A TREATISE OF THE CANKER OF ENGLANDS COMmon wealth Deuided into three parts Wherein the Author imitating the rule of good Phisitions First declareth the disease Secondarily sheweth the efficient cause thereof Lastly a remedy for the same By GERRARD DE MALYNES Merchant Sublata causa tollitur effectus Imprinted at London by Richard Field for William Iohnes printer dwelling in Red-crosse-streete in ship Allie 1601. THE FIRST PART CONCERNING THE DISEASE OF THE English Common wealth PLato the Philosopher perceiuing that equality would be the cause that euery man should haue enough was of opinion and willed all things in a common wealth to be common whom sir Thomas Moore in his Vtopian common weale seemeth to imitate to the end that an infinite number of lawes already made and the making of so many new lawes as daily are made might be abolished whereas all of them are not sufficient for euery man to enioy defend and know from another mans that which he calleth his owne proper and priuate goods But this equality cannot be established neither was there any such euer vsed in any age or commaunded by the word of God but that possessing these worldly goods we should so vse them with charity towards others as though we did not possesse them at all Neuerthelesse as a commonwealth is nothing else but a great houshold or family yet the Prince being as it were the father of the family ought to keep a certaine equality in the trade or trafficke betwixt his realme and other countries not suffering an ouerballancing of forreine commodities with his home commodities or in buying more then he selleth For thereby his treasure and the wealth of the realme doth decrease and as it were his expences become greater or do surmount his incomes or reuenues This is the vnknowne disease of the politicke body of our weale publicke before mentioned the efficient cause whereof must be found out before any remedy can be applied or deuised Sublata causa Tollitur effectus sayth the Philosopher which is graffed in euery mans iudgement that the cause of any thing being taken away the effect is taken away withall Hereuppon let vs note that properly the wealth of the realme cannot decrease but three manner of wayes which is by the transportation of ready money or bullion out of the same by selling our home commodities too good cheape or by buying the forreine commodities too deare wherein chiefly consisteth the aforesayd ouerballancing which is the cause of inequality we giuing in effect both mony and commodities to haue forreine commodities for them To proue our assertion we can hardly make this inequality appeare in the application thereof to euery member of our common-weale albeit we do find the want of treasure and monies exported for the same For it be falleth vnto vs concerning monies and wealth as it doth vnto a Generall of a campe of ten thousand supposed armed men whereof muster being taken at seuerall times and vpon seuerall dayes yet all of them generally are found to be armed because one lendeth his armour vnto another whereas if they were all mustered in a day and at one instant a great part of them would be found to want armor the like want of monies and wealth should we find if the matter were duly examined Yet for an instance let vs consider how much the price of lands is risen with vs of late yeares euen within the memorie of man and that this their estimation or value is in regard of money or other things mony-worth and compare the same thereunto and we shall very well perceiue that we ought to ballance the value of things vpon this beame laying the lands on the one side and the money or things mony-worth in value on the other side to finde out this inequalitie Aristotle saith that riches is either naturall or artificiall The naturall riches as lands vines forrests meddowes and such like The artificiall as money gold siluer wooles cloth and all other moueables and houshold stuffe Nowe as this artificiall riches is proceeding of the naturall riches and that both these doe receiue their price and estimation by money which is the measure and rule to set a price to euerie thing so reason requireth a certaine equalitie betweene the naturall riches of lands and the artificiall riches of commodities proceeding of the same Hereupon let vs note further that all the trade and trafficke of the realme is performed vnder three simples namely commodities money and exchange and examine the originall beginnings of them and their present course seeing that God caused nature to distribute her benefits or his blessings to seuerall climates supplying the barennesse of some things in our countrey with the fruitfulnesse and store of other countries to the ende that enterchangeably one common-weale should liue with another First we find that when commodities began much to abound in the world all manner of mettall as gold siluer copper tinne lead and yron grew into greater estimation as being fit and more durable to preseruation and so the purest and finest mettall most esteemed at which time the riches of men was notwithstanding described to consist of cattell commodities and other moueables and there was a permutation of things which was very combersome and did require much cariage of wares vp and downe and from one countrey into another By reason whereof money was deuised to bee coyned of the finest and purest mettals to be the rule or square whereby all other things should receiue estimation and price and as a measure whereby the price of all things might be set And to maintaine a certaine euenhood or equality in buying selling and the same to haue his standing valuation onely by publicke authority to the end that all things might