the yard doth measure the Cloth but the Cloth doth not measure the yard To illustrate the premisses by examples I haue heretofore shewed the consideration incident Suppose that some Merchants Strangers doe come ouer into the Realme to buy a Packe of Tenne Clothes valued at 80. pound Starlin which they are to pay in Gold and Siluer and yet they doe not know what the Weight and finenesse of our Starlin money is neither doth the English Merchants know the weight and finenesse of the forraine Coyne which they haue brought ouer hereupon to content both parties the moneyes on either side must bee tried by the Subtill Assay according to their finenesse calculated vpon the pound weight of 12. ounces Troy and then by Weight they answer each other accordingly and so this negotiation is in effect but a Permutation of monyes for Commodities before exchange was inuented This being not well obserued might cause men to be deceiued as the Pewterer sometime an Alderman of London was who beeing vsed to change old Pewter for new taking a consideration for the fashion would take the like course in the buying of Siluer Plate of a Goldsmith deliuering his money by weight whereby he sustained a losse because hee did deliuer him a quantity of old groates which were lighter then their value as also other Starlin moneys which were worne out in continuance of time and much vnder their true weight And boasting of his good bargaine hee was made to calculate what an ounce of siluer did stand him and he found that by thesemeanes he had paide 6. shillings the ounce for that which was offered vnto him for 5. shillings 6. pence Faller◅ fallentem non est fraus The lightnesse of this Pewterers money may be compared to the low exchange in the vnderualuation of our moneys by exchange for if a Merchant Stranger did bring ouer money in specie at this time to buy Commodities within the Realme and deliuer the same here according to the very value in payment by the Assay and thereupon doe looke backe how his mony is ouerualued in regard of the exchange wherby he might haue made ouer the same by a bill of exchange he shall finde a farre greater losse then the Pewterer did not of 6. pence in an ounce but aboue nine pence in euery ounce of Siluer Great are the gaines to be made by exchanges without euer to deale or meddle with any Commodities at all I know that to the iudicious Merchants I haue giuen cause of offence to haue written so much in the defence of exchange But knowing that many graue and discreete persons haue giuen ouer this Princely Study imagining therein more mystery then there is rather then they would take paines to vnderstand it I haue bin prolixe wishing that the saide Authour had the Purity of vnderstanding to know the Parity of so many exchanges as haue beene deuised in Italy Germany France Spaine The Low Countries Eastland Poland and other places at large declared in my booke Lex Mercatoria seruing all Societies and Companies of Merchants to bee mindfull of the Common Wel-fare wherein Master Hussey Gouernour of the Merchants Aduenturers company in the beginning of Queene Elizabeths Raigne tooke great paines with others To finde and establish the True Par of exchange which was examined and altered in the yeares 1564. and 1576. as also in the yeares 1586. and 1600 my selfe being a Commissioner in the later But the true Remedy to rule the course of exchange was but lately found out Concerning the gouernment of Trade wee haue noted heretofore that in all Traffiques the generall doth gouerne the particular Some would haue other natiōs to come to buy the Cōmodities of vs within the Realme for say they there is according to the Prouerb twenty in the hundreth difference betweene Will you buy and will you sell These men haue no consideration of the maintenance of nauigation which is the greatest strength of the Realme whose defence next vnder God consisteth most of Ships and well experienced Marriners Whereas also the transporting of our Cloth to certaine places causeth other nations to resort thither to buy them which may bee more properly called to be Will you sell Seeing that those nations doe bring their owne Commodities vnto our Merchants to the places by them appointed as Delf and Hamborough which is in effect asmuch as Will you buy And would not this be Will you buy if in a dispersed and stragling manner our Cloth were carried to all markets beyond the seas in seuerall places which would take away the desire of buying for he that buyeth doth it in hope of gaine to be had in places where he intendeth to carry the Commodities which Commodities if hee knoweth to bee extant in most places to bee vented will quench his desire of buying and hee that commeth to barter other Commodities for ours hath the like consideration But let vs admit that our Cloth would bee aduanced in price when men should by multitudes run to the markets or into the countrey in al places to buy it what would be the euent of it It would not onely bee solde beyond the seas with a smaller gaine and many times to losse we being naturally to make speedy returne but we should also pay dearer for the forraine Commodities which wee should obtaine by way of Permutation or for the Billes obligatory of the Merchants to whom wee sell our Cloth and if our Merchants were cut off and that other nations should buy the Cloth within the Realme and so aduance the price thereof as it happeneth most commonly in France and Spaine at the Vintage time with their Wines Raisons Then forraine Commodities would be sold dearer vnto vs by them againe for the small gaine had vpon our Commodities causeth vs and would cause them to seeke a better gaine vpon the forraine Commodities to the generall hurt Others would haue all things at large in the course of Traffique and that there should be no societies or corporations of Merchants for any places of Trade terming them to be Monopolies but that by way of partnership Merchants might associate themselues according to the manner of some other Countries These men haue no regard that innouations are as dangerous as to remooue the corner stones of a building neyther doe they obserue a momentary difference betwixt the Gouernment of a Monarchy and that especially in an Iland and the gouernment of a Democracy which is popular or of an Aristocracy which is gouerned by the better sort of the people these seeking by all meanes to make their Countries populous by the inhabiting of all nations for the increase of their meanes collected by impositions and Aczises and that vpon all things consumed and most vpon victuals the other namely the Monarchy auoiding asmuch as they can the multitude of forraine nations to inhabite within their gouernment and holding impositions and Taxes to bee done with great aduisement And that
