Consuetudo, vel lex mercatoria, or The ancient law-merchant Diuided into three parts: according to the essentiall parts of trafficke. Necessarie for all statesmen, iudges, magistrates, temporall and ciuile lawyers, mint-men, merchants, marriners, and all others negotiating in all places of the world. By Gerard Malynes merchant.

The second Paradox.

THere is much to be lost vpon a Crowne, or any other money, although the same be giuen in paiment at the price it was receiued.

This (saieth Monsieur Malestroit) is an old and common error, roo∣ted in the iudgement of most men, that are far from the marke and without their reckoning, as he will manifest in the former termes.

In the aforesaid time of King Philip de Valois, the French crowne a∣foresaid was worth but twentie soulz, which is now currant for fif∣tie soulz.

The gentleman that had fiftie soulz rent or income, did receiue for it two crownes and ahalfe, or so much in siluer accordingly; for which two crownes and a halfe he had halfe a yard and halfe a quar∣ter of veluet, after the rate of foure liuers the yard, which was the price of veluet then: now for this fiftie soulz the gentleman doth receiue but one crowne, or so much of siluer money, and for that one crowne now he can buy but one quarter of a yard of veluet after the

rate of ten liuers that veluet is now worth, whereas before hee had halfe a yard and halfe a quarter, although hee haue giuen the same in payment for fiftie Sols, which is the price for which hee receiued the said Crowne; and so proceedeth with other the like examples in the buying of commodities with siluer coyne, or in the receiuing of rents or incomes, adding further thereunto, that if any man will ob∣iect and say, I care not what the crowne, liuer or soulz is worth, so as I hauing a hundreth liuers of rent paied mee, and that I can pay out againe the said hundreth liuers. This man (saith hee) must then make proofe that he can haue now as much ware for two soulz, as he could haue had in times past for two soulz which were of fine siluer, and now almost of copper, and in doing so hee should make a third Pa∣radox more strange than the former: for hee should goe about to prooue euerie thing to bee become better cheape, which cannot bee prooued.

The substance and intention of these two Paradoxes is (saith hee) to shew that the King and his subiects doe buy all things as deere as in times past, for that they must giue as great a quantitie of gold and siluer as in times past: but by the inhauncing of the price of the mo∣neys of gold (from whence of necessitie proceedeth the abating of the siluer moneys;) the King doth not receiue in payment of his reue∣nues, such a quantitie of gold and siluer, as his predecessors. In like manner, Noblemen and Gentlemen that haue great reuenues and incombes, doe not receiue such a quantitie of gold and siluer as in times past, but are payed (as the King is) in copper in liew of gold and siluer. For which copper, according to the second Paradox, they cannot haue so much wares, as they might haue for the like quantitie of gold and siluer: so that the losse which wee haue by the grow∣ing deere of all things commeth not by giuing more, but by recei∣uing lesse quantitie of gold and siluer than before; whereby wee see manifestly that the more wee doe inhaunce the price of money, the more we lose.

Monsieur Bodine, the famous and learned Politician, tooke vpon him to make an answere vnto those two Paradoxes, being of another opinion, and setteth downe other causes of the dearth of things, which are fiue in number, namely;

• 1 The principall and almost onely cause: The aboundance of gold and siluer, now extant in the Kingdome more than in times past.
• 2 The Monopolies.
• 3 The Want of things causeth by excessiue Trade and wast thereof.
• 4 The Pleasure of Princes that aduance the price of things.
• 5 The alteration of the Valuation of Moneys.

To proue the first case and principall, he alleageth diuers exam∣ples: Plutarch and Plinie doe witnesse, that Paulus Aemilius after the conquest of Macedon against the Persians, did bring such aboun∣dance of gold and siluer to Rome, that the people were freed of all

Imposts, and the price of lands aduanced vnto two third parts sud∣denly. The Emperour Augustus brought such great treasure from Egypt, that the price of vsurie did decrease, and lands became much dearer: and the like at Ierusalem by the comming of the Queene of Candace: and in the West Indies by the Spaniards conquest there: and heereunto hee maketh a comparison of the want of moneys in times past, for the paiment of the ransome of Princes taken priso∣ners in those dayes, and the meanes of the increase of wealth by the discouerie of the West Indies; the propagation of the people in France, their trade for Turkie and Barbarie, their Banke at Lyons, and other accidents.

