ded him herein: for if a Gentleman ma∣keth ouer 100 l. for Amsterdam at 33 s. 4 d, and re∣ceiueth for it there 166 l. 13 s. 4 d. Flemish in Hol∣land Dollers, called Lyon Dollers; at two Guilderes or 40 Stiuers the Doller, which amounteth iust 500 Dollers, and vpon occasion after he hath receiued the same, he is to deliuer them there againe by ex∣change to be paid in London: the question is not vpon the inhauncing of two Stiuers vpon euery

Doller and 35 s, which he must giue there to haue heere payd him, 20 s. Starlin for euery pound, whereby the said inhauncing of the Doller there, and the price of Exchange doe iust concurre, and there can be neither gaine nor losse. But the point is, whether these 500. Dollers do containe so much fine siluer by waight, as there is in 100 l. Starlin here by him deliuered, whereby it might be at his choice to import the said 500. Dollers inspeci, or to deliuer them there by exchange, to receiue the va∣lue thereof in England without losse: and vpon examination hereof, the difference (according to the premises) will be found so great, that it cannot be put into one eye, for it will fill such an emptie skull without braines: as the Fox before spoken of had found by chance; and wee now perceiue, here you may distinguish his Personnall Exchange con∣cerning Trade, and his Prouinciall Exchange concer∣ning State, to be handled in the next Chapter, for the said Lyon Doller was by the said Proclamation of the Earle of Leycester valued at 36 Stiuers,* 1.54 which is now inhaunced to 40 Stiuers,* 1.55 being iust one ninth part as before is declared.* 1.56 Concerning others Dollers, and maketh 11 1/9 part in the 100 being 11 l. 2 s. 2⅔d, whereby we may perceiue that there is a proporcionable valuation of these coynes: so that the Gentleman was (according to the true value) to receiue at Amsterdam ••55. Hollands or Lyon Dol∣lers, and 5/9 parts, or 20 Stiuers, and euen so much is our money vndervalued, from 33 s. 4 d. Flemish, as the Assay doth demonstrate. And according to the said Rule, if 42 Stiuers made the exchange vpon

the Spanish Royall of 8. to be 33 l. 4 d, what shall the same be at 48 Stiuers for the said Royall, Facit, 38 s. 1 d. as aforesaid: This Flemish reckonning is true, and truer then the Spanish reckonning, where∣upon Misselden directeth his Argument. And if the said Gentleman had bestowed the last yeare the said 100 l. in Royalls of 8, at 22 s. for the 5 pri∣ces, and payd them out there at 51 Stiuers, and so returned his money by exchange at a low rate, or 33 s. 4 d, or vnder, he might haue gotten 25 Per Cento, where the said Royalls (when he bought them) did cost him but tenne vpon the hundreth: and thus you may see what deepe speculations this man hath (whilst he is inclosed within his Circle) to find out these Misteries, & yet no Misteries: like vnto the Man,* 1.57 that was no Man: which threw a Stone,* 1.58 that was no Stone: at a Bird, that was no Bird: sitting vpon a Tree,* 1.59 that was no Tree: at which a Dog did barke,* 1.60 that was no Dog: And this is the maner of his Sophistry.

But he will come a little closer, and leaue all the vncertaine rates of exchanges, and so bring me to the touchstone of the said last Proclamation of the States of the Vnited Prouinces, whereby the Royal of 8 is cried downe to 48 Stiuers, or 8 s. Flemish. And here he hath calculated matters to a haire, by the English waight of English and Ases, and pennie waight and graines, reckoning after 32 Ases for the pennie weight or English, the pennie waight being but 24 granes, and making 4 peeces 3/•• parts to be e∣quall with our 20 s. in value, which at 10 〈◊〉〈◊〉; Stiuers for our shilling, according to the said Proclamation,

iumpeth all at 35 s. Flemish in exchange for the said 2 s. Starlin; this is very prettily contriued by the dexterity of his ingenous spirit, or rather by his sup∣portes, who would helpe a lame Dog ouer the stile, as the prouer be is by abating the price of the Roy∣all, and aduancing the price of exchange, taking care onely for the present rate & time of exchange, wherewith he chargeth me with a p••ace of Scrip∣ture, with such a Magnanimity,* 1.61 as if he were riding in his Triumphant Chariot, drawne by ignorance and impudency, as a cupple of Coatch Horses: im∣mitating Caligula, who following the example of Iulius Caesar in conquering Brittaine,* 1.62 and conduc∣ting his Army to the Sea side, commanded his Souldiers to gather shells, which he called the spoiles of the Ocean, and binding a few Germaines that neuer fought against him, led them in triumph to Rome: Euen such is the behauiour of Misselden, who hauing gathered the shelles of knowldge, could neuer attaine to the solide flesh of truth and prudence, for an answere therefore to this vntrue Assertion, I vtterly deny, that 4 Royalls ••/8 parts, doe answer our 20 s. Starlin, and by the aforesaid Rule of Arithmitike, if 22 s. will buy 5 peeces or Royalls of 8, then 20 s. requireth 4 6/11 peeces, and although the said Royall be decried, yet is the same currant aboue the price of the Proclamation in most places: moreouer by the said rule, if one shilling was worth ten Stiuers and more, when the Rickx Doller was valued at 45 Stiuers, which is now inhaunced, and currant aboue 50, which is 1/9 part increased: then it followeth that the said our shilling ought to be va∣lued

aboue 11 Stiuers and 1/9 part, especially now the same must be deliuered by weight, which is the cause that aboue sixe in the hundreth profit will be giuen in the Mintes there, according to the pollicy in Mint affaires, when there is an intention to melt downe forraine coyne, as we haue amptly declared in the second Part of Lex Mercatoria: now concer∣ning the exchange for Hamborough,* 1.63 where after the rate of 4 Rickx Dollers and one halfe, wee are to looke for 450 Dollers for one hundreth pound Starlin. I am conscious by bills of exchanges made at Hamborough the last yeare betweene English mo∣ney and lubish amongst the Merchants Aduen∣turours, that for 381 Dollers deliuered there, there haue been paid 100 l. here in England, which is 69 Dollers vnder the true value, whereby they sold their clothes better cheape there, and so the King∣domes stocke must answer for it, to the impouerish∣ment thereof. There is no man that hath the name of a Merchant, that hauing there 381 Dollers, will import the same into the Realme, knowing that he shall make but 4 s. 6 d a peece, which maketh but 85 l. 14 s. 6 d. when he can haue by exchange 100 l, which is 14 l. 5 s. 6 d. more in two moneths time. Is not this an intollerable intrest betweene Mer∣chants, falling vpon those that haue small stockes and are takers vp of money, when they ought to be deliuerers paying 70 and 80 vpon the hundreth to the vnderselling of our natiue commodities: let him here apply the saying, Animus Meminisse horret, luc∣tuque Refugit.

I his vndervaluation of our moneys in exchange

by the inhauncing of forraine coyne is so plaine, and Luce Meridiana Clarius in euery mans vnder∣standing, that there needeth not any further expla∣nation, yet Misselden will not acknowledge, that the 15 Per Cento,* 1.64 more gotten by the Royalls of 8 beyond the seas then in England, commeth to passe by reason of the low exchange and vndervaluation of our moneys, in giuing there little by exchange to receiue much for it here: in the same maner as the precedent example of Hamborough doth de∣monstrate, for he denieth that the price of commo∣dities doth rise with the inhauncing of the moneys, which he mistermed Value of Moneys: and this is meere contrary to his former Assertion, Pag. 17. where he saith: That if the Merchants do nor raise the price of their Commodities in due proportion to the moneys inhaunced in Exchange, they shall come home by weeping crosse: the best is, he can swallow vp many of these Guggions, and put down things neuer by me affirmed. As that the Ex∣change in the yeare 1586, or at any time since, went constantly at 33 s. 4 d, and here he might produce more then 1586 witnesses and Merchants Bookes;* 1.65 Surely this man doth imitate the countrey Corydon, who seeing a signe for Horses to be let to hire and liuery, with the yeare of 1622 thereunto added: was looking where those great Stables stood, that could containe so many Horses. For he dare say and affirme any thing, though it be neuer so vn∣true, and being conuinced thereof, is no more a∣shamed, then a Horse which hath ouerthrowne his Cart.

There was of late yeares a Merchant of great experience,* 1.66 who (by ruminating of his braine) was of opinion, that although sometimes the price of exchange went low for some weekes, it went high againe at other weekes, and so accomp••ing one weeke with an other, this vndervaluation might be recompenced and found to be correspon∣dent: this consideration was very materiall, and moneys were not then at all inhaunced at Ham∣borough, neither so much risen in the Low Coun∣tries, whereupon it was thought conuenient to cast vp the weekely price of exchanges one with ano∣ther, according to the Brokers Bills of the prices of exchanges which they deliuer weekely, and (that for certaine yeares) after 52 weekes for the yeare, casting the Medium thereof, by certaine tables made thereof: and although the difference was not so much as it hath beene, and continued these 12 yeares since by one third part; yet the losse sustain∣ed thereby, came yearely to 35 and 37 Per Cento, by the yeare, the operation whereof was to be felt in time, as now we doe in the want of moneys, for in the great bodies of Common-weales, things are not sensible but in progresse of time: which causeth me to compare the working thereof to the Planet Saturne, making his Sphericall course in Thirty yeares.

The Rule therefore (which Misselden called,* 1.67 a Precept) is infallible, that when the exchange doth answer the true values of our moneys, according to their inward weight and finesse, and their out-ward valuation: they are neuer exported, because

the gaine is answerable by exchange, which is the cause of exportation: to this he answereth. That the stranger commits the fault, and I would haue the English punished, which is as sententious for him to lay, as that I teach Gentlemen a way how to improue their wooles,* 1.68 and to cosen the Kingdome of the Cloth; if the Reader will beleeue him, there is not a word in his Pamphlet,* 1.69 but of some vse: But my discourse is piect together with stollen stuffe: If I do borrow of others that haue written learnedly, (as all Authors doe) why will your slanderous pen blame me, especially when you do nothing else but traduce the writings of others, and some whom you doe name, had first their light from me?

Now if I should conclude this point and say,* 1.70 that to the iuditious Merchants I haue giuen cause of offence to haue written so much in the defence of exchange, (as I may well doe) do I, by your per∣uerted constitution bewray my want of wit and honesty? A Mule is a beast begot of a Horse and a she Asse, and so are these answers begot betweene wit and idlenes.

That serious obseruation of those most graue and Honorable Councellors of State in the yeare 1576. concerning the Feates and Bankers,* 1.71 and the exam∣ples of the French King Lewis the nineth, & Phillip the faire, confiscating their goods, which was also done by Phillip de Valois, who indited them as co∣sonners of the Common-wealth: are not to be past ouer with iests and vntruths, for wise men looke for better things,* 1.72 and will not be reasted withall, which caused Vespatian to remoue such a Busphoon as iested

at his friends, willing him to iest at himselfe.

The Acts of Parliaments, Proclamations and Ordinances made vpon this consideration, with the treaties and conferences with other Princes, here∣after to be declared, will manifest the importancy of this matter of State, which is canker of the Commonwealth, and therefore placed in this Zone of the Tropicke of Cancer, as before is noted: the o∣peration whereof wilbe more perspicuous vpon ex∣amination of it, by the Center of Commerce to be in∣treated of in the Equinoctiall, being the middle and third Zone of the Globe of Trafficque and Trade, ac∣cording to our distribution, whereby the olde Adage will approue. That yong men do thinke that old men are Fooles: But old men do know that young men are Fooles which hath a reference to the generall, and may be applied in this particular, Least per ad∣uenture he be wise in his owne eyes, Prouerbes 26. v. 5.

CHAP. III.

That gaine is the Center of the Circle of Commerce, and that the vnderualuation of our Moneys in Ex∣change, is the efficient cause of the ouerballancing of Trade.

Now that we come to the Equinoctiall Line, where the Center of the Circle of commerce is to be found, vpon the rule of equitie and Parity, to be obserued betweene moneys and ex∣changes of moneys by Bills: let vs note, that Aris∣totle in his fourth Booke of Metaphysickes, (which is

commonly called the Booke of Distinction) hath largely confirmed, that all errors proceeds from In∣distinction, now forasmuch as a Distinction can be no other thing then the enumeration of sundry signi∣fications of the same,* 1.73 with an apt application to the thing in question: obserue we the plainest way to distinguish the opperatiō of the said Center (gaine) in the course of Traffique: for euen as a spider hath the best quallity of feeling sitting with the head downewards in her circular web, (as the Center thereof) to ketch her liuing in all the parts of the circumference of her web: euen so haue all men (but most especially worlings looking downe wards with the Kite) an Action and feeling of their benefit and gaine, which ruleth the course of Trade in generall, by Gods direction to be obser∣ued therein.

The wealth of a Kingdome cannot properly de∣crease,* 1.74 but three maner of wayes, namely: by selling our natiue Commodities too good cheape: by buy∣ing the forraine Commodities too deare: and by the exportation of our moneys inspecie, caused by a low exchange for moneys by Bills of exchanges, as before is declared.

In the managing whereof, wee are to make three distinctions.

The First, concerning the King and the Nobili∣ty, Gentlemen and Trauellers,* 1.75 who are here deli∣uerers of money to serue their occasions beyond the Seas, or else they are takers vp beyond the Seas by letters of credit, to their greater losse, when the price of exchange is low, or foraine coyne is in∣haunced

or ouervalued in exchange vnto vs, as is before declared in the first Chapter.

The Second distinction concerneth particular Merchants, who doe make a priuate benefit by mo∣neys and exchange to the preiudice of the King∣dome, by a low exchange, and vndervaluation of our moneys.

The Third, concerneth the whole Kingdome in generall, wherein the said perticular Merchants do beare some losse vnawares, although they haue a greater gaine by a disordered Trade another way, to the vtter vndoing of all Trade, and destruction of the Realme, which we are now to distinguish.

It is demanded,* 1.76 whether it be lawfull for Mer∣chants to seeke their Priuatum commodum in the ex∣ercise of their calling, whether gaine be not the end of Trade, and whether the priuate be not inualued in the publike? The answer is extant, that Albeit the generall is composed of the particular,* 1.77 yet it may fall out, that the generall shall receiue an intollerable preiu∣dice and losse by the particular benefit of some, the o∣pinion and councell therefore in the reformation of abuses of some priuate Merchants, is to be held in suspition, and Kings and Princes are to sit at the sterne of Trade, which caused the wise man to say:

Consult not with a Merchant concerning Exchanges.* 1.78

The gaines which are preiuditiall to the Com∣mon-wealth, and beneficiall to some Merchants in particular, are these as followeth.

English Merchants (being here the takers of mo∣ney by exchange) haue a great gaine when they take the same at a low exchange,* 1.79 giuing lesse by

their Bill of exchange in forraine parts, and in 〈◊〉〈◊〉 maner beyond the Seas, in giuing Flemish or other moneys there, to haue here Starlin money for it, they being there commonly the deliuerers of mo∣ney, so that a low price of exchange by the vnder∣valuation of our moneys is profitable to the Mer∣chant: and to maintaine this, it is inferred, that merchant strangers would export more moneys out of the Realme into forraine parts, if English Mer∣chants did not take the said moneys by exchanges, and that at a low price, whereby the English Mer∣chant becommeth a gainer, and the Merchant stran∣ger a looser.

Againe, if an equall exchange were vsed, accor∣ding to the Standards of moneys of other Nations and ours: then could not English Merchants sell our natiue Commodities so good cheape beyond the Seas, to vndersell other Nations, casting their calculations of buying and selling according to the low price of exchange.

Also, if the price of exchange were high beyond the Seas: then the Spanish Merchants could not make such gaine by the Royalls of 8 which they transport thither, making returne of the proceede of them by a low exchange, to their great benefit of 25 Per cento, where they can make here but ten vp∣on the hundreth.

If the moneys were not inhaunced beyond the Seas, Merchants could not sell our natiue commodi∣ties at the prices they now do, and returne the value thereof by a low exchange from thence, or taking vp the same heere, giue so little by exchange there.

English Merchants buying here cloth vpon their credits, and selling the same beyond the Seas, haue a good gaine to returne their money by a low ex∣change, to pay the seller of the Cloth with his owne, & so trading without stockes: are instruments to sell the natiue Commodities of the Realme.

If the exchange were not low vnder the value of the Standard, Merchants could not make a great benefit by taking vp moneys here (be he either English or stranger) and transport the same to pay their Bills of exchanges beyond the Seas, and re∣serue a great part of the money for their benefit, neither could they buy forraine Commodities be∣yond the Seas vpon long dayes of payment, and transport money to pay the seller at the said times.

All this is done by maintaining the vndervalua∣tion of our moneys by a low exchange,* 1.80 which must be distinguished from the true rule of iustice and e∣quity, which requireth an equall valuation in ex∣change, or an aduantage ouer and aboue to acco∣modate the course of Trafficque, and then it will be found that the vnderualuation of moneys in ex∣change is intollerable, and that this gaine procured to the hurt of the Kingdome (although profitable to particular Merchants) is to be abolished.

The like is done by selling of our Cloth good cheape beyond the Seas in greater quantity, when Merchants haue beaten downe the price with the Clothier, whereby the Clothier is forced to do the like with the Woolegrower, which disimproueth the reuinew of lands. But the Merchant imployeth the lesser stocke, and hath not therefore the lesse

benefit: the Woolegrower and the Clothier bea∣ring the losse, besides other priuate dealings of Mer∣chants, which are errors of Trade, declared in out former Treatise. P. 75, 76.

The third distinction concerning the whole Kingdome, is now to be examined by way of Anti∣thesis or conterpointing, shewing how gaine doth command and direct Trade, in the said three sim∣ples of Trafficque, namely Commodities, Moneys, and Exchanges, and especially in the exchanges of mo∣neys which ouerruleth the other two, whereby the ouerballancing of forraine Commodities, with our natiue Commodities in price is procured: and this may be auoided and preuented by the contrary, if it be put in practise according to the said rule of iu∣stice and equitie.

Inconueniences arising to the Realme of England, by the vnderualuation of our moneys in Exchanges vpon the pound of xx. shillings for the maine pla∣ces of Trade.

FIrst, when our moneys are vnderualued in ex∣change, whereby there ariseth a gaine betweene the inward value of the moneys and the price of ex∣change: then are our moneys continually expor∣ted into forraine parts, for the like gaine can neuer be made by any Commodity.

2 This exportation of money, causeth not onely the lesse moneys to be employed vpon our natiue Commodities, and returneth in forraine wares, but taketh away also the Vitall spirit of Trafficque, and gi∣ueth

a great cause of ouerballancing of cōmodities.

3 The said vndervaluation of our moneys in ex∣change doth the like, and causeth our natiue Com∣modities to be sold better cheape beyond the Seas, for want of knowledge of the true value of our mo∣neys and theirs: euen as the inhauncing of forraine coyne beyond the Seas, caused the forraine wares to be aduanced in price, according as the said money is inhaunced, whereby the said ouerballancing must needes come to passe of course.

4 It doth hinder the importation of Bullion and Dollers from the said places of Trade, which wee haue had in times past: for the said inhauncing coyne not being truly valued by exchange, cannot be imported but to an exceeding losse, and Merchant strangers will not take the same at a low exchange, so that our Merchants are compelled to make their returnes by forraine Commodities, thereby greatly increasing the said ouerballancing of Trade.