being the Deliuerers of money beyond the Seas and the price of exchange altering there accordingly will haue the like consideration and the Merchant Stranger will prouoke him thereunto And if there be no Takers the English Merchant may bring ouer the money in specie wherein he shall become a Gayner This course is agreeable to Iustice and the Law of Nations and will not hinder th' exchange to rise and fall as formerly but keepe all in due order with those considerations Cautions and preuentions as shall be set downe to preuent all inconueniences proceeding by the inhauncing of money which fall generally vpon all men in the indearing of things and particularly vpon Land-lords and Creditours in their Rents and Contracts and especially vpon the Kings Maiesties Lands Now before we come to answer some obiections made against this Remedie let vs examine what Time the old obseruer and experience the best Schoole-master of mans life haue manifested touching the Raising of moneys in forraine parts and within the Realme it being one of the 34. defectiue remedies before declared It is recorded in an auncient booke that the inhauncing of the Coynes beyond the Seas was the cause that King Henry the sixt of England did raise the ounce of Starlin Siluer from 20 pence to 30 pence and King Edward the fourth from 30 pence to 40 pence And after him King Henry the eight after many sendings to forraine Princes about Minte affaires and exchanges perceiuing the price of money continually to rise beyond the Seas caused in the 18. yeere of his Raigne The Angell Noble to be valued from 6 shillings 8 pence vnto seuen shillings and foure pence and presently after to 7 shillings 6 pence whereby euery ounce of Starlin Siluer was worth 45 pence and yet there was nothing effected thereby the money still altering beyond the Seas whereupon Cardinal Wolsey had Letters Patents granted him by the King to alter the Valuation of money from time to time as he should see cause Afterwards the said King in the 22. yeere of his Raigne perceiuing that diuers Nations brought abundance of forraine Commodities into his Realme and receiued money for it which money they euer deliuered to other Merchants by exchange and neuer employed the same on the Commodities of the Realme whereby his Maiestie was hindered in his Customes and the Commodities of the Realme were not vttered to the great hinderance of his Subiects as is there alleaged His Maiestie caused a Proclamation to be made according to the aforesaide Statute made in the time of King Richard the second That no person should make any exchange contrary to the true meaning of the said Act and Statute vpon paine to be taken the Kings mortall enemy and to forfeite all that hee might for feite which tooke effect but for a short time and no other was to bee expected it not beeing of that moment nor the principall meane to doe it After this followed the imbasing of Moneys and then all the price of forraine Commodities did rise immoderately which made the natiue Commodities to rise at the Farmors and Tenants hands and thereupon Gentlemen did raise the rents of their lands and tooke farmes to themselues and made inclosures of grounds and the price of euery thing beeing deare was made dearer through plenty of money and Bullion comming from the West Indies as is already noted and by these meanes was the Office of the Kings Royall exchanges neglected because vpon the Base money no exchange was made and other nations counterfeited the same and filled the kingdome with it and so carrien out the good Staple wares of the Realm for it This raising of money was augmented afterwards by Queene Elizabeth of blessed memory in the highest degree by one full third part from 45. pence the ounce vnto 60. pence or 5. shillings Starlin Standard But the exportation did neuer ceasse because the course of exchange for money did runne alwaies vnder the value of the money still affoording a gaine betweene the said exchange and money which caused the said exportation And so will it bee stil if this be not preuented by Direction in a paire of Tables much like vnto the Tables kept at Douer in the time of King Edward the third to receiue the passengers money and by exchange in specie for it beyond the Seas which made them to leaue their moneys within the Realme and this course of exchange so directed is the onely meane and way to restore Englands wealth by importation of money and Bullion aduancing the price of our natiue Commodities and to preuent the Transportation of our moneys and all other Remedies are Defectiue as experience will prooue and demonstrate if good things can bee fauoured The Statute of employment must also bee obserued to make the Remedy more compleate with a Register also to record the Moneys which forraine Marriners doe receiue for fraight comming from Norway and other places which are aboue one hundred voyages in one yeare as also many other Ships bringing corne into the Northerne and Westerne parts of the Realme and exporting money for it The Turke Persian and Russian haue herein beene more Politicke then we keeping the price of their exchanges high much aboue the Ualuation of their moneys So that they haue no Trade by exchange nor moneys but onely for Commodities whereby they preuent the ouer ballancing of forrain Commodities with theirs as also the exportation of their moneys albeit the vse of our Commodities in those countreys is very great The Obiections made by some against this Sole Remedy may easily be answered for they are grounded vpon Suppositions against assured experience 1. Some make doubt that the price of exchange being risen there will be no takers of money and then the deliuerer is more thrust vpon the exportation of moneys 2. Others say that those merchants which haue sold their Cloth beyond the Seas shall receiue a losse in the making ouer of their money from thence 3. Others say that they shall not be able to vent their Cloth according to the high exchange especially now that the same is out of request and would haue the matter of reformation deferred vntill an other time The first obiection is answered before That the taker is ruled by the deliuerer who will not giue his money by exchange vnder the true value according to the Proclamation to be made and the deliuerer being the Merchant stranger here will sooner be thrust vpon the Statute of employment for by the exportation of money he shall haue no gaine whereas some of the discreeter sort would not haue that Statute too stricktly pressed vpon the Stranger because the Trade should not bee driuen into their hands To the second the Proclamation limiting a time for execution giueth Merchants ability to recouer their moneys or to sell their billes of debt for money or to buy Commodities for them as the manner is To the third
experience maketh a full answer to both that there did not want takers when the late inhauncing of money at Hamborough caused the exchange to rise from vnder 28. shillings to aboue 35. shillings which is more then the present alteration will be and Wooll was at 33. shillings the Todde which is now fullen vnder 20. shillings So that the vent of our Cloth was not hindered when it was solde dearer by one full third part But there was aboue 80. thousand Clothes sold yearely where there is not sold now 40. thousand Clothes The time is also to bee thought more conuenient to aduance a Commoditie being vndervalued then to doe it when the price is high For this Pleurisie of the Common-wealth is dangerous and admitteth no time to bee cured like the fire in a City which permitteth not enquiries to examine how the fire beganne but requireth euery mans helpe to quench the same And whereas it is alleadged in defence of the inhauncing of our Coyne That which is equall to all when hee that buyes deare shall sell deare cannot be said to be iniurious to any This opinion seemes to be eiusdem farinae as the former and hath no consideration what the alteration of Weights or Measures betweene vs and forraine nations may produce to the losse of the Common-wealth albeit that betweene man and man it may prooue alike in some respects To make this euident suppose two Merchants the one dwelling in London and the other dwelling at Amsterdam do contract together that the Londoner sending Clothes to sell at Amsterdam the merchant of Amsterdam sendeth him Veluers and Silkes to bee solde at London and in the account to be kept betweene them they agree to reckon the moneys in exchange but at 30. shilings flemish for 20. shillings Starlin and so make returne each to other from time to time as money shall be receiued both here and beyond the Seas Wherupon put the case that there is receiued at Amsterdā 1500 lib. flemish for Cloth and at London there is receiued 1000. lib. Starlin for Veluets and Silkes which by the said rate calculation is all one in effect between them and might by way of Rescounter answer each other in account But the Merchant of Amsterdam knowing that by reason of the moneys inhaūced there he can make a great gaine to haue the said 1000. lib. sent vnto him in specie desireth the Londoner to send him this 1000. lib. Starlin in