Concerning the second cause of Monopolies, hee doth passe ouer the same as a matter not considerable, and doth limit Monopolies onely to the combination of Merchants and Artificers, in the setting of a price to commodities, or their handie worke by augmenting their wages.

Touching the third cause of the dearth of things, by the want or waste of them, hee obserueth some especiall things; that corne and wine are better cheape during the time of warre, than peace: be∣cause the Husbandman is driuen to sell and to make money of his wares, and the Gentleman finding the same perishable, when the Merchant dare not lade his ships, doth abate the price of commodi∣ties, and maketh the people to liue good cheape; which according to the Prouerbe (France can neuer be famished) would alwaies continue, if by the meanes of the stranger their storehouses were not emptied.

Concerning the fourth cause of the pleasure of Princes, imposing a price vpon commodities, which they doe affect: Plato saith, That it is a generall rule in State matters, That Princes doe not only giue Lawes vnto their subiects, but also by their example they do change the manners of men: to which purpose hee doth vse the example of their King Francis the first, who being hurt in the head, caused his haire to bee cut off, wherein the people did presently imitate him: We haue seen (saith he) three great Princes striuing, (as it were) who should haue the most learned men and best artificers, namely, the said great King Francis the first, Henrie the 8 King of England, and Pope Paul the third, insomuch that the King of England could neuer haue the learned and reuerend Beda; and the French King, did pay seuentie two thousand Crownes for a Diamond, rather than King Henrie should haue had it. Hereupon presently the people did giue them∣selues to studie and to buy precious stones, when the Nobilitie did imitate the King: and when the King gaue ouer the same, the price of them was much abated.

If any man should here obiect (saith Monsieur Bodin) that if things should still become deerer, partly through the waste, and partly for the aboundance of gold and siluer, no man should be able to liue be∣cause of the dearth of things. It is true, but the warres and calami∣ties happening to a Common-wealth, doe stay the course of it, as

wee may note, that the Romanes haue liued with scarsitie, and to speake properly in want and miserie almost fiue hundreth yeares, when they had but copper moneys of a pound weight, and without stampe: for their gold and siluer came vnto them in one hundreth and twentie yeares by the spoile of all the world, which was brought to Rome by the Scipions, Paul Emilyus, Marius, Sylla, Lucullus, Pompey, and Caesar, especially by the two last: for Pompey did conquer so much land, as made the reuenue of the Empire to bee eight millions and a halfe of Crownes. Caesar notwithstanding all his prodigalities, brought to the treasurie fortie millions of Crownes, hauing giuen at one time vnto Paul, Consull, 900 thousand Crownes to hold silence; and vnto Curion, Tribune, 1500 thousand Crownes to take his part. Marke Anthonie went further, as Plutarch and Appian haue written, for he gaue vnto his armie for their seruice done 200 thou∣sand Talents, being 120 millions of Crownes: so did Adrian the Emperour to haue the good will of fortie Legions giue ten millions, whereby appeareth great aboundance of gold and siluer to haue been at Rome, but it did not last euer: for in lesse than three hundreth years the Parths, Goths, Hercules, Hongres and other cruell Nations did ouercome the Empire and all Italy, and ouercame the Romanes, burned their Citie and tooke the spoile of them. The like doth happen vnto all Common-weales to waxe and increase by little and little, and to flourish for a time in wealth and power, and after∣wards to grow old and decline, vntill they bee vtterly ruinated and destroyed.

Touching the last cause of the dearth of things by the alteration of money, hee sheweth how Monsieur Malestroit hath mistaken the matter in the monies themselues made within three hundreth yeares. For whereas he saith, That Saint Lewis caused the first sols to be coy∣ned, worth twelue deniers, whereof sixtie foure peeces went to the marke weight of eight ounces; and that in Philip de Valois his time, the Crowne of the Flower de Luce without number, and as good as the Crownes now, was valued but at twentie sols, and that afterwardes King Iohn caused the Frankes to be made of sine gold, which were but valued twentie sols, and that the sols of siluer was worth fiue of our sols: he doth not say of what weight and finenesse the moneys were in those dayes, and in conclusion hee saith, That the price of things is not altered by the Valuation of moneys.

