the chiefe direction of that which he expresseth He sets forth their authoritie to keepe their Courts in their Towne of Callis but he conceales two matters of consequence contained in their Letters pattents viz an Exception and a Command An exception a command of the Merchants Aduenturers grant the Exception that if in their Courts they make any law or ordinance contrary to the honour dignitie royall or prerogatiue of the King or to the diminution of the common weale of the Realme it is of no force The Command We streightly charge and command that all and euery Merchant or subiect any way vsing or exercising the art or feat of a Merchant Aduenturer be obedient vnto the Gouerner and come into the said Fellowship of Merchants Aduenturers and be free of them paying the Haunce of ten marks sterling according to a certaine Act of our high Court of Parliament made within the time of our reigne c. And no maruel though he conceale it for that the practise of the Merchants Aduenturers is so contrary vnto it for to say nothing of their orders but of this disorder they do not onely refuse to admit his Maiesties subiects to be free of their Companie according to the said Command contained in their Letters patents and according to that good and worthy law yet in force as aforesaid but as I am informed they haue vtterly reiected and of late driuen out of trade by procuring the imprisonment of their persons and seizing their goods and other like vexations such as haue been brought vp in the trade of merchandize most part of their liues and so many as haue been obserued to trade for an hundred thousand pounds per annum and more yea notwithstanding that some great ones whom I thinke not fit for me to name haue spoken yea and written in some of their behalfes Now to proceed according to his booke From this time the Merchants Aduenturers continued without any other addition or alteration vntill the sixt yeare of Queene Elizabeth P. 34. at which time saith he they were inscribed by the name of Merchants Aduenturers of England and had authoritie to exercise their gouernment within this Kingdome wherein is to be obserued that the power and priuiledge giuen them by their former grants was but for their gouernment and vse in forreine parts wherin such abuse was coÌ„mitted y t they were at two seuerall times greatly complained of in Parliament in the 36. of Hen. 6. for interrupting of the Staplers and in the 12. of Hen. 7. for disturbing of other English Merchants vnder pretence of a particular relation that they seemed to haue to S. Thomas Becket for redresse whereof there were at the same times two worthy and memorable lawes made that are yet in force wherein there is a large expression of the complaints and remedies And whereas he relateth that in the 28. of Queene Eliz. these Merchants Aduenturers had a new grant for enlargement of their trade into Germanie with prohibition of all other her Maiesties subiects not free of their said Fellowship to trade into any of their priuiledged places which he saith he hath not by heare-say but by his owne collection I wish he had made a true collection and expressed the especiall prouiso that nothing therein contained should any way impeach or preiudice the Maior Constables or Societie of the Merchants of the Staple but that they and euery particular brother of that Companie should and might vse their trade and priuiledges as formerly they had done c. And at that same time the Merchants of the Staple had as free trade and large priuiledges in the Low Countries and Germany as the Merchants Aduenturers And in his recitall of the Letters patents made vnto the Merchants Aduenturers by his Maiestie he continueth his former course setting forth the tenor of the grant to the vtmost but not a word of the limitation and exception For it likewise pleased his Highnesse into those Letters patents granted vnto the Merchants Aduenturers in the xv yeare of his reigne to insert a most gracious prouiso and large exception for the Merchants of the Staple The prouiso followeth in haec verba viz. Prouided alwayes that these our Letters patents or any thing in them contained shall not in any wise be preiudiciall or hurtfull to the Maior Constables and Fellowship of Merchants of the Staple of England or to their successors or to any particular Fellow of the said Fellowship that now is or hereafter shall be but that they and euery of them shall and may haue and enioy all and euery such grants liberties and priuiledges as heretofore haue bin granted vnto them by Vs or any other our progenitors or predecessors as they or any of them haue lawfully vsed or had in as large and ample maner and forme as they or any of them might or ought to haue had or enioyed before the date of these presents any clause article or restraint in these patents contained to the contrary notwithstanding If they obiect that this prouiso was in respect of the trade of wooll and not of cloth I answer that cannot be so for that his Maiestie by his publique Proclamation had forbidden all exportation of Wooll three yeares before so that there was nothing to be reserued to the Merchants of the Staple by this prouiso but their trade of cloth And whereas he saith that the Merchants of the Staple neuer shipped any clothes at any time as Staplers but as Merchants Aduenturers I answer that the Merchants of the Staple in their notes aforesaid exhibited to the high Court of Parliament at the last Session did set forth that they had vsed the trade of shipping cloth before the Merchants Aduenturers or the Leidgers their predecessors had a name or being as is before recited and that they afterward exercised the same trade into the same Countries together with the said Merchants Aduenturers as they affirmed they could proue by Indentures of composition made betwixt the said two Companies They likewise signified that they haue had their trade of exporting all Staple commodities whereof cloth was one continued and confirmed vnto them by sundry Acts of Parliament viz. in the 27. of Edw. 3. and likewise in the 36. of Hen. 6. together with many other in the times of succeeding Princes and also by diuers and sundry the gracious Letters patents of Edw. 2. Edw. 3. Ric. 2. Hen. 4. Hen. 5. Hen. 6. Edw. 4. Hen. 7. Hen. 8. Edw. 6. with a large and ample grant of new titles and priuiledges in the third yeare of Queen Eliz of famous memory which she enlarged vnto them in the 26 yeare of her reigne and that all these haue been effectually confirmed vnto them by his Highnesse gracious Letters patents And for further proofe of their vse of the cloth trade they exhibited a report of three reuerend Iudges viz. Sir Christopher Wray Lord chiefe Iustice The report of three reuerend Iudges in the behalâ—e