equally passe by trade from one man to another The Standard of the starling money of England was first coyned at a place so called by Osbright a Saxon king of England aboue seauen hundreth yeares past at which time an ounce of that siluer was diuided into twentie peeces and so esteemed twentie pence which so continued vntill King Edward the first his time and vntill King Henry the sixt and then by the kings publicke authoritie was valued at thirtie pence and continued vntill king Edward the fourth and then at fortie pence vntill King Henrie the eight and then at fortie fiue pence vntill King Edward the sixt and so vntill her Maiesties most happie raigne at fiue shillings the sayd ounce of twelue ounces to the pound Troy weight and twentie peny weight to euerie ounce and twentie foure graines to euerie pennie weight Now as the finenesse of siluer is twelue ounces and euery ounce also twenty peny weight in finenesse And the finenesse of gold is twenty foure carats and euery carat foure graines likewise in finenesse so all monies of gold and siluer do participate of this finenesse according to their substance and the standard starling mony of this realme is eleuen ounces two
continually to rise beyond the seas caused the angell noble being the sixt part of an ounce and taken for two ounces of siluer to be valued from sixe shillings eight pence vnto seuen shillings foure pence and presently after vnto seuen shillings sixe pence whereby euery ounce of siluer was worth forty fiue pence and yet there was nothing effected thereby the money still altering beyond the seas whereupon Cardinall Wolsey had a patent graunted him by the king to alter the valuation of money from time to time as he should see cause Afterwards the sayd king in the two twentith yeare of his raigne perceiuing that diuers nations brought abundance of forreine commodities into his realme and receiued therefore ready mony which money they euer deliuered to other merchants by exchange and neuer employed the same on the commodities of the realme whereby his Maiesty was hindred in his customes and the commodities of the realme were not vttered to the great hinderance of his subiects as it is there alleadged his Maiestie caused a proclamation to be made according to an olde Statute made in the time of king Richard the second That no person should make any exchange contrary to the true meaning of the same Act and Statute vpon paine to be taken the kings mortall enemy and to forfeit all that he might forfeit which tooke effect but for a short time and no other was to be expected it not being of that moment nor the principall cause as hereafter shall be declared After all this followed the embasing of mony and what happened then we haue already declared so much as is thought conuenient All which notwithstanding and as it were in derogation of the credit of experience yet some men will attribute the cause of transportation to the finenesse or vnder valuation of our monies and would haue our monies inhaunced in price or embaced by allay without that they haue any cōsideration that in some sort our exchange shall be made accordingly and that the matter would remaine still in substance although it were altered in name whereof the base monies daily exported out of Fraunce and the inhancing of monies in Turky and Barbary do giue vs an instance And it followeth that neither difference of weight finenesse of standard proportion betweene the monies or valuatiō thereof can be any true causes of exportation of our monies so long as a due course is holden in the exchange which is founded thereupon as before hath bene shewed Hauing found out the efficient cause the remedy is easie and most commonly great matters are cured by easie remedies And by that which hath bene sayd euery man of iudgement may easily gather that the exchange for all places ought to be kept at a certaintie in price according to value for value and that according to the value of our money and the tolleration of the price of the mony in each countrey where we find that a certaine proportion is obserued from time to time to which end there must be a vigilant eye for the obseruation thereof vpon all alterations and to make our price of exchange accordingly both for the gold and siluer either in aduancing our gold and making the porportion to be betweene the gold and siluer 12. to 1. or else making the price of exchange according to the gold If we do make our gold to be worth twelue of siluer as is vsed in most places then must our angels and other gold be called in if so be that we will not thinke conuenient that the weight and price should be altered and new angels may be coyned of crowne gold holding still their price and weight or else if we will alter the valuation then our angels should bee at ten shillings ten pence and the French crowne sixe shillings sixe pence for there is as much difference betweene the proportion of eleuen to one and twelue to one as there is difference in the price of angell gold and crowne gold But altering neither of these the exchange might qualifie the same the rather because that for places where we haue no ordinary exchange our gold and siluer monies are transported in nature of bullion especially the siluer being more worth in some mintes beyond the seas then by valuation as we haue noted before For the keeping of the price of exchange at a certaintie according to value for value some are of opinion whereas these exchanges are most commonly made by certaine persons sworne to deale honestly betweene partie and partie commonly called brokers that euerie merchant exchanging should be bound vpon a penalty not to make any exchanges without them and