But if Monsieur Bodine (according to his wisedome and deepe iudge∣ment in other matters) had duely considered of these two Paradoxes, hee would haue made a direct answere thereunto before he would haue proceeded in his former discourse.

The first Paradox being considered with the second, will shew a manifest contradiction or contrarietie: for the first doth consist in gi∣uing of more gold and siluer for commodities now, than in times past, which hee denieth: and the second, in receiuing lesse commodities for the gold and siluer now, than in times past, which hee affirmeth;

which both wayes is to bee taken in nature of commutation.

Now if wee doe not giue more quantitie of gold and siluer for commodities than in times past; how can we receiue lesse commodi∣ties for the gold and siluer, and thereby receiue a losse, as in the se∣cond Paradox is alleaged?

Againe, if we doe receiue lesse quantitie of commodities for gold and siluer than in times past, according to the second Paradox, where∣by we sustaine a losse; how can the first Paradox bee true, That no∣thing is growne deere, for that wee giue no more quantitie of gold and siluer than in times past, commodities and moneys lying by this comparison in an equall ballance?

But let vs admit, that Monsieur Malestroit had an intention, which hee might haue expressed in few words, if hee had the true ground, and vnderstood the matter hee went about, by proouing onely that when moneys doe alter in weight, or in finenesse, or in valua∣tion, or in all three, the price of things doth alter onely by deno∣mination, if the valuation bee made accordingly: yet Monsieur Bodine had not made a good interpretation of the said Paradoxes, and mistooke the true ground of the matter in question touching the prices of commodities, which hee compared within themselues in the Realme of France, whereas the comparison ought to bee of the inhauncing of the price of the commodities of one countrey, with the price of the commodities of other countreys, and thereby find out, whether things are growne deere with vs or with them in effect. So that they both mistaking their grounds, we haue shewed in the said Treatise, That they (hauing lost Ariadne her line, wherewith they entred into the laborinth of moneys and their properties before declared) are like vnto a man who hauing lost his way amongst the woods, the further hee goeth, the more hee erreth from the right way.

To intreate therefore of commodities and money, in the course of trafficke betweene Kingdomes and Common-weales is not suffi∣cient: but the exchange of moneys, being the publike measure be∣tweene them must bee regarded, as the principall and ouerruling part thereof.

For if a man should frame a silogisme in manner following, he shall find the same full of fallacies and misprision, nay a verie Dilemma.

Nothing causeth Merchants to export more money out of the Realme than they bring in, but onely the bringing in of more com∣modities into the Realme than they carried out;

The vnderualuation of our moneys, causeth no more commodities to be brought into the Realme than is carried out;

Ergo, The vnderualuation of our moneys, causeth not more money to be carried out of the Realme than is brought in, as is declared in our last Treatise to hinder the inhauncing of our moneys, which by the Treatise of free Trade (lately published) was insisted vpon.

We do also find, that in the yeare 1577, Monsieur Garrault one of

the French Kings Councell did exhibit two Paradoxes concerning moneys, which may (in regard of the former) seeme more paradoxi∣call or strange, nor only to the vulgar opinion, but also to the iudge∣ment of the wiser.

The first is an assertion, That moneys haue not changed their values.

The other, That by the inhancing of the coine, or the price of moneys, the price of commodities becommeth abated and good cheape; and that by the reduction and abatement of moneys euerie thing becommeth deerer.

And for as much, saieth he, that the matter of money is full of pro∣bleames, and may be disputed on both parts, his desire is, that some gentle spirit might be stirred vp to discourse of the reasons which may be alledged.