siluer gold coyns Realls of eight or Rieckx Dollers wherby he shal profite 15. vpon the 100 by the meanes aforesaid which amounteth to 150. lib. gaines The Londoner hauing his 1500. lib. flemish or 1000. lib. Starlin at Amsterdam cannot doe the like because the moneys are inhaunced and receiued aboue the value so that his money must be deliuered by exchange there at a low rate or at 33 shillings 4. pence whereby he doth receiue here the said 1000. lib. with no gaine at all Thus the account betweene them is made euen but by these means the Kingdome is depriued of the 1000 lib. of the Merchants money sent to Amsterdam which doth not onely procure the want of money in England whereof euery man hath a feeling to his losse but also it causeth the natiue Commodities to be vndersold and the forraine Commodities to be aduanced in price beyond the Seas by plenty of money and hindereth the importation of money and Bullion as aforesaid To preuent this the Question is now whether it be better and more expedient to raise the price of exchange or the price or valuation of our moneys Surely all men of iudgement wil say that the raising of exchange breedeth not that alteration which the inhauncing of moneys doth namely to make euery thing deere and to cause Landlords and Creditors to lose in their Rents and Contracts And Merchants of experience doe know that wee cannot doe as they doe For the inhauncing of moneys here will be countermined by other Nations who still will vndervalue them in exchange betweene vs vnlesse it be preuented by our owne true valuation to be made knowne as aforesaid which by the Law of Nations cannot be contradicted whereby we shall also bee enabled to meet with them vpon all Alterations and practises to direct our course accordingly sooner then a Milner can turne his Winde-mill to grinde Corne with the variation of all windes It followeth saith the said Author that the Raising also of the Coyne would raise the price of Plate To lessen the superfluitie or to bee turned into Coyne It is worthy the obseruation that by reason of the want of money the price of Plate is fallen from 6 shillings 6 peace guilt to 5 shillings 6 pence and white Plate from 5 shillings 8 pence to 5 shillings 2 pence And if the moneys were inhaunced ten in the hundreth that is to say an ounce of Starlin Siluer to 5 shillings 6 pence the Plate and all other things would rise accordingly Whereby if a man that spendeth two or three hundreth pounds by the yeere should spare one hundreth pounds worth of his Plate and bring the same to be Coyned might thereby get once tenne pound and pay euer after for all other things twenty and thirty lib. dearer yearely And the moneys made thereof would neuerthelesse be transported vnlesse the exchange did preuent the same In this place we are to remember that the Siluer vsed for diuers manufactures and Plate doth much differ in finenesse whereby many of his Maiesties Subiects are deceiued It may therefore be thought conuenient that no siluer made into manufactures be sold vnlesse it bee tried by an Assay master and marked accordingly especially the siluer Threed comming from beyond the Seas some beeing but eight ounces fine which is offered to be solde accordingly or els to make it finer as shal be thought conuenient to serue the kingdome and to become bound to make Returne in the manufacture of our Wooll for their manufacture of Siluer and Silke which may bee thought a very reasonable Permutation The want of mony coming by the consumption of forraine Commodities may properly be tearmed overballancing of Commodities which are more worne and vsed because of the quantity of them imported proceeding also of the abuse of exchange as the efficient Cause thereof as aforesaide The excessiue Vse of Tobacco for so much as concerneth the importation thereof in liew of Treasure will be much diminished by the late limitation of a quantity of Spanish Tobacco lately established to the end that the Plantation of Virginia and the Bermodaes may be aduanced thereby and it is to be wished that the moneys to bee employed in Spanish Tobacco were likewise made ouer by exchange and deliuered to the Merchants aduenturers and others to be bestowed vpon the Commodities of the Realme to make benefite of our owne for if such forraine Commodities shal vanish away in smoake or be consumed and brought as it were vnto doung and surmount the
That the Actiue Part of sayling is to bee ascribed thereunto seeing it driueth the ship according to all the points of the winds and variation of the Compasse being fastened vpon the Paralell of the Keele of Equality Shipwrights will tell you That if it be not Rightly placed it doth interrupt sayling and if it be not of Competent length but that the vpper building of the ship doe sway the same it maketh a ship vnseruiceable That neither the direction of the Compasse nor the Receptacle of the Sailes forewind can make her performe her voyage as other shippes doe I perceiue you are like vnto him that did attribute to the letters of a clocke diall the shewing of the houre and not to the hand or Index which is the Actiue thing to shew you the same albeit it can not doe the same without the other which is the Thing Passiue you must therefore truely distinguish and attribute the efficient Cause of Sayling to the Rudder of a Ship and the other are called Secondary or meane Causes And they all agreed that this obseruation was true Is not the Moderne Merchant of Hackney or the Author of the Treatise of Free Trade like vnto these Nouices who perceiuing two great whales to haue assaulted the English ship of Traffique The cruellest being the warres in Christendome and the Pirates The other more gentle being the Policy of Princes and States in the Course of Trade hath published in the yeare of Grace 1622. The Causes of the decay of Trade in England and the meanes to make the same flourish without obseruation of the operatiue power of exchange which is the Rudder of the Ship of Traffique fastened vpon the Rule of the equalitie of Moneyes according to their weight and finenesse to bee denominated by the valuation of Princes as a matter peculiarly appertaining to their Praerogatiues And because that therein hee hath like vnto Esops Iay clad himself with the feathers of other Birds I hope it will not be impertinent To vnmaske his discourse and neuerthelesse to supply according to my former Treatises The maintenance of free Trade wherin I endeauour to be Compendious and Substantiall and to follow his Method and some distribution for the better vnderstanding as a most important businesse of State which is the cause that so many Statutes and lawes haue beene made concerning moneyes and exchanges 2. So many Proclamations for the due execution thereof haue bin published 3. Lastly so many Treatises and Conferences haue beene had from Time to Time Both with other Princes and within our selues which in the iudgement of the said Author are neglected as vnnecessary or by ignorance not mentioned concluding with him That as there are many causes discussed and discoursed of at this time of the decay of Trade So are there many Remedies propounded wherein if either the Principall Causes be mistaken as hee hath done or defectiue Remedies propounded The present disease of this Trade may increase and cast the Body into a more dangerous Sicknes For the efficiâ—… Cause being vnknowne putteth out the Phisitians eye as the Prouerbe is Now let vs come to the handling of the particulars in order and afterward to the True Remedies which must arise from the matter of exchange as shall bee plainely demonstrated to the iudicious Reader voide of partiality for the exchange is the faculty or Spirit of the soule of moneyes in the Course of Traffique CHAP. I. The Causes of the VVant of Moneys in England THis Assertion we shall now bring to the hammer the Anuel and the Touchstone namely to firme Reason by his owne first Argument of the immediate Cause of the want