according to their direction to which end they should haue a certaine prescription specified in a paire of tables how to make these exchanges and should become bound with sureties to make them accordingly in the course whereof there should be no other difference betweene the deliuerer and taker vp of monies but after ten vpon the hundreth for the yeare and to make them payable at some short time to cut off the merchandizing of the same both here and beyond the seas Others that do not like to enter into bonds do allow of the opinion of those that do affirme the same would be more exactly done by certaine skilfull and substantiall men thereunto authorised by her most excellent Maiestie to be the generall exchangers with whom all men should be commaunded to make their exchanges here in England and in the like manner our merchants onely in the chiefe places of trafficke beyond the seas with these Exchangers deputies also in manner aforesayd wherein would be litle restraint for he that would not deliuer his money here by exchange might if he would employ the same vpon our commodities and rather then to transport any in specie he would deliuer it by exchange when vpon a simple bill he might haue as much giuen him by the meanes of the exchange as the same would yeeld him beyond the seas being caried in specie with great aduenture and in danger of the losse with treble the value according to the statute On the contrary he that would not deliuer his money beyond the seas by exchange he might bring ouer forrein commodities being at a reasonable rate or else the money in specie prouided alwayes that in bringing monies there be no permission any other to be currant but such as are already proclaimed and all other to bee brought into the mint or to these exchangers deputies which should giue presently other ready money for it according to the statute 20. E. 3. whereby of course also that might be effected which heretofore was commanded by the statute of 8. H. 5. 2. whereby the Staplers were to bring a good part of the returne of their woolles in bullion The most noble kings of this realme Edward the third Richard the second Henry the fourth Henry the fift Henry the sixt and especially Henry the seuenth made most noble statutes against the abuses
money to be made ouer by exchange and they may then altogether seeke the gaine vpon their home commodities selling them with more reputation When young merchants hauing small stocks and running for moneys vpon the exchange shall not through their rash sale abate the price of cōmodities especially whē more money shall be had at interest the merchandizing exchange ceassing whereby young merchants may be supplyed in their neede or occasions and with smaller stockes and lesse aduenture haue greater gaines for the Canker of this exchange shall not consume them as it hath done many of them and others and that vnawares for the same is like vnto the Serpent Aspis which stingeth men in such sort that they fall into a pleasant sleepe vntill they dye If any man shall make doubt of the execution hereof let him but haue a due consideration of the course of the right exchange both here and beyond the seas and he will wonder that so great matters can be brought to passe by so easie meanes especially whereas it might be thought difficult in regard of other nations First the gaine had vpon the mony deliuered by exchange here in England either really or imaginatiuely being taken away will cause the merchādizing therof to cease We call that really when in specie the mony is paid and imaginatiuely when in regard of the generall want of monies it is in effect but payd as it were by assignation And then all such merchants either strangers or natiue subiects which deliuer their mony by exchange for gain sh all deliuer the same at interest causing plentie of mony within the realm for the generall good Secondly for the course of the exchange beyond the seas euery man can easily vnderstand that as the gaine of the exchange appeareth only by the returne thereof that no merchant stranger will deliuer any money vnto our merchants when he shall know the certaintie of the price of exchange which doth exclude the gaine considering that all men within the Realme shall make their exchanges at a certaintie either by the meanes of Brokers or the generall exchangers especially our merchants beyond the seas being generally the deliuerers of money and few of them takers vp So that this course of exchaunge shall command other nations we hauing moreouer the heade of this principall exchange of our 20. shillings sterling whereupon exchanges are made and so the head will commaund and direct the other members of the body Neither will merchants straungers take vp money by exchange at a lower price to their losse of any of our merchants then our exchangers deputie wil giue but will rather cause their money to be made ouer from hence for gaine beareth stil the sway in the course oftrade Thirdly the generall course of this exchange in the chiefe places of trade will gouerne the particular as it is in al traffiques So that any exchanges made in any places of small traffique where the exchangers shall haue no deputies will be of small moment For if our merchants that do deliuer the money must giue much to haue their money payed here in England it will be for the good of the Realme for they will sell their commodities accordingly vpon this occasion And if they do deliuer it at a lowe rate vnder our exchangers price the matter cannot be great for those also which are the takers thereof will rather take it of our exchangers deputies at a better rate by the meanes of their friends or factors dwelling in the