THE CENTER OF THE CIRCLE OF COMMERCE OR A Refutation of a Treatise Intituled The Circle of Commerce or The Ballance of Trade lately published by E. M. By GERARD MALYNES Merchant Magna est Veritas praeualuit 〈◊〉 semper praeualebit LONDON Printed by VVilliam Iones and are to be sold by Nicholas Bourne at the Royall Exchange 1623. Regina Pecunia Loquitur Haec gaudere facit sapientis nomine stultum graue Prudentis munus obire viri Quisquis in hac non est sapiens quasi stultus habetur quasi quod Vacuum sit Ratione caput Regnat in incertis Regina Pecunia Rebus moribus Ambiguae quae stat in orbe deae TO THE MOST Illustrous and most excellent Prince CHARLES Prince of VVales Duke of Cornwall Earle of CHESTER c. It may please your Highnes THE Oracle of Apollo at Delphos being demanded why Iupiter should be the chiefest of the gods sith Mars was the best Souldier Answered Mars is valiant but Iupiter wise concluding by this that Councell and Policy are of more force to subdue then Valour Parua sunt Arma foris nisi sit Concilium domi saith Cicero but forasmuch that neither wisdome nor valour can well subsist without treasure since Moneys haue obtained the title of the sinowes of war and the life of Commerce I hope that the accumulating thereof may properly be called The Praeheminent study of Princes when the same is procured by Trade which is the sole peaceable instrument to inrich Kingdomes and Common-weales This Trade is performed betweene vs and forreine Countries vnder three simples namely Commodities Moneys and Exchanges for Moneys which being ioyntly and distinctly considered in their proper natures will cause our decayed Trade to flourish but because one Edward Misselden did omit to handle the Praedominant part of Trade in a Treatise Dedicated vnto your Highnes Intituled Free Trade viz. the Mistery of Exchanges and that not without an aspersion laid vpon me I was moued to make an answer thereunto shewing his maine scope to be to haue the moneys of the Realme inhaunced and the forreine Coyne to be currant at an equall value which was to reforme things by a Remedy worse then the disease for the inhauncing of our Moneys wil increase the prices of all things whereby the Kings most Excellent Maiestie shall become the greatest loser in the reuenewes of the Crowne and the Nobility and Landed men also and to make forreine Coyne currant within the Realme will ouerthrow his Maiesties Mint and abrogate a marke of Soueraignty the Coyning of Moneys Hereupon hauing in the Epistle Dedicatory of the said Treatise vnto his sacred Maiestie intituled The Maintenance of Free Trade compared the same vnto the Little Fish mentioned by Plutarch swimming before the Great VVhale because I had then vnder the Presse a great volume of Lex Mercatoria Dedicated likewise vnto his Maiestie and both presented vnto your Highnes The said Misselden carping at the Simile and directing his course from your Highnes hath lately published an opposition to the said Bookes called the Circle of Commerce copious of vnciuill speeches whereby in respect of priuat cause I haue great occasion to implore his Maiesties fauour against him As Homer did Ptolome the great King of Aegipt against the rayling coÌ„mentaries of Zoylus But the matter concerning the Publike and being of farre greater consequence then a centention for Learning I am compellâ—d humbly to beseech your Highnes to intercede for me vnto his sacred Maiestie to be well pleased to peruse this my third Booke intituled The Center of the Circle of Commerce wherein the meanes to prouide his Kingdomes and Dominions with Bullion Moneys are more distinctly declared according to the said Center of CoÌ„merce which is gaine without which his Circle is vaine To make A Definition of the Center of the Earth is difficult euen amongst learned Philosophers and Schoolemen considering Aristotle his Doctrine grounded vpon Leuity of things ascending and Grauity of things falling to their Center and the opinion of Copernicus or rather of the Pithagorians ascribing a Stability to the Heauens and a Mobility to the Earth But to make a Definition of this Center gaine is easie and engraffed in euery mans iudgement This Center maketh a perfect Orbe including all Geometricall proportions and can answere all Mathematicall Problemes of Trade for the doubling of the Cube of Solids and the Quadrature of the Circle in Plaine without Platos Exposition or Misseldens conceited Ballance of Trade for all the weight of Commerce falleth within the Circuit of the Circle of this Center gaine insomuch that if the due consideration hereof be neglected in the course of Trade nothing can be expected but the decay of Trade and destruction of Common-weales according to the Demonstration of the following Allegory to a diseased body naturall so that Statesmen and Politicians are to bend their iudgements in all publike causes to this Center gaine which beareth the sway in all humane actions thereby to finde out all fallacies and misprisions of Trade to the increase of the Kingdomes stocke without priuate regard of particular Merchants making their benefit by the generall losse of the Kingdome there is no man so simple but will auoide a losse if he can and on the contrary procure a gaine where he may or can Shall it be imagined then that Bullion Moneys will be imported when the bringer thereof becommeth a loser or that moneys will remaine within the Realme when so great a gaine can be had by the exportation thereof Or will any man think that Trade can be driuen conueniently without moneys and Exchanges will not the want of it make a dead Trade within the Realme when this Vitall spirit of Commerce faileth surely it is questionles in euery mans vnderstanding Your Highnes therefore may be pleased to aduance the establishing of this Center in the course of Trade whereby his Maiesties Kingdomes and Dominions will flow with Bullion and Moneys and infuse life thereunto which will be felt by the Pulces the Hammers of the Mint vpon my life and reputation of knowledge which time and occasion seeme to further by the price of Exchange inclining thereunto since this Treatise hath beene vnder the Presse If any thing therein shall seeme impertinent to the Grauity of the Center I beseech your Highnes to attribute the same to the Leuity of the Circle the rather because Nugae seria ducunt Thus with all humblenes taking leaue I shall continue my feruent Prayers to the Almighty to preserue your Highnes in health and happinesse to his glory and your eternall felicity London the 20. of Nouember 1623. Your Highnes most obedient Seruant GERARD MALYNES THE CENTER OF THE CIRCLE OF COMMERCE OR A Refutation of a Treatise intituled The Circle of Commerce lately published by E. M. The Proeme STrong imagination nourished by opinion may cause most men to suppose that Edward Misselden Salust of Sâ—allenger in whom the Babilon of learning
