The customers replie. Or Second apologie. That is to say, an aunswer to a confused treatise of publicke commerce, printed and dispersed at Midlebourghe and London, in fauour of the priuate Society of Merchants-Aduenturers. By a more serious discourse of exchange in merchandise, and merchandising exchange. Written for vnderstanding readers onely, in fauour of all loyall merchants, and for the aduancing of traffick in England.

THE CVSTOMERS REPLIE.

OR SECOND APOLOGIE.

That is to say, An Aunswer to a confused Treatise of Publicke Commerce, printed and dispersed at Midlebourghe and London, in fauour of the priuate Society of MERCHANTS-ADVEN∣TVRERS.

By a more serious Discourse of EXCHANGE in Mer∣chandise, and Merchandising EXCHANGE.

Written for vnderstanding Rea∣ders onely, in fauour of all loyall Mer∣chants, and for the aduancing of TRAFFICK in ENG∣LAND.

AT LONDON, ¶ Printed by Iames Roberts, dwelling in Barbican. 1604.

TO THE RIGHT HONO∣RABLE THE LORD BVCKHVRST, L. High Treasurer of England. The Lord Henrie Howard, L. Warden of the Cinq-Ports: and the Lord Cecill of Esenden, Principall Secretarie of Estate to the Kings Maiestie, and of his Highnesse most honourable Priuie-Counsell.

THE NVMBER IS BVT small, (at least not very great) of men so sencelesse or weake of iudgement, but gene∣rall inconveniences they readily see, and can easily discerne. Notwithstanding, to find out the grounds of publique harmes, and the meanes how to cure them, is a stu∣die so intricate, & a practise so dangerous; that wary men hold it safer to prouide for priuate ease (in regard of the times) then to busie theyr wits for anie common-good.

But how aduised soeuer, and respectiuely wise in this kinde, the most sort seeme to be, as wishing onely that all might goe well, though not long of themselues: fewe or none are found of so still a temper, as not to complaine, when publique greefes worke theyr owne sencible smart.

Such then as by long and extraordinary patience supping vp theyr priuate wrongs, haue endeuoured to giue way to the streame of publick contumelies, in hope of better dayes: must needes be excused if com∣pelld at the last by lawlesse necessitie, to referre euents to GODS prouidence, in discharge of their Duties to Him, their Prince, and Country, they vndertake the defence of their owne reputations in a Cause publicke and generall. The rather, when as without purpose of offence towards any, their Intentions appeare, to giue onely a reason of such Disorders in their present Functions, as for want of serious In∣spection, or true Information, haue hetherto by Iealousie and miscon∣ceit,

yeelded matter and occasions from time to time of their speciall Disgraces and obloquie.

Such and none other, was the drift and scope of a late Discourse of the present Estate of Customes, not so publiquely printed, as pri∣uately directed To the Graue and godly vvise in highest Au∣thoritie, by the Title and Inscription of THE CVSTO∣MERS APOLOGIE.

But. Pro captu Lectoris habent sua fata Libelli. For the booke being written for vnderstanding Readers, and so digested, that by reading alone, without passion or partialitie, such might be their own and onely Iudges; hath notwithstanding, by the Ignorant beene late∣ly censured, and strangly mistaken. Vainely striuing to commend & make good that within Booke, which neuer was in question: and ma∣liciously vrging some things without Booke, that neuer were meant by words nor writing to be defended. But with such successe as still be∣falls Folly, who delighting to see her owne shadow daunce, hath not the grace to conceale her owne shame.

¶ About such time as by the goodnes of GOD, the light of the Gospell beganne to lay open the Errors of Superstion in these parts of the world, and by the hands of our Soueraignes to disperce them in this Kingdome: many Questions were mooued to vphold sundry poynts of the Popish religion; but none so hotly disputed for the time, as that which they terme the Sacrament of the Alter, and Pray∣ing to Saints. Whereof amongst others, a certaine young Scholler more confident then wise, hauing vndertaken a serious Defence: as one sicke of loue with the thing he had begotten, and ambiciously af∣fecting the publishing of it; entreated a learned friend of his, & well-minded to the Cause, to read it ouer. The request was performed. But looking for Arguments sitting the Question, When nothing was found but a needlesse labour, to approoue and maintaine by the Ca∣tholick CREEDE, That IESVS CHRIST, was the true SONNE of GOD, very GOD, and very MAN that redee∣med the Worlde: And that there was also a COMMVNION OF SAINTS. The Booke was returned without applaude, or shew of satisfaction.

RIGHT HONORABLE. Such hath beene of late yeeres, the successe of a like learned Writer, who printing, A Treatise of publique Commerce, in fauour of the priuate Societie of the Mer∣chants-Aduenturers, hath with much a-doe, and a heape of sillie words, (farre vnfitting the grauitie of his Theame) endeuoured to

perswade his Readers, That Trafficke rightly ordered, is the ho∣nor of Kings, and prosperitie of Kingdoms: And that Mer∣chants in that respect, were to be cherished, fauoured, and en∣couraged in all Common-wealths. Quia VITA CIVILIS IN SOCIETATE POSITA EST, SOCIETAS AV∣TEM IN IMPERIO ET COMMERCIO.

It is strange to obserue, what strong apprehentions are able to worke in weake mens braines. For as a plaine simple man was sometimes perswaded, that if Pontius Pilate had not beene a Saint, the Apostles would neuer haue suffered his Name to stand in the Creede: so this Treatise-Writer, by a strong imagination of the Merchant-Ad∣venturers extraordinary deserts: seeing the admirable effects of the golden blessings of England, by turning Creekes into Ports, ioy∣ning Ports vnto Townes, raysing Townes into Citties, and en∣riching whole Countries with Artificers and Trades, Marriners & Shipping. Applauding withall, theyr singuler happines, and great good fortunes, to haue the managing thereof within themselues. Com∣mending their dexterities, in disposing, diuerting, deuiding, mincing, abridging, restrayning, and lastly confining the Store and Staple thereof within the Walles of some one two Townes for best aduantage in Forraine Countries, culloured with the Title of their speciall Mart-Townes. And aboue all things extolling their excellent wits, and absolute cunnings, in moulding Lawes by meere Discretion, to hold all men vnder, and themselues aboue. Onely for sending or sayling crosse the Seas from Coast to Coast, without ha∣zard of their Persons, or losse of their Goods more then vsuall & or∣dinary. And for wearing Chaines of gold about their Necks, Caps and greene Feathers, Hats and white Feathers, Buskins of purple Veluet, guilt Rapiers, Daggers, Bridles, Stirrops, Spurres, and such like, at Tryumphs, and publique meetings. But specially for feeding, maintayning, and setting thousands on worke beyond-Seas, when God knowes the wants, & heares the cryes at home: would faine perswade others, (beeing bound to ad∣mire them himselfe,) That their Gouernour is for Skill the PI∣LOT, for Grauitie the Iudge, and for Wisedome the Oracle of all orderly Commerce. Their priuate DECREES, aboue COMMON LAVVES, and FORRAINE-TREATISE. Theyr particuler SYNODES, aboue GENERALL COVNSAILES, and their SOCIETY a COMMV∣NION OF SAINTS. Pronouncing all that dislike, distaste, or distrust their Doctrine, for EN TER-LO PERS. That is to

say, Scismaticks, Hereticks, and Infidels, vnwoorthy to breath Common-ayre, or liue in any Common-Wealth. Concluding strongly withall, That these Men thus put in trust with the credite and Creame of the Kingdome, (our Cloth,) must needes bee hol∣den more loyall to their Prince, more seruiceable to the State, more welcome to their Neighbours, and therefore more to be honoured, then any other Men, with a Name aboue all Names, of MER∣CHANTS-ADVENTVRERS.

With this and such like stuffe the Booke beeing confusedly fraught, (cuius contrarium verissimum est,) might well haue beene suffe∣red to haue dyed in the birth, if withall it had not beene mingled with aspertions of obloquy & vntruthes against CVSTOMERS of the Out-Ports of the Realme.

CVSTOMERS. A kinde of Creatures capable of Religion aswell as Reason: free Men by birth, and of best education. Men euery way happy, saue in their Names and Callings: and in nothing more wretched then in the Places of their Functions. The Out-Ports of the Realme. O holy LONDON! Men I say, that being by the curious eye of the Law, Chosen of the best, and placed in the ranke of the most sufficient that Wisedome can finde, or choise af∣ford; would faine retaine the reputations, if not of Saints, yet at the least of Christians, and plaine honest Men.

To let it therefore in some sort appeare, that it is not enough for Men affecting their owne good & credits by Traffick, to value theyr worths by disgracing of others; and that by such kind of Imputations & Shifts, as none but Merchants (perhaps themselues that thus byte and whine,) onely or most vsually commit, and is not in the Custo∣mers power to preuent or amend: that which ensueth, hath beene wrung from them by way of further Defence. For though it might be said, That to aunswere all priuate oppositions were fruitlesse, and to no end: yet least he that runnes alone, should still thinke himselfe for∣most: to satisfie Wisedome and Authoritie it selfe, I haue beene prouoked (by words & writings) out of other Mens labours and for∣mer experience, (as by way of witnes) to make good that for Traffick, which the Apologie before did but tenderly touch, and briefelie set downe.

Besides. Not to shew the decay of those Effects which both main∣taine Customers Credits, and giue Essence to their Functions, by the occasions of the Ecclyps in their Cause Efficient: were wittingly to betray the generall good of all Men, & worthily to set down in per∣petuall obloquy. And publique slaunders are not washt off but by

publicke Defence.

For TRAFFICK therefore: Customers beeing bound, and bold to contend, the aduancement whereof, like Hony in Hiues, in∣creaseth Customes. Not that Commerce, which children as∣soone as theyr tongues are at liberty doe season their sports by: Nor that which Weomen among themselues doe chop and change by: But that TRAFFICK whose Lawes at the Standart of Equitie, wey out Order, (not by priuate Discretion, nor partiall Af∣fection) but by the weight of generall Iustice. Whose Merchants are Persons all euery where Loyall and friendly. Whose Ports & Staples at home, Markets & Marts at home & abroade, are places for accesse conueniently easie, and for safety generally free. And whose Mer∣chandise, for Matter honest, for Vse profitable, by Nature admi∣rable, and by Art made amiable, is at all handes vendible onely for the Goodnes.