5 Young English Merchants are constrained to take vp a great part of the said money at a low ex∣change, to maintaine their rechanges to their losse, or else must make quick sales of their commodities, whereby they spoile the markets of others, which causeth them to set ouer their bills obligatory (re∣ceiued for their Clothes sold there) either for mo∣ney, to pay the money taken vp heere by exchange, or for forraine Commodities at deere rates by the said inhaunced moneys and otherwise, which can∣not but breed an ouerballancing of Commodities.

6 The said low exchange (whereby the Spanish Merchants make a diuersion of the Royalls of 8 vn∣to

to those parts finding there more gaine, when they can make ouer their moneys by a low exchange doth also diuert from vs a great Trade, by such im∣ployments as are made there vpon forraine Com∣modities, as Bayes, Sayes, and other new Draperies made in those parts, which might be employed vp∣on our Commodities, and can this negotiation be without argumenting of the said ouerballancing?

7 If by occasion or accident moneys or Bullion is impotted: (which might be carried to the Mint, and the moneys made thereof would be deliuered by exchange to our Merchants, and so by them em∣ployed vpon our Commodities, if the said were high or indiffetent:) it falleth out, that the said moneys or Bullion are exported againe by other Merchants, which bring in forraine wares for it, for gaine still beareth the sway.

Thus by buying forraine commodities (as it were) by forcible meanes of course, by reason of the said vndervaluation of our moneys by exchange: and selling our natiue Commodities by a false measure of exchange to our losse,* 1.81 at the pleasures of other Nations: and by conuerting their inhaunced coine into Starlin money by a low exchange, and the con∣tinuall exportation of our moneys affording such great gaine, and being debarred to bring in moneys because of the losse had thereby, is our trade decay∣ed: and would be so, although there were no more wares in Christendome, for these be the causes of ouerballancing, whereby the Realme is impoue∣rished: which shalbe more amply declared. Sublata Causa, T••ll itur effectus.

Now albeit that the contrary hereof doth pro∣duce the benefits to the Common-wealth, and doth properly belong to the remedies of the inconueni∣ences of Trade, to be handled in the last Chapter: yet because it is more intelligible in this place, let vs declare the same.

Benefits which will arise to the Realme of England by the true valuation of our Moneys in Exchange, to meete with the said inconueniences.

FIrst,* 1.82 when the exchange doth answer the true value of our moneys, then there is no gaine to be made by exportation, which is preuented thereby.

2 The transportation of moneys being preuen∣ted, will cause the greater employment to be made vpon our natiue Commodities, either by the Mer∣chant stranger, or by English Merchants to whom the stranger will deliuer his money by exchange, for by the exportation he shall haue no gaine, and therefore he will expect the taker of it: by which plenty of money there will be a liuely Trade, and the cause of ouerballancing will diminsh.

3 The true value of our money or aboue being answered by a high exchange, causeth Merchants strangers to sell their Commodities according to the true value of the money, whereby the ouerbal∣lancing must needs decrease of course,

4 The vndervaluation of our moneys, and the inhauncing of forraine coyne being met withall, and calculated in exchange, causeth moneys and Bullion to be brought into the Realme without

losse, and most times with gaine, and sometimes with a little disaduantage, because our Merchants will rather then to buy forraine commodities deere▪ haue their money ready to be employed again. •• this doth also meete with the said ouer ballancing.

5 Young English Merchants which are takers of moneys beyond the Seas, will receiue more by an high exchange there, and finding plenty of money, shall not be driuen to make rash sales or barters to their losse, and hinderance of others, which will al∣so moderate the said ouer ballancing.

6▪ When the Spanish Merchants shall not be a∣ble to deliuer their Royal••s of 8, or the money re∣ceiued for them by a low exchange beyond the Seas, but according to the true value required by a iust and lawfull exchange: then they will find no more gaine there then here, which will cause them to import the said Royalls here, where the inward value will be answered vnto them: & the diuerted Trade by these meanes will returne into England, to employ the said Royalls or the moneys made thereof, vpon our Bayes, Sayes, and other Draperies, which of course wil quallify the said ouerballācing.

7 Thus moneys and Bullion will then be impor∣ted by a necessitie of nature beyond all resistance, and the Dollers, Royalls of 8, and other coynes brought in vpon occasion or accidentally, will re∣maine within the Realme, when there shall be no gaine by the exportatiō, because this true exchange (Rising and falling neuerthelesse aboue the value, and not vnder) will answer the said value, and preuent that gaine, which is now procured in danger of the

Lawes, aduenture of the Seas, and of lewd persons.

So that by comparing the precedent benefits with the former inconueniences,* 1.83 euery man of iudgment may easily see how hurtfull the low ex∣change and vnderualuation of our moneys is to the Common-wealth: and on the contrary, how bene∣ficiall the true valuation or high exchange will be, concurring with equitie and true pollicy, whereup∣on the Center of the Circle of Commerce is grounded.

Consider wee now this Center (Gaine) in euery particular vpon the premises, drawing from the Circumference all direct lines into it, and excluding all obliquie, curuey, and Helicall lines, and we shall find, that Nothing doth force Trade but Gaine.

Gaine had vpon moneys by vnderualuation in ex∣change, and inhauncing of forraine coyne be∣yond the Seas: causeth our moneys to be ex∣ported.

Gaine had vpon moneys by exchange and true valu∣ation, causeth moneys to be brought in.

Gaine vpon moneys being taken away and answered by true exchange, keepeth moneys within the Realme.

Gaine giuen vpon moneys imported heere, equall to the gaine made beyond the Seas: will pre∣uent the diuersion of the Royalls of 8.

Gaine more made by our moneys, then by our com∣modities exported: causeth lesse employment to be made vpon our Commodities, and grea∣ter exportation.

Gaine made by a low exchange, vndervaluing our moneys, causeth them to be sold lesse beyond

the Seas, and forraine wares deerer, to ouer∣ballance vs.

Gaine made vpon our natiue Commodities, is Really imported by moneys and Bullion, when there is no losse by the importation of moneys.

Gaine had vpon forraine coyne within the Realme, being preuented by the value in Exchange, keepeth the coyne within the Realme and Mint.

Gaine vpon moneys being greater beyond the Seas then with vs in England, draweth moneys thither, and hindreth moneys to be imported, the want whereof maketh a dead Trade.

Gaine had by exchange vpon young Merchants of smal meanes, spoileth the vent of our commo∣dities, by ouerthrowing the Market of others.

Gaine giuen by exchange of moneys by Bill, accor∣ding to the true value or aboue the same: causeth forraine Commodities to be sold bet∣ter cheape within the Realme, and giueth a direction (Tacite) to sell our natiue Commo∣dities with more gaine and reputation.

Gaine procured by our Commodities outwards, more then by forraine Commodities inwards, which meanes to import Bullion and moneys to be done by this true valuation in exchange as aforesaid, will preuent the ouerballancing of Trade, and bring all things in tune, when the Center (Gaine) findeth rest in Proprio Loco.

The consideration hereof excludeth all vniust, vn∣lawfull, and priuate gaine, made to the preiudice of the Realme by the ouersight of Merchants, which

seeme to steere the helme when Palynicrus was sleepie.

This is that Geometricall Axiom or Maxime, Cir∣culus Tangit Planum vnico Puncto heretofore obser∣ued, this is properly the Scope of Merchants,* 1.84 all the Misteries of Personall and Prouinciall Exchanges are comprised in this Mistery, which Misselden will make to be no Mistery, and to vse his owne words neuertheles. All the knowledge of Commerce is pre∣sented and represented in this History. All the riuers of Trade spring out of this source,* 1.85 and empt them∣selues againe into this Occean. All the waight of Trade falles to this Center, and comes within the circuit of this Circle. This is that Par pro Pari, that waighes downe Misseldens Ballance of Trade, which is without a Paralell: which to proue let vs now examine what is presented and represented by his vncertaine Ballance.

A Merchant saith he, when he will informe himselfe how his Estate standeth,* 1.86 is said to take a Ballance of his Estate: wherein he collecteth and consider∣eth all his Wares, and Monyes, and Debts, as if he would cast euery-thing into the Scale to be tried. &c.

IF this Merchant should not looke to the Center. (Gaine) in the meane time, what will the taking of a Ballance auaile him, or to what end and purpose will this tend? Surely onely for a triall to find out whether he hath gained or lost, this is all a Ballance can doe. And although a Merchant can (in some sort)

doe this: It followeth not that the Royall Merchant or a Prince can doe it, albeit he is the Fa∣ther of the great familie of the Commonwealth, for the cause of Trade is not in his owne power, but Merchants doe manage the same, who (as hath bin shewed) may procure their priuate gaine, and yet impouerish the Kingdome. So that the Casting vp of this Ballance,* 1.87 can neuer be an excellent and po∣licique inuention to shew vs the difference of weight in the Commerce of one Kingdome with another, vn∣les the three Essential parts of Trade be wisely direc∣ted and obserued by the Prince, according to the said Center of Commerce, and not by this conceited Ballance.

Misselden hauing found an auncient worm-eaten Ballance vpon Record, which is said to be made in the 28 yeare of Edward the Third: might very well haue ouer past the same, seeing the imperfection thereof:* 1.88 and that he found it in that Maniscript that he so little esteemeth, from which (as he saith) I haue stored my selfe. For therein diuers Commo∣dities of the Kingdome, as Lead, Tinne, Butter, Cheese, Tallow, Hides, Skinnes, Iron, and other Staple Wares, are not mentioned, and yet concerne the said Ballance: so that his comparison betweene those auncient,* 1.89 with these moderne times, is but vaine and a Superfluous tale. But he delighteth i•• words for want of matter or substance.

Then he commeth to a Positiue constitution of the forme of a Ballance in the yeares of our Lord 1612, and 1621. And here lieth the Pot of Roses, to know whe∣ther the natiue Commodities exported, and the

forraine Commodities imported doe ballance or o∣uerballance one another in the Scale of Commerce:* 1.90 and if the natiue Commodities exported doe waigh downe and exceed in value the forraine Commodi∣ties imported,* 1.91 that ouerplus must either come in (as he saith) in money or Merchandise,* 1.92 if not in money, then in Merchandise.

Surely he did not consider this without a night∣cap, for it deserueth to be written in Capitall Letters. Moneys will not be imported so long as there is a losse by the bringing in of them: and if Commo∣dities be brought in, it increaseth the said ouerbal∣lancing, as a Deceptio Visus vpon your Scale of Com∣merce, whereby you cannot discerne the truth: but you must of force find your Ballance false,* 1.93 and your iudgement vncertaine: and herein is no more hope of a remedie, then there is to ouertake a man which runneth to the East, and you persue him towards the West, running from him.

But let vs come somewhat closer to the conside∣ration of this Ballance, and suppose, that by increa∣sing our Manifactures by foure or fiue hundreth thousand pounds yearely more to be exported, this ballance will be reformed, is not this like and feasible to be done? I answere, that although it were feasible to make and vent such a quantity of Manifactures yearely: yet is it not like to moderate the ouerbal∣lancing. For all men of iudgement will say, that the proceed or returne of the said Manifactures will come vnto vs in forraine Commodities, because moneys and Bullion cannot be brought in but to losse, as the case standeth. So that still our ouerbal∣lancing

increaseth, for when more Commod•••••• are imported, then the Kingdome spends: 〈◊〉〈◊〉 must be exported againe for other places, and ot•••••• Commodities are imported againe for the retu•••• thereof, to augment the said ouerballance, nay•••• force vs to weare more forraine wares through the aboundance of it, and to neglect the vse of our na∣tiue Commodities.

But saith he,* 1.94 the forme will illustrate this con∣ceited course of Ballance: Tot sensus, quot capita: As many mindes, as men: euery man abounding in his owne sence: a maruelous grounded rule to build vpon where there is so many Cannons, must wee needs saile betweene Scylla and Charibays of an vn∣certaine Ballance without a Paralell,* 1.95 when the Com∣passe of our Center doth direct vs in the very nego∣tiation, and nothing can be directed vnto vs by this Ballance without the said Center?

The vncertainty of this Ballance doth consist of many particulars, whereby it is so farre from vnder∣standing, as conclusion is from order.

First. This Ballance cannot be certainly prescri∣bed by one yeares time,* 1.96 or any certaine or limited time, for sometimes (and that vnexpected) some East India Ship or other rich lading may come in, or the Spices and other goods already come in, and to be exported, are not carried out, when the cal∣culation of the Ballance is made.

Secondly for moneys secretly exported: the re∣turne in Commodities may be yet to come, or if it be for gaine had by intrest money or exchanges, it neede neuer to returne for the Merchant stranger:

as also for moneys taken vp by exchange to be em∣ployed vpon Commodities and other meanes whereof the Ballance cannot be sensible, not com∣ming to be Ballanced.

Thirdly, The profit made vpon our natiue Com∣modities, as also for the forraine Commodities and the charges is incertaine, both in the exportation of the one, and the importation of the other, which he bringeth vpon the Ballance by estimate, and is meerely coniecturall.

Fourthly, The forraine Commodities are not vnderrated by one third part in the Custome Bookes, in comparison of our natiue Commodities.

Fiftly, The fine goods secretly conueyed inwards more then outwards, by one hundreth thousand pounds yearely, is but a supposition.

Sixtly, The payment of Customes being vncer∣taine, and the concealing of Custome comming to be twenty for one in the calculation, maketh the ac∣compt to be most incertaine.

Seuenthly and lastly, There may be so much gotten by Commodities exported & retransported, and for that gaine forraine Commodities brought in, that it may seeme to be an ouerballance, when it is not.

The premises considered, what Center is there in this Ballance? is it not like vnto those great Balloons, that men play with all fild with wind? for there is not any sollid substance,* 1.97 but all is coniecturall and immaginary, neither is it practised by other Princes and Countries, as he vntruly alleadgeth. For o∣ther Princes and States are carefull to augment

Trade, by increasing of their Manifactures, and 〈◊〉〈◊〉 sell them to benefit, as also to make their Territor•••••• (as it were) Magazins for all Commodities,* 1.98 and as they get by Commodities, so doe they also by mo∣neys and exchanges, which cannot but preuent the ouerballancing.

We all agree that there is an ouerballance, which must be remeded by the redresse of the causes, and not by the study of Ballances, which demonstrate little in truth and certainty, but much in imagin••••••. on and conceit. It is Gaine that beareth the sway, and it is more then necessary to Tautologize and to repeate things of this nature, for they produce fear∣full effects, we feele them, we complaine of them: and wofull experience sheweth vnto vs, that it is high time to reforme them. For Abyssus Abyss•••• inuocat.

By the aforesaid distinction, euery man of vnder∣standing can discerne the particular & priuate gaine from the generall benefit, whereby he may the bet∣ter perceiue the weaknes of Misseldens obiections.

He saith.* 1.99 The higher the exchange is in England, the more losse is it to the taker. And the more gaine to the deliuerer,* 1.100 which is the Merchant stranger.

Againe. The higher the Exchange is in Dutchland, the more losse to the deliuer, and gaine to the taker: which is likewise there the Merchant stran∣ger, and this he declareth by example.

THis Obiection is the first Pernitious Argument noted in this Chapter, (which representing vn∣to

vs the Equinoctiall Line) requireth equallity and equity in the valuation of Moneys and true Exchanges for the generall good, as before is demonstrated: the absurdity of which obiection let vs now declare.

Suppose that (notwithstanding the inhauncing of the forraine coyne beyond the Seas) the price of exchange were still at euen money, as it was a∣bout 80 yeares past, as hath beene declared, namely at twenty shillings here with vs, which is a low ex∣change vpon the Ballance of Trade. A Merchant stranger selling heere his forraine Commodities bought beyond the seas with the inhaunced coine, finding this low exchange to make his returne by, will resolue either to buy our Commodities, or to export our moneys, for by this low exchange he shall be a very great looser: so that our English Merchants shall find no money to be taken vp by exchange, to make their ready employment vpon our Commodities, and the Merchant stranger will buy them, or else the money will be conueyed away for the most part, notwithstanding the Statute of employment, which as it is a losse to the Realme: so is it to the English Merchants in particular, who might haue employed the same. So then è contrario.

The lower the Exchange is in England, the lesse mony* 1.101 is deliuered by exchange vnto English Merchants, and the more is the Trade driuen into the Mer∣chant strangers hands. As also the more moneys are exported.

Againe. The lower that the Exchange is in Dutch∣land, the lesse money is taken vp by the Merchant stranger there, and the more 〈…〉〈…〉 are imported, both by the English Merchants and the Merchant strangers,

VVHich bringeth an ouerballancing, and in∣creaseth the transportation of our moneys: and is also a hinderance to the importation, because their moneys are inhaunced, whereby it is manifest, that one extremity enforceth another.

What is now the Medium, or rather,* 1.102 which of these extreames shall take place? The one conterneth the generall welfare of the Realme: The other concerneth priuate Merchants. Shall not the rule of iustice and equity be preferred, whereby the Common-wealth is inriched, and the priuate be a∣bolished, which destroyeth the Kingdome? yes questionles.

But this reformation or Par of exchange,* 1.103 threa∣teneth the decay of Cloth Trade. For the exchange is that,* 1.104 which representeth to our English Merchant, his whole estate beyond the Seas, for his ready vse and em∣ployment thereof in England vpon all occasions. So that if there should be a stop in the course of exchange,* 1.105 then either the English Merchant will for beare to take vp money by exchange; or else he will locke to recouer his losse of exchange, vpon his Cloth.

I answere.* 1.106 That giuing more to the Merchant stranger by exchange then formerly, the Trade will be aduanced. For the English Merchant will finde more mony for his ready employment then before, and the money will not be transported. So that to surmise, that the English Merchant will forbeare to

take vp moneys by exchange, or will be so in••urious to his Countrey to maintaine an 〈◊〉〈◊〉 of our moneys in exchange, contrary to his Maiesties Proclamation, and the lawes of the Realme, is alto∣gether without ground and sensles. The course of exchange rising and falling shall haue no stop, nei∣ther will there be any stand in Blackwell Hall, where∣by the remedy will be farre worse then the disease. As Misselden laboureth to proue.

But the English Merchant must needes recouer the* 1.107 loss•• of the exchange vpon the Cloth, which must either be done in the buying of it at home, or selling of it abroad: But it cannot be done in the sale of Cloth abroad, for the Cloth Trade grones already vnder the burthen, as appeareth by the quantity and the price thereof which is diminished: and to bring it vpon the Ch••••hier, is a matter of grieuous consequence.

Experience (as I haue said) maketh a full answer,* 1.108 that as there wanted no takers of money, when the late inhauncing of money at Hamborough caused the exchange to rise from vnder 28 s. to aboue 35 s, which is farre more then the intended reformation, and Wooll was at 33 s. the Todd, which is now at 20 s. and vnder; so there will want no vent for our Cloth: for if there were sale for duble the quantity then, when Cloth was sold dearer by full one third part, wee neede not to doubt of vent, when other Nations are as willing to buy the same, as they are willing to vent their Commodities vnto vs: and it standeth with more reason to aduance the price thereof, when the same is good cheape, and to re∣forme the price of exchange then when this deare.

Albeit wee neuer heard any complaint of the deere∣nesse of our Cloth.