the Center of the Circle of Commerce is grounded Consider wee now this Center Gaine in euery particular vpon the premises drawing from the Circumference all direct lines into it and excluding all obliquie curuey and Helicall lines and we shall find that Nothing doth force Trade but Gaine Gaine had vpon moneys by vnderualuation in exchange and inhauncing of forraine coyne beyond the Seas causeth our moneys to be exported Gaine had vpon moneys by exchange and true valuation causeth moneys to be brought in Gaine vpon moneys being taken away and answered by true exchange keepeth moneys within the Realme Gaine giuen vpon moneys imported heere equall to the gaine made beyond the Seas will preuent the diuersion of the Royalls of 8. Gaine more made by our moneys then by our commodities exported causeth lesse employment to be made vpon our Commodities and greater exportation Gaine made by a low exchange vndervaluing our moneys causeth them to be sold lesse beyond the Seas and forraine wares deerer to ouerballance vs. Gaine made vpon our natiue Commodities is Really imported by moneys and Bullion when there is no losse by the importation of moneys Gaine had vpon forraine coyne within the Realme being preuented by the value in Exchange keepeth the coyne within the Realme and Mint Gaine vpon moneys being greater beyond the Seas then with vs in England draweth moneys thither and hindreth moneys to be imported the want whereof maketh a dead Trade Gaine had by exchange vpon young Merchants of smal meanes spoileth the vent of our commodities by ouerthrowing the Market of others Gaine giuen by exchange of moneys by Bill according to the true value or aboue the same causeth forraine Commodities to be sold better cheape within the Realme and giueth a direction Tacite to sell our natiue Commodities with more gaine and reputation Gaine procured by our Commodities outwards more then by forraine Commodities inwards which meanes to import Bullion and moneys to be done by this true valuation in exchange as aforesaid will preuent the ouerballancing of Trade and bring all things in tune when the Center Gaine findeth rest in Proprio Loco The consideration hereof excludeth all vniust vnlawfull and priuate gaine made to the preiudice of the Realme by the ouersight of Merchants which seeme to steere the helme when Palynicrus was sleepie This is that Geometricall Axiom or Maxime Circulus Tangit Planum vnico Puncto heretofore obserued this is properly the Scope of Merchants P. 104. all the Misteries of Personall and Prouinciall Exchanges are comprised in this Mistery which Misselden will make to be no Mistery and to vse his owne words neuertheles All the knowledge of Commerce is presented and represented in this History All the riuers of Trade spring out of this source P. 142. and empt themselues againe into this Occean All the waight of Trade falles to this Center and comes within the circuit of this Circle This is that Par pro Pari that waighes downe Misseldens Ballance of Trade which is without a Paralell which to proue let vs now examine what is presented and represented by his vncertaine Ballance A Merchant saith he when he will informe himselfe how his Estate standeth P. 130. is said to take a Ballance of his Estate wherein he collecteth and considereth all his Wares and Monyes and Debts as if he would cast euery-thing into the Scale to be tried c. IF this Merchant should not looke to the Center Gaine in the meane time what will the taking of a Ballance auaile him or to what end and purpose will this tend Surely onely for a triall to find out whether he hath gained or lost this is all a Ballance can doe And although a Merchant can in some sort doe this It followeth not that the Royall Merchant or a Prince can doe it albeit he is the Father of the great familie of the Commonwealth for the cause of Trade is not in his owne power but Merchants doe manage the same who as hath bin shewed may procure their priuate gaine and yet impouerish the Kingdome So that the Casting vp of this Ballance P. 116. can neuer be an excellent and policique inuention to shew vs the difference of weight in the Commerce of one Kingdome with another vnles the three Essential parts of Trade be wisely directed and obserued by the Prince according to the said Center of Commerce and not by this conceited Ballance Misselden hauing found an auncient worm-eaten Ballance vpon Record which is said to be made in the 28 yeare of Edward the Third might very well haue ouer past the same seeing the imperfection thereof P. 30. and that he found it in that Maniscript that he so little esteemeth from which as he saith I haue stored my selfe For therein diuers Commodities of the Kingdome as Lead Tinne Butter Cheese Tallow Hides Skinnes Iron and other Staple Wares are not mentioned and yet concerne the said Ballance so that his comparison betweene those auncient P. 123. with these moderne times is but vaine and a Superfluous tale But he delighteth iâ— words for want of matter or substance Then he commeth to a Positiue constitution of the forme of a Ballance in the yeares of our Lord 1612 and 1621. And here lieth the Pot of Roses to know whether the natiue Commodities exported and the forraine Commodities imported doe ballance or ouerballance one another in the Scale of Commerce P. 121. and if the natiue Commodities exported doe waigh downe and exceed in value the forraine Commodities imported P. 127. that ouerplus must either come in as he saith in money or Merchandise P. 117. if not in money then in Merchandise Surely he did not consider this without a night-cap for it deserueth to be written in Capitall Letters Moneys will not be imported so long as there is a losse by the bringing in of them and if Commodities be brought in it increaseth the said ouerballancing as a Deceptio Visus vpon your Scale of Commerce whereby you cannot discerne the truth but you must of force find your Ballance false The Ballance A deceptio Visus and your iudgement vncertaine and herein is no more hope of a remedie then there is to ouertake a man which runneth to the East and you persue him towards the West running from him But let vs come somewhat closer to the consideration of this Ballance and suppose that by increasing our Manifactures by foure or fiue hundreth thousand pounds yearely more to be exported this ballance will be reformed is not this like and feasible to be done I answere that although it were feasible to make and vent such a quantity of Manifactures yearely yet is it not like to moderate the ouerballancing For all men of iudgement will say that the proceed or returne of the said Manifactures will come vnto vs in forraine Commodities because moneys and Bullion cannot be brought in but to losse as the case standeth So that still