That TRAFFICK, I say, whose diuine Elixar Goodnesse, the quintessence of Nature and Art applied to Materialls, breedes Misteries in Trades, turnes Trades into Mettals, and all Mettals into pure Siluer, and fine Golde. The restauring power whereof, easing all griefes in Sores, suppling all Sores in diseases, and curing all Diseases in particular Members, holdes the whole Bodies of Kingdomes in health. Lastlie: That TRAFFICK which concernes Kings and Kingdoms, whose seate is euery where the Soueraignes bosome. Whose voyce well tuned, is the harmonie of the World, To whom Courts and Countries owe fealtie and homage, the meanest Subiects feeling her care, & the grea∣test Princes subiect to her prouidence. Whom both Noble and vn∣noble admire, as the Nursse of all their earthly honors, prosperities, peace and ioy. To the end, I say, that by other mens complaints, as well as Customers, the world may see how hunted, restrained, mo∣nopolised, and ill beholden, that TRAFFICK is & hath been to all priuate Societies. In the Fore-Ranck whereof I set the HAVN∣CES, (that beeing but Subiects a part and a sunder vnder seuerall Soueraignes; yet combined together, dare contest with Princes:) and these our MERCHANTS-ADVENTVRERS, as her two most wayward and wrangling children. Who preferring particuler Decrees before generall Treatise and Lawes, & with publick wea∣pons maintayning contentions for priuate wrongs; in steed of Order pretended, breede nothing but complaints at home, confusions within themselues, endlesse troubles to graue Counsailes at Counsaile-Tables, and vnkind Iarres betweene Kingdomes, States, Allies,

and forraine Neighbour-friendes.

Leauing therefore the TREATISE-WRITER to beleeue still in the CREEDE, whose Articles are certainely most holy and true, though Pontius Pilates Name stand for no Saint: And the MERCHANTS-ADVENTVRERS to the Story of ISIS. Whose Image of gold it was that men so admired, in all places where it came, and not the beautie of the Beast that bare it. I referre your Wisedomes and Honourable patience, to the Counter-Treatise fol∣lowing: beeing a plaine Demonstration of that Canker of Com∣merce, MERCHANDISING-EXCHANGE. I say a cleere de∣tection of that Contempt of Lawes, Disdaine of Equity, Scorne of publique Magistrates, Dishonour of Princes, and Mysterie of Ini∣quitie. And a liuely Description of that Monster of CREETE, deuouring as it were by yeerely tribute, the bodies of Men, & soules of Christians. His hatching and broode, his Muces & haunts, his Practise and Shifts, his Shape and Name, vnder the Title of MERCHANDIZING-EXCHANGE. The Laborinth of whose inextricable Errors, none may safelie enter, & whose Person none can encounter and quell, but fatall THESEVS, assisted by the thred of addresse and Counsaile of ARIADNE. A worke sometimes proiected to giue light vnto others, [ 1565] but happily reserued to honour your Lordships and these our dayes withall.

And since the case of Customers stands so farre preiudged, that euen theyr Cryes seeme but Ecchoes in the Deserts, round about the Plaines, neere the FORREST OF SHIFTS, the sound whereof most men passe by but heare not, many heare but vnder∣stand not, some few vnderstand but regard not, and no man pitties. And that their painful Apologies are left to the Ignorant, to prosti∣tute publiquely, and turne into Sinne: whilst they sit still in silence, like Barnes so ding'd that they dare not greit: Let Experience tell IELOVSIE, how she torments TRAFFICK, by clogging her Seruice with swarms of such Instrumēts as loue her Customs, but as Rats do loue Cheese. And let Nature tell SVSPITION howe TRAFFICK appeales. That whilst her HOVSES as Places infected, or haunted with Sprites, are either abandond, or by Extremities made subiect to Shifts: The Free-will Offerings. The Effects of Loyaltie. The True-loue-knots, knit betweene Subiects & Prince. And Tokens of Affection (religiously moued in Minds, admiring the glorious OBIECT of their owne welfare & Good) from the harts of her Merchants, humbly presented to Soueraigne Dignitie, and to None other due. Become now set to sale. As if

franck-harted Loue, & true-louing Loyalty (the Homage of Sub∣iects, and Honor of KINGS.) Were Thinges transferrent from that Prerogatiue which giues them life and Beeing. Or sub∣iect to Exchange. Or vendible for Money. Or fit for FAR∣MORS. Dryuing TRAFFICK thus from the Lyme-kill to the Cole-pit: euery way decaying her PORTS, & disgracing her Seruaunts.

But as inveterate Errors, hold still their aduantage, and are ne∣uer ouerthrowne, till from Signes vnto Causes, by Effects it appeare how the Worlde in Matter of TRAFFICK hath beene abused, o∣uer-ruled, and ouer-seene: So when TRVTH, the Daughter of TIME, by practise and proofe shall be brought to light, then shall Ignorance and Impudencie stand both confounded, & IELO∣SIE herselfe see that in Customers vertue is not vice.

For if it be true that Truth hath sworne, Customers haue writ∣ten, & Experience confirmes. To wit: That looke what the Soule is to the outward actions of the Body, in ordering each Member, so as to Nature seemes fittest for the good of the whole Man: the same is TRAFFICK in disposing Mysteries and Trades to the behoofe of the Common-Wealth. The DAY-STARRE is risen, and the DAVVNING appeares, which giuing life to our Hopes, makes vs breath out thus much, and say: The time may come, when this hartie zeale of ours to our SOVERAIGNES honour, and his Peoples happines, may be better regarded, and deserue not onely thanks and good words, but make all men confesse themselues (Merchants at least) to owe as much to these weake endeuours of CVSTOMERS, euen those of the despised Out-Ports of this Realme, I say not as one Port, one Towne, or one Citty of Lon∣don, but many Ports, many Townes, and many Citties like Lon∣don, and all their wealth besides are worth, some few priuate, parti∣culer, and preuenting Persons excepted. The Censure whereof I most humbly submit to Iudgement and Wisedome, with this Caution & finall Conclusion. That TRVTH lyes deepe, and few there are that vndertake the toyle to delue till they finde her. And though Publique harmes & priuate Disgaces to men of my Cal∣ling, haue singled me foorth, and pressed mee forward to worke thus alone, for the Common-good; the burden whereof makes mee cry aloude: I must confesse, that in these Apologies, and forced Defen∣ces, (accusing no man, for that was the Deuils part from the begin∣ning, nor at warre with any but Sinne and Dishonestie) Nil magis in Votis nec habui, nec habeo, quam vt inter plures, aliquos

inveniam, qui de istis judicare queant. Iudicare autem non possunt nisi vtcunque Literati, aut Rerum vsu periti. Ex hijs satis mihj pauci Lectores, sat erit si vel vnus: In Appealing there∣fore to the GRAVEST and WISEST in HIGHEST AV∣THORITY. I haue thought it meetest & safest for triple respects, to present my selfe, and my poore seruice, to your honorable Lordships, by whose speciall fauours next GOD and my SOVERAIGNE, I am that I am, and so desire to be knowne.

Your LL: by seuerall Duties. deuotedly bound. Tho: Milles.

THE CHAPTERS CON∣TAYNING the matter handled in this TREATISE.

• ¶ A Preface or Introduction to the Matter handled in the Treatise of Exchange.
• ¶ 1 The Antiquity, necessity, & vse of Lawfull Exchange, and a Description thereof.
• ¶ 2 How Merchants haue deuised and introduced another kind of Exchange, called Merchandising Exchange.
• ¶ 3 The Compacts and Conditions commonly agreed vpon in Merchandising Exchange.
• ¶ 4 The termes of Arte proper to Merchandising Exchange, by diuersities of Times, and Distances of Place.
• ¶ 5 The Diuersitie of prices of Money currant in Merchan∣dising Exchange, according to the Distances of Place, & difference of Tymes.
• ¶ 6 The manner of raysing the valuation of Money in Merchandising Exchange.
• ¶ 7 The Difference betweene the Lawfull Exchange, and Merchandising Exchange.
• ¶ 8 The first standing Bankes and Pillers of Merchandising Exchange. And a Description thereof.
• ¶ 9 Three Practises, and fiue Abuses hurtfull and pernici∣ous to all Common-wealths by Merchandising Ex∣change.
• ¶ 10 How and by whom the practising of Merchandi∣sing Exchange, is the Cause of all excessiue prices in Commodities & things vendible: to the preventing & perverting of all lawfull Traffick & orderly Dealing within the Realme & Common-wealth of England.

• ¶ An Abridgement of the speciall Inconueniences to this Realme of England, handled in the foresayd tenth Chapter.
• ¶ A generall Conclusion.

A TREATISE Of EXCHANGE in Merchandise, and Merchandising EXCHANGE.

¶ A Preface or Introduction to the Matter handled in the Treatise of EXCHANGE.

ALl things whatsoeuer tend naturally to some End. Which End beeing the Perfection of that for which it worketh, is onely attaind vnto by apt & fit Meanes. That which appoynts & moderates fitnes & Forme in working, is termed a Law: by which, as by Rules, the World and all things therein are distinguisht and stinted. Which Limitation is both the Perfection and Preseruation of the Things themselues. Measure therefore working by Proportions, is the way, to Perfection. And since nothing doth perrish, but through the too much or too little of that, the due proportioned Measure whereof dooth giue Perfection; Measure is also the Preseruation of all Things. For to Proportion, Excesse and Defects are opposites. Iustice then beeing the foreconceiued End of all Actions, is prescri∣bed and perfitted by Lawes, and preserued by Measures. Which beeing the Heauenly charge of Earthly Princes; sets foorth & lymits their Soueraignties & Prerogatiues sacred & royall, otherwise (in regard of their humane Substances and qualities) transcēdent. For it is said, They are Gods in regard of Iustice, but theyr Persons shall die like Men. Iustice is Distributiue or Commutatiue. Commutatiue Iustice encludeth Traffick. The end of Traffick is Equalitie in supplying Necessities, vt quod vspiam nascitur Boni id apud omnes affluat: eyther by bartring wares for wares, or by some Midds or Meanes certaine and indifferent to preuent Aduan∣tage.

The End therefore in Traffick beeing Equitie, and the vse Ex∣change; the Measure is by publicke Consent of all Nations called Money. And as the Standart of all kind of Measures for generall Iustice like Vrim and Thummim is the Princes charge onely: gi∣uing

thereby Weight and Content, Length and Breadth to all Proportions: So the coyning of Money and the valuation thereof, being a Measure of principall Excellency and peculiar to Trafficke, is immediatly, Vni soli et semper, an essentiall part of Soueraigne Authority. Out of which Premisses, this must be concluded. That either to coyne Money, or being coyned to alter the true Valuation thereof, in what kind soeuer; is in Subiectes whosoeuer, when and wheresoeuer, to presume vpon the Maiestie of Soueraigne Princes, to prophane the Sacred Seate of Iustice, to contemne publicke Au∣thority, and in Trafficke to preuent and peruert all order and E∣quity. A Capitall sinne against God and Nature.