Misselden will insinuate of many obiections that can be made against this reformation so much re∣quisite: but they are but words,* 1.109 as all former con∣siderations doe manifest, the taker will be ruled by the deliuerer. For albeit that Trade requireth a naturall liberty, (which in no Countrey is so much restrained as in England) yet Gaine the true Center doth ouerrule all (as it were) by a voluntary com∣mand, which maketh the voluntary contract by the mutuall consent of both parties by him alleageth: and when the Gaine of exportation of moneys fail∣eth,* 1.110 then the statute of employment is better obser∣ued, and moneys are more plentifull by exchange.

For all these Arguments are as Lime Twiggs or Hops to keepe him still inclosed within his Circle. He replieth, that although there wanted not Takers of money by exchange for Hamborough, when the exchange rise from 28 s. to 35 s, yet it doth not fol∣low, that therefore there would be Takers at the Par of Exchange, for it is a different case. Indeede he doth not vnderstand the case,* 1.111 for the Takers did not gaine, neither did the deliuerer loose (as he saith) by the fast rising of exchange at Hamborough, onely he that was to take vp money backe againe to pay his Bills of exchanges taken vpon him, might there∣in become a gainer, although by the buying of Commodities he might haue beene a looser by the induring of Commodities there, vpon the inhaun∣cing of moneys.* 1.112 These accidents are particulars, and make no generall rule.

That he vnderstandeth not himselfe in the Par of Exchange, (which I haue distinguished by the Posi∣tiue Exchange from the Currant Exchange) appeareth also by his inferrence, That it may proue also another bar to Trade, and cause the Cloth Trade both in the Clo∣thier and Merchants hands to be so much dearer to them, and cheaper to the stranger by how much the naturall course should be altered in exchange, when it should be answered by the price of exchange, to the great aduan∣tage of forraine Nations, and losse of the Kingdome. This man seeketh a knot in a Bulrush, and conclu∣deth, that all he hath alleaged is as cleare as the Sunne: and that vntill the Kingdome come to an ouerballance of Trade,* 1.113 the causes of the decay of Trade cannot be taken away: for the decay of Trade, and the ouerballance cannot stand together. That is to say, a sicke body cannot be in health vntill it be cured: which is a sentence containing many sentences, when the ouerballance is the decay of Trade.

To speake ingeniously, can the making of a Bal∣lance cause moneys and Bullion to be brought in, or hinder the transportation of moneys? or can the calculation of the said Ballance procure that our natiue Commodities exported, shall surmount in price and quantity the forraine Commodities brought in. And lastly, can the said Ballance bring to passe that Spanish Royalls of 8 (now diuerted from vs) shall be imported, and when the said Roy∣alls and Dollers are brought in, that they shall not be carried out againe, but be brought to the Mint: as the said Center (Gaine) will doe by the true course of exchange, to the enriching of the Realme, and

preuention of ouerballancing?

Questionles it cannot, for the end of the Ballance (by his owne confession) is last in place, but first and chiefest in purpose,* 1.114 or in the beginning, which is nothing else but to make a triall of things past: so that put this Circle of Commerce into the Seals of the Ballance, and lay a feather against it, and it will weigh downe the same.

But some will say: Why doe you expostulate or make inquiry of the end of this Ballance,* 1.115 hath not he contracted all the causes of our vnderballance in two words? Pouerty and Prodigallity grounded vpon Idlenesse and Excesse; and therein vsed such a Ciceronian stile, to exhort the learned Diuines and prouident Statesmen, that we may say Mouit Corni∣cula risum, assuredly he hath: but this may not be ascribed to the Ballance of Trade, for riot and excesse may be knowne without such a Ballance, and Pouer∣ty and want is not without feeling, neither ought to be without commiseration. For the transporta∣tion of moneys to heauen is lawfull, by charitable giuing to the poore, which God himselfe hath pro∣mised to reward, although men were neuer so vn∣thankfull.

Here (according to Misseldens maner) I haue occasion offered me, to make a very ample discourse concerning his presumption aboue the wisedome of the City of London, his vncharitable dispositi∣on to preuent tenne thousand pounds yearely cast away to the poore, and his peremptory and absolute conclusion in the gouernment of State-affaires, wherein he is a meere nouice. But my intention is

to be briefe and substantiall.

To end therefore this matter of Ballance, it may be thought strange that some men would be sedu∣ced thereby,* 1.116 and giue bridle to the present course of Trade, expecting an ouerballance to happen on our side without remouing of the causes, after they had spoken well concerning exchanges: although they confessed to be a ground, as a matter much too high for their handling: saying, That the abuse thereof is very preiuditiall vnto this Kingdome in parti∣cular, whilst in the interim the benefits doe arise vnto other Countries, who diligently obseruing the prices, whereby the moneys be exchanged, may take aduantage to carry away the gold and siluer of this Realme, at those times when the rate of our Starlin money (in exchange) is vnder the value of that standard, vnto which place they are conueyed, for in respect the prices of the ex∣changes doe rise and fall according to the plenty and scar∣city of money, which is to be taken vp or deliuered out: the exchange is hereby rather become a Trade for some great moneyed men, then a furtherance and accommoda∣tion of Recall Trade of Merchants, as it ought to be in the true vse thereof: and thus many times money may be made ouer hither by strangers to a good gaine, and pre∣sently carried beyond the Seas to a second profit. And yet the mischiefe ends not here: for by these meanes the Takers vp of money in forraine Countries must necessari∣lie driue a Trade to those places from whence they draw their moneys and so do fill vs vp with forraine Cōmodi∣ties, without the vent of our owne Wares▪ &c. And thus wee see how the ouerballance of Commodities is proceeding from the abuse of exchanges, which

ouerrule moneys, and moneys ouerrule Commodi∣ties, as heretofore is manifestly declared.

That the vnderualuation of our moneys in ex∣change is the efficient cause of the ouerballancing of Trade,* 1.117 doth appeare vpon the consideration of the causes depending one vpon another, inforced by this Primum-Mobill, as followeth.

1. The vnderualuation of our moneys in exchange, 2. proceeding of the inhauncing of moneys beyond the Seas, which causeth 3. (by gaine) the transpor∣tation of our moneys, 4. and debarred (by losse to be sustained) the importation of moneys and Bul∣lion, 5. hindreth also the bringing of Royalls of 8. vnto vs, being otherwise diuerred. 6. The forraine Commodities are risen in price according to the moneys inhaunced. 7. The natiue Commodities are in price vndervalued according to the vnderva∣luation of our moneys, all which are feareful effects. For the treasure is exhaunced, the Realme impoue∣rished, and money is made a Merchandise. And this cannot be cured but by the contrary, as shall be de∣clared in the remedies.

Hitherto wee haue obserued and manifestly pro∣ued. First, That exchange is the publike measure betweene England, and all places where wee deale by exchange. Secondly, That the moneys of the Realme are vndervalued in exchange betweene vs and other Countries. And thirdly, That Gaine is the Center of the Circle of Commerce, and that the said vnderualuation is the efficient cause of the ouerbal∣lancing of Trade: and withall we haue showed that 〈◊〉〈◊〉 conceited Ballance of Trade proposed by Missel∣den,

can be but a Triall and Discouery of the ouerbal∣lancing of Trade, without that it can produce any other benefit to the Common-wealth.

By his last Ballance wee may perceiue, that all the Commodities exported, and the Commodities im∣ported yearely, doe amount vnto fiue Millions, or fifty hundreth thousand pounds, according to our obseruation in the Canker of Englands Common-wealth. Now if the losse by exchange were but ten vpon the hundreth, (which wee haue proued aboue three-score and tenne) it would amount to fiue hundreth thousand pounds yearely:* 1.118 The losse whereof is greater to the Kingdome, then all the moneys employed to the East Indies commeth vn∣to,* 1.119 which Misselden affirmeth to be an abominable vntrueth, which I cannot but retort vpon him, be∣cause he is vnfortunate to finde out the truth, as shalbe made more plaine in the following Chapter, for he is in league with equiuocation in all his refuta∣tions, which challengeth to be Cusen Germaine to trueth, making his speeches a Centaure, halfe a man, halfe a horse: or like one of the broodes of Nilus, halfe earth, halfe froggs, a thing both shapelesse, and shaped in one mixture, which it thus distin∣guished by the Equinoctiall in this place.

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CHAP. IIII.

An Examination of the Center of Commerce in the Trades from England into other Countries.

THe Tropicke of Capricorne being the fourth Zone or girdle by our distribution, is to vnderp••op and sustaine (by the gaine of Trades) the said Center or Gaine within the circum∣ference of the Circle of Commerce, not by an absolute power to be left vnto Merchants in the managing of Trade, or in the disposing of moneys, Commo∣dities and exchanges for moneys: but by a directi∣on grounded vpon Lawes, Ordinances, and Procla∣mations. For in regard of State affaires, Merchants are ignorant in the course of Trafficque, for asmuch as they doe onely study for priuate benefit, so that they must haue leaders and conductors: whereun∣to Buckes and Goates haue been compared in times past, leading the silly sheep to feede in mountainous places. To proue therefore that this is no new doctrine or inuention of mine, as Misselden allea∣geth: let vs enter into consideration of the follow∣ing obseruations, before our intended examination of the Center of Commerce in forraine Trade••.

It is neere 350. yeares since King Edward the first did erect the office of the Kings Royall Exchanger,* 1.120 which did continue successiuely by 16 seuerall Let∣ters Patents of the Kings of this Realme: by meanes whereof the moneys were preserued within the same, and the Commodities were orderly vented, & the Merchandising exchange was then vnknown.

King Edward the third, did constitute diuers ex∣changes* 1.121 in sundry places of the Realme, and caused tables of exchanges to be set vp at Doner and else∣where, to answere the value of our moneys in the coyne to be paid for it beyond the Seas, according to the very value, with some allowance to be giuen to accomodate Merchants affaires and trauellers oc∣casions. The like was done by Richard the second:* 1.122 and this was the true Par pro Pari,* 1.123 then vsed and con∣tinued by Henry the sixt, and Edward the fourth,* 1.124 but more especially by that wise and politike Prince* 1.125 King Henry the seuenth,* 1.126 absolutely forbidding the making of exchanges and rechanges for forraine parts, without the Kings especiall license had and obtained for the same; to which end all the seuerall Acts of Parliament touching the directing and or∣dering of moneys and exchanges haue been made, as in the margent.

In primo of King Henry the eight, Sir Thomas Bullen Knight, was the Kings exchanger by Letters Patents for all changes and rechanges for forraine parts, as by the Records appeareth in his Maiesties Exchequer: and there also you shall finde, that during the r••igne of the said king Henry the seuenth, one Petrus Contarin a Veneti••n Merch••nt, was sued in the tenth yeare of his raigne vpon the said Sta∣tutes, and the like ••u••e was brought in the ninteenth yeare following, against Dominico Polli••o••o the Popes collector. And Lorenzo Alb••rti vpon the like condemnation did pay 933 l.* 1.127

This caused the said King Henry the eight in the twenty two yeare of his Raigne, to make a very

seuere Proclamation, that no person should make any exchange contrary to the true meaning of the said Acts and Statutes: but as Warres discompound all good orders, and necessity hath no law: so (in the latter end of this Kings Raigne) by reason of the base money then coyned, this office of exchanges did discontinue; And in Edward the sixt his time, the practise of exchange was for a time prohibited, but vpon vrgent necessity of the conueniences ther∣of, againe admitted vnto Merchants.

In the beginning of the Raign of the late Queen Elizabeth of blessed memory, the abuses of exchan∣ges were called in question by M^r. Hussly, gouer∣nour of the Merchants Aduenturors: afterwards the Lord Burghley, Lord Treasurer of England, had a grant by Letters Patents of the said office for 23. yeares, who not being informed how the same should be truely Gouerned, (after Proclamation made) could not finde conuenient meanes to esta∣blish the same: this in progresse of time did touch the said Lord so much in his honor and reputation, that his Sonne Sir Robert Cecill, Lord Treasurer of England after him, would neuer incline to establish the said office, much lesse to reforme the abuses thereof: besides some other consideration might moue him, because the busines was propounded by others. So that Misselden doth speake vntruly that the same was reiected,* 1.128 for it hath still continued and beene in agitation, euen as the fishing Trade: (hitherto neglected) whereof more hereafter.

The importancy of the matter of exchange,* 1.129 doth not onely appeare by the said generall Acts of Par∣liament

hitherto vnrepealed, and now most neces∣sary then euer to be put in practise: but also by di∣uers Treaties that the Kings of England haue had by many conferrences with other Princes and states. concerning the losses sustained thereby, now vtter∣ly neglected. Let it be considered what incredible losse England sustaineth, when wee loose aboue two••shillings in the pound, when the Dutchesse of Sauoy▪ Regent of the Low Countries, alleageth that one halfe penny in the pound losse, would ruine the State of those Countries: as by antient records in the Exchequer appeareth.

King Henry the eight being come to Callice, requi∣red the Arch-dutches of Austria, then gouernor of the Low Countries, to permit his gold and siluer to passe currant in her Dominions a little aboue the true value thereof, for the better inabling of his Souldiers and Merchants.

The Dutchesse dispatched Thomas Gramay gene∣rall of her mints, and Iohn Dewsbrooke her Assay-ma∣ster, with instructions to the King of England; ad∣uertising him,* 1.130 that to suffer the English coyne runne at an ouervalue, was against all Statutes and ordi∣nances of the Mint: and that it would redound to the great scandall, losse, and harme to the common-weale, and the harme and losse should be so great, that it were imposible to esteeme it: for the Mer∣chant findeth that more might be gotten in Eng∣land, then in her Do••inions for Bullion: by this ouerualuation of the English coyne, would carry away all fiue gold molten and vnmolten, not onely in ingotts, but also in peeces of gold, made in the

Arch-Dukes Mint, to conuert them into Angell Nobles, by which meanes the Countrey and Sub∣iects of the same should be totally consumed, spoy∣led and destroyed, which would turne to a domage inestimable.

The like is affirmed to ensue by the tolleration of our English siluer moneys to be ouer valued,* 1.131 because all Merchants for their gaine would carry into Eng∣land not onely the materialls of siluer, but also pee∣ces coyned, wherby the entercourse of Merchandise should cease, and the Merchants should become Merchants of siluer, without selling any other ware or Merchandise.

Furthermore she pleaded, that neuer any Prince would permit strange money to passe higher then his owne, but that of custome they vse the contrary.

And which is most effectuall, she vrged that the ordinances of the Mints for the benefit of the Prince and his Subiects, ought euer to be kept of good policy for a Law, firme and stable, forasmuch the meanes of Princes and of Noblemen, together with the rents, fees, and wages of all his Subiects are taxed and valued, and all Merchandise ruled and gouerned thereby: wherefore without great neces∣sity or evident vtility, no alteration ought to be made in the price of moneys.

Vpon this remoustrance, the Arch-Dutchesse Commissioners & the Mint-masters of the Tower made assayes of all English and Flemish coynes, and after long disputing and wrangling, the King could neuer obtaine to haue his coyne passe at an halfe penny aboue the true value.

What shall wee say of these our dayes, wherein we suffer so great an vnderualuation of our moneys in exchange, and inhaunoing of forraine coyne: whereby the Trade is decayed, the Realme impo∣uerished, and euery man (in a maner) vndone? Are all the precedent Lawes and ordinances made in vaine and forgotten?

When Hercules had lo••t his oxen,* 1.132 and had long time sought them in vaine, they were at last disco∣uered by their bellowing to be in Cacus Denne: now Cacos in Greeke signifieth Euill, which draweth men backwards by the taile as Cacus did the oxen: whenc I doe conclude, that the said Lawes and ordinances are hid in Misseldens Denne; for in his Circle he will take no notice of them,* 1.133 but keepeth them backe. But thankes be giuen vnto God, and honor to the King, who out of his Princely care and prouidence hath Hercules strength to put the said Lawes in ex∣ecution: to which purpose, and to aduance Trade, his highnes hath beene gratiously pleased; First, to grant a speciall Commitee to examine the causes of the decay of Trade: next, an especiall Commission directed to diuers Noble Personages and Priuie Councellors of State, associated with most worthy persons of quality, to diuise wholsome remedies for these diseases, wherein they bestow vnfatigable in∣dustry and paines to receiue all informations, which may conduce them to finde out the true remedies, and discerne them from all fallacies: to them (I doubt not) my labours will be acceptable, done freely and sincerely for the common good. It may be that the reformation hereof hath also been reser∣ued

vntill these dayes, now the Right Honorable Lyonell Baron Cranfield, Earle of Middlesex, is Lord High Treasurer of England, (whose name Misselden hath omitted in his Epistle Dedicatory) for his Lord∣ship hauing knowledge of moneys and exchanges, is better inabled to aduance this important matter, if it be possible that this time can entertaine good things; wherein I am the more confident, because the King himselfe in his high wisedome was de∣sirous to be informed hereof, by the Lord Vizcount Mandeuill, Lord President of the Councell, who calling (by his Maiesties commandement) vnto him, Sir Robert Cotton, Knight and Baronet, Sir Ralph Maddy∣son, Knight, M^r. Iohn Williams, his Maiesties Gold∣smith, M^r. William Sanderson, Merchant Aduenturer, and my selfe, in the Moneth of Aprill 1622, deli∣uered to the Kings Maiestie a Remonstrance made by vs,* 1.134 containning in substance: That hauing ex∣amined the nature of exchange of moneys by Bills, how it went in the elder and euener times, and how it is now carried to the preiudice of the Realme, and what will be the best meanes to reduce it to the former equity and parity according to the Rule of exchange, which is Par pro Pari: wee did find that this equall and ancient Rule is broken by the in∣hauncing of the price of moneys beyond the Seas, whereby (in effect) wee exchange part of the in∣trinsicque value of our moneys for their outward denomination or valuation, and that the redresse of this vnequall exchange betweene vs and forraine nations may be done by his Maiesties Proclamati∣on, without inhauncing of our moneys at home, or

meddling with the finesse or allay thereof, in such maner and forme as therein is declared, and here∣after expressed, according to our former declarati∣on in Print, both in the Treatise of the maintainance of free Trade, and Lex Mercatoria, wherein Gaine the Center hath a Predominant power. And hereby it may appeare that I haue not forgotten Cato his les∣son, Ad consilium non accesseris, antequam v••ceris: neither am I so audatious and vnmannerly as Missel∣den would proclame me to the world, he hath neede of a leather case for his tongue, that in all his Circle supped vp such hot broath,* 1.135 Contra verbosos noli Con∣tendere verbis, &c.

To examine now the Center (Gaine) in euery par∣ticular Trade of the Realme for forraine parts, wee will begin with the song of foure parts, so termed by Misselden;* 1.136 and answer most of his Satyrike spee∣ches with merry conceits, which may proue harmo∣nious to the wise, but if any thing shall seeme to be extreuagant, let it be attributed to this Region of Capricorne, where Corneited beasts will be skipping, the voyces of his song is of strangers, of the staplers, of the Interloopers, and of the Ports, and the poore Merchants Aduenturors are made the burden of the song,* 1.137 on whom I doe indeuour (as he saith) to lay a Tacite and secret Aspersion, of which he maketh himselfe to be the informer. A Sycophant is taken for a flatterer, of the Greeke word Sycos, which signi∣fieth a Fig: for the Kings in times past did so much esteeme that fruit, as Princes doe now their Deere, and such Promouters as gaue information of the taking of figgs, were so called, which agreeth with

ours; howsoeuer I hope that his song will be a recantation of his errors, (as all good Patriots ought to doe) albe••t, he may perhaps (for a time) recantare, that is, sing it ouer againe. Humanum est errare, sed perseuerare Diabolicum.