chiefe places of traffique where our merchants shall deliuer their monies to the exchangers deputies euen as merchants straungers shall do here in England And the merchandizing exchange which causeth one summe of money to be exchanged for the most places 6. times in a yeare being taken away the ordinarie exchange is not of any such moment that we should doubt of the sufficiencie of such substantiall men as might execute the same considering also that they shall serue euery mans turne that will take vp money by exchange here of them and that there shall be no constraint for any man to deliuer his money here or beyond the seas but may employ the same vpon commodities at his pleasure Lastly let vs answere to some obiections notwithstanding that the due consideration of the premises and the waightinesse of the matter might satisfie vs. To the generall obiection that selling our commodities dearer would be an interruption to the traffique we haue already shewed how necessarie our commodities are what request thereof is in all places so that such controuersies as sometimes arise are alwaies qualified or ended by the procurement of the aduerse parties themselues as it happened in the ninth yere of king Henry the 7. vpon a contention betwixt the said king and the king of Romanes and a displeasure taken against the Flemings and especially against the Lady Margaret Duchesse of Burgundy and sister to king Edward the fourth in causing to be banished out of his dominions all Flemish wares and merchandizes and restraining all English merchants from repairing trafficking into any of the territories of the king of Romanes or the Archduke his sonne the Mart to be kept at Calis for wools and cloth whereupon the king of the Romanes and the Archduke banished all English commodities out of their dominions which continued almost three yeares vntill the Archduke sent ambassadours vnto the king to conclude a peace and therewithall was the contract of entercourse also concluded betwixt the said king and the house of Austria and Burgundy the like examples we haue more Againe that young merchants or others shall not haue so much credit at the hands of the exchangers as they haue now at diuerse mens hands and that therefore it were better to enter into bond as aforesaid which would be duely obserued because the bils of exchanges should beare witnesse a-against them Let vs consider that they should not haue such great occasions to take vp money when mony should be plentifully here deliuered at interest which is now deliuered by exchange whereas also they may bring ouer monies for their returne when they see cause and the exchangers receiuing here much money at the merchants straungers hand by exchange would be glad to giue a greater credit to haue the better meanes to repay the money beyond the seas to the merchant stranger The difference betwixt those that deliuer their money at interest or by exchange in regard of vsurie consisteth onely in the name for they haue both an intention of gaine vpon money and do beare an aduenture for the losse of their monies whereas the one is certaine to haue no more but ten vpon the hundred at the most and the other doth expect at the least 15. or 20. vpon the hundreth in regard whereof he is contented to stand in aduenture to lose sometimes and that seldome by exchange but still the intention remaineth which should be the surest guide of conscience to take away false
time vpon all occasions The States of the vnited lowe Prouinces hauing made it fellony by the lawe and deuised all the courses and meanes to effect the same could neuer do it Albeit that in Anno 1594. they kept their mintes without worke for the space of a veare and more For they are not onely interrupted by the seuerall mintes of other Princes adioyning vnto their countrey but also for not hauing so absolute a gouernment the body thereof being compounded of equall parts euery one claiming as absolute power as the other Howbeit we shall find that generally by them all there is a kind of proportion kept both betweene the gold and siluer and in the valuation of them Neither were it conuenient for the States to cry downe their monies whilest the 17. low Prouinces are separated albeit they haue suffered of late and still do without any alteration of their monies that the Archduke Albertus of Austria doth value certaine ducats which he caused to be coined at a higher rate then they be worth as hauing occasion to vse siluer for the East Indies which they obtained for the gold which they had from vs and elsewhere But omitting many other particular matters let vs conclude with the second part of our treatise wherein we haue shewed how the course of exchange being abused doth ouer-rule the course of commodities and money Also that the transportation of mony for places from whence we haue necessarie commodities by way of permutation for our money can not be preiudiciall to the Realme as the abuse of the exchange is for those places where our merchants haue the vtterance of our chiefe and principall commodities which exchange both of course and by practise is ruled by other nations the Realme receiuing thereby an incredible losse through the ouerballancing of the forraine commodities with our home commodities in nature before alleadged which to supply draweth away our money and treasure and bringeth such inequalitie between the naturall riches and the artificiall riches that husbandmē are many times when the haruest faileth vnable to pay their rents and poore artificers to liue by their handy worke as hauing nothing but from hand to mouth For the course of forrain commodities vpon the alteration of mony bringeth withall an alteration