of money in England alleaged by him to bee the vnderualuation of his Maiesties Coyne where he saith by way of interrogation Who will procure licence in Spaine to bring Realls into England to sell them here at Tenne in the hundred Gaine which is lesse then the exchange from thence will yeeld when he may haue for the same fiue and twenty in the hundred in Holland Here in an obscure manner he obserueth the exchange from Spayne to be Sixe pence the Reall as value for value or the Par in exchange whereby it is lesse as hee saith and hee doth account the price of 8. Reals at 51. Stiuers in Holland and the Rate of exchange at 33. shillings 4. pence Flemish to answer our 20. shillings Starlin as at Par pro Pari for those parts howbeit that 42. shillings 6. pence Flemish payde there for the 5. Realls of 8. make 25. shillings 6. pence Starlin according to that Computation howsoeuer wee see that this is grounded vpon the exchange which is the efficient Cause thereof otherwise the 15. in the hundreth to be gotten in Holland more then in England is altogether imaginary and not Reall For example let fiue of these Realls of 8. be bought here for 22. shillings Starlin and bee transported into Holland and there buy commodities with the same according as the price of them is inhaunced there no man maketh any doubt but that the said Commodities are also raised in price according to the money inhaunced So that the gayne becommeth vncertaine for the Commodities may be sold to losse But the merchants trading in Spaine which cause their Realls to be sent from Spaine thither or doe transporte them from the Downes Rely wholy vpon the lowe exchange whereby they are inabled to deliuer their money there by exchange at an vndervalue in giuing there but 33. shillings 4. pence and vnder to haue 20. shillings Starlin â—…ayed by Bill of exchange in England whereby â—…he kingdome maketh good vnto them the said â—…5 vpon the hundreth For this Reall of 8. was valued but at 42. Stiuers when the Par of exchange was made to be 33. shillings 4. pence in the yeare 1586 when Robert Dudley Earle of Leycester went to take the gouernment of those Countries And shal we now receiue in exchange the said price of 8. Reals for 51. Stiuers which is aboue fiue shillings and one penny Starlin because they haue inhaunced the same to their advantage and continue the Par of exchange at 33. shillings 4. pence by which Computation the said 42. Stiuers make but foure shillings two pence halfe penny or thereabouts in true value Absit ignorantia Whereas if our merchants of Spaine should giue the saide price there in exchange for 42. Stiuers as they did formerly and may be done by order of exchange They shall not finde thereby Ten in the hundreth gaine which they can make here more certaine and commodiously whereby this money will be imported without inhauncing of our Coyne This is so plaine in the vnderstanding of Merchants that there needeth no other explanation for it demonstrateth manifestly that if the lowe exchange were not This Gayne would prooue to be Imaginary as we haue noted And this causeth these Realls of Spayne to be diuerted from vs and might els be imported
more by the low exchange deliuering their moneys there or taking of them vp here by exchange to pay their Bills of exchange at an vndervalue insomuch that many Merchants hauing no Commodities there may take vp money here and sending ouer the same in specie will pay therewith their Bill of exchange and Gaine by dexteritie of wit 15. in the hundreth in lesse then two moneths time Thus when Gaine is practised by exchange the Commodities of the Realme are lesse vented and the moneys are exported which causeth the lesse employment here to be made vpon our Commodities Euen as the importation of moneys being hindered by the inhauncing of the Coynes beyond the Seas compelleth our Merchants to make ◅he greater employment vpon forreine Commodities at deere Rates For the Commodities beyond the Seas are ◅n the hands of them that make sale of them vpon a certaine price as it were at their pleasure hauing Plenty of money and at cheape Rate at interest whereas also they haue no man ◅o vndersell them here and there as our Merchants doe our Commodities which without all comparison are farre much fallen in price ◅hen the forraine Commodities now somewhat ◅bated in price Concerning other Commodities imported As Wines Raisons Corints Tobacco and Spices of the East Indies Let vs briefely obserue that the Wines of France might be bought better cheap if the money of the Realme were not ◅ndervalued in exchange for wheras heretofore they gaue vs in paym◅t their French Crowne of Gold for 64. Soulx now they giue vs the same at 75. Soulx which Crowne was then worth 6. shillings 6. pence Starlin and their quart d'escu now paied for 16. Soulx and aboue was then but 15. Soulx for which we gaue here accompting 4. to the Crowne of Siluer 69. pence and thereabouts and now 72. pence and aboue And besides that more of our natiue Commodities were vented with better profit according to th' exchange for the Rule is that the lesse of Starlin money wee doe reckon in exchange with them the more is the Gayne of our Commodities The like may be applyed for the Trade of Corints which is now prouided by other means But the limitation to restraine all men from importing them then onely those of the Leuant company maketh no free Trade of this Commodity nor other the like The immoderate Vse of that weede Tobacco hath beene so effectuall in debarring vs from Spanish Realls to be as formerly imported to a great value yearely but the wisedome of the State hath so qualified the same that our Merchants trading in Spaine doe now sell Perpetuanoes Bayes Sayes and other our home Commodities to benefite which before were sold to losse to haue moneys to buy this Tobacco that the Spaniard did say Todo te pagara in humo All shall be paid with smoake The fourth cause of the want of Money in England is as the said Authour saith The great want of our East India stocke here at home which he tearmeth the especiall Remote Cause whereas most men would haue expected that the ready moneys sent in Realls of Plate to make the employment of the said Trade would rather haue beene mentioned My meaning is not to become a Trapezuntiā Flatterer For Aesops Moral That the Lyon could not be healed without the Ap◅ Liuer that is Princes can not be safe without the destruction of flatterers remaineth still fresh in memory but in fauour of truth and Policy I am resolued to deliuer my plaine and sincere opinion concerning the said Trade which began with vs in England immediately after the great Iubile yeare 1600. If the Discourse made of the Trade from England into the East Indies be truely collected no doubt the said Trade may be found very profitable hereafter albeit it hath beene very difficult in the beginning according to the Prouerb Omne principium graue especially when the Controuersies betweene vs and the Hollanders shall be determined and their agreements established For if Pepper doe but cost two pence halfe-penny the pound in the Indies and that tenne shillings imployed therein will require but 35. shillings for all charges whatsoeuer to deliuer it in London where it is vsually sold for aboue 20. pence It followeth by consequence that there must be a very great gaine which will increase when the said parties shall be vnited in true Loue and buy the said Commodities better cheape and so proportionably for all other Spices drugges silkes Indicoes and Callicoes Againe if one hundreth thousand pounds in money exported may import the value of 500. thousand pounds Starlin in wares or Commodities albeit England do not spend aboue 120. thousand pounds and 380. thousand pounds is exported vnto diuers forraine parts and there sold for ready money with great advantage And lastly if the very Commmodities of the Realme exported into the East Indies will buy so much as England vseth of their Commodities and