Touching the first, That the value of moneys is not changed, (omitting to speake of the Cicle of the Hebrews, the Staters of the Persians and Greeks, & the As or Denier of the Romans,) he saieth, That K. Lewis 11 did reduce the disorder of moneys vnto their former estate of K. saint Lewis, when the Denier of gold was esteemed (in weight) vnto 12 deniers of siluer, which is properly to be called the proportion between the gold & siluer heretofore noted: and hereupon he shew∣eth how the said proportion hath bin altered; yet so, that the siluer was alwaies made correspondent to the gold, and when the gold ei∣ther in the marke weight of 8 ounces, was inhanced, & consequently in the peeces or coines; the siluer was likewise inhanced proportio∣nably, obseruing the said 12 to 1, or sometimes thereabouts, either a little ouer or vnder; and this caused him to say, That moneys had not changed their values, it being only a comparison made betweene the gold & siluer, which is by weight, and not by valuation, to be applied vnto euery peece of coyne, especially to the French crowne of the flouredeluce or sunne; and the piece of siluer called Douzaine, allu∣ding to the said 11 to 1, and the application thereof vnto the price of commodities is more absurd. The weight of 12 of siluer to 1 of gold maketh not the valuation of the mark weight of gold and siluer, much lesse the valuation of the pieces coyned of the said marke, whereby we see how one distinction is able to dispell and disperse the foggie mysteries of deceitfull fallacies, as th•• Sunne driues away the winde and the clouds, heretofore by me obserued.

Concerning the second Paradox, he saith, That many are of opini∣on, that the inhancing and augmentation of the price of moneys en∣gendreth a deerenes of all things, quia su•• praeciarerum: And that euen as, pro imminutione quae in aestimatione solidi forte tractatur, omnium quoque praecia rerum decrescere oportet, pari ratione, si quod tractatur incrementum quoque & praecia rerum crescere debent, Which opinion (saieth he) is grounded vpon the polliticke rule, That the value of moneys giueth estimation vnto all things, which is not ordinarily obser∣ued: for Princes and Magistrates are manie times constrained to endure the incommodities of the time, by their prudence and vnderstanding; so that all lawes are not obserued, by consequence

following each other, whereby it commeth to passe, that the price of wares followeth not the price of moneys, but the common custome; for money was made to no other end, but to maintaine and continue the trade of merchandise, by meanes whereof the commodities and necessaries are brought from one place to another to auoid the an∣cient painefull and troublesome permutation: which trafficke is two-fold, namely, within the realme, and in forreine countries: within the realme the money is more commodious than necessarie, but for the straunger most necessarie, and therefore must be of a fine substance, as Gold and Siluer, to bee inclosed in a small roome, to transport great matters from one place vnto another. And if wee will meerely consider of this substance and effect of strange negoti∣ation, wee shall finde nothing but a masked permutation of one thing for some certaine quantitie or weight of Gold or Siluer: for hee that trafficketh in forreine countries hath not such regard to the value imposed vpon money, as to the intrinsique goodnes which giueth the value, and hath the same function in other pla∣ces, according to which inward goodnesse hee setteth a price vn∣to his commodities, to make thereof the like quantitie of Gold or Siluer as he hath laied out, ouer and aboue his charges and profit; so that the moneys remaining stable and firme, the price of Wares and Merchandises remaineth certaine without any augmentation, to shew that there is no inhauncing of the price, because of the aug∣mentation of the price of moneys, which will make vs hereafter to see the good cheapenesse of all things (as he saieth,) for he that cau∣seth some forreine commodities to come within the realme, know∣ing the alteration of the price of moneys, according to the vnbridled will of the people, will make the price of his commodities accor∣dingly. And this the said Monsieur Garrault doth declare by examples of veluets and other commodities, and therefore he is of opinion, that moneys inhaunced should be reduced againe to their price, and that all debts made before that time should be satisfied à lequipollent, according to the rate, vt pecuniarum vna & ••adem sit semper potestas, & perpetua estimatione difficultatibus permutationum, aequalitate quantitatis subueniat &c.