As I will not scatter any society or corporations, in that which proueth preiuditiall to the Com∣mon-wealth, so haue I forborne to speake that which neuerthelesse is very considerable, and hath beene obserued by that worthy Councellor and Secretary of State, Sir Francis Walsingham, touch∣ing Corporations, where the absolute disposing of the Trade is left vnto them, without the Prince his guide and direction for Commodities, Moneys, and Exchanges: all my writings are emblazoned with the praise and commendations of Merchants, albeit Misselden goeth about to make me distastfull in per∣uerting or misconstruing of them after his maner, especially that I would haue the indraping of our Woolls to be done in forraine parts, which he can neuer proue: neither will I make any other answer in defence thereof then is made already; For it is recorded, that he who will make a great fire con∣tinually, must rake together much meane fewell: and he that will be alwayes shaking the spleene of others, must haue (as this man hath) much curi∣osity, more words, and most lyes, his face must be as hard as the shell of a Tortis; his tongue as sharpe as the quills of a Procerpine; his heart as vncleane as the Stable of Augnis, before Hercules brought in the riuer Alpheus to clense it. He saith.

That the State hath beene abused by information, that the Dutch could not subsist without our English Cloth.* 1.138

THere is not any such thing in my writings, nei∣ther did I euer stand so much vpon the neces∣sary vse of our Woolls: but I did insist vpon two principall points concerning the sale of Cloth,* 1.139 which was, that other Nations (buying heretofore our Clothes, when they were sold deerer by the one halfe in price then they be now sold) did ne∣uer complaine that the Clothes were sold too deere, but they did alwayes complaine of the false making of Cloth: and againe, that other Nations are as willing to sell vnto vs their forraine Commodities, as we can be to sell our Clothes to them: for those that make Clothes in their Countries, haue no oc∣casion to buy forraine Wares, or the Commodities of other Countries, but seeke to sell them for ready money, or to be paied at some times of payment: whereby England hath a great aduantage, and may enioy the benefit of it in selling their Cloth with reputation, which is euer accompained with re∣quest, and causeth Commodities to be sold at good rates; whereas vilifying the price of Wares, can ne∣uer establish a Trade, nor make Commodities more vendible, and this requireth great consideration.

That one man which Malynes out of Mallice Pickes and Points at, is indeede an ample Trader in col∣loured Cloth, but not in Kerseys: yet so as there are very many others of the Company that are also Traders in coloured Cloth as well as he.

HAd not this man beene one of his supporters, by whose mouth his pen speaketh: I would haue imagined, that he had beene in the Citty of Butus, and had consulted with the Oracle of Laton••, where those that sleepe before her image can make a Prediction by the first word of them that next met them.* 1.140 I bare no malice to the man, nor to the Secre∣tary of the said Company, in whose commendation he so much speaketh.* 1.141 For I am assured, that vpon better consideration of the matters in question, they will willingly imbrace the true reformation of these great abuses.

Aspis a viper a venenum Mutuatur: Here Misselden▪ doth mount his great ordinance against the Mer∣chants of the Staple and my selfe: for he stares as wildly vpon vs,* 1.142 as Agane did vpon her Sonne Pen∣theus, when shee tooke him from a Bore: Ille mihi seriendus Aper, &c. Accuseth vs both to be pro∣fest aduersaries to the Merchants Aduenturers, for saying, that the Staplers haue obserued, that the Mer∣chants Aduenturers haue an ineuitable oppertunity of combination, to set what price they please vpon Cloth to the Clothier, of Woole to the grower, and of all Commodi∣ties exported and imported: and to make this to be but a Suggestion, he careth not to accuse the said Com∣pany of an extraordinary discord, whereby they do more bid and out bid one another at the market, then any other Companies: surely his allegation that the Cloth Trade grones vnder the burthen &

cannot recouer, is then most vntrue,* 1.143 for Merchants will not striue to runne into an eminent danger of losse, but (as is noted before) they will be sure to impose all vpon the Clothier & the Wooll grower, to the disimprouing of the reuinew of Lands, and losse of the Kingdomes stocke: and on the other side, the Staplers would not be so desirous to deale in Cloth if they saw no meanes to make a benefit thereby, and that farre greater then now is done, which would deserue the name of Free Trade, especi∣ally when we should be inable to make our choice, to returne the proceede of our Natiue Commodi∣ties by all the three simples of Trade to our best aduantage,* 1.144 whereby they should not be subiect to my penne, neither to his defence that presumeth so much to haue deserued at their hands by extolling their wisedome and prouidence, which cannot be compleate, vnlesse the Commodities of the Realme were aduanced by them in price and sale for the generall good of the Kingdome, which he calleth the Dowry and the Axis of the Common-wealth,* 1.145 whereon all the other Trades of the Realme doe seeme to turne and haue their reuolution, so that the Center must be found in the middle of this Axis. Againe, the stranger would not be desirous to deale in Cloth if there were no Center, nor the inhabi∣tants of other Ports. Lastly, the Interlopers would be quiet if there were no gaine to be made, and the noyses of their songs would not be heard all in one tune, but these latter will be preuented and cut off: now that Misselden is employed beyond the Seas by the Merchants Aduenturors, who hauing

the Art of discouery to giue information, will spy them out: I cannot but lament their case. For when Sixtus Quintus was Pope, he made such an extraor∣dinary search in Rome for to discouer inueterated offences: that the image of Saint Peter standing on the one side of the portal of his Cathedrall Church, did expostulate with Saint Paul standing on the other side, concerning these strict proceedings, and was resolued to depart had not Paul diswaded him: not withstanding that he had good cause, for hauing cut off Malchus his eare;* 1.146 For the like feare may be∣fall the said Interloopers by Misseldens examinations of all their ancient and moderne offences. To con∣clude this point of the Cloth Trade, which would be in danger to be wholy ouerthrowne. I say: that euen as there was a man, that bringing his Mare to drinke, thought that he saw the Moone drunke vp by his Mare, which indeede was onely hid and obscured in a cloud: the next day consulting with his neighbours of Gotham, after much laying of their Cods heads together, it was concluded, that they should rip the Mare and let out the Moone: and euer since these Goates of this Tropicke of Capri∣corne, haue thought all the world beholding to them for the recouery of the Moone. Euen so are the Merchants Aduenturors: nay, all the Kingdome beholding vnto Misselden for the preseruation of the Cloth Trade.

By this time he is come to Monopolies,* 1.147 and here he doth say: that there is not any worse Monopoly in the Kingdome, then I would make of the ex∣change. And Monsieur Bodins allegation touching

the French Prouerbe, Il entend le par, is no good phrase in French: here he will correct Magnificat, et nescit quid significat. The reformation of the abuse of exchange is to be done by all men, and therefore cannot be termed a Monopoly. And for the con••ide∣rations requisite in Monopolies, I referre my selfe to the Chapter of Associations in Lex Mercatoria.

Now for his finding fault with a Sillogisme made before he was borne,* 1.148 drawne from Negati••es: if I were but a Smatterer in any Science, and had knowne the vse of his Pill Panchreston, I would proue as good and skilfull in equiuocation, as he is found to be in altering the state of a question, which is no∣thing but an equiuocation, as for example: Quite Animal dicit, verum praedicat, & quite Asinum idem et te Animal dicit ergo. The Elenches of Accidents secundum quid, are lurking: and yet withall the question is changed, for the reason is drawne (as his maner is) from a particular to an vniuersall, which is preposterous and retrograde. So where the question is begged, the streame of the disputation turnes his channell. And this will serue for an an∣swer to his Paralogisme.

It followeth,* 1.149 to make also some briefe answer to his exception of the comparison I made of things actiue and passiue, because hee will not vnderstand the application of it; for he replieth and confesseth

That the cloth doth not measure the yard, but the yard the cloth. But he addeth, the greater the measure is, the fewer yards the cloth containeth; and the lesse the measure, the more yards.

MAy it not be said, that the yard is actiue and the cloth passiue,* 1.150 wit••out Pacius explication, as the bough proceeding from Aristotle the ••oote? Let him remember that our famous Recorder of London made this distinctiō very perspicuous, whē Dunscomb had stricken Cox; did not he giue sentence that comb should be takē from Duns who was actiue, and be giuen to Cox to make him a Coxcomb, because he was passiue. If he wil not beleeue this, Staffords law may make him feele it, when he meeteth with im∣patient men. It is enough for me to proue, that ex∣change is actiue, and commodities and moneys are passiue, wise men do know it, and fooles will not vn∣derstand it, though you bray them like Anaxarchus in an iron morter. And so much might be said for the difference betweene things done virtute officij & colore officij.* 1.151 But this matter requireth a more ample exposition and answer: for when he meetes with my recitall of some short obseruations concer∣ning the decay of trade, which I gathered out of notes that past from the Merchants of the Staple, and other Merchants at the last Session of Parlia∣ment, hee seemes by his winsing to be somewhat galled, and that makes him turne and wriggle vp and downe, that he cannot containe himselfe within his circle, but breakes out into sundry contrarieties and contradictions, quarelling on the behalfe of the Merchants Aduenturers, at the multitude of their aforesaid aduersaries, whom he cannot name with∣out enuie, nor let them passe his pen before he hath cast his As-pis and other his viperous venome vpon them, as aforesaid. And in his Oratiō to his Masters,

the Merchants Aduenturers, he magnifieth them, and brayeth out: O ye Merchants Aduenturers, that haue worthily obtaine•• honour of his Maiestie,* 1.152 fauour of the Nobilitie, fame in the world, loue of strangers, good report of all. This proceeds from some distemper, and is worse then the wilde goose race he taxeth me with∣all:* 1.153 where (by the way) I obserue that this Omnibus visus, that hath such skill in canting,* 1.154 quacksaluing,* 1.155 and what not, hath here in this phrase of hunting mistaken his terme, as he often doth his matter. For if he read M^r. Markham his booke of Huntmanship, and others Writers of that subiect, he may find dis∣courses of a wilde goose chace, but the wilde goose race is his owne. Wherefore I will leaue him, and follow the chace, as he pursueth the forenamed supposed Aduersaries, of which I would haue spoken in or∣der as he hath named them, but that according to the maner of wilde goose chace, he hauing got the lea∣ding, I must follow, and that within distance. And first he leades me into a defence of that that I said, the Merchants Aduenturers had ingrossed into their hands by colour of their last Letters pattents, the sole power of exporting cloth, &c. this he saith is but my li∣bertie of speech, and so he endeuours to refute it by extenuating (as it were) his Maiesties fauor towards them in point of exportation. For saith he, pag. 53. in point of exportation of white and coloured clothes, kersies, bayes, sayes, and other new draperies, there is no more power giuen them in the said later, then his Maiesty and his royall Predecessors haue honored them with in former Letters pattents, of which he recites the cata∣logue, and begins but in the eighth yeare of Hen. 4.

by which he saith the aforesaid trade of cloth, &c. was intrusted vnto them. Let that be taken for gran∣ted, and it will plainly appeare that they haue no priuiledge at all in this behalfe, but onely power to assemble themselues to chuse a Gouerner to rectifie their owne abuses, and by way of iustice to punish one another for their misdemeanours; and to that purpose that foresaid grant was made vnto them,* 1.156 wherein one William Oueray was assigned to be their Gouerner, as by the said Letters pattents at large appeareth. And of this power and priuiledge, all Merchants and Mariners of England, Ireland and Wales are to be equally partakers without excep∣tion, limitation or difference of person, countrey or commoditie. And whatsoeuer freedome of trade into the parts therein expressed, his Maiesties sub∣iects are now barred of, is meerly vsurped. And if you aske me, what meanes he then to mention such large grants of Henry the 4. and other succee∣ding Kings, with new titles and priuiledges granted vnto them, and that with prohibition of all other, as he relates? I answer, this man either hath not seen or not vnderstood the main of this matter, but hath dealt in it either ignorantly or concealedly: for the making plaine whereof, let vs obserue, that in that time of Hen. the 4. (which he mentioneth to be the beginning of the Merchants Adventurers) there was then,* 1.157 and long before that time setled (both in England and beyond the Seas) another famous So∣cietie of English Merchants, called the Merchants of the Staple, as by sundry ancient records hereaf∣ter specified appeareth; these were the Merchants

then entrusted with the trade of exporting the Sta∣ple commodities of the kingdome, whereof Wooll and cloth were the chiefe, which they exported in such abundance, that they being trusted by the State to collect the Kings Customes amongst themselues, they haue paid out of the Staple into the Exche∣quer 68 thousand pounds starling per annum, as ap∣peareth by record of 36 of Hen. 6. at which time an ounce of siluer was valued but at 30 d. which is now 5 s being iust double the said summe in value, or 136 thousand pounds. These were the Merchants that (before cloth was made in England) exported the materials of this Land, as Wooll, Lead, Tin, &c. and returned for the same Gold or siluer, either coin or bullion; and to that purpose they made worthy lawes and ordinances amongst themselues, still ex∣tant, to which euery Merchant of that Societie was sworne, and they did likewise giue good bond to the Maior of the Staple (before their goods were suffered to passe) that they should not barter away the Staple cōmodities of the kingdome, but should returne a great proportion (if not the whole value) in coine or bullion, whereby this kingdome was at all times made rich and potent. And vnder these Merchants, trade was so managed, that cloth making began in England; and they exported cloth before the Merchants Aduenturers or the Leidges their predecessors had a name or being. And if you aske, how then came those Leidges and these Merchants Aduenturers to ship cloth, not being free of the Sta∣ple? I answer, that the purpose of the State was then so bent to cherish the manufacture of cloth,

that there was libertie giuen to all sorts of Mer∣chants and Mariners (subiects of this Realme) for the exportation thereof. And though it was accoun∣ted a Staple commoditie, and exported by the Mer∣chants of the Staple, yet other Merchants were likewise permitted to export the same, though they did not at all times returne coine and bullion, ac∣cording to the lawes of the Staple; whereupon ma∣ny Merchants and Mariners of England, Ireland and Wales, not free of the Staple, did trade with English cloth in forrein parts: and then finding themselues encombred with many euils (which proceeded from want of gouernment) some of them procured of King Henry the 4. the aforesaid Letters pattents, granted (as before obserued) to all the Kings Leid∣ges, trading beyond the Seas, into Holland, Zeland, Brabant, and other Countries in amitie with this Kingdome. This was the first originall and founda∣tion of the now Merchants Aduenturers, and from that their beginning, there was not any other pow∣er, priuiledge or proprietie of trade, or any other ti∣tle or addition giuen vnto them, but a meere con∣firmation of that first grant (as appeareth by Missel∣den his owne booke) vntill the xx. yeare of Hen. 7. when (saith he) they were honoured with the title of Merchants, and had power giuen them to keepe their Courts at Callis. Herein he dealeth reseruedly; for though he sets forth the truth, yet he sets not forth the whole truth; and that which he concea∣leth, is the chiefe direction of that which he expres∣seth. He sets forth their authoritie to keepe their Courts in their Towne of Callis, but he conceales

two matters of consequence contained in their Let∣ters pattents, viz an Exception and a Command:* 1.158 the Exception, that if in their Courts they make a∣ny law or ordinance contrary to the honour, dig∣nitie royall or prerogatiue of the King, or to the di∣minution of the common weale of the Realme, it is of no force. The Command: We streightly charge and command, that all and euery Merchant or sub∣iect, any way vsing or exercising the art or feat of a Merchant Aduenturer, be obedient vnto the Go∣uerner, and come into the said Fellowship of Mer∣chants Aduenturers, and be free of them, paying the Haunce of ten marks sterling, according to a cer∣taine Act of our high Court of Parliament made within the time of our reigne, &c.

And no maruel though he conceale it, for that the practise of the Merchants Aduenturers is so contra∣ry vnto it: for, to say nothing of their orders, but of this disorder, they do not onely refuse to admit his Maiesties subiects to be free of their Companie, ac∣cording to the said Command contained in their Letters patents, and according to that good and worthy law yet in force, as aforesaid, but (as I am in∣formed) they haue vtterly reiected and of late dri∣uen out of trade (by procuring the imprisonment of their persons, and seizing their goods, and other like vexations) such as haue been brought vp in the trade of merchandize most part of their liues, and so many as haue been obserued to trade for an hun∣dred thousand pounds per annum and more; yea notwithstanding that some great ones (whom I thinke not fit for me to name) haue spoken, yea

and written in some of their behalfes.

Now to proceed according to his booke. From this time the Merchants Aduenturers continued without any other addition or alteration vntill the sixt yeare of Queene Elizabeth,* 1.159 at which time (saith he) they were inscribed by the name of Merchants Aduenturers of England, and had authoritie to ex∣ercise their gouernment within this Kingdome; wherein is to be obserued, that the power and pri∣uiledge giuen them by their former grants, was but for their gouernment and vse in forreine parts, wherin such abuse was cōmitted, y^t they were at two seuerall times greatly complained of in Parliament, in the 36. of Hen. 6. for interrupting of the Staplers, and in the 12. of Hen. 7. for disturbing of other En∣glish Merchants, vnder pretence of a particular re∣lation that they seemed to haue to S. Thomas Becket, for redresse whereof there were at the same times two worthy and memorable lawes made, that are yet in force, wherein there is a large expression of the complaints and remedies. And whereas he re∣lateth that in the 28. of Queene Eliz. these Mer∣chants Aduenturers had a new grant for enlarge∣ment of their trade into Germanie, with prohibition of all other her Maiesties subiects not free of their said Fellowship, to trade into any of their priuiled∣ged places, which (he saith) he hath not by heare∣say, but by his owne collection. I wish he had made a true collection, and expressed the especiall proui∣so, that nothing therein contained should any way impeach or preiudice the Maior, Constables or So∣cietie of the Merchants of the Staple, but that they

and euery particular brother of that Companie should and might vse their trade and priuiledges, as formerly they had done, &c. And at that same time the Merchants of the Staple had as free trade and large priuiledges in the Low Countries and Germa∣ny as the Merchants Aduenturers. And in his reci∣tall of the Letters patents made vnto the Merchants Aduenturers by his Maiestie, he continueth his for∣mer course, setting forth the tenor of the grant to the vtmost, but not a word of the limitation and ex∣ception. For it likewise pleased his Highnesse into those Letters patents granted vnto the Merchants Aduenturers in the xv. yeare of his reigne, to insert a most gracious prouiso and large exception for the Merchants of the Staple. The prouiso followeth in haec verba, viz. Prouided alwayes, that these our Let∣ters patents, or any thing in them contained, shall not in any wise be preiudiciall or hurtfull to the Maior, Consta∣bles and Fellowship of Merchants of the Staple of En∣gland, or to their successors, or to any particular Fellow of the said Fellowship that now is or hereafter shall be, but that they and euery of them shall and may haue and enioy all and euery such grants, liberties and priuiledges as heretofore haue bin granted vnto them by Vs or any o∣ther our progenitors or predecessors as they or any of them haue lawfully vsed or had, in as large and ample maner and forme as they or any of them might or ought to haue had or enioyed before the date of these presents, any clause, article or restraint in these patents contained to the contrary notwithstanding. If they obiect that this prouiso was in respect of the trade of wooll, and not of cloth. I answer, that cannot be so: for that his Ma∣iestie

by his publique Proclamation had forbidden all exportation of Wooll three yeares before; so that there was nothing to be reserued to the Merchants of the Staple by this prouiso, but their trade of cloth. And whereas he saith, that the Merchants of the Staple neuer shipped any clothes at any time as Staplers, but as Merchants Aduenturers. I an∣swer, that the Merchants of the Staple in their notes aforesaid, exhibited to the high Court of Parlia∣ment at the last Session, did set forth that they had vsed the trade of shipping cloth before the Mer∣chants Aduenturers or the Leidgers their predeces∣sors had a name or being, as is before recited: and that they afterward exercised the same trade into the same Countries together with the said Mer∣chants Aduenturers, as they affirmed they could proue by Indentures of composition made betwixt the said two Companies. They likewise signified, that they haue had their trade of exporting all Sta∣ple commodities, whereof cloth was one, continued and confirmed vnto them by sundry Acts of Parlia∣ment, viz. in the 27. of Edw. 3. and likewise in the 36. of Hen. 6. together with many other in the times of succeeding Princes, and also by diuers and sun∣dry the gracious Letters patents of Edw. 2. Edw. 3. Ric. 2. Hen. 4. Hen. 5. Hen. 6. Edw. 4. Hen. 7. Hen. 8. Edw. 6. with a large and ample grant of new titles and priuiledges in the third yeare of Queen Eliz of famous memory, which she enlarged vnto them in the 26 yeare of her reigne; and that all these haue been effectually confirmed vnto them by his High∣nesse gracious Letters patents. And for further

proofe of their vse of the cloth trade, they exhibi∣ted a report of three reuerend Iudges, viz. Sir Chri∣stopher Wray Lord chiefe Iustice,* 1.160 Sir Gilbert Gerrard Master of the Rolles, and Sir Roger Manwood Lord chiefe Baron, vnto whom the examination of that businesse was referred by the right Honorable the then Lord high Treasurer Burleigh, about the 25 yeare of Queene Eliz. The report followeth in haec verba, viz.