the employment is made for forraine Coyne or Realls of 8. procured from other places what man of vnderstanding can iustly finde fault with that Trade If treasure were imported thereby vnto vs as their finall end as the Discourse saith but that other Trades do diuert the same For when the said Indian Commodities are sent from England into Turkie Ligorne Genoway the Low Countries Marselleis and other places and are sold for ready money The same is imployed againe vpon Corints Wines Cotton-Wooll and Yearne Galles and diuers other Commodities wherewith the Ships beeing reladen yet a great proportion remaineth to be brought ouer in moneys which are diuerted from vs by the course of exchange in vndervaluing our moneys as hath beene declared The losse whereof is greater to this kingdome then all the moneys employed yearely for the East Indies cometh vnto which without due consideration seemeth to bee impossible So that wee may very well affirme that by this Trade the Treasure of the Realme can greatly be increased and augmented reseruing neuerthelesse vnto vs the vse of forraine Commodities at reasonable rates And therefore is the same by all meanes to be continued the rather for that the Hollanders haue declared 5. especiall Reasons for the continance of their East Indie Trade which are not to be neglected but are to bee pondered by all Polititians and Statesmen 1. Because the Right Power and freedome of the Traffique and Trade belongeth vnto them iure gentium aswell as to any nation of the world which the Spaniards did call in question 2. For that the reuenge of any iniuries done to the Hollander may bee recompenced in those Countries which was heretofore without breach of Truce 3. For the maintenance of their Marriners and Shipping of which two they abound aboue all nations 4. For the increase of Customes and meanes raised by the Buying of these commodities their Countrey being a Storehouse for all wates and merchandizes 5. Because that by the continuance of the said Trade although it should
price of our exchange and no◅ by inhauncing of our monyes can bee easily preuented as heereafter shall bee declared This Doller is likewise since that time more inhaunced in Germany from time to time and leauing the excessiue alteration in Remote places let vs note the Ualuation of Hamborough where it hath beene at fifty foure Stiuers the Doller which maketh the exchange aboue forty shillings of their money for our twenty shillings And although we haue raised the price of exchange from twenty foure shillings nine to thirty fiue shillings or thereabours shall we rest here and goe no further haue we reason to doe it in part and not in the whole according to iustice equity and true Policy And shall we bee like a man that by halting in iest became same in earnest I say againe Absitignorantia Thus much Obiter CHAP. II. The Causes of the Decay of Trade in the Merchandize of England THE Moneyes of Christendome which haue their ebbing and flowing doe shew their operation vpon Commodities making by Plenty the price thereof deare or by Scarcity better cheape And on the contrary by exchange we finde that plenty of money maketh a Low exchange and the price of monyes to fall in exchange and that Scarcity of money maketh a high exchange and the price to rise ouerruling both the price of moneys and Commodities which beeing obserued by the great exchangers or Bankerers caused them to inuent all the meanes to compasse the same and to rule the course thereof at their pleasure hauing the maine sea of exchanges wherein the exchange of England runneth like a Riuer or Branche and is ouerruled by the generall Currant which may be preuented for we haue the head of exchange of 20. shillings Starlin for the places where most of our Commodities are sold which will command all the parts members of the body of Traffique and procure plenty of money whereby the other causes of the want of monyes in England as the waste of the treasure and the like will not be so sensible as ◅ow they are especially when needfull Commodities of Trade shal be imported from some pla◅es which shall supply as in times past the exportation of much money when the Commodities of Russia being Tallow Waxe Hides retransported into France and Spaine did by exchange furnish the Realme with Wines Corints Raisons and the like Commodities The Want of Money there is the first cause of the Decay of Trade for without money Commodities are out of request And when they fall againe into Permutation or Barter Traffique is subiect to the necessity of Merchants which ◅endeth to the destruction of one Common-weale and to the inriching of an other And this is effected by the exchange as the graue and wise Coūsellors of State before mentioned haue very well obserued whereof Aristotle and Seneca could take no notice in the infancy of Traffique which maketh me to forbeare to alleadge their opinions and definitions howbeit Commercium is quasi Commutatio Mercium which the said Author would turne againe by a change of wares for wares and not money for wares No maruell therefore that hee doth inuert things and runneth into a Labyrinth without distinction betweene the thing Actiue and the Passiue by approouing Money to bee the rule and square whereby things receiue estimation and price And yet commending the Commutation before Money was deuised to be coyned Aristotle saith That Action and Passion are meerely Relatiues and that they differ no more then the way from Thebes to Athens and from Athens to Thebes We will therefore leaue this Merchant to walke betweene both vntill hee can discerne the one from the other And then he shall finde that as the Liuer Money doth minister Spirits to the heart Commodities and the heart to the Braine Exchange so doth the Brayne exchange minister to the whole Microcosme or the whole Body of Traffique Let the heart therfore by the liuer receiue his Tinctured Chilus by his owne mouth and stomacke and the blood full of Spirits shall fill all the Ueines and supply the want of monyes The easie course and recourse of whose exchange shall bring all things in time and serue all mens turnes For euen as there are two Courses obserued of the Sunne the one Annuall and the other by dayly declination rising and going vnder euen so must wee obserue in exchange two Courses the one according to Par pro Pari or value for value the other rising and falling from time to time as wee haue already declared The second Cause of the decay of Trade saith he is Vsury meaning Vsury Politicke wherein he is preuented to speake because of a Treatise made against Vsury by an vnknowne Authour and presented to the last Parliament for whom he taketh great care that hee be not abused as Virgill was by proclaiming too late Hos ego versiculos feci tulit alter honores True it is that the said Authour doth not attribute vnto himselfe the making of verses but taketh the whole substance of his discourse out of other mens workes published aboue twenty yeares since Turpe est Doctori dum culpa redarguit ipsum Cato Usury in a Common-wealth is so inherent and doth properly grow with the decay of Trade as Pasturage doth increase with the decrease of Tilling Albeit in some respects Trade is increased by monyes deliuered at vse or interest vpon occasions when the Vsurer is glad to finde a taker vp of his monyes and doth pray him to doe the same by reason of the abundance of money which maketh the price of Vsury to fall more then any Law or Proclamation can euer doe So that to abate the Rate of Tenne vpon the hundred to eight as the saide Tract against vsury would haue had the Parliament to do will be effected of course which alwaies hath the greatest command This doth also much preuent that the Rule of Concord and Equality is not so soone broken and ouerthrowne in Common-weales some growing very rich and others extreame poore not able to liue in their vocation The most pregnant cause of discord causing many times Ciuill warres as Cornelius Tacitus hath noted and appeareth in another Treatise where the operations of Usury are described The biting Vsury intolerable extortion committed by certen vncharitable men commonly called Brokers for pawnes is not to bee touched in a word for this is the only the remarkable sin I meane extortion oppression for which the first world was drowned which feedeth vpon the sweat blood of the meere merchanicall poore taking 40 50. 60. 100. vpon the 100. by the yeare besides Bili money and for feiture of the pawnes when charitable persons haue offered aboue 20 yeares since to giue largely and to lend moneys Gratis as also after 10. in the 100. to supply by way of pawn-houses by some called Lombards the need and occasions of the poore mechanicke people the neglect