conclusion in the gouernment of State-affaires wherein he is a meere nouice But my intention is to be briefe and substantiall To end therefore this matter of Ballance it may be thought strange that some men would be seduced thereby Discourse of the East India Trade by T. M. P. 49. 52. and giue bridle to the present course of Trade expecting an ouerballance to happen on our side without remouing of the causes after they had spoken well concerning exchanges although they confessed to be a ground as a matter much too high for their handling saying That the abuse thereof is very preiuditiall vnto this Kingdome in particular whilst in the interim the benefits doe arise vnto other Countries who diligently obseruing the prices whereby the moneys be exchanged may take aduantage to carry away the gold and siluer of this Realme at those times when the rate of our Starlin money in exchange is vnder the value of that standard vnto which place they are conueyed for in respect the prices of the exchanges doe rise and fall according to the plenty and scarcity of money which is to be taken vp or deliuered out the exchange is hereby rather become a Trade for some great moneyed men then a furtherance and accommodation of Recall Trade of Merchants as it ought to be in the true vse thereof and thus many times money may be made ouer hither by strangers to a good gaine and presently carried beyond the Seas to a second profit And yet the mischiefe ends not here for by these meanes the Takers vp of money in forraine Countries must necessarilie driue a Trade to those places from whence they draw their moneys and so do fill vs vp with forraine CoÌ„modities without the vent of our owne Wares c. And thus wee see how the ouerballance of Commodities is proceeding from the abuse of exchanges which ouerrule moneys and moneys ouerrule Commodities as heretofore is manifestly declared That the vnderualuation of our moneys in exchange is the efficient cause of the ouerballancing of Trade Vnderualuation of our moneys inexchange is the efficient cause of the ouerballancing doth appeare vpon the consideration of the causes depending one vpon another inforced by this Primum-Mobill as followeth 1. The vnderualuation of our moneys in exchange 2. proceeding of the inhauncing of moneys beyond the Seas which causeth 3. by gaine the transportation of our moneys 4. and debarred by losse to be sustained the importation of moneys and Bullion 5. hindreth also the bringing of Royalls of 8. vnto vs being otherwise diuerred 6. The forraine Commodities are risen in price according to the moneys inhaunced 7. The natiue Commodities are in price vndervalued according to the vndervaluation of our moneys all which are feareful effects For the treasure is exhaunced the Realme impouerished and money is made a Merchandise And this cannot be cured but by the contrary as shall be declared in the remedies Hitherto wee haue obserued and manifestly proued First That exchange is the publike measure betweene England and all places where wee deale by exchange Secondly That the moneys of the Realme are vndervalued in exchange betweene vs and other Countries And thirdly That Gaine is the Center of the Circle of Commerce and that the said vnderualuation is the efficient cause of the ouerballancing of Trade and withall we haue showed that 〈◊〉 conceited Ballance of Trade proposed by Misselden can be but a Triall and Discouery of the ouerballancing of Trade without that it can produce any other benefit to the Common-wealth By his last Ballance wee may perceiue that all the Commodities exported and the Commodities imported yearely doe amount vnto fiue Millions or fifty hundreth thousand pounds according to our obseruation in the Canker of Englands Common-wealth Now if the losse by exchange were but ten vpon the hundreth which wee haue proued aboue three-score and tenne it would amount to fiue hundreth thousand pounds yearely P. 37. The losse whereof is greater to the Kingdome then all the moneys employed to the East Indies commeth vnto An incredible losse which Misselden affirmeth to be an abominable vntrueth which I cannot but retort vpon him because he is vnfortunate to finde out the truth as shal be made more plaine in the following Chapter for he is in league with equiuocation in all his refutations which challengeth to be Cusen Germaine to trueth making his speeches a Centaure halfe a man halfe a horse or like one of the broodes of Nilus halfe earth halfe froggs a thing both shapelesse and shaped in one mixture which it thus distinguished by the Equinoctiall in this place CHAP. IIII. An Examination of the Center of Commerce in the Trades from England into other Countries THe Tropicke of Capricorne being the fourth Zone or girdle by our distribution is to vnderpâ—op and sustaine by the gaine of Trades the said Center or Gaine within the circumference of the Circle of Commerce not by an absolute power to be left vnto Merchants in the managing of Trade or in the disposing of moneys Commodities and exchanges for moneys but by a direction grounded vpon Lawes Ordinances and Proclamations For in regard of State affaires Merchants are ignorant in the course of Trafficque for asmuch as they doe onely study for priuate benefit so that they must haue leaders and conductors whereunto Buckes and Goates haue been compared in times past leading the silly sheep to feede in mountainous places To proue therefore that this is no new doctrine or inuention of mine as Misselden alleageth let vs enter into consideration of the following obseruations before our intended examination of the Center of Commerce in forraine Tradeâ— It is neere 350. yeares since King Edward the first did erect the office of the Kings Royall Exchanger Ancient Office of Exchanges which did continue successiuely by 16 seuerall Letters Patents of the Kings of this Realme by meanes whereof the moneys were preserued within the same and the Commodities were orderly vented the Merchandising exchange was then vnknown King Edward the third did constitute diuers exchanges 9. E. 3. 7. in sundry places of the Realme and caused tables of exchanges to be set vp at Doner and elsewhere to answere the value of our moneys in the coyne to be paid for it beyond the Seas according to the very value with some allowance to be giuen to accomodate Merchants affaires and trauellers occasions The like was done by Richard the second 5. R. 2. 2. and this was the true Par pro Pari 2. H. 6. 6. then vsed and continued by Henry the sixt and Edward the fourth 4. E. 4. 16. but more especially by that wise and politike Prince 2. H. 6. 6. King Henry the seuenth 3. H. 7. 6. absolutely forbidding the making of exchanges and rechanges for forraine parts without the Kings especiall license had and obtained for the same to which end all the seuerall Acts of Parliament touching the directing and ordering of