¶ Thus much only being added by way of Preface, by the Customers of the Out-Ports, who for the Effectes sake are euery way bound to aduance the Cause: That which followes of the Matter and vse of Trafficke, is proper to Merchants. Heare therfore a loyall Marchants experience, writing in his owne Stile and Phrase of Exchange in Mar∣chandise, and Marchandising Exchange, in Order as follow∣eth.

Tractent Fabrilia Fabri.

CHAP. I. ¶ The Antiquitie, necessity, and vse of Lawfull Exchange, and a Description thereof.

IT IS APPARANT TO SVCH AS are conversant in Records of tyme and olde Wryters, that the exercise of Exchange is a thing of greatest antiquitie: borne with Traf∣fick it selfe, and as it seemeth, begate the first Names and Titles of those which are called in Latine, Numularii, Argentarii, and Coly∣bistae, that is to say, publique and common Exchangers, and Commutors of Bullyon, strange and forraine coynes to all ma∣ner of Strangers, for the lawfull and currant money of those Countryes and Common-wealths, where the said Exchange was proportioned and authorised by the Princes & Gouernors of the same.

And because the Office of Exchanging, and curtesie of len∣ding money in a Common-wealth, after an easie & tollerable

reckoning, is very necessary and expedient. The olde Ciuill Lawes did graunt and permit to this honest kind of Exchange, a certaine rate in the hundred by the yeere, for th'interest of such money as was lent to such as had neede.

And a certaine exercise and vse of the same was sometime allowed and admitted in England, as when the Tables of Ex∣change were set vp, & erected in diuers Townes thereof, in the time of King Edward the third, and other Kings raignes suc∣ceeding him.

The Exchangers & Keepers of which Tables, did change to all manner of Forraine Marchants and Strangers, which resor∣ted thether: aswell Bullion, as all forraine coynes and Mo∣neies which they brought thether for the currant Money of the Realme, according to the Princes iust valuation there∣of.

And this manner of Exchange, seemeth also to be the first occasion of the erecting of those shops of Exchange, which at this day bee called in Spaine and Italy Cambios and Bancos, which at the first institution of them were appointed for great safegarde, and commoditie of such as had Money, for that they might without danger lay into the sayd Cambios and Banckes (as it were in Deposito) what sums of Money they would, for the which the Cambiadors and Bankars would be answerable, as for a thing deposited, and committed to their custody, and would also make payments thereof, according to the order of the sayd Depositor. Which farther did vse to change Siluer for Gold, and all manner of forraine coyne and Money, for the lawfull and currant Money of those Coun∣tryes, and that according to the lawfull valuation of the same. And moreouer, by these Cambiadors or Bankars, sometime there was wayes and meanes taken, to make Exchange of Mo∣ney, from one Country to another: for such as had occasion for to trauell and passe Countryes. Likewise according to the iust and publique valuation of such coyne and Monies, the reward and salary of Cambiadors for their labors and paines in keeping Money, Exchanging white Money for Gold, or for∣raine coynes for the lawfull and currant Money of Spaine, within this thirty yeeres, was not aboue two and a halfe in the thousand, for the space of on Faire, which commonly endu∣reth there six weekes, and this interest and gaines amounteth not aboue three in the hundred for the whole yeere.

This manner of Exchange is not onely to be suffered & per∣mitted in a Common-wealth: but as it appeareth, very neces∣sary, expedient, and commodious to the same: not onely for the exchanging of Bullyon and coynes within the selfe same Realme and Common-wealth: but also for the passing of Money from one Country to another, for such as haue affaires to trauell Countries as the Embassadors of Princes do: wher∣by be diuers perrils auoyded that they should runne in, carry∣ing of ready Money about them. So that the sayd Exchange be not practised of such as traffick Merchandise, and will imploy theyr money so exchanged againe in wares and commodities to be returned into theyr owne Countrey. For to all such the sayd Exchange was alwayes prohibited in England, as a thing discommodious and pernicious, both to the Prince and Com∣mon-wealth, as may appeare by diuers Acts of Parliament, prouided to that end.

¶ Exchange therfore is a certaine lawfull kind of commutati∣on and changing of Money, appointed by the publick autho∣rity of a Common-wealth, eyther for the changing of Bullyon strange and forraine coynes brought thither, according to such valuation as the sayd Bullyon and coynes haue, or be esteemed at, by the common authority of the same Common-wealth and Country.

Or else it is a certaine meanes, for the commutation and ex∣changing of Money from one Realme or Country to another, according to the iust and lawfull valuation of Money priced & set foorth by the publicke authority of such Countries and Realmes.

CHAP. II. How Merchants haue deuised and introduced another kind of Exchange.

BVT vnder the coullor and pretence of this lawfull Ex∣change and commutation of Money, Merchants of late yeeres haue deuised and brought vp another manner of Exchange of coyne: to the which they doe also com∣monly giue this plaine and simple name, Exchanging: vvhen indeed it is not so, but a meere faeneration, and a making a ware and merchandize of Money: for that in the same, and by the same they buy and sell, rayse and abate the price of Money, as

well as they doe rayse and abate the price of any other vvare & Merchandizes they traffick in. Wherefore it is not to be called simply Exchange, but properly and aptly to be called the Mer∣chandizing of Money.

Yet because that through the practise and pollicy of Mer∣chants, specially trading & frequenting the Marts of Antwerpe, and the Fayres of Lions, for the passing of Money from place to place by the same, which also is done after a certaine sort and kind of exchanging and commuting of Money, it may conue∣niently be called & haue the name of Merchandizing Exchange. Forasmuch as Money passed and exchanged after this way and manner, must be payd againe according to the conditions and compacts taken and agreed vpon with the Merchants, for the price & valuation therof: and not according to the iust & law∣full valuation it hath by any publicke Authority of that Com∣mon-wealth, which is author of the sayd Money: the vvhich temerarius alteration of publick coynes & monyes, is the prin∣cipall foundation of the sayd Exchange; and of the gaines and lucar proceeding of the same: for the loue & greedines wher∣of, the other lawfull Exchange is exiled and expelled both out of Spaine and Italie; and through the frequenting thereof, the trade of Merchandise is corrupted in all Countries, and speci∣ally in England, by the busie practising thereof of Merchants betweene Antwerpe and England, which haue brought many inconveniences vnto this Common-wealth, & be thereby the onely Authors, why all manner of wares and Merchandizes beare such excessiue prices as they doe at this day within the Realme, as heereafter shall be declared, by the opening of cer∣taine circumstances essentially appertayning to the same Ex∣change, without the which it can neither be vnderstood nor practised; and so shall it euidently appeare, that all th'inormi∣ties disordering the prices of all manner of things vendible in the Common-wealth, haue theyr originall from thence.

CHAP. III. The Compacts and Conditions commonly agreed vpon in Merchandising Exchange.

FIrst, the taker and Receiuer of Money by this Exchange, must compound & agree with the Deliuerer of the same, at what distance of time the sayde Money shall be payde a∣gaine

in a forraine Country or Citty appointed for the pay∣ment thereof, for there bee three kindes of diuersities, and Distances of time most commonly in vse at this day amongst Merchants, for the repayment of such Money as is taken and deliuered by this Exchange.

Secondly, the taker and Receiuor of Money by this Ex∣change, must compound and agree with the Deliuerer thereof, to make payment againe in the forraine Country, according as the same Money receiued is valued by the Merchants, to bee worth in the currant Money of the same forraine Coun∣try, and according to the price and valuation the sayd currant Mony hath in this their Merchandising Exchange, and not after the Princes iust valuation of the same Money.

CHAP. IIII. The Termes of Art proper to Marchandising Exchange, by diuersities of Times, and Distances of Place.

THe first kind of diuersity, Merchants call the taking and deliuering of Money at sight, the custome wherof in this Exchange & commutation, cōpelleth the Receiuor of the Money vpon a litle Scedule or Bill, containing the summe & value of the forraine coyne and Money, which must be payd againe to the vse of the Deliuerer, immediatly as the said Sce∣dule & Bill shall be shewed and presented by the Deliuerer or his Factor, to the Factor or Seruant of the said taker and Recei∣uor of Money, or els to his owne selfe.

The second, is to take and deliuer Money by or at Vsance, and the custome of this diuersity compelleth the taker of Mo∣ney by this Exchange, vppon his Bill or Scedule to pay the va∣lue thereof againe in forraine coyne or Money, at the end of one month next immediatly ended, after the first daie of the making of the Exchange, in the Towne or Citty appointed thereunto in the say Scedule: either by himselfe, his Factor or Seruant.

This space of time of one month, is limited for this second Distance of time in this Marchandising Exchange, called Vsance, betweene London and Antwerp, and other Marting Townes there-abouts, by the Bankers and Exchangers of the same Ex∣change.

The third is called Double Vsance, by the vse and custome whereof, the Taker and Receiuer of Money by the same Ex∣change, is compelled by his Bill or Scedule, to pay the value thereof againe in forraine Money at the end of two months next, immediatly ending after the day that the Money was first taken vp by Exchange, either by himselfe, Factor, or Ser∣uant, in the place appointed and assigned thereunto by the sayd Scedule.

And heere is to be noted, that these two latter Distances of time, be made longer and shorter for the payment of Money taken vp by the same, after the diuersitie of any of the sayd two kindes, according to the Distance of the Places, for the which the say Exchange is or shall be made at any time.

CHAP. V. The Diuersitie of Prices of Money currant in Merchandising Exchange, according to the Distances of Place, and difference of Times.

LIke as the time and spaces limited to euery diuersity and Distance of time & place, of this Merchandising Exchange, differ and vary one from another, betweene England and Antwerp, and other Marting Townes thereabouts: so hath th'english pound passed by this Exchange, betweene the one Country and the other, at diuers and sundry prices, differing one from another, according to the time it is Exchanged for, from the one place to the other.

First, the price of the English pound Exchanged at sight, diffe∣reth from the same pound valued by any Prince or publicke authoritie, ordinarily foure or fiue pence in the pound.

Secondly, the price of th'english pound Exchanged for V∣sance, differeth from the same pound deliuered, and taken for sight, ordinarily fiue or six pence in the pound.