We haue since our last certificate thereof made to your Lordship, according to your Lordships latter direction, sundry times heard both the said parties and their counsels, and thinke it best now to certifie to your Lordship more at large: the effect of all materiall things that hath bin alledged and shewed of either partie for the proofe or disproofe of the matter now in question between them, whereof some part now shewed to vs is more then was shewed before.

And first for the effect of the proofe for the Mer∣chants [ I] Staplers touching their antiquitie and their trade of woollen clothes, is as hereafter followeth, that is to say, they haue shewed that in the 51 yeare of Hen. 3. there was a Wooll Staple, and wooll ship∣ped, and officers belonging to it.

And also that there was a Maior and Company [ 2] of Staplers in Antwerpe an. 12. of Edw. 2. as appeares by a records out of the office of the Clarke of the Pipe in the Exchequer.

Also they doe shew forth three seuerall Statutes, [ 3] one in the 14. of Ric. 2. & another in the 11. of Hen. 4. ca. 8. and one other in the 9. of Hen. 5. ca. 9. whereby amongst diuers other things woollen clothes are re∣cited in the preambles to be merchandizes of the Staple.

[ 4] Item, that the Merchants of the Staple haue ship∣ped woollen clothes, tempore Hen. 6. as by the Cu∣stome booke of Boston appeareth, wherein is entred that the Merchants of the Staple shipped cloth ver∣sus Leiden in Holland, and also in the ships of Cam∣phire and Sirecsea in Zealand, which they alledge is probable to go into the Low Countries, for that at that time there was no trade into Spaine with clothes, and for France there is no trade of broade clothes thither, and the ships be named in the Cu∣stome bookes Nauiculae, and therefore not meet to brooke the Spanish seas to carry clothes thither.

[ 5] Item, that the Merchants of the Staple haue pro∣ued aboue an hundred meere Staplers not free of the Merchants Aduenturers, to haue been shippers of woollen clothes, in the reignes of King Ric. 2. King Hen. 6. King Edw. 4. and King Hen. 7. against which no proofe hath been made by the Aduentu∣rers to the contrary, besides those which shipped in the reigne of Hen. 8. and her Maiesties reigne.

[ 6] Item, that King Hen. 6. an. 36. of his reigne, by his Charter to the Merchants of the Staple, did publish that the Charter of Hen. 4. granted to his Leidges, and now alledged by the Merchants Aduenturers for their part, were not meant to trouble or disquiet the Merchants of the Staple in bodies or goods in the Low Countries; and therefore concerning the Merchants of the Staple or their goods, the said Charter of Hen. 4. should not extend.

[ 7] Item, it is also proued, that the Merchants of the Staple haue shipped woollen clothes in the reignes of King Hen. 8. and some in this Queens time, as wel

as in the reignes of Ric. 2. King Hen. 6. Edw. 4. and King Hen. 7. already reported.

Item, That her Maiestie an. 3. of her Highnesse [ 8] reigne granted and confirmed to the Merchants of the Staple, all such priuiledges and liberties as they did, might or ought to haue enioyed a yeare be∣fore the losse of Callis, by grant of Charter, law, pre∣scription or custome, notwithstanding none vse, forfeiture, abuse, law or statute, or any other thing to the contrary whatsoeuer.

14. May 1583.

Thus subscribed,

• C. Wray.
• G. Gerrard.
• Roger Manwood.

This is a true copie of the originall.

Ex. per A. Maynard.

Vpon these, together with many other weighty reasons concerning the conueniences and profit of this State, then tendered to their graue considerati∣ons, the said house of Commons did passe a Bill for them, intituled. An Act restoring the Free Trade of the Merchants of the Staple, for the exportation of Cloth, and all other Manufactures made of Wooll in the parts beyond the Seas; as by the said Bill appeareth: so that whereas out of false premises Misselden makes this conclusion, whereby it is manifest saith he, that the Cloth and other the Manufactures of this king∣dome, haue with the fauour of the State, beene conferred vpon the Merchants Aduenturers: not onely by their last Letters Patents, but by many o∣ther former grants before recited. I answer, That by this reply it is most apparant, that the Mer∣chants

Aduenturers from their first Grant, made in the eight of King Henry the 4, vnto the last Grant made vnto them in the fifteenth yeare of his Ma∣iestie: they neuer had any propriety or trust of Trade committed to them, but with exceptions and limitations as is before expressed. And it is also most manifest that the Merchants of the Staple might, and did from time to time Ship Cloth in their owne right into Holland, &c: as Staplers, and not as Merchants Aduenturers: wherefore the power which the Merchants Aduenturers now as∣sume vnto themselues, to restraine the Merchants of the Staple from Trading with Cloth, as formerly they haue done, and the practise which they vse, to keepe out other Merchants being Subiects of his Maiestie from being free of their Company, is meerely by collour, and not by virtue of any of their Grants or Letters Patents whatsoeuer: and hereby Misselden may vnderstand what the diffe∣rence is:* 2.1 betweene Authority and the Princes Letters Patents, and find cause not to maruell, but to wonder at his exception.

And whereas he hath put another glosse,* 2.2 saying: the Merchants of the Staple may Ship Cloth still, such of them as are free of the Merchants Aduen∣turers, whereof (saith he) there are many. I answer, That of all the Merchants Aduentuers that are now Traders in Cloth, there are but o••ely three of them free men of the Staple.

Thus farre haue I followed him in his chace af∣ter the Merchants of the Staple. And now I finde him persuing another of his supposed aduersaries

viz. the Merchant Stranger,* 2.3 and their losse or the lessening of their Trade he would salue with a dis∣tinction of Cloth dressed and vndressed, affirming that the Merchant Stranger could neuer ship Cloth vndrest, by reason of certaine Statutes made against it: and for Cloth dressed, and other Manufactures he saith, they may ship them still paying Strangers Custome, and perhaps better cheape also. This point I thinke, and especially the (perhaps) is worth the examining. It is true that there are Statutes against shipping Cloth vndressed aboue a certaine value, but there haue beene euer or for the most part meanes to dispence with the said Satutes, as the Lord of Cumberland his Lycence, and others of that kinde, for which busines there hath beene vsually heretofore an Officer in the Custome House ready to admit composition with Strangers aswell as with others, and so the Strangers paying Strangers Cu∣stome, might ship Cloth vndressed aswell as the Merchants Aduenturers: but now the Merchants Aduenturers haue ingrossed the foresaid dispensati∣ons into their owne hands, so that the Strangers are now preuented of shipping Cloth vndrest, as for∣merly they haue done: by reason whereof, one other meanes whereby great quantities of Cloth haue beene heretofore vented, and the prices there∣of aduanced, is by the Merchants Aduenturers wholly intercepted.

But now come to the (Perhaps) the Merchants Strangers may now ship dressed Clothes, Karsies, and all other new Draperies, paying Strangers Custome: and (Perhaps) better cheape saith he;

How may this better cheape be? I answer, per∣haps he may compound with some Merchant Ad∣uenturer for the vse of his name, viz. to enter the Strangers goodes in the Merchant his name, pay∣ing a certaine rate vpon euery parcell of goods, as vpon euery Karsey, Bay, Say, Parpetuana, and likewise vpon euery dozen of Stockings, which composition being paid, the Stranger shall ship his goods for English Custome. And for proofe that this is so, I referre my selfe to the Blanck Bills lately shewed forth in Parliament by certaine Merchants of London, with the Seale of the Merchants Ad∣uenturers fixed, and their Deputie his name also subscribed: into which Bills being left blanck for the purpose, the goods of any other English Mer∣chant not free of their Company might be entred without enquiry whether he were Probatae fidei, or an Interlooper, a Nouice, or a new Merchant, that for want of experience might betray the Trade in∣to the hands of Strangers; and if any Strangers goods of any value whatsoeuer might haue beene entred in the said blanck Bills, and so shipped forth vpon English Custome, I leaue to Misseldens exami∣nation, being not desirous to informe.

The third sort of those that he would chase out of trade, he calleth Interlopers.* 2.4 This word of inter∣loping is a Brat of their owne breed: for such of their Companie as will not obserue the shippings and Mart Townes appointed by their orders, but con∣uay ouer goods in other ships and to other places, are vsually punished for interloping, and hence comes this terme of Interloper: but hauing worne it thrid∣bare

amongst themselues, they now put it as a note of ignominie vpon all other English Merchants not free of their Companie, if they haue any trade into their territories, whether they be Merchants of the Staple, or any other English Merchants residing in London or any other the ports of this Realme, whereof there haue been heretofore so many as haue vsually shipped forth most part of the colou∣red clothes, kersies, and all other new Draperies of the kingdome. For vntil the 15 yeare of his Maiesty, that the Merchants Aduenturers obtained their new Letters patents, other English Merchants con∣stantly and continually traded therein as well as the Merchants Aduenturers, as may appeare by the manifold entries daily made in al the Custom-books of this Kingdom; for which purpose the Merchants Aduenturers in their former Grants (as is before obserued) procured this clause to be inserted, viz. That other English Merchants that should trade into their territories, might be compelled to obserue the Mer∣chants Aduenturers orders; whereby it appeares plain∣ly, that though the Merchants Aduenturers haue procured a free licence of exporting certaine thou∣sands of white clothes to themselues (non obstante) the Statutes, yet the State neuer intended that they should also ingrosse the whole trade of all coloured clothes, kersies, bayes, and other new Draperies into their hands, to the vtter ruine and wearing out of all other Merchants that traded therein as now the Merchants Aduenturers would haue it. For they now challenge an absolute power and proprietie of trade into those parts, with all the foresaid English

manufactures, and seek to exclude all other English Merchants from that trade, vnder this terme of In∣terlopers: and haue of late (as aforesaid) brought so many vexations vpon them, that most of them are now constrained either to steale trade by secret means, to the preiudice of themselues and the trade of the kingdome, or else they must learne to trade by Misseldens perhaps.

The last sort of those that trouble him, are the Ports,* 2.5 that is to say, all the Merchants of the out∣ports of the Realme, who because they made a loud crie of late in the Parliament hou••e, he affirmes to beare a part also in this song, whereof (saith he) the Merchants Aduenturers are made the Burden; here he hath found a fit Epithete for his Masters. If he had been willing to set downe all the Singers, he might haue found a very large Quier; for at that time not onely those that he pickt out, as the Merchants strangers, the Merchants of the Staple, the Interlo∣pers, and the Ports, but the Clothiers of all sorts from all parts of this Realme, and Wooll-growers* 2.6 of all Counties of England and Wales being there assembled did sing the same song, that they were all weary of this Burden, the Merchants Aduenturers, as at large appeareth by their seuerall petitions, rea∣sons, repetitions, and continuall suites for reliefe and remedy in that behalfe; whereupon the Act for re∣storing the free trade of the Staple was drawne for their reliefe, and passed the house of Commons, as is before related.

Thus haue I followed him to the end of this chace; and now I refer it to the iudgement of the Reader;

whether the Merchants Aduenturers haue not in∣grossed (and that by colour of their last Letters pat∣tents) the trade of the Merchants strangers, the Merchants of the Staple, the Merchāts of the Ports, and of many other English Merchants, concerning the exportation of cloth and all other manufactures made of Wooll into Holland, Zeland, Brabant, and other parts of the Low Countries and Germany; and last of all I refer the remedy (as I am most bound in dutie) to the matchlesse wisedome of his most excel∣lent Maiestie.

And now hee leades mee to the place where hee seemes to be angry for my saying,* 2.7 if they had ingaged their trade for a summe of money, which I supposed was for the vse of their Companie; hee confesseth the action, but trauerseth the occasion, saying, it was borrowed for the seruice of the State, by which one word he hath barred my reply; but onely this I ob∣serue, that his Masters whom he saith are probatae fi∣dei, and trusted with that (axis) of the Common∣wealth, he freely confesseth they haue laid this axis to pawne, and presseth hard for help to redeem the same. And I cannot but wonder when I compare that small summe with the great losse, which others say they haue borne by their appropriating trade these six yeares to themselues, and with the great summes they haue raised by impositions vpon cloth and vpon other natiue commodities of that kind, I cannot but wonder I say, that they haue not long fithens fetched their axis home. Thus endeth Mis∣seldens song, with my Contrator, concerning the cloth trade, wherein we find a center for the publik

good in generall.

Come we now to the examination of the trade from England to the East Indies,* 2.8 by the said Center of Commerce, namely Gaine, where Misselden (accor∣ding to his ordinary custome) thus chanteth against me; and we shall find that the said Trade is vnpro∣fitable for England.

This Companie also, that deserueth so much pitie, can∣not escape Malynes enuie: for here he endeuoreth closely and cunningly to insinuate, that the cause of the want of money, is the ready money sent to the East Indies in Reals of plate.

Againe,* 2.9 Malynes taketh notice of M. Mun's dis∣course of the East India trade; whereby he is for∣ced to confesse, that the emploiment of the East In∣dia Companie is very profitable and necessary, that the gaine of the Trade is very good; that thereby the increase of the stocke of the kingdome is very great; that the same is a meanes to bring in much treasure, &c.

COncerning the first part, That I do insinuate, that the cause of the want of mony is the ready mony sent to the East Indies; I am so far from that, that although there were one hūdred thousand pounds sent yearly where there is onely appointed thirtie thousand, I would find no fault with it, if Trade were so caried, that moneys were imported; and that the returne of the East India commodities retransported, did procure moneys from other places; and more espe∣cially if there were a center or gaine answerable to

the aduenture; which caused me to say, If the dis∣course of the trade from England into the East Indies be truly collected, no doubt the said Trade may be found very profitable hereafter, albeit it hath bin very difficult in the beginning.

But forasmuch as Misseldens words and constru∣ctions haue moued me to examine the said discourse farther, and for that my opinion hath always been, That our excessiue charges would consume all; I haue thought conuenient to examine the said Dis∣course, as it is laid downe. According to which, to frame our Arguments abeffectis, let vs lay our foun∣dation vpon M^r. Mun's Abstract of the accounts, collected out of the diuers volumes of the East In∣dia bookes, of all the moneys and commodities sent thither from the beginning of the said Trade vntill Iuly 1620, being the space of 20 yeares or there∣abouts, as appeareth pag. 39. which was done to sa∣tisfie the Parliament concerning the imputation of the moneys exported by them.

All the ready money sent out of the Realme, and from all other places whatsoeuer beyond the Seas, he saith to be 548090 l starlin; and all the commo∣dities both English and forreine wares which haue been sent thither during that time, amounteth in all but 292286. So the stocke of moneys and commo∣dities sent in all is 840376 l.

Brought home in diuers sorts of wares within that time 356288 l. The losse sustained by the Hol∣landers, and charges estimed at 84088 l. So there remaineth for both the ioynt stocks in the East In∣dies 400 thousand pounds, which doth ballance this

account, whereof diuers returnes are made.

The nature of the commodities is to be conside∣red by way of Commutation called Negotiatiua,* 2.10 whe∣ther they be Naturall or Artificiall, or Both, wherein the Manufacture is much to be regarded; for the Rule of Polliticions requireth, that the commodities exported should be sold proportionably to the commodities imported, with a consideration of customs, charges, aduenture, shipping, and regard of time, persons and place, with the circumstances, &c.

The commodities imported being 356288 l. as aboue said, were sold (although the most part was transported for other places) for 1914 thousand and sixe hundreth pounds: according to which pro∣portion, the commodities exported should pro∣duce 1558 thousand 858 l: that is to say, fiue and one third part for one: whereas our commodities haue produced by this account but 22 pro cento in liew thereof, which is not one forth part of one, for they did cost 292286 l. as aforesaid, and there is in returne but employed 356288 l, which is but 64002 l. more: so that the principall is but come home, and the said 64 thousand pounds, which is but 22 pro 100 in three yeares time, with great ad∣uenture, to the Kingdomes losse in stock, shipping, Mariners, and all things besides, to be gotten and saued otherwise.

This disproportion is farre greater, if we consider that the said goods were carried thither by our shipping, and we pay them greater Customes for their Commodities, then they pay without aduen∣ture of the Seas, and the circumstances aforesaid.

The first Assertion then is. That by our natiue Com∣modities to be sent into the East Indies,* 2.11 there is no benefit to be made, but rather an euident losse: and the forreine Commodities sent thither, namely Oliphants Teeth, Quick-siluer, Vermillion, and other things haue yeelded more gaine then our Clothes, Lead, Tinne, &c: which vpon due con∣sideration is no gaine, but a meere losse.

COnsider we of the commodities returned and sold for 1914 Thousand 600 pounds, produ∣cing fiue and one third part for one towards custom charges, and all other thiings as aforesaid: and we shall be rauished with admiration vpon examina∣tion of the prices in particular, by the said Author declared. This calculation is to be made betweene the commodities bought in the East Indies, withall charges, and the sale of them in England without charges.* 2.12

Pepper at 2 d ½ the pound, sold for 20 d, is 8 for 1.

Cloues at 9 d, sold for 5 s, is 6 and two thirds for 1.

Nutmegs at 4 d. the l, sold at 3 s, is full 9 for 1.

Mace at 8 d. the pound, sold for 6 s, is full 9 for 1. Indico at 14 d. the l, sold for 5 s, is but 4⅓. for 1.

Raw-Silkes at 8 s. the l, sold for 20 s, is but 2 ½ for 1.

Wherein the quantity of each kind of commodities is much to be respected, to make a true calculation.