a venenum Mutuatur Here Misselden doth mount his great ordinance against the Merchants of the Staple and my selfe for he stares as wildly vpon vs P. 62. Metamor 3. as Agane did vpon her Sonne Pentheus when shee tooke him from a Bore Ille mihi seriendus Aper c. Accuseth vs both to be profest aduersaries to the Merchants Aduenturers for saying that the Staplers haue obserued that the Merchants Aduenturers haue an ineuitable oppertunity of combination to set what price they please vpon Cloth to the Clothier of Woole to the grower and of all Commodities exported and imported and to make this to be but a Suggestion he careth not to accuse the said Company of an extraordinary discord whereby they do more bid and out bid one another at the market then any other Companies surely his allegation that the Cloth Trade grones vnder the burthen cannot recouer is then most vntrue P. 110. for Merchants will not striue to runne into an eminent danger of losse but as is noted before they will be sure to impose all vpon the Clothier the Wooll grower to the disimprouing of the reuinew of Lands and losse of the Kingdomes stocke and on the other side the Staplers would not be so desirous to deale in Cloth if they saw no meanes to make a benefit thereby and that farre greater then now is done which would deserue the name of Free Trade especially when we should be inable to make our choice to returne the proceede of our Natiue Commodities by all the three simples of Trade to our best aduantage Commodities Moneys and Exchange whereby they should not be subiect to my penne neither to his defence that presumeth so much to haue deserued at their hands by extolling their wisedome and prouidence which cannot be compleate vnlesse the Commodities of the Realme were aduanced by them in price and sale for the generall good of the Kingdome which he calleth the Dowry and the Axis of the Common-wealth P. 64. whereon all the other Trades of the Realme doe seeme to turne and haue their reuolution so that the Center must be found in the middle of this Axis Againe the stranger would not be desirous to deale in Cloth if there were no Center nor the inhabitants of other Ports Lastly the Interlopers would be quiet if there were no gaine to be made and the noyses of their songs would not be heard all in one tune but these latter will be preuented and cut off now that Misselden is employed beyond the Seas by the Merchants Aduenturors who hauing the Art of discouery to giue information will spy them out I cannot but lament their case For when Sixtus Quintus was Pope he made such an extraordinary search in Rome for to discouer inueterated offences that the image of Saint Peter standing on the one side of the portal of his Cathedrall Church did expostulate with Saint Paul standing on the other side concerning these strict proceedings and was resolued to depart had not Paul diswaded him not withstanding that he had good cause for hauing cut off Malchus his eare P. 74. For the like feare may befall the said Interloopers by Misseldens examinations of all their ancient and moderne offences To conclude this point of the Cloth Trade which would be in danger to be wholy ouerthrowne I say that euen as there was a man that bringing his Mare to drinke thought that he saw the Moone drunke vp by his Mare which indeede was onely hid and obscured in a cloud the next day consulting with his neighbours of Gotham after much laying of their Cods heads together it was concluded that they should rip the Mare and let out the Moone and euer since these Goates of this Tropicke of Capricorne haue thought all the world beholding to them for the recouery of the Moone Euen so are the Merchants Aduenturors nay all the Kingdome beholding vnto Misselden for the preseruation of the Cloth Trade By this time he is come to Monopolies P. 66. and here he doth say that there is not any worse Monopoly in the Kingdome then I would make of the exchange And Monsieur Bodins allegation touching the French Prouerbe I l entend le par is no good phrase in French here he will correct Magnificat et nescit quid significat The reformation of the abuse of exchange is to be done by all men and therefore cannot be termed a Monopoly And for the conâ—iderations requisite in Monopolies I referre my selfe to the Chapter of Associations in Lex Mercatoria Now for his finding fault with a Sillogisme made before he was borne P. 91. drawne from Negatiâ—es if I were but a Smatterer in any Science and had knowne the vse of his Pill Panchreston I would proue as good and skilfull in equiuocation as he is found to be in altering the state of a question which is nothing but an equiuocation as for example Quite Animal dicit verum praedicat quite Asinum idem et te Animal dicit ergo The Elenches of Accidents secundum quid are lurking and yet withall the question is changed for the reason is drawne as his maner is from a particular to an vniuersall which is preposterous and retrograde So where the question is begged the streame of the disputation turnes his channell And this will serue for an answer to his Paralogisme It followeth P. 69. to make also some briefe answer to his exception of the comparison I made of things actiue and passiue because hee will not vnderstand the application of it for he replieth and confesseth That the cloth doth not measure the yard but the yard the cloth But he addeth the greater the measure is the fewer yards the cloth containeth and the lesse the measure the more yards MAy it not be said that the yard is actiue and the cloth passiue P. 40 witâ—out Pacius explication as the bough proceeding from Aristotle the â—oote Let him remember that our famous Recorder of London made this distinctioÌ„ very perspicuous wheÌ„ Dunscomb had stricken Cox did not he giue sentence that comb should be takeÌ„ from Duns who was actiue and be giuen to Cox to make him a Coxcomb because he was passiue If he wil not beleeue this Staffords law may make him feele it when he meeteth with impatient men It is enough for me to proue that exchange is actiue and commodities and moneys are passiue wise men do know it and fooles will not vnderstand it though you bray them like Anaxarchus in an iron morter And so much might be said for the difference betweene things done virtute officij colore officij P. 70. But this matter requireth a more ample exposition and answer for when he meetes with my recitall of some short obseruations concerning the decay of trade which I gathered out of notes that past from the Merchants of the Staple and other Merchants at the last Session of Parliament hee seemes by his winsing to