Many other reasons (concurring with the former) are by him al∣ledged, which I omit, because the whole foundation of the said Pa∣radox is meerely an abuse of the people, as himselfe hath noted, ad∣mitting also the transportation of money, and finally confessing the inhancing of the price of moneys, and consequently the sale of com∣modities accordingly. All which is farre from the present course of trafficke, when the course of exchange is not considered withall, as shall be declared. True it is as the Ciuilians say, concerning contracts of commodities sold before the inhauncing of moneys, that valor monetae considerandus & inspiciendus est à tempore contractus, non antem à tempore solutionis: but this not being obserued was the cause that ma∣ny Merchants do agree to pay for commodities in currant money for

merchandise, others that sell commodities agree to be paied in speci∣es of so many ducats, dollers, French crowns, or other coynes, which is of late yeares established to preuent the inhancing of coyne, and yet it cannot be sufficient to preuent the said incertaintie of the price of commodities. If the standards of the said moneys were by allay of copper altered, much lesse would the aduice giuen that Merchants accounts should no more be kept in liuers and soulz, but in French crownes to hinder the inhauncing of moneys, which in some coun∣tries is secretly practised to bee done of meere policie, when by publicke authorie it is forbidden, and might be effected, as within the realmes of England, Scotland, and Ireland, and other his Ma∣iesties dominions, where the moneys are not inhaunced betweene man and man, and remaine currant according to their price, vntill the kings authoritie doe alter the valuation by Proclamation, albe∣it by exchange it is not so; and therefore according to my third Pa∣radox, we shall find,

That the imaginarie moneys in exchaunge doe ouerrule the substantiall mo∣neys in specie: For the Merchants valuation of moneys in exchange doth ouerrule the Kings valuation of moneys within the realme. For when the King hath valued the shilling peece at twelue pence, Merchants vndervalue the same in exchange at 11 ½ d, and 11 d, not only in the price of exchange, but also receiuing beyond the seas the inhanced moneys aboue their values, and not valuing of them in ex∣change accordingly, as before hath been obserued concerning the va∣luation of moneys and the imaginarie coines, or rather moneys, wher∣upon exchanges are made for so many seuerall places.

The late Earle of Donfermelling (Lord Chancellor of Scotland) did propound vnto the Kings maiestie in the yeare 1610, a certaine proposition touching the inhauncing of gold, his lordship being of an excellent iudgement in mint affaires, That the French crowne of the Sunne which went neuer in England (to vse his owne phrase) all Queene Elizabeths time, aboue six shillings English money, went now for seuen shillings and three pence, and that the English double soue∣raign of twentie shillings went in France for eleuen franc{que} or twen∣tie two shillings, and that both waies there had bin no alteration in the standard. Whereupon he did demand, in writing, what was the cause of the said difference or alteration, if this proceed (said he) from the goodnes of the gold, that it is better in finenesse and allay, or in weight, or from the weakenes of the siluer, that it be worse than it was either in finesse & allay, or in weight? then is the cause intrinsick and substantiall, and may be easily considered and resolued, if it bee good or euill, to be intertained, maintained, and set forward, or reie∣cted, and stayed from all further course: if there be any other cause or reason, it must of force bee extrinsicke and accidentall, let the same bee searched out: if it bee good to the Prince and estates weale and commoditie, it should be assisted and continued: if it be tried euill, proceeding from the policie and craft of trades-men,

tending onely to priuate gaine and commoditie, preiudiciall to the Prince and State to be gainestood and expelled. This proportion be∣ing sent vnto mee by a great personage then in high place, was made plaine by demonstration, to proceed of an accidentall cause by ad∣uancing the Valuation of gold partly in England, when Crowne gold was valued from fiftie fiue shillings the ounce to three pound, and partly in France, when they did aduance the French Crowne in specie fiue soulz; aduising therewithall that to remedie the same, it was not to bee done by inhauncing of our gold still more and more, but in the price of exchange betweene France and vs, otherwise wee should vnderualue too much the siluer of the Realme to our excee∣ding losse, shewing withall how easily this might bee done, without alteration of the proportion obserued betweene gold and siluer for most places. But the contrarie was approued, and Crowne gold was more inhaunced to sixtie six shillings the ounce, by two seuerall Pro∣clamations, which hath proued the losse of our Siluer in bullion or weightie coyne, daily breeding greater inconueniences by the want of our moneys, which by reason of the vndervaluation in exchange, and not by vndervaluation in specie, are continually exported, none imported but diuerted (by gaine) for other places, as hath beene de∣clared. All which commeth to passe for want of true iudgement and experience in mint affaires, with the consideration of the said Essenti∣all parts of trafficke so often mentioned, whereof I hope (that in ge∣nerall meetings for the publicke) more regard will be had, to the end it bee not recorded of vs, as it hath beene of some Parlements in Fraunce, that in populi republica sententiae numerantur, non ponderantur: and then we shall be said to vnderstand the Par, by right distinction betweene the actiue and passiue.