Hereupon any man of meane iudgement may easely perceiue, that the inferrence to make the East India Trade more profitable, by the employments to be increased of Indico and Silkes by the Persian* 2.13

Gulfe, is altogether mist••ken. For if Spices which yeeld 7. 8. and 9. for one, haue procured but small gaines: how shall Silkes and Indico augment and increase the same, when they produce but 2½. for one and 4 ⅓? which is very deede breedeth a losse vpon the aforesaid employment, and decreaseth the same.

The second Assertion therefore is,* 2.14 that this imaginary blessing arising by the intended employment to be made in Silkes and Indico, is mistaken, and hurt∣full to the Realme: especially if the Manufactures of Silke be increased in derogation of the Manu∣facture of our natiue materialls.

BVt some affectioned East India Merchant will say, that the generall account aforesaid to make fiue and one third part for one, is a great matter of benefit towards custome, charges, and all other things incident to trade. For the Author doth say, that 10 s.* 2.15 employed in Pepper in the East Indies, will require but 35 s. for all charges whatsoeuer de∣liuered in London, which is 3 ^• ₂. for one.

This Merchant cannot inforce his argument for want of a true iudgement; for he might haue made a better conclusion, to say Pepper doth cost but 2 d ½ the pound, and is sold for 20 d. which is 8 for one, as aforesaid. And if with all charges in London it co∣meth but to 3 ½, then the benefit of 4 ½ for one is an admirable gaine to inrich himselfe and the com∣mon wealth.

This iudgement vpon a particular, seemeth to

proue a far greater gaine then the abouesaid gene∣rall gaine of 5 ⅓ for one. But to find out the truth, there must be a nearer calculation made, by a true distinction of the managing of the Stock remaining at home, which was neuer adventured, and the a∣foresaid stock of moneys and commodities sent in∣to the Indies, and what both these did amount vnto. Next, if the goods taken from the Indians and Por∣tugals be comprehended in the said returne, where∣of the said sum of 1914 thousand 600 l was made, then the case is altered, and wil not produce the one halfe. Lastly, the building and repairing of Ships, Wharfes, houses, magazins, and the like emploi∣ment of the stocke at home, together with the al∣lowances of Officers, Mariners, and seruants wages, will come to an incredible summe.

But let vs come to the generall consideration of this Trade, respecting the weale publicke, by com∣paring the same to the former trade maintained by the Portugals along the Cape of Good Hope; which is more proper then to compare the same to the trade betweene vs and Turkie and the said East In∣dies: for the trade of Portugall made the Merchants trading Turkie, to sell the Spices brought from Alep∣po to losse, because the Camels back could not passe the needles eye, without great charges & difficulty: neuerthelesse that trade was very profitable to the kingdome,* 2.16 selling our kersies, broad-clothes, tinne, and many other our natiue commodities with 60 pro cento gaine; and there is far more to be gotten by raw silkes bought at Aleppo at 12 s the pound, then to be brought from the East Indies at 8 s the

pound, which is the difference which the said An∣thor maketh, ascribing such happinesse to the trade of silke, whom Misselden doth imitate.

I may affirme by experience, that before the open warres with Spaine, the trade of Portugall and the Ilands was very profitable to the Realme:* 2.17 for wee made an ordinary gaine of 25 vpon the hundred, by Bayes, Sayes, Reding and Kentish clothes, Nor∣therne and Westerne kersies, stockings, and diuers other commodities: and the debts being turned o∣uer to the Contraction house, returne was made in Spices and Sugar in lesse then six months time, with little aduenture, fraught and charges, whereby the manufactures of the kingdome were aduanced, and moneys from time to time imported; and the life of Trade was felt by Merchants; Trades-men and the Mint did flourish: so that for matter of commo∣dities, there is no comparison in the sale of them in∣to Portugal with 25 pro cento in lesse then 6 months, and 22 pro cento for the East Indies in 3 yeares, be∣sides the aduenture of the Seas and enemies. And it will be proued, that the natiue commodities of the Realme vented in Portugal and Spaine before the East India trade began, did amount to 300 thousand pounds worth more then since euery yeare, which is more then all the domestique and forreine com∣modities come vnto, sent into the East Indies by the Companie those 20 yeares, to say nothing of the mortalitie of men and destruction of ships. And from Spaine we had the West India commodities,* 2.18 as Cutchenelle, Ginger, hides and other commodi∣ties, with the wines, raisins, oyles and all other com∣modities

of their growth for returne of ours, espe∣cially abundance of Royals of plate, now much hin∣dred by the emploiment of Tobacco.

Let vs now examine the price of Spices in those dayes within the Realme, and we shall finde that Pepper was sold for 2 s the pound, Cloues 6 s, Mace 7 s, Nutmegs 3 s, and Indico 6 s; which small diffe∣renc in price, for so much as is yearely spent in Eng∣land,* 2.19 may be declared by the proportion set down by the said Author, which being calculated at 4 d. vpon a pound of Pepper, and 12 d vpon Cloues, Mace and Indico, and 6 d vpon Nutmegs, amoun¦teth but to 21166 l. 13 s 4 d.

This true account wil be proued by ancient Mer∣chants bookes, and the weekly price currant of the Brokers bils, before the open warres with Spaine. But the said Author doth set downe the prices as they were in the time of warres, when Merchants charges,* 2.20 aduenture and all things were increased; and herein he maketh his comparison with Turkie, and according to that computation hee affirmeth, that the trade in Spice and Indico onely, saueth the kingdome yearely 74966 l. 13 s. 4 d: and that lesse then one quarter of this summe shall buy in the In∣dies the proportion of the yearely consumption thereof, being 400 thousand of Pepper, 40 thou∣sand of Cloues, 20 thousand of Mace, 160 thousand of Nutmegs, and 150 thousand of Indico; which calculated by the prices of them, as they were sold coming from Portugal, wil amount to 128 thousand pounds, and not 183500 l, as hee reckoneth them coming from Turkie: so that the difference between

Portugal and Turkie in this account is 55500 l, be∣ing in truth but 21666 l. 13. 4. to be reckoned vpon the said allegation.

The third Assertion is,* 2.21 that the kingdome saueth not yearely the summe of 74966 l. 13. 4. by Spices and Indico, as the said Author alledgeth.

FRom the particular account of Spices and In∣dico concerning England, come we to the ge∣nerall account laid downe by him for all Christen∣dome,* 2.22 whereunto he hath added the raw silke va∣lued at 400 thousand pounds; and thereupon he af∣firmeth, that in comparison of the said Turky trade, there is saued yearely 953543 l. 4 s. 4 d. starlin in ready moneys, that heretofore hath been transpor∣ted out of Christendome into Turkie.

Deduct the said 400 thousand pounds for silke from the generall emploiment of 511458 l. 5. 8. that the total summe amounteth vnto, and there remains but 111458 l. 5. 8. for Spices and Indico. Calculate now what the said proportion for England did cost in the Indies according to the said prices, and you shall find it to be 16749 l. 15. 0. which is almost the sixt part of all the Spices and Indico spent in Chri∣stendome: and this being sold in England, produ∣ceth 108333 l. 6. 8. Now deduct of the abouesaid 953543 l, the gaines of the silke being 200 thousand pounds, there remaineth 753543 l, whereof the sixt part saued for England, cometh neare to 108 thou∣sand pounds, which is as much as all the Spices and Indico sold in one yeare in England cometh to, as

aforesaid. Whereby it appeareth, that England sa∣uing yearely that summe, there is (as it were) no∣thing spent in Spices and Indico, which he may ve∣ry well call to be incredible. So that

Our fourth Assertion is,* 2.23 That there will be found an apparant great losse by all this negociation, and de∣triment to the kingdomes stocke both for moneys and commodities; and that there is not 953543 l. saued in moneys yearely in Christendome, especi∣ally the Portugall East India trade considered.

NOw if vpon the matter we do consider the Cu∣stomes and Impost, the Factors, Officers and Mariners wages, without interest of moneys and assurances, all will proue but transmutations with∣out increase, but with the great decrease of the Kingdomes stocke.

But to proue that the said accounts are made at random,* 2.24 rouing at the matter, let vs consider of the proportion made by him of 100 thousand pounds in ready money to be employed yearely, whereof there are 52499 l in raw silks and Callicoes, and but 47501 l in Spices and Indico, which should produce 500 thousand pounds or thereabouts: he doth allot 120 thousand pounds to England, and 380 thou∣sand pounds for transportation; and of this 120 thousand pounds there is 108333••. 6. 8. in Spices and Indico named in the sequel of his discourse, which is now become one third part of all the Spi∣ces and Indico to be brought in by the emploiment of the said 100 thousand pounds, amounting to

337083 l. 6. 8. Now if we take the like proportion of raw silks & Callicoes of 162916. 13. 4. to make vp the said 500 thousand pounds, which is one third, it will amount to 54305 l. 6. 8. which with the 108333 l⅓, maketh 162638 l. 13. 4. which is 42638 l. 13. 4. more then hee hath allotted to Eng∣land to be spent in a yeare; which is a manifest con∣tradiction.

The consideration hereof caused some Merchants of that Companie to be as craftie as Aesops Fox, who being desirous to drinke, found a Well with two buckets, and entring into one of the buckets, de∣scended suddenly into the water; but hauing satia∣ted his thirst, could not get out, vntill one of the Goates of this Tropick of Capricorne came to the said Well,* 2.25 whom he perswaded (by the goodnes of the water, and by making her beleeue that the Moone shining in the water was a Holland cheese to be di∣uided betweene them) to enter into the other buc∣ket, which done, downe came the Goate by reason of her weight, and vp came the Fox, leauing the Goate in the Well: euen so haue some Merchants done, by extolling the great gaine of this trade, vn∣till they had drawne themselues out, by selling their aduentures, leauing the buyer to the hazard of the losse, which was (no doubt) to them well knowne. For to make the best construction hereof, we may conclude, that 400 thousand pounds lost by his ac∣count in the said Indies, are since come home, and employed by the seuerall Factors in the said Indies, and most of it in Silks and Indico, and yet there is wanting 148 thousand pounds of the stock of 840

thousand aduentured, accounting the former re∣turnes made, to proceed of the commodities & gain, as aforesaid, which is almost one sixt part of the stock aduentured to the Indies, whereof this account gi∣ueth no satisfaction at all, vnlesse the 31079 l lost in six ships cast away, were parcell thereof.

The conclusion which the said Author maketh, is, That the East India trade alone (although it be driuen in no ampler maner then is afore written) is a meanes to bring in more treasure into this Realme then all the other Trades of this Kingdome (as they are now managed) be∣ing put together. For if the rule be true, That when the values of our commodities exported doth ouer∣ballance the worth of all those forrein wares which are imported and consumed in this kingdome, then the remainder of our stocke which is sent forth, must of necessitie returne to vs in treasure, we must ima∣gine it will do so with vs in time.

Here you may see from whence Misselden drew his Ballance of Trade, which he neuer dutst vndertake to maintain before the aforesaid his Maiesties Com∣missioners, who haue often called him by Warrants and otherwise; for he was not able to maintaine an other mans Proiect. We haue already shewed the incertaintie of the said Ballance, and in the Remedies wee shall intreate thereof further; neuerthelesse I cannot omit Obiter, to say that this Rule may serue for a Demonstration: but it can neuer be found true vntill it concurre with the Center (Gaine:) for so long as treasure cannot be imported without losse, we shall still receiue wares in returne, and augment the cause of ouer-ballancing. And which is more, sup∣pose

there were an ouer-ballancing of Trade 〈◊〉〈◊〉 our side, whereby moneys should be forced vpon vs, yet should we find it would be to the incredible losse of the Commonwealth, by the inhauncing of the forreine coine beyond the Seas; and the vnder∣valuation of our moneys in exchange, which may be demonstrated by a trifle, as well as by hundreds and thousands.

One buyeth a paire of Gloues for 5 s starlin,* 2.26 and selleth them beyond the Seas for 5 s. 6 d. where he receiueth a Rickx Doller for 5 s. or 50 Stiuers: and moreouer, 5 single Stiuers taken to be worth 6 d. and so getteth 10 pro cento. Suppose now that the ouer∣ballance is on our side, and this alledged necessitie shewed her operation, and that he that sold the said Gloues bringeth ouer this Rickx Doller and the 5 single Stiuers; and going to exchange them, no man wil giue him aboue 4 s. 6 d. for his Doller, and 4 d for his 5 Stiuers, which is the true intrinsique value. Where is now his gaine of 10 pro cento, when he lo∣seth 2 d of his 5 s, besides his labour, charges and customes? But how shall this reuolution of ouer∣ballancing euer come to passe, when wee vse no meanes thereunto, as other nations do, as shall be declared in the next Chapter?

To conclude then with the East India Trade, wherein we find no Center; let vs haue a care that the moneys proceeding of Spices and Silks, may be partly imported into the Realme to increase trea∣sure.* 2.27

The Trade for Russia was in times past very pro∣fitable for the venting of our coloured clothes, and

returning from thence very vsefull commodities, as Tallow, Wax, Hides, Furres and other wares, which for the most part being caried out againe for France & other places, made prouisiō for wines, canvas, &c. For heretofore the commodities of the Realme & other were vented in France in great quantities,* 2.28 and by deliuering one third part in ready money, and two thirds in cloth, kersies, stockin, and other na∣tiue commodities; our Merchants made their em∣ploiment in wines, which is now done with ready money; wherein the exchange is to be considered in a contrary course vpon their French crowne; but I will omit to handle the same, to auoide intricate∣nesse, hauing declared the same in Lex Mercatoria.

The Trade for Eastland and those parts,* 2.29 wanteth a center; for Merchants can hardly make returne in any commodities for their cloth: and vpon moneys inhaunced, without the reformation of exchange, they are great losers.

The Barbary Trade bringeth vs some Gold;* 2.30 but our Cloth is there sold with so small profit, that it cannot quite charges and aduenture: nay it is come to that passe, that other nations can maintaine these trades for Russia, Eastland and Barbary, with our na∣tiue commodities, better then we do.

Misselden (passing ouer all these serious considera∣tions, replieth, that Malynes hauing runne himselfe out of breath, and ouerrunne Monopolium with telling tales) sheweth to be one of this Climate of Capricorne: for men of his humour are called by the Italian 〈◊〉〈◊〉 I shall therefore conclude this enco••nter, and remember,* 2.31 that they that came to Athens, the first

yeare were wise men, the second yeare Philosophers, that is, louers of wisedome; the third yeare Rhetori∣eians, that is, meere babblers: the meaning is, first they deemed themselues to be wise, casting vp mou∣taines to heauen, like the sonnes of Aeolus; after fee∣ling themselues puft with a Tympanie of Pride,* 2.32 they desired that to be in themselues which they admi∣red in others; lastly, seeing the more they strayed, the lesse they could go backe, they found a haruest of wilde corne was left them, and that was between Athens and Thebes,* 2.33 where I left Misselden with his hounds (about one yeare since) which haue lo••t their sent, not knowing whether the Deere is gone, East, West, North or South; for a wilde goose chace is fitting for him that hath lost his Game: and for his verses, I referre him to Taylor the Water-man to rime with him, who can furnish him with a paire of Oares, to transport him (with his Hebrew & Greek which hee hath learned at the greater South doore neare Christ Church in London, together with his Parrets and Buls) into the Iland of Antisera or Psit∣tacorum Regio, to haue his braines purged with Heli∣bon, and to reade there Historia Ventorum.

CHAP. V.

The meanes to ballance the Trade of England by the said center; or the remedies against the causes of the decay thereof.

FRom the Tropicke of Capricorne wee are come to the Antarticke Circle in the South, to make a perfect Orbe, to keepe Misselden and his Bal∣lance

enclosed within his owne Circle. For in this Re∣gion, the transparent and splendent beames of the Sunne of truth, do dispell all foggie mysteries of de∣ceitfull fallacies, insomuch that men of meane ca∣pacitie and vnderstanding may very well demand a reason, wherefore we do not preuent (by contra∣ries) the knowne Spring of this disease, whereby the body of the Commonwealth is so much distem∣pered.

For Res ipsaloquitur, that Gaine the Center of com∣merce is excluded by error of Trade, because no mo∣ney or bullion can be imported but to losse, neither can any money be kept within the Realme by rea∣son of the great gaine had vpon moneys by expor∣tation: so that (Returnes being made continually of our natiue Commodities by forrein Commodi∣ties) nothing can be expected but an increase of the ouerballancing of our Trade in nature before al∣ledged.

But some Supporter of the conceited Ballance of Trade will say, that Time by the increase of Trade will turne the Tide, and bring all things in tune a∣gaine, by a necessitie of nature beyond all resistance, when the sale of our natiue commodities in forreine parts shall surmount the value of the commodities imported vnto vs. Is not this in substance the hun∣ting of our owne shadow? suffering other nations to vse all meanes for their benefit, and wee shall a∣mend all things when we come to Rome, and we ne∣uer dispose our selues to vndertake the voyage to go thither: neither are the causes with vs alike with forreine nations, whereby wee might expect the

like effects. For,* 2.34

We do not inhaunce our moneys as they doe all forreine coine and their owne; neither do we ouer∣value our moneys by exchange vnto them, as the Low Countries and East-land do vnto vs, breeding exportation, and hindrance of importation of mo∣neys, as hath been amply declared.

Wee do not sell our natiue Commodities accor∣ding to moneys inhaunced, as they do theirs, but at an vnder value, according as our moneys are cal∣culated in exchange, to our losse and their benefit.

We do not deliuer money at interest beyond the Seas, as the Merchant stranger doth here at 10 pro cento, which is there at 5 and 6 vpon the hundred to be had; neither do they pay 15 and 20 vpon the hundred by exchange, as we do.

We do not procure by Gaine or Pollic••e the im∣portation of Bullion or Royals of 8 as they doe, by inhauncing all moneys, and diuerting the said Roy∣alls and dollers from vs, to be brought in as in times past.

We doe not procure plenty of money to make a liuely Trade, as they doe by the two Reall meanes of impo••tation, and tolleration of exportation: as also by the two Politike meanes of Transfering 〈◊〉〈◊〉 of debts betweene man and man, and the payment by assignations.

Wee doe not preuent that the Trade of Bayes, Sayes, and new Draperies should not be carried from vs by diuerting the Royall or 8 from vs, nor that other nations should driue a Trade with our Cloth and other commodities for Barbary, Russia,

Eastland, and other Countries; for being depriued of our owne moneys, and of the said Royalls, we doe loose the Trade also.

We cannot make returne for our natiue commo∣dities by the three ordinary meanes,* 2.35 either by mo∣ney, or by exchange, or by commodities at our choice and best aduantage as they doe: but are com∣pelled (of course) to buy forreine commodities at deare rates, by a disordered Trade; how is it possible then, that we should expect any such ima∣ginary ouer-ballancing of Trade to happen on our side, when we haue not the like causes to produce the like effects?

Others are of opinion, that some moderation might be procured herein, by making the Spanish Royalls of 8 currant within the Realme at 4 s. 7 d, or 8 d: that is to say, aboue the value. But they doe not consider effectually of the inconueniences which will ensue, as follweth.

First, It will be the vtter ouerthrow of his Ma∣iesties Mint, and vndoing of the poore Moneyers, aswell for the coynes of gold as of siluer; for gold will not be brought so frequently when siluer is ad∣uanced by altering the proportion, and reducing the same to 12 to one, or thereabouts.

Secondly, The forreine coyne will be aduanced by these meanes 7 vpon the hundreth aboue our Starlin moneys, and thereby increase the exporta∣tion of the said Royalls.