Thirdly, the price of the same pound taken and Exchanged for Double Vsance, differeth from the pound by Vsance, vi. or vii. pence: so that an English pound Exchanged by this last di∣stance of time, differeth in price from a pound taken vp by the first difference of time, xii. or xiii pence in the sayd pound.

Many other diuersities, as well of Times as of Money, be and may be practised & exercised in this Merchandising Exchange: Whereof to discourse perticularly, were too long and tedious: forsomuch as this briefe declaration of these diuersities be∣fore

recited, may suffise not onely for the perceiuing and vn∣derstanding of the same: but also for all other that be, or may be practised in the sayd Merchandising Exchange, for as these three prices differ proportionally one from another, according to the rate and distance of time: so doe all other prices therof, according to the proportion of time they bee passed for.

CHAP. VI. The manner of raysing the valuation of Money in Merchandising Exchange.

FOrasmuch as the iust and lawfull valuation of Money can∣not maintaine this subtill Merchandising Exchange, euerie peece of Gold, and great peece of Siluer, set forth & cur∣rant in any Common-wealth, is alwaies of more valuation af∣ter that it is currant Money in this foresaide Exchange, by two pence, foure pence, or sixe pence in a peece, more or lesse, ac∣cording to the quantity and substance it is of, then it is by the Princes, and publick authority of the Countrey where it was first coyned.

Which pollicie in raysing of Money, is cheefely practised of the Bankers of Antwerpe, to allure Merchants of all other parts to bring thither ready Money, and therefore make they the coynes of all other Countries, more woorth with them, then in any other Country els, although they be not so allowed and excepted by the authoritie of theyr Countrey. Yet being thus valued by them, they be made the common currant Mo∣ney to buy and sell all manner of wares & Merchandizes there trafficked, and the way to passe and practise theyr Exchange with.

And because they will not haue the Princes Lawful Money to be the meane to buy & sell all things with, they compound in all their Contracts, Bargaines and Exchanges, to haue the payments made in this theyr Inuented Money, which they call, Currant Money in Merchandize: And furthermore, by this licentious libertie that they vsurpe in prising, and valewing all Princes Money, they make many sorts of Money currant a∣mongst them, which common Authority doth not permit nor allow to be payable nor currant in the Countrey. Whereby they haue greatly increased and aduanced the trade and con∣course of Merchants in those parts and Countryes: notwith∣standing,

therewithall hath proceeded the greatest occasion, of the excessiue prices which raigneth vpō wares, Merchandizes, and commodities, in all Countryes at this day.

CHAP. VII. The difference betweene the Lawfull Exchange, and Merchandising Exchange.

IN the Exchange which before is called tollerable and law∣full Exchange, the price and valuation set foorth by pub∣lick authority, is chiefely to be considered and regarded in the Money Exchanged thereby, to the end that a iust & equall payment, may bee made againe thereof to the Party that de∣liuereth his Money by the sayd Exchange.

As for example, if the Ambassador of a Prince had neede of 100. li. English to be payd him at Antwerp, and would de∣liuer his 100. li. in London, to haue the iust value thereof payd him againe in Flemish Money, at his or the comming of his letter to Antwerp.

Heere is to be considered onely, what and how much the English pound is worth Flemish, by the Princes valuation of those parties, the valuation whereof is at the least xxii .shillings and vi. pence Flemish, after which valuation the hundred pound English shall make Flemish 112. li. 10 .sh. Likewise, if he would haue a 100. Crownes of the sun, payd him in Paris in Fraunce, for the value thereof deliuered in London by the Exchange, forsomuch as it is knowne, that the French crowne is valued in England at vi .sh, English; & in Fraunce it is valu∣ed by the Prince at 50. sous; now vi .sh. in Enlish after 2. sous and a halfe for the English grot, amounteth to 45. sous in the crowne, so that a hundred crownes amounteth to 4500. sous in French, and after the French valuation of the crowne, they amount to 5000. sous, so that for a hundred crownes at the va∣lue thereof deliuered in England by this lawfull Exchange, he ought to receiue in Fraunce, 111. crownes, 5. sous, as hee doth at Antwerp for his 100. li. a 112. li. 10. st. Flemish: and this Exchange may be made without the Merchants three di∣uersities and distances of time, very well, truly, and iustly, be∣cause neither party seeketh to buy and sell Money thereby, but to commute and Exchange it, according to the iust value giuen to the same, by the Princes and common authorities of both

Countryes. So that neither the Taker nor Deliuerer shall haue any more or lesse, then that is due to them, although the De∣liuerer of the Money do tarry, or be contented to tarry 15. or 20. dayes for the receite of his Money, the Receiuor receiueth no domage nor hinderance thereby, but rather commoditie and profit, nor yet the Deliuerer, if hee haue his Money to serue his purpose at the time appointed, so that heere is no necessitie of interest to be payd to any partie for the forbearing of Money.

And surely this was onely the vse and custome of the Ex∣change at the first beginning thereof, to the which if it were re∣stored againe, the Princes Embassadors of England, lying in Fraunce and in other places should not leese, 7. or 8. in the hundred, for two or three months space, in taking vp of Mony for Parris, to be payd againe at Antwerp, and from thence at London by Merchandising Exchange, to doe their Prince and Country seruice, but should rather be gainers by the lawfull and honest Exchange, as reason and conscience declareth they should bee. And yet notwithstanding might the Banker and Cambiador be allowed for his paines and labour, for the recei∣uing and paying of the Money, somewhat after the olde man∣ner of Spaine and Italy, which is after the rate, of three in the hundred for the yeere, and so should he not be euill payd ther∣fore, nor yet the Payer and Deliuerer of the Money by Ex∣change ouer burdened and charged, as they be now a dayes eaten out of house and home by Merchandising Exchang, if onely this lawfull Exchange were restored againe, for the pas∣sing of Money from Country to Country.

Contrariwise, in this corrupt and crafty Exchange, and com∣mutation of Money, the sayd publicke valuation of Money is altogether neglected, secluded, and put out of minde, and only the price and valuation, that Money hath giuen to it by meere chaunce in the same Exchange, considered and passed vpon: and so neither can equallity nor indifferency be obser∣ued in the payment againe of the Money, taken and deliuered by the same Exchange, but that one of the parties must be bur∣thened thereby, nipped and oppressed, for that it is bought & sold at lower and higher prices then it ought to haue by pub∣lick authoritie, according to the pleasure of Merchants seeking lucar and gaines thereby. As for example, if one in London would haue a hundred crownes paid him in Parris by that Ex∣change,

first, at his deliuering in London of his 100. crownes, he must compound & agree with him he maketh his Exchange withall, how much English Money hee shall deliuer in Lon∣don, for euery French-crowne to be payd in Parris againe: for the Princes valuation will not serue, but hee must agree vpon a new price of English Money for the said crownes: so where it is worth in England by the Princes valuation but vj .shillings, the Exchanger will haue sixe shillings foure pence, or six pence, or peraduenture a noble, according as the occasion of Time serueth for euery crowne to be paid in Parris, and sometimes more.

So that, where by equitie and conscience, which is knowne by the Princes and publicke valuation of the crowne, the De∣liuerer of the Money in England, should receiue for his hun∣dred crownes deliuered in England, a hundred and eleuen crownes and fiue sous at Parris, he now by this Merchants Ex∣change, shall receiue at the most not aboue 105. crownes, or 102 crownes, and sometime lesse then the hundred crownes. So that by this one example, appeareth sufficiently what a diffe∣rence it is to passe Money by the Lawfull Exchange, which is ruled and ordered by the stable & constant price giuen to Mo∣ney by publick Authoritie, and by this other fallible Exchange, depending onely vpon the alterable price of Money, giuen af∣ter the instable affection of couetous Merchants.

CHAP. VIII. The first standing Bankes and Pillars of Merchandising Exchange. And a Description thereof.

THE first & principall piller of all, may Rome most wor∣thily be taken and reputed, where such great rapine, a∣varice, and other filthines if so in common vse, that it is figured in the Scriptures by the Beast and Harlot, with vvhom all the Princes, Merchants, & rich men of the Earth haue com∣mitted abhomination, and of whom they haue learned the loue of Money, that is, Idolatry: Whose Antichristian Prin∣ces and Gouernours, by reason of the Anates, and other great tributes exacted, specially of the Ecclesiasticall persons of all other Realmes, inuented this Commutation and Exchange, as the most expedient and commodious meane for the conuey∣ing of their reuenewes vnto them; so that the holy Fathers be∣ganne

first in the Babilonicall Rome, the erection of a standing Banck for the Traffick and Merchandising Exchange, by which meanes it hath euer since beene in exercise, for the transpor∣ting of Money as a ware and Merchandize, by the ministery of Merchants, from all places of Christendome to the Citty of Rome. Vnto the which in continuance, the sayd Merchants be∣ing so delighted with that trade, haue deuised to adioyne three other Citties for Standing Bancks, and Pillers of the same Ex∣change, as Venice, Lyons, and Antwerpe: Which foure places, be therefore called Standing-Bancks, because the Exchangers and Bankers thereof, doe exercise the same Exchange publiquely, and haue their open shops for the same purpose at this day in all the said Townes; and moreouer, they haue as it were some kind of Warrant, Liberties, and Preuiledges, from the Superi∣our Powers of the same Townes, for the more sure and safe Traffick therein.

By which Preuiledges, (at the least in these other three Cit∣ties) vnder the pretence and couller to be lawfull Exchangers, and honest Merchants, all honest trade of Merchandize is cor∣rupted throughout all the Townes & Regions of Europe: but specially in England, all manner of wares and Merchandises, & other commodities of the Realme, be growne thereby to ex∣cessiue prices; from whence also spring daily more and more abuses and absurdities, in the Trades and manner of all sorts of Occupiers throughout all Christendome.

Therefore Merchandising Exchange, is an vnlawfull com∣mutation of Money made betweene parties, vppon certaine subtill compacts & conditions for the passing of Money from one Country to another, according to the priuate valuation giuen by Merchants and Banckars, to the coynes and Monies of all Princes and common Wealths; deuised and inuented of them, only for their priuate benefit, and gaine, to the confusi∣on of all good order in Merchandising, and the corruption of all honest occupying and Traffick in any common Wealth.

CHAP. IX. Three Practises, and fiue Abuses hurtfull and pernicious to all Common-wealths by Merchandising Exchange.

FIrst, Merchants doe make thereby all Princes coynes and Moneys, to be as wares and Merchandises, buying and sel∣ling the same for more and lesse price, as well as any other kind of ware and Merchandise they traffick in, contrary to the nature of Money, and also the Lawes and Ordinances of all Princes and Common-wealths, by whose authority onely, coynes of Money ought to haue theyr price and valuation, and that vnalterable, for the preseruing of an Equitie in all thinges vendible in the Countries and Common-wealths.