Aristotle saith, that Action and Passion are meerely Relatiues, and that they differ no more than the way from Thebes to Athens, and from Athens to Thebes: let vs discerne therefore the one from the other, and we shall find that as the Liuer (Money) ministreth spirits to the Heart (Commodities) and the heart to the Braine (Exchange) so doth the Braine (Exchange) minister to the whole Microcosme, or the whole Bodie of trafficke. Let the Heart therefore by the Liuer, re∣ceiue his tintured Chylus by his owne Mouth and Stomach, and the Bloud (full of Spirits) shall fill all the Veines, and supplie the want of moneys, the easie course and recourse of whose Exchange shal bring all things in tune, & serue all mens turnes. For euen as there are two courses obserued of the Sun, the one annuall, and the other by dailie declination rising and going vnder within the Aecliptique line, euen so must we obserue in Exchange two courses, the one ac∣cording to par pro pari, or value for value, the other rising or falling from time to time, as hath beene sufficiently declared: whereof the said Aristotle, Seneca, nor Cicero, nor any other Phylosopher or Orator could take notice in the infancie of trade, Exchange not being then inuented; neither do we find that any Temporall or Ciuile Lawyer

hath entred into this important studie, for the welfare of kingdomes and Common-weales (by the rule of Equalitie and Equitie) hi∣therto.

To conclude therfore this Paradoxicall discourse, I cannot omit to doe the same, with another Paradox by me obserued, in the making of moneys of gold and siluer, namely;

That a man may commixe Bullion to make a certaine standard of moneys, either of gold and siluer, and after the commixture made, shall alter the standard and make the same better or worse, without putting any allay or siluer and gold vnto it.

That is to say, I will melt downe eleuen ounces and two pennie weight of fine siluer, and eighteene pennie weight of copper, both one pound Troy of twelue ounces in weight, making the sterling standard, and yet my moneys made thereof shall be but tenne ounces fine. In like manner I will melt downe tenne ounces of siluer, and two ounces of copper and more to make a standard of tenne ounces fine, and yet my moneys made thereof shall be eleuen ounces fine, or sterling.

To vnderstand this mysterie or Paradox, wee are to note that in the making of a standard of moneys, three things must concurre and haue an equalitie proportioned vpon the pound weight of twelue ounces Troy, namely, Finenesse, Allay, and Weight of the peeces made out of a pound, which is the ground worke of the subtile assay; according to which all Assaymasters make their calculation by the marke of eight ounces, or the pound of twelue ounces, making one marke and one halfe.

Suppose now that (as in ancient time of King Edward the third) one pound weight being diuided into twelue ounces, euerie ounce was diuided into twentie peeces, or is now diuided into sixtie peeces, or three pound making sixtie shillings, which then made but twentie, and that these twentie peeces or sixtie shillings were diminished by the sheyre, and there is made twentie two peeces, in regard of the twentie or sixtie six peeces, in the liew of sixtie peeces, which is tenne in the hundreth that the said peeces are lighter than before, conside∣ring peece by peece: Now an Assaymaster receiued one of these pee∣ces to make an assay thereof in manner by vs declared (in the Second Part of this Booke, in the seuenth Chapter of the assayes of Bullion and Moneys) and hauing weighed the same, he calculateth how many of these peeces doe make or weigh one pound, and hee findeth twen∣tie two or sixtie six peeces or thereabouts, because of the vneuennesse of the sheyre, which being tried, hee maketh report of the finenesse accordingly: so that wanting in regard of the pound, tenne in the hundreth by weight, there must needs be wanting so much in finenes, and so eleuen ounces molten downe, is found to be but tenne ounces fine: and in like manner, &c. All which in matter of exchange can

be considered of and preuented as it shall please the Kings Maiestie, and his Highnesse priuie Councell.