be somewhat galled and that makes him turne and wriggle vp and downe that he cannot containe himselfe within his circle but breakes out into sundry contrarieties and contradictions quarelling on the behalfe of the Merchants Aduenturers at the multitude of their aforesaid aduersaries whom he cannot name without enuie nor let them passe his pen before he hath cast his As-pis and other his viperous venome vpon them as aforesaid And in his OratioÌ„ to his Masters the Merchants Aduenturers he magnifieth them and brayeth out O ye Merchants Aduenturers that haue worthily obtaineâ— honour of his Maiestie P. 63. fauour of the Nobilitie fame in the world loue of strangers good report of all This proceeds from some distemper and is worse then the wilde goose race he taxeth me withall P. 68. where by the way I obserue that this Omnibus visus that hath such skill in canting P. 52. quacksaluing P. 91. and what not hath here in this phrase of hunting mistaken his terme as he often doth his matter For if he read M r. Markham his booke of Huntmanship and others Writers of that subiect he may find discourses of a wilde goose chace but the wilde goose race is his owne Wherefore I will leaue him and follow the chace as he pursueth the forenamed supposed Aduersaries of which I would haue spoken in order as he hath named them but that according to the maner of wilde goose chace he hauing got the leading I must follow and that within distance And first he leades me into a defence of that that I said the Merchants Aduenturers had ingrossed into their hands by colour of their last Letters pattents the sole power of exporting cloth c. this he saith is but my libertie of speech and so he endeuours to refute it by extenuating as it were his Maiesties fauor towards them in point of exportation For saith he pag. 53. in point of exportation of white and coloured clothes kersies bayes sayes and other new draperies there is no more power giuen them in the said later then his Maiesty and his royall Predecessors haue honored them with in former Letters pattents of which he recites the catalogue and begins but in the eighth yeare of Hen. 4. by which he saith the aforesaid trade of cloth c. was intrusted vnto them Let that be taken for granted and it will plainly appeare that they haue no priuiledge at all in this behalfe but onely power to assemble themselues to chuse a Gouerner to rectifie their owne abuses and by way of iustice to punish one another for their misdemeanours and to that purpose that foresaid grant was made vnto them Power of the Merchants Aduentuâ—ers Letters patent wherein one William Oueray was assigned to be their Gouerner as by the said Letters pattents at large appeareth And of this power and priuiledge all Merchants and Mariners of England Ireland and Wales are to be equally partakers without exception limitation or difference of person countrey or commoditie And whatsoeuer freedome of trade into the parts therein expressed his Maiesties subiects are now barred of is meerly vsurped And if you aske me what meanes he then to mention such large grants of Henry the 4. and other succeeding Kings with new titles and priuiledges granted vnto them and that with prohibition of all other as he relates I answer this man either hath not seen or not vnderstood the main of this matter but hath dealt in it either ignorantly or concealedly for the making plaine whereof let vs obserue that in that time of Hen. the 4. which he mentioneth to be the beginning of the Merchants Adventurers there was then The antiquitie of the Merchants of the Staple and long before that time setled both in England and beyond the Seas another famous Societie of English Merchants called the Merchants of the Staple as by sundry ancient records hereafter specified appeareth these were the Merchants then entrusted with the trade of exporting the Staple commodities of the kingdome whereof Wooll and cloth were the chiefe which they exported in such abundance that they being trusted by the State to collect the Kings Customes amongst themselues they haue paid out of the Staple into the Exchequer 68 thousand pounds starling per annum as appeareth by record of 36 of Hen. 6. at which time an ounce of siluer was valued but at 30 d. which is now 5 s being iust double the said summe in value or 136 thousand pounds These were the Merchants that before cloth was made in England exported the materials of this Land as Wooll Lead Tin c. and returned for the same Gold or siluer either coin or bullion and to that purpose they made worthy lawes and ordinances amongst themselues still extant to which euery Merchant of that Societie was sworne and they did likewise giue good bond to the Maior of the Staple before their goods were suffered to passe that they should not barter away the Staple coÌ„modities of the kingdome but should returne a great proportion if not the whole value in coine or bullion whereby this kingdome was at all times made rich and potent And vnder these Merchants trade was so managed that cloth making began in England and they exported cloth before the Merchants Aduenturers or the Leidges their predecessors had a name or being And if you aske how then came those Leidges and these Merchants Aduenturers to ship cloth not being free of the Staple I answer that the purpose of the State was then so bent to cherish the manufacture of cloth that there was libertie giuen to all sorts of Merchants and Mariners subiects of this Realme for the exportation thereof And though it was accounted a Staple commoditie and exported by the Merchants of the Staple yet other Merchants were likewise permitted to export the same though they did not at all times returne coine and bullion according to the lawes of the Staple whereupon many Merchants and Mariners of England Ireland and Wales not free of the Staple did trade with English cloth in forrein parts and then finding themselues encombred with many euils which proceeded from want of gouernment some of them procured of King Henry the 4. the aforesaid Letters pattents granted as before obserued to all the Kings Leidges trading beyond the Seas into Holland Zeland Brabant and other Countries in amitie with this Kingdome This was the first originall and foundation of the now Merchants Aduenturers and from that their beginning there was not any other power priuiledge or proprietie of trade or any other title or addition giuen vnto them but a meere confirmation of that first grant as appeareth by Misselden his owne booke vntill the xx yeare of Hen. 7. when saith he they were honoured with the title of Merchants and had power giuen them to keepe their Courts at Callis Herein he dealeth reseruedly for though he sets forth the truth yet he sets not forth the whole truth and that which he concealeth is