Secondly, Merchants do vse by that meanes to serue theyr turnes of Money from one Country to another, therewith to buy wares and Merchandises: by which pollicie, they hinder Princes and Common-wealthes, of such toles and customs as they should pay to them, vpon theyr wares and commodities that they would bring and convey into their Dominions and Countries to doe theyr feate with, if this Merchandising of Money were not: whereby also many Merchants do coullour the conueying of ready Money out of the Realme of England. And specially it is a great let, impediment & hinderance to the bringing in of Bullyon into this Realme, which all forraine Merchants were wont to doe, when the commodities of the Realme were vented & vttered at Callice, or at the Staple townes within England, before the two Societies of English Merchants began to vsurpe such Liberties for the Traffick, as they pretend at this day to enioy by lawfull Authority.

Thirdly, Merchants at this day doe practise to buy and sell onely according to the price and valuation that Money hath, by the disorder of this Merchandising-Exchange: and doe omit and passe ouer the iust and lawfull valuation of Money giuen; and set foorth in euery Country by the Prince and common authority thereof; Money beeing the onely meane to preserue a mediocritie and an equalitie in the prices of all things vendi∣ble, in any Countrey or Common-wealth, and so haue they beene the occasion why the prices and estimation of all man∣ner of wares and commodities be so excessiuely inhaunced & risen in the Realme of England at this day.

¶ 1. First, by the occasion of this Exchange, many persons in diuers places, before intangled and wrapped in & with hea∣uie burdens, byting, and inextricable Vsuries.

2. Secondly, it causeth the Traffick, with the vse & custome of borrowing and lending of Money in a Common-wealth, to be hard, deere, and scant, which is a very necessary and ex∣pedient thing to be liberally, frankly, and freely vsed.

3. Thirdly, it giueth occasion to all maner of Occupiers, al∣though they follow no iust and lawfull trade of Merchandize, to set theyr prices of their Wares after such sort and rate, that theyr gaines thereby may passe and exceede, not onely six and eight in the hundred, but also twelue, for a small time.

4. Fourthly, vnder the cullour therof, not only the Bankars of Antwerp, and Lyons, with such like Vsurers, openly, and by profession practising Vsury, doe exceede the Limits of all ho∣nest and lawfull interest, in letting or lending out their Mo∣ney, but also all other couetous Persons, hauing Money by them, by the example of these Exchaungers, either publickly, or priuily, either openly or secretly, seeke the meanes and wayes, to put out their Money for the like gaines, pretending and alledging for their excuse, that they put and let out their Money, in company with these Exchanging Merchants and o∣pen Vsurers, vpon common gaine.

5. Fiftly, many Merchants, especially such as haue growen to great wealth and riches, be and haue beene by this meanes allured and entised, to giue ouer and neglect all manner of honest trade of Merchandize, and buying and selling, whereby they haue beene and might be profitable and commodious to there common Wealth: and to followe this filthy, vnlawfull, and too farre exceeding gaine and lucar of practising wicked Vsurary, chopping and changing of Money, and all for the hope they conceiue thereby, to obtaine and get both a more abundant and certaine gaines, and that also with lesse labor, charges, perrill and aduenture.

CHAP. X. How & by whom the practising of the Merchandising Exchange, is the Cause of all excessiue prices in Commodities & things vendi∣ble: to the preuenting and peruerting of all lawfull Traffick and or∣derly Dealing within the Realme and Com∣mon-wealth of England.

THe necessity of conseruing an equallity in contracts of buying and selling, and a fit meanes for the exportations, and importations, of things necessary and commodious

for a Common Wealth, hath caused all wise & politick Rulers of Regions and Countries, to iudge the vse of coyned Money; signed with some publick figures, notes, and carrects, to be the most conuenient thing that could be deuised. In like manner hath it beene iudged, and thought no lesse expedient and ne∣cessary, by all such wise and experienced Men, that the same coynes and Money should haue their indication, valuation, price, and estimation, onely by publick Rulers & common au∣thoritie of euery Common Wealth: from the which no pri∣uate Person, Order, or Societie in the same, may or ought to swarue or vary, nor alter, vnder capitall paine. Forsomuch as the sayd publick valuation, is as it were the essentiall part, whereby any kinde of matter, substance, or mettall, is re∣ceiued and accepted for Money, and for a lawful meane to buy & sell withall, in euery well ordered Common Wealth. And whereas the valuation of this common, and lawfull meane of price, is not well knowen, or not worthily accepted, straightly & duly obserued, of all manner of Persons, Societies, and Or∣ders, there doth experience teach, that thereof followeth con∣fusion and disorder, with excessiue and immoderate prices in the commutations of all things Vendible in the Common Wealth.

As for example, when a Prince or Ruler of any Country, doth decry and disalow any kinde of coyne and Money, which he hath suffered before time to be currant, at a certaine price and valuation throughout his Realme, the same coyne im∣mediatly as it is so decried, leseth the estimation it had before, and is of no value to buy any kinde of ware with, amongst all the common people of the same Realme; so that few or none will receiue the sayd Money for any manner of ware, though one would offer it at much lower price then it was before cur∣rant for: and if it chaunce any doe bargaine to take it, they will raise and inhance the price of the wares they vtter, much a∣boue the ordinary price thereof, & all because it lacketh their Princes and common valuation of their Country. In like man∣ner do the common people of all Countries, esteeme forraine, strange, and vnknowne coynes brought vnto them, not valued by the common authority of their Country, how fine and pure soeuer the matter or mettall of them be, onely (as is sayd be∣fore) for lacking the publick valuation of the Country. Wher∣by it is apparant, that the Princes and publick valuation of Mo∣ney,

is of so great efficacy and authority, in euery ciuill Com∣mon Wealth, that not only it maketh it a meane to buy things withall, but also it preserueth a moderation, equallity, and in∣differency in the prices of all things, so bought and sold be∣tweene party and party. Therefore is the sayd valuation solem∣ly, and (as a man may say) religiously to be kept and obserued of all manner of sorts of persons in a Common Wealth. And the Alterars & Changers of the same by their priuate authori∣ty, are worthily to be reprehended and reproued, how crafti∣ly and subtilly soeuer they doe it, for the manifold inconueni∣ences they thereby bring into their Country: With a number of which, the Common Wealth of England, is sore troubled at this day, through the frequent practising of Merchandising Exchange, by the two Societies of Merchants Staplerers and Ad∣uenturers of England, betweene their owne Country, and the Marting Townes of Flanders, with slights, crafts, and subtil∣ties: continually thereby altering the price and valuation of their Princes coyne; by the occasion whereof, all manner of wares and commodities only sold in the Realme of England, be brought and grow to such inordinate and excessiue prices, as they beare at this Day: for the proofe of the premisses, this reason may be first made.

Afore this Merchandizing Exchange was practised by the English Merchants Staplers and Aduenturers, betweene the Marting-Townes of Flaunders, Brabant, & their owne Coun∣try, in the trafficke of Merchandise to and fro, no person com∣plained vpon any manner of Merchandize, or commoditie of the Realme, nor of forraine Realmes brought into England, did at any time grow or arise to inordinate or excessiue prices: yet were the commodities of the Realme abundantly & plen∣tifully, yea, more liberally exported and transported into all forraine Countries, then at this day. But there were not in those dayes so many forraine wares brought in againe into the Realme, as be at this day. For from the raigne of the famous King Edward the third, in whose dayes the trade of Merchan∣dize began cheefely to be exercised in England, vnto the end of Edward the fourth, which is the space of aboue 150. yeeres, Acts of Parliament were prouided, thereby forcing all maner of men that occupied and fold the wares and commodities of the Realme to forraine Merchants, to raise and keepe vp the prices of them, and penalties layd vppon those which went a∣bout

to diminish and bring downe the prices of them.

And in all this space of time, not onely Wooll and Felles, were Staple wares at Callice, and other Staple-townes, in Eng∣land, and at length, Broad-clothes transported into Flaunders, and Brabant; but all other manner of commodities of the Realme, as Leather, Lead, Tinne, Butter, and Cheese, were Staple∣wares, and freelie (onely paying the Kings custome for them) carryed & exported out of the Realme into all forraine Realmes. But sithence these two Societies of English Marting-Mer∣chants, practising the Merchandising Exchange, haue made the exporting and transporting of the commodities and Merchan∣dizes of the Realme, to the Staple of Callice, & Marting-townes☞ of Brabant, a priuate trade to themselues, the Princes of this Realme haue beene constrained to restraine and prohibite, not onely the going out of certaine of the aforesaid commodities of the Realme; but also haue beene compelled to studie and deuise meanes by Acts of Parliament, to bring & keep downe the prices, as well of the commodities of the Realme: as of all forraine Realmes. Therfore it must needes be concluded, that Merchandizing Exchange, and the practising thereof, is the oc∣casion of this great inconveniencie and Mischiefe raigning in the Common-wealth of England. By the reason whereof, all things be growne to excessiue prices.

Also, since these two afore-saide Companies of English Merchants vsurped these Liberties and Priuiledges to them∣selues, that the one of them should transport only Staple wares to the Staple of Callice, and the other Broad-clothes, with such other Commodities, vnto the Marting-Townes of Brabant, the most part of all the good Townes of the Realme of Eng∣land haue decayed and come to ruine, which partly hath come to passe, by the reason that many kinde of Artificers, vvhich were wont to inhabite the said Townes, maintaine and make th̄e prosperous by such artificialls as they made there: by the meanes of these two fraternities of Marting-Merchants be vtter∣ly destroyed & consumed, for that they were notable at length to liue by their arts and labours, these fore-said Merchants de∣uising and causing the like Artificials as the said Artificers made in England, to be made in forraine Countries, and were by them brought and transported into England, and sold better cheape some-what, & lower priced then those of English ma∣king might be aforded. Thorough which occasion, the Eng∣lish

Artificers in continuance were worne out, because none were brought vp vnder other, to follow their said Art & work∣manship, that they exercised, forsomuch as they percei∣ued, that they should not be able to liue by such kind of labour in time to come; because the forraine workmanship was more regarded, and sooner bought then theirs. Partly also they haue beene the destruction, decay, and ruine of the said Townes, by taking away the trade of the Staple from the said Townes, for the vtterance of the commodities of the Realme, which for the most part of all the time, from Edward the third, to the end of Edward the fourth, were kept in good Townes of England, or at least shipped from them when the Staple was kept at Callice, by the occasion whereof, there was so great resort of people vn∣to the said Townes, that thereby they were enriched, and daily prospered and flourished. Wheresince, for lacke of like resort and trafficke, and the destruction of the foresaid Artificers, they be altogethers ruinous and decayed, and neuer like to be resto∣red, so long as these Merchants enioy theyr vsurped liberties.