The predominant Power of exchange rising and falling in price, may bee compared to the ebbing and flowing of the Seas, whereof no reason can be rendred, albeit wee find the course thereof to con∣curre with the increase and decrease of the Moone, which borrow∣eth her light from the Sunne, whereunto we may attribute a naturall Primum Mobile of mouing.

This motion is not so perceptible in the maine Ocean Seas, as visi∣ble in the riuers, streames, and branches thereof. Euen so in the seas of exchanges, we are to ascribe the first motion of rising and falling in the price of exchange vnto the Bankers, albeit the operation of it be not so apparant in those maine exchanges, as vpon the bankes of the course of trafficke by commodities and moneys (subiect to inun∣dation) in the particular exchanges of some countreys, which runne into the maine ocean of exchanges, as a riuer or branch of the same.

As this ebbing and flowing is aggrauated by accidentall causes of raine, snow, and the like by the alteration of weather: so doth the rising and falling of exchange, increase and decrease by the alterati∣of State affaires betweene contending Princes, according to the vse of moneys. And euen as the seas are girt in by Gods commandement, that they cannot ouerflow the mayne bankes of the earth; so the course of the rising and falling of exchange in price, may bee girt in by the Kings commandement, that it shall not ouerflow the course or bankes of trafficke to the inundation of our home commodities and moneys.

This Simile putteth me in mind to remember the Poeticall fixion of the serpent Hidras with many heads, whereof one being cut off by Hercules, forthwith another did appeare, alluding therein to the riuer Nilus which had many branches, whereof the one being stopt in one place, caused another to ouerflow in another place, augmenting Her∣cules Labours, being therein like vnskilfull Phisitians, which (to cure a disease) doe many times cast the bodie into a more dangerous sick∣nesse: whereas the learned Physitian will find an easie cure, knowing the efficient cause of the disease, without which conceited remedies are but meere shifts and extremities.

Aristophanus hath painted forth the agonie of an aged man, altoge∣ther shipwracked by vsurie, who thinking to haue found out the way to be eased of his slauerie, did propound vnto Socrates this demand, That if he should (by the inchantment of a witch of Thessalia) fetch the Moone out of heauen, and bring it away, and afterwards inclose it in a case of glasse, and so keepe it, as if hee would keepe a flye in a boxe: Socrates demanding, what good that would do him? he answe∣red, if the Moone doe neuer rise againe, I being constrained to pay money by the new Moone shall be freed of that trouble. A strange shift that this poore man was driuen vnto (apprehending a shadow

for a reason) to plucke by violence the Moone out of heauen for his helpe, for in truth the witch did her best, and began to charme the Moone, which when the vsuror vnderstood, did put him in such a pelting chafe as was wonderfull to behold; for accusing this poore man of enchantment, at last hee went himselfe to another witch, not onely to keepe the Moone from comming out of heauen, but also to hasten the course of her faster, to recouer his vsurie the sooner. Good God what a trouble was the Moone put vnto betweene these two witches? What stormes and tempests did arise? What horrible wind did blow? What great raine did fall? What floods ensued eue∣rie where? So that countreys were almost drowned, and vnder water in many places.

The morall of these Metaphores, concurring with our former comparison, doth not onely shew vnto vs the operation and con∣iunction betweene the Moone and waters, but also the folly of vaine conceited remedies.

The propounded remedie therefore for the reformation of the abuse of exchanges, is grounded vpon the rule of Equalitie and Equi∣tie, whose Antitheta are inequalitie and iniquitie, which euerie man ought to suppresse: Equalitie is amiable and accompanied with ease and facilitie, but inequalitie is hated and associated with trouble and difficultie. The difference whereof is like vnto this Geometricall Axiome, in commendation of the inuention of round wheels to draw and carrie loads with a small strength, Circulus tangit planum vnico puncto: For if the wheeles should haue beene made square, or in any other polyangle and proportion, fortie horses would not so easily draw them being laden, as two doth now with speed and ease: what easier thing can there be, than to set and command a price in ex∣change to be obserued according to the value and equalitie of mo∣neys domesticall and forraine; and to let all Merchants exchange one with another by Billes of Exchanges as they now doe, and can agree amongst themselues, but neuer vnder that price seeing it is against all reason, nature, and policie to vndervalue the Kings money by exchange, and all the commodities accordingly to the incredi∣ble losse of the Realme. Will not this be as easie to be done, as we see the rudder of a ship doth gouerne the greatest carracke or vessell, be∣ing but a small peece of timber fastened vpon the paralell of the keelne of the ship, whereby it is directed according to all the varia∣tions of the Compasse, as wee haue said elsewhere?