say that the generall account aforesaid to make fiue and one third part for one is a great matter of benefit towards custome charges and all other things incident to trade For the Author doth say that 10 s. P. 13. employed in Pepper in the East Indies will require but 35 s. for all charges whatsoeuer deliuered in London which is 3 â—2 for one This Merchant cannot inforce his argument for want of a true iudgement for he might haue made a better conclusion to say Pepper doth cost but 2 d ½ the pound and is sold for 20 d. which is 8 for one as aforesaid And if with all charges in London it cometh but to 3 ½ then the benefit of 4 ½ for one is an admirable gaine to inrich himselfe and the common wealth This iudgement vpon a particular seemeth to proue a far greater gaine then the abouesaid generall gaine of 5 â…“ for one But to find out the truth there must be a nearer calculation made by a true distinction of the managing of the Stock remaining at home which was neuer adventured and the aforesaid stock of moneys and commodities sent into the Indies and what both these did amount vnto Next if the goods taken from the Indians and Portugals be comprehended in the said returne whereof the said sum of 1914 thousand 600 l was made then the case is altered and wil not produce the one halfe Lastly the building and repairing of Ships Wharfes houses magazins and the like emploiment of the stocke at home together with the allowances of Officers Mariners and seruants wages will come to an incredible summe But let vs come to the generall consideration of this Trade respecting the weale publicke by comparing the same to the former trade maintained by the Portugals along the Cape of Good Hope which is more proper then to compare the same to the trade betweene vs and Turkie and the said East Indies for the trade of Portugall made the Merchants trading Turkie to sell the Spices brought from Aleppo to losse because the Camels back could not passe the needles eye without great charges difficulty neuerthelesse that trade was very profitable to the kingdome The Trade for Turkey selling our kersies broad-clothes tinne and many other our natiue commodities with 60 pro cento gaine and there is far more to be gotten by raw silkes bought at Aleppo at 12 s the pound then to be brought from the East Indies at 8 s the pound which is the difference which the said Anthor maketh ascribing such happinesse to the trade of silke whom Misselden doth imitate I may affirme by experience that before the open warres with Spaine the trade of Portugall and the Ilands was very profitable to the Realme The Trade for Portugall and the Ilands for wee made an ordinary gaine of 25 vpon the hundred by Bayes Sayes Reding and Kentish clothes Northerne and Westerne kersies stockings and diuers other commodities and the debts being turned ouer to the Contraction house returne was made in Spices and Sugar in lesse then six months time with little aduenture fraught and charges whereby the manufactures of the kingdome were aduanced and moneys from time to time imported and the life of Trade was felt by Merchants Trades-men and the Mint did flourish so that for matter of commodities there is no comparison in the sale of them into Portugal with 25 pro cento in lesse then 6 months and 22 pro cento for the East Indies in 3 yeares besides the aduenture of the Seas and enemies And it will be proued that the natiue commodities of the Realme vented in Portugal and Spaine before the East India trade began did amount to 300 thousand pounds worth more then since euery yeare which is more then all the domestique and forreine commodities come vnto sent into the East Indies by the Companie those 20 yeares to say nothing of the mortalitie of men and destruction of ships And from Spaine we had the West India commodities The Trade for Spaine as Cutchenelle Ginger hides and other commodities with the wines raisins oyles and all other commodities of their growth for returne of ours especially abundance of Royals of plate now much hindred by the emploiment of Tobacco Let vs now examine the price of Spices in those dayes within the Realme and we shall finde that Pepper was sold for 2 s the pound Cloues 6 s Mace 7 s Nutmegs 3 s and Indico 6 s which small differenc in price for so much as is yearely spent in England P. 44. may be declared by the proportion set down by the said Author which being calculated at 4 d. vpon a pound of Pepper and 12 d vpon Cloues Mace and Indico and 6 d vpon Nutmegs amounteth but to 21166 l. 13 s 4 d. This true account wil be proued by ancient Merchants bookes and the weekly price currant of the Brokers bils before the open warres with Spaine But the said Author doth set downe the prices as they were in the time of warres when Merchants charges P. 45. aduenture and all things were increased and herein he maketh his comparison with Turkie and according to that computation hee affirmeth that the trade in Spice and Indico onely saueth the kingdome yearely 74966 l. 13 s. 4 d and that lesse then one quarter of this summe shall buy in the Indies the proportion of the yearely consumption thereof being 400 thousand of Pepper 40 thousand of Cloues 20 thousand of Mace 160 thousand of Nutmegs and 150 thousand of Indico which calculated by the prices of them as they were sold coming from Portugal wil amount to 128 thousand pounds and not 183500 l as hee reckoneth them coming from Turkie so that the difference between Portugal and Turkie in this account is 55500 l being in truth but 21666 l. 13. 4. to be reckoned vpon the said allegation The third Assertion is 3. Assertion that the kingdome saueth not yearely the summe of 74966 l. 13. 4. by Spices and Indico as the said Author alledgeth FRom the particular account of Spices and Indico concerning England come we to the generall account laid downe by him for all Christendome P. 12. whereunto he hath added the raw silke valued at 400 thousand pounds and thereupon he affirmeth that in comparison of the said Turky trade there is saued yearely 953543 l. 4 s. 4 d. starlin in ready moneys that heretofore hath been transported out of Christendome into Turkie Deduct the said 400 thousand pounds for silke from the generall emploiment of 511458 l. 5. 8. that the total summe amounteth vnto and there remains but 111458 l. 5. 8. for Spices and Indico Calculate now what the said proportion for England did cost in the Indies according to the said prices and you shall find it to be 16749 l. 15. 0. which is almost the sixt part of all the Spices and Indico spent in Christendome and this being sold in England produceth 108333 l. 6.