Moreouer, since these two Societies of English Merchants, vsurped vnto them the priuate exportations of the commo∣dities of the Realme, the liberall, vsuall, and daily bringing in of Bullyon into the Realme by forraine Merchants out of all forraine Realmes, to buy the commodities of England, hath decayed and ceased; and seuere and great punishments and pe∣nalties be prouided by the Princes of such forraine Realmes, a∣gainst all them which shall attempt the conueying of any such things out of theyr Realmes into England: Where in times passed, they most gladly suffered and concented vnto it, for that it was openly knowne, to all Princes and Rulers of Common∣wealths in Christendome, that what kinde of Merchant soe∣uer, resorted into England to the Staple-Townes, for the and carrying away of the commodities & Merchandises there∣of, were bound by the Acts and orders of the Realme, to pay for them at the said Staples, in ready gold and filuer afore their departure from thence; as may appeare by diuers Acts made in diuers Kings dayes, from Edward the third, vnto the end of Edward the fourth: and therefore at that time were all Princes well contented, to suffer their Merchants to carry their coynes and Bullyon into England.

Which manner of Traffick, continued betweene England and all other Realmes, till that these Merchants became to be

a priuate Society, and so vvithin a while after, compounded & agreed with the Merchants of Holland, Zeland, Brabant, Flan∣ders, and other Countries there-abouts, which were the buy∣ers of the Staple-wares, to receiue their Money for such Staple∣wares, as the sayd Staplers sold them at Callice, in Flemish Money, at the Marting Townes of their owne Countries, ra∣ting, setting, and valuing the English pound, at a certaine stin∣ted price of Flemish Money, for euer thereafter to bee payed vnto them, after the said price; which was a drift driuen of the sayd Staplers of England, to bring to passe this Exchanging Traffick, to the intent they might make the returne of their Money, from thence into England by Merchandising Ex∣change: whereby they made a reckoning, much more to their priuate gaines and lucar, then to be payed in ready Money at the Staples of Callice, or any place of England, according to the olde custome, although that manner of payment was much more beneficiall, and commodious for the common Wealth of the whole Realme, which they passed not vppon, neither yet doe, so they may gaine and get Money.

And thus the faire Lady Merchandising Exchange, enticed and allured the Merchants Aduenturers of England, to procure themselues in fraternitie, and to seeke meanes to plant their Marting Townes in a forraine Realme and Country, for the vt∣terance of the commodities of the Realme, because they might make their returne and imployments, from thence into Eng∣lang, by the reckoning of Money currant in the sayd Merchan∣dising Exchange. And by this meanes, ceased and ended the franck and free bringing in of Money, & Bullion into England by forraine and strange Merchants, after the English Merchants had nusseled themselues in the Marting Townes beyonde the Sea, so that now a dayes, no Money or Bullion is brought into England by Merchants, but secretly, and as it were, by stealth, and for the respect of priuate gaines and profite, which they finde thereby, after the reckoning they make thereof, by cur∣rantnes of Money in their Merchandising Exchange.

Item, when it pleased that famous Prince, King Henry the eight, vpon good considerations and purposes, and for the great benefite of his people, and common Wealth, to aug∣ment and increase the valuation and price of his coyne and Money, throughout all his Realme, within a little processe and countinuance of time after, it chanced by the malice and

wickednes of men, such a quantity of currupt, and drossy coyne of Money, to bee brought into the Realme out of for∣raine Countryes, by the Ministery of Merchants: (as it hath beene supposed, thought, and gathered by certaine cercum∣stances) which Money being currant, as well as the true and lawfull Money, amongst all manner of persons within the Realme, by the reason of the likenes of the fashion, and forme that it had with the true and lawfull Money, caused many in∣conueniences to rise therby at length, to the whole Common Wealth: for such a meruailous desire and hastynes, entred in∣to all kinde of Occupiers, by the lothsomnes and hatred they conceiued of the sayd Drosse coyne, to bestow it vppon one thing or other, that thereupon beganne to grow some disor∣der of prices in all wares and commodities, sold in this King∣dome: which being first perceiued by the Graue, and Father∣ly Gouernors of the Realme, in the raigne of blessed King Ed∣ward the sixt, they consulted together for the deuising of some wayes to be taken, to auoyde the said disorder so begunne and sprung. And the best meanes for that purpose was thought by their wisdomes, to be the deminishing, of all the white cur∣rant coyne and Money of the Realme: intending by that meanes at the length, to haue vtterly banished from thence all such counterfeited coyne, taking leisure withall study & care, to doe it with as much ease, and as little losse to euery State & condition as could be deuised. But before this their godly and most lawdable purpose, could be brought to effect, when it was yet but in talke and consultation, and onely a rumor bru∣ted and spred abroade that such a decry of Money should be; The Merchants Aduenturers prepared withall speed possible, Armour and defence against the losse, which they feared their State should fall into thereby, when indeede euery person of the Realme, ought to haue borne with a very good will the sayd losse, for the redressing of the sayd disorder so sprung vp in the Realme, in the prices of all things, bought and sold be∣tweene party and party: according as the prudent and wise Counsellors of the Kings Maiesty, had deuised and purposed to haue brought to passe, and as the rest of all States of the ☞Realme would haue yeelded vnto: if the Merchants Aduentu∣rers, had beene destitute of their Exchange. But greedy lucar and priuate gaine, coulde not suffer their couetous harts to beare any little losse at that present, though it should in the end

haue turned to the common benefit of all the Realme. And so forsooth without further helpe, they vsed the pollicy of Mer∣chandising Exchange, their practise wherein was as it were, to disualue and decry the price, of the English pound in currant Money by the same Exchange: for the passing of Money ther∣by betweene England, and their Marting-Townes. Which pound had beene currant amongst them, two and fro in the sayd Exchange, vntill that time, betweene 26 .sh. and 30 .sh. Fle∣mish, but then sodainely they decried and disualued it to 16. and 17 .sh. Flemish; and at length, to 13 .sh. Flemish, before the alteration of the coyne was proclaimed: by the which oc∣casion, the prices of all forraine wares and Merchandizes, rose excessiuely in England, as of necessity they must, for the lesse Flemish Money is allowed for the English pound at the Mar∣ting-Townes, at the other side the Sea in their fouresayd Ex∣change, the dearer and the higher prices must all that Country wares beare, bought there to bee transported into England, which for the respect of the base price of th'english Money, must needes be sold after the like rate in England. For whereas before vntill that time, the English pound had beene worth at the sayd Marting-Townes, at least, 26. ss. Flemish, then by this abasing of the Exchange, 26. ss. Flemish was brought to bee worth at the end, 40. ss. English, because the sayd English pound was no more in value, but 13. ss. Flemish, in their Mer∣chandising Exchange, by which meanes the thing that cost but 13 .sh. Flemish, was sold betweene 20, and 26. ss. English, in England: which manners of Sales, must needes cause all man∣ner of Flemish wares to beare excessiue and inordinate prices there, which immoderate prices of strange and forraine wares, were sufficient cause to be alledged, why all the commodities of England, did first arise to such prices as they doe still beare, euen at this day: because so great a quantity, of the sayd Flan∣ders wares were brought thether, and bee in so great vse, so much bought and spent, of all manner of sorts of persons in England.

Yet notwithstanding, the said Flemish wares were not the next and principall cause, that the English commodities did so rise and exceed in price: but rather the two Companies of English Merchants, the Staplers & Aduenturers, for they made so gainefull reckoning at their Marting-Townes, by returning home theyr Money by Merchandising Exchange, that they past

not what price they gaue and paid for the commodities of the Realme in England; for the Staplers made aboue 28. ss. Flemish of euery pound English they solde theyr wares and Merchan∣dizes ☞ for, by an old composition taken betweene them and the Merchants of those parts, by the which manner of reckoning, they got aboue 60. in the hundred in England.

The like reckonings made the Merchants Aduenturers, by the sales of theyr commodities, although theyr gaines were not so certaine, because they had no such composition with the Merchants of those parts, as the Staplers had. Yet sold they after such rate, that they made of euery English pound, be∣tweene 26. and 28 .shillings Flemish, all the while the Exchange came from thence, betweene 16. and 18 .sh. for the English pound. And so amounteth theyr gaines to aboue 50. and 60. in the 100. for a Moneths space, or at the most, for the space of one Mart, making and returning home theyr Money by their Exchange. During the time of which Exchange, there was such a speedy and quicke trafficke betweene England and the Mar∣ting-Townes, and all for the loue of this lucar & great gaines, that no commoditie in England transportable for those parts, could lye by them vnbought. And this meanes and practise of the two Companies of Merchants, in following the Trafficke & Merchandising Exchange, was the principall cause, why both forraine wares, and English, grew to such excessiue prices in England. For when all other sorts and conditions of persons of the Realme, perceiued, that the bettering and amending of the ☞ coine of Mony of the Realme, was nothing esteemed amongst the Merchants, but rather lesse regarded, as though it had bin lesse in value then it was before, forsomuch as they daily en∣creased the price of the wares they brought from the Marting-Townes to be sold in England: All other States likewise, be∣ganne to passe and set nothing by it, and so rather couited to bestow it rashly and vnaduisedly in one thing or other, what price so euer things did beare, then discreetly and warily to foresee and looke afore-hand, how they might bestow it, for the bringing downe of the immoderate prices that euerything was growne vnto, because they were perswaded, that the said English coyne, was no more worth then the Exchanging Mer∣chants valued it at. In so much, that the Clothiers which came to Blackwell-hall, set theyr pices on their Clothes, according ☞ as they learned of the Merchants the price of Money came

from the Marting-Townes in their Merchandising Exchange into England, and not according to the valuation thereof giuen & proclaimed by their Prince. So that Merchants brought all men to follow theyr bow, as concerning the estimation of English Money, where they in the meane season, passed not what they gaue in England for the Commodities thereof, though they sold them to no profit at the Marts, because the returning of the Money from the Marting-townes by theyr Merchandising Exchange, was so profitable and gainefull vnto them, during this base and low price of Exchange.