Let the practise hereof assure vs, and we shall not need to seeke the golden Fleece in Colchos, which wee haue within our owne Iland of Great Britannia; our feeble pulses will be felt, when our hammers shall beate in the Mint, for moneys and bullion, are (to the State) a se∣cond life.

If any Hedgmint (for so doe the States of the Vnited Prouinces of the Netherlands call the Mints of pettie Lords, which by falsi∣fied standards do imitate to coyne the money of other Princes) should

seeke to maintaine inequalitie, all their imaginations will proue to be but chymeraes and toyes: for it will bee easier for the King to alter the price of this equalitie of exchange accordingly, than it is for a Miller to turne his mill to grind his corne with all windes; insomuch that when it shall bee once established and knowne, there will not want some backbiter or Momus to make little estimation of this Co∣lumbus voyage to the rich Indias, and goe about to disgrace this great seruice to the King and Commonwealth, for they shall be able to set an egge on the end (by way of imitation) as others did when they saw it done before.

By these meanes shall the ancient Office of the Kings Royall Ex∣changer bee supplied, and it is one of the greatest prerogatiues the King hath to set downe a price on his owne coyne, and thereby to giue a certaine measure to buy and sell, which is by the Merchants ex∣change and conniuence of tolleration by forraine States abridged, and in a manner frustrated: and it imports the King more to reforme this exchange, than any other Prince; because God hath so blessed England, that no Nation of Christendom trafficketh so much in bulke of Staple commodities as this Realme, which Boters (though altoge∣ther Spanish in times past, and no friend to England) confesseth, that two yeares before the taking of Antuerp, all the wares of Christen∣dome being valued and summed (by the officers of that City) which were vented there in one yeare (the whole being diuided into sixe parts) the English amounted to foure parts thereof; which is the cause also that England hath the head of exchange, which is our Basis and foundation of our twentie shillings sterling, whereupon most exchan∣ges are made, and this head may command the members and parts of the body more conueniently by the Kings commandement, as before hath beene declared.

I haue in this Chapter thought conuenient to remember this im∣portant matter againe, with a varietie of stile to reuiue and recreate the spirit of the Reader, to the end (all the premisses) may in his apprehension and conceit giue more delight and pleasure euen to naturall mother wit, whose com∣mendation may not bee omitted.

Notes

• Inhauncing of gold abateth the siluer, in regard of pro∣portion be∣tweene them.
• The great French Poli∣tician.
• Examples of great wealth,
• The French King Iohn in England, &c.
• The Fertilitie of France.
• The example of Princes, doth change the manners of men.
• Copper mo∣neys of one pound weight.
• Great wealth of the Ro∣manes.
• The propertie of Common∣weales.
• The contra∣tierie of the Paradoxes.
• Causes of the denomination of moneys, &c.
• The mainte∣nance of Free Trade.
• To other Pa∣radoxes.
• A good obser∣uation to be had by Mer-chants.
• The power of money trans∣ferred to the Exchange of money.
• The third Paradox.
• Proposition of the Earle of Donfermel∣ling.
• Nouember 1611.
• P••ys. 3. lib. ca. 3.
• Two courses of Exchange like the two courses of the Sunne.
• A very strange Paradox.
• Ebbing and flowing of wa∣ters, compared to the falling and rising of exchange.
• A great consi∣deration be∣yond the com∣mon capacitie of men.
• A most easie remedie, a•• aforesaid.
• Hedgemints what they b••.
• Prerogatiue Royall to set a price for moneys.
• An. 1584.
• The Basis of Exchange.