in the gouernment of a commonweale Euery man knoweth that by reason of the base money coyned in the end of the most victorious raigne of king Henry the eight all the forrain commodities were sold dearer which made afterwards the commodities of the Realme to rise at the farmers and tenants hands and thereupon gentlemen did raise the rents of their lands and take farmes to themselues and made inclosures of groundes and the price of euery thing being deare was made dearer through plentie of money and bullion comming daily from the West Indies by reason whereof and especially for that the ounce of siluer was aduaunced by the said king Henry the 8. from 40. pence vnto 45. pence and afterwards in processe of time came to be aduanced to 60. pence the price thereof could no manner of waies abate albeit the money was afterwards restored to her former purity and finenesse and so would it be to small purpose if according to some mens opinions that wold haue things good cheape as heretofore the valuation of anounce of siluer were reduced againe at 20. pence For let vs consider how all these things haue driuen one another as in a presse going in at a streight examine them by a retrogradation if we require gentlemen to abate their rents giue ouer farmes breake vp inclosures it may be they would doe so if they might haue all their prouisions at the price heretofore wherunto the farmers tenants as I suppose would easily condescend if they might haue all things else at the merchant strangers hands or others at the same rate as they were wōt to haue heretofore And the merchant might say againe that he will sell his wares as he was wont to do if he may haue the like money answerable in value and finenesse as he was wont to haue heretofore and that with great reason seeing that permutation of commodities did cease with vs and that money was now to measure or value things and that the same must haue his value according to weight and finenesse as may go currant in most places Now the money being reduced to her former puritie and finenesse had not that effect because the valuation was altered and aduanced to sixtie pence which if it had bene abated to twenty pence would only haue altered the price of things by denomination and not in effect so long as we giue still the quantitie in weight and goodnesse in finenesse of our monies But I pray you to what purpose would this be and that your exchange grounded thereupon should be made accordingly if you would suffer the price thereof to rise and fall to the great preiudice of the realme as before is alleaged which being reformed will be the only way of preseruation and augmentation of the wealth of the realme and a great qualification of the things aboue mentioned by bringing plenty of money within the realme and staying that which will further passe whereby our home commodities will be aduanced in price which will increase the quantitie of them and set not onely more people on worke to make our home commodities but also other commodities now imported hauing within the realme fit matter or stuffe thereunto The due consideration of all which will make vs to imitate the custome of good citizens which seeing their citie on fire loose no time to enquire how and when the fire began but endeuor themselues with engins buckets of water and other necessaries to quench the flame thereof wherefore let vs without loosing any more time runne to the remedy following THE THIRD PART A REMEDIE AGAINST the Canker of Englands Common wealth BY that which hath bene declared we see how one thing driueth or enforceth another like as in a clocke where there be many wheels the first wheele being stirred driueth the next and that the third and so foorth till the last that moueth the instrument that strikes the the clocke Or like as in a presse going in at a straight as we haue sayd where the formost is driuen by him that is next him and the next by him that followes him and the third by some violent and strong thing that driues him forward which is the first and principall cause of putting forward all the rest afore him if we were kept backe and stayed all they that go afore wold stay withall this is therefore called Causa efficiens which not being rightly discerned from the meane causes made that many men were neuer the neare to remedy the thing they went about The Chronicles do record that to preuent the transportation of money king Henry the eight like a politicke Prince in the eighteenth yeare of his reigne perceiuing the price of money
of exchange and for the increase of their customes and then the right exchange as doctor Wilson sayth was onely vsed by the king or his exchanger albeit there was not any such vrgent cause so that the merchant stranger bringing his wares into the realme did first pay his custome and hauing made sale of his commodities and imploying the money that he receiued here vpon the commodities of the Realme according to the Statute 14. R. 2. and so paying custome againe departed home to his countrey without carying any money at all by exchange for if there were not sufficient commoditie here in wares he made his exchange then with the Kings exchanger and none other so that it was knowne vnto the exchanger what exchange hee made and vppon what cause But if this matter be now a dayes duely considered of it will not bee found of such importance as it is taken to be neither for the increase of the customes of the Prince or aduancement of the sale and price of our home commodities the trade whereof would best become our English merchants as the trade of the forreine commodities is fittest for the merchant strangers leauing the due course of exchange in manner