man holding a burning Candle in his hand with an inscription Alijs inseruiendo Consumor To end this point wherein the said Author hath made good distinctions I shall onely adde moreouer that when new inuentions are found out for the good of the Common-wealth That the next is to augment them by Trade in forraine parts And to preuent that the same be not ouerthrowne by the knowledge of their seruants or others but that by some good priuiledges and meanes they may be maintained to the increase of Trade for the Generall welfare of the Kingdome CHAP. IIII. Of want of Gouernment in Trade WIse Men haue noted that A Distinction only doth dispell the foggy misteries of deceitfull fallacies as the Sun driues away the Winde and Cloudes Therefore too many distinctions in a little Treatise may seeme superfluous especially when they are grounded vpon many Repetitions So that hauing in the former Chapters obserued the Defectiue Parts of Trade and tacite answered some obiections I will omit the commendation of all the Societies of Merchants handled by the said Author in his fourth chapter as also the effects of the former Causes as they may concerne the Kings Maiestie and the Common-wealth mentioned in the fift and sixt Chapters to auoyd the cramming of a man with learning as promises doe with hope and so come to his propounded Remedies But lest this Title of the want of Gouernment in Trade should seeme to be misapplyed I haue thought good to declare wherein Merchants may easily commit errors to the preiudice of the Common-wealth albeit it maketh for their priuate benefit namely In the selling of their Cloth good cheape beyond the Seas in greater quantitie when they haue beaten downe the price with the Clothier whereby the Clothier is forced to doe the like with the Wooll-grower which disimproueth the Reuenue of lands but the Merchant employeth the lesser Stocke and hath not therfore the lesse benefit the Wooll-grower and the Clothier bearing the losse To make ouer their moneys from beyond the Seas at a low price of exchange in giuing lesse money there to haue the same paied here by Bill of exchange in Starlin money receiuing the moneys there at such prices as they cannot import them but to their exceeding losse whereby it commeth to passe that the exportation of our moneys giueth an exceeding gaine on the contrary and our Cloth is thereby more vndersold as afore said To conniue or winke at the false making of Cloth and afterwards to abate the greater Tare for the faults vpon the Clothier To make continuall Returnes of our Cloth in forraine Commodities and thereby procure the more gaine because of the small gaine or losse either had vpon their Clothes whereby the Common-wealth is impouerished To sell our Cloth so good cheape beyond the Seas that other Nations may make a Trade thereby for Russia Eastland Barbary and other Countries to the great hinderance of the Merchants of those Societies To abate the Customes and Impositions here laid vpon Clothes to the end they may sell them better cheape by vnderselling others To vndersell our Clothes so much in price that in comparison of the Cloth made beyond the Seas the Drapery there bee giuen ouer without regard had how to Returne some money and Bullion but by transferring of their Bills of debt for forraine Commodities to ouer-lade the Kingdome with them at deere Rates according to the inhauncing of their Coynes all which may proue beneficiall to them in particular but wonderfull preiudiciall to the whole Kingdome Now before we come to intreat of the Remedies for all the afore-said inconueniencies it is most necessary to examine the Defectiue Meanes and Remedies which haue beene tried these 350. yeeres And these may be distinguished in their proper and seuerall natures three manner of waies for the wealth of a Kingdome cannot properly decrease but by selling our natiue Commodities too good cheape by buying the forraine Wares too deere and by the exportation of our moneys in specie or by way of exchange for moneys by Bills 1. First the Statute of Employment made for Merchants Strangers for 3. especiall causes 1. The aduancing of the price and sale of our natiue Commodities 2. To preuent the ouerballancing of forraine Commodi tie sAnd 3. To preserue the moneys within the Realme 2. The lodging of Merchant Strangers with free hoasts who had an inspection of their negotiations for Commodities and moneys 3. The keeping of Staples for Woolls Wooll-fels and other Commodities beyond the Seas with the Correctors and Brokers to Register the buyings and sellings of Strangers 4. To cause Denizons to pay Strangers Customes 5. The Sunday Treaties and Conferences with the Commissioners of other Princes about merchandise moneys and exchanges 6. The seuere Proclamations for the obseruation of the Statures made concerning the same and the Articles of entercourse 7. The prohibition to export Commodities but at great Ports 8. The prohibition for Strangers to sell Wares by Retaile 9. The prohibition for English Merchants to ship in strange bottomes 10. The Transportation of money made fellony by Act of Parliament 11. The attendance of Searchers Waiters and other Officers 12. The informations in th' Exchequer and other Courts 13. The Swearing of the Masters of ships about moneys 14. The Reformation of the ouer-heauinesse of our pound Troy of 12 ounces in the Tower of London 15. The Reformation of the ouer-richnesse of our Starlin Standard 16. The Alteration of the proportion betwixt Gold and Siluer 17. The making of more prices out of the pound Troy 18. The inhauncing of Siluer and Gold Coynes in price 19. The imbasing of money by Allay of Copper 20. The vse of seuerall Standards and the Reducing of them againe to two Standards of Gold and siluer 21. The increase of Coynadge money to hinder exportation 22. The prohibition to cull out heauy pieces to export 23. The banishing of light Spanish money out of the Realme and light Gold to be molten downe 24. The giuing more for Bullion in the Minte 25. The prohibition of Gold-smiths to buy Bullion 26. The making of the principall forraine Coyne currant in England 27. The binding of Merchants to bring in Bullion 28. The prohibition to pay Gold to Merchant Strangers 29. The prohibition to take Gaine vpon Coyne 30. The Bullion deliuered in the Minte by weight to be restored in Coyne by Tale. 31. The inhauncing of Gold and vnderualuing of Siluer 32. The punishment of the Transporters of money by great Fines in the Star-chamber 33. The prohibition by Acts of Parliament to make exchange for money by Bills for forraine parts without the Kings Licence 34. Moneys deliuered to Sir Thomas Gresham Knight out of th' Exchequer to Rule the course of exchanges 35. The Office of the Kings Royall exchanger neuer put in practise since the merchandising exchange began whereof there was two Offices namely Custos Cambij Regis erected by King Edward the