Likewise, whereas the Queenes Maiestie, by the aduice of her prudent and graue Counsellers, mooued with great loue, zeale and pitty towards all states of persons, but specially to∣wards the poorer sort, oppressed and burthened with the ex∣cessiue prices of all things vendible within her Graces realme, which sprung and rose (as the common fame went) by the oc∣casion of the Drossy and monstrous Base-Money, currant and set forth, or at the least way, permitted to be currant and set foorth, by her Graces predecessors throughout the Realme: like a most godly and louing Princesse, hath taken away and a∣bolished, all the said course and Drossy Money & coyne, and for it restored as fine siluer coyne, as euer was currant in the Realme before, or rather finer; hoping, meaning, and inten∣ding thereby, to haue taken away there-with, the corrupnesse and drossines of prices, which likewise all thinges sold in her Maiesties Realme at the time was corrupted with: As with∣out doubt (if no subtill pollicie had come betweene, to haue letted and stopped her Graces wholesome purpose therein) it would haue effected. For some likelihood thereof began a lit∣tle while to appeare, by the falling of the prices of victuall at the Markets, when it was first noised and bruted abroade, that by a certaine day appointed and limited, no Money but such as was of fine Siluer, or Gold, set forth by her Maiesty, or by her Graces Predecessors, should be paiable or currant there∣after, within the Realme: and that all the drossy coyne, should be brought to her Mint of London, where euery man should receiue for the same pure and fine Siluer Money of her Graces coyne: whereat all persons much reioyced, although for the present euery state of the Realme knew they should receiue a losse thereby. Yet the consideration of the benefit that was to

a good will. But heere blind couetousnesse, with greedy gaine and lucar raigning in the Marting-Merchants, stirred vp theyr wits to practise their old subtill pollicie for the sauing of theyr state from losse, which was to bring downe and abase the Eng∣lish pound in their Merchandising Exchange, for the returning home of theyr Money into England from their Marting-townes at the other side the Sea; and as they did before, in the blessed time of King Edward, so now at the first bruite and rumour of this Queenes most noble and euer praiseable enterprise, they caused the price of her pound of Money to be valued in theyr Exchange but at 16. and 17. ss. Flemish: by which occasion, as it came to passe before at other reformations of Monies, the prices of all those Countrey commodities, and also of all other forraine Nations and Countries, did not onely keepe theyr old excessiue and deere prices in England, but did rather en∣crease and waxe higher, and so did likewise the commodities of the Realme follow after, not onely because forraine wares did so, but specially for the hastines men made to bestow their Money vpon them, by the examples of the Merchants Aduen∣turers, who spared not to buy all manner of wares transporta∣ble beyond the Sea, at what price soeuer was demaunded for thē, for that this returning home of Money by Exchange, made them great gayners, and would be a way & meane, if the worst fell, to keepe and saue them from all losse and danger in the fall of the Money, which all other states and conditions hauing theyr traffick within the Realme, looked to haue sustained and borne by the reformation of the said Money, which these Merchants Aduenturers did prouide to auoyde, through this theyr peculier traffick and practise, by tossing and turning their Money, betweene England and their Marting-Townes, by the sayd Merchandising Exchange.

For although the commodities of the Realme, which they transported to the Marts, rose from 4. li. to 6. li. and 7. li. Eng∣lish, yet might they sell them at the Marts, as good cheape as e∣uer they did, and be greater gainers then in times past. For so much, as though customably they did make afore times 30. & 34. ss. Flemish of a pound English in theyr sales, after which rate, they made 6. and 7. pound, 8. ss. Flemish, of 4. li. English, and so 150. pound, and 160. li. Flemish, of a 100. li. English, yet because they returned theyr Money by Exchange at that time after 28. ss. and 30. ss. or 32. ss. Flemish for the English

pound, theyr gaines passed not aboue 13. in the hundred. Where now selling their commodities at the said prices of 6. & 7. li. Flemish, though they paid also for them so much in Eng∣land of English Money, (after which reckoning they did or do make of 100. li. English, but 100. Flemish) yet returning home their Money, after this reckoning and low Exchange of 16. and 17. ss. Flemish for the English pound, they got betweene 17. & 25. in the hundred, notwithstanding they sold not vnder 24. & 26. ss. Flemish for the pound English during the said lowe Ex∣change: after which rate, although they made but 120. & 130. li. Flemish of their 100. li. English, yet made they in England at the returne of their Money, by the foresaid low Exchange, a∣boue 150. and 160. li. English of their 100. li. transported first from thence to the Marts. By which manner of reckoning, ☜ theyr gaines rose to aboue 50. and 60. in the 100. for the space of one Mart. And so by this policy of Merchandising Exchange, Merchants Aduenturers haue not only saued themselues at all falls of Mony passed in England, & haue hindred the Queenes Maiesties purpose, for the bringing downe of the excessiue pri∣ces of things, in the vtter abolishing of all the drossy & corrupt Money in the Realme: but there-withall, they haue beene e∣uermore the occasion and Authors of the disorder, and of the raysing of all manner of wares and commodities in the Realme more and more, to such excessiue and inordinate price, as ey∣ther they haue borne or doe beare at this day; neither is there any other kinde of State or Persons in the Realme, that eyther could haue deuised, or els that went about to frustrate her Ma∣iesties purposes, in reducing all the base coynes to so pure or fine substance or matter, but onely these Merchants Aduentu∣rers, by the practise of their fraudulent Exchange: for all other maner of persons of the Realme, would gladly haue borne the losse of the Money, according to the Queenes Maiesties mea∣ning, because they perceiued, that they should thereby there∣after saue more for the buying of things at moderate and rea∣sonable prices, then they should lose by the reformation of the coyne; for the cause beeing taken away of those excessiue pri∣ces (which was as all men saide, the drossy and base coyne and Money of the Realme) the effect which proceedeth thereof, must needs also haue ceased and vanished away. But seeing it hath not so come to passe, men must needes say and confesse, that some other subtiltie and policie, besides the foresaid drossy

coyne, hath caused this inordinate prices, which is Merchan∣dising Exchange; practised by Merchants Aduenturers, as is heretofore proued.

ITEM, the same practising of Merchandising Exchange, is the meanes whereby all things doth continew deere, and at high prices still in England: for like as is before declared, the Merchants Aduenturers, for their owne priuate lucar & gaine, by the pollicy thereof, caused all things in the Realme to rise to immoderate and excessiue prices: altering the valuation of the English pound, without reason or equity, by disualuing, and bringing downe the prices thereof, farre vnder the value it ought to haue had in the sayd Exchange: which pollicy they inuented, at the fall of the Money, to preuent the losse their State and Company should haue receiued thereby.

So after the fall was proclaimed in England, for the loue of the like priuate gaines and lucar which they had tasted of so sweetely at the same time, euer since they haue kept the price vnder the summe of Money it ought to bee worth in the same Exchange, and thus passing and returning their Money in∣to England vniustly and without equity, they stay all man∣ner of wares and commodities, at the vnreasonable and ex∣cessiue prices they first brought them to, or rather doe raise them higher.

For neuer since the Queenes Maiestie, reduced all the cor∣rupt coyne of the Realme to pure and fine Siluer, the price of the English pound hath come from the Marting-Townes into England, aboue 22. ss. 2. pence Flemish, at Vsance by the sayd Exchange, where before till the first fall was noised in England, the coyne being most drossy and corrupt, the price of the sayd pound came from thence betweene, 26. and 28. ss. Flemish. To the which price the sayd Merchants, should doe their en∣deuour to bring it againe, rather then as they doe, keepe it at so vile a price, and farre vnder the price that it is esteemed, and valued to be worth, in valued Money of that Country, set foorth by the Prince thereof, forasmuch as all the Money of the Realme, is now so fine and pure. But greedy lucar hath no reason, which causeth that both the Merchants Aduenturers of England, and also the Merchants of the Marting-Townes, doe (as it were) by a conspiracy betweene them, keepe the value of the English pound, at so vniust and vile price in their Mer∣chandising Exchange; for by reason thereof, doe the Merchants

of those parts sell there wares to English Merchants, for mer∣uailous much more gaines, then euer they did before, and buy the commodities of England againe of them as good cheape, as euer they did at any time before: likewise the sayd Mer∣chants of England, gaine and get much more then euery they did, whether they make imployments of their Money home in wares, or in Money by Exchange from the Marting-Townes.

Therefore it appeareth, that as this base, vile, and low price of the English pound, in their Merchandising Exchange, did raise at the first, all manner of wares and commodities, to im∣moderate & excessiue prices in England: so by the same Mer∣chants, hauing gathered so sweete and pleasant gaines, doe they stay and keepe them at those sayd immoderate, and excessiue prices, from the which there will no way be found to remoue them, so long as the Merchants may liberally at their pleasure, vnder-price the Queenes Maiesties coyne of England, in their Exchange: and so trade and Traffick therewith, betweene Eng∣land, and the sayd Marting-Townes, because of the great com∣moditie, gaine, and profit the Merchants of both Countries receiue by the same.

Moreouer, the Queenes Maiestie of England, receiueth great losse and dammage at the Merchants hands, by taking or prouiding Money of them by this their Merchandising Ex∣change, according as they practise it now a dayes: for where the Merchants Aduenturers, and Staplers of England, esteeme the English pound in their Merchandising Exchange, not aboue 22. ss. 6. pence Flemish, from London to Antwerp, at Vsance, yet is not that the true and iust valuation it ought to haue in currant Money of the sayd Exchange, forsomuch as by the publick valuation of that Country Money, proclaymed by the commandement of the Prince, anno. 1559. the English pound of Money is esteemed to be worth, of the same valued Money, 22. ss. 6. pence Flemish at least, which valewed Mo∣ney is better by 6. pence, and 12. pence in a pound, then the currant Money by Exchange.

So then, when one deliuereth Money in London by Mer∣chandising Exchange, to be payd againe at Antwerp, at sight, he ought to receiue there for his English pound of Money, at the least, 23. ss. Flemish, of this Exchanging Money, and after the Order of Merchants, in the sayd Exchange, if it be deliuered

for Vsance, he ought to receiue 23. .sh 6. pence Flemish.

Neither can the Merchants giue any good reason, why the price of the English pound in their Exchange, should be estee∣med at this day but at 22 .sh. 6. pence, seeing it is no lesse worth in the valued Money of the sayd Country.