Thirdly, The King will loose his coynage mo∣ney, being aboue 2 d. vpon an ounce: and the mel∣ting downe of his moneys and effacing of his

stampe, is a great derogation of his Prerogation Royall, it being a marke of Soueraignty.

Fourthly, The inhauncing of the said Royalls will alter the price of Plare, as also of other commo∣dities within the Realme: which is a matter much respected hitherto.

Fiftly, When moneys are inhaunced beyond the Seas, the price of exchange doth also inhaunce in some measure: but when moneys are inhaunced here, the exchange abateth, which causeth the ex∣portation of our money to increase. As for exam∣ple,* 2.36 If to make siluer equiualent to gold of 12 to one, the ounce should be valued at 5 s. 6 d, whereby it would be inhaunced tenne Pro cento, should be though conuenient, it would make the price of ex∣change to fall 10 Pro cento, or more: which for the Low Countries would fall to 30 s. and vnder, and so it will be still transported: and the making of for∣reine coyne currant within the Realme aboue the value of ours, is not vsed vpon any good order, as we haue noted by the Arch-Dutchesse of Austria.

To come therefore to the true remedy, wee are to consider the true causes of their operations, to which end we haue declared in the Equin octiall, the losse which the Realme sustaineth by a low ex∣change or the vndervaluation of our moneys: as also the benefits which will arise by the high ex∣change, as meerely opposite vnto it; so that we may conclude certainly,* 2.37 è conuerso, I that when the ex∣change shall be rectified, and our moneys be truely valued in exchange, 2 according to the inhauncing of moneys beyond the Seas, 3 then will the tran∣sportation

of moneys cease, 4 and the more natiue commodities will be exported, and consequently the losse of that inhauncing being preuented, 5 will cause Bullion and moneys to be imported, 6 and the lesse forreine commodities to be brought in: 7, the Royall of Spaine will not be diuerted, nor the Trade depending thereupon, 8, which will procure plenty of money, 9, to aduance the price of our commodities, 10, and abating the price of the for∣reine commodities, thereby effectually preuenting the aforesaid ouerballancing.

This is to be done onely by his Maiesties Procla∣mation,* 2.38 according to the aforesaid Statutes and Proclamation of exchanges, prohibiting that after 3 moneths next and ensuing the same, no man shall make any exchanges by Bills or otherwise, for mo∣neys to be paied in forreine parts, or to be rechan∣ged towards this Realme vnder the true Par or value for value of our moneys, and the moneys of other Countries in weight and finesse: but at the said rate, or aboue the same as Merchants can agree, but neuer vnder the same: which shall be declared by a paire of Tables vpon the Royall Exchange in Lon∣don, with such cautions and obseruation as former∣ly haue beene noted, whereunto I must referre my selfe to be seene at large in Lex Mercatoria.

For the better vnderstanding hereof, and to shew that the like hath beene formerly done: but there∣in onely direction was wanting hitherto: I haue thought conuenient to put downe the same verba∣ti••, as followeth.

A Proclamation for the ordering of the exchange of money vsed by Merchants,* 2.39 according to the 〈◊〉〈◊〉 and Statutas of the Realme.

FOrasmuch as there are so great abuses of 〈◊〉〈◊〉 yeares growne by the corrupt dealing of sundry Merchants and Brokers, as well Strangers 〈◊〉〈◊〉, vpon bargaine of exchanges and rechange of moneys, to be paid both out & within this Realme, as not onely the good laudable and profitable vse of naturall Merchandising is greatly decayed, the true values of the moneys of this Realme much ••∣based, and her Maiesties Customes and subsedies (that are the ancient inheritance of this Crowne▪ diminished and withdrawne, with sundry of 〈◊〉〈◊〉 inconueniences, to the notable damage of 〈◊〉〈◊〉 Realme; for the due remedy whereof, there 〈◊〉〈◊〉 beene made heretofore sundry good Lawes and Statutes of this Realme, which doe still continue•••• their force. The Queenes Maiestie intending 〈◊〉〈◊〉 haue such great enormities and mischiefes 〈◊〉〈◊〉, doth giue all maner of Merchants, Broken, & all other persons vsing to bargaine by exchange and rechange, to vnderstand that her meaning 〈◊〉〈◊〉 haue such Lawes and Statutes put in executi•••••• haue beene prouided, and doe remaine in force for this purpose: and therefore warneth all maner of persons to haue hereafter due regard thereunto, 〈◊〉〈◊〉 on such penalties as in the said. Lawes, Statures, 〈◊〉〈◊〉 other ordinances remaning in their force is p••••∣uided.

And for the lawfull satisfaction of all such as shal haue necessary cause to take or deliuer any money by exchange, there shall be certaine orders in 〈◊〉〈◊〉 set vp in places conuenient declaring the rates thereof, as the same shall or ought to be paid to the vse of her Maiestie, or to her Ministers and Officers thereunto authorized. Giuen at Green-wich the 20 of September 1576, in the eighteenth yeare of the prosperous Raigne of the Queenes Maiestie.

The Noble and renowned the Baron of Elsmere, Lord Chancellour of England deceased, (vnto whom I owe perpetuall obligation) did at fouerall times aduise at the Councell: Table to publish the like Proclamation with some other good obseruati∣ons, seeing therein is nothing required but equity and iustice, agreable to the Lawes of Nations; But the euill man sowing Thres in the night, made the weedes to grow so fast that the good feed could not prosper: so that inueterated diseases breaking forth at last, makes vs to feele the smart thereof. For some men (vpon priuate respects) will cast doubts be∣yond the Moone.* 2.40 Others will propound more questions in an houre, then a wise man can answere in a yeare. And others are alwayes consulting, and neuer deliberating. So that the graue and discre••te Councellours of State are to determine these seri∣ous businesses; And to the other I may say, Know you not that the s••ept the Doctrine of Pyrrh••, Ariston, and Heri••••••••, hath beene long agoe hist out of the Schooles, or rather banisht and confined amongst the Barbarians? will you cause vs to doubt of all things: then shall wee doubt whether you doubt

or no: it is possible you can carry bread in the 〈◊〉〈◊〉 hand, and a stone in the other: neuertheles to 〈◊〉〈◊〉 vnto these men some satisfaction, which make 〈◊〉〈◊〉 whether the said his Maiesties Proclamation 〈◊〉〈◊〉 obeyed here & beyond the Seas; I am to proue that the Center of Commerce will effect the same: for gaine will command effectually,* 2.41 Por el Dinero, bay la 〈◊〉〈◊〉 Per∣ro, said the Spaniard, A Dog will d••unce for money.

The Merchant Stranger being here commonly the deliuerer of money (casting his eyes vpon the Center) will easely be induced to make the most of his owne, receiuing by exchange more for his mo∣ney beyond the Seas: and if the English Merchant (being the taker of the said money) would be so in∣iurious to the State, as to giue lesse beyond the Seas then the value of the money of the Realme by ex∣change contrary to the said Procla••mation, the de∣liuerer of the money will not let him haue it: be∣sides that the takers occasions are (in a maner) en∣forced by necessity, and he can be no loser, for by this direction he shall sell his commodities ac••••∣dingly.

English Merchants being the deliuerers of mony beyond the Seas, and the price of exchange altering there accordingly, will haue the like consideration, and the Merchant Stranger will prouoke him there∣unto by the Center (gaine) whereupon their eyes are fixed: and if there be no takers of Merchants Strangers, the English Merchants may bring 〈◊〉〈◊〉 the money inspecie, wherein he shall become gainer when the exchange is rectified, where now he is a loser, which causeth him to import no mo∣neys:

although as Misselden saith, There gates stand wide open,* 2.42 you may carry out as much mony as you will. So that vnlesse we haue are gard to the premisses by procuring importation of Bullion and moneys, and preuenting the exportation according to the said Lawes and Statues it were better for the Kingdome to set all at liberty, howbeit with 〈◊〉〈◊〉 direct on in exchanges.

Now forasmuch as we haue already answered the obiections to be made against this remedy in the Equinoctiall. Let vs now examine the rem••dies propounded by Misseldens conceited Ballance, and whether the calculation of the same be more then a triall, as we haue declared.

The remedy,* 2.43 is in a word (saith he.) nothing else but to make our importation lesse, and our exp••ctation more, by the importation of superfluous things ••o be restrained, and the exportation by Manufactures to be improued: but what can the casting of a Bal∣lance effect herein? Iust nothing. There is a prac∣tise required to set the people more on worke vpon the materialls of our owne growth, or of forreine growth: and therein examples is the best precept; And hereupon we are sent to the 〈…〉〈…〉 to learne frugality; industry, and policy, in whose commendation he seemeth to speake: like vnto the Temporising Frier Cornelius of Bridges, (who (accor∣ding to the euents of things) would in his Ser∣mons speake of the Prince of Orenge, during the late war••es of the Low Countries, as the succes fell out, and call his auditory to witness that be ne••••er spake 〈◊〉〈◊〉 the Prince, when he 〈◊〉〈◊〉 and

railed of him beyond measure at other times 〈◊〉〈◊〉, vntill some other accident falling out on the 〈◊〉〈◊〉 trary. So this man moueth a question, and like him selfe, kicks downe all at once what he had spoken, saying,* 2.44 And why not the Belgicke Grashopper? for the Grashopper hath no King, yet they march out 〈◊〉〈◊〉 Troupes, they are a multitude by Sea and Land, and thy feede vpon Rootes and Herbes; as he saith in 〈◊〉〈◊〉 the margent,* 2.45 which is onely for the learned; as the said Fryer Cornelius was wont to say, when (speak∣ing of Heritickes) he said there was a thousand burnt, Sed erant Cespites, they were 〈…〉〈…〉 this a full Frenzie. Like vnto the Daughters of P••••∣tus, that tooke themselues to be Kine: raging like Hercules and Aiax in the Tragedie? Thinke you that Endimion did euer dreame such dreames▪ Or the seuen Sleepers, that slept from the 〈◊〉〈◊〉 Decius, to the dayes of Theodosius. But what will not nouelty and singularity bring forth? I leaue this Ianu•• to his feeding of rootes in the Low Coun∣tries, seeing he is fallen from a Gallum••frey 〈…〉〈…〉 Hotchpotch of other mens Cookeries:* 2.46 making 〈◊〉〈◊〉 a doubt whether Her••••litus teares were more see••••ly to lament his 〈◊〉〈◊〉 ignorance o•• 〈◊〉〈◊〉 laughter to reproue his foolishnes. Surely this 〈◊〉〈◊〉 proceede of some deepespeculation;* 2.47 Sitting (by imagination) which Sapor King of 〈◊〉〈◊〉 in the Center of the Globe (of a Glasse, beholding the 〈◊〉〈◊〉 reuolutions of Commerce represented 〈◊〉〈◊〉 Ballance, acted by these Grashoppers, which 〈…〉〈…〉 full for the winter (as the P••smire is) to 〈◊〉〈◊〉 wealth: whereas the Grash••pper is a 〈…〉〈…〉

Summer, and dieth in winner, and is found to be one of the plagues of Aegipt.

Being in this humor he falleth into timing:* 2.48 The Persian trade will not let me passe, nor the fishing neither without a word of either. The Persian Trade for Silkes is of far lesse benefit then the Trades of Spices and other East India commodities; and the increase of the Manufactures thereof will decrease the indra∣ping of our Woolls, and increase our ouerballance: vnlesse moneys were imported for the greatest part of the returne thereof. But the Fishing Trade (propounded so many yeares since by Mr. Iohn Keymer, with the assistance of the Noble Lord Shef∣field, Sir william Cokaine Knight, and diuers other worthy persons of quallity, who haue promised to lay out great summes of money therein) will effectually improue our exportations, and afford much more benefit then any Persian or East India Trade can doe, if his Maiestie were pleased to en∣courage them with preuiledges and immunities, as the 〈◊〉〈◊〉 of the action deserueth. But the en∣uious man sleepeth not, who is able (vpon one mans vndigested opinion sometimes) to ouerthrow the long industrous study of others that sincerely intend the common good. Shall we propound the example of other nations concerning their industry and pollicie▪ and shall we not be able to imitate them? Can they increase Manufactures vpon the materialls of other Countries?) And cannot we do the fame of our owne stuffes and materialls? Shall we runne into remote Regione and Countries for their Commodities to make a benefit, and neglect

Gods blessings at home before their owne doores? Doe we feele the Politike Body of the Common wealth distempered and full of diseases, and 〈◊〉〈◊〉 found out the efficient causes thereof) shall wee not be able to prouide the Remedies?

If things cannot be vnderstood in plaine terms it may be the Allegory following will make vs more sensible of naturall Remedies.

An Allegory of the decayed Trade of England, com∣pared to a diseased Body naturall: with the Re∣medies to cure the same.

STates-men or Politicians (which are the Phisitians of Common-weales) hauing entred into serious consideration of the estate of the Politike Body of Trafficque, do finde that the externall parts thereof looke wan and pale, prognosticating a consumption of the liuer: (Money) which causeth the decay of Merchants and Trades-men; hollow eyes and dim sighted, through the exhalation of the R••dicall Moisture of the Body, by the excessiue vse of Tabac••, whereby the memory is decayed: and the sinowes of the ancient Statutes and Proclamations are de••i∣litated: the ordinances for the gouernment of the braine, (Exchange) and rectifying of the Liuer (Money) to comfort the heart of (our Natiue Com∣modities) are put in obliuion; Tobacco is imported in the liew of Spanish Royalls and Pistolets, which causeth the prises (the Hammers of the Mint) to be weake and faint: the Vrine they found to be of a cleere greenish colour, proceeding from weakne••

and the vse of too much white Wine sophisticated into Claret, the Leggs full of dropsicke humors of consumption, by the immoderate wearing of Vel∣uets, Silkes, Cambricks and Lawnes: engendring an ouerballancing (or surfet) of forreine commodi∣ties, so that the Vitall Spirits of Bullion and Monly doth languish with a continuall Flux of exporta∣tion.

Considering the internal parts, they found the li∣uer (Money) obstructed, and the condinct pipes of Bullion and Moneys for importation stopt, whereby the Hepaties could not minister good bloud, with spirits sufficient to comfort the heart of (our natiue commodities) by a naturall heate: for the gaule of Customes and impositions is ouerflown also, depriuing the stomacke of his appetie: hence the braine (Ex∣change, wanting sleepe) is distempered, whereby the body is ouertaken with a Trepidation or shaking, shewing the very Symptomes of death.

Hereupon some Empricke (being more forward then the learned Phisitians) did deliuer his opini∣on, that the said body (by a surset, or ouerballancing of forreine commodities) is fallen into a consump∣tion: yet that nature is so strong, that (without Phisicke) she will recouer againe her former health in progresse of time; But herein he shall finde him∣selfe as much deceiued, as the Spaniard was (who be∣ing to go a iourney on foote) resolued to go fasting, conceiuing he should go the lighter: but fainting by the way, cryed out, Aora hallo que las Tripas Ile∣••••anel vientre, y no el vientpe las Tripas: now do I find that the Guts do carry the Belly, & not the Belly the

whereupon he vsed afterwards meate and 〈◊〉〈◊〉 for his sustenance vpon the like occasion: and found on the contrary, that the abuse thereof did 〈…〉〈…〉 surfeits in the Body naturall: euen as the abuse of money and exchanges doth in the Body of Traffi∣que, whereunto Phisicke must be ministred vpon necessitie, according to the disease.

Another Practitioner in Phisicke was of opinion; that the Flux of exportation should be diuerted and stopt by opening the Meridian Veyne, suffering mo∣neys to be exported at the pleasure of Merchants▪ but vpon better consideration of the weaknes of the Body, (through the former profusion of Bloud) he did alter the said opinion: obseruing that Art giuen no facility, when nature wanteth ability for to in∣crease Manufactures and Fishing, thereby to cu•••• the said surfeit or ouerballancing.

Whereupon the learned Phisitians of experience (hauing examined the causes of the diseases of this Body) did resolue to apply and vse proper Reme∣dies.

First, That the continuall Flux of exportation of our moneys must be stopt by taking away the cause thereof, which is (Gaine) had vpon moneys, proceeding of the vndervaluation of our moneys in exchange, and the inhauncing of moneys beyond the Seas.

Next, That the obstruction of the Liuer, (Money, and the conduict Pipes of Spanish Royalls and Germaine Dollers) must be opened by the meanes of the Braine, (Exchange) to minister good Bloud and Spirits to the Heart of our natiue Commodities,

to make a liuely Trade, whereby Bullion brought to the Mint, will cause the hammers (as the 〈◊〉〈◊〉 of the Body of Trade) to beate with temperate strokes, by meanes whereof the distemperature of the Braine (Exchange) will be qualified: the bitter∣nes of the Gaule shall prouoke appetie, when cu∣stomes and impositions shall be moderated in the rates, without diminution of substance: the Sin••wes of the necessary ancient Statutes and Proclamati∣ons for the gouernment of Trade will be corrobora∣ted; the Eye sight will be illuminated when the ouer much smoake of Tobacco is vanished away: and the Complection will be liuely when Merchants shall be encouraged.

Wee shall not neede to vse Mechoacan or Indian Rootes against the Dropsie, or Prohibitions against the ouermuch importation of forreine Commodi∣ties in the wearing of them (which will enforce the like vse in other Countries:) for the humors of the Leggs will be euacuated, and the convulsion of the face (by our natiue Commodities truely made and vented) will be extenuated: for plenty of mo∣ney shal aduance the quantity and price of them, and abate the price of forreine Commodities, whereby the Surfit or ouerballancing will be remedded, if we preserue the good Bloud in the Body by the wise∣dome of the Braine (Exchange) where the seate of Iudgement is placed to increase the same for the comfort of the Heart, (our natiue Commodities) which shall receiue thereby his tintered Chylus by his owne mouth and stomacke: and the bloud full of Spirits shall fill all the veines, and strengthen the

Sinowes: by supplying the want of moneys, the easie course and recourse of whose Exchange (find∣ing rest by the Basis of true valuation) shall supple the Ioynts and settle the bloud to serue all mens turnes, whereby the said shaking of the body will cease, the colour of the vrine will be rectified, the too much vse of white Wine shall not be so much offensiue, but in some measure reioyce the Heart, and take away the melancholike disease of the mind, which commonly procureth the disease of the Bo∣dy. Finally, The Body will be cured of the said con∣sumption, and grow fat againe by a true and law∣full replection, of the generall good of the King and Common-wealth, through Gods blessings.

If this Allegory be truely considered, we shall find that therein is a liuely expression of the diseases of the Politike Body of Trade: and if a naturall Body had all the said diseases, there is no other remedy nor way to to cure the same but after the maner here declared, as the learned Phisitians of experience will confesse: for the reasons are plaine and euident, and without Phisicke it is impossible to cure it. Will any man of iudgement thinke that the Flux will be stopt of course by the strength of nature, so long as we minister such things which of themselues are laxi∣tiue? Or shall we expect that the Veines will be fil∣led with Bloud, when the Hepaties want their opera∣tion? Or if Bloud did increase, shall the Body re∣ceiue nutriment so long as there is a profusion of Bloud? Or shall the Heart be comforted with the liuely spirits of the Bloud? Shall the Braine receiue rest, vnlesse she doe finde meanes to strengthen the

Heart: and that the Liuer, the Heart, and the 〈◊〉〈◊〉 may all in one Simpathy performe their functions? The Stomacke cannot disgest, euery thing prouo∣keth a surfet: the Gaule (by her ouerstowing) hin∣dereth appetite, which bringeth a distemperature to the whole Body, and filleth the same with crude humours, engendring Dropsies and other diseases, which at last turne into a consumption: the Braine wanteth sleepe, for the spirits are fatigated and troubled.