8. Now deduct of the abouesaid 953543 l the gaines of the silke being 200 thousand pounds there remaineth 753543 l whereof the sixt part saued for England cometh neare to 108 thousand pounds which is as much as all the Spices and Indico sold in one yeare in England cometh to as aforesaid Whereby it appeareth that England sauing yearely that summe there is as it were nothing spent in Spices and Indico which he may very well call to be incredible So that Our fourth Assertion is 4. Assertion That there will be found an apparant great losse by all this negociation and detriment to the kingdomes stocke both for moneys and commodities and that there is not 953543 l. saued in moneys yearely in Christendome especially the Portugall East India trade considered NOw if vpon the matter we do consider the Customes and Impost the Factors Officers and Mariners wages without interest of moneys and assurances all will proue but transmutations without increase but with the great decrease of the Kingdomes stocke But to proue that the said accounts are made at random P. 27. rouing at the matter let vs consider of the proportion made by him of 100 thousand pounds in ready money to be employed yearely whereof there are 52499 l in raw silks and Callicoes and but 47501 l in Spices and Indico which should produce 500 thousand pounds or thereabouts he doth allot 120 thousand pounds to England and 380 thousand pounds for transportation and of this 120 thousand pounds there is 108333◠6. 8. in Spices and Indico named in the sequel of his discourse which is now become one third part of all the Spices and Indico to be brought in by the emploiment of the said 100 thousand pounds amounting to 337083 l. 6. 8. Now if we take the like proportion of raw silks Callicoes of 162916. 13. 4. to make vp the said 500 thousand pounds which is one third it will amount to 54305 l. 6. 8. which with the 108333 l ⅓ maketh 162638 l. 13. 4. which is 42638 l. 13. 4. more then hee hath allotted to England to be spent in a yeare which is a manifest contradiction The consideration hereof caused some Merchants of that Companie to be as craftie as Aesops Fox who being desirous to drinke found a Well with two buckets and entring into one of the buckets descended suddenly into the water but hauing satiated his thirst could not get out vntill one of the Goates of this Tropick of Capricorne came to the said Well Primum mihi secundum tibi whom he perswaded by the goodnes of the water and by making her beleeue that the Moone shining in the water was a Holland cheese to be diuided betweene them to enter into the other bucket which done downe came the Goate by reason of her weight and vp came the Fox leauing the Goate in the Well euen so haue some Merchants done by extolling the great gaine of this trade vntill they had drawne themselues out by selling their aduentures leauing the buyer to the hazard of the losse which was no doubt to them well knowne For to make the best construction hereof we may conclude that 400 thousand pounds lost by his account in the said Indies are since come home and employed by the seuerall Factors in the said Indies and most of it in Silks and Indico and yet there is wanting 148 thousand pounds of the stock of 840 thousand aduentured accounting the former returnes made to proceed of the commodities gain as aforesaid which is almost one sixt part of the stock aduentured to the Indies whereof this account giueth no satisfaction at all vnlesse the 31079 l lost in six ships cast away were parcell thereof The conclusion which the said Author maketh is That the East India trade alone although it be driuen in no ampler maner then is afore written is a meanes to bring in more treasure into this Realme then all the other Trades of this Kingdome as they are now managed being put together For if the rule be true That when the values of our commodities exported doth ouerballance the worth of all those forrein wares which are imported and consumed in this kingdome then the remainder of our stocke which is sent forth must of necessitie returne to vs in treasure we must imagine it will do so with vs in time Here you may see from whence Misselden drew his Ballance of Trade which he neuer dutst vndertake to maintain before the aforesaid his Maiesties Commissioners who haue often called him by Warrants and otherwise for he was not able to maintaine an other mans Proiect. We haue already shewed the incertaintie of the said Ballance and in the Remedies wee shall intreate thereof further neuerthelesse I cannot omit Obiter to say that this Rule may serue for a Demonstration but it can neuer be found true vntill it concurre with the Center Gaine for so long as treasure cannot be imported without losse we shall still receiue wares in returne and augment the cause of ouer-ballancing And which is more suppose there were an ouer-ballancing of Trade 〈◊〉 our side whereby moneys should be forced vpon vs yet should we find it would be to the incredible losse of the Commonwealth by the inhauncing of the forreine coine beyond the Seas and the vndervaluation of our moneys in exchange which may be demonstrated by a trifle as well as by hundreds and thousands One buyeth a paire of Gloues for 5 s starlin An example of losse by an ouer ballance on our side and selleth them beyond the Seas for 5 s. 6 d. where he receiueth a Rickx Doller for 5 s. or 50 Stiuers and moreouer 5 single Stiuers taken to be worth 6 d. and so getteth 10 pro cento Suppose now that the ouerballance is on our side and this alledged necessitie shewed her operation and that he that sold the said Gloues bringeth ouer this Rickx Doller and the 5 single Stiuers and going to exchange them no man wil giue him aboue 4 s. 6 d. for his Doller and 4 d for his 5 Stiuers which is the true intrinsique value Where is now his gaine of 10 pro cento when he loseth 2 d of his 5 s besides his labour charges and customes But how shall this reuolution of ouerballancing euer come to passe when wee vse no meanes thereunto as other nations do as shall be declared in the next Chapter To conclude then with the East India Trade wherein we find no Center let vs haue a care that the moneys proceeding of Spices and Silks may be partly imported into the Realme to increase treasure Trade for Russia The Trade for Russia was in times past very profitable for the venting of our coloured clothes and returning from thence very vsefull commodities as Tallow Wax Hides Furres and other wares which for the most part being caried out againe for France other places made prouisiō for wines canvas c. For heretofore the commodities of