first in the 11. yeere of his Raigne and Custos Cambij infra Turrim which were both put into one mans hands by a Law made in the Time of K. Henry the Sixt so that all the precedent meanes haue beene found defectiue fruitlesse as more particularly may be proued by diuers Records and obseruations The Coppies whereof are in my custodie to doe his Maiestie all dutifull and acceptable seruice Here we are to obserue that the Statute of employment to be Defectiue appeareth more manifestly at this time when Merchants as well English as strangers haue an ability giuen them by exchange to take vp money here and to deliuer a Bill of exchange for it payable beyond the Seas and can send ouer that money in specie and become a great Gayner thereby insomuch that if I receiue here one hundreth Pieces of 20 shillings I can send 90 Pieces to pay my Bill of exchange and put 10 Pieces in my Pocket for an ouerplus and gaine The like may be done by making ouer money from beyond the Seas to be paied here by exchange which being receiued I can Transport with 15. vpon the hundreth gaines in two moneths and lesse aduancing thereby an hundreth vpon the hundred in a yeere which exceedeth all the benefit to be made by Commodities wherewith I need not to entermeddle neither can the said Statute b e any helpe herein to anoide the same Concerning moneys which doe consist of weight finenesse Valuation it is euident that Gold and siluer are but materials and in the nature of Bullion but Ualuation is the Spirit which giueth life This Ualuation is twofold the one by the Publike Authority of Kings and Princes the other by the Merchants in the course of exchange and this is Praedominant and ouer-ruleth the Kings Ualuation for when the King hath valued the shilling piece of Starlin money at 12 pence they doe vnderualue the same at 11 pence halfe pennie or 11 pence which vnderualuation causeth the continuall exportation of our moneys and is the hinderance of importation of moneys and Bullion as wee haue so often inculcated to make the motiue stronger to produce a sufficient Remedy as followeth CHAP. V. Of the Remedie for all the former causes of the Decay of Trade HAuing hitherto obserued the Methode of the said Author in part of his Distribution in the matter and forme of Trade and therein shewed very great deformities I am now to apply the True Remedies likewise in order according to the causes alleaged which are noted by me to be tenne in number The Efficient cause of the Transportation of our Moneys is Gaine and this Gaine ariseth by the vnderualuation of our moneys in regard of the inhauncing and ouervaluation of forraine Coyne so that the cause is Extrinsike comprised vnder the said exchange of moneys and not intinsicke in the weight and finenesse of the Coyne which are considered in the course of True exchange betweene vs and forraine Nations and thereupon it followeth that neither difference of weight finenesse of Standard proportion betweene Gold and Siluer or the proper valuation of moneys can be any true causes of the exportation of our moneys so long as a due course is held in exchange which is founded thereupon Hence ariseth the facilitie of the Remedie by the Reformation of exchange in causing the value of our money to be giuen in exchange which cutteth off the said Gaine had by the said exportation and causeth in effect that the forraine Coyne beyound the Seas shall not be receiued aboue the value although the inhauncing thereof or the imbasing by allay were altering continually For take away the cause Gayne and the effect will ceasse All men of common vnderstanding when they doe heare of the raising of moneys beyond the Seas are ready to say we must doe the like for they conceiue the saying of Cato Tu quoque fac simile sic Ars deluditur Arte to be a proper application hereunto but they doe not enter into consideration what Alterations it would bring to the State and that the matter might runne Ad infinitum as shall be declared But let vs suppose that this will be a sufficient Remedy to inhaunce our moneys as they doe theirs to imbase our Coyne as they doe theirs and to imitate ouerualuation and vnderualuation of Gold and Siluer as they doe requiring a continuall laboure charge and innouation is it not an excellent thing that all this can be done by the course of exchange with great facilitie And that without inhauncing of our moneys at home or medling with the weight and finenesse of the Starlin Standard This is to be done only by his Maiesties Proclamation according to the Statutes of exchanges prohibiting that after three moneths next ensuing the same no man shall make any exchanges by Bills or otherwise for moneys to bee paied in forraine parts or to be rechanged towards this Realme vnder the true Par or value for value of our moneys and the moneys of other Countries in weight and finenesse but at the said Rate or aboue the same as Merchants can agree but neuer vnder the said Rate which shall be declared in a paire of Tables publikely to be seene vpon the Royall Exchange in London according to the said Proclamation and the said Table shall be altered in price as occasions shall be ministred beyond the Seas in the generall Respectiue places of exchanges either by their inhauncing of moneys by valuation or by imbasing of the same by Allay which by a vigilant eye may be obserued and will be a cause to make other Nations more constant in the course of their moneys And this will be executed more of course then by Authority because Gaine doth beare sway and command with most men The facilitie hereof putteth me in minde of the Geometricall Axiom or Maxime obserued in commendation of the inuention of round Wheeles Cirâ—…ulus tangit Planum vnico puncto as a reason to draw and carry Loads with a small strength whereas if they had beene made square or in any other Poly-angle and proportion Forty horses would not so easily draw them being laden as two doth now both with speed and ease Vnto which this Remedie may bee aptly compared which in a manner comprehendeth all the other Remedies For the Merchant Stranger being here the Deliuerer of money generally will easily bee induced to make the most of his owne receiuing by exchange more for the same beyond the Seas and the English Merchant being the Taker of the said moneys will not bee so iniurious to the State as to giue lesse beyond the Seas then the value of the money of the Realme in exchange contrarie to the said Proclamation and if hee would the Deliuerer will not let him haue it Besides that the Takers occasions are enforced by necessitie and he can be no loser for by this direction he will sell his Commodities beyond the Seas accordingly English Merchants
materials seruing for the making of Cloth The Rules also to de described for the true making of Cloth wherein the said Author hath beene a good obseruer may be with a vigilant-eye of the Officers to be imployed therein by the Corporation and the increase of Merchants to manage Trade a Remedie to the seuenth cause as also to the eight Cause of the decay of Trade but the sixt cause concerning the Policy of Merchants is not to be omitted whose orders already made and hereafter to bee made may be thought conuenient to be Surueyed by a Commttie who vpon complaints of the parties grieued in all Societies may take order by way of approbation or deniall to execute things for the generall good and not for the particular as I haue noted in all this Discourse So that other Merchants vpon reasonable considerations may be admitted vpon this especiall occasion to be of the said Societies or Companies for otherwise it may seeme somewhat dissonant from reason to prohibite all Merchants aswell English as Strangers to bring in any of the Commodities of Turkie or of the Leuant and now lately from Eastland and those Countries vnlesse they were free of the said Companies but to prohibite the importation of Commodities in Strangers Bottomes concurreth with the Law The ninth cause of the decay of Trade consisting of the interruption thereof by Warres Pirates and Bankerupts I haue partly handled in the fifth Cause And although decayed men are found at all times yet the want of money hath caused diuers Merchants and Tradesmen to Breake who might haue maintained then credits but that