For after their olde Order of their Exchange, when the Eng∣lish pound was valued in those parties to bee worth 26 .sh. 8. pence Flemish of the Princes Money, the sayd pound in cur∣runt Money of that Exchange, was worth 28 .sh. so that then their was 4. Grotes of Exchanging Money allowed more to the English pound at the least, then of valued Money, yea most commonly it came from thence into England, by their Ex∣change at 30 .sh. Flemish and somtime at 34 .sh. of the sayd Mo∣ney, & from hence it went at a more and higher price in their sayd Exchange.

Therefore according to the proportion of the prices of Mo∣ney then, and now at this day: the price of the English pound from hence ought not to bee vnder 23 .sh. 10. pence, & from hence at 24 .sh. 4. pence, for from hence by the Order of Ex∣change, vnto the Marting-Townes, the price of the sayd pound is higher and more worth, then from thence hether commonly, by 6. pence Flemish.

Wherefore if truth and equity were vsed in this Merchandi∣sing Exchange, or if the foresayd English Merchants frequented the Marting-Townes beyond the Sea, for the preferment of the Common Wealth of their Country, and not rather altoge∣ther ☞ for their owne priuate gaines and lucar, they would neuer maintaine this piraticall Exchange, that they practise now a dayes, esteeming the English pound to be lesse worth of their Exchanging Money, then the Prince alloweth it to be worth of his valued Money, which was neuer seene before these dayes.

For seeing their Exchanging Money is worse by 6. pence & 12. pence in a pound, then the Princes valued Money, why should not more thereof bee giuen and allowed for the Eng∣lish pound, then of valued Money according as it hath beene accustomed, to bee euer heere before when the Prince of that Country allowed 26 .sh. 8. pence of his valued Money for the English pound.

Therefore that the Queenes Maiestie, might be exonerated of so great losse, when her affaires doe require the foresayd

meane to prouide Money, and to the end some way of refor∣mation, might also be prouided for the redressing of the exces∣siue prices, that specially all forraine wares be sold for in Eng∣land: the foresayd Merchants Staplers and Aduenturers, would bee by some order compelled to bring the English pound, to this aforesayd iust price & valuation, it ought to haue in their vniust and polling Exchange, & then shall they bring the Sales of their commodities, at the Marting Townes to be sold at 26. and 27. ss. Flemish, and vpwards for the English pound: for the Sales of their wares must bee 2 .sh. in a pound aboue the price it hath in their Merchandising Exchange, or els shall they make no reckoning to liue by.

And so after this reckoning, raising the price of their Ex∣change, shall they be able to sell in England, and afford all for∣raine commodities, 25. in the hundred better cheape, and vn∣der the price they sell them now a dayes: which reckoning shall induce some manner of reformation, in the disordinate prices which all wares beare at this day, to the great ease of all the Common Wealth.

After the same sort, when the sayd Marting-Merchants ven∣ture into Spaine, although they can deuise no such way and meanes to practise their Exchange thether, as they doe to there Marting-Townes, yet by the example thereof, they occupy in that Country as subtill practise, and as iniurious, and hurtfull to the Common Wealth of their Country, as their Exchange.

For when they bestow xx. Nobles in the commodities of England, to be transported into Spaine, at the comming the∣ther withall, they make not their reckoning to sell their wares, to make their English Money good againe in Spanish Money, that is, to make of euery English Noble 15. Rialls of plate, and of euery 5 .sh. English. 11. Rialls, or a single Ducate of Spaine, which were to make of euery pounds worth of English wares, 4. Ducates in Spanish Money: but they make their reckoning to sel their wares there, as the Ducates were valued in England, when the coyne and Money of England was most base and drossy, after the reckoning they make of an English Noble, but. 11. Rialls or a single Ducate in Spaine.

So where they should sell the 20. Nobles English, for 26. or 27. Ducats Spanish, if they were profitable Merchants for their Country, with some gaines towards their charges, they con∣tent themselues now a dayes, rather then faile, to make of the

20. Nobles English, but 20. Ducats Spanish, and so turne the matter cleane contrary, deuising afore-hand at their retur∣ning home into England, to make by the Sales of such Spa∣nish wares as they bring into England, not onely 20. Nobles English, of 20. Ducats Spanish, but within these few yeeres they haue priced Spanish wares after such sort, that they haue ☞ made of euery Spanish single Ducate, betweene 8. and 10 .sh. English.

Which vnreasonable reckoning they were most diligent to make, when the English pound was most vily priced in their Merchandising Exchange: and that was alwayes at such time as when either the Queenes Maiestie that now is, or any of her ☞ prodecessors: were most studious by the abolishing of the sayd drossy and base coyne then currant, to haue brought downe the excessiue prices by their subtilty, raised vpon all things in England.

For at such times, the said Marting Merchants haue alwayes thought best and most fittest to take occasion to raise, and en∣haunce the prices of all manner of things in their owne Country, to the entent thereby to decline and auoyde the losse that should be borne by the reformation of the coyne & Mo∣ney, and therewithall did they venture most busily, their owne Country commodities into Spaine, in greater number then euer they were wount to doe before, and all because of this new manner of reckoning, to make of euery Spanish Ducate 8. or 10 .sh. English, in the Sales of those Country wares.

Through which occasion, they haue also raised the commo∣dities of that Country, to double and treble the price that e∣uer they were wont to be sold for in Spaine: insomuch, that the wise and discreete men of that Country, wish that the Mar∣ting Merchants might be kept from the trade of that Country, two or three yeeres together, for then they say that the Wines of those Partes, would not bee much more worth then the caske they be put in: And so likewise of Oyles, and other com∣modities thereof which now be vnreasonable deere: and yet doe they sell their owne Country commodities in that Coun∣try, not only as basely and low priced as euer they did: but al∣so haue brought them to bee in no regarde or estimation throughout all the country, where they haue brought all those Country wares to bee sold in England, for thrice as much as a foretimes they were wount to be sold in England, which be

vnreasonable and excessiue prices.

Yet can they not well sell them vnder those prices to be any gayners, they leese so much in the Sales of their owne com∣modities which they sell in those parts, although they needed not to doe so, if they kept any Merchantlike Order in the trans∣porting of their commodities into those parts: and in the Sales thereof at their comming thether, as other Merchants of the Realme haue done in times past, when they made euer recko∣ning to make in the Sales of their commodities in that Coun∣try, 15. Rialls of plate of euery English Nobles worth of ware they brought thether, which gaines is sufficient towards the charges.

So might wise and discreete Merchants doe now at this day, as well as they which were wise in times past did; for the commodities of England, be as necessary and commodious for the Country at this day as euer they were before, and therfore would they giue for them as much Money as euer they did, whereof I poore and plaine WRITER of this Treatise, haue had good experience, euen in these dayes.

An Abridgement of the speciall Inconueniences to this Realme of England, handled in the foresayd tenth Chapter.

FIrst, that from transporting of the Store, and translating of the Staples (sometimes held at Callice and other good Townes in England) to priuat Mart-Townes in Forraine Countries, hath proceeded the principall occasion of the ruine and decay of most of the Ports, Hauens, Townes, and Citties of this Realme, & the ouerthrow of sundry Artificers and Trades dwelling within them, most necessary to haue beene main∣tained for the generall good of the Common-Wealth, and speciall reliefe of the poore.

Secondly, That Merchants by the Vnderpricing of the coyne of this Realme in there Merchandising Exchange, at their priuat Mart-Townes, haue beene the impediment, that neither the Queenes Maiestie, nor her Predecessors, could bring to effect the thing which they went about, by reforming and re∣fining the drossy and lothsome coyne, and Money currant in

the Realme.

Thirdly, the sayd Merchants, by the practising of their Mer∣chandising Exchange, were the originall cause why all manner of wares, Merchandizes, and commodities, as well of the Realme of England, as of all other forraine Realmes, rise to huge, im∣moderate, and excessiue prices.

Fourthly, that all the excellent and necessary commodities of England, bee vnprofitably exported and transported into forraine Countries at this day, forsomuch as by the occasion of their Merchandising Exchange, they bee better cheape solde abroade, then they cost in England; to the great disorder, and hinderance of the Common-Wealth.

Fiftly, the Queenes Maiestie is greatly defrauded by the sayd Exchange, when her Maiesties affaires doe constraine her to prouide Money by that meanes at the foresayd Merchants hands, (contrary to the truth and valution of her owne coyne) and so likewise be her Ambassadors, sent in her Maiesties af∣faires and messages into any forraine Realme, when soeuer they haue neede to prouide Money by the sayd Exchange.

Sixtly, by the practising of the sayd Exchange, all manner of Gold and Siluer is continually conuaied, carried, and trans∣ported out of the Realme, and is the let and impediment, why neither Bullyon of Gold or Siluer, is so liberally and freely brought into the same as in times past it hath beene.

Seauenthly & lastly, the sayd Exchange causeth, through the vile, base, and vntrue valuation the foresayd Merchants keepe the English pound at in their foresayd Exchange, being so farre vnder the price it ought to haue; that these immoderate and excessiue prices, which they haue brought all things to be sold at in England, cannot be diminished, brought downe, or mitti∣gated, to moderate, reasonable, and indefferent prices.

A generall Conclusion.

THis Treatise thus ended, hath for warrant and Credite these foure Circumstances: probability of Reason, plaines of Stile, speciall Experience, and Time of writing. From whence this Conclusion beeing drawne, is heerevnto added. That KINGS and KINGDOMS are heauenly Relatiues. And TRVTH hath said it, That the Desire of Money, is the roote of all Euill, & that Couetousnes is flat Idolatry. Which standing most true, it followes by Consequence, that MERCHANDISING EX∣CHANGE is that Laborinth of Errors & prinate Practise, where∣by (though KINGS weare Crownes, & seem absolutely to raigne) particuler BANKERS, priuate SOCIETIES of Merchants, & Couetuous Persons, (whose End is Priuate gayne) are able to suspend their Counsailes, & controle their Pollicies: offering euen Bountie to KINGS, the Fountaines of Goodnes, & lending Mony to So∣ueraigne STATES and EMPERORS themselues, that onely can make Coyne, and should haue to giue largely, and lende vnto others. Thus making KINGS to be Subiects, and VAS∣SALLES to be Kings. Such hath been the strength of that Staine and Stay of Pietie, that contempt of Iustice, that seede of Dissenti∣on, that world of Warres, and Art of Witch-craft, VSVRIE. Such is and will be the power thereof at all occasions: till KINGS and COVNSAILERS take their owne Charge in hand, and (next to RELIGION that sanctifies all) relieue & maintaine the Nurse of IVSTICE, that rectifies all. To wit, free-borne TRAFFICK, I meane in ENGLAND, and English TRAFFICK.

In Magnis voluisse sat est, sunt caetera DIVVM.