To make application hereof to the Body Politike of Trade, we know that euen as in naturall Bodies the Heart (which is the Center of the Body) recei∣ueth life first, and retaineth the same last; So Com∣modities in Traffique are first, and moneys came afterwards, whereby Commutation or Barter was brought into a Trade: and to preserue that money, (as the Bloud in the Body) exchange was deuised as a spirit to quicken the same; and shall it be vsed to destroy the Body because the true vse of it is not vnderstood, and the same is made a Merchandise?

Shall we imagine that the exportation of our mo∣neys shall be preuented, when by taking inhaunced coyne beyond the Seas aboue the true value in exchange, wee feede the causes of exportation? Or shall we expect that moneys shall be imported vnto vs, when there is a losse by the bringing of them, which losse is measured according to the price of exchange: which to auoide, compelleth vs to buy forreine Commodities? Or if any moneys are im∣ported, (by accident or occasion) shall the Body of Trade be the better by it so long as they are carried

out againe? Shall the Trade of our natiue Com∣modities be liuely, when moneys are wanting? Can the exchange haue his due course, vnlesse the foun∣dation thereof according to Parity and Equality be respected, howsoeuer the price thereof may rise and fall according to the occasions of Merchants, and the plenty or scarsity of moneys? Shall not the price of this true exchange impose a price vpon our na∣tiue Commodities, so that Commodities, moneys and exchanges may (according to equitie and iu∣stice) be gouerned in their proper natures accor∣dingly? The Kingdome cannot consume the for∣reine Commodities imported, but they cause an ouerballancing; the Customes and Impositions (which might be moderated in the rate, and yet not decrease in value by the greater employment of Trade) doth discourage Merchants, which bring∣eth a distemperature in Trade: forraine wares are oueraboundantly brought in, in the liew of moneys, whereby the Realme doth swell with forreine Com∣modities, which (being retransported) bring still other Wares in returne: so that moneys and bul∣lion (the vitall spirit of Trade) is neglected, which is properly the decay of Trade; For the exchange (which ruleth Commodities and money) is ouer∣ruled by other Nations. Let vs therefore practise the contrary, to finde a full remedy for Contraria con∣trarijs curantur.

The Turke,* 2.49 the Persian, and the Russians doe ex∣ceeds in Policy, preuenting the exportation of their moneys, by maintaining the price of exchange a∣boue the valuation of their moneys, causing Mer∣chants

thereby to make employment vpon their Commodities of course, and not by precept or com∣pulsion, whereby they accumulate treasure.

The King of Ba••tan and other Princes in the East doe the like, selling their corruptible Wares for sil∣uer to hoord vp the same; cannot this awake vs to imitate them, when it may be done by so easie meanes through the Center of Commerce so often re∣peated? I say no more, but leaue it to the high wis∣dome of the King and State to direct it, wherein Misseldens Ballance is as necessary as the first wheele in a Wagon.

To make an end therefore with his Copia Verbo∣rum,* 2.50 he much reioyceth that (by Acadnes thred) he is got out of the Labyrinth of the Little Fish and Great Whale; but this little Spawne will sticke so fast in his Throate, that he shall neede of Cranes to plucke it out: so that I might very well retort vpon him his conceited dismission and capritious farewel, borrowed of the ancient Fathers. But it is sufficient for me to shew that (as it is the fable of the Fox) he hath onely licked the out side of the Glasse of true iudgement of this matter of State, but could neuer come to the Pottage or Center, according to the olde obseruation:* 2.51 shewing how Iupiter was fed with bones and fat, Promethius reseruing vnto himselfe the solid flesh: whereby is meant sound knowledge, by the fat, the fleeting shew of superficiary termes of Art, and by the bones are deciphered the inex∣tricable and perplexed labour in the curiosities of euerstriuing contradictions: wherein he doth a∣abound. Sed magna est veritas & praeualet: He did

thinke once to haue made an Index 〈◊〉〈◊〉 of my writings: but (finding that his durty broome had employment to clense the Stables at Hack••••y and now to finde out the Interlopers beyond the Seas) he left it. I still do striue to be temperate, but publike slaunders cannot be washed off but by pub∣like defences: sure I am that my Bookes are accep∣table vnto wisemen, and Lex Mercitoria is translated into Spanish and French, and much respected be∣yond the Seas; In the Conclusion of which Booke to the Indicious Reader I gaue notice long since, that Enuy would command Triple headed Cerberus to let loose the Satyres, Zoylus, Momus, and Mastix: for this latter was already come on a Hackney Horse with a Blattant tongue to carpe at the actions of any man▪* 2.52 although it were as commendable as Homers lear∣ning, or Hercules Acts, whereof Virgil the Prince of Helicon was not free: neither the worthy one of former ages, whose vertues darkened like the Moone with some blot are registred (with the point of Di∣amond) in the Glasse of true History.

Thus hauing made his Circle vsefull in some re∣spect by placing of a Center in it,* 2.53 it will be more close and durable, for (himselfe saith in the Proeme) that it is slightly set vp and pinned together to try how the parts and ioynts thereof would trent and fit the square, for by his Apostrophe ad Regem (whose most iudiciall eyes can easely discerne wilfulnes and igno∣rance)* 2.54 that of Horace is verified.

Pindarum quis quid studet aemulari, Iuli ceratis ope Dedalea, Nititur Pennis, vitreo daturus, —Nomina Ponto.

Iulus who striues, Pinder to emulate With waxen wings, which Dedals Art did make: He flies in vaine, to giue by haplesse fate Names to the Icarian glassie blewish lake.

For Misselden hauing in his former Treatise (either ignorantly or willingly) omitted to handle The Pra∣dominant Part of Trade, namely the Mistery of Ex∣change, which is the Publike Measure between vs and other nations, as we haue poued now in this his Cir∣cle of Commerce; he hath vndertaken (with the Ar∣tificiall wings of his supporters set on with wax) to fly so high in the discourse thereof, that this hot cli∣mate of the Antartike Circle or South Pole hath dis∣solued the wax, and the splendant Beames of the Sunne of truth hath dispelled all foggy misteries of deceitfull fallacies as aforesaid: so that he is drowned (with his Ballance) in the Sea of Exchanges, accor∣ding to Ouids Allusion.

Ipse Misseldemus nomina facit aquis.

THE CONCLVSION.

VNto you therfore Noble Lords and Right Ho∣norable Priuy Councellers of State, with the

rest of the Right Worshipfull his Maiesties Com∣missioners for Trade, (whom I haue at all times at∣tended as becommeth me) vnto your graue wis∣domes and discretions (I say) belongeth properly the serious consideration of this Center of Commerce. This is the firme North Starre of Trade, by which your Compasse is to be directed according to the Lawes, Statutes, and Ordinances of this Realme of England; This is the Rudder of the Ship of Traf∣fique to guide & steire Commerce to her right ports or Hauens of profit. This is that true Par of Exchange approued by the Lawes of nations, that hath no im∣posture, froth, nor fallacy to amuse or abuse vs with: as the casting of a deceitfull Ballance hath, wherein no certainty can be found.

Let not your Heroicall Vertues for the Publike good be blemisht with priuate Centers of Commerce: but be you a meanes that Phebus himselfe will be pleased to driue the Chariot of Trade: this Center, whereby the Horses of all societies and corporations my draw a like in the course of Trade by his wise guiding and direction:* 2.55 let the procuring of Bullion be your first study to set his Mint on worke, which is recommended vnto you by the efficacy of other mens words.

For Money of it selfe (be it more or lesse) in whose hands so euer, without Bullion to supply, is but water in a Cesterne taken from the Spring, that by vse becomes exhausted, or being but let alone, consumes it selfe to nothing by strikes and putrifac∣tion. So Coyne becomes but Medals, out of vse, of out of fashion.

For Bullion being the Fountaine, Money is but the Water, and Exchange the Riuer that serues all priuate turnes.

Bullion being the Sun, Money is but the Beames, Exchange the Light that makes the world to see.

Bullion being the Pilot, Money is but the Sterne, Exchange the Compasse that guides all courses right.

Bullion being the Chylus, Money is but the Bloud, Exchange the Spirit that quickens all the Body.

To be short, Bullion is the very Body and Bloud of Kings, Money is but the Medium betweene Sub∣iects and their Kings, Exchange the heauenly Mistery that ioynes them both together.

Next therefore let the exportation of moneys, the profusion of Bloud, be preuented by the meanes of this Center, (wherein the vitall spirit of Trade doth consist) and procure plenty of Money and Bullion by all Reall Substantiall and Politike meanes; For plenty of Money will improue your Lands, aduance the price of your natiue Commodities, increase your Manufactures, establish the Fishing, maintaine for∣reine Trades, augment the Kings reuinewes, make forreine Wares better cheape, preuent the ouerbal∣lancing, and inrich the Kingdome with an aduance∣ment of all the dependances of Trade, contained in the Articles of your Commission. God grant a blessing in all, to his Glory, the Kings Honor, and the Kingdomes welfare.

Obsta Principijs, sedo Medicina Paratur.

FINIS.

Notes

• * 1.1

  Salust of S••al∣lenger.
• * 1.2

  Epist. Dedica∣tory.
• * 1.3

  Absurdities in all the parts of his Treatise.
• * 1.4

  Great Whale and little fish.
• * 1.5

  Time a de∣stroyer.
• * 1.6

  P. 142.
• * 1.7

  P. 5.
• * 1.8

  P. 11.
• * 1.9

  Gaine is the Center of Cō∣merce.
• * 1.10

  Three meanes of Trade.
• * 1.11

  Misseldens absurdities.
• * 1.12

  P. 22.
• * 1.13

  P. 39.
• * 1.14

  P. 25.
• * 1.15

  Moneys decaied of their price are imported againe.
• * 1.16

  P. 44.
• * 1.17

  P. 20.
• * 1.18

  P. 13.
• * 1.19

  P. 17.
• * 1.20

  Free Trade. 113
• * 1.21

  The ground of Exchange.
• * 1.22

  Generall Rules,
• * 1.23

  Positiue Ex∣change.
• * 1.24

  Currant Ex∣change.
• * 1.25

  Exchange doth rule Moneys. &c.
• * 1.26

  P. 20.
• * 1.27

  P. 93. ••
• * 1.28

  Par pro Pari.
• * 1.29

  P. 99.
• * 1.30

  P. 14.
• * 1.31

  P. 101.
• * 1.32

  P. 76.
• * 1.33

  P. 17.
• * 1.34

  P. 144.
• * 1.35

  Aequall Ex∣change.
• * 1.36

  English & for∣raine coyne all one in Ex∣change.
• * 1.37

  Siluer coyne do rule the Mar∣kets and Ex∣change.
• * 1.38

  Shilling Lubish and Stiuers all one.
• * 1.39

  Three meanes to proue the vn∣derualuation of our moneys in Exchange.
• * 1.40

  Exchange at 14. s. at Ham∣borough and the Low Coun∣tries.
• * 1.41

  Exchange at 24. s. 9d. in Germany.
• * 1.42

  Exchange for the Low Coun∣tries at 83 s. 4 d.
• * 1.43

  Calculations vp∣on Assayes and Moneys.
• * 1.44

  Calculations vp on the last valu∣ation.
• * 1.45

  Exceeding great gaine by the exportation of our moneys.
• * 1.46

  P. 75.
• * 1.47

  Exchange at 358. for the Low Vnited Countries.
• * 1.48

  The Grand Commission for Trade.
• * 1.49

  Master Palmers report to the Commissioners.
• * 1.50

  Inconueniences of the vnderua∣luation of our. moneys.
• * 1.51

  P. 7.
• * 1.52

  P. 101.
• * 1.53

  Misseldens Errors.
• * 1.54

  Phillip, Dollers,
• * 1.55

  Rick•• Dollers
• * 1.56

  Lyon Dollers al proportionable.
• * 1.57

  An Eunuch.
• * 1.58

  A Pumex.
• * 1.59

  A Bat. A dead Tronke.
• * 1.60

  A Beech.
• * 1.61

  P. 113.
• * 1.62

  Suetornius & Di••n.
• * 1.63

  The vnderu••lu∣ation of our moneys by Exchange at Hamborough.
• * 1.64

  P. 25.
• * 1.65

  P. 28.
• * 1.66

  A Worthy con∣sideration in Exchange.
• * 1.67

  Aniufal••ible Rule.
• * 1.68

  To the Reader.
• * 1.69

  P. 29.
• * 1.70

  P. 16.
• * 1.71

  Maine of Free Trade. P. 16.
• * 1.72

  Suetonius in vi∣at Vesp.
• * 1.73

  Difinition of Distinctions.
• * 1.74

  Three meanes to decrease the Wealth of the Realme.
• * 1.75

  Three Distinc∣tion consider∣able.
• * 1.76

  P. 17.
• * 1.77

  Maine of free Trade. P. 3.
• * 1.78

  Ecclesiasticus 37. ver. 11.
• * 1.79

  Pernitious As∣guments.
• * 1.80

  The Rule of iustice & equity.
• * 1.81

  The causes of ouerballancing and decay of Trade.
• * 1.82

  Meanes to pre∣uent the ouer∣ballancing of Trade, and to restore Trade.
• * 1.83

  An application of the compari∣son.
• * 1.84

  P. 104.
• * 1.85

  P. 142.
• * 1.86

  P. 130.
• * 1.87

  P. 116.
• * 1.88

  P. 30.
• * 1.89

  P. 123.
• * 1.90

  P. 121.
• * 1.91

  P. 127.
• * 1.92

  P. 117.
• * 1.93

  The Ballance, A deceptio Visus.
• * 1.94

  P. 123.
• * 1.95

  Absurd to admit such vncertain∣ties.
• * 1.96

  The vncertain∣ties of the Realme.
• * 1.97

  P. 126.
• * 1.98

  Gaines to be procured by Commodities, moneys, and Exchanges.
• * 1.99

  P. 108.
• * 1.100

  1. Obiect.
• * 1.101

  1. Answ.
• * 1.102

  The generall benefit to be prefered before the particular.
• * 1.103

  2•• Obiect.
• * 1.104

  P. 109.
• * 1.105

  Exchange the publike measure
• * 1.106

  2. Answ.
• * 1.107

  3. Obiect.
• * 1.108

  3. Answ.
• * 1.109

  P. 11••.
• * 1.110

  P. 113.
• * 1.111

  P. 114.
• * 1.112

  A Particular maketh no rule.
• * 1.113

  P. 131.
• * 1.114

  P. 130.
• * 1.115

  P. 132.
• * 1.116

  Discourse of the East India Trade, by T. M. P. 49. 52.
• * 1.117

  Vnderualuation of our moneys inexchange is the efficient cause of the ouerballancing.
• * 1.118

  P. 37.
• * 1.119

  An incredible losse.
• * 1.120

  Ancient Office of Exchanges.
• * 1.121

  9. E. 3. 7.
• * 1.122

  5. R. 2. 2.
• * 1.123

  2. H. 6. 6.
• * 1.124

  4. E. 4. 16.
• * 1.125

  2. H. 6. 6.
• * 1.126

  3. H. 7. 6.
• * 1.127

  Graftons Cron.
• * 1.128

  P. 92.
• * 1.129

  Treaties of Ex∣changes with other Princes.
• * 1.130

  Notable considerations.
• * 1.131

  Gaine is still the Center.
• * 1.132

  Bateman in his Leaden gods.
• * 1.133

  P. 9.
• * 1.134

  A Report touching Ex∣changes,
• * 1.135

  P. 17.
• * 1.136

  P. 52.
• * 1.137

  P. 49.
• * 1.138

  P. 51.
• * 1.139

  The aduantage of the sale of our Cloth.
• * 1.140

  Herodotus in Euterpe.
• * 1.141

  P. 65.
• * 1.142

  P. 62. Metamor. 3.
• * 1.143

  P. 110.
• * 1.144

  Commodities Moneys and Exchange.
• * 1.145

  P. 64.
• * 1.146

  P. 74.
• * 1.147

  P. 66.
• * 1.148

  P. 91.
• * 1.149

  P. 69.
• * 1.150

  P. 40
• * 1.151

  P. 70.
• * 1.152

  P. 63.
• * 1.153

  P. 68.
• * 1.154

  P. 52.
• * 1.155

  P. 91.
• * 1.156

  Power of the Merchants Ad∣uentu••ers Let∣ters patent.
• * 1.157

  The antiquitie of the Mer∣chants of the Staple.
• * 1.158

  An exception & a command of the Mer∣chants Aduen∣turers grant.
• * 1.159

  P. 34.
• * 1.160

  The report of three reuerend Iudges in the behal••e of the Merchants of the Staple.
• * 2.1

  P. 70.
• * 2.2

  P. 56.
• * 2.3

  Concernin•• the Trade of Mer∣chant Strangers.
• * 2.4

  Of the Inter∣lopers.
• * 2.5

  Of the Mer∣chants of the Ports.
• * 2.6

  Of the Clothi∣ers and wooll-growers.
• * 2.7

  P. 59.
• * 2.8

  The trade for the East Indies.
• * 2.9

  P. 37.
• * 2.10

  The nature of commodities to be conside∣ted.
• * 2.11

  1. Assertion.
• * 2.12

  P. 11 & 44.
• * 2.13

  P. 7. & 14.
• * 2.14

  2. Assertion.
• * 2.15

  P. 13.
• * 2.16

  The Trade for Turkey.
• * 2.17

  The Trade for Portugall and the Ilands.
• * 2.18

  The Trade for Spaine.
• * 2.19

  P. 44.
• * 2.20

  P. 45.
• * 2.21

  3. Assertion.
• * 2.22

  P. 12.
• * 2.23

  4. Assertion.
• * 2.24

  P. 27.
• * 2.25

  Primum mihi, secundum tibi.
• * 2.26

  An example of losse by an ouer ballance on our side.
• * 2.27

  Trade for Russia.
• * 2.28

  Trade for France.
• * 2.29

  Trade for Eastland.
• * 2.30

  Trade for Barbary.
• * 2.31

  Aristotle Oe∣mund▪ Cap. 1.
• * 2.32

  Metamor. 11.
• * 2.33

  P. 68.
• * 2.34

  Effects cannot be without causes.
• * 2.35

  A matter of great conse∣quence.
• * 2.36

  The propery of true exchange.
• * 2.37

  Causes to pre∣uent the ouer∣ballancing.
• * 2.38

  The way to re∣store Englands Wealth.
• * 2.39

  Queene Eliz.
• * 2.40

  The nature of vnexperience.
• * 2.41

  The Center will Command.
• * 2.42

  P. 135.
• * 2.43

  Misseldens Remedies.
• * 2.44

  P. 37.
• * 2.45

  P. 134.
• * 2.46

  P. 30.
• * 2.47

  P. 142.
• * 2.48

  P. 138.
• * 2.49

  The Policy of the Turke Per∣sian and Russian.
• * 2.50

  P. 143.
• * 2.51

  Lucians Dialog.
• * 2.52

  〈 in non-Latin alphabet 〉〈 in non-Latin alphabet 〉, To hurt.
• * 2.53

  P. 2.
• * 2.54

  P. 14. 5
• * 2.55

  Masterr Milles Acroamata.