being out of their moneys and the moneys out of the Kingdome maketh them to goe out of their credits for Necessitas Parit Turpia The Remedy hereof doth most depend vpon plenty of money or meanes in the liew of money as the setting ouer of Bills of debt before spoken of For the Statute against Bankerupts cannot produce any great effect but be a meane to vndoe the party for euer if it doe depend long vpon him contrary to the intention thereof for whereas all such as are Creditors ought to come in within foure moneths to take their part of what may appeare of the state of the Bankerupt to bee examined by all lawfull meanes the same is protracted for tenne twenty and more moneths and all those that come in the said Iâ—…erim are admitted with the former and a great part of the estate is spent in charges This may bee remedied by the Authority of the Chauncery to the Commissioners appointed for th' execution of the said Statute The Remedy to the last and tenth Cause of the decay of Trade being the immoderate vse of forraine Commodities doth as I haue shewed before consist partly by the abundance of those Commodities imported by the abuse of exchange and partly by the wearing of those Commodities affected by the vulgar sort or Common people Monsieur Bodine doth obserue with Plato that as the Prince is so are the Subiects who by imitation follow his example which sooner entreth into their eyes then into their eares And the greater their Authoritie is the more affectionate is their imitation Alexander cast his head aside and all the Court held their necks awry Denis was Purblinde and his Courtiers stumbled at euery step and iustled each other as if they had beene euill sighted and so of other Princes in their apparell precious stones and other things which is made to bee the fashion Hence the Prouerbe tooke beginning Countries fashion Countries honour And the effect hereof is many times greater then the Lawes can bring to passe vnlesse it be vpon some Remarkable occasion as the late Command may proue for the wearing of Blackes at Funeralls in Cloth and Stuffes made of English Wooll within the Realme Here I haue omitted to speake of Customes Impositions publike and secret layed vpon Commodities especially vpon Cloth both here and beyond the Seas because the same requireth great consideration and the abolishing thereof being once laied on will hardly bee brought about vnlesse it bee with the consent of both parties where the one hath prouoked the other to impose them For a Conclusion therefore let vs note That all the said causes of the decay of Trade in England are almost all of them comprised in one which is the want of money whereof wee finde the abuse of exchange to bee the efficient Cause which maketh vs to finde out so easie Remedie whereby the Kingdome shall enioy all the three essentiall parts of Traffique vnder good and Politike Gouernment which will bee Free Trade effectually or in deed And this will also bee admirable in the eyes of other Princes finding his Maiesties wisdome to bee Transcendent in Gouerning of his owne which by so many sendings and remissions of Ambassadours vnto forraine Princes and States by his Noble Predecessours could neuer bee effected as by diuers Records appeareth albeit there was nothing required of them but what did stand with the Rule of Equality and Equitie which cannot erre But velut Ariadnae caeca regens filo vestigia non modo nos errare non sinit sed etiam efficit vt aberrantes in Rectam viam deducamur Soli Deo Gloria FINIS Finis corcnat opus Three essentiall parts of Traffique Commodities Monyes Exchange Money and Exchange two publike Measures The generall to bee preferred c. Obseruations surpassing the study of Merchants Parens Patrâ—… Exchange Actiue Moneyes and Commodities Passiue The ship of Trafficke taken for the whole Trade Magnes stone The Index of a Diall Actiue Warres and the Policy of Princes like two Whales deâ—…ouring Trade Canker of Englands Common-wealth and Englands view Pag. 8. Vnderualution of the Kings Coyne The 1. Cause An imaginary gayne made Reall of our own meanes Vnderualuation of Moneys in exchange The Rule of exchaÌ„ge excludeth the gaine to be had by Moneys Exchange is still Predominant Admirable feats to bee done by exchange Queene Elizabeth lending money out of th' Exchequer Bodin de Rep. The Canker of Englands Common-wealth The second cause the superfluitie of Plate c. The state of a Prince consisteth as much by reputation as by strength Englands View Exchange the scope of gaiâ—… The third cause the consumption of forraine wares The Canker c. Causes of the ouerballancing of Commodities English Merchants bereaued of the 2. essentiall parts of Trade An ingenious praâ—…ise of exâ—…hange Our Commodities fallen ouermuch in price French Wines deerer by exchange The immoderate vse of Tobacco The fourth cause the want of the East-Indie stocke 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 A Table Herodot in Clâ—…o A discourse of the East-India Trade by T. M. The losse had by exchange yearely is greater then the East Indie stocke yearely imployed A discourse of their Eastindie Trade The OceaÌ„ of Monyes from the West-Indies The fifth â—…ause the â—…arres of â—…irates Money inhaunced neuer carried to the Mint A shilling Lubish and Stiuer Flemish all one in the yeare 1575 A great fallacy In the vnited Prouinces In Germany Commodities of other countries vsed to prouide Wines Raisons c. The first cause of the decay of Trade Pag. 20. 21. Phys. 3. lib. cap. 3. The second Cause of the decay of Trade Englands View Plenty of money abateth thâ—… Raâ—…e of Vsury of Course S. George for Engâ—…and Englands â—…iew Pag. â—…2 The third cause of the decay of Trade Pag. 75. The fourth cause of the decay of Trade Inconueniences against the â—…shing in England Exemplary Actions of other Princes about duties of fishing Comâ—…nitie of the Seas as also a distinct Dominion The fifth cause of the decay of Trade Page 105. The aduantage of our Merchants in the sale of Clothes The Authors Apologie Pag. 46. Englands View Pag. 88. A Manuscript of the Royall Merchant of great Britaine Pag. 15. Of 〈◊〉 〈◊〉 〈◊〉 to work forcibly iXres A Steppe 〈◊〉 〈◊〉 〈◊〉 〈◊〉 〈◊〉 To distribute The sixt Cause of the decay of Trade The Policies of Merchants The seuenth cause of the decay is the false making of our Cloth One extremity enforceth another Engrossing of Trade Lex Mercatoria or Law Merchant The eight cause of the decay of Trade exportation of Materials and impositions The ninth cause of the decay of Trade the warres the Pirate and Bankrupts Inconsiderate Barters The tenth cause of the decay of Trade The Vse of forraine Wares Plutarch in vita Sertorij Commodities and Moneys Pag. 104. Hysteron Proteron 〈◊〉 〈◊〉 tâ—…â—…ssolue an argument Exchange compared to the Assay of money The Canker of England Pag. 58. A Princely Study Par of ex change Forraine nations fetch our Wares Dissolution of Societies c. Ann. 1584. A Society may become a Monopoly The property of Monopoly Englands View Pag. 142. Praeemption of Tin Licence of Tobacco Ioynt Stockes or apart The intention of Letters Patents for new inuentions Allomes Errours in Trade coÌ„mitted by Merchants Three meanes 〈◊〉 decrease the wealth of the Realme 14. R. 2. Moneys Exchange The Kings Royall Exchange The defects of the Statute of employment Money coÌ„sisteth of weight finenesse and Valuation 1. Cause of the vnderualuation of our moneys The way to restore Englands wealth A Geometricall Axiome Ius gentium Inconueniences of the inhauncing of Moneys Grastons Chronicle One extremity enforceth another Table of exchange at Douer Policy of the Turke Persian Russian ObiectioÌ„s Answers Mediocria firma Rescounter in Account The want of money causeth the price of Plate to fall Vnprofitable lands The Policy of rewards The 1. Cause The 2. Cause Englands View Pag. 157. Pag. 159. The third Cause The fourth Cause The fifth Cause The 6. 7. 8. Causes The ninth Cause The tenth Cause