aforesayd free for both parties to make their returne by vpon all occasions which would proue very profitable to the realme and her maiesties customes considering the sayd statute doth onely command the meere merchant stranger and not the denisons which are the principall dealers Our home commodities being also so needfull and of continuall request that at al times they are most vendible notwithstanding some small interruptions which now and then by reason of the warres and other controuersies do happen If the forrein commodities were for the most part imported by merchants strangers which pay more custome then the natiue subiect doth her Maiesties customes would very much increase Againe if they were bought better cheape more would be vented with vs and likewise greater quantity of our home commodities transported especially when money doth abound Lastly the trade of our commodities would increase if the trade of the marchandizing exchange did cease And were it not that the forrein commodities are consumed within the realme it were great reason that as the price thereof is risen so likewise the custome should be payd somewhat accordingly The Portugals which do engrosse the spices of the East Indies cause a great custome to be taken of twentie vpon the hundreth vpon the arriuall of the carrickes at Lisbone for the comming in of the spices and other commodities and cause other nations to pay the same making the price accordingly pleasing them againe in the custome outwards in taking but one vpon the hundreth for the same making in this manner their countrey as it were a store-house for spices as the Hollanders do theirs for corne comming from the East countries And the like plenty is vsed by other nations which would require a larger description as also how they inrich themselues by their industrie and handiworke of the stuffe of other countries and againe what commodities might be made within the realme we hauing fit matter or stuffe thereunto and how artificers and other workemens wages should be considered and yet to this purpose we cannot omit to commend the singular good Statutes made by King Henry the third and could wish that the wages giuen in those dayes with so great aduisement were now trebled according to the alteration of the valuation of money then an ounce of siluer being valued at twenty pence which is now rated at 5. shillings This is duly obserued in the city of London for the allowance of the baking of a quarter of corne the baker hauing now six shillings for the same whereas hee had in those dayes two shillings But returning to the matter in hand we say that the course of trafficke before mentioned would be effected by the reformation of the exchaunge for when our merchants should haue abilitie giuen them to import money then would they bring the lesser quantitie of forreine commodities and the merchant stranger would bring the more And againe on the contrarie the more readie money either in specie or by exchange that our merchants should make their returne by the more employment would they make vpon our home commodities aduancing the price thereof which price would augment the quantitie by setting more people on worke and would also increase her maiesties customes outward All which is tending to the generall good of her Maiesty the whole realme and euerie inhabitant thereof and this reformation is in effect no more but as it were the keeping of our owne weight and measure namely our money and exchange to sell our commodities by seeing that trusting other nations therewith we haue bene hitherto deceiued Neither can any nation take hereby any offence at all we receiuing value for value as they with reason do also one of another The remedy is easie and yet of such moment that as the course of things doth carry alwayes a great command so should we find that of course diuerse statutes should be obserued or executed viz. the statutes of 9. E. 3. 25. E. 3. 5. R. 2. 2. H. 4. 2. H. 6. 4. H. 7. 5. E. 6. prohibiting the transportation of money and bullion c. The statutes of 9. E. 3. 15. E. 3. 14. R. 2. 3. H. 7. and other concerning exchanges to haue their due course both within the realme and for forrein parts hauing according to the tenor therof exchangers for the monies of siluer and gold and for the monies or bullion brought ouer in buying the same and deliuering it into her maiesties mint as may be seene by the statutes of 8. H. 5. and 20. E. 3. before mentioned whereby her Maiestie should haue the due gaines of her mint and poore moniers should continually worke For the execution whereof monies were coyned in those dayes in seuerall places of the realme howbeit all by the direction of the maister of the kings mint at London Namely at Canterbury at Kingston vpon Hull Newcastle vpon Tine at Bristow and Excester And the exchanger for the king at London did also depute exchangers in the most places sauing that certaine merchants of Florence called Friscobaldi were the kings exchangers at Kingston Newcastle and Excester whereby appeareth the great care had thereof It will not be amisse to remember such benefits as will redound to the merchants aduenturers by the reformation hereof when at all times they may make a sure calculatiō of their gaines and accompts according to the knowne price of the exchange or in setting ouer the bils obligatorie which they receiue of their commodities for forraine commodities or in making ouer their monies by exchange at all times whereby they shall not be driuen to buy forraine cōmodities or stād in danger to become losers by the exchange vpon the alteration of the price thereof after the sale made